INVESTING INTO FRANCOPHONE WEST AFRICA FRANCOPHONE WEST AFRICA EQUITY AND DEBT MARKETS: NEW DEVELOPMENTS AND TRENDS.

INVESTING INTO FRANCOPHONE WEST AFRICA FRANCOPHONE WEST AFRICA EQUITY AND DEBT MARKETS: NEW DEVELOPMENTS AND TRENDS. AMIT BAKHIRTA, NOV 2013

CONTENTS FRANCOPHONE WEST AFRICA- DYNAMICS THE BRVM (Bourse Régionale des Valeurs Mobilières SA) NEW DEVELOPMENTS AND TRENDS EQUITIES: THE TOP 10 MARKET CAPS THE DEBT LANDSCAPE

GDP per capita USD Investment - GDP ratio (%) Benin Burkina Faso Cape Verde Côte d'ivoire Gambia Guinea Guinea-Bissau Mali Mauritania Niger Senegal Sierra Leone Togo USD million THE 3rd ANNUAL TRADING AFRICA SUMMIT 6-7 NOVEMBER 2013 FRANCOPHONE WEST AFRICA- DYNAMICS 25 000 20 000 15 000 10 000 5 000 0 GDP PER SECTOR 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 HUMAN DEVELOPMENT INDEX (MAX =1) 2000 2005 2010 2012 Services Industry Agriculture, hunting, forestry, fishing Source: Economy watch, African Economic Outlook 4500 4000 3500 3000 2500 2000 1500 1000 500 0 POPULATION vs GDP PER CAPITA Cape Verde Mauritania Senegal Cote de'ivoire Sierra Leonne Benin Guinea Mali Burkina Faso Guinea Bissau Togo Niger Liberia Gambia 0 5 000 10 000 15 000 20 000 Population '000s 50 40 30 20 10 0-10 INVESTMENT /GDP RATIO vs GDP GROWTH Cape Verde Senegal Guinea Gambia Togo Benin Mali Mauritania Niger Burkina Faso Cote de'ivoire Guinea Bissau Sierra Leonne 3 4 5 6 7 8 9 GDP growth rate 2013est (%) FRANCOPHONE WESTERN AFRICA IS A 14 COUNTRY REGION DOMINATED BY COTE DE IVOIRE WHILE MOST ECONOMIES ARE AGRO-BASED, MINERALS ARE PLAYING A HUGE PART IN ATTRACTING INVESTMENTS INTO THE REGION

Benin Burkina faso Cote d'ivoire Guinea- Bissau Mali Niger Senegal Togo Benin Burkina faso Cote d'ivoire Guinea- Bissau Mali Niger Senegal Togo Benin Burkina faso Cote d'ivoire Guinea- Bissau Mali Niger Senegal Togo THE 3rd ANNUAL TRADING AFRICA SUMMIT 6-7 NOVEMBER 2013 FRANCOPHONE WEST AFRICA- DYNAMICS 0 (2) (4) (6) (8) (10) (12) (14) (16) (18) FISCAL BALANCE, 2010 TO 2014 % 7 6 5 4 3 2 1 0 (1) INFLATION RATE, 2010 TO 2014 Source: IMF 2010 2011 2012 Est 2013 Proj 2014 Proj Source: IMF 2010 2011 2012 Est 2013 Proj 2014 Proj 15 10 5 0 (5) (10) (15) (20) (25) (30) CURRENT ACCOUNT BALANCE, 2010 TO 2014 15 10 5 0-5 Benin GDP GROWTH VS GDP PER CAPITA, 2010 TO 2014 Burkina faso Cote d'ivoire Guinea- Bissau Mali Niger Senegal Togo 10 5 0-5 Source: IMF 2010 2011 2012 Est 2013 Proj 2014 Proj -10 2010 2011 2012 Est 2013 Proj Source: IMF and African economic outlook -10 IN 2012 THE REGION SUFFERED SETBACKS AFTER THE SAHEL DROUGHT UNREST IN MALI LIKELY TO HAVE MINIMAL IMPACT ON THE REGION

