United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

Market WTD Return YTD Return Valuation Dividend Equities Index Level Cap ($bn) (Local) (Local) P/E P/B Yield BRVM: BRVM 10* 294 6.8 0.7% 10.0% 23.1x 3.7x 0.9% Egypt: EGX 30 7,237 60.8 -0.8% -19.1% 14.7x 1.1x 3.0% Ghana : GSE Composite 2,101 2.6 0.0% -7.1% na 1.5x 1.0% : All Share 144 18.9 0.0% -11.6% 13.9x 2.2x 4.4% Mauritius : SEM DEX 1,940 7.3 -0.1% -6.4% 15.7x 1.0x na Morocco : CFG 25 19,790 48.5 -0.1% -2.2% na na na Nigeria:Nigeria All Share 29,827 51.2 2.4% -14.8% 8.8x 1.4x 4.7% South : JSE All Share 48,843 423.7 -0.5% -1.7% 23.1x 2.1x 3.8% Tunisia: Tunis Index 5,362 10.0 -0.1% 5.5% 27.1x 2.5x na Zimbabwe: Industrial 135 3.3 0.0% -17.2% 11.5x 0.8x 3.1% Frontier M arkets 526 -- 0.0% -14.0% 10.5x 1.4x 4.2% Emerging M arkets 789 -- 0.0% -17.5% 11.5x 1.3x 3.2%

Movement of the major equities indices across Africa Movements in the Global Indices Vs Africa

Nigeria 1.4 Ghana Kenya 1.2 BRVM FM 1.2 EM 1.0 1.0 0.8 MSCI World S&P 500 0.8 FTSE 100 MSCI Africa 0.6 0.6 Sep -14 Nov -14 Jan -15 Mar -15 Sep-14 Nov-14 Jan-15 Mar-15

Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 -0.2% -0.1% -8.7% 9.03 9.8 Ghana GHS:Cedi 4.0 -6.2% -1.4% -18.6% 4.21 4.6 Kenya KES: Shilling 106.1 -0.4% -2.0% -14.6% 113.19 119.6 M auritius M UR: Rupee 35.5 -0.1% -0.5% -10.4% 35.30 35.6 M orocco M AD: Dirham 9.7 0.0% -0.3% -6.8% na na Nigeria NGN: Naira 199.1 0.0% -0.1% -7.8% 241.50 262.7 South Africa ZAR: Rand 13.9 -0.6% -4.7% -17.0% 14.41 14.9 Tanzania TZS: Shilling 2160.0 -0.6% -0.7% -19.8% na na Tunisia TND: Dinar 2.0 0.0% -0.6% -5.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na

49.07; --1.1% w/w 1121.06; --0.1% w/w 42254; +1.6% w/w 1500 105 Brent Crude Gold 410 Copper 1300 290 55 1100 170 900

5 700 50 Sep -14 Dec -14 Mar -15 Jun -15 Sep-14 Dec-14 Mar-15 Jun-15 Sep -14 Dec -14 Mar -15 Jun -15

Bond Yield Fixed Income (10 yr)Inflation Real Return Policy Rate Egypt na 8.4% na 9.8% Africa Eurobonds' Peformances 1.2 Ghana 10.0% 17.9% -7.9% 24.0% ( I-year Trend)* Kenya 14.2% 5.8% 8.4% 11.5% M auritius 6.0% 1.1% 4.9% 4.7% M orocco na 2.4% na 4.1% 1.0 Nigeria 16.0% 9.2% 6.8% 13.0% South Africa 8.6% 5.0% 3.6% 6.0% Nigeria Tanzania 17.0% 6.4% 10.6% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Sep-14 Dec-14 Mar-15

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

BVRM Economic News

1.4 • Ivory Coast's consumer price inflation dropped to 1.2%y/y in 1– year Equity market trend July from 1.8% in June , data from the National Statistics office 1.2 showed last week. The monthly report showed that food and soft drink prices rose 0.8%, while housing and utility prices 1.0 climbed 3% over the period. Healthcare prices fell 0.1% and

0.8 communications costs were unchanged. The economy of the world's top cocoa grower makes up around 40% of the eight- 0.6 nation West African CFA franc currency zone. Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Reuters BRVM MSCI Africa

Index Performance BRVM Current 294.62 Corporate News

W eek Change 0.49% • No Corporate News Gainers (no) 15 15 Losers (no) Market Breadth 1.0 52 wk High 307.83 52 wk Low 230.15

Top Gainers Price % Change Societe Ivoirienne d'Osygne et d'Acetyln 20,500 6.8% Shell Cote D Ivoire 71,500 5.8% Bank of Africa/Cote d'Ivoire 124,000 5.1% Bernabe 125,000 4.2% Onatel SA 12,500 4.1%

Top Losers Price % Change Servair Abidjan 78,000 -7.7% CROW N SIEM 25,010 -7.4% Filature Tissages Sacs SA 26,005 -7.1% Movis Cote d'Ivoire 5,000 -7.0% PALMCI 14,505 -6.4%

Source: Bloomberg, United Capital Research

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52-Week 52-Week MKT. CAP Price High Low (US$MN) WTD Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'Ivoire 56,975 64,500 41,275 105.93 0.0% 3.6% 18.985 21.8 na PALMCI 14,505 19,350 14,000 188.89 -4.9% -14.4% 11.2 1.3 11.93 Sitab-Soc Ivoirienne Tabacs 152,000 162,000 116,500 229.90 0.1% -4.4% 20.9 9.4 43.03 Societe Africaine de Plantations d'Hevea 12,000 19,000 11,400 103.34 0.0% -31.7% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 27,000 32,025 23,000 98.26 0.0% -15.4% 12.7 1.1 8.83 Societe De Distribution Automobile en Co 247,260 263,480 164,900 66.65 13.7% 46.3% 16.4 4.8 31.30 Societe de Limonaderies et Brasseries 170,000 245,000 164,188 471.46 -0.6% -15.0% 12.2 2.1 17.37 Unilever Cote d'Ivoire 26,000 41,000 23,100 70.55 0.0% -29.7% na na na Uniwax SA 27,500 35,000 6,579 34.75 -1.8% 243.8% na na 31.76 Energy Shell Cote D Ivoire 71,500 73,000 50,000 151.78 1.7% 19.2% 30.4 4.8 16.85 TotalFinaElf Cote D'ivoire 24,250 25,100 7,750 514.47 4.3% 142.5% 43.6 9.4 22.01 Financials Bank of Africa - Benin 126,050 134,375 63,500 213.91 0.8% 53.7% 10.6 2.1 21.62 Bank of Africa - Burkina Faso 106,505 110,000 80,005 197.38 1.0% 18.3% 11.6 3.0 30.49 Bank of Africa/Cote d'Ivoire 124,000 125,000 77,500 171.31 2.6% 37.8% 17.7 4.5 27.24 Bank of Africa/Niger 82,505 92,440 60,000 132.05 1.1% -5.2% 10.0 3.3 22.65 BICICI 91,000 96,000 68,000 255.52 1.2% 16.7% 15.3 3.4 23.06 SCBCI 106,980 117,000 73,055 560.74 0.1% 10.5% 12.0 3.8 35.58 Societe Africain de Credit Auto 27,500 30,355 23,000 6.02 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 57 65 42 2311.61 0.0% 21.6% na na 17.15 Industrials Bernabe 125,000 125,000 71,000 69.75 9.1% 68.5% 20.3 3.5 17.19 Bollore Africa Logistics SAS 190,000 248,955 119,790 348.50 2.2% -23.7% 32.3 6.6 na Comptoir Francais Afrique 73,000 83,310 39,000 223.07 4.0% 58.3% 35.3 6.3 18.14 Movis Cote d'Ivoire 5,000 8,230 4,070 7.04 0.0% -27.0% na na na Servair Abidjan 78,000 85,000 27,000 71.70 5.6% 100.5% 34.1 15.2 53.92 Societe Ivoirienne DE Cable 92,000 117,870 57,000 22.94 -4.6% -9.8% 19.4 3.0 15.18 Materials CROWN SIEM 25,010 32,000 19,900 26.53 -0.7% 8.7% na na -0.82 Filature Tissages Sacs SA 26,005 40,000 15,800 154.48 -6.7% -11.8% 23.7 2.2 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.17 -6.3% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 20,000 20,000 13,500 65.67 5.3% 43.0% na na na Utilities Cie Ivoirienne D Elect 84,000 86,500 51,800 396.26 1.2% 1.8% 28.4 9.4 32.98 SODECI 80,000 91,300 55,000 121.30 3.2% -12.4% na na 23.90 Telecommunication Onatel SA 12,500 13,000 5,655 716.03 3.5% 68.9% 21.6 4.5 19.23 Sonatel 24,995 29,600 20,350 4211.08 -1.1% 9.6% 12.2 4.8 40.66 Societe Ivoirienne de Coco Rape 8,800 10,280 4,995 8.90 0.0% 72.9% 130.2 na na SETAO 45,000 48,535 19,795 10.19 0.0% 32.4% 5.7 na na NEI CI 4,995 6,235 3,450 4.30 -0.1% 24.9% na 4.4 -8.85 TRITURAF 490 490 490 0.86 0.0% 0.0% na na na

