Market Report. December (Full Year)

Market Report December - (Full Year)

GSE STOCK INDICES/CAPITALIZATION DEC YTD CHANGE DEC YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 1,994.91-11.77% 2,261.02 5.40% GSE FINANCIAL STOCK INDEX (GSE-FSI) 1,930.06-13.98% 2,243.63 25.58% MARKET CAPITALIZATION (GH M) 57,116.87-11.24% 64,352.42 5.22% DOMESTIC CAPITALIZATION (GH M) 11,185.18-4.36% 13,868.55 18.59% MARKET TURNOVER - EQUITIES DEC DEC VOLUME TRADED 56,033,636 10,110,518 VALUE TRADED (GH ) 37,849,614.09 23,274,853.14 NUMBER OF TRANSACTIONS 2,050 2,413 TRADING DAYS 20 20 NUMBER OF TRADED SYMBOLS 33 29 MARKET DAILY AVERAGES - EQUITIES DEC DEC AVERAGE VOLUME TRADED 2,801,682 505,526 AVERAGE VALUE TRADED (GH ) 1,892,480.70 1,163,742.66 AVERAGE NUMBER OF TRANSACTIONS 103 121 MARKET TURNOVER - EQUITIES JAN TO DEC JAN TO DEC VOLUME TRADED 246,428,362 207,496,133 VALUE TRADED (GH ) 247,636,622.55 345,965,812.97 NUMBER OF TRANSACTIONS 26,937 33,324 TRADING DAYS 248 249 NUMBER OF TRADED SYMBOLS 41 38 LISTINGS DEC DEC LISTED COMPANIES 39 35 LISTED EQUITIES ORDINARY SHARES 35 35 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 GHANA ALTERNATE MARKET (GAX) 4 0 NUMBER OF LISTED BONDS CORPORATE 15 2 2 YEAR GOG 76 88 3 YEAR GOG 10 9 5 YEAR GOG 6 4 7 YEAR GOG 2 2 EURO BOND (US$) 2 2 DELISTINGS-EQUITIES DEC, DEC ) 0 0 BONDS DEC DEC VALUE OF LISTED BONDS CORPORATE (GH M) 107.37 29.02 GOG BONDS (GH M) 9,291.84 9,425.35 EURO BOND (US$ B) 2.00 2.00 VALUE OF LISTED BONDS TRADED (GH M) N/A 63.24 VALUE OF LISTED BONDS TRADED (GH M) - DEC - DEC 1,978.87 819.07 SELECTED ECONOMIC INDICATORS DEC DEC INFLATION RATE YEAR-ON-YEAR (%) ***17.6 17.00 INTEREST RATE (%) 91-DAY T-BILL 22.90 25.81 1 YEAR NOTE 22.50 2 YEAR NOTE 23.00 3 YEAR NOTE 25.48 5 YEAR NOTE 26.00 7 YEAR NOTE 18.00 EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 3.80 3.20 UK 1 to 1 GHANA CEDIS 5.62 4.98 1 Euro to 1 GHANA CEDIS 4.13 3.90 *** Inflation figure is, as at November MARKET HIGHLIGHTS GSE Market Report - December 1

GSE COMPOSITE INDEX SUMMARY NOV-DEC 1990 - DEC Period High Date Low Date End of Period Index % Change Nov - Dec 1990 77.65 12-Nov 70.08 Dec-21 70.08 0.00 1991 69.77 4-Jan 55.49 May-17 64.51-7.95 1992 72.90 6-Oct 60.15 Jun-23 62.17-3.63 1993 132.88 30-Dec 63.29 Jan-05 132.88 113.74 1994 334.02 17-May 132.91 Jan-04 298.10 124.34 1995 322.11 25-Oct 296.32 Mar-22 316.97 6.33 1996 385.80 13-Sep 307.42 Jan-12 360.76 13.82 1997 524.21 8-Dec 346.66 Jan-31 511.74 41.85 1998 1,201.08 6-May 511.66 Jan-07 868.35 69.69 1999 903.17 5-Feb 735.39 Dec-22 736.16-15.22 2000 873.35 22-Sep 737.16 Jan-03 857.98 16.55 2001 1,025.78 1-Aug 856.00 Feb-07 955.95 11.42 2002 1,395.31 30-Dec 955.95 Jan-02 1,395.31 45.96 2003 3,553.42 31-Dec 1,395.36 Jan-02 3,553.42 154.67 2004 7,469.04 25-Aug 3,558.96 Jan-02 6,798.59 91.33 2005 6,901.36 28-Jan 4,751.17 Dec-22 4,769.02-29.85 2006 5,006.02 29-Dec 4,692.84 Jan-31 5,006.02 4.97 2007 6,599.77 31-Dec 5,001.15 Jan-11 6,599.77 31.84 2008 10,931.36 3-Oct 6,595.92 Jan-02 10,431.64 58.06 2009 10,431.64 2-Jan 5,098.92 Aug-17 5,572.34-46.58 2010 7,185.05 1-Jun 5,463.83 Jan-14 6,886.31 32.25 2011 1,189.77 18-May 940.04 Dec-16 969.03-3.10 2012 1,199.72 31-Dec 968.08 Jan-05 1,199.72 23.81 2013 2,341.60 2-Dec 1,198.29 Jan-03 2,255.52 78.81 2,439.20 21-Feb 2,145.20 Jan-02 2,261.02 5.40 2,386.51 9-Jun 1,954.21 Dec-11 1,994.91-11.77 MARKET ACTIVITIES - NOV - DEC 1990 - DEC