Doing Business ranking 2014 THE 3rd ANNUAL TRADING AFRICA SUMMIT 6-7 NOVEMBER 2013 FRANCOPHONE WEST AFRICA- DYNAMICS Most problematic factors for doing business in the region (average of individual rankings) It's a mixed bag: The fastest growing economies are not always the easiest to do business in Paying taxes Protecting investors Resolving insolvency Getting electricity Trading across borders Getting credit Consruction permit 190 180 170 160 150 140 130 Benin Burkina Faso Guinea Bissau Guinea Cote de'ivoire Cape Verde Gambia Liberia Mali Mauritania Niger Senegal Togo Sierra Leonne Registering property 120 Enforcing contracts Starting a business 100 110 120 130 140 150 160 110 0 2 4 6 8 10 12 14 16 GDP growth 2013 est ECONOMIC REGION TRADE AGREEMENT TAX COUNTRY ECOWAS WAEMU AGOA GSP CORPORATE VAT DIVIDENDS Benin 30% 18% Up to 15% Burkina Faso 27.5% 18% 12.50% Cape Verde 25% 15% n/a Côte d'ivoire 25% 18% 12.00% The Gambia 35% 18% 15% Guinea 35% 18% 20% Guinea-Bissau 25% 15% 15% Liberia 25% n/a n/a Mali 35% 18% 10% Mauritania 25% 12% 12% Niger 45% 17% Senegal 25% 18% 10% Sierra Leone 30% 15% 10% Togo 27% n/a 10% Source: PwC, Deloitte, AGOA, ECOWAS and GSP

FRANCOPHONE WEST AFRICA- DYNAMICS REGIONAL ECONOMIC COMMUNITY DOUBLE TAX TREATIES BILATERAL TRADE AGREEMENTS PREFERENTIAL TRADE AGREEMENTS BENIN ECOWAS In force: France, Norway Belgium, Luxembourg, Burkina Faso,Canada,Chad, China, Germany, Ghana, Guinea, Lebanon, Mauritius, BURKINA FASO ECOWAS In force: France, Tunisia Morocco, Netherlands, Switzerland, United Kingdom Belgium, Luxembourg, Benin, Chad, Comoros, Ghana, Guinea, Germany, Malaysia, Mauritania, Morocco, Netherlands, Switzerland Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), CAPE VERDE ECOWAS In force: Portugal Angola, Austria, China, Cuba, Germany, Italy, Netherlands, Portugal, Netherlands Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), IVORY COAST ECOWAS In force: Belgium, Canada, Argentina, Egypt, Germany, India, Italy, Egypt, France, Kuwait, Lebanon, Korea Republic, Malaysia, Mali, Mauritius, Malaysia, Mauritania, Mauritius, Morroco, Netherlands, Portugal, Qatar, Morocco, Norway, Qatar, Romania, South Africa, Spain, Sweden, Taiwan Province of China, Swizeland, Syrian Arab Republic, Taiwan Tunisia, Province of China, Tunisia, Turkey, United Kingdom, United States. GAMBIA ECOWAS In force: Denmark, Norway, Sweden, Switzerland, China, United Kingdom Guinea, Guinea-Bissau, Iran, Islamic Republic, Libyan Arab Jamahiriya, Mali, Mauritania, Morocco, Netherlands, Qatar, Spain, Switzerland, China, Turkey, United Kingdom Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), GUINEA ECOWAS In force: Serbia Benin, Burkina Faso, Cameroon, Chad, China, Gambia, Germany, Ghana, Italy, Lebanon, Malaysia, Mali, Mauritania, Mauritius, Morocco, Serbia, Switzerland, Tunisia Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA),