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates Egypt Economic news • .Business activity in Egypt's private sector excluding oil 1.2 1– year Equity market trend grew in August at the fastest pace of 2015 on the back of solid growth in output. The Emirates NBD Egypt Purchas- 1.0 ing Managers' Index rose to 51.2 in August, up from 49.2 the previous month. A reading above 50 indicates ex- pansion and below 50, contraction. In our view, the rise in 0.8 the output component to an 11-month high was particu- larly notable, and hopefully suggests that the slowdown 0.6 witnessed in July will not persist through H2-15. Sep -14 Nov -14 Jan -15 Mar -15 May -15 Jul -15 Reuters EGYPT MSCI AFRICA

• Egypt will hold a long-awaited parliamentary election, Index Performance EGYPT starting on Oct. 18-19 , the election commission said last Current 7236.54 week. Egypt has been without a parliament since June W eek Change -0.81% 2012 when a court dissolved the democratically elected Gainers (no) 13 main chamber, dominated by the now-banned Muslim Losers (no) 17 Brotherhood, reversing a major accomplishment of the Market Breadth 0.8 2011 uprising that toppled autocrat Hosni Mubarak. A 52 wk High 10066.11 second round of voting in the two-phase election will take place on Nov. 22-23, the election commission told a 52 wk Low 6640.94 news conference while voting for Egyptians abroad will Top Gainers Price % Change take place on Oct. 17-18. Ezz Steel 9.4 10.2% Reuters Pioneers Holding for Financial Inv estmen 7.45 8.8% Corporate news South Valley Cement 3.86 4.9% Elsaeed Contracting & Real Estate Invest 1.06 3.9% • Egypt's El Sewedy Electric lifted second-quarter net profit Oriental Weavers 9.66 3.2% to 537.38 million Egyptian pounds ($68.63 million) from 103.62 million pounds a year earlier, it said in a bourse Top Losers Price % Change statement last week. The company also reported reve- Arabian Cement Co 12.5 -10.0% nue of 7.1 billion pounds, against 4.2 billion pounds in the Amer Group Holding 0.8 -5.9% same period last year. Palm Hills Developments SAE 1.94 -4.9% Reuters Arabia Investments Development Financial0.99 -4.8% Global Telecom Holding SAE 1.99 -4.8%

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods Arab Cotton Ginning 2.5 5.6 2.3 83.17 -9.6% -35.4% 51.1 0.4 80.7% Eastern Tobacco 206.1 244.0 155.6 1315.46 -4.6% -5.9% 12.0 2.0 17.74 Egypt for Poultry 1.4 4.4 1.3 8.45 -10.5% -48.1% 70.7 0.7 1.10 Juhayna Food Industries 8.4 11.8 7.4 985.49 1.9% -13.7% 35.2 3.4 9.82 Oriental Weavers 9.7 15.4 8.4 554.96 -1.5% -20.0% 2.8 0.2 10.99 Financials Amer Group Holding 0.8 1.4 0.8 459.85 -6.6% -38.3% 17.6 2.0 12.55 Arab Real Estate Investment Co SAE 0.7 1.3 0.6 20.76 -8.1% -37.7% 101.4 0.5 0.46 Arabia Investments Development Financial 1.0 2.0 0.9 111.28 -5.5% -42.8% na na na Beltone Financial Holding Co SAE 2.7 7.7 1.9 55.89 -13.4% -62.8% na 2.1 na Commercial International Bank Egypt SAE 49.5 59.2 43.6 5799.00 2.6% 0.6% 10.6 3.1 30.62 Egypt Kuwait Holding Co SAE 0.6 1.0 0.6 74.73 0.0% -20.0% 13.2 0.7 5.56 Egyptian Financial Group-Hermes Holding 8.1 17.4 7.6 673.24 -5.5% -40.3% 8.9 0.5 6.02 Egyptians for Housing & Development Co 3.1 7.5 2.8 35.94 -9.6% -49.5% 204.7 1.0 0.55 EL Shams Housing & Urbanization SAE 2.7 7.0 2.5 34.72 -9.5% -49.6% 8.2 1.4 18.50 Heliopolis Co for Housing and Constructi 39.0 72.3 36.7 553.94 -4.8% -32.8% na 9.2 na Medinet Nasr Housing 20.0 32.1 17.8 630.35 -7.4% -16.6% na 6.2 na Palm Hills Developments SAE 1.9 3.9 1.8 532.47 -3.3% -44.4% 6.0 0.8 13.21 Pioneers Holding for Financial Investmen 7.5 16.0 6.1 637.40 -6.7% -41.1% 6.9 1.2 9.75 Prime Holding for Financial Investments 2.1 5.7 1.9 19.43 -7.0% -53.9% 52.3 0.4 5.86 Six of October Development & Investment 9.1 18.7 8.3 389.40 -0.4% -37.5% 9.9 1.0 5.98 Talaat Moustafa Group 7.3 12.2 6.5 1888.90 -1.0% -27.3% 20.4 0.6 2.76 Industrial Egyptian Electrical Cables 0.9 1.7 0.8 57.03 2.2% -26.2% na 0.8 na Elsaeed Contracting & Real Estate Invest 1.1 2.3 0.9 63.86 -3.8% -32.9% 4.3 0.8 10.46 ElSwedy Electric Co 40.0 55.0 37.0 1140.91 -7.8% -4.0% 10.3 1.6 16.05 Materials Arabian Cement Co 12.5 19.0 12.5 604.40 -7.3% -26.3% 12.1 3.6 na Ezz Steel 9.4 19.5 7.2 648.48 3.0% -33.1% na 1.2 -15.86 South Valley Cement 3.9 9.6 3.4 239.83 -9.1% -47.1% 13.6 0.6 4.50 Telecommunication Global Telecom Holding SAE 2.0 5.5 1.8 1325.99 -2.8% -51.4% na 40.2 na Orascom Telecom Media And Technology Hol 0.7 1.5 0.6 455.39 -6.8% -48.5% 47.9 0.5 -0.03 Telecom Egypt Co 6.9 15.4 6.4 1499.38 -8.8% -42.3% 8.0 0.4 5.39