Period Volume Traded Value Traded Market Cap. - Government Corporate Bonds (000) (GH m) Equities (GH m.) Bonds (GH m.) (m.) Nov - Dec 1990 222.00 0.01 3.05 0.50 US$ 0 1991 1,825.80 0.01 2.96 0.50 US$ 0 1992 2,044.40 0.02 4.38 0.50 US$ 0 1993 37,945.47 0.32 9.65 0.50 US$ 0 1994 93,037.63 7.31 196.84 0.50 US$ 0 1995 55,838.60 2.71 239.90 - US$ 0 1996 35,749.99 2.79 286.27 - US$ 2.55 1997 125,629.14 9.34 255.28 - US$ 4.8 1998 91,446.52 13.40 324.56 - US$ 6.8 1999 49,568.22 6.96 320.54 - US$ 9.5 2000 30,717.09 5.06 365.50 - US$ 11.01 2001 55,295.87 9.23 390.40 100.37 US$ 10.2 2002 44,124.20 8.94 618.38 132.69 US$ 10.98 2003 96,330.00 38.93 1,261.68 144.24 US$ 8.98 2004 104,349.30 65.59 9,761.48 51.63 US$ 6.28 2005 81,400.00 46.44 9,185.73 22.50 US$ 8.78 2006 98,286.00 47.60 11,249.60 326.15 US$ 2.5 2007 287,221.70 140.71 12,368.60 1,333.07 US$ 6.4 2008 531,660.00 365.51 17,895.12 1,237.46 US$ 6.4 2009 96,767.39 74.19 15,941.92 1,039.14 US$ 3.9 2010 330,616.75 151.29 20,116.70 2,576.87 US$ 3.9 2011 419,791.08 446.56 47,347.23 3,987.44 US$ 3.9 2012 218,134.34 102.20 57,264.22 5,939.25 N/A 2013 313,024.31 456.14 61,158.29 9,260.16 N/A 207,496.13 345.96 64,352.42 9,425.35 GH 29.017 Dec 246,428.36 247.64 57,116.87 9,291.84 GH 107.37 Total: Dec. 1990 to Dec 3,654,950 2,594.84 GSE Market Report - December 2

MARKET ACTIVITIES - DEC Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH ) % of Total Value IIL 40,691,400 72.62 FML 13,192,203.22 34.85 EGL 2,383,656 4.25 GCB 6,572,072.59 17.36 CAL 2,371,487 4.23 EGL 5,731,132.90 15.14 CPC 2,277,900 4.07 IIL 3,256,726.00 8.60 FML 1,794,979 3.20 SCB 2,207,653.64 5.83 ETI 1,781,971 3.18 CAL 1,995,011.84 5.27 GCB 1,741,105 3.11 EBG 1,776,090.24 4.69 MLC 559,507 1.00 UNIL 816,595.60 2.16 GGBL 394,112 0.70 GGBL 787,890.79 2.08 SOGEGH 391,272 0.70 ETI 481,097.06 1.27 MARKET ACTIVITIES - JANUARY TO DECEMBER Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH ) % of Total Value CAL 51,726,759 20.99 TBL 35,151,769.73 14.19 IIL 40,691,400 16.51 EBG 34,006,592.96 13.73 GGBL 25,184,858 10.22 GGBL 31,005,902.60 12.52 SIC 20,780,095 8.43 FML 28,151,094.24 11.37 EBG 18,898,260 7.67 CMLT 21,803,799.39 8.80 AADS 16,916,717 6.86 SIC 19,265,848.35 7.78 CLYD 14,572,551 5.91 ACI 18,883,267.36 7.63 SPL 11,846,173 4.81 GWEB 8,691,615.90 3.51 GWEB 9,927,766 4.03 GCB 6,593,619.78 2.66 TBL 7,893,876 3.20 PKL 6,166,487.76 2.49 Market Capitalization - End of Months for and (GH M) GSE Composite Index - End of Months for and Month Month January 63,233.88 62,128.77 January 2,173.95 2,255.52 February 63,562.55 59,410.63 February 2,177.95 2,420.91 March 63,795.42 58,684.40 March 2,220.37 2,386.34 April 63,030.69 57,728.05 April 2,272.77 2,255.27 May 64,577.05 62,521.48 May 2,362.63 2,319.12 June 64,616.48 62,825.55 June 2,352.23 2,373.38 July 64,201.49 63,544.10 July 2,198.33 2,300.35 August 63,771.93 63,165.19 August 2,154.77 2,200.18 September 62,183.49 64,515.25 September 2,009.52 2,239.68 October 62,205.19 64,702.12 October 2,013.22 2,249.33 November 57,177.06 65,641.10 November 1,974.02 2,266.92 December 57,116.87 64,352.42 December 1,994.91 2,261.02 Volume Traded - End of Months for and Value Traded - End of Months for and (GH ) Month Month January 10,255,338 18,552,660 January 15,232,797.45 20,686,970.14 February 21,289,042 12,521,834 February 30,192,037.85 23,671,773.73 March 57,131,804 9,965,874 March 22,387,046.83 20,389,737.36 April 