FRANCOPHONE WEST AFRICA- DYNAMICS REGIONAL ECONOMIC COMMUNITY DOUBLE TAX TREATIES BILATERAL TRADE AGREEMENTS PREFERENTIAL TRADE AGREEMENTS LIBERIA ECOWAS In force: Germany, Spain, Sweden, United States Belgium, Luxembourg, France, Germany Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), MALI ECOWAS In force: Algeria, France NIGER SIERRA LEONE SENEGAL TOGO GUINEA BISSAU ECOWAS ECOWAS ECOWAS ECOWAS In force: France In force: Dernmark, India, Norway, United Kingdom In force: Belgium, Canada, Egypt, France, Kuwait, Lebanon, Malaysia, Mauritania, Mauritius, Morocco, Norway, Qatar, Taiwan Province of China, Tunisia, In force: France, Tunisia, ECOWAS In force: Serbia Gambia, Portugal Algeria, Benin, Cameroon, Chad, China, Comoros, Egypt, Gabon, Gambia, Germany, Guinea, Korea, Netherlands, Qatar, Senegal, Switzerland, Tunisia Algeria, Egypt, Germany, Switzerland, Tunisia China, Germany, United Kingdom Argentina, Egypt, Germany, India, Italy, Korea Republic, Malaysia, Mali, Mauritius, Morroco, Netherlands, Portugal, Qatar, Romania, South Africa, Spain, Sweden, Swizeland, Syrian Arab Republic, Taiwan Province of China, Tunisia, Turkey, United Kingdom, United States. Belgium and Luxembourg, Germany, Switzerland, Tunisia Norway, Switzerland, Turkey, Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA Duty free tariff preference scheme for LDCs - India, China, Chinese Taipei. Preferential tariff for LDCs - Korea, Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA), Norway, Switzerland, Turkey, USA. Africa Growth Opportunity Act (AGOA),

FRANCOPHONE WEST AFRICA- DYNAMICS TRADE CORRIDORS ARE CRITICAL TO INCREASED COST EFFECTIVE INTRA REGIONAL TRADES IMPORTS FROM ECOWAS AS % OF TOTAL INTRA TRADE IMPORTS,2009 Togo, 1.9% Benin, 8.8% Niger, 3.5% Sierra Leone, 20.3% Senegal, 14.0% Mali, 10.2% Burkina Faso, 14.1% In 2011 intra trade imports within ECOWAS was 6.8%. Cote d'ivoire, 4.7% EXPORTS TO ECOWAS AS % OF TOTAL INTRA TRADE EXPORTS VALUE Benin, 1.8% Togo, 2.8% Burkina Faso, 7.3% RAIL Dakar Mali 1,250 km Rail Pointe Noire Central African Republic Chad 1,800 km Rail/River ROAD Lagos Niger 1,500 km Road Tema/Takoradi Burkina Faso Mali 1,100 km to Ouagadougou, Road Lome Burkina Faso Niger/Mali 200 km Road MULTIMODAL Cotonou Niger Burkina Faso Mali 1,000 km up to Niger Multimodal options Abidjan Burkina Faso Mali 1,200 km Multimodal Douala Central African Republic Chad, 1,800 km Multimodal Lagos Niger Mali and Lagos Chad, 8,000 km Multimodal options available UNDER CONSTRUCTION Maghreb Highway Project Gambia River Bridge Brazzaville Kinshasa Rail/Road Bridge and Railway Extension Kinshasa to Ilebo Source: UNECA Niger, 1.5% Senegal, 34.9% Cote d'ivoire, 26.0% Source: Ecowas,2009 Mali, 2.9% In 2011 intra trade exports within ECOWAS was 6.3%.

BRVM TRADING SYSTEMS Trading systems quick trade Clearing and Settlement by Depositaire Central / Banque de Reglement System Vendor PERCIVAL ltd Year of implementing system 1998 Clearing & settlement time T +3 Products traded Equities and Bonds Trading mechanism Intraday Indices on exchange BRVM 10 (top 10) & BRVM Composite Currency US ($) INDICATORS 2010 2011 2012 Total value traded 130,847,082 129,114,703 174,171,421 Total volume traded 28,275,804 18,066,088 37,311,162 Total number of transactions 21,522 18,683 29,657 Number of listed companies 39 39 39 Number of traded companies 39 39 39 Market capitalization (Billions) 6.97 6.96 8.10 Market Cap as % of GDP 10.59% 9.63% 11.55% Turnover ratio (%) * 1.88% 1.86% 2.15% Source: Reuters ASEA year book THE BRVM IS A RELATIVELY SMALL MARKET WITH A TOTAL MARKET CAP OF ABOUT $8 Bn FRENCH REPORTING, LIQUIDITY AND ONGOING SOCIO POLITICAL TENSIONS HAVE HISTORICALLY DAMPENED GLOBAL INVESTORS APPETITE