Source: Bloomberg, United Capital Research

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Ghana Economic news • Revenues and grants received by Ghana's government in the first 1.2 1– year Equity market trend half of this year were 5.4% above target , Finance Minister Seth Terk- per said last week. The cash fiscal deficit over the same period 1.0 stood at 2.3% of GDP against a target of 3.4%, he said. Ghana is following an International Monetary Fund aid programme to re- store fiscal stability and kick start growth, which has been slow. 0.8 Reuters

0.6 • Ghana's Cocobod has paid back a $1.7 billion loan it received Sep -14 Nov -14 Jan -15 Mar -15 May -15 Jul -15 from international lenders last year , its spokesman said last week, putting to rest fears of default by the regulator due to this year's GHANA MSCI AFRICA dismal harvest. Noah Amenyah, head of public affairs, said Coco- bod retired the loan before the deadline last week. Ghana, the Index Performance GHANA world's second-largest cocoa producer after Ivory Coast, is experi- Current 2100.67 encing a poor cocoa harvest this year with output down 23% over Week Change 0.49% last year due to harsh weather and poor agronomic practices. Reuters Gainers (no) 1 Losers (no) 9 • The International Monetary Fund's board last week approved a Market Breadth 0.1 second disbursement to Ghana under an aid deal and urged the 52 wk High 2389.8 government to adhere to the programme's terms to stabilize the 52 wk Low 2100.42 economy. Ghana was one of Africa's fastest growing economies, with exports of gold, cocoa and oil, but since 2013 its economy has Top Gainers Price % Change endured a stubborn deficit, inflation above government forecasts, and a debt-to-GDP ratio of nearly 70 percent. The West African Unilever Ghana Ltd 7.41 0.1% country entered the $918 million programme in April and the board approved the $116.6 million disbursement after a positive first re- view conducted at staff level in June. Reuters

Top Losers Price % Change SIC Insurance Co Ltd 0.13 -13.3% Ecobank Transnational Inc 0.31 -8.8% Ghana Oil Co Ltd 1.78 -6.3% Guinness Ghana Breweries Ltd 2.2 -6.0% Societe Generale Ghana Ltd 0.87 -3.3%

Source: Bloomberg, United Capital Research

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods Benso Oil Palm Plantation Ltd 4.2 5.0 3.6 36.6 0.0% 1.5% 11.8 2.6 24.97 FAN Milk Ltd 6.0 6.0 4.9 176.0 0.0% 14.1% 21.4 7.2 38.00 Guinness Ghana Breweries Ltd 2.2 3.2 2.0 117.6 0.0% -31.3% na 4.3 -33.32 Mechanical Lloyd Co Ltd 0.2 0.3 0.2 2.0 0.0% -42.9% na 0.2 -9.63 Produce Buying Co Ltd 0.1 0.1 0.1 12.1 0.0% -16.7% na 3.4 -94.51 PZ Cussons Ghana Ltd 0.3 0.4 0.2 14.4 0.0% 13.3% na 1.6 -3.88 Unilever Ghana Ltd 7.4 15.8 7.3 117.1 0.0% -30.7% 48.7 8.5 71.99 Financials CAL Bank Ltd 0.9 1.2 0.8 117.8 0.0% -15.8% 2.9 1.1 42.51 Ecobank Ghana Ltd 8.0 9.2 7.0 593.1 0.0% 5.3% 6.5 3.1 53.61 Ecobank Transnational Inc 0.3 0.4 0.2 1,886.7 0.0% 18.1% 4.7 0.6 15.40 Ghana Commercial Bank Ltd 4.0 5.9 4.0 268.7 0.0% -24.3% 3.4 1.4 49.13 Ghana Oil Co Ltd 1.8 1.9 1.0 113.5 0.0% 69.5% 22.2 5.8 29.61 HFC Bank Ghana Ltd 1.3 1.8 1.2 98.5 0.0% -12.7% 6.8 1.6 28.10 SIC Insurance Co Ltd 0.1 0.5 0.1 6.4 0.0% -64.9% 4.8 0.3 6.74 Societe Generale Ghana Ltd 0.9 1.1 0.7 80.8 0.0% -4.3% 6.4 1.4 23.97 Standard Chartered Bank Ghana Ltd 16.7 21.3 16.7 488.0 0.0% -17.9% 11.5 3.4 34.08 Total Petroleum Ghana Ltd 5.4 6.2 5.3 152.7 0.0% -11.5% 18.9 5.2 29.17 UT Bank Ltd 0.1 0.3 0.1 11.5 0.0% -60.0% na 0.4 -20.82

Source: Bloomberg, United Capital Research

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Kenya Economic news • August inflation eases, offering Kenya’s economy much-needed

kick . The Kenya National Bureau of Statistics (KNBS) says overall 1.2 1– year Equity market trend inflation rate slowed down to 5.84 per cent in August, down from 6.62 per cent a month earlier. This now becomes the lowest infla- 1.0 tion since February. The lowest inflation this year was recorded in January where the cost of living stood at 5.61 per cent. KNBS Di- rector General, Zachary Mwangi, says between July and August, 0.8 food and non-alcoholic drinks’ index decreased by 0.26 per cent. “This was mainly due to favourable weather conditions, which 0.6 prevailed in recent months and the main reason for decreases in Sep -14 Nov -14 Jan -15 Mar -15 May -15 Jul -15 prices of several food items,” Standard Digital

KENYA MSCI AFRICA

Corporate news Index Performance KENYA • Kenya's I&M Holdings says plans to buy Giro Commercial Bank. Current 144.04 Kenya's I&M Holdings said it planned to buy a locally-owned Giro Week Change 0.49% Commercial Bank for an undisclosed amount. I&M Holdings, 25 Gainers (no) which has stakes in banks in Kenya, Tanzania, Rwanda and Mauri- Losers (no) 14 tius, plans to merge Giro with its subsidiary I&M Bank, it said in a Market Breadth 1.8 statement. The transaction is subject to approval from the central bank, the Capital Markets Authority and the Competition Author- 52 wk High 177.51 ity of Kenya, and Giro's shareholders, it said. At the end of the first 52 wk Low 137.51 half of 2015, I&M Holdings had assets worth 189.3 billion shillings ($1.79 billion), while Giro Commercial Bank had assets worth 16.21 Top Gainers Price % Change billion. The government sought to encourage mergers in the sec- Uchumi Supermarkets Ltd 10 22.7% tor by calling for an increase in the minimum core capital for commercial banks. But parliament rejected that proposal last Kenya Electricity Generating Co8.35 Ltd 11.3% month, saying it would hurt the banking industry's growth. Equity Group Holdings Ltd/Kenya42.25 9.7% Reuters Bamburi Cement Co Ltd 167 8.4%

Centum Inv estment Co Ltd 52 8.3% • Kenya Airways gets $240 mln in loans from government, Afrexim- bank. Kenya has provided a 4.2 billion shilling ($40 million) loan to Top Losers Price % Change loss-making Kenya Airways , the country's finance minister said, while African Export-Import Bank (Afreximbank) has approved a Olympia Capital Holdings Ltd 4.05 -17.3% $200 million bridging loan for the airline. The money is needed to Kapchorua Tea Co Ltd 180 -15.9% support Kenya's national carrier, which has not made a profit in SASINI Ltd 15.2 -14.8% three years because the country's tourism industry has suffered East African Cables Ltd 11.55 -11.2% fallout from a number of Islamist militant attacks. The airline, part- Ev eready Ltd 3 -9.1% owned by Air France-KLM, also has rising debts from new plane purchases and its losses for the year to March increased to 29.7 Source: Bloomberg, United Capital Research billion shillings from a 4.86 billion shillings a year earlier. Kenya has estimated the carrier will need a $500-600 million bail- out but a precise figure will depend on a turnaround plan being prepared by McKinsey and Seabury consultants. Reuters

