Market Report

October 2014

MARKET HIGHLIGHTS GSE STOCK INDICES/CAPITALIZATION OCT 2014 YTD CHANGE OCT 2013 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,249.33 4.85% 2,099.88 75.03% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,200.28 23.15% 1,731.89 66.55% MARKET CAPITALIZATION (GH¢ M) 64,702.12 5.79% 58,085.16 1.43% DOMESTIC CAPITALIZATION (GH¢ M) 12,317.37 5.32% 11,478.79 73.41% MARKET TURNOVER - EQUITIES OCT 2014 OCT 2013 VOLUME TRADED 9,998,464 24,720,274 VALUE TRADED (GH¢) 18,188,161.24 86,168,346.83 NUMBER OF TRANSACTIONS 2,671 3,071 TRADING DAYS 21 22 NUMBER OF TRADED SYMBOLS 30 31 MARKET DAILY AVERAGES - EQUITIES OCT 2014 OCT 2013 AVERAGE VOLUME TRADED 476,117 1,123,649.00 AVERAGE VALUE TRADED (GH¢) 866,102.92 3,916,743.00 AVERAGE NUMBER OF TRANSACTIONS 127 140 MARKET TURNOVER - EQUITIES JAN TO OCT 2014 JAN TO OCT 2013 VOLUME TRADED 147,169,640 284,475,102 VALUE TRADED (GH¢) 254,995,568.57 387,948,346.64 NUMBER OF TRANSACTIONS 28,755 29,746 TRADING DAYS 187 208 NUMBER OF TRADED SYMBOLS 37 35 LISTINGS OCT 2014 OCT 2013 LISTED COMPANIES 35 34 LISTED EQUITIES ORDINARY SHARES 35 34 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 NUMBER OF LISTED BONDS CORPORATE 0 0 2 YEAR GOG 97 90 3 YEAR GOG 9 9 5 YEAR GOG 4 3 7 YEAR GOG 2 1 EURO BOND (US$) 1 1 SOVEREIGN BOND (US$) 1 0 DELISTINGS-EQUITIES OCT 2014, OCT 2013) 0 0 BONDS OCT 2014 OCT 2013 VALUE OF LISTED BONDS CORPORATE 0 0 GOG BONDS (GH¢ M) 11,602.16 9,297.88 EURO BOND (US$ B) 1.00 1.00 SOVEREIGN BOND (US$ B) 1.00 N/A VALUE OF LISTED BONDS TRADED (GH¢ M) N/A 0.00 VALUE OF LISTED BONDS TRADED (GH¢ M) - JAN - OCT 2014 1,978.87 0 SELECTED ECONOMIC INDICATORS OCT 2014 OCT 2013 INFLATION RATE YEAR-ON-YEAR (%) ***15.9 13.10 INTEREST RATE (%) 91-DAY T-BILL 25.46 19.89 1 YEAR NOTE 22.50 19.00 2 YEAR NOTE 23.00 19.30 3 YEAR NOTE - - 5 YEAR NOTE - - EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 3.20 2.03 UK£ 1 to 1 GHANA CEDIS 5.19 3.26 1 Euro to 1 GHANA CEDIS 4.06 2.79 *** Inflation figure is, as at August 2014 GSE Market Report - October 2014 1 INDEX SUMMARY NOV-DEC 1990 - OCT 2014 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 Oct 2014 2,439.20 21-Feb 2,145.20 Jan-02 2,239.68 4.85