11,739,939 21,799,119 April 21,674,854.24 23,837,314.59 May 15,614,883 16,619,869 May 20,200,564.36 27,358,996.95 June 8,307,895 19,970,197 June 13,068,532.67 25,825,994.83 July 10,682,978 13,548,995 July 11,233,179.05 42,522,158.05 August 5,465,103 11,074,035 August 5,367,096.49 20,949,764.67 September 20,510,193 13,118,593 September 30,416,430.64 31,564,697.01 October 10,276,377 9,998,464 October 15,852,426.28 18,188,161.24 November 19,121,174 50,215,975 November 24,162,042.60 67,693,377.26 December 56,033,636 10,110,518 December 37,849,614.09 23,274,853.14 Total 246,428,362 207,496,133 Total 247,636,622.55 345,965,812.97 GSE Market Report - December 3

SECTORIAL DISTRIBUTION OF TRADES - DEC Sector Volume Traded Value Traded (GH ) No. of Trades FINANCE 7,072,586 13,479,085.63 1,379 DISTRIBUTION 858,825 507,918.42 179 FOOD AND BEVERAGE 4,503,258 14,028,921.92 182 ICT 4,000 120.00 3 INSURANCE 2,405,784 5,734,177.72 124 MANUFACTURING 41,181,304 4,079,868.90 110 MINING 0 0.00 0 AGRICULTURE 7,039 17,873.50 70 EXCHANGE TRADED FUNDS(EFT) 40 1,560 1 EDUCATION 800 88 2 TOTALS 56,033,636 37,849,614.09 2,050 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - DEC FINANCE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS CAL 2,371,487 1,995,011.84 235 EBG 253,696 1,776,090.24 161 ETI 1,781,971 481,097.06 256 GCB HFC 1,741,105 53,011 6,572,072.59 47,512.78 340 16 MAC 8,600 48,800.00 2 SCB 135,439 2,207,653.64 143 SCBPREF 6,970 4,885.88 10 SOGEGH 391,272 313,017.60 116 TBL 150 55.50 2 UTB 328,885 32,888.50 98 TOTALS 7,072,586 13,479,085.63 1,379 DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS GOIL 285,444 398,519.97 114 MLC 559,507 85,526.05 20 PBC 9,360 851.00 14 TOTAL 4,514 23,021.40 31 TOTALS 858,825 507,918.42 179 FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS CPC 2,277,900 45,558.00 14 FML 1,794,979 13,192,203.22 78 GGBL 394,112 787,890.79 74 HORDS 35,700 2,856.00 12 SAMBA 567 413.91 4 TOTALS 4,503,258 14,028,921.92 182 ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 0 0.00 0 TRANSOL 4,000 120.00 3 TOTALS 4,000 120.00 3 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS EGL 2,383,656 5,731,132.90 90 SIC 22,128 3,044.82 34 TOTALS 2,405,784 5,734,177.72 124 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS ACI 0 0.00 0 ALW 23,376 2,507.88 22 AYRTN 400 72.00 2 CMLT 0 0.00 0 GWEB 364,000 3,640.00 1 IIL 40,691,400 3,256,726.00 27 PKL 0 0.00 0 PZC 363 123.42 6 SPL 5,100 204.00 2 UNIL 96,665 816,595.60 50 SWL 0 0.00 0 TOTALS 41,181,304 4,079,868.90 110 MINING TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS GSR 0 0.00 0 TLW 0 0.00 0 AGA 0 0.00 0 AADS 0 0.00 0 TOTALS 0 0.00 0 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS BOPP 7,039 17,873.50 70 Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS GLD 40 1,560.00 1 EDUCATION TOTAL VOLUME TOTALVALUE TRANSACTIONS MMH 800 88.00 2 GSE Market Report - December 4