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco Kenya Ltd 740.0 1050.0 650.0 697.46 -10.0% -18.5% 17.4 9.1 54.21 Car & General Kenya Ltd 39.0 62.0 37.3 14.74 0.0% -27.8% 5.9 0.6 10.18 Eaagads Ltd 30.0 100.0 29.8 9.09 -7.7% -28.6% 120.0 1.8 1.82 East African Breweries Ltd 277.0 355.0 243.0 2,064.51 -8.5% -10.1% 24.6 16.0 78.84 Eveready East Africa Ltd 3.0 5.4 2.7 5.94 -5.7% -18.9% na 2.9 -57.81 Kakuzi 310.0 383.0 165.0 57.27 -0.9% 72.2% 37.9 2.0 5.44 Kapchorua Tea Co Ltd 180.0 342.0 115.0 6.64 -1.8% 31.4% na 0.5 -1.62 Marshalls East Africa Ltd 12.5 13.6 8.2 1.70 0.0% 27.6% na 0.6 -32.64 Mumias Sugar Co Ltd 1.7 3.9 1.4 25.96 -5.3% -7.7% na 0.3 -22.62 Nation Media Group Ltd 163.0 320.0 157.0 289.65 -7.3% -38.0% 13.5 3.2 24.64 Sameer Africa Ltd 4.1 7.5 4.0 10.76 -3.6% -31.7% na 0.4 -2.57 SASINI Ltd 15.2 19.5 11.5 32.67 2.3% 18.3% 146.5 0.3 0.26 Scan Group Ltd 34.0 52.0 30.3 121.41 -10.7% -24.9% 22.7 1.5 6.83 Standard Group Ltd 37.5 47.5 30.0 28.89 -2.6% 7.9% 44.6 1.5 3.41 TPS Eastern Africa Ltd 30.0 40.0 29.0 51.51 -5.1% -18.9% 22.2 0.6 2.59 Uchumi Supermarkets Ltd 10.0 14.0 6.4 34.40 8.7% -0.5% 7.1 0.8 12.23 Unga Group Ltd 41.5 56.5 30.0 29.26 -3.6% 3.1% 10.0 1.0 11.01 Williamson Tea Kenya Ltd 389.0 435.0 240.0 32.10 0.0% 56.9% na 0.7 18.41 Energy na KenolKobil Ltd Group 8.4 10.5 7.6 115.13 0.0% -4.6% 5.4 1.5 30.05 Total Kenya Ltd 20.0 32.0 18.0 118.66 -6.9% -16.7% na 0.2 -1.73 Financials Barclays Bank of Kenya Ltd 13.0 18.0 12.5 665.50 -7.2% -22.2% 8.1 1.9 24.81 British-American Investments Co Kenya Lt16.2 40.0 14.0 295.06 -10.9% -45.7% na 1.5 1.69 Centum Investment Co Ltd 52.0 84.5 45.0 329.27 -7.7% -13.9% 5.3 0.9 27.12 CFC Stanbic Holdings Ltd 94.0 140.0 85.5 350.24 -6.3% -24.2% 9.0 1.1 19.52 CIC Insurance Group Ltd 6.7 12.4 6.0 163.93 -8.8% -30.7% 15.7 2.4 16.84 Co-operative Bank of Kenya Ltd/The 18.0 23.3 16.0 847.91 -9.5% -8.0% 9.2 1.9 22.44 Diamond Trust Bank Kenya Ltd 200.0 280.0 180.0 456.38 -3.5% -14.9% 9.9 1.6 21.13 Equity Group Holdings Ltd/Kenya 42.3 63.0 36.5 1,491.93 -3.8% -14.5% 8.8 2.4 30.53 Housing Finance Co of Kenya Ltd 21.5 48.1 19.0 71.41 -12.9% -46.3% 5.8 0.8 12.47 I&M Holdings Ltd/Kenya 120.0 141.0 100.0 443.76 -5.2% -2.4% 8.8 1.8 22.18 Jubilee Holdings Ltd 495.0 580.0 355.5 279.43 -3.6% 21.0% 11.3 2.1 22.04 Kenya Commercial Bank Ltd 46.8 65.5 40.0 1,325.85 -4.3% -18.4% 7.8 1.8 25.07 Kenya Reinsurance Corp Ltd 17.3 20.0 15.1 113.14 -7.8% 0.6% na 0.6 16.93 Liberty Kenya Holdings Ltd 21.0 28.0 17.9 106.03 -3.4% -9.7% 9.8 1.9 19.70 Nairobi Securities Exchange Ltd 20.5 28.0 9.5 37.60 -3.6% 0.0% na na na National Bank of Kenya Ltd 17.9 26.4 16.0 51.82 -9.2% -20.7% 3.0 0.4 14.40 NIC Bank Ltd 46.0 82.9 41.0 286.50 -13.3% -17.4% 6.8 1.3 20.37 Pan Africa Insurance Holdings Ltd 68.0 141.0 60.0 61.53 -2.2% -43.3% 7.5 1.7 24.49 Standard Chartered Bank Kenya Ltd 241.0 355.0 225.0 705.15 -8.6% -27.8% 9.1 1.9 21.08 Industrials na East African Cables Ltd 11.6 17.0 11.0 27.56 -9.1% -28.7% 10.0 1.2 12.20 Express Kenya ltd 4.5 8.5 4.0 1.50 -2.3% -27.4% 694.6 0.8 0.12 Kenya Airways Ltd 5.5 11.5 5.0 77.57 -6.6% -36.8% na na -61.41 Olympia Capital Holdings Ltd 4.1 10.9 2.5 1.53 8.9% -22.1% na 0.2 2.39 TransCentury Ltd 15.0 22.8 11.6 39.49 -6.4% -22.7% na 0.5 -24.52 Materials na ARM Cement Ltd 49.5 95.0 44.0 231.07 -16.5% -42.4% 84.6 2.8 3.24 Bamburi Cement Co Ltd 167.0 174.0 130.0 595.24 0.7% 25.2% 13.2 2.2 17.01 BOC Kenya Ltd 125.0 165.0 116.0 23.00 -7.1% 0.0% 10.6 1.4 12.01 Carbacid Investments Ltd 15.9 30.0 14.0 38.07 4.8% -27.1% 8.2 1.9 24.04 Crown Paints Kenya Ltd 70.0 175.0 33.3 46.96 4.5% 89.2% 253.0 3.7 1.46 East African Portland Cement Co Ltd 54.0 78.0 50.0 45.81 -5.3% -6.9% na 0.7 -5.61 Telecommunication Safaricom Ltd 14.6 17.9 11.1 5,513.24 -5.7% 3.9% 18.3 5.6 32.60 Utilities Kenya Electricity Generating Co Ltd 8.4 13.2 7.2 174.05 -8.0% -18.4% 6.5 0.2 3.75 Kenya Power & Lighting Ltd 15.3 18.5 12.8 283.25 -7.5% 6.6% 3.9 0.5 14.07 Umeme Ltd 19.2 23.0 16.0 293.93 0.6% -8.6% na na 23.52