MARKET ACTIVITIES - NOV-DEC 1990 - OCT 2014 Volume Traded Value Traded Market Cap. - Government Corporate Bonds Period (000) (GH ¢ m) Equities (GH ¢ m.) Bonds (GH ¢ m.) (US$ m.) Nov - Dec 1990 222.00 0.01 3.05 0.50 0.00 1991 1,825.80 0.01 2.96 0.50 0.00 1992 2,044.40 0.02 4.38 0.50 0.00 1993 37,945.47 0.32 9.65 0.50 0.00 1994 93,037.63 7.31 196.84 0.50 0.00 1995 55,838.60 2.71 239.90 - 0.00 1996 35,749.99 2.79 286.27 - 2.55 1997 125,629.14 9.34 255.28 - 4.80 1998 91,446.52 13.40 324.56 - 6.80 1999 49,568.22 6.96 320.54 - 9.50 2000 30,717.09 5.06 365.50 - 11.01 2001 55,295.87 9.23 390.40 100.37 10.20 2002 44,124.20 8.94 618.38 132.69 10.98 2003 96,330.00 38.93 1,261.68 144.24 8.98 2004 104,349.30 65.59 9,761.48 51.63 6.28 2005 81,400.00 46.44 9,185.73 22.50 8.78 2006 98,286.00 47.60 11,249.60 326.15 2.50 2007 287,221.70 140.71 12,368.60 1,333.07 6.40 2008 531,660.00 365.51 17,895.12 1,237.46 6.40 2009 96,767.39 74.19 15,941.92 1,039.14 3.90 2010 330,616.75 151.29 20,116.70 2,576.87 3.90 2011 419,791.08 446.56 47,347.23 3,987.44 3.90 2012 218,134.34 102.20 57,264.22 5,939.25 0.00 2013 313,024.31 456.14 61,158.29 9,260.16 0.00 Oct 2014 147,169.64 255.00 64,702.12 11,602.16 0.00 Total: Dec. 1990 to 3,348,195 2,256.24 Oct 2014

GSE Market Report - October 2014 2 MARKET ACTIVITIES - OCT 2014 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 3,149,032 31.50 GCB 8,467,479.48 46.55 GCB 1,602,691 16.03 CAL 2,976,790.29 16.37 EGL 1,544,175 15.44 EGL 2,547,421.45 14.01 ETI 1,065,712 10.66 GGBL 749,645.25 4.12 PZC 755,521 7.56 EBG 677,584.02 3.73 UTB 572,151 5.72 FML 644,147.36 3.54 GGBL 240,229 2.40 SCB 509,153.11 2.80 AYRTN 194,335 1.94 ETI 324,775.22 1.79 SOGEGH 137,489 1.38 PZC 302,148.10 1.66 GOIL 131,652 1.32 TOTAL 284,248.01 1.56

MARKET ACTIVITIES - JANUARY TO OCT 2014 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 39,722,346 26.99 GCB 46,231,445.44 18.13 ETI 21,425,595 14.56 CAL 36,119,857.17 14.16 GCB 9,804,103 6.66 EBG 32,804,407.23 12.86 SOGEGH 9,334,438 6.34 TOTAL 31,586,966.88 12.39 PBC 7,475,842 5.08 FML 27,352,302.57 10.73 ACI 6,722,027 4.57 SCB 26,061,366.00 10.22 UTB 5,766,894 3.92 EGL 10,058,404.86 3.94 EGL 5,372,272 3.65 SOGEGH 8,403,420.07 3.30 HFC 5,315,626 3.61 HFC 5,939,106.82 2.33 GOIL 5,286,013 3.59 ETI 5,610,335.24 2.20

Market Capitalization - End of Months for 2013 and GSE Composite Index - January to December 2014 2014 (GH¢ M) Month 2014 2013 Month 2014 2013 January 62,128.77 53,093.86 January 2,255.52 1,270.72 February 59,410.63 54,977.25 February 2,420.91 1,482.26 March 58,684.40 57,740.56 March 2,386.34 1,733.47 April 57,728.05 57,505.97 April 2,255.27 1,800.66 May 62,521.48 55,948.29 May 2,319.12 1,884.26 June 62,825.55 55,924.82 June 2,373.38 1,880.26 July 63,544.10 55,778.54 July 2,300.35 1,936.29 August 63,165.19 56,235.85 August 2,200.18 1,989.55 September 64,515.25 56,430.09 September 2,239.68 2,030.96 October 64,702.12 58,085.16 October 2,249.33 2,099.88 November November December December

Volume Traded - End of Months - 2013 and 2014 Value Traded - End of Months - 2013 and 2014 (GH¢) Month 2014 2013 Month 2014 2013 January 18,552,660 18,518,954 January 20,686,970.14 9,793,543.52 February 12,521,834 25,577,370 February 23,671,773.73 31,784,662.06 March 9,965,874 24,025,601 March 20,389,737.36 29,954,004.86 April 21,799,119 16,942,034 April 23,837,314.59 40,905,787.38 May 16,619,869 20,227,483 May 27,358,996.95 32,250,423.60 June 19,970,197 82,645,882 June 25,825,994.83 61,371,772.94 July 13,548,995 21,219,668 July 42,522,158.05 24,448,472.99 August 11,074,035 11,812,042 August 20,949,764.67 21,681,592.18 September 13,118,593 38,785,794 September 31,564,697.01 49,589,740.28 October 9,998,464 24,720,274 October 18,188,161.24 86,168,346.83 November November December December Total 147,169,640 284,475,102 Total 254,995,568.57 387,950,359.64