ROE THE 3rd ANNUAL TRADING AFRICA SUMMIT 6-7 NOVEMBER 2013 BRVM 300 250 BRVM 10 BRVM Composite BRVM INDICES 1998-2013 45% 40% 35% SSA EQUITY MARKETS TURNOVER (2012) 40.9% Turnover ratio 34.1% 30% 200 25% 20% 150 100 50 15% 10% 5% 0% 6.8% 7.5% 2.2% BRVM Egypt RSA Kenya Nigeria INDEX WEIGHTED ROEs v PERs 30 25 20 BRVM Kenya Nigeria TOTAL VALUE BRVM EGYPT RSA KENYA NIGERIA TRADED (USD) 2010 130,8 m 55,3 Bn 438,0 Bn 1,4 Bn 5,3 Bn 2011 129,1 m 24,5 Bn 402,3 Bn 917 m 4,2 Bn 2012 174,1 m 23,4 Bn 408,6 Bn 1,1 Bn 4,2 Bn 15 10 5 0-5 -10 RSA Egypt PE 10 15 20 25 30 YEAR TO DATE THE BRVM COMPOSITE HAS RETURNED 22% IN NATIVE TERMS SOME SEGMENTS OF THE MARKET REMAINS ATTRACTIVE WITH ENORMOUS POTENTIAL FOR PRICE DISCOVERY

LATEST TRENDS & DEVELOPMENTS WHAT IS THE BRVM DOING TO ATTRACT LISTINGS & INCREASE THE GLOBAL COMPETITIVENESS OF THE EXCHANGE? A BETTER COMMUNICATION STRATEGY TO THE BENEFITS OF THE MARKET AND TO ATTRACT NEW COMPANIES REDUCTION OF LISTING FEES AND COST OF TRADING LISTING OF NEW COMPANIES WITH THE HELP OF GOVERNMENT INCENTIVES- PRIVATISATION PROMOTING CIS AND INVESTMENT CLUBS IN ALL MEMBER COUNTRIES TO INCREASE THE DEMAND BRVM TO HOST AFRICAN SECURITIES EXCHANGES ASSOCIATION S 17 TH ANNUAL GENERAL MEETING AND CONFERENCE THE REGIONAL STOCK EXCHANGE INTENDS TO CONTRIBUTE TO THE FINANCING OF SMES / SMIS THROUGH THE OPENING OF A THIRD BOARD DEDICATED TO THIS TYPE OF COMPANIES, AS WELL AS TO COMPANIES WITH GROWTH POTENTIAL.

EQUITIES- TOP CAPS TOP 10 HOLDINGS COMPANY NAME SECTOR MKT CAP WEIGHT 1 SONATEL SN Telecommunication 3,856,497,531.25 38.34% 2 ECOBANK TRANS Financial services 1,476,407,766.62 14.68% 3 SOLIBRA CI Consumer goods 657,119,361.28 6.53% 4 SGB CI Financial services 454,296,069.97 4.52% 5 ONATEL BF Telecommunication 428,616,451.31 4.26% 6 SAPH CI Agriculture 322,139,871.82 3.20% 7 CIE CI Industry 273,558,146.86 2.72% 8 PALM CI Consumer goods 253,838,753.10 2.52% 9 SDV-SAGA CI Industry 243,634,995.40 2.42% 10 SOGB CI Agriculture 217,856,564.77 2.17% SECTOR MARKET CAP (USD) W PE ROE DIV.YLD P/BOOK P/SALES NO. OF COMPANIES Agriculture 764,727,763.41 7.6% 0.49 3.30 0.37 0.22 0.08 5 Consumer discretionary 417,543,651.54 4.2% 2.31 0.38 0.09 0.22 0.06 9 Consumer goods 1,016,184,048.63 10.1% 1.21 2.68 0.47 0.51 0.19 5 Energy & resources 287,663,137.64 2.9% 4.78 0.03 0.11 0.02 4 Financial services 2,517,236,183.90 25.0% 1.78 0.00 1.44 0.30 0.35 8 Industry 769,629,916.08 7.7% 2.27 1.42 0.50 0.32 0.09 8 Telecommunication 4,285,113,982.56 42.6% 4.58 11.04 3.13 1.31 1.03 2 TOTAL 10,058,098,683.76 100.0% 17.42 18.78 6.02 2.99 1.82 41 * Source: ASEA Yearbook, Reuters

