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

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Country Index* Index Level 1 Wk %Chg MTD %Chg YTD %Chg 1 Year High 1 Year Low FX-Rate per USD Botswana BSE DCI 8,621-0.32-0.60 14.78 8,747 7,238 8.70-2.38-0.61-10.58-2.69-1.20 2.64 7,964.5 4,698 BRVM IC Comp 210.9-1.63-3.62 26.59 222.6 141.4 499.4-1.02 1.47-0.03-2.63-2.20 26.56 3,674.5 9,614 Egypt*** EGX 30 4,626-0.56-14.95-15.32 5,969 4,032 7.00-0.17-0.28-9.15-0.73-15.19-23.06 111,024 27,012 Ghana GSE ALSI 1,893-0.84 0.46 57.79 1,909 1,017 2.01 0.00-0.50-5.13-0.84-0.04 49.69 2,048.5 6,580 Kenya FTSE NSE15 156.4-2.45-6.30 24.34 171.6 105.3 85.72-0.43-0.66 0.44-2.87-6.92 24.89 37,634.7 18,566 Malawi MSE ALSI 6,903 1.37 5.34 14.75 6,903 5,875 326.0 0.00 1.23 2.67 1.37 6.64 17.81 173.8 871 Mauritius SEMDEX 1,930-0.04-0.70 11.44 1,958 1,655 30.80-0.49 1.14-0.81-0.52 0.43 10.54 4,092.2 6,592 Morocco MORALSI 8,940 2.02 0.38-4.48 10,095 8,698 8.46-0.89 1.22 0.06 1.12 1.60-4.42 68,772 50,046 Namibia Local 299.4 0.37 0.56 9.43 299.4 235.3 10.26-3.71-1.62-17.39-3.35-1.07-9.61 860.7 1,625 Nigeria NIG ALSI 36,964-1.18-2.20 31.64 40,013 21,347 160.8 0.00-1.62-2.86-1.18-3.78 27.88 133,071 71,085 Rwanda RSE Index 226.0 0.02 1.16 39.97 226.5 102.0 650.5 0.00-1.46-2.93 0.02-0.31 35.87 434 835 South Africa JSE ALSI 39,536-0.69-5.90 0.73 42,016 33,253 10.26-3.71-1.62-17.39-4.38-7.43-16.79 4,607,420 296,792 Swaziland SSX ALSI 286.8 0.00 0.00 0.41 286.8 284.3 10.26-3.71-1.62-17.39-3.71-1.62-17.06 0.0 177 Tanzania DAR ALSI 1,567 0.28 1.20 5.48 1,567 1,432 1,640 0.00-0.61-3.35 0.28 0.58 1.94 6,482.9 2,264 Tunisia TUNIS 4,604 0.54 0.76 0.54 5,267 4,410 1.63-1.11 0.52-5.00-0.58 1.28-4.50 13,539 7,525 Uganda USE ALSI 1,550-4.17-7.54 28.81 1,805 1,028 2,600 0.00-0.38 2.99-4.17-7.89 32.66 1,603.9 1,003 Zambia LuSE ALSI 4,535 1.95 2.59 21.74 4,535 3,481 5.44-0.28-1.93-4.30 1.67 0.61 16.50 572.0 3,516 Zimbabwe ZSE IND 218.3-0.62 2.79 43.24 223.6 130.3 1.00 0.00 0.00 0.00-0.62 2.79 43.24 8,850.8 5,649 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 (1,300.0; -6.3%) AA Africa (1.6; -1.6%) MSCI WORLD (1,423.9; -2.8%) Barclays Zimbabwe Aluminium Du Maroc Holcim (Maroc) CGI Sonasid Zimbabwe Morocco Morocco Morocco Morocco 69.0 69.0 21.3 20.2 20.3 19.2 18.8 17.7 15.9 14.9 Crude Oil (102.2; -2.7%) MSCI EM (908.5; -3.7%) S&P 500 (1,588.2; -2.9%) Company Top 5 decliners Country % chg Local USD Dairibord SODE Nigerian Aviation Handling Business Connexion Group KPLC Zimbabwe BRVM Nigeria South Africa Kenya -16.7-16.7-14.2-15.1-14.0-14.0-9.1-12.5-11.0-11.4 Copper (6,738.5; -4.0%) MSCI AFRICA (605.0; -1.1%) FTSE 100 (6,159.5; -2.3%) * 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

1 month price charts Botswana BRVM Tunisia 0.54% Egypt*** Ghana Egypt Up -0.56% Flat Down Kenya Malawi Morocco 2.02% Key Mauritius Morocco BRVM -1.63% Namibia Nigeria -0.84% Ghana Nigeria -1.18% South Africa Tunisia Tanzania Uganda Rwanda: 0.02% Uganda: -4.17% Tanzania 0.28% Kenya -2.45% Zambia Zimbabwe Namibia Namibia 0.37% Zambia 1.95% Zimbabwe Botswana -0.62% -0.32% Malawi 1.37% Mauritius -0.04% Swaziland South Africa -0.69%

Inflation and Interest Rate Summary Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola 10.00 9.25 May Botswana 8.70 Mar-25 BW007 11.7 yrs 10.00 6.10 May Lesotho 8.25 Feb-19 LS000A1GZ7W0 5.6 yrs 10.08 5.10 Feb Malawi 25.00 35.80 Apr Mauritius 7.06 Nov-22 10 year 9.4 yrs 4.65 3.71 May Namibia 7.81 Oct-24 GC24 11.3 yrs 9.25 6.10 May South Africa 6.89 Dec-26 R186 13.5 yrs 8.50 5.60 May Swaziland 8.25 Jan-18 SG011 4.6 yrs 9.00 8.69 Sep Zambia 16.98 Feb-23 10 year 9.7 yrs 9.50 7.00 May Zimbabwe 2.20 May East Africa Kenya 13.00 Jun-22 FXD 1/2012/10Yr 9.0 yrs 8.50 4.05 May Rwanda 11.15 Sep-16 FXD2/2011/5yr 3.3 yrs 16.72 2.98 May Tanzania 15.83 8.30 May Uganda 11.00 Jan-21 FXD 6/2010/10 7.6 yrs 22.73 3.60 May West Africa BRVM average 2.30 Mar Ghana 22.95 Aug-17 5005 4.2 yrs 16.00 10.90 May Nigeria 11.15 Jan-22 9th FGN Series 1 8.6 yrs 16.37 9.00 May North Africa Egypt 14.96 Feb-17 EGBGR00541F5 3.7 yrs 10.25 8.20 May Morocco 3.87 Apr-16 MA0002010249 2.8 yrs 6.35 2.80 May Tunisia 5.43 Mar-19 10 year 5.7 yrs 4.00 6.40 May Source: Central banks, statistical agencies

Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI declined 1.2% to close the week at 36,963.8 on the back of losses in Nigerian Aviation Handling (-14.0%), Flour Mills Nig. (-10.0%), and Wema Bank (-6.8%). During the week, gains were recorded in Total Nigeria (+5.8%), Presco (+5.7%), and Mansard Insurance (+5.5%). The top traders by value were Guaranty Trust Bank (USD 15.2m), Zenith Bank (USD 14.0m), and FBN Holdings (USD 12.6m). Trading in these shares accounted for 31.4% of this week s turnover of NGN 21.4bn (USD 133.1m). The average weekly value traded in the last six months is NGN 22.3bn (USD 138.5m). The NSE ALSI is up 31.6% YTD (+27.9% USD) and the total market capitalisation is currently USD 71.1bn. Ecobank Transnational Incorporated (ETI) has said that it will not make new acquisitions in Nigeria but will rather grow its operations organically, according to the Chairman of the bank holding company. ETI had acquired former Oceanic Bank and merged its operations with Ecobank Nigeria Limited, which boosted its market share in Nigeria from outside the top 10 to number 6 position as at the end 2012 financial year. Nigeria s daily output of crude oil declined by 150,000 barrels after Shell Petroleum Development Company shut-in the Trans Niger Pipeline (TNP) following an explosion and fire at a crude theft point. The NNPC confirmed the incident and said that Nigeria lost about USD 1.2bn in 1Q13 to oil theft and vandalism. The expected rights issue of Sterling Bank will open from next week as the bank plans to raise NGN 12.5bn from existing shareholders. The bank is offering 5.9bn ordinary shares of 50 kobo each at N2.12 per share on the basis of 3 new ordinary shares for every 8 held as at May 20, 2013. 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) 2009 2010 2011 2012 2013E 2014F 8.3 5.9 3.6 3.5 3.1 2.8 15.2 15.5 17.3 14.7 15.4 15.9 11.0 14.4 10.4 3.3-3.1-4.0 168.6 228.6 244.1 272.6 293.1 312.5 7.0 8.0 7.4 7.1 6.7 6.6 1,110.0 1,465.1 1,522.1 1,654.3 1,731.5 1,796.6 13.9 11.7 10.3 11.0 9.5 7.0 Dividends Year Type DPS Last Cum date Julius Berger 2013 Final 2.5 04-Jun-13 Ashaka Cement 2013 Final 0.4 05-Jun-13 Natl Salt Co Nig 2013 Final 0.9 30-May-13 Chemical And All 2013 Final 0.6 27-May-13 Uac Of Nigeria 2013 Final 1.3 27-May-13 Senior finance officials commenced a 1-week road show which takes them to London, USA and Germany to meet with investors over plans for the upcoming USD 1.0bn Eurobond. The Debt Management Office has indicated that it wants to conclude the fund-raising by September. In anticipation of growing demand for their products, manufacturing companies continue to ramp up production capacity by investing in new plants. Cadbury Nigeria has recently spent USD 100.0m in upgrading its facilities and will spend a further USD 30.0m on the second phase of the upgrade according to its CEO while Nigerian Breweries (NB) as budgeted NGN 17.0bn for the expansion and modernization of its Aba brewing plant. Production at the plant which currently produces 1.2m HL will double as a result of the investment. 3

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 36,963.8 160.80 H: 11-Jun-13 40,012.7 Portland Paints & Products 30.6 4.70 This week 37,406.7-1.18 160.80 0.00-1.18 L: 26-Jun-12 21,347.2 Fidson Healthcare 15.2 2.35 Prev week 39,510.1-5.32 158.70-1.31-6.56 Off peak -7.6% Cutix 9.7 2.26 MTD 37,794.8-2.20 158.20-1.62-3.78 At High 28/198 Airline Services & Logistics 6.1 5.20 YTD 28,078.8 31.64 156.20-2.86 27.88 At Low 41/198 Total Nigeria 5.8 169.9 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 21,398 Value Traded / Mkt Cap (%) 9.36% NGNm 22,273.0 Company Week % chg Price Net value -6,975 Stocks traded (absolute) 150 USDm 138.5 Neimeth Intl Pharmaceuticals -31.3 1.21 Stocks traded (%) 76% May & Baker Nigeria -30.8 2.11 Upside value 6,996 Stocks up 28 Total Market cap DN Meyer -17.5 1.32 Downside value 13,971 Stocks down 56 NGNm 11,430,433 Royal Exchange -15.4 0.55 Upside/downside ratio -49.9% Advance - Decline -28 USDm 71,085 Nigerian Aviation Handling -14.0 6.62 USD NGN Rebased Index Performance 91% 67% 43% Top 5 (value) traders Company NGN'000 % of total Guaranty Trust Bank 2,449,543 11.45 Zenith Bank 2,246,797 10.50 FBN Holdings 2,030,610 9.49 Nigerian Breweries 1,885,448 8.81 Nestle Nigeria 1,508,856 7.05 19% -5% -29% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (NGN bn) : Current vs Peak 20-Jun 11 Jun 2013 0 5,000 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