GSE Market Report - October 2014 3 SECTORIAL DISTRIBUTION OF TRADES - OCT 2014 Sector Volume Traded Value Traded (GH ¢) No. of Trades FINANCE 6,661,695 13,231,860.14 1,783 DISTRIBUTION 244,937 424,966.00 311 FOOD AND BEVERAGE 466,742 1,395,314.43 244 ICT 2,400 72.00 5 INSURANCE 1,626,019 2,583,145.95 150 MANUFACTURING 960,042 407,758.48 93 MINING 168 6,048.00 20 AGRICULTURE 36,461 138,986.29 65 EXCHANGE TRADED FUNDS(ETF) - - - TOTALS 9,998,464 18,188,151.29 2,671 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - OCT 2014 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CAL 3,149,032 2,976,790.29 295 EBG 95,158 677,584.02 237 ETI 1,065,712 324,775.22 339 GCB 1,602,691 8,467,479.48 462 HFC 9,043 12,058.24 17 MAC 0 0.00 0 SCB 27,658 509,153.11 177 SCBPREF 1092 630.32 8 SOGEGH 137,489 116,643.41 92 TBL 1,669 505.70 5 UTB 572,151 146,240.35 151 TOTALS 6,661,695 13,231,860.14 1,783 DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS GOIL 131,652 130,364.48 150 MLC 12,300 3,198.00 7 PBC 54,387 7,155.51 35 TOTAL 46,598 284,248.01 119 TOTALS 244,937 424,966.00 311 FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CPC 95,041 1,521.82 36 FML 131,472 644,147.36 113 GGBL 240,229 749,645.25 95 TOTALS 466,742 1,395,314.43 244 ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 400 12.00 1 TRANSOL 2,000 60.00 4 TOTALS 2400 72.00 5 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS EGL 1,544,175 2,547,421.45 80 SIC 81,844 35,724.50 70 TOTALS 1,626,019 2,583,145.95 150 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS ACI 2000 60.00 14 ALW 2,056 82.24 9 AYRTN 194,335 33,036.95 12 CMLT 800 96.00 2 PZC 755,521 302,148.10 25 SPL 430 13.20 5 UNIL 4,900 72321.99 26 PKL 0 0.00 0 GWEB 0 0.00 0 SWL 0 0.00 0 TOTALS 960,042 407,758.48 93 MINING 3,503.00 119,509.10 37.00 TLW 168 6,048.00 20 AGA 0 0.00 0 GSR 0 0.00 0 AADS 0 0.00 0 TOTALS 168 6,048.00 20 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS BOPP 36,461 138,986.29 65

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS GLD 0 0.00 0

GSE Market Report - October 2014 4 SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO OCT 2014 Sector Volume Traded Value Traded (GH ¢) No. of Trades FINANCE 98,672,197 164,218,351.98 18,310 DISTRIBUTION 17,989,235 37,864,690.36 3,421 FOOD AND BEVERAGE 5,727,584 30,815,515.99 1,887 ICT 8,810 306.40 11 INSURANCE 9,665,438 11,792,242.59 2,844 MANUFACTURING 14,148,666 5,757,688.62 1,044 MINING 359,327 2,742,195.71 715 AGRICULTURE 598,301 1,802,723.92 520 EXCHANGE TRADED FUNDS(ETF) 82 1,842.80 3 TOTALS 147,169,640 254,995,558.37 28,755 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO OCT 2014 FINANCE TOTAL VOLUME TOTAL VALUE TRANSACTIONS CAL 39,722,346 36,119,857.17 3,921 EBG 4,897,158 32,804,407.23 1,974 ETI 21,425,595 5,610,335.24 2,278 GCB 9,804,103 46,231,445.44 4,877 HFC 5,315,626 5,939,106.82 478 MAC 240,816 779959.60 14 SCB 1,418,597 26,061,366.00 2,096 SCBPREF 5,416 2,954.52 18 SOGEGH 9,334,438 8,403,420.07 1,401 TBL 741,208 182,261.06 85 UTB 5,766,894 2,083,238.83 1,168 TOTALS 98,672,197 164,218,351.98 18,310 DISTRIBUTION TOTAL VOLUME TOTAL VALUE TRANSACTIONS GOIL 5,286,013 4,954,379.88 1,465 MLC 211,775 72,375.30 125 PBC 7,475,842 1,250,968.30 380 TOTAL 5,015,605 31,586,966.88 1,451 TOTALS 17,989,235 37,864,690.36 3,421