EQUITIES- TOP CAPS FINANCIALS CFA Franc millions SONATEL 2008 2009 2010 2011 2012 CORPORATE PROFILE Revenue 529,552 562,626 599,002 635,361 662,674 Sonatel SA is a Senegal-based company engaged in Gross profit 496,006 529,103 559,929 592,022 618,291 the telecommunications services industry. The Company Operating expense 355,852 367,220 401,447 445,914 437,987 offers services covering fixed and mobile D / A 106,894 97,501 100,357 106,426 104,862 communications, voice and short message services, EBIT 189,966 223,776 217,333 219,360 243,147 data transmission, the Internet, Ethernet, IP solutions, as EBITDA 296,860 321,277 317,690 325,786 348,009 Income tax 36,211 39,700 35,418 65,468 71,822 well as multimedia and cell phones. Sonatel SA is also 136,578 163,603 159,631 136,522 153,667 active on the Malian, Sudanese, Mauritanian, Guinean and Bissau-Guinean markets. The Company's Net income subsidiaries include Sonatel Multimedia, Orange Bissau, as well as Orange Mali and Orange Guinee. EPS 1,366 1,636 1,596 1,365 1,537 DPS 1,300 1,215 1,260 1,305 1,500 STOCK PRICE INFORMATION Total assets 831,839 884,104 1,014,225 1,040,937 958,472 Debt 12,565 50,926 53,796 40,138 25,748 Price 18,500 Equity 465,423 499,954 524,495 530,204 537,474 CCY 475.74 No. of shares 100.0 100.0 100.0 100.0 100.0 52 Week High 19,200 2008 2009 2010 2011 2012 52 Week Low 11,700 Gross Margin 93.7% 94.0% 93.5% 93.2% 93.3% No of Shares Outstanding 100,000,000 EBITDA Margin 56.1% 57.1% 53.0% 51.3% 52.5% Sector Telecommunications Operating Margin 35.9% 39.8% 36.3% 34.5% 36.7% Dividend Payments December Net Margin 25.8% 29.1% 26.6% 21.5% 23.2% MARKET CAP (USD) 3,888,678,690 Asset Turnover 0.6 0.6 0.6 0.6 0.7 Assets/Equity 1.8 1.8 1.9 2.0 1.8 Debt/Equity 0.0 0.1 0.1 0.1 0.0 ROE 29.3% 32.7% 30.4% 25.7% 28.6% ROA 16.4% 18.5% 15.7% 13.1% 16.0% VALUATIONS/MULTIPL ES 2008 2009 2010 2011 2012 PE 9.5 7.3 9.6 8.8 9.4 EV/EBITDA 4.1 3.6 4.4 3.2 3.9 Div yield 10% 10% 8% 11% 10% EV/FCF - 25.9 93.1 6.4 7.8 P/CF 4.9 4.2 5.4 4.6 5.3 PB 2.8 Source: Reuters, Company reports 2.4 2.9 2.3 2.7