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 195.0-2.0 Down 819,640 4,163 210.0 108.0-7.1 52.2 80.6 3,323,467 20,668 16,701.3 Nigerian Breweries BREW 156.5-0.7 Down 1,885,448 12,143 179.0 99.88-12.6 6.4 57.2 1,183,163 7,358 10,098.7 Guaranty Trust Bank BANK 25.20-1.7 Down 2,449,543 97,254 29.99 14.90-16.0 9.6 60.5 734,491 4,568 13,220.7 Nestle Nigeria CONS 991.0 2.9 Up 1,508,856 1,526 1,088 425.0-8.9 41.6 133.2 654,602 4,071 5,980.4 Zenith Bank BANK 20.70-1.0 Down 2,246,797 108,427 22.80 13.70-9.2 6.2 48.6 649,907 4,042 14,758.4 FBN Holdings BANK 18.35 2.3 Up 2,030,610 110,639 21.50 10.75-14.7 16.7 67.9 598,799 3,724 12,773.6 Guinness Nigeria BREW 260.0-3.7 Down 1,065,760 4,082 297.4 220.0-12.6-5.5 14.5 383,481 2,385 3,651.8 Stanbic IBTC Holdings BANK 16.05 0.3 Up 67,134 4,228 17.51 6.05-8.3 45.9 165.3 300,938 1,872 944.0 UBA BANK 8.52-5.2 Down 675,217 77,785 9.60 3.54-11.3 93.2 121.9 281,001 1,748 6,918.6 Lafarge WAPCO BUIL 90.75 2.9 Up 767,827 8,501 100.0 40.00-9.3 55.0 121.3 272,395 1,694 1,991.7 Unilever Nigeria CONS 61.00-3.2 Down 1,011,624 16,601 76.00 29.30-19.7 31.2 109.9 230,781 1,435 2,209.1 Access Bank BANK 10.70-2.6 Down 727,135 66,767 12.39 6.05-13.6 18.2 69.0 191,404 1,190 7,363.6 ETI (Nigeria) BANK 15.15 2.4 Up 284,394 18,977 16.01 10.06-5.4 34.2 41.6 187,289 1,165 5,118.7 Union Bank Nig. BANK 13.03 0.2 Up 57,630 4,428 15.30 3.66-14.8 77.3 232.4 176,032 1,095 531.6 Flour Mills Nig. CONS 93.60-10.0 Down 211,565 2,174 109.2 50.00-14.3 44.0 58.6 175,894 1,094 1,356.4 Cadbury Nigeria CONS 55.00 - Flat 318,263 5,782 64.53 14.00-14.8 89.7 279.3 172,105 1,070 1,613.5 P Z Cussons Nigeria CONS 45.00-6.8 Down 151,546 3,375 56.00 22.76-19.6 60.7 65.8 142,937 889 1,163.9 Dangote Sugar Refinery CONS 10.90-5.8 Down 306,478 28,044 12.85 3.80-15.2 81.7 186.1 130,800 813 2,033.2 U A C N CONS 58.00-0.0 Down 198,470 3,450 71.10 31.90-18.4 38.1 77.0 92,842 577 1,441.2 Fidelity Bank BANK 3.17 2.3 Up 280,182 89,928 3.47 1.13-8.6 38.4 159.8 91,850 571 1,697.6 Diamond Bank BANK 6.30-2.3 Down 291,001 45,778 7.66 2.13-17.8 27.5 193.0 91,194 567 3,049.0 FCMB BANK 4.75-3.1 Down 230,235 47,314 5.20 2.90-8.7 26.7 53.2 77,288 481 1,978.1 Julius Berger BUIL 60.90 0.7 Up 152,015 2,498 67.00 26.25-9.1 75.8 109.4 73,080 454 545.8 GSK Consumer Nig. PHAR 67.98 - Flat 25,678 378 68.00 21.50-0.0 50.7 216.2 65,037 404 240.8 Skye Bank BANK 4.66 0.2 Up 225,519 48,142 7.05 2.65-33.9 8.4 60.7 61,602 383 2,502.2 Ashaka Cement BUIL 26.50-1.9 Down 69,160 2,670 29.98 8.94-11.6 47.6 200.8 59,346 369 761.0 Total Nigeria UTIL 169.9 5.8 Up 101,444 613 180.0 118.8-5.6 40.9 41.6 57,685 359 840.3 Intl Breweries BREW 27.00 3.8 Up 684,588 25,940 28.67 5.68-5.8 66.7 350.8 57,049 355 703.9 Dangote Flour Mills CONS 9.50-1.5 Down 50,688 5,284 10.68 5.00-11.0 15.9 85.2 47,500 295 457.5 Presco AGRI 37.00 5.7 Up 122,100 3,395 37.98 14.00-2.6 117.6 147.2 37,000 230 681.8 5

Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary After sending the GSE-CI up by nearly 60.0% over the last 23 weeks, buyers took a breather as profit taking emerged in the consumer, petroleum, banking and pharmaceutical sectors. The GSE-CI in effect declined by 0.8% w/w to 1,893, closing the week at a YTD return of 57.8%. Activity in 22 equities resulted in turnover of GHS 4.1m, with GCB and FML emerging as the most traded equities for week. Both equities accounted for 58.5% of total value traded. A total number of 14 equities recorded price movements of which eight gained while six declined in value. Enterprise Group Limited (EGL) advanced the most, gaining 12.4% w/w. The other top gainers were MLC (+7.7%), TOTAL (+3.6%), BOPP (+1.4%) and CAL (+1.2%). SPL (-20%), GOIL (-6.6%), GCB (-5.7%) %), PBC (-4.2%) and FML (-1.9%) were the losers for the week. 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) 2009 2010 2011 2012 2013E 2014F -5.4-8.4-9.2-9.1-7.0-8.2 36.2 46.3 43.4 44.9 41.1 38.0 32.7 43.0 39.5 42.5 38.6 34.7 25.8 32.2 38.4 40.1 42.6 48.6 4.0 8.0 14.4 8.2 7.8 8.2 1,116.5 1,358.2 1,579.7 1,609.8 1,666.1 1,855.6 16.0 8.6 8.6 11.5 9.5 9.0 Fan Milk Limited (FML) announced that the Abraaj Group has entered into a conditional agreement to acquire the entire issued shares of Fan Milk International (FMI), the parent company of FML. Upon the completion of the purchase of FMI, Abraaj will indirectly acquire effective control of FML through its control of the 65.8m voting shares of FML (representing 56.6% of the equity of FML) that are owned by FMI. The company however indicated that FMI will remain the majority shareholder of FML. Abraaj intends to make an application to the SEC, requesting for a waiver to a mandatory takeover offer for the remaining shares of FML under the code on takeovers and mergers. This will be the second of such a request to the SEC, following a similar appeal by the Republic Bank of Trinidad and Tobago after acquiring majority interest in HFC Bank. The completion of the transaction is conditional upon the grant of an exemption by the SEC. Societe Generale Ghana (SG), has signed a USD 10m credit facility with PROPARCO, a subsidiary of the Agence Française de Développement (AFD). The seven-year facility is to enable SG to provide long-term lending to their corporate as well as SME clients. Mr Gilbert Hie, MD of SG stated that, the growth in the Ghanaian economy had necessitated the demand for long-term funding. The International Finance Corporation (IFC) has indicated plans to postpone the GHS 2bn (USD 1bn) bond sale previously scheduled for this year. The corporation has cited high cost of borrowing as the underlying reason, with prevailing risk free rates (91 Day Treasury bill) pegged at 23.1%. A new date for the flotation of the bond is yet to be communicated. Proceeds from the bond were expected to fund IFC projects that support private sector development in key areas such as infrastructure and access to finance for small and medium enterprises. Dividends Year Type DPS Mechanical Lloyd 2013 Regular Cash 0.02 Ghana Commercial 2013 Final 0.1 Last Cum date 21-Jun-13 29-May-13 6

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 1,893.0 2.01 H: 13-Jun-13 1,909.0 Enterprise Group 12.4 1.00 This week 1,909.0-0.84 2.01 0.00-0.84 L: 20-Jul-12 1,016.7 Mechanical Lloyd 7.7 0.28 Prev week 1,868.1 2.19 2.00-0.30 1.89 Off peak -0.8% Total Petroleum 3.6 41.99 MTD 1,884.3 0.46 2.00-0.50-0.04 At High 2/33 Benso Oil Palm 1.4 3.00 YTD 1,199.7 57.79 1.90-5.13 49.69 At Low 1/33 CAL Bank 1.2 0.83 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4.1 Value Traded / Mkt Cap (%) 1.56% GHSm 7.5 Company Week % chg Price Net value -1.6 Stocks traded (absolute) 23 USDm 3.8 Starwin Products -20.0 0.04 Stocks traded (%) 70% Ghana Oil -6.6 1.28 Upside value 1.1 Stocks up 8 Total Market cap Ghana Commercial Bank -5.7 5.00 Downside value 2.7 Stocks down 6 GHSm 13,209 Produce Buying -4.2 0.23 Upside/downside ratio -58.9% Advance - Decline 2 USDm 6,580 Fan Milk -1.9 5.70 USD GHS Rebased Index Performance 115% 90% 65% 40% Top 5 (value) traders Company GHS'000 % of total Ghana Commercial Bank 1,292.6 31.43 Fan Milk 1,114.8 27.11 CAL Bank 738.1 17.95 Ghana Oil 171.9 4.18 Total Petroleum 150.4 3.66 15% -10% -35% Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Market Cap (GHS m) : Current vs Peak 20-Jun 13 Jun 2013 0 5,000 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