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE TRANSACTIONS CPC 460,120 6,921.67 189 FML 4,281,919 27,352,302.57 1,320 GGBL 985,545 3,456,291.75 378 TOTALS 5,727,584 30,815,515.99 1,887

ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 4,710 183.40 6 TRANSOL 4100 123.00 5 TOTALS 8,810 306.40 11

INSURANCE TOTAL VOLUME TOTAL VALUE TRANSACTIONS EGL 5,372,272 10,058,404.86 1,497 SIC 4,293,166 1,733,837.73 1,347 TOTALS 9,665,438 11,792,242.59 2,844

MANUFACTURING TOTAL VOLUME TOTAL VALUE TRANSACTIONS ACI 6,722,027 246,294 26 ALW 1,375,627 60,411.48 150 AYRTN 538,753 92,048.90 98 CMLT 31,020 4,009.20 17 PZC 1,088,222 487,447.94 258 SPL 256,558 8,069.34 98 UNIL 271,099 4,740,740.91 376 PKL 650 39.00 4 GWEB 110 3.40 2 SWL 3,864,600 118,624.00 15 TOTALS 14,148,666 5,757,688.62 1,044

MINING TOTAL VOLUME TOTAL VALUE TRANSACTIONS TLW 78,207 2,595,305.93 520 AGA 0 0.00 0 GSR 100 234.00 1 AADS 281020 146655.78 194 TOTALS 359,327 2,742,195.71 715

AGRICULTURE TOTAL VOLUME TOTAL VALUE TRANSACTIONS BOPP 598,301 1,802,723.92 520

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE TRANSACTIONS GLD 82 1,842.80 3

GSE Market Report - October 2014 5 Market Capitalization - End of Month(s) for 2013 and 2014 70.00

60.00

50.00

40.00

30.00 2014 20.00 2013 10.00

Market Capitalization (GH Billion) ¢ 0.00 July May June April March August January October February December November September Months

GSE Composite Index - 2013 and 2014 3.00

2.50

2.00

1.50

1.00 2014

Index Values (GH Billion) ¢ 2013 0.50

0.00 July May June April March August January October February December November September Months

GSE Market Report - October 2014 6 Volume Traded - End of Month(s) - 2013 and 2014 90 80 70

60 50 40 30 2014 20 2013 Volume (Million) Traded Volume 10 - July May June April March August January October February December November September Months

Value Traded - End of Month(s) - 2013 and 2014 100.00 90.00

80.00 70.00 60.00 50.00 2014 40.00 2013 30.00

Value Traded Million) (GH ¢ 20.00 10.00 0.00 July May June April March August January October February December November Months September

GSE Market Report - October 2014 7 MARKET CAPITALIZATION PER SECTOR - OCT 2014 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 19,336.46 12,838.36 DISTRIBUTION 894.19 1,012.35 FOOD AND BEVERAGE 2,365.62 1,254.35 ICT 114.00 3.42 INSURANCE 323.48 292.50 MANUFACTURING 889.48 961.88 MINING 1,565.85 48,191.11 AGRICULTURE 34.80 139.20 EXCHANGE TRADED FUNDS(ETF) 0.40 8.96 TOTALS 25,524.28 64,702.12

BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - OCT 2014 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CAL 1.00 548.26 548.26 EBG 7.13 293.23 2,090.72 ETI 0.34 16,801.34 5,712.46 GCB 5.29 265.00 1,401.85 HFC 1.35 296.80 400.68 MAC 3.59 8.64 31.02 SCB 18.88 115.51 2,180.78 SCB PREF 0.58 17.48 10.14 SOGEGH 0.85 333.89 283.81 TBL 0.30 200.00 60.00 UTB 0.26 456.31 118.64 TOTALS 19,336.46 12,838.36