SECTORIAL DISTRIBUTION OF TRADES JAN - DEC Sector Volume Traded Value Traded (GH ) No. of Trades FINANCE 78,948,029 121,150,694 17,318 DISTRIBUTION 27,392,271 36,994,480 3,089 FOOD AND BEVERAGE 9,923,471 35,843,310 1,540 ICT 59,236 1,767 18 INSURANCE 35,622,899 41,072,893 2,116 MANUFACTURING 93,669,920 8,694,796 2,339 MINING 9,500 28,488 29 AGRICULTURE 760,882 3,700,774 449 EXCHANGE TRADED FUNDS(EFT) 3,112 145,126 11 EDUCATION 39,042 4,295 28 TOTALS 246,428,362 247,636,622.55 26,937 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - DEC FINANCE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS CAL 23,129,454 21,257,815.37 3,585 EBG 2,186,876 16,734,981.26 1,671 ETI 13,623,044 4,123,181.46 2,549 GCB 9,634,831 41,723,786.82 4,395 HFC 414,038 530,518.69 275 MAC 168710 835,305.00 15 SCB 1,283,802 24,011,453.03 1,576 SCBPREF 25,978 17,260.61 35 SOGEGH 9,955,038 9,000,993.50 1,533 TBL 1,280,656 332,138.98 64 UTB 17,245,602 2,583,259.59 1,620 TOTALS 78,948,029 121,150,694.31 17,318 DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS GOIL 25,076,190 30,616,531.78 1,483 MLC 943,781 149,235.72 117 PBC 334,674 39,203.72 237 TOTAL 1,037,626 6,189,509.16 1,252 TOTALS 27,392,271 36,994,480.38 3,089 FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS CPC 3,522,874 67,105.19 201 FML 4,645,450 32,075,470.58 973 GGBL 1,502,780 3,678,071.01 310 HORDS 247,300 18,964.00 44 SAMBA 5,067 3,698.91 12 TOTALS 9,923,471 35,843,309.69 1,540 ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 15,236 457.08 9 TRANSOL 44,000 1310.00 9 TOTALS 59,236 1,767.08 18 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS EGL 21,028,220 37,961,635.62 1,015 SIC 14,594,679 3,111,256.98 1,101 TOTALS 35,622,899 41,072,892.60 2,116 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS ACI 1,325,961 16,519.22 11 ALW 49,378,648 3,025,784.29 1358 AYRTN 7,374 1,319.17 47 CMLT 31,820 3,818.40 10 GWEB 374,900 3,858.00 7 IIL 40,691,400 3,256,726.00 27 PKL 2,600 130.00 5 PZC 211,763 61,203.28 231 SPL 1,362,900 41,494.00 128 SWL 173,552 1,404,150.84 123 UNIL 109,002 879,792.66 392 TOTALS 93,669,920 8,694,795.86 2,339 MINING TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS AADS 100 52.00 1 GSR 9,130.00 19,469.20 4 TLW 270 8,966.65 24 AGA 0 0.00 0 TOTALS 9,500 28,487.85 29 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ) TRANSACTIONS BOPP 760,882 3,700,773.81 449 EXCHANGE TRADED FUNDS (ETF) TOTAL VOLUME TOTAL VALUE TRANSACTIONS GLD 3,112 145,126.35 11 EDUCATION TOTAL VOLUME TOTALVALUE TRANSACTIONS MMH 39,042 4,294.62 28 GSE Market Report - December 5

68.00 Market Capitalization - End of Month(s) for and Market Capitalization (GH Billion) 66.00 64.00 62.00 60.00 58.00 56.00 54.00 52.00 January February March April May June July August September October November December Months 3,000.00 GSE Composite Index - and 2,500.00 Index Values 2,000.00 1,500.00 1,000.00 500.00 0.00 January February March April May June July August September October November December Months GSE Market Report - December 6

60 Volume Traded - End of Month(s) - and 50 Volume Traded (Million) 40 30 20 10 - January February March April May June July August September October November December Months Value Traded - End of Month(s) - and Value Traded (GH Million) 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 January February March April May June Months July August September October November December GSE Market Report - December 7