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 0.19 - Flat 20.17 106.16 0.28 0.10-32.1 58.3 58.3 3,033 1,511 38.3 Stanchart Ghana BANK 13.72-1.9 Down 112.68 8.07 16.01 6.76-14.3 19.3 75.8 1,585 789 117.3 Ghana Commercial Bank BANK 5.00-5.7 Down 1,292.61 245.20 5.40 1.96-7.4 138.1 156.4 1,325 660 411.4 Ecobank Ghana BANK 4.41 0.2 Up 62.39 14.15 4.92 2.95-10.4 47.0 46.5 1,293 644 576.1 Unilever Ghana CONS 15.10 0.7 Up 72.26 4.79 15.10 8.29-0.0 77.2 81.9 944 470 299.2 Guinness Ghana BREW 4.40 0.9 Up 41.16 9.36 4.40 2.12-0.0 67.9 108.5 930 463 43.6 Golden Star RESO 2.75 2.75 2.75 - - - 702 350 0.0 Fan Milk CONS 5.70-1.9 Down 1,114.78 195.58 5.90 1.93-3.4 60.6 195.3 677 337 749.0 Total Petroleum OILG 41.99 3.6 Up 150.37 3.61 42.00 17.92-0.0 78.8 115.9 587 293 45.8 CAL Bank BANK 0.83 1.2 Up 738.13 899.82 0.83 0.27 0.0 118.4 207.4 455 227 271.8 SG-SSB BANK 0.86 - Flat 98.13 114.10 0.87 0.39-1.1 79.2 87.0 287 143 67.6 Ghana Oil OILG 1.28-6.6 Down 171.90 134.27 1.50 0.48-14.7 106.5 166.7 269 134 59.9 UT Bank BANK 0.52 - Flat 2.11 4.07 0.52 0.29 0.0 36.8 62.5 237 118 69.2 Enterprise Group INSU 1.00 12.4 Up 5.41 5.62 1.00 0.28-108.3 257.1 128 64 111.6 Tullow Oil OILG 31.50 - Flat 21.17 0.67 38.55 31.00-18.3-17.2-18.2 111 55 12.5 Produce Buying AGRI 0.23-4.2 Down 4.57 19.18 0.26 0.16-11.5 27.8-4.2 110 55 26.8 Benso Oil Palm AGRI 3.00 1.4 Up 38.07 12.71 3.27 1.40-8.3 114.3 82.9 104 52 33.6 HFC Bank BANK 0.54 - Flat 6.69 12.39 0.55 0.41-1.8 20.0 20.0 99 49 744.3 SIC Insurance INSU 0.44 - Flat 8.83 20.06 0.51 0.27-13.7 29.4 41.9 86 43 42.3 Trust Bank (Gambia) BANK 0.35 0.40 0.35-12.5-12.5-12.5 70 35 0.3 PZ Cussons Ghana CONS 0.38 0.38 0.16 0.0 111.1 72.7 64 32 1.3 Cocoa Processing INDU 0.02 - Flat 0.91 45.31 0.02 0.01 0.0 - - 41 20 0.5 Ayrton Drug PHAR 0.17 0.18 0.17-5.6-5.6-37 18 1.7 Mechanical Lloyd CONS 0.28 7.7 Up 0.45 1.60 0.28 0.09-0.0 86.7 180.0 14 7 29.9 Aluworks Ghana RESO 0.06 - Flat 145.00 2,416.72 0.08 0.04-25.0 20.0 20.0 6 3 2.9 Transol TELE 0.04 0.05 0.04-20.0 - -20.0 3 2 0.0 Starwin Products PHAR 0.04-20.0 Down 0.69 17.30 0.05 0.04-20.0-20.0-3 1 1.7 African Champion Ind INDU 0.06 0.07 0.06-14.3-14.3-25.0 2 1 0.4 Pioneer Kitchenware. INDU 0.06 0.06 0.06 0.0 - - 2 1 0.0 Golden Web CONS 0.04 0.04 0.04 0.0 - - 1 1 0.0 8

BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite declined 1.6% to close the week at 210.9 on the back of losses in SODE (-14.2%), Bank of Africa NG (-5.6%), and SGB (-5.4%). During the week, gains were recorded in Vivo Energy CI (+3.3%), BICI CI (+0.9%), and FILTISAC CI (+0.1%). The top traders by value were Sonatel SN (USD 2.1m), Onatel BF (USD 0.5m), and Bank of Africa BN (USD 0.4m). Trading in these shares respectively represented 49% and 31% of this week s turnover of XOF 1.8bn (USD 3.7m). The average weekly value traded in the last six months is XOF 3.4bn (USD 6.8m). The IC Composite is up 26.6% YTD (+26.6% USD) and the total market capitalisation is currently USD 9.6bn. The Deputy Director General of Sonatel SN suggested that the arrival of a fourth mobile operator, as announced March 7, 2013, at the last Council of Ministers is will not necessarily be a good thing for the telecommunications sector. In addition, emphasis was placed on the already extremely low prices that are practiced and that strong competition will be exacerbated on too small a market. 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) 2009 2010 2011 2012 2013E 2014F -6.7-4.4-6.4-8.5-6.9-6.8 34.2 35.7 40.8 46.1 47.6 48.3 - - - - - - 12.8 12.9 14.5 14.0 14.6 15.6 2.1 4.1 2.6 3.7 4.3 5.1 1,057.4 1,036.1 1,132.7 1,013.3 1,033.2 1,083.7-3.4 4.3 2.7 2.2 2.1 2.1 2009 2010 2011 2012 2013E 2014F 7.0 1.1 6.7-3.1-1.6-2.9 66.5 66.4 90.5 62.6 61.6 60.3 - - - - - - 22.5 23.0 24.1 24.3 26.0 28.3 3.8 2.4-4.7 8.1 7.0 7.3 1,052.0 1,042.6 1,062.1 1,038.7 1,079.7 1,143.3-1.7 5.1 1.9 1.5 2.5 2.5 Dividends Year Type Amount Bollore Africa L 2013 Regular Cash 7,562.0 Solibra 2013 Regular Cash #### Last Cum date 04-Jun-13 30-May-13 9

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 210.9 499.40 H: 04-Jun-13 222.6 SETAO CI 14.7 10,480 This week 214.4-1.63 494.30-1.02-2.63 L: 25-Jul-12 141.4 Servair Abidjan 10.6 14,930 Prev week 216.5-0.97 502.37 1.63 0.65 Off peak -5.3% Vivo Energy CI 3.3 31,000 MTD 218.8-3.62 506.72 1.47-2.20 At High 4/37 BICI CI 0.9 43,000 YTD 166.6 26.59 499.26-0.03 26.56 At Low 3/37 FILTISAC CI 0.1 7,505 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,825.7 Value Traded / Mkt Cap (%) 1.90% XOFm 3,395.7 Company Week % chg Price Net value -1,634.8 Stocks traded (absolute) 32 USDm 6.8 Uniwax CI -16.5 24,975 Stocks traded (%) 86% SODE -14.2 39,360 Upside value 51.7 Stocks up 6 Total Market cap Bank of Africa NG -5.6 42,005 Downside value 1,686.6 Stocks down 15 XOFm 4,801,100 SGB -5.4 68,000 Upside/downside ratio -96.9% Advance - Decline -9 USDm 9,614 Bank of Africa BF -4.2 68,000 USD XOF Rebased Index Performance 62% 44% 26% Top 5 (value) traders Company XOF'000 % of total Sonatel SN 1,061,929 58.17 Onatel BF 252,858 13.85 Bank of Africa BN 196,126 10.74 SAPH 67,074 3.67 SGB 49,221 2.70 8% -10% -28% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (XOF bn): Current vs Peak 20-Jun 04 Jun 2013 0 2,000,000 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

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 19,005-1.0 Down 1,061,929 55,779 19,200 10,638-1.0 31.1 68.2 1,900,500 3,806 4,488.1 ETI (BRVM) BANK 60.00-3.2 Down 20,516 353,893 75.00 33.00-20.0 71.4 50.0 793,350 1,589 104.8 SOLIBRA CI BREW 269,020 280,000 186,500-3.9 17.0 44.2 221,415 443 14.3 SGB BANK 68,000-5.4 Down 49,221 715 73,990 42,505-8.1 15.3 47.8 211,556 424 377.1 Onatel BF TELE 56,975-0.0 Down 252,858 4,724 62,000 38,100-8.1 26.6 49.5 193,715 388 308.6 SAPH AGRI 32,000 - Flat 67,074 2,096 44,000 25,745-27.3-19.8-28.1 163,571 328 329.3 PALM CI AGRI 17,500-0.4 Down 27,886 1,643 22,655 13,325-22.8-2.2-16.7 135,269 271 269.8 SOGB AGRI 54,000 - Flat 1,080 20 90,250 44,450-40.2-16.9-35.7 116,650 234 122.0 CIE UTIL 39,005 0.0 Up 15,016 385 45,000 23,500-13.3-7.1 62.5 109,214 219 51.3 Bollore Africa Logistics CI TRPT 95,200-3.8 Down 2,282 24 100,000 46,000-4.8 36.0 110.0 103,645 208 44.7 SITAB CI INDU 105,000 - Flat 4,935 47 115,000 70,000-8.7 20.7 50.0 94,264 189 121.9 CFAO CI CONS 40,005-0.1 Down 440 11 54,000 21,000-25.9-13.0 100.0 72,558 145 6.8 BICI CI BANK 43,000 0.9 Up 15,912 370 43,170 33,300-0.4 17.5 19.4 71,667 144 34.5 Total CI OILG 107,500 - Flat 538 5 107,500 80,000-16.8 34.4 67,684 136 8.2 Unilever CI INDU 37,000 - Flat 2,479 67 42,000 32,375-11.9-7.5-7.5 59,592 119 9.4 Bank of Africa BN BANK 59,010-0.2 Down 196,126 3,319 61,000 54,000-3.3 7.3 9.1 59,439 119 164.9 Bank of Africa BF BANK 68,000-4.2 Down 30,184 419 90,300 37,000-24.7 54.5 83.8 54,400 109 27.4 Nestle CI CONS 44,500 - Flat 4,673 105 44,505 42,000-0.0 1.1 1.1 49,107 98 10.6 SMB INDU 22,000 - Flat 2,640 120 25,000 15,000-12.0 37.5 37.5 42,874 86 8.4 Vivo Energy CI UTIL 31,000 3.3 Up 10,815 354 32,500 19,000-4.6 13.6 55.0 39,060 78 27.5 SODE UTIL 39,360-14.2 Down 10,000 243 49,450 23,110-20.4-6.3 70.4 35,424 71 48.7 Bank of Africa CI BANK 46,605-0.8 Down 11,278 242 51,060 27,900-8.7 26.0 55.3 27,963 56 83.0 FILTISAC CI INDU 7,505 0.1 Up 2,648 335 9,000 3,000-16.6 23.0 168.0 26,462 53 19.5 Bank of Africa NG BANK 42,005-5.6 Down 16,346 370 45,500 32,500-7.7 15.1 26.9 25,203 50 44.4 Bernabe CI TRPT 71,000 - Flat 568 8 91,375 38,295-22.3 42.0 44.9 23,515 47 15.2 Uniwax CI INDU 24,975-16.5 Down 4,709 181 29,900 6,000-16.5 316.3 233.0 18,731 38 3.0 Tractafric Motors CI CONS 114,260-2.3 Down 1,714 15 124,000 80,000-7.9 22.9 34.6 18,282 37 2.5 Crown SIEM CI INDU 28,000 32,250 20,000-13.2 18.4 27.2 17,633 35 1.5 Air Liquide CI INDU 13,000 - Flat 3,059 236 14,900 6,940-12.8 44.4 60.8 11,354 23 8.8 SICable INDU 76,200-0.1 Down 1,067 14 76,260 30,000-0.1 46.5 161.5 11,278 23 32.6 11

Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE 15 dropped 2.5% closing at 160.3 this week. Limuru Tea (+8.9%, KES 490), Bamburi Cement (+6.9%, KES 216) and DTB (+3.1% KES 166) were the top gainers this week, while KPLC (-11%, KES 14.95), Kenya Re (-8.5%, KES 15.05) and TPS (-8.2%, KES 47.75) topped the losers. Safaricom, Equity and KCB were the most active counters this week moving 60% of the market. The KES dropped 43 bps against the USD closing at 85.35. The Treasury has removed the controversial clause of 16% VAT on basic commodities such as food items, medicines and fertilisers from the VAT Bill to address people s concern about product affordability. The UK has offered KES 4bn for modernising the Mombasa port. The British Commissioner believes Kenya could achieve double-digit economy growth if port inefficiency is addressed. 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) 2009 2010 2011 2012 2013E 2014F -5.8-6.5-10.6-8.5-8.6-7.6 47.5 49.9 48.5 47.2 45.3 45.3 42.6 44.7 43.5 41.7 39.6 39.6 30.6 32.2 34.1 41.8 49.8 55.1 2.7 5.8 4.4 5.1 5.6 6.4 792.8 809.8 832.5 993.7 1,149.6 1,235.5 8.0 4.5 18.6 7.0 7.0 5.0 The state s shareholding in Telkom Kenya, jointly owned by the government and France Telecom, is likely to drop to 30% as the Treasury did not allocate any funds for the company. By the end of June, the Treasury was expected to contribute KES 2.4bn, its share of the rights issue, to the company. Kenyan tourism companies are disappointed after KES 2bn was reduced from the tourism budget. Kenya Tourism Federation has warned of job losses due to the reduction in the budget. Kenya Airways is planning to set up a fuel procurement company in line with its focus on new cost-cutting measures. The company reported an 8.3% y/y decline in revenues to KES 98.9bn in FY13, primarily due to a fall in passenger traffic; a loss of KES 7.9bn in FY13 compared with a profit of KES 1.6bn in FY12. This translated to loss per share of KES 6.35 vis-à-vis profit of KES 3.58 per share in FY12. The company decided not to pay any dividends. The World Bank expects Kenya s GDP to grow 5.7% in 2013. The bank said that Kenya needs to improve the contribution of exports to effectively deal with its fiscal challenges. The estimated poverty rate has dropped to 38% currently from 47% in 2005. The Treasury Secretary presented a budget with a deficit of KES 329bn that will be financed through a combination of debt and grants. This could lead to an increase in borrowing costs and reverse the drop in the cost of loans. 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-13 26-Jun-13 28-Jun-13 18-Jun-13 24-May-13 12

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 156.4 85.72 H: 22-May-13 171.6 Limuru Tea 8.9 490.0 This week 160.3-2.45 85.35-0.43-2.87 L: 28-Jun-12 105.3 Bamburi Cement 6.9 216.0 Prev week 166.4-3.69 84.90-0.53-4.20 Off peak -8.9% Diamond Trust 3.1 166.0 MTD 166.9-6.30 85.15-0.66-6.92 At High 1/59 Equity Bank 2.3 33.75 YTD 125.8 24.34 86.10 0.44 24.89 At Low 0/59 TransCentury 1.6 32.50 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 3,219.1 Value Traded / Mkt Cap (%) 10.11% KESm 2,742.2 Company Week % chg Price Net value -1,632.6 Stocks traded (absolute) 54 USDm 32.0 KPLC -11.0 14.95 Stocks traded (%) 92% KenyaRe -8.5 15.05 Upside value 791.4 Stocks up 10 Total Market cap TPS East Africa -8.2 47.75 Downside value 2,424.0 Stocks down 37 KESm 1,591,490 Sasini -7.9 13.45 Upside/downside ratio -67.4% Advance - Decline -27 USDm 18,566 Car & General -7.8 23.50 USD KES Rebased Index Performance 67% 49% 31% Top 5 (value) traders Company KES'000 % of total Safaricom 1,061,939.0 32.99 Equity Bank 471,926.6 14.66 KCB Bank 429,300.1 13.34 EABL 346,876.6 10.78 Bamburi Cement 116,432.7 3.62 13% -5% -23% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (KES bn) : Current vs Peak 20-Jun 22 May 2013 0 1,000,000 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

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 6.90-5.5 Down 1,061,939 154,015.9 7.35 3.40-6.1 36.6 97.1 276,000 3,220 5,699.1 EABL BREW 341.0-2.6 Down 346,877 1,023.5 423.0 219.0-19.4 28.7 51.6 269,654 3,146 6,175.3 Equity Bank BANK 33.75 2.3 Up 471,927 14,667.4 36.25 21.00-6.9 42.1 48.4 124,969 1,458 2,496.0 KCB Bank BANK 38.75-0.6 Down 429,300 11,297.9 43.00 23.00-9.9 30.3 64.9 115,097 1,343 4,883.3 Barclays Kenya BANK 16.70-1.8 Down 63,693 3,803.2 18.70 13.05-10.7 6.0 27.5 90,707 1,058 784.9 Stanchart Kenya BANK 287.0-0.7 Down 19,868 68.7 318.0 189.0-9.7 22.1 45.7 82,391 961 336.5 Bamburi Cement BUIL 216.0 6.9 Up 116,433 544.7 225.0 158.0-4.0 16.8 32.5 78,399 915 761.0 Co-Op Bank BANK 15.85-1.6 Down 73,269 4,592.4 17.80 10.90-11.0 25.8 40.9 66,425 775 763.2 BAT (Kenya) CONS 540.0 0.2 Up 91,067 158.0 577.0 362.0-6.4 9.5 50.0 54,000 630 697.1 Nation Media MEDI 303.0-2.3 Down 33,307 107.5 399.0 170.0-24.1 36.5 76.2 47,607 555 508.5 Diamond Trust BANK 166.0 3.1 Up 89,351 541.8 173.0 89.00-4.0 44.3 69.8 36,537 426 435.4 KenGen UTIL 15.95-5.3 Down 32,368 2,022.3 17.15 8.20-7.0 81.3 94.5 35,064 409 439.5 Athi River Mining BUIL 64.50-2.3 Down 9,369 146.9 71.50 36.40-9.8 44.6 58.9 31,945 373 1,268.4 KPLC UTIL 14.95-11.0 Down 19,113 1,257.5 20.00 14.60-25.3-12.6 1.7 29,174 340 661.6 NIC Bank BANK 52.50-6.3 Down 42,237 799.6 56.50 31.75-7.1 37.3 46.9 20,732 242 392.7 CFC Stanbic BANK 66.50-3.6 Down 14,600 218.7 71.00 36.25-6.3 58.3 57.4 18,200 212 891.1 Scan Group MEDI 60.50-6.2 Down 16,251 260.6 75.00 50.50-19.3-11.7 11.0 17,230 201 386.4 BA Investment INVE 8.00-4.2 Down 6,262 789.1 9.45 5.20-15.3 33.3 49.5 17,200 201 615.7 Kenya Airways TRPT 9.95-7.0 Down 33,324 3,323.8 14.50 9.90-31.4-12.7-25.2 14,890 174 195.1 Jubilee Holdings INSU 240.0-4.0 Down 6,839 28.4 271.0 157.0-11.4 38.7 49.1 14,375 168 104.2 Centum Investment INVE 21.50-6.5 Down 21,304 1,008.8 23.50 11.40-8.5 74.1 61.0 14,307 167 281.6 KenolKobil OILG 9.55-3.5 Down 28,586 2,950.0 16.40 9.05-41.8-29.5-26.8 14,055 164 727.8 CIC Insurance INSU 4.85-4.9 Down 13,772 2,851.9 5.85 3.10-17.1 36.6 10,571 123 225.7 KenyaRe INSU 15.05-8.5 Down 71,432 4,726.9 18.25 9.35-17.5 40.7 38.7 10,535 123 253.4 TransCentury INVE 32.50 1.6 Up 449 13.9 36.75 20.00-11.6 38.3 35.4 8,903 104 211.2 CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 92 - TPS East Africa HOTL 47.75-8.2 Down 1,967 40.8 55.50 36.75-14.0 19.4 13.7 7,077 83 45.0 Mumias Sugar AGRI 4.40 1.1 Up 19,722 4,465.6 7.00 4.20-37.1-9.3-31.8 6,732 79 312.9 NBK BANK 22.25-1.1 Down 21,849 968.6 23.00 16.60-3.3 29.0 16.8 6,230 73 88.8 CFC Insurance BANK 11.95-5.2 Down 1,976 162.2 13.90 6.45-14.0 78.4 54.2 6,157 72 74.7 14

Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DAR ALSI was up 28bps closing at 1,526.6 this week. CRDB bank (+9.5%, TZS 230) was the only gainer while DCB (-13.6%, TZS 380) was the only loser this week. Tanzania Breweries was the most actively traded stock this week moving USD 5m worth of shares. The TZS remained flat against the USD at 1,640. Vodacom Tanzania will invest over KES 200bn to build over 650 network sites this year as it plans to increase its countrywide network coverage. The Managing Director stated that the investment aims at enhancing the network expansion to meet the country s demand. With the current investment in plan, the company will have spent more than TZS 430bn (USD 5bn) in two years (2012 and 2013) and have a total of 1,540 network sites. 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) 2009 2010 2011 2012 2013E 2014F -9.8-9.3-13.7-15.4-13.4-11.5 39.0 42.7 45.4 46.8 48.8 50.3 - - - - - - 21.4 22.9 23.9 28.0 30.7 32.7 6.0 7.0 6.4 6.5 6.8 7.1 527.1 553.8 565.5 650.3 698.7 731.4 12.2 5.6 19.8 11.1 9.6 6.6 Barclays Bank will focus on SME s whose demand for loans is high and long term unlike credit requirements for ordinary consumers. The bank is ready for lending discussions with SMEs by helping them to secure loans for their diverse activities. The bank s acting head for consumer retail and distribution, has indicated more jobs will be created and the overall economy will grow through lending to SMEs rather than focusing exclusively on consumer financing. Dividends Year Type DPS Last Cum date Two US energy firms operating in the country have signed an agreement worth USD 1bn for a gas powered project, which aims at revamping the power supply system in the country. A trend in the reduction of alcohol and cigarette consumption in the country will squeeze Government revenues due to the commodities serving as a main traditional source of income. Debating the 2013/14 budget proposals, some Members of Parliament have asked the government to find and establish new tax sources because the trend has shown that collections from the traditional sources are dwindling. For years, the government has been relying on tax imposed on a number of products mainly beer, soft drinks, spirit, tobacco and petroleum products. 15

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 1,567.0 1,640.00 H: 19-Jun-13 1,567.2 CRDB Bank 9.5 230.0 This week 1,562.6 0.28 1,640.00 0.00 0.28 L: 25-Jun-12 1,431.5 -- Prev week 1,552.8 0.63 1,638.00-0.12 0.50 Off peak 0.0% -- MTD 1,548.4 1.20 1,630.00-0.61 0.58 At High 8/11 -- YTD 1,485.6 5.48 1,585.00-3.35 1.94 At Low 1/11 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 10,631.9 Value Traded / Mkt Cap (%) 14.32% TZSm 1,494.7 Company Week % chg Price Net value 838.8 Stocks traded (absolute) 10 USDm 0.9 DCB -13.6 380.0 Stocks traded (%) 91% -- Upside value 862.2 Stocks up 1 Total Market cap -- Downside value 23.4 Stocks down 1 TZSm 3,712,866 -- Upside/downside ratio 3580.1% Advance - Decline 0 USDm 2,264 -- USD TZS Rebased Index Performance 25% 20% 15% 10% Top 5 (value) traders Company TZS'000 % of total Tanzania Breweries 9,567,284.4 89.99 CRDB Bank 862,199.9 8.11 NMB 100,012.8 0.94 Tanzania Cigarette 46,150.0 0.43 DCB 23,428.8 0.22 5% 0% -5% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (TZS bn) : Current vs Peak 20-Jun 19 Jun 2013 0 2,000,000 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