EQUITIES- TOP CAPS CFA millions ECOBANK TRANSNATIONAL (ETI) 2008 2009 2010 2011 2012 CORPORATE PROFILE Gross Earnings 111 65 132 207 287 Today, Ecobank is the leading pan-african bank with operations in 33 countries across the continent, more than any other bank in the world. The Ecobank Group is a full-service bank focused Net Interest Income 390 459 475 583 855 on Middle Africa. It provides wholesale, retail, investment and Other banking 436 415 426 613 901 income transactional banking services to governments, financial Profit before institutions, multinationals, local companies, SMEs and 390 459 475 583 855 provisions individuals. Ecobank s services are delivered by three customerfocused business segments, Corporate Bank, Domestic Bank Provisions 113 140 102 86 141 Operating expenses -551-633 -630-833 -1,267 and Ecobank Capital all of which are supported by an Total Gross Loans 5,101 5,730 7,595 7,595 9,847 Integrated IT platform operated by eprocess, the group s Loan Loss Allowances -335-465 -235-235 -406 technology subsidiary. Interest income 710 764 697 879 1,357 Interest expense 320 305 222 295 502 Total Deposits 6,952 8,348 13,183 13,183 15,652 Total Debt 306 261 1,512 1,512 1,310 Total Equity 1,112 1,155 1,354 1,354 2,009 Total Assets 9,007 10,467 17,162 17,162 19,950 FINANCIAL RATIOS STOCK PRICE INFORMATION 2008 2009 2010 2011 2012 NIM 7.7% 8.0% 6.3% 7.7% 8.7% Price 52 Efficiency Ratio 66.7% 72.4% 70.0% 69.6% 72.2% CCY (vs $) XOF Non-interest Income / Op Inc 90.0% 102.0% 109.0% 107.0% 106.0% 52 Week High 75 Loan Loss Provision (% of Avg. Loans) 2.3% 2.4% 1.6% 1.0% 1.3% 52 Week Low 33 Nonperforming Loans (% of Loans) 6.6% 8.1% 3.1% 3.1% 4.1% No of Shares Outstanding 6,966,800,000 Tier 1 Risk-Adjusted Capital Ratio 22.3% 20.2% 20.2% 12.5% 15.2% Sector Financials ROE 12.2% 4.8% 9.9% 14.5% 14.9% Earnings announcements Quarterly ROA 1.5% 0.7% 1.4% 1.5% 1.5% MARKET CAP (LCY/$) 761,494,934 VALUATIONS/MULTIPLES TOP SHAREHOLDERS 2008 2009 2010 2011 2012 EPS (N) 0.0 0.0 0.0 0.0 0.0 PIC ltd 18% P/E (x) 22.1 17.6 9.1 4.2 5.6 AMCON 8.09% P/B(x) 2.5 0.9 0.9 0.6 0.6 World Bank 6.94% Dividend yield 0.7% 3.0% 3.9% 6.2% 5.5% IFC 5.51% EV/EBITDA 10.4 2.8 1.2 1.8 1.3 SSNIT 5.26% P/CF Source: Reuters, Company reports 12.9 7.1 5.1 2.8 3.8

EQUITIES- TOP CAPS FINANCIALS CFA Franc millions SOLIBRA 2008 2009 2010 2011 CORPORATE PROFILE Revenue 104,869 114,701 116,643 120,086 Gross profit 54,813 58,176 68,948 67,289 Operating 85,332 97,792 98,778 99,676 expense D / A 8,894 10,071 13,626 11,817 EBIT 22,198 19,780 21,225 24,483 EBITDA 31,092 29,851 34,851 36,300 Income tax 5,174 4,937 6,060 5,446 Net income 16,805 14,069 14,672 18,802 Source: Reuters, Company reports Societe de Limonaderies et Brasseries Afrique, (also Solibra), is an Ivory Coast-based company involved in beverage manufacturing activities. The Company, listed on the Bourse Regionale des Valeurs Mobilieres (BRVM), is engaged in the production and marketing of beer, aerated beverages, soft drinks and other products. EPS 20,418 17,094 17,827 22,844 STOCK PRICE INFORMATION DPS 13,400 17,000 16,380 16,380 Total assets 87,343 92,312 89,641 95,662 Price 380,000 Debt 8,398 6,980 1,041 25 CCY XOF Equity 40,491 43,531 47,175 50,997 52 Week High 381,000 No. of shares 1.0 1.0 1.0 1.0 52 Week Low 198,875 2008 2009 2010 2011 No of Shares Outstanding 1,000,000 Gross Margin 52.3% 50.7% 59.1% 56.0% Sector Brewery EBITDA Margin 29.6% 26.0% 29.9% 30.2% Dividend Payments December 21.2% 17.2% 18.2% 20.4% MARKET CAP (USD) 798,755,623 Operating Margin Net Margin 16.0% 12.3% 12.6% 15.7% Asset Turnover 120.1% 124.3% 130.1% 125.5% Assets/Equity 2.2 2.1 1.9 1.9 Debt/Equity 20.7% 16.0% 2.2% 0.0% ROE 41.5% 32.3% 31.1% 36.9% ROA 19.2% 15.2% 16.4% 19.7% 2008 2009 2010 2011 PE 14.1 10.9 11.2 7.1 EV/EBITDA 9.2 6.2 4.5 3.3 Div yield 5% 9% 8% 10% EV/FCF 13.7 8.5 6.4 P/CF 20.7 8.1 5.8 4.4 PB 7.1 4.3 3.5 2.6