MARKET CAPITALIZATION PER SECTOR - DEC Sector Issued Shares (mil.) Market Capt. GH million FINANCE 26,637.95 12,741.00 DISTRIBUTION 894.19 981.19 FOOD AND BEVERAGE 2,486.55 1,329.00 ICT 114.00 3.42 INSURANCE 328.75 346.83 MANUFACTURING 1,302.12 695.44 MINING 1,567.50 40,906.82 AGRICULTURE 34.80 87.00 Exchange Traded Funds(ETF) 0.40 15.60 EDUCATION 96.08 10.57 TOTALS 33,462.34 57,116.87 BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - DEC FINANCE Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million SCB PREF 0.71 17.48 12.41 GCB 3.79 265.00 1004.35 SOGEGH 0.80 367.28 293.83 CAL 1.00 548.26 548.26 HFC 0.90 297.42 267.68 TBL 0.37 200.00 74.00 EBG 7.01 293.23 2055.53 MAC 6.00 9.71 58.25 UTB 0.10 456.31 45.63 ETI 0.27 24067.75 6498.29 SCB 16.30 115.51 1882.77 TOTALS 26,637.95 12,741.00 DISTRIBUTION Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million GOIL 1.40 252.22 353.11 MLC 0.19 50.10 9.52 PBC 0.10 480.00 48.00 TOTAL 5.10 111.87 570.56 TOTALS 894.19 981.19 FOOD AND BEVERAGE Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million SAMBA 0.73 5.98 4.36 CPC 0.02 2038.07 40.76 HORDS 0.08 114.95 9.20 FML 7.35 116.21 854.12 GGBL 1.99 211.34 420.56 TOTALS 2,486.55 1,329.00 ICT Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million CLYD 0.03 34.00 1.02 TRANSOL 0.03 80.00 2.40 TOTALS 114.00 3.42 INSURANCE Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million EGL 2.40 133.10 319.44 SIC 0.14 195.65 27.39 TOTALS 328.75 346.83 MANUFACTURING Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million SPL 0.04 259.81 10.39 ACI 0.02 36.50 0.73 GWEB 0.01 35.00 0.35 SWL 0.04 21.83 0.87 ALW 0.14 236.69 33.14 PKL 0.05 33.34 1.67 UNIL 8.50 62.50 531.25 AYRTN 0.18 215.00 38.70 PZC 0.34 168.00 57.12 IIL 0.09 226.62 20.40 CMLT 0.12 6.83 0.82 TOTALS 1,302.12 695.44 MINING Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million AADS 0.52 0.98 50.90 AGA 37.00 404.13 14,952.63 GSR 1.99 255.43 508.30 TLW 28.00 906.96 25394.99 TOTALS 1,567.50 40,906.82 AGRICULTURE Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million BOPP 2.50 34.80 87.00 EXCHANGE TRADED FUNDS (ETF) Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million GLD 39.00 0.40 15.60 EDUCATION Closing Price - VWAP (GH ) Issued Shares (mil.) Market Capt. GH million MMH 0.11 96.08 10.57 GSE Market Report - December 8

Company MARKET STATUS - CAPITALISATION, PRICE CHANGES, P/E RATIOS Issued Shares (mil.) Market Capt. GH million as at Dec Shares Prices GH ; End Dec Shares Prices GH ; End Dec % Change in Share Price Div. Yield % EPS GH P/E Ratio Equities AADS 0.98 50.90 0.52 0.52 0.00 0.00 ACI 36.50 0.73 0.02 0.02 0.00 0.00-0.0064 n.m. AGA 404.13 14,952.63 37.00 37.00 0.00 0.00 0.1896 n.m. ALW 236.69 33.14 0.02 0.14 600.00 0.00-0.0349 n.m. AYRTN 215.00 38.70 0.18 0.18 0.00 0.00 0.0090 n.m. BOPP 34.80 87.00 4.10 2.50-39.02 2.82 0.1798 14 CAL 548.26 548.26 1.01 1.00-0.99 5.30 0.2084 5 CLYD 34.00 1.02 0.03 0.03 0.00 0.00 0.0022 14 CMLT 6.83 0.82 0.12 0.12 0.00 0.00 0.0143 n.m. CPC 2,038.07 40.76 0.02 0.02 0.00 0.00-0.0080 n.m. EBG 293.23 2,055.53 7.60 7.01-7.76 11.27 1.3533 5 EGL 133.10 319.44 1.75 2.40 37.14 1.04 0.1340 18 ETI 24,067.75 6,498.29 0.28 0.27-3.57 0.00 0.0805 3 FML 116.21 854.12 5.25 7.35 40.00 0.00 0.3144 23 GCB 265.00 1,004.35 5.30 3.79-28.49 8.44 0.8425 4 GGBL 211.34 420.56 3.20 1.99-37.81 0.00-0.0938 n.m. GOIL 252.22 353.11 1.05 1.40 33.33 0.00 0.1266 11 GSR 255.43 508.30 2.34 1.99-14.96 0.00-0.1008 n.m. GWEB 35.00 0.35 0.03 0.01-66.67 0.00-0.0073 n.m. HFC 297.42 267.68 1.50 0.90-40.00 6.67-0.0423-21 MAC 9.71 58.25 4.50 6.00 33.33 0.83 1.1524 5 MLC 50.10 9.52 0.28 0.19-32.14 5.26 0.0320 6 PBC 480.00 48.00 0.12 0.10-16.67 8.80-0.0134 n.m. PKL 33.34 1.67 0.06 0.05-16.67 0.00-0.0296 n.m. PZC 168.00 57.12 0.30 0.34 13.33 6.65-0.0163 n.m. SCB 115.51 1,882.77 20.35 16.30-19.90 0.00 1.3086 12 SIC 195.65 27.39 0.37 0.14-62.16 