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 3,180 - Flat 9,567,284 3,008.58 3,180 2,280-6.0 39.5 937,867 572 355.5 NMB BANK 1,600 - Flat 100,013 62.51 1,600 930.0-42.9 73.9 800,000 488 116.3 Tanzania Cigarette CONS 6,500 - Flat 46,150 7.10 6,500 3,320-54.8 95.8 650,000 396 7.5 CRDB Bank BANK 230.0 9.5 Up 862,200 3,781.48 230.0 107.5-53.3 87.8 500,602 305 285.1 TWIGA BUIL 2,640 - Flat 10,209 3.87 2,640 2,400-1.5 9.1 474,989 290 103.9 Simba Cement BUIL 2,400 - Flat 16,534 6.89 2,420 2,380-0.8-0.8 152,810 93 14.2 Precision Air TRPT 475.0 475.0 440.0-3.3-92,082 56 0.2 Swissport HOTL 2,000 - Flat 5,146 2.57 2,180 1,040-8.3 16.3 92.3 72,000 44 6.0 DCB BANK 380.0-13.6 Down 23,429 58.59 640.0 380.0-40.6-38.7-40.6 12,309 8 14.2 TOL INDU 260.0 - Flat 104 0.40 260.0 220.0 - - 18.2 11,043 7 8.1 Tanzania Tea Packers AGRI 600.0 - Flat 840 1.40 600.0 325.0-50.0 84.6 9,164 6 0.3 17

Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary This week s RSE turnover was RWF 282.2m (previously RWF 127.8m). BK price closed down 3.0% at RWF 193, on value traded of RWF 5.9m (previously RWF 23.2m). Bralirwa price closed up 0.9 at RWF 868 on turnover of RWF 276.3m (previously RWF 104.6m). Bralirwa was the bulk of turnover with contribution of 98%. The Rwanda Share Index closed up 2bps at 225.95 from 225.91 last week. The National Bank of Rwanda (BNR) has reduced the key repo rate from 7.5% to 7.0%. The bank reported that the rate was reviewed downwards to encourage commercial banks to lend to the private sector. According to the central bank s monetary policy committee, outstanding credit increased by 4% over the past five months compared to 16.2% recorded in the same period in 2012. BNR reported that new authorized loans were RWF 176.1bn over the past five months compared to RWF 214.4bn over the same period in 2012. Economic growth this year is expected to be 7.5% from 8% in 2012, driven by the agricultural sector which is expected to grow by 6.7%, the services sector that will expand by 7% and industry 9.1 %. 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) 2009 2010 2011 2012 2013E 2014F -7.3-5.9-7.3-9.8-9.9-10.6 23.0 23.2 24.0 25.8 24.3 22.2 - - - - - - 5.2 5.6 6.3 7.0 7.7 8.4 4.1 7.2 8.6 7.7 7.5 7.2 532.6 558.7 620.3 666.9 722.9 774.3 5.7 0.2 8.3 6.3 5.9 5.0 Dividends Year Type DPS Last Cum date The United Nations Industrial Development Organization (UNIDO) will work with the government to design a new industrialization strategy that will elevate the country s industrial sector. UNIDO reported that it is going to design its new programme for the country which will include a new industrialization vision which will eventually be part of the country s poverty reduction strategy that the country has. It has also agreed to put more emphasis on agro-business sector that will create jobs for the citizens. The government recently outlined goals for Industrial Policy which are also stipulated in Vision 2020 and the Economic Development and Poverty Reduction Strategy (EDPRS II): to ensure transformational industrial growth that would make Rwanda competitive. Industry is expected to account for 26% of GDP by 2020. Rwanda signed a deal with South Korea s largest telecoms provider KT Corp to roll out high-speed 4G Internet to most of its citizens within three years. KT Corp will inject around USD 140m into a joint venture company, which will be responsible for rolling out a fast 4G LTE broadband network to 95% of Rwandans. The officials in the Ministry of ICT reported that this agreement with KT marks a major milestone in Rwanda s drive to become a modern and knowledge-based economy. 18

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 226.0 650.50 H: 19-Jun-13 226.5 Bralirwa 0.9 868.0 This week 225.9 0.02 650.50 0.00 0.02 L: 28-Jun-12 102.0 -- - Prev week 224.9 0.47 647.98-0.39 0.08 Off peak -0.2% MTD 223.4 1.16 641.01-1.46-0.31 At High 1/2 YTD 161.4 39.97 631.46-2.93 35.87 At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 282.2 Value Traded / Mkt Cap (%) 2.60% RWFm 1,109.4 Company Week % chg Price Net value 270.4 Stocks traded (absolute) 2 USDm 1.7 Bank of Kigali -3.0 193.0 Stocks traded (%) 100% -- Upside value 276.3 Stocks up 1 Total Market cap Downside value 5.9 Stocks down 1 RWFm 542,996 Upside/downside ratio 4594.7% Advance - Decline 0 USDm 835 USD RWF Rebased Index Performance 150% 119% Top 5 (value) traders Company RWF'000 % of total Bralirwa 276,302.0 97.91 Bank of Kigali 5,885.4 2.09 88% 57% 26% -5% -36% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (RWF bn) : Current vs Peak 20-Jun 19 Jun 2013 0 200,000 400,000 600,000 *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

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 868.0 0.9 Up 276,302 318.9 868.0 340.0-37.8 148.0 446,399 686 1,216.1 Bank of Kigali BANK 193.0-3.0 Down 5,885 29.7 200.0 126.0-3.5 49.6 54.4 96,597 148 489.3 20

Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary The USE ALSI declined 4.2% to close the week at 1,550.1 on the back of losses in Uganda Clays (-14.3%), and Bank of Baroda (-4.0%).During the week, gains were recorded in Umeme (+2.9%), and BAT Uganda (+0.2%). The top traders by value were Umeme (USD 1.1m), Bank of Baroda (USD 0.5m), and BAT Uganda (USD 50k). Trading in these shares accounted for 98.5% of this week s turnover of UGX 4.2bn (USD 1.6m). The average weekly value traded in the last six months is UGX 6.8bn (USD 2.6m). The USE ALSI is up 28.8% YTD (+32.7% USD) and the total market capitalisation is currently USD 1.0bn. 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) 2009 2010 2011 2012 2013E 2014F -9.4-10.2-11.4-11.0-11.7-11.5 22.2 27.0 33.3 36.2 38.9 41.9 - - - - - - 16.0 17.0 17.4 20.5 21.7 23.3 7.0 6.1 5.1 4.2 5.7 6.5 494.6 508.0 504.9 574.1 590.0 613.3 11.0 3.1 27.0 7.1 5.0 5.0 Dividends Year Type DPS Last Cum date 21

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 1,550.1 2,600.00 H: 23-May-13 1,804.8 Umeme 2.9 350.0 This week 1,617.6-4.17 2,600.00 0.00-4.17 L: 27-Jun-12 1,028.3 BAT (Uganda) 0.2 2,270 Prev week 1,686.3-4.07 2,590.00-0.38-4.44 Off peak -14.1% -- MTD 1,676.4-7.54 2,590.00-0.38-7.89 At High 2/8 -- YTD 1,203.4 28.81 2,677.73 2.99 32.66 At Low 3/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4,170.1 Value Traded / Mkt Cap (%) 8.00% UGXm 6,806.6 Company Week % chg Price Net value 1,642.5 Stocks traded (absolute) 7 USDm 2.6 Uganda Clays -14.3 30.00 Stocks traded (%) 88% Bank of Baroda -4.0 120.0 Upside value 2,890.5 Stocks up 2 Total Market cap -- Downside value 1,248.0 Stocks down 2 UGXm 2,606,664 -- Upside/downside ratio 131.6% Advance - Decline 0 USDm 1,003 -- USD UGX Rebased Index Performance 71% 52% 33% Top 5 (value) traders Company UGX'000 % of total Umeme 2,760,575.9 66.20 Bank of Baroda 1,215,600.0 29.15 BAT (Uganda) 129,921.2 3.12 Uganda Clays 32,430.0 0.78 New Vision 22,949.8 0.55 14% -5% -24% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (UGX bn) : Current vs Peak 20-Jun 23 May 2013 0 1,000,000 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

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 30.00 - Flat 8,465 320.4 30.00 20.00-50.0 25.0 1,535,660 591 359.7 Umeme UTIL 350.0 2.9 Up 2,760,576 7,677.9 375.0 275.0-6.7 27.3 568,497 219 522.2 DFCU BANK 1,030 - Flat 206 0.2 1,030 1,000-3.0 3.0 256,059 98 1,653.3 BAT (Uganda) AGRI 2,270 0.2 Up 129,921 57.2 2,290 1,950-0.9-0.9 16.4 111,412 43 3.4 Bank of Baroda BANK 120.0-4.0 Down 1,215,600 10,130.0 320.0 120.0-62.5-52.0-38.5 48,000 18 59.9 New Vision MEDI 600.0 - Flat 22,950 37.9 620.0 600.0-3.2 - -3.2 45,900 18 15.3 Uganda Clays BUIL 30.00-14.3 Down 32,430 1,081.0 40.00 30.00-25.0 - -16.7 27,000 10 3.3 NIC INSU 35.00 45.00 30.00-22.2 - -12.5 14,136 5 0.7 23

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) 2009 2010 2011 2012 2013E 2014F -4.0-2.8-3.3-5.5-5.8-6.1 31.5 35.3 38.8 41.2 43.3 44.9 27.4 31.3 35.1 37.3 40.0 42.2 284.2 363.5 408.7 390.9 402.2 422.3-1.5 2.9 3.1 2.6 3.0 3.9 5,746.3 7,270.8 8,078.5 7,635.6 7,761.8 8,053.5 6.3 3.5 6.1 5.3 5.3 4.9 Dividends Year Type DPS Last Cum date African Media En 2013 Final 200.0 22-Jul-13 Telkom Sa Soc Lt Final 145.0 N.A. Acucap Propertie 2013 Final 156.2 01-Jul-13 Sycom Property 2013 Final 90.6 01-Jul-13 Bettabeta Cis Bg 2013 Income 0.00 01-Jul-13 24

Johannesburg Stock Exchange (South African rand) South Africa Index performance * ZAR/USD USD returns Top 5 gainers JSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 39,536 10.26 H: 31-May-13 42,016 Raubex Group 9.7 23.09 This week 39,812-0.69 9.88-3.71-4.38 L: 28-Jun-12 33,253 JD Group 5.3 32.50 Prev week 40,341-1.31 9.94 0.62-0.70 Off peak -5.9% Blue Label Telecoms 4.7 7.85 MTD 42,016-5.90 10.09-1.62-7.43 At High 0/60 BSI Steel 4.6 0.68 YTD 39,250 0.73 8.47-17.39-16.79 At Low 0/60 Cashbuild 4.3 127.2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 46,385 Value Traded / Mkt Cap (%) 76.18% ZARm 36,084 Company Week % chg Price Net value -10,744 Stocks traded (absolute) 60 USDm 3,518 Business Connexion Group -9.1 4.90 Stocks traded (%) 100% Ellies Holdings -7.4 7.87 Upside value 17,721 Stocks up 32 Total Market cap Metmar -5.8 1.30 Downside value 28,465 Stocks down 26 ZARbn 3,044 Esorfranki -4.9 1.35 Upside/downside ratio -37.7% Advance - Decline 6 USDbn 297 Massmart Holdings -3.8 176.0 USD Rebased Index Performance Top 5 (value) traders ZAR Company ZAR'm % of total MTN Group 8,834 19.05 26% Naspers 6,329 13.64 SABMiller 3,980 8.58 17% Standard Bank Group 3,010 6.49 Firstrand 2,758 5.95 8% -1% -10% -19% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (ZAR bn) : Current vs Peak 20-Jun 31 May 2013 0 2,000 4,000 *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of South African Rands See the notes page for more information about calculations 25