EQUITIES- TOP CAPS CFA millions SGBI 2008 2009 2010 2011 2012 CORPORATE PROFILE Gross Earnings 16,469 20,257 16,155 15,988 23,318 Societe Generale de Banques en Cote d'ivoire SA, formerly Interest income 32,616 37,572 40,790 40,114 39,780 Societe Generale de Banques en Cote d'ivoire (SGBCI) SA, is Interest expense 8,890 11,034 13,380 13,723 14,623 an Ivory Coast-based bank. It offers banking and financial Net Interest Income 23,726 26,538 27,410 26,391 25,157 products and services to individuals and corporate Other banking income 33,661 33,850 36,029 33,569 42,120 institutions. The Bank s portfolio includes current and saving Profit before provisions 57,387 60,388 63,439 59,960 67,277 Provisions 3,800 1,500 0 0 0 accounts, insurance policies, consumer loans, credit Operating expenses -31,358-33,255-43,978-41,197-38,910 facilities, credit cards, as well as electronic banking solutions. Total Gross Loans 350,454 430,759 469,591 452,445 428,019 The Bank operates a number of agencies across Ivory Coast. Total Deposits 450,331 547,127 571,176 663,347 666,919 Total Equity 59,262 65,519 64,407 66,706 76,335 STOCK PRICE INFORMATION Total Assets 558,212 659,880 681,753 780,515 798,460 Price 69,010 2008 2009 2010 2011 2012 CCY (vs $) 475.74 NIM 6.8% 6.2% 5.8% 5.8% 5.9% 52 Week High 75,000 Efficiency Ratio 54.6% 55.1% 69.3% 68.7% 57.8% 52 Week Low 46,995 Non-interest Income / Op No of Shares Outstanding 58.7% 56.1% 56.8% 56.0% 62.6% Inc 3,000,000 Loan Loss Provision (% of Sector Financials 1.1% 0.4% 0.0% 0.0% 0.0% Avg. Loans) Loan/Deposit 77.8% 78.7% 82.2% 68.2% 64.2% Earnings announcements Quarterly ROE 29.1% 32.5% 24.9% 24.4% 32.6% MARKET CAP (LCY/$) 435,174,675 ROA 3.0% 3.3% 2.4% 2.2% 3.0% 2008 2009 2010 2011 2012 EPS (N) 5,293.6 6,511.2 5,192.7 5,139.0 7,495.1 P/E (x) 6.4 5.7 9.3 6.8 7.9 P/B(x) 1.8 1.8 2.3 1.6 2.4 Dividend yield - 14.9% 9.1% 11.4% 10.8% EV/EBITDA 2.1 0.4 2.4 (1.4) 0.7 P/CF 5.5 4.9 7.6 5.5 6.6 Source: Reuters, Company reports

EQUITIES- TOP CAPS FINANCIALS CFA Franc millions SAPH 2008 2009 2010 2011 2012 CORPORATE PROFILE Revenue 104,941 75,609 140,238 194,549 172,962 Societe Africaine de Plantations Heveas, (also Saph), is an Gross profit 53,240 32,765 72,243 92,553 91,016 Ivory Coast-based company involved in rubber farming 78,247 67,855 97,279 135,197 56,745 Ops expense activities. Its main activity is the production of natural rubber in the form of compact pellet and centrifuged latex. SAPH exports rubber of its own production, as well as that of other regional producers. D / A 4,338 4,101 4,026 3,948 3,988 EBIT 26,719 8,137 43,008 59,847 30,283 EBITDA 31,057 13,406 47,320 65,729 34,271 Net income 19,974 6,291 32,519 45,628 21,071 EPS 3,908 1,231 6,362 8,926 4,123 STOCK PRICE INFORMATION DPS 1,057 1,057 1,800 6,930 Total assets 69,313 70,758 101,886 107,695 98,989 Price 28,500 Debt 0 (2,735) (847) (2,703) CCY XOF Equity 50,851 52,871 76,896 84,895 52 Week High 42,000 FCF 24,826 3,788 14,705 51,028 52 Week Low 24,450 2008 2009 2010 2011 2012 No of Shares Outstanding 5,110,000 Gross Margin 50.7% 43.3% 51.5% 47.6% 52.6% Sector Agriculture EBITDA 29.6% 17.7% 33.7% 33.8% 19.8% Dividend Payments December Margin Operating 25.5% 10.8% 30.7% 30.8% 17.5% MARKET CAP (USD) 306,123,092 Margin Net Margin 19.0% 8.3% 23.2% 23.5% 12.2% Asset 151.4% 106.9% 137.6% 180.6% 174.7% Turnover Assets/Equity 1.36 1.34 1.32 1.27 Debt/Equity 0.00-0.05-0.01-0.03 2008 2009 2010 2011 2012 PE 5.91 8.69 4.24 4.48 2.90 EV/EBITDA 3.45 3.88 2.90 3.07 2.06 Div yield 4.6% 16.8% 25.7% 17.3% 28.5% EV/FCF 24.1 11.5 11.8 5.2 19.7 P/CF 4.9 5.3 3.8 4.1 2.7 PB 4.6% 16.8% 25.7% 17.3% 1.6% Source: Reuters, Company reports