0.00 0.0058 24 SOGEGH 367.28 293.83 1.00 0.80-20.00 0.00 0.1404 6 SPL 259.81 10.39 0.02 0.04 100.00 0.00 0.0022 18 SWL 21.83 0.87 0.04 0.04 0.00 0.00 0.0147 3 TBL 200.00 74.00 0.24 0.37 54.17 5.88 0.0455 8 TLW 906.96 25,394.99 34.99 28.00-19.98 0.46-5.4945 n.m. TOTAL 111.87 570.56 6.10 5.10-16.39 0.00 0.2948 17 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00-0.0001 n.m. UNIL 62.50 531.25 10.7 8.50-20.56 3.01 0.5864 14 UTB 456.31 45.63 0.25 0.10-60.00 0.00-0.0598 n.m. Subtotal 57,044.33 Preference Shares SCB PREF 17.48 12.41 0.58 0.71 22.41 Exchange Traded Funds(ETF) GLD 0.40 15.60 35.80 39.00 8.94 Ghana Alternative Market (GAX) HORDS 114.95 9.20 0.06 0.08 33.33 IIL 226.62 20.40 0.09 0.09 0.00 MMH 96.08 10.57 0.11 0.11 0.00 SAMBA 5.98 4.36 0.73 0.73 0.00-0.09 Total 57,116.87 *Change in Price Computed Using Listed Price and Current Price GSE Market Report - December 9

A. Equities Company Description Offer period PRIMARY ISSUES AND CORPORATE ACTIONS Issue Price GH No. of Shares Offered (million) No. of Shares Sold (millions) Amount Raised (GH million) Super Paper Products Co. Ltd. IPO Dec.1991 - Feb. 1992 0.02 8.00 4.20 0.06 Mechanical Llyod Co. Ltd. IPO Dec. 1993 - Feb. 1994 0.01 11.00 9.36 0.05 Ashanti Goldfields Co. Ltd. IPO March - April, 1994 1.87 2.80 3.20 5.98 Ashanti Goldfields Co. Ltd. IPO May-June, 1994 1.87 1.20 0.15 0.28 HFC Bank Ltd. Placement January 1995 0.01 11.35 13.10 0.13 Pioneer Aluminium Factory Ltd. IPO May - July 1995 0.01 6.40 6.40 0.08 SSB Bank Limited IPO Sept. - Oct., 1995 0.08 21.36 15.03 1.20 Accra Brewery Ltd. Rights Issue June - August, 1992 0.01 12.00 12.00 0.14 Aluworks Ltd. Placement Sept. - Nov., 1996 0.14 5.00 2.45 0.33 UTC Estates Ghana Ltd. OFS Oct. 1994 - March 1995 0.01 24.00 24.00 0.24 PZ Cussons Ghana Ltd. Rights Issue Sept. - Oct. 1995 0.04 24.00 24.00 0.96 GCB Bank Ltd. IPO Feb. - March, 1996 0.05 49.50 68.44 3.42 Guinness Ghana Ltd Rights Issue May - June, 1996 0.02 23.50 23.50 0.49 Mechanical Lloyd Co. Ltd. Rights Issue Oct. - Nov., 1997 0.01 13.36 13.36 0.20 HFC Bank Ltd. Rights Issue Oct. - Nov., 1998 0.06 9.50 9.50 0.57 Accra Brewery Ltd. Rights Issue November, 1998 0.05 19.89 19.89 0.99 Metalloplastica Ghana Ltd. Rights Issue Jan.18 - Feb 19, 1999 0.02 12.00 12.00 0.22 Camelot Ghana Ltd. IPO August 9-20, 1999 0.04 1.75 1.75 0.07 Produce Buying Company Ltd. IPO Dec. 1999 - March 2000 0.05 384.00 142.37 5.92 Accra Brewery Ltd. Rights Issue 0.06 23.86 33.26 2.01 Sam Woode Limited IPO March 1 - April 5, 2002 0.03 8.00 0.20 Trust Bank Ltd. (The Gambia) Introduction 0.41 30.00-12.30 Cocoa Processing Co. Ltd. IPO Sept - Nov. 2002 0.06 215.37 215.37 13.46 CFAO Ghana Ltd. Rights Issue Jan. - Feb. 2003 0.01 168.00 168.00 1.01 Ghana Breweries Ltd. Rights Issue 4-27 June 2003 0.05 230.34 230.34 10.60 Accra Brewery Ltd. Rights Issue Jan 26 - Feb 16, 2004 0.05 83.15 83.15 4.16 Clydestone Ghana Ltd. IPO March 19 - April 16, 2004 0.05 10.60 16.64 0.83 Benso Oil Palm Plantation Ltd. IPO June 16 - July 23, 2004 0.50 13.92 13.92 6.96 Mechanical Lloyd Co. Ltd. Rights Issue June 17 - July 16, 2004 0.25 10.02 10.02 2.50 CAL Bank Ltd IPO Sept 2 - Oct 1, 2004 0.20 27.00 31.50 6.30 Starwin Products Ltd. (SPL) IPO Oct 29 - Nov 26, 2004 0.05 30.00 74.08 3.70 Golden Web Limited (GWEB) IPO June 7 - Aug 8, 2005 0.06 17.00 9.97 0.55 EcoBank Ghana Ltd (EBG) IPO May 15-June 2, 2006 1.10 8.28 8.28 9.11 EcoBank Transnational