Johannesburg Stock Exchange (South African rand) South Africa Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000) SABMiller BREW 493.1-1.0 Down 3,980 7,949 518.4 324.1-4.9 26.6 51.0 787,414 76,762 345,311 MTN Group TELE 174.0-0.7 Down 8,834 49,692 185.9 138.0-6.4-2.0 25.9 327,764 31,953 444,224 Naspers MEDI 716.0-1.3 Down 6,329 8,546 758.0 435.0-5.5 31.8 50.8 296,700 28,924 503,820 Standard Bank Group BANK 105.3-0.4 Down 3,010 28,235 120.3 101.8-12.5-11.4-10.4 169,174 16,492 237,875 Vodacom Group TELE 109.7-1.2 Down 1,597 14,288 129.6 90.05-15.4-11.6 17.3 163,154 15,905 120,108 Firstrand BANK 27.24 2.6 Up 2,758 99,706 33.33 25.50-18.3-12.1-2.0 153,578 14,972 202,692 Shoprite Holdings CONS 177.1 3.2 Up 2,353 13,067 206.4 149.1-14.2-13.4 15.3 101,050 9,851 200,952 Absa Group BANK 140.5 0.3 Up 1,312 9,274 171.8 133.3-18.2-14.4-10.0 100,873 9,834 129,418 Aspen Pharmacare PHAR 194.0 4.2 Up 2,065 10,728 220.0 121.6-11.8 14.8 54.9 88,378 8,616 96,890 Nedbank Group BANK 169.0 1.2 Up 1,110 6,526 201.1 167.0-16.0-10.1-5.4 85,769 8,361 82,485 Bidvest Group INVE 235.7 1.6 Up 1,147 4,833 261.9 180.4-10.0 9.4 27.7 77,244 7,530 111,476 Tiger Brands CONS 290.8 2.2 Up 972 3,331 335.0 240.2-13.2-10.6 13.5 55,590 5,419 81,469 Mediclinic International PHAR 65.00-3.0 Down 319 4,866 72.20 34.38-10.0 18.5 86.8 53,752 5,240 33,714 Woolworths Holdings CONS 63.00-0.8 Down 1,234 18,865 80.25 49.94-21.5-11.3 21.2 47,458 4,627 113,785 Mondi INDU 125.6 3.5 Up 586 4,635 136.6 68.34-8.1 37.7 69.9 46,129 4,497 41,889 Steinhoff Intl CONS 23.94 1.9 Up 642 26,361 29.23 22.50-18.1-12.7-2.2 43,958 4,285 65,705 Imperial Holdings INVE 196.2 2.2 Up 1,178 5,830 226.0 170.1-13.2-1.3 12.5 41,203 4,017 111,411 Massmart Holdings CONS 176.0-3.8 Down 307 1,692 205.0 163.9-14.2-7.9 2.6 38,176 3,722 32,109 Truworths International CONS 79.40-1.0 Down 1,178 14,361 116.0 76.67-31.6-26.9-13.1 36,668 3,575 99,194 Mr Price Group CONS 123.0 2.9 Up 616 4,936 144.5 107.5-14.9-12.1 13.4 30,857 3,008 69,615 Foschini Group CONS 97.48 0.9 Up 1,935 19,396 145.5 96.51-33.0-30.7-27.0 23,444 2,285 95,833 Nampak INDU 31.45-2.7 Down 526 16,269 37.80 24.00-16.8-1.3 25.9 21,927 2,138 37,370 Barloworld INVE 80.61-0.7 Down 224 2,723 100.0 67.90-19.4-7.9-2.3 18,622 1,815 39,568 Pick N Pay CONS 38.49-2.6 Down 339 8,435 49.00 38.30-21.4-13.5-11.6 18,490 1,803 20,930 PPC BUIL 28.76-2.8 Down 194 6,676 36.26 24.50-20.7-15.9 2.6 17,411 1,697 18,492 Illovo Sugar CONS 32.30-3.8 Down 36 1,110 38.60 27.45-16.3 9.3 14.5 14,864 1,449 6,153 Tongaat Hulett CONS 125.3 0.7 Up 115 881 144.5 120.2-13.3-7.0 4.4 13,598 1,326 16,522 AECI INDU 108.0-2.3 Down 82 736 113.6 73.48-4.9 35.3 34.6 12,571 1,226 8,449 Grindrod TRPT 20.72 1.8 Up 114 5,580 21.40 12.72-3.2 30.7 50.0 12,425 1,211 8,087 Omnia Holdings INDU 171.0 1.2 Up 75 445 174.0 99.60-1.7 24.6 69.3 11,500 1,121 9,046 26

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Market Commentary The Semdex was flat w/w, closing at 1,930.29 on the back of lower than average trade of MUR 125.7m. Gains in the Hotel (+1.7%), Consumer (+1.6%) and Agricultural (+2.3%) sectors were balanced by losses in the Banking (-1.1%), Oil & Gas (-0.3%) and Industrial (-0.7%) sectors. YTD the market is 11.4% higher. On the currency front, the MUR lost 0.5% against the USD to close at MUR 30.80. YTD the MUR has been relatively stable, losing 0.8%. Significant gainers this week were Sun Resorts (+4.5%), Terra Mauricia (+3.7%), Promotion & Development (+2.4%), Omnicane (+2.3%), and Alteo LTD (+1.7%). Significant decliners were Rogers & Co (-5.4%), CIM Financial (-1.9%), MCB (-1.8%), Ireland Blyth (-1.1%), and United Basalt Products (-1.0%). 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) 2009 2010 2011 2012 2013E 2014F -7.4-8.2-10.3-10.5-9.1-8.5 50.7 50.6 50.9 52.0 51.4 51.7 50.7 50.6 50.9 52.0 51.4 51.7 8.8 9.7 11.3 11.9 12.4 13.1 3.0 4.2 4.1 3.4 3.7 4.1 6,918.8 7,575.4 8,741.5 9,199.0 9,541.3 9,980.7 1.5 6.1 4.9 4.8 5.1 4.4 The significant news of the week was action from the Central Bank. BusinessReport explained that Mauritius cut its key repo rate by 25bp to 4.65% to stimulate growth at a time when inflation is benign. The central bank stated that the Indian Ocean island was facing downside risks to its economic outlook. It noted that headline and core inflation were broadly unchanged since its previous meeting in March. The bank revised downwards its growth forecast for 2013 to a range of 3.2-3.7% from its previous forecast of a range of 3.4-3.9% given at the previous monetary policy committee (MPC) meeting in March. The MPC noted that global economic conditions have remained weak and uneven since the March 2013 meeting. The domestic economy continues to be vulnerable to the subdued external environment, the bank stated. Economic performance has been below trend, with slow growth recorded in major export sectors despite diversification efforts, while a significant contraction has been noted in the construction sector. The output gap is projected to remain negative over the forecast horizon. Dividends Year Type DPS Enl Commercial L 2013 Final 0.8 Mauritius Oil Re 2013 Final 0.5 Innodis Ltd 2013 Final 1.0 Ascencia Ltd 2013 Interim 36.5 Medical And Surg 2013 Final 0.02 Last Cum date 04-Jul-13 04-Jul-13 02-Jul-13 01-Jul-13 27-Jun-13 27

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Index performance * MUR/USD USD returns Top 5 gainers SEMDEX Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1,930.3 30.80 H: 13-May-13 1,958.0 POLICY 7.0 6.44 This week 1,931.0-0.04 30.65-0.49-0.52 L: 20-Nov-12 1,654.8 Automatics Systems 6.7 96.00 Prev week 1,945.8-0.76 31.10 1.47 0.69 Off peak -1.4% Sun Resorts 4.5 29.90 MTD 1,943.9-0.70 31.15 1.14 0.43 At High 5/41 Terra Mauricia 3.7 42.50 YTD 1,732.1 11.44 30.55-0.81 10.54 At Low 1/41 Promotion & Development 2.4 84.00 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 125.7 Value Traded / Mkt Cap (%) 3.10% MURm 184.2 Company Week % chg Price Net value -16.1 Stocks traded (absolute) 37 USDm 6.0 Rogers & Co -5.4 174.0 Stocks traded (%) 90% National Investment Trust -2.6 22.40 Upside value 48.0 Stocks up 16 Total Market cap CIM Financial -1.9 6.14 Downside value 64.1 Stocks down 9 MURm 203,042 MCB -1.8 188.0 Upside/downside ratio -25.2% Advance - Decline 7 USDm 6,592 Ireland Blyth -1.1 90.00 USD MUR Rebased Index Performance 15% 10% 5% 0% Top 5 (value) traders Company MUR'000 % of total MCB 56,140.9 44.65 New Mauritius Hotels 14,354.5 11.42 State Bank Mauritius 9,205.2 7.32 Lux Island Resorts 8,128.4 6.46 Terra Mauricia 5,950.9 4.73-5% -10% -15% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (MUR bn) : Current vs Peak 20-Jun 13 May 2013 0 100,000 200,000 300,000 *The index is the SEMDEX, an all share index ** Value Traded numbers are given in millions of Mauritian Rupees See the notes page for more information about calculations 28

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000) MCB BANK 188.0-1.8 Down 56,141 297.34 196.0 161.0-4.1 9.9 11.9 50,611 1,643 1,974.3 State Bank Mauritius BANK 1.04 - Flat 9,205 8,857.35 1.05 0.80-1.0 15.6 26.8 33,805 1,098 1,193.9 Le Meritt PROP 10.30 - Flat 5 0.50 12.80 10.30-19.5 16,790 545 95.5 New Mauritius Hotels HOTL 72.00 1.1 Up 14,354 199.48 78.00 52.00-7.7 27.4 5.1 11,622 377 513.9 Alteo LTD CONS 36.30 1.7 Up 3,272 90.21 38.00 30.40-4.5 19.4 11,561 375 310.8 Terra Mauricia INVE 42.50 3.7 Up 5,951 140.40 42.50 37.20-10.4 11.8 9,671 314 210.4 Ireland Blyth INVE 90.00-1.1 Down 933 10.37 92.00 76.00-2.2 13.9 13.2 6,429 209 46.7 Bramer Bank BANK 7.00 - Flat 75 10.70 9.20 6.35-23.9-12.5-22.2 6,309 205 39.3 Omnicane AGRI 88.00 2.3 Up 943 10.89 88.00 71.00-14.3 20.5 5,897 191 58.2 Vivo Energy OILG 165.0-0.6 Down 762 4.60 180.0 162.0-8.3 - -2.4 4,838 157 28.0 Rogers & Co INVE 174.0-5.4 Down 2,901 16.49 325.0 130.0-46.5 16.8-46.5 4,386 142 99.9 CIM Financial BANK 6.14-1.9 Down 1,146 185.01 6.36 4.45-3.5 17.0 4,178 136 301.6 Gamma Civic BUIL 28.65 - Flat 584 20.40 33.90 27.90-15.5-4.5-15.5 3,818 124 56.4 Phoenix Beverages BREW 202.5 - Flat 2,974 14.68 216.0 200.0-6.3-0.7-1.2 3,331 108 39.9 Promotion & Development INVE 84.00 2.4 Up 3,386 40.29 85.00 55.00-1.2 33.3 20.0 3,265 106 44.8 Sun Resorts HOTL 29.90 4.5 Up 1,053 35.62 37.20 27.00-19.6 8.3-19.6 2,828 92 149.1 Mauritius Union Assurance INSU 124.0 0.6 Up 3,014 24.42 132.0 118.0-6.1 0.8 5.1 2,485 81 90.7 Swan Insurance INSU 324.0 - Flat 5 0.02 340.0 321.0-4.7-1.2 0.6 2,324 75 15.6 United Basalt Products INDU 96.00-1.0 Down 1,363 14.11 108.0 90.00-11.1 3.2-11.9 2,121 69 59.3 Lux Island Resorts HOTL 23.50 1.1 Up 8,128 336.48 24.25 14.70-3.1 45.1 18.1 2,027 66 114.0 INNODIS CONS 49.00 1.0 Up 778 15.90 49.90 41.00-1.8 11.4 15.3 1,800 58 29.1 Air Mauritius TRPT 14.00-0.4 Down 481 34.32 15.00 9.50-6.7 38.6 33.3 1,432 47 135.0 Harel Mallac INVE 125.0 144.0 112.0-13.2 10.6-15.0 1,407 46 52.2 POLICY INVE 6.44 7.0 Up 1,853 288.55 8.55 4.75-24.7 34.2-21.9 1,096 36 99.9 Mauritius Oil Refineries OILG 29.50 1.0 Up 54 1.83 29.50 25.40-8.5 12.2 982 32 12.4 MDIT INVE 5.38 1.1 Up 2,369 445.18 5.60 4.65-3.9 14.5 6.5 949 31 51.0 Caudan Development INVE 1.06-0.9 Down 158 148.10 1.25 1.05-15.2-3.6-15.2 869 28 8.2 Belle Mare INVE 199.8 200.0 180.0-0.1 3.5 5.1 852 28 0.5 Mauritian Eagle INSU 100.0 100.0 70.00-26.6 42.9 800 26 19.2 United Docks INVE 68.00 - Flat 82 1.20 83.00 62.00-18.1 4.6-18.1 718 23 9.7 29