Source: Bloomberg, United Capital Research

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Mauritius Economic News • Blue Economy - PM Meets Senior Director from World Bank. The 1.2 Senior Director, Environment and Natural Resources of the World Bank Group, Ms Paula Caballero, called on the Prime Minister, Sir 1– year Equity market trend Anerood Jugnauth, today at the Treasury Building in Port Louis. 1.0 The discussions between the Prime Minister and Ms Caballero were focused on the possible avenues of cooperation between the World Bank and Mauritius with regard to ways and means by 0.8 which the former could be engaged in providing assistance to support and update the existing Roadmap of the Blue Economy as per the Country Partnership Framework. Ms Caballero under- 0.6 lined that these discussions would lead to a win-win situation and Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 that both parties would ensure that there is a balance between MAURITIUS MSCI AFRICA economic growth and preservation of natural resources while promoting the Blue economy sector. All Africa

Index Performance MAURITIUS Current 1940.451 Corporate News Week Change 0.49% • Mauritius says ready to sell Britam stake seized from tycoon. Mau- Gainers (no) 7 ritius is looking to sell a 23 percent stake in Kenya's British- 7 Losers (no) American Investments Co (Britam), seized from a disgraced ty- Market Breadth 1.0 coon, a senior government official said. The Indian Ocean island 52 wk High 2175.176 nation seized Dawood Rawat's assets in early April after accusing him of running a Ponzi scheme through a Mauritian insurer, send- 52 wk Low 1922.479 ing shares of Britam down by almost a quarter. In an address to parliament this week, Finance Minister Seetanah Lutchmeenarai- Top Gainers Price % Change doo said the government hoped to secure a single buyer for the Gamma Civic Ltd 28.45 8.6% whole lot. "In fact, I can tell the House one thing, if there is a buyer SBM Holdings Ltd 0.87 3.6% for Britam at 4.5 billion rupees ($128 million), we will sell it immedi- Rogers & Co Ltd 30 2.7% ately," he said, according to a transcript of the proceedings seen Cim Financial Serv ices Ltd 8.5 1.2% by Reuters. The Mauritius government said it wants to sell the ty- Belle Mare Holding Ltd 28.75 0.9% coon's assets to compensate investors who lost cash in the al- leged Ponzi scheme. Reuters

Top Losers Price % Change Caudan Dev elopment Ltd 1.24 -4.6% INNODIS Ltd 48.9 -2.2% Mauritius Development Invest Trust5.2 Co Lt -1.9% Terra Mauricia Ltd 29.15 -1.2% ENL Land Ltd 49.5 -1.0%

Source: Bloomberg, United Capital Research

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods Alteo Ltd 33.1 37.8 29.7 297.37 0.0% -2.6% 165.5 0.63 0.38 Automatic Systems Ltd 46.0 97.0 28.8 4.59 0.0% -48.9% 11.2 3.45 34.55 ENL Land Ltd 49.5 55.0 44.0 321.85 0.0% 1.0% 15.4 0.57 4.15 Gamma Civic Ltd 28.5 50.5 24.8 106.94 0.0% -30.6% na 1.67 -6.96 INNODIS Ltd 48.9 62.0 48.9 50.67 -0.2% -12.7% 15.8 1.03 6.37 Lux Island Resorts Ltd 63.0 68.0 51.0 243.09 0.0% 5.0% 25.0 1.43 6.59 Mauritius Oil Refineries Ltd 27.0 28.5 26.5 25.35 0.0% -3.6% 21.4 2.17 10.30 New Mauritius Hotels Ltd 18.5 29.7 17.0 252.72 0.0% -30.4% 18.1 0.64 3.53 Phoenix Beverages Ltd 400.0 400.0 206.0 185.58 0.0% 73.2% 19.3 2.02 10.56 Sun Resorts Ltd/Mauritius 39.0 45.0 34.0 161.42 0.0% -13.3% na 1.04 -1.17 Energy Vivo Energy Mauritius Ltd 118.0 140.0 118.0 97.60 -1.3% -15.1% 22.4 5.30 31.29 Financials na Belle Mare Holding Ltd 28.8 30.0 24.0 49.02 2.7% 8.5% 15.5 0.63 4.50 Caudan Development Ltd 1.2 1.5 1.2 28.67 0.0% -3.9% 24.8 0.35 1.48 CIEL Ltd 6.8 7.9 6.7 302.34 0.0% -8.1% na 0.78 na Cim Financial Services Ltd 8.5 10.0 8.0 163.17 0.0% -5.6% 9.6 2.18 25.01 ENL Commercial Ltd 20.4 26.0 20.4 16.75 0.0% -21.7% 11.4 0.75 4.59 Fincorp Investment Ltd 19.5 24.0 19.0 56.85 0.0% -18.8% 12.8 0.54 4.38 Ireland Blyth Ltd 115.0 120.0 109.0 231.74 0.0% 1.8% 15.5 1.64 11.07 Mauritian Eagle Insurance Co Ltd 100.0 118.0 99.8 22.57 0.0% -8.5% 10.5 1.11 11.16 Mauritius Development Invest Trust Co Lt 5.2 6.0 4.9 62.10 0.0% -10.7% 22.6 1.30 5.71 Mauritius Union Assurance Co Ltd/The 72.0 81.6 67.2 91.58 0.0% 3.3% 19.6 1.59 8.36 MCB Group Ltd 210.0 226.0 194.8 1,410.34 -0.6% 6.1% 9.1 1.42 16.48 National Investment Trust Ltd/Mauritius 42.5 55.0 40.9 16.43 0.0% -16.3% 70.4 0.63 0.92 POLICY Ltd 6.7 8.0 6.1 42.64 -0.3% -11.2% 12.3 1.34 8.42 Promotion & Development Ltd 94.5 102.5 88.3 103.78 0.0% -2.1% 14.1 0.50 3.58 SBM Holdings Ltd 0.9 1.1 0.8 745.41 0.0% -13.7% na 1.12 na Swan Insurance Co Ltd 466.0 466.0 310.0 108.79 0.0% 39.1% 15.9 1.98 13.44 Terra Mauricia Ltd 29.2 36.5 29.0 187.10 0.0% -11.7% 14.4 0.40 2.80 United Docks Ltd 67.0 70.0 61.0 19.96 0.0% 8.1% na 0.38 -0.29 Industrials na Air Mauritius Ltd 10.5 18.0 9.4 30.30 0.0% -40.3% na 0.69 -39.05 Harel Mallac & Co Ltd 101.0 119.0 101.0 32.08 0.0% -7.8% 11.6 0.64 6.04 Rogers & Co Ltd 30.0 33.0 20.3 213.29 0.8% 15.4% 16.2 0.84 5.38 Materials Mauritius Chemical & Fertiliser Industry 22.9 28.0 21.0 14.22 0.0% -8.4% 17.1 0.66 3.88 Plastic Industry Mtius Ltd 67.0 81.0 67.0 3.78 0.0% -16.3% 7.6 1.26 17.47 United Basalt Products/The 80.0 90.0 73.5 59.82 0.0% 1.6% 30.9 0.77 2.45 Utilities Omnicane Ltd 70.0 91.5 68.8 132.32 0.0% -20.0% 21.9 0.52 2.39

Source: Bloomberg, United Capital Research

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Morocco Economic News • Morocco's Islamists win key urban posts in local elec-

1.2 tion. Morocco's ruling Islamist party won most of the 1– year Equity market trend country's key cities during Friday's local elections, fur-