Inc. (ETI) Introduction 2.24 611.00 1,368.64 Ayrtn Drug Manufacturing Ltd IPO June 7 -July 7, 2006 0.09 43.20 43.20 3.67 Transaction Solutions Ltd IPO Oct 31 - Nov 30, 2006 0.10 20.00 22.66 2.27 GCB Bank Ltd. Rights Issue May 15 - June 15, 2007 0.60 128.68 100.00 0.01 Ghana Oil company Ltd IPO Sept 4 - Oct 5, 2007 0.20 102.78 102.78 20.56 SIC Insurance Company Ltd IPO Dec 3 - Dec 21, 2007 0.30 97.82 117.39 35.22 Golden Star Resources Ltd IPO Dec 5, 2007 - Jan 18, 2008 3.00 3.17 1.88 5.64 UT Bank Ltd IPO Sept. 22 - Oct. 17, 2008 0.30 90.29 91.93 27.58 CAL Bank Ltd Rights Issue Sept 28 - Oct 23, 2009 0.20 150.00 69.55 13.91 Ecobank Ghana Ltd. Rights Issue Oct 2 - Oct 20 2009 2.78 28.60 28.60 79.50 SSB Bank Limited Rights Issue Oct 19 - Nov 06, 2009 0.40 57.50 48.89 19.56 Standard Chartered Bank Gh. Ltd. Rights Issue Nov 10 - Dec 1 2009 29.00 1.66 1.66 48.00 Aluworks Limited Rights Issue Mar 15 - Apr 16 2010 0.40 75.00 50.37 20.15 Tullow Oil Plc IPO Jun 13 - Jul 4, 2011 31.00 4.00 3.53 109.48 Guinness Ghana Breweries Ltd. Rights Issue Oct 17 to Nov 14th 2011 1.50 46.67 46.67 70.00 CAL Bank Ltd Placement April, 2012 0.25 300.00 300.00 75.00 UT Bank Ltd Placement October 1, 2012 0.03 166.67 154.27 46.28 Standard Chartered Bank Gh. Ltd. Bonus Shares November 1, 2012 N/A 96.26 N/A N/A HFC Bank Ltd. Placement November 1, 2012 0.41*** 121.95 112.42 50.00 NewGold ETF Secondary Listing August 2012-0.40 - - Aluworks Ltd. Rights Issue Feb 25 to Mar 22, 2013 0.05 600.00 144.64 7.23 Total Petroleum Ghana Ltd. Bonus Shares August 1, 2013 N/A 97.89** N/A N/A Ghana Oil company Ltd Bonus Shares December 9, 2013 N/A 42.04** N/A N/A Mega African Capital Ltd Offer for Subscription Mar 10 - Mar 28, 3.00 1.33 1.33 4.00 Starwin Products Ltd. (SPL) Rights Issue Oct 20th to Nov 17th 0.03 333.00 N/A 5.57 Societe Generale Ghana Ltd. Bonus Shares May 8, N/A 33.39 N/A N/A SAMBA Foods Limited IPO Feb 23 - Mar 27 0.72 3.48 3.48 2.50 Meridian Marshalls Holding Co. IPO April 27 - June 12, 0.10 25.00 21.00 1.43 EcoBank Transnational Inc. (ETI) Bonus Shares July 21, N/A 1,500.00 N/A N/A HORDS Limited IPO June 25 - July 17, 0.05 80.00 80.00 4.00 Mega African Capital Ltd Rights Issue October 29, 5.00 0.86 0.86 4.30 2,119.51 *** The Issue Price is an Average Price ** Additional Bonus Shares Issued GSE Market Report - December 10

B. Bonds PRIMARY ISSUES Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised Government of 5yrs matured on Oct. - Nov., 1990 GH 0.5 million GH 10.00 GH 0.5 million Ghana November 11, 1995 GSE Commemorative Registered Stock, 1995 HFC Series A 7% Coupon Bond due in 2001 (HFC-A 7s01) HFC Series B 7% Coupon Bond due in 2002 (HFC-B7s02) HFC Series C 8.25% Coupon Bond due in 2003 (HFC- C8.25s03) HFC Series D 8.25% Coupon Bond due in 2004 (HFC- D8.25s04) HFC Series E 8% Coupon Bond due in 2005 (HFC-E8s05) HFC Series F 6% Coupon Bond due in 2006 (HFC-F6s06) HFC Series G 8% Coupon Bond due in 2006 (HFC-G6s06) HFC Series H 5% Coupon Bond due in 2009 (HFC-G6s09) HFC Series J 5% Coupon Bond due in 2012 (HFC-G6s12) HFC Bank Ltd. Sept. - Oct., 1996 HFC Bank Ltd. Sept. - Oct., 1997 HFC Bank Ltd. November, 1998 HFC Bank Ltd. HFC Bank Ltd. HFC Bank Ltd. HFC Bank Ltd. July 29 - Aug. 19, 1999 October 23-30, 2000 July 16 - August 13, 2001 Dec 15, 2001 - Jan. 1, 2002 HFC Bank Ltd. Oct 27- Dec 2, 2004 HFC Bank Ltd. Feb 5- Feb 28, 2007 US$2m as Series A of a US$2m as Series