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 0.99 252.22 249.70 MLC 0.26 50.10 13.02 PBC 0.14 480.00 67.20 TOTAL 6.10 111.87 682.43 TOTALS 894.19 1,012.35

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.01 2,038.07 20.38 FML 4.89 116.21 568.25 GGBL 3.15 211.34 665.72 TOTALS 2,365.62 1,254.35

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 1.63 127.83 208.37 SIC 0.43 195.65 84.13 TOTALS 323.48 292.50

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACI 0.03 36.50 1.10 ALW 0.04 236.69 9.47 AYRTN 0.17 215.00 36.55 PZC 0.4 168.00 67.20 SPL 0.03 74.08 2.22 UNIL 13.45 62.50 840.63 PKL 0.06 33.34 2.00 GWEB 0.03 35.00 1.05 CMLT 0.12 6.54 0.79 SWL 0.04 21.83 0.87 TOTALS 889.48 961.88

MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million TLW 36.00 906.96 32,650.70 AGA 37.00 402.48 14,891.81 GSR 2.34 255.43 597.70 AADs 0.52 0.98 50.90 TOTALS 1,565.85 48,191.11

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 4.00 34.80 139.20

Exchange Traded Funds(ETF) Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GLD 22.40 0.40 8.96

GSE Market Report - October 2014 8 MARKET STATUS - CAPITALISATION, PRICE CHANGES, P/E RATIOS Company Issued Shares Market Capt. GH Shares Prices Shares Prices % Change in Div. EPS P/E Ratio (mil.) ¢ million as at Oct GH¢; End Dec GH¢; End Oct Share Price Yield % GH ¢ 2014 2013 2014 Equities ACI 36.50 1.10 0.06 0.03 -50.00 -0.0680 n.m. AGA 402.48 14,891.81 37.00 37.00 0.00 -0.0155 n.m. AADs in shares 0.98 50.90 0.52 0.52 0.00 ALW 236.69 9.47 0.05 0.04 -20.00 0.00 -0.0215 n.m. AYRTN 215.00 36.55 0.17 0.17 0.00 0.00 0.0019 89 BOPP 34.80 139.20 3.21 4.00 24.61 0.3649 11 CAL 548.26 548.26 0.97 1.00 3.09 3.61 0.2512 4 CLYD 34.00 1.02 0.04 0.03 -25.00 0.00 -0.0016 n.m. CMLT 6.54 0.79 0.16 0.12 -25.00 0.00 0.0126 10 CPC 2,038.07 20.38 0.02 0.01 -50.00 0.00 -0.0202 n.m. EBG 293.23 2,090.72 5.61 7.13 27.09 6.04 1.0500 7 EGL 127.83 208.37 1.88 1.63 -13.30 0.00 0.1320 12 ETI 16,801.34 5,712.46 0.19 0.34 78.95 0.00 0.0729 6 FML 116.21 568.25 6.62 4.89 -26.13 1.84 0.1177 42 GCB 265.00 1,401.85 4.85 5.29 9.07 4.01 1.0307 5 GGBL 211.34 665.72 6.20 3.15 -49.19 0.00 -0.1265 n.m. GOIL 252.22 249.70 0.89 0.99 11.24 1.62 0.1056 9 GSR 255.43 597.70 2.75 2.34 -14.91 0.00 -0.0035 n.m. GWEB 35.00 1.05 0.04 0.03 -25.00 0.00 -0.0073 n.m. HFC 296.80 400.68 0.96 1.35 40.63 2.69 0.3005 4 MAC 8.64 31.02 3.00 3.59 19.67 2.1422 2 MLC 50.10 13.02 0.38 0.26 -31.58 0.00 -0.0369 n.m. PBC 480.00 67.20 0.17 0.14 -17.65 6.29 -0.0117 n.m. PKL 33.34 2.00 0.06 0.06 0.00 0.00 -0.0156 n.m. PZC 168.00 67.20 0.79 0.40 -49.37 5.79 -0.0100 n.m. SCB 115.51 2,180.78 14.94 18.88 26.37 2.54 2.2809 8 SIC 195.65 84.13 0.39 0.43 10.26 0.00 0.0256 17 SOGEGH 333.89 283.81 0.75 0.85 13.33 4.82 0.1959 4 SPL 74.08 2.22 0.04 0.03 -25.00 0.00 0.0043 7 SWL 21.83 0.87 0.03 0.04 33.33 0.00 0.0025 16 TBL 200.00 60.00 0.35 0.30 -14.29 0.00 0.0048 63 TLW 906.96 32,650.70 34.98 36.00 2.92 0.00 -0.2518 n.m. TOTAL 111.87 682.43 5.06 6.10 20.55 11.31 0.2740 22 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 0.0019 16 UNIL 62.50 840.63 18.31 13.45 -26.54 1.83 -0.2776 n.m. UTB 456.31 118.64 0.45 0.26 -42.22 8.00 0.0258 10 Subtotal 64,683.03 Preference Shares SCB PREF 17.48 10.14 17.48 0.58 -96.68 Exchange Traded Funds(ETF) GLD 0.40 8.96 17.48 22.40 28.15 Total 64,702.12