1.0 ther expanding its reach after four years of leading a coalition government that undertook major fiscal re-

forms. The Justice and Development party, known by 0.8 its French acronym PJD, came to power on an anti-

corruption ticket in 2011, tapping into a desire for 0.6 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 greater freedom when "Arab Spring" protests forced MOROCCO MSCI AFRICA King Mohammed to devolve some royal powers. On

Friday, for the first time in its history, the PJD won control Index Performance MOROCCO of all of Morocco's major cities including the capital Current 266.86 Rabat, Casablanca, Tangier, Fez, Marrakesh and Week Change 0.00% Agadir. Meanwhile, its rivals fielded more candidates 52 wk High 309.20 and performed more strongly in rural areas. Reuters 52 wk Low 262.69

• Haiti - Economy: The IGF in Morocco, to take inspiration Source: Bloomberg, United Capital Research of control of public finances . As part of the coopera- tion with the upper body of control of public finances, the General Inspectorate of Finance of Morocco re- ceived a delegation of five officials of the General In- spectorate of Finance of Haiti led by Patrick Solomon his Director General. This working visit, which ended this week, allowed the delegation of the IGF Haiti to learn about the experiences, methods and procedures on control of public finances and audit of public bodies by IGF Morocco. During this mission, the General Inspectorate of Finance of Morocco organized a working program including diverse themes relating to control and audit as well as working visits to other inspection and audit bodies including: internal audit within the Ministry of Economy and Finance, the internal audit in the Ministry of Infrastructure, Transport and Logistics and the Inspectorate General of Territorial Administration of the Ministry of Interior. Haiti

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Economic News Nigeria • Nigeria's state oil company chief said last week that the firm's downstream arm, Pipelines and Products Marketing Co (PPMC),

1.2 would be split into three parts as part of an overhaul of the graft- 1– year Equity market trend ridden energy behemoth. "PPMC will be split into a pipelines company that will focus primarily on the maintenance of over 1.0 five thousand kilometers (of) pipelines, a storage company that will maintain over 23 depots and a products marketing com- 0.8 pany," Emmanuel Ibe Kachikwu, head of the Nigerian National Petroleum Corp, said in an emailed statement... Reuters 0.6 • Nigerian authorities hope to put an end to rampant oil theft in Sep -14 Nov -14 Jan -15 Mar -15 May -15 Jul -15 eight months by increasing drone and naval monitoring of terri- NIGERIA MSCI AFRICA torial waters and working with local communities, the state oil company chief said. The Niger delta has been plagued by oil Index Performance NIGERIA theft for years that has left the region heavily polluted and Current 29826.96 prompted foreign oil companies, particularly Shell, to sell on- W eek Change 2.40% shore assets. "We must eradicate oil theft in eight months ... Most Gainers (no) 64 of our product pipelines are ruptured and attacked frequently,... Reuters Losers (no) 18 • Nigeria's foreign exchange reserves were $31.43 billion on Aug. Market Breadth 3.6 27, up 1.12% from $31.08 billion a month earlier , data from the 52 wk High 41272.90 central bank showed last week. The forex reserves of Africa's top 52 wk Low 27395.73 crude exporter were down 20.65% year-on-year from $39.61 billion a year ago. The decline from $31.63 billion on Aug. 14 Top Gainers Price % Change reflects consistent dollar sales by the central bank to bureau de United Bank for Africa PLC 4.17 32.0% change operators to narrow the margin between the naira cur- Stanbic IBTC Holdings PLC 24.01 28.3% rency's official and black market rates. Reuters Ikeja Hotel PLC 3.43 26.6%

Trans-Nationwide Express PLC 1.07 24.4% Corporate News Diamond Bank PLC 3.74 23.4% • Nigeria's United Bank for Africa (UBA) said its half-year pretax profit rose 35% to 39.04 billion naira ($196 million), from 28.89 Top Losers Price % Change billion a year earlier. The bank said it will pay an interim dividend Neimeth International Pharmaceuticals1.02 PL -17.1% of 0.20 naira. Gross earnings also rose to 166.94 billion naira com- Conoil PLC 28.55 -14.2% pared with 138.22 billion naira the previous year, the bank said in E-Tranzact International PLC 2.34 -13.7% a statement without stating reasons for the jump in earnings. Cadbury Nigeria PLC 25.79 -9.7% Reuters Computer W arehouse Group Plc 2.67 -9.5%