Botswana Stock Exchange (Botswana Pula) Botswana Market Commentary The local index shed 0.3% at 8,620.6 on the back of 6 gainers and 1 decliner. Market turnover closed firmer at BWP 68.4m from BWP 43.3m last week. The most actively traded counter was FNBB (BWP 53.3m) with a contribution of 77.9% to the total value traded. Furnmart (+2.9%, BWP 1.80) and Engen (+1.4%, BWP 7.10) were the top gainers whilst FSG (-5.9%, BWP 1.60) emerged the only decliner. The bank rate was slashed to 8.5% at the meeting of the Monetary Policy Committee this week. The decision to cut rates is an attempt by Bank of Botswana to boost growth within the economy. BoB has explained that the current economic situation, which is characterized by output below potential and high unemployment allows for a non-inflationary stimulus to the economy. Inflation fell to 6.1% in May, just outside the objective range of 3 to 6%. The inflation rate is expected to fall within the range in the 2H13. 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) 2009 2010 2011 2012 2013E 2014F -5.2-2.0 1.6 3.9 3.4 2.7 15.8 17.6 16.7 15.0 13.6 11.9 - - - - - - 11.6 14.9 17.7 17.6 18.2 19.1-4.7 7.0 5.1 3.8 4.1 4.2 6,405.0 8,142.8 9,537.4 9,407.5 9,573.0 9,928 5.8 7.4 9.2 6.5 6.1 5.8 Government spent over BWP 100m in teacher s overtime allowances in FY12. High overtime accumulation has been attributed lack of strict monitoring on the part of management. (Source: Daily News) The World Bank has revised Botswana s FY13 economic growth projections to 5.0% from 5.1% in the January edition of the Global Economic Prospects report. The figure is above the 4.1% growth rate projected by the International Monetary Fund but however below the 5.9% forecast by the Ministry of Finance and Development Planning. FY14 and FY15 projections have been revised upwards to 5.1% and 5.2% from 4.9% and 4.8% respectively. (Source: Mmegi) In company news, Copper and silver concentrate producer, Discovery Metals says negotiations continue with interested parties in relation to a potential takeover transaction. The company says it has received an overwhelming response from interested parties whose applications are currently under review. (Source: Gazette) Shareholders of Chobe Holdings Limited have been advised that negotiations referred to in the cautionary statement dated 14 May 2013 are still on-going. Accordingly, shareholders are urged to continue to be cautious when dealing in the company s securities. Australian firm Tlou Energy has begun developments at its license area in central Botswana with the view to reach a decision on commercial production in the next three years. The company recently became the first in the country to declare an independently certified resource at 2.3 cubic feet of Coal Bed Methane. (Source: Mmegi) Dividends Year Type Amount Wilderness Holdi 2013 Regular Cash 4.0 Last Cum date 14-Jun-13 30

Botswana Stock Exchange (Botswana Pula) Botswana Index performance * BWP/USD USD returns Top 5 gainers BSE DCI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 8,620.6 8.70 H: 14-May-13 8,747.1 Furnmart 2.9 1.80 This week 8,648.4-0.32 8.50-2.38-2.69 L: 29-Jun-12 7,238.1 Engen Botswana 1.4 7.10 Prev week 8,723.3-0.86 8.57 0.86-0.01 Off peak -1.4% Sechaba 1.2 17.00 MTD 8,672.3-0.60 8.65-0.61-1.20 At High 2/24 Sefalana 1.1 4.64 YTD 7,510.2 14.78 7.78-10.58 2.64 At Low 1/24 Wilderness 0.5 2.07 Total value Net value Turnover analysis ** Upside value Downside value Upside/downside ratio Trading numbers Avg weekly value traded Top 5 decliners 68.5 Value Traded / Mkt Cap (%) 8.38% BWPm 34.2 Company Week % chg Price 0.3 Stocks traded (absolute) 15 USDm 3.9 FSG -5.9 1.60 Stocks traded (%) 63% -- 0.3 Stocks up 6 Total Market cap -- 0.0 Stocks down 1 BWPm 40,884 -- 1062.1% Advance - Decline 5 USDm 4,698 -- USD BWP Rebased Index Performance 27% 19% 11% Top 5 (value) traders Company BWP'000 % of total FNB Botswana 53,357.4 77.90 Letshego 5,916.1 8.64 Barclays Botswana 4,200.1 6.13 BIHL Botswana 2,152.7 3.14 Turnstar 1,629.4 2.38 3% -5% -13% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (BWPm) : Current vs Peak 14 May 2013 0 20,000 40,000 60,000 *The index is the DCI, the domestic companies index ** Value Traded numbers are given in millions of Pula See the notes page for more information about calculations 31

Botswana Stock Exchange (Botswana Pula) Botswana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector BWP % chg Move BWP '000 '000 High Low Off high YTD 12 mths BWP m USD m Val (000) FNB Botswana BANK 3.60 - Flat 53,357.4 14,821.50 3.70 2.75-2.7 28.6 24.1 9,229 1,060 930.6 Barclays Botswana BANK 6.70 - Flat 4,200.1 626.88 7.19 6.55-6.8 2.3-6.7 5,709 656 167.3 Letshego BANK 2.30 - Flat 5,916.1 2,572.21 2.60 1.35-11.5 17.9 54.4 4,597 528 1,462.1 Choppies CONS 3.00 - Flat 809.7 269.88 3.02 1.62-0.7 46.3 78.6 3,523 405 684.6 Stanchart Botswana BANK 11.36 0.3 Up 18.2 1.60 11.36 9.25 0.0 13.6 22.8 3,389 389 15.3 BIHL Botswana INSU 10.50 - Flat 2,152.7 205.02 10.50 10.20-1.4 2.3 2,951 339 227.2 Sechaba BREW 17.00 1.2 Up 273.2 16.07 17.00 12.55-7.9 35.5 2,261 260 87.0 New Africa Properties PROP 2.20 - Flat 1.0 0.45 2.35 2.10-6.4 - -6.4 1,330 153 36.4 ABCH Botswana BANK 5.05 5.05 3.64-0.0 26.3 9.8 1,176 135 17.0 Engen Botswana OILG 7.10 1.4 Up 14.2 2.00 7.10 5.52 0.0 15.3 28.6 1,134 130 13.5 Furnmart CONS 1.80 2.9 Up 1.8 1.00 1.81 1.45-0.6 11.8 25.0 1,092 125 20.7 Turnstar PROP 1.55 - Flat 1,629.4 1,051.24 1.70 1.45-8.8 3.3-3.1 887 102 143.3 Sefalana CONS 4.64 1.1 Up 15.0 3.25 4.64 2.80 0.0 42.3 65.7 862 99 50.0 Wilderness HOTL 2.07 0.5 Up 19.3 9.33 3.20 2.00-35.3-28.6-36.3 478 55 0.6 Letlole La Rona PROP 1.65 - Flat 54.9 33.30 1.66 1.30-0.6 10.7 26.9 462 53 20.2 G4S CONS 5.00 5.95 5.00-16.0-13.8-15.5 400 46 8.5 Primetime PROP 2.10 2.10 1.83 0.0 13.5 8.8 378 43 22.0 Chobe HOTL 2.83 2.83 2.50 0.0 11.0 11.0 253 29 3.5 RDCP PROP 7.06 7.06 6.78 0.0 1.7 4.1 247 28 2.2 FSG INSU 1.60-5.9 Down 29.4 18.37 1.85 1.30-13.5 23.1 14.3 193 22 4.4 Cresta HOTL 1.00 1.10 0.75-9.1 20.5 5.3 185 21 8.3 Imara Botswana INVE 2.24 2.60 2.24-13.8-10.0-12.2 132 15 0.0 RPC Data TELE 0.30 0.35 0.25-14.3 - -14.3 9 1 0.0 Olympia Capital (Botswana) BUIL 0.23 0.23 0.23-0.0 - - 7 1 0.0 32

Zimbabwe Stock Exchange (US Dollar) Zimbabwe Market Commentary The ZSE Industrial declined 0.6% to close the week at 218.3 on the back of losses in Dairibord (-16.7%), CBZ Bank (-10.0%), and National Foods Holdings (-7.4%). During the week, gains were recorded in Barclays Zimbabwe (+69.0%), TSL (+11.6%), and Kingdom Meikles Africa (+6.9%). The top traders by value were Delta Corp Zimbabwe (USD 4.3m), First Banking Corp (USD 1.1m), and OK Zimbabwe (USD 0.8m). Trading in these shares accounted for 70.5% of this week s turnover of USD 8.9m. The average weekly value traded in the last six months is USD 7.9m. The ZSE Industrial is up 43.2% YTD and the total market capitalisation is currently USD 5.6bn. 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) 2009 2010 2011 2012 2013E 2014F -22.2-28.8-36.2-20.4-20.0-19.4 91.3 56.6 66.9 61.5 58.6 56.4 - - - - - - 6.1 7.4 9.5 10.8 12.3 13.6 6.3 9.6 9.4 5.0 6.0 5.0 487.7 591.1 752.1 858.5 977.5 1,078.6-7.7 3.2 4.9 6.5 4.3 4.3 Hwange Colliery Company Ltd made claims of externalisation of funds from the coal gasification unit it jointly owns with a Chinese company, Taiyuan Sanxin Economic and Trade Company. Hwange Coal Gasification was formed through a Built-Operate-Transfer arrangement in which Hwange Colliery Company owns 25% shareholding while the Chinese company holds the remainder. Hwange now wants the BOT deal to be revisited, with the local coal mining giant becoming a majority. ZSE has stepped up its efforts to automate as the local bourse plans to shift from the current paperbased trading platform by year end. The ZSE announced that it was currently recruiting an automated trading system consultant tasked with improving efficiency of the exchange as well as catch up with regional peers. The exchange, according to terms and conditions of the consultant, embarked on an automated trading system project for implementation by 31 December 2013. Dairibord Holdings has joined the race to acquire a controlling stake in Cairns Holdings Limited, which plans to de-list from the ZSE to simplify the process of getting fresh investment. A total of four suitors are vying for a majority interest in Cairns and the others include local private company, Judah Holdings Limited and South African firms Vasari Global and Eastern Trading Company Limited. The investors are largely targeting to acquire RBZ s 67% shareholding in the group. Dividends Year Type DPS Delta Corp 2013 Final 0.02 Last Cum date 10-Jun-13 33