GSE Market Report - October 2014 9 PRIMARY ISSUES AND CORPORATE ACTIONS A. Equities No. of Shares Issue Price No. of Shares Sold Amount Raised Company Description Offer period Offered GH¢ (millions) (GH¢ million) (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 Ghana Commercial Bank 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 Ghana Commercial Bank 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, 2014 3.00 1.33 1.33 4.00 2,101.72 *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - October 2014 10 PRIMARY ISSUES B. Bonds Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised GSE Commemorative Registered 5yrs matured on Government of Ghana Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million Stock, 1995 November 11, 1995 US$2m as Series A of a HFC Series A 7% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. Sept. - Oct., 1996 US$35 million aggregate US$100 US $2.55m in 2001 (HFC-A 7s01) November 2001 offering US$2m as Series B of a HFC Series B 7% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. Sept. - Oct., 1997 US$35 million aggregate US$100 US $2.25m in 2002 (HFC-B7s02) November 2002 offering US$2m as Series C of a HFC Series C 8.25% Coupon Bond 5 yrs, to mature on 1st HFC Bank Ltd. November, 1998 US$35 million aggregate US$100 US $2.00m due in 2003 (HFC-C8.25s03) November 2003 offering US$2m as Series D of a HFC Series D 8.25% Coupon Bond 5 yrs, to mature on 1st HFC Bank Ltd. July 29 - Aug. 19, 1999 US$35 million aggregate US$100 US $2.70m due in 2004 (HFC-D8.25s04) September 2004 offering US$1.5m as Series E of a HFC Series E 8% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. October 23 - 30, 2000 US$35 million aggregate US$100 US $1.51m in 2005 (HFC-E8s05) November 2005 offering £1.2m as Series F of a HFC Series F 6% Coupon Bond due July 16 - August 13, 5 yrs, to mature on HFC Bank Ltd. US$35 million aggregate £100 £1.20m in 2006 (HFC-F6s06) 2001 13th August 2006 offering US$3m as Series G of a HFC Series G 8% Coupon Bond due Dec 15, 2001 - Jan. 1, 5 yrs, to mature on HFC Bank Ltd. US$35 million aggregate US$100 US $3.03m in 2006 (HFC-G6s06) 2002 November, 2006 offering US$3m as Series H of a HFC Series H 5% Coupon Bond due 5 yrs, to mature on HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million aggregate US$100 US $2.5m in 2009 (HFC-G6s09) December 2009 offering US$5m as Series J of a HFC Series J 5% Coupon Bond due 5 yrs, to mature on HFC Bank Ltd. Feb 5- Feb 28, 2007 US$35 million aggregate US$100 US $3.9m in 2012 (HFC-G6s12) March 7, 2012 offering Standard Chartered GH¢ 35 million Medium 3yrs, to mature SCB Medium Term Note 01 Dec 01 2005 GH¢35 million Bank Ltd Term Notes December 2008

Euro Bond Government of Ghana US$ August 7, 2023 US $ 1b

Sovereign Bond Government of Ghana US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b

SUMMARY OF BOND TRADES - JANUARY TO OCT 2014

Value of Listed Government Bonds Month/End-Date Traded GH¢ million January /31-2014 238.56 February /28-2014 734.84 March /31-2014 337.37 April /30-2014 655.25 Oct /30-2014 12.85 Total 1,978.87

GSE Market Report - October 2014 11