THE DEBT LANDSCAPE Source: Financial Times

THE DEBT LANDSCAPE BONDS TRADED ON THE BRVM 2010 2011 2012 Total value traded (USD) 48,494,658 37,166,743 38,854,98 Value traded on government bonds 47,261,106 34,766,384 29,021,081 Value traded on instititution bonds 61,042 323,276 1,397,718 Value traded on corporate bonds 1,172,510 2,077,083 8,435,299 Source: ASEA 2013 Yearbook 80 TOTAL DEBT TO GDP (%), 2010 TO 2014 9% SENEGAL 2021,GABON 2017, SENEGAL 2021 VS US 10 YR BONDS 70 8% 60 7% % 50 40 6% 5% 30 20 10 0 Benin Source: IMF Burkina faso Cote d'ivoire Guinea- Bissau Mali Niger Senegal Togo 2010 2011 2012 Est 2013 Proj 2014 Proj 4% 3% 2% 1% Source: Reuters 24/10/2012 25/09/2013 22/10/2013 US 10Yr Bond Senegal 2021 Cote d'ivoire 2032 Gabon 2017 MOST OF THE COUNTRIES IN THE REGION ARE IN A RECOVERY STAGE AND ARE BOOSTING PUBLIC SPENDING AND THEIR DEBT ISSUANCE ARE LIKELY TO INCREASE SEVERAL COUNTRIES HAVE PURSUED INTERNATIONAL DEBT ISSUANCE NOT ONLY IN ORDER TO FUND THEIR GOVERNMENT BUDGETS, BUT TO ESTABLISH THEIR PRESENCE ON INTERNATIONAL MARKETS AND ACCESS INTERNATIONAL INVESTORS.

THE DEBT LANDSCAPE- RECENT TRENDS & DEVELOPMENTS THE REGIONAL STOCK EXCHANGE (BRVM) OF THE WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) HAS NOW BECOME A HOMOGENOUS TRADING MARKET IN JUNE 2013 THE IVORIAN GOVERNMENT ISSUED FCFA93 BILLION ( 141.7 MILLION) WORTH OF BONDS ON THE FINANCIAL MARKET OF THE WAEMU REGION ON OCTOBER 10TH, BURKINA FASO ISSUED FCFA55 BILLION ( 84 MILLION) WORTH OF BONDS. THE LOAN CONSISTS OF 5.5 MILLION BONDS WITH A NOMINAL VALUE OF FCFA10,000, WITH AN ANNUAL NOMINAL INTEREST RATE OF 6.5 PERCENT ASSOCIATED WITH A MATURITY OF SEVEN YEARS AND A TWO YEARS GRACE PERIOD IN SEPTEMBER 2013, CHAD ISSUED CFAF85 BILLION ( 129.5 MILLION) WORTH OF BONDS ON THE DOUALA STOCK EXCHANGE. THE PURPOSE OF THIS BOND, WHICH PROVIDES AN ANNUAL COUPON RATE OF SIX PERCENT OVER FIVE YEARS, IS TO FUND UP TO 35 PERCENT OF THE CONSTRUCTION OF THE INTERNATIONAL BUSINESS CITY (CIA) IN JUNE, 2013 THE IMF ANNOUNCED THAT SENEGAL COULD SOON ISSUE $500 MILLION (AROUND 384 MILLION) EUROBONDS OF 10-YEAR MATURITY

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