Source: Bloomberg, United Capital Research

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52-Week 52-Week MKT. CAP YTD Price High Low (US$MN) WTD Return Return P/E (x) P/BV (x) ROE (%) Agriculture Livestock Feeds PLC 1.7 3.2 1.5 17.2 -6.9% -25.0% 13.5 1.7 13.7 Okomu Oil Palm PLC 23.8 35.6 18.7 113.8 -9.7% -6.3% 11.4 0.8 7.9 Presco PLC 31.0 37.5 20.9 155.7 -3.1% 26.5% 11.4 1.5 13.7 Conglomerates na Transnational Corp of Nigeria PLC 2.4 6.7 1.9 474.7 -10.6% -24.9% na 1.7 -3.3 UAC of Nigeria PLC 35.0 60.0 26.0 337.8 -9.7% 2.9% 13.9 1.5 11.5 Consumer Goods na 7UP Bottling Co PLC 190.2 197.9 128.3 612.1 -0.5% 15.0% 17.1 5.1 34.5 Cadbury Nigeria PLC 25.8 57.8 25.8 243.4 0.0% -35.5% 1153.4 4.8 0.0 Champion Breweries PLC 4.6 16.5 3.8 180.9 -1.4% -34.1% na 5.6 na Dangote Flour Mills PLC 3.0 7.3 2.7 74.1 -6.3% -35.2% na 1.5 -47.1 Dangote Sugar Refinery PLC 6.6 8.9 4.7 399.1 20.8% 4.3% 7.1 1.5 na Flour Mills of Nigeria PLC 22.0 65.6 22.0 410.9 -8.3% -43.6% 7.9 0.7 8.6 Guinness Nigeria PLC 128.0 215.0 106.0 968.4 6.7% -23.9% 110.6 4.2 6.5 Honeywell Flour Mill PLC 2.5 4.2 2.3 98.4 -7.5% -28.6% 17.5 1.0 5.5 International Breweries PLC 17.8 32.0 16.2 293.9 -7.9% -24.0% na 4.6 na National Salt Co Nigeria PLC 6.1 10.0 5.2 81.2 -13.3% -1.9% 8.8 na na Nestle Nigeria PLC 850.0 1102.5 743.0 3,384.8 -14.3% -16.0% 34.9 21.8 59.9 Nigerian Breweries PLC 124.5 185.0 108.1 4,959.4 -3.6% -24.7% 24.1 6.0 30.0 PZ Cussons Nigeria PLC 25.3 35.0 16.6 504.3 -26.6% 6.2% 24.6 2.4 9.9 Unilever Nigeria PLC 44.1 50.6 27.0 838.2 0.0% 23.2% 163.3 23.2 15.2 Energy na Conoil PLC 28.6 61.0 28.6 99.5 0.0% -25.1% 23.8 1.1 18.2 Eterna PLC 1.7 4.1 1.7 11.2 -7.9% -42.6% 1.7 0.3 16.6 Forte Oil PLC 235.0 252.0 141.7 1,537.7 9.3% 23.7% 120.6 26.2 18.6 Mobil Nigeria PLC 150.0 180.1 136.3 271.7 -0.8% -5.1% 4.3 3.8 95.6 MRS Nigeria PLC 49.7 56.0 47.2 63.4 0.0% -6.7% 28.2 0.6 2.2 Oando Plc 11.7 27.0 9.1 707.4 -3.4% -27.4% na 0.5 3.9 SEPLAT Petroleum Development Co Plc 226.0 680.0 221.4 628.3 -0.2% -39.1% 2.3 0.4 23.6 Total Nigeria PLC 150.5 188.9 134.1 256.7 -1.9% 5.6% 12.1 3.6 25.1 Financials na Access Bank PLC 5.1 9.3 4.0 733.9 -0.4% -23.5% 2.3 0.4 18.4 Africa Prudential Registrars PLC 2.7 3.6 2.3 26.9 -6.7% -11.8% 4.4 1.2 27.5 AIICO Insurance PLC 0.9 1.2 0.7 30.6 -3.6% 8.6% na 0.5 20.1 Continental Reinsurance PLC 0.9 1.1 0.8 45.3 -2.4% -14.7% 10.9 0.7 5.8 Custodian and Allied Insurance PLC 4.0 4.4 3.1 118.2 0.0% 10.5% na 0.9 na Diamond Bank PLC 3.7 6.6 2.7 435.2 1.0% -33.0% 3.8 0.4 10.5 Ecobank Transnational Inc 18.0 23.0 13.1 2,176.8 -5.3% 3.3% 5.1 0.7 17.2 FBN Holdings Plc 6.5 13.7 5.2 1,179.4 1.2% -18.3% 2.7 0.4 16.7 FCMB Group Plc 2.5 4.6 1.9 250.7 0.0% 1.2% 2.4 0.3 13.4 Fidelity Bank PLC 1.5 2.3 1.1 209.6 4.8% -11.1% 3.0 0.2 8.1 Guaranty Trust Bank PLC 24.4 31.9 16.7 3,621.0 -1.2% -2.7% 6.4 1.9 30.5 Mansard Insurance PLC 2.4 3.7 2.0 127.7 -9.5% -24.4% 21.0 1.6 7.3 NEM Insurance PLC 0.6 1.0 0.5 17.0 -1.5% -1.5% 2.2 0.6 28.9 Skye Bank PLC 2.4 3.0 1.6 167.4 17.6% -5.3% 2.7 0.2 9.7 Stanbic IBTC Holdings PLC 24.0 34.9 17.5 1,223.3 3.9% -9.4% 10.8 2.2 19.9 Sterling Bank PLC 2.1 2.5 2.0 303.7 -5.1% -17.3% 6.0 0.7 11.7 UBA Capital PLC 1.4 2.2 1.1 42.2 -3.9% -14.6% 4.3 0.9 21.0 Union Bank of Nigeria PLC 6.7 11.7 5.7 571.8 -5.1% -20.9% 4.5 0.5 12.5 United Bank for Africa PLC 4.2 7.4 2.9 758.2 -1.9% -3.3% 2.4 0.5 20.0 Unity Bank PLC 1.5 5.0 1.3 86.9 -13.0% -70.4% 0.8 0.2 20.5 Wapic Insurance PLC 0.5 0.8 0.5 33.6 0.0% -21.9% na 0.5 na Wema Bank PLC 1.0 1.1 0.8 188.5 11.3% -1.0% 15.8 0.9 5.6 Zenith Bank PLC 16.0 25.5 13.7 2,523.7 -5.9% -13.1% 4.8 0.9 20.2 Health Care na Evans Medical PLC 0.6 2.3 0.5 2.4 -9.0% -71.9% na 2.3 137.5 Fidson Healthcare PLC 3.2 3.9 2.8 24.1 -5.1% -17.9% 7.6 0.8 11.5 GlaxoSmithKline Consumer Nigeria PLC 35.0 52.8 32.0 210.3 -4.2% -12.5% 32.7 3.3 10.5 MAY & Baker Nigeria PLC 1.3 2.0 1.2 6.5 -5.4% -16.5% 20.4 0.4 2.1 Neimeth International Pharmaceuticals PL 1.0 1.6 0.6 8.0 -4.7% 30.8% na 1.0 -13.4 Industrials na Chemical and Allied Products PLC 37.1 44.0 34.0 130.3 -9.6% -1.2% 15.6 22.0 135.8 Dangote Cement PLC 168.9 229.0 139.1 14,459.4 -4.0% -15.6% 15.3 4.7 33.2 Lafarge Africa PLC 97.0 131.3 66.5 2,219.7 -2.5% 20.5% 11.1 2.4 28.9 Portland Paints & Products Nigeria PLC 3.6 5.5 3.3 7.2 -13.7% -8.5% na 1.5 na

Source: Bloomberg, United Capital Research

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South Africa Economic News • South Africa's petrol pump price to drop 5.2 pct in Sept. The retail price of petrol in South Africa will decrease by 5.2 % from Sept. 2, while wholesale diesel will go down by 4.9%, 1.2 the energy department said last week. In a statement, the 1– year Equity market trend department said petrol would cost 12.57 rand ($0.95) in the commercial hub of Gauteng province, while diesel would be 10.41 rand. The government adjusts the price of fuel 1.0 every month, factoring in global oil prices and the rand ex- change rate… Reuters

0.8 • South Africa Imposes 10% Import Tariff on Some Steel Prod- ucts. South Africa introduced tariffs on some steel imports after producers in the country including ArcelorMittal South Africa Ltd. committed to avoid increasing prices or cutting 0.6 jobs. A 10% levy will apply to imports of galvanized steel, Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 aluminum-zinc coated steel and color-coated steel, the South Africa MSCI AFRICA Department of Trade and Industry said in an e-mailed state- ment last week. AMSA, as the local unit of ArcelorMittal is known, and Safal Steel (Pty) Ltd. “commit to no retrench- ments in these production lines over the next three years,” Index Performance SOUTH AFRICA the department said in the statement. The state “will initiate an immediate review of the tariff dispensation in the event Current 48842.66 of default… Bloomberg Week Change -0.53% • S.Africa's economy contracts, weakens case for rate hikes. Gainers (no) 50 South Africa's economy contracted for the first time in more Losers (no) 109 than a year during the second quarter of 2015, signalling continued strain that could inhibit the central bank from 0.5 Market Breadth raising interest rates further. Gross domestic product in Af- 52 wk High 55355.12 rica's most industrialised economy declined by 1.3% in the second quarter after rising 1.3% in the first three months of 52 wk Low 46068.08 the year, Statistics South Africa said.

Corporate News Top Gainers Price % Change • South Africa's Sanlam in talks about acquisition in Angola. Aveng Ltd 549 13.2% Sanlam has started talks about a potential acquisition in Angola, the company's senior official told Reuters this week, KAP Industrial Holdings Ltd 688 10.8% as South Africa's largest insurer look for new streams of in- AfroCentric Investment Corp Ltd 520 9.5% come to offset slowing growth at home. "At this very mo- ment, we are in discussions in Angola," said Heinie Werth, Grindrod Ltd 1524 8.9% head of Sanlam's emerging markets unit. "Angola was al- Pallinghurst Resources Ltd 415 8.4% ways on our radar." Sanlam, which has businesses in several other countries such Ghana and Nigeria, has been bulking up its presence elsewhere in Africa, where rapid economic growth has increased the number of people with money to Top Losers Price % Change spend on insurance to protect their wealth … Reuters Lonmin PLC 531 -25.4% • ArcelorMittal South Africa Ltd 950 -18.9% Volkswagen to spend $343 mln on South African factory revamp . German carmaker Volkswagen plans to spend 4.5 Mr Price Group Ltd 20400 -13.0% billion rand ($343 million) to upgrade its factory in South Af- Sanlam Ltd 5680 -12.3% rica and improve its supplier base, it said last week. Most of the money would be used to revamp its factory in Uiten- Harmony Gold Mining Co Ltd 1020 -12.1% hage in Eastern Cape province to produce new models, Thomas Schaefer, head of Volkswagen's South African unit, said. VW has been pushing for greater scale under Chief Source: Bloomberg, United Capital Research Executive Martin Winterkorn's eight-year reign, propelled by adding brands and factories and roaring sales in China. VW is the second-biggest auto maker by sales in South Africa after Toyota. Its vehicles are sold domestically as well as exported to the rest of Africa… Reuters