Zimbabwe Stock Exchange (US Dollar) Zimbabwe Index performance * USD/USD USD returns Top 5 gainers (Top 40) ZSE INDUST Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 218.3 1.00 H: 11-Jun-13 223.6 Barclays Zimbabwe 69.0 0.06 This week 219.7-0.62 1.00 0.00-0.62 L: 25-Jun-12 130.3 Willdale 38.9 0.00 Prev week 216.0 1.72 1.00 0.00 1.72 Off peak -2.4% Turnall 20.0 0.05 MTD 212.4 2.79 1.00 0.00 2.79 At High 0/74 Dawn Properties 15.8 0.01 YTD 152.4 43.24 1.00 0.00 43.24 At Low 0/74 Star Africa 14.2 0.01 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40) Total value 8.9 Value Traded / Mkt Cap (%) 7.83% USDm 7.9 Company Week % chg Price Net value -5.8 Stocks traded (absolute) 49 USDm 7.9 Cafca -25.0 0.30 Stocks traded (%) 66% ART Holdings -20.0 0.00 Upside value 0.9 Stocks up 20 Total Market cap Dairibord -16.7 0.25 Downside value 6.7 Stocks down 18 USDm 5,649 PG Industries -12.5 0.01 Upside/downside ratio -86.2% Advance - Decline 2 USDm 5,649 African Sun -11.1 0.02 USD USD Rebased Index Performance 95% 75% 55% 35% Top 5 (value) traders Company USD'000 % of total Delta Corp Zimbabwe 4,295.9 48.54 First Banking Corp 1,123.8 12.70 OK Zimbabwe 824.4 9.31 Econet Wireless 647.6 7.32 BAT (Zimbabwe) 388.1 4.39 15% -5% -25% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (USD m) : Current vs Peak 20-Jun 11 Jun 2013 0 2,000 4,000 6,000 *The index is the ZSE industrial, an all share index ** Value Traded numbers are given in millions of USD See the notes page for more information about calculations 34

Zimbabwe Stock Exchange (US Dollar) Zimbabwe Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector USD % chg Move USD '000 '000 High Low Off high YTD 12 mths USD m USD m Val (000) Delta Corp Zimbabwe BREW 1.49-1.3 Down 4,295.92 2,865.84 1.57 0.65-5.1 49.0 129.2 1,759 1,759 2,106.6 Econet Wireless TELE 0.67-4.3 Down 647.60 925.26 0.77 0.41-13.0 48.9 61.1 1,097 1,097 2,476.9 Innscor Africa CONS 0.97-3.0 Down 138.03 138.13 1.10 0.54-11.8 38.6 76.4 524 524 988.8 Hippo Valley Estates AGRI 1.10 4.8 Up 1.67 1.53 1.36 0.95-19.1-0.9 15.8 212 212 57.8 OK Zimbabwe CONS 0.24-4.4 Down 824.39 3,431.46 0.29 0.10-17.2 60.0 108.7 176 176 237.8 National Foods Holdings INDU 2.50-7.4 Down 90.02 35.80 2.70 1.12-7.4 89.4 127.3 171 171 35.3 Seed Co AGRI 0.86 4.9 Up 232.13 271.32 0.96 0.60-10.4 11.7 1.2 165 165 98.1 BAT (Zimbabwe) CONS 9.00-0.0 Down 388.14 43.13 9.00 2.63-0.0 150.0 242.2 156 156 139.5 Barclays Zimbabwe BANK 0.06 69.0 Up 134.97 2,662.22 0.06 0.02 0.0 130.8 100.0 129 129 66.7 CBZ Bank BANK 0.14-10.0 Down 28.25 203.95 0.17 0.08-18.2 35.0 42.1 92 92 281.4 Dairibord INDU 0.25-16.7 Down 122.22 452.65 0.31 0.14-19.4 19.0 56.3 86 86 429.3 TSL CONS 0.24 11.6 Up 21.85 92.80 0.24 0.08 0.0 108.7 220.0 82 82 32.0 Lafarge Zimbabwe BUIL 0.95-5.0 Down 75.76 79.23 1.00 0.45-5.0 35.7 61.0 76 76 80.5 Kingdom Meikles Africa BANK 0.31 6.9 Up 91.40 299.41 0.31 0.14-0.0 106.7 121.1 76 76 83.4 Mashonaland Holdings PROP 0.03 - Flat 3.56 129.63 0.03 0.02 0.0 6.2 5.8 51 51 37.0 Fidelity Life INSU 0.14 8.0 Up 87.30 629.47 0.15 0.10-10.0 12.5 22.7 44 44 25.3 Colcom Holdings INDU 0.28 5.8 Up 0.41 1.50 0.30 0.22-8.5 10.0 8.7 43 43 4.0 AICO INDU 0.08 10.3 Up 40.76 545.48 0.16 0.04-50.3-11.1-33.3 42 42 36.7 Edgars Zimbabwe CONS 0.13 - Flat 2.84 21.88 0.14 0.08-4.4 62.5 66.7 36 36 54.2 First Banking Corp BANK 0.10 - Flat 1,123.84 11,238.44 0.10 0.06-0.0 33.3 63.9 36 36 133.2 AFRE Corp INSU 0.16 0.3 Up 62.79 399.21 0.16 0.05 0.0 207.7 166.7 35 35 62.9 ABCH (Zimbabwe) BANK 0.50-9.1 Down 9.63 17.74 0.60 0.45-16.8-9.1 11.1 34 34 76.8 Padenga CONS 0.06 9.3 Up 20.20 352.16 0.06 0.05-0.0 31.1 18.0 32 32 47.0 Hwange Colliery RESO 0.16 0.23 0.11-30.5-5.9-36.0 32 32 5.2 African Distillers BREW 0.31 6.9 Up 1.55 5.00 0.31 0.11-0.0 106.7 181.8 29 29 2.0 Pioneer Corp Africa INDU 0.05 0.07 0.00-28.6 400.0-9.1 27 27 0.2 Dawn Properties PROP 0.01 15.8 Up 62.76 6,285.53 0.01 0.01 0.0 57.1 37.5 27 27 21.5 Pearl Properties PROP 0.04 6.0 Up 110.91 3,161.52 0.04 0.02-0.0 25.4 43.3 27 27 80.9 Masimba Holdings PROP 0.12 - Flat 47.65 397.07 0.12 0.02 0.0 300.0 140.0 25 25 8.6 TN Bank CONS 0.15 0.32 0.04-53.2-16.7 248.0 24 24 1.5 35

Lusaka Stock Exchange (Zambian Kwacha) Zambia Market Commentary The LuSE ALSI is up 2.0% to close at 4,535.0 on the back of gains in Celtel (+7.7%), StanChart Zambia (+5.6%) Zambia Sugar (+3.3%) Zambia Breweries (+1.4) and Copperbelt Energy (+1.3). A Loss was recorded in BAT Zambia (-2.4%). The top trader by value was Copperbelt Energy which accounted for 59.7% of this week s turnover of ZMW 3.1m. The LuSE ALSI is up 21.7% YTD and the total market capitalisation is currently ZMW 19.1bn (USD 3.5bn). Lusaka City Council health inspectors have discovered the presence of aromatic aldehydes in the beef Zambeef Plc imports from the United Kingdom into Zambia. Zambeef imports beef products, which mainly include hooves, livers and tripe. Sources within Zambeef disclosed that the imports are obtained from the UK for almost nothing because they are normally disposed of as waste. Aromatic aldehydes are organic chemical compounds that contain a carbon hydroxide radical or group and are used as precursor chemicals in the pharmaceutical and plastics industries. According to health experts, most of the aldehydes are capable of causing primary irritation of the skin, eyes and respiratory system. Repeated exposure to some forms of aromatic aldehydes may also result in chronic intoxication. Symptoms of chronic inoxication resemble those of chronic alcoholism, such as loss of weight, anaemia, delirium, hallucinations of sight and hearing, loss of intelligence and psychic disturbances. Lafarge Cement Zambia has increased the price of cement by 6.7% with immediate effect. A bag of cement will now cost ZMW 61.2 from the previous price of ZMW 56.9. Management said the increase in the price of cement was necessitated by the recent upward adjustment in the prices of fuel following removal of the subsidy. Meanwhile, Zambezi Portland Cement (ZPC) has maintained the average price for its product at ZMW 50 per bag. However, acting chief financial officer Peter Kang ombe said in an interview that, ZPC is also planning to hike the price of cement due to the increase in the price of fuel. Zambia has been awarded first prize for the best sovereign bond in Europe, Middle East and Africa Region by the Global trade Review Finance Magazine. The Global Trade Review is the world s leading international trade finance magazine whose criteria of judgment are strictly based on science. The magazine looks at international markets, key banks, credit insurers, corporates, traders, law firms, brokers and consultants. Zambia in September 2012, successfully issued an inaugural 10 year bond to the tune of USD 750m. 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 2009 2010 2011 2012 2013E 2014F 4.2 7.1 1.2-1.8-1.1-0.4 26.9 25.8 26.0 28.0 28.5 28.6 22.0 22.1 22.3 24.6 25.6 26.4 12.8 16.2 19.2 20.7 23.1 25.1 6.4 7.6 6.6 6.5 8.2 7.8 990.0 1,221.3 1,413.8 1,485.6 1,621.9 1,719.9 9.9 7.9 7.2 6.7 6.1 5.0 Year Type DPS Last Cum date 36

Lusaka Stock Exchange (Zambian Kwacha) Zambia Index performance * ZMK/USD USD returns Top 5 gainers LuSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 4,535.0 5.44 H: 20-Jun-13 4,535.0 Celtel 7.7 28.00 This week 4,448.2 1.95 5.43-0.28 1.67 L: 13-Nov-12 3,480.5 StanChart Zambia 5.6 1.32 Prev week 4,363.6 1.94 5.36-1.20 0.72 Off peak 0.0% Zambia Sugar 3.3 0.31 MTD 4,420.6 2.59 5.34-1.93 0.61 At High 0/19 Zambian Breweries 1.4 3.51 YTD 3,725.2 21.74 5.21-4.30 16.50 At Low 2/19 Copperbelt Energy 1.3 0.79 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 3.1 Value Traded / Mkt Cap (%) 0.81% ZMKm 3.4 Company Week % chg Price Net value 1.9 Stocks traded (absolute) 13 USDm 0.6 BAT (Zambia) -2.4 2.40 Stocks traded (%) 68% -- Upside value 1.9 Stocks up 5 Total Market cap -- Downside value 0.0 Stocks down 1 ZMKm 19,125 -- Upside/downside ratio 217927% Advance - Decline 4 USDm 3,516 -- USD ZMK Rebased Index Performance 21% 12% 3% Top 5 (value) traders Company ZMK'000 % of total Copperbelt Energy 1,854 59.66 Zambeef 768 24.71 ZANACO 331 10.66 Lafarge Zambia 84 2.71 Celtel 18 0.59-6% -15% -24% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (ZMK bn) : Current vs Peak 20-Jun 0 5,000 10,000 15,000 20,000 *The index is the LuSE, an all share index ** Value Traded numbers are given in millions of Zambian Kwacha See the notes page for more information about calculations 37