B of a US$2m as Series C of a US$2m as Series D of a US$1.5m as Series E of a 1.2m as Series F of a US$3m as Series G of a US$3m as Series H of a US$5m as Series J of a 100 1st November 2001 1st November 2002 1st November 2003 1st September 2004 1st November 2005 13th August 2006 November, 2006 December 2009 March 7, 2012 US $2.55m US $2.25m US $2.00m US $2.70m US $1.51m 1.20m US $3.03m US $2.5m US $3.9m SCB Medium Term Note 01 Standard Chartered GH 35 million Medium 3yrs, to mature Dec 01 2005 Bank Ltd Term Notes December 2008 GH 35 million Euro Bond Government of Ghana US$ August 7, 2023 US $ 1b Euro Bond Government of Ghana US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b 1-Year Fixed Rate Senior One Year Matured on Izwe Loans Limited GH GH 5 million Secured Note (ILLA3-1Y14) '28/11/ 1-Year Fixed Rate Senior One Year Mature on Izwe Loans Limited GH Secured Note (ILLA4-1Y14) 20/12/ GH 4.6 million 1-Year Floating Rate Senior Oct 14 - Oct 24. One Year Mature on Izwe Loans Limited GH 15 million GH Secured Note (ILLA5-1Y15) 29/10/ GH 14.4 million 3-Year Floating Rate Senior Oct 14 - Oct 24. 2 Year Mature on Izwe Loans Limited GH 15 million GH Secured Note (ILLA6-3Y17) 29/10/2017 GH 14.6 million 2-Year Floating Rate Senior Two Year Mature on Izwe Loans Limited Mar 11-25. GH 5 million GH Secured Notes (ILLA7-2Y17) 31/03/2017 GH 10 million 3-Year Floating Rate Senior Three Year Mature on Izwe Loans Limited Mar 11-25. GH 5 million GH GH 10 million Secured Note (ILLA8-3Y18) 31/03/2018 3-Year Note (AFB100) AFB (GHANA) PLC June 25 - July 10 GH 3.3 million GH 16/07/2018 GH 3.3 million 3-Year Note (AFB200) AFB (GHANA) PLC June 25 - July 10 GH 13.8 million GH 16/07/2018 GH 13.8 million 2-Year Note (AFB300) AFB (GHANA) PLC June 25 - July 10 GH 9.5 million GH 17/07/2017 GH 9.46 million ILLA9 Izwe Loans Limited GH 27/08/2020 GH 7 million 3-Year Senior Secured Floating Rate Note (ILLA10) Izwe Loans Limited GH 29/10/2018 GH 8.31 million GSE Market Report - December 11

PRIMARY ISSUES (Continuation) B. Bonds Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised S7 AFB (GHANA) PLC GH 30/09/ GH 5 million S14 AFB (GHANA) PLC GH 02/07/2017 GH 2.11 million S15 AFB (GHANA) PLC GH 29/08/ GH 1.70 million S16 AFB (GHANA) PLC GH 01/09/ GH 2.30 million S17 AFB (GHANA) PLC GH 29/09/2017 GH 1.48 million S18 AFB (GHANA) PLC GH 08/12/ GH 1 million S19 AFB (GHANA) PLC GH 03/03/2016 GH 4.5 million S20 AFB (GHANA) PLC GH 20/03/2017 GH 4.25 million S21 AFB (GHANA) PLC GH 08/04/2016 GH 1 million S22 AFB (GHANA) PLC GH 20/04/2016 GH 3.38 million 3-Year Floating Rate Senior Unsecured Note 3-Year Fixed Rate Senior Unsecured Note 3-Year Floating Rate Senior Unsecured Note 3-Year Secured Floating Rate Note 3-Year Secured Fixed Rate Note AFB (GHANA) PLC GH 01/09/2018 GH 2.3 million AFB (GHANA) PLC GH 28/09/2018 GH 3.0 million AFB (GHANA) PLC GH 30/09/2018 GH 5.00 million EDENDALE PROPERTIES PLC EDENDALE PROPERTIES PLC GH 20/11/2018 GH 9.17 million GH 07/12/2018 GH 7.60 million SUMMARY OF GOVERNMENT BOND TRADES Description Value of Listed Government Bonds Traded GH million Dec Two (2) Year 1.17 Three (3) Year 231.30 Five (5) Year 55.65 Seven (7) Year - Total 288.12 GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO DEC Year/Period Index Value % Change 2011 863.09-13.69 2012 1039.86 20.48 2013 1786.6 71.81 2243.63 25.58 December 1930.06-13.98 GSE Market Report - December 12