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco PLC 71,785.0 76,904.0 58,500.0 96,054.0 -2.0% 13.7% 15.6 10.5 70.1 Cie Financiere Richemont SA 10,062.0 11,069.0 8,600.0 41,502.0 0.4% -4.0% na na 10.1 Mr Price Group Ltd 20,400.0 28,380.0 18,690.0 3,895.0 2.7% -13.3% 22.1 10.2 51.2 Naspers Ltd 164,420.0 202,997.0 113,001.0 49,563.0 6.6% 8.5% 91.8 8.6 19.1 SABMiller PLC 62,822.0 68,907.0 55,403.0 72,876.8 -2.5% 3.7% 21.9 3.1 13.3 Shoprite Holdings Ltd 15,649.0 19,180.0 13,059.0 6,438.7 2.5% -6.9% 20.3 4.7 22.7 Steinhoff International Holdings Ltd 7,779.0 8,050.0 4,963.0 20,639.6 5.3% 31.0% 17.4 1.9 11.7 Tiger Brands Ltd 29,000.0 40,086.0 26,732.0 3,998.0 5.5% -21.2% 16.1 3.9 21.1 Woolworths Holdings Ltd/South Africa 9,460.0 10,392.0 6,494.0 6,509.5 0.7% 22.9% 25.6 6.2 28.9 Energy Sasol Ltd 42,389.0 64,899.0 36,000.0 19,803.5 12.0% -1.6% 8.5 1.5 21.3 Financials Barclays Africa Group Ltd 16,645.0 20,371.0 15,152.0 10,115.6 0.4% -8.6% 10.3 1.7 17.1 Capitec Bank Holdings Ltd 47,288.0 58,000.0 22,924.0 3,914.7 5.7% 38.8% 21.4 4.8 24.2 FirstRand Ltd 5,000.0 5,847.0 4,027.0 20,073.0 3.4% -1.3% 13.8 3.3 25.1 Investec Ltd 10,558.0 11,971.0 8,578.0 6,931.0 1.3% 8.2% 12.6 1.3 6.6 Investec PLC 10,665.0 12,093.0 8,515.0 6,755.1 1.4% 9.9% 20.6 1.3 5.9 Nedbank Group Ltd 21,801.0 27,450.0 21,100.0 7,731.1 1.0% -12.4% 9.6 1.6 16.0 Old Mutual PLC 3,916.0 4,554.0 2,925.0 13,856.7 0.7% 13.0% 12.5 1.3 8.4 RMB Holdings Ltd 6,304.0 7,399.0 5,279.0 6,376.1 4.8% -2.1% 13.1 2.7 21.3 Sanlam Ltd 5,680.0 8,217.0 5,600.0 8,852.7 7.1% -18.6% 13.1 2.7 20.3 Standard Bank Group Ltd 13,720.0 17,700.0 12,371.0 15,964.3 1.8% -4.1% 11.3 1.6 16.7 Health Care Aspen Pharmacare Holdings Ltd 32,575.0 44,868.0 30,600.0 10,673.9 0.2% -19.7% 28.8 4.8 19.8 Mediclinic International Ltd 10,350.0 13,151.8 8,179.0 7,247.2 7.2% 4.9% 21.8 2.8 15.2 Industrials Bidvest Group Ltd/The 31,568.0 33,869.0 27,257.0 7,619.4 2.1% 4.3% 16.8 2.8 17.3 Materials Anglo American Platinum Ltd 31,504.0 43,399.0 24,500.0 6,116.5 -1.5% -7.3% 26.6 1.6 5.1 Anglo American PLC 14,361.0 27,300.0 13,572.0 14,542.3 0.9% -32.8% na 0.7 -25.7 BHP Billiton PLC 21,721.0 31,150.3 20,130.0 88,141.6 4.7% -6.0% 24.3 1.3 2.7 Mondi Ltd 30,692.0 32,310.0 16,271.0 10,747.1 2.9% 62.8% 17.8 3.4 19.2 Mondi PLC 30,890.0 32,591.0 16,157.0 10,747.1 2.0% 63.1% na na 19.2 Telecommunication MTN Group Ltd 17,475.0 26,344.0 16,110.0 23,316.9 -2.3% -20.4% 12.1 2.6 25.7 Vodacom Group Ltd 13,434.0 15,654.0 12,101.0 14,333.1 -0.7% 4.6% 15.6 8.9 56.2

Source: Bloomberg, United Capital Research

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Tunisia Economic News

• Tunisia: Dinar depreciates 1.4% vs. dollar appreciates 4.7% vs. 1.4 euro. The exchange rate of the dinar recorded a depreciation of 1% against the dollar and appreciated by 0.5% against the 1– year Equity market trend euro in July 2015, said the Central Bank of Tunisia (BCT). Price 1.2 evolution of dinar against dollar and euro In the first seven months of the year, the dinar depreciated by 5.6% against the dollar and 1.4% against the Japanese yen, while it has appreci- 1.0 ated by 4.7% versus the euro and 3.6% against the Moroccan dirham… EIN News

0.8 • 'Tunisian Economy Goes Into Technical Recession' – BCT. Tuni- sia's Gross Domestic Product (GDP) went down 0.7% in the sec- ond quarter of the current year, compared to the previous 0.6 quarter, after a 0.2% decrease in Q1, confirming the entry of Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 the Tunisian economy in technical recession, according to the monthly economic reform of the Central Bank of Tunisia (BCT). TUNISIA MSCI AFRICA In annual shift and at constant prices, GDP growth was limited to 0.7% in the second quarter of the year, against 1.7% in the Index Performance TUNISIA previous quarter and 2% in the same period last year. This slow- down is due, mainly, to the decline in value added in industry, Current 5361.69 particularly manufacturing industries (-1.7%), as well as market services (-0.1%), while non-market services have practically Week Change -0.13% kept the same pace of growth, i.e. 3.3%... allafrica.com Gainers (no) 4 • Tunisia: BCT Keeps Unchanged Key Interest Rate. The Executive Losers (no) 35 Board of the Central Bank of Tunisia (BCT), last week, decided Market Breadth 0.1 to leave unchanged the key interest rate. The Executive Board took stock of the recent developments in the international eco- 52 wk High 5781.38 nomic situation and reviewed the main domestic economic, 52 wk Low 4566.84 monetary and financial indicators. It also examined the evolu- tion of the banking sector, money and exchange market trans- actions and the relevant operations of the Central Bank, BCT Top Gainers Price % Change said last week in a press release… allafrica.com

SOTUMAG 2.17 5.3% Corporate News Servicom SA 9.87 3.9% • Tunisia: net decrease in bank deposits. Banks' liquidity needs Attijari Bank 25.2 2.0% have continued to increase month after month since March Poulina Group 5.35 1.9% 2015 and the monetary policy operations of the Central Bank of Tunisia (BCT) reached, in July, the highest level of the current year. i.e.5,978 thousand Tunisian dinars (MTD) against 5.541 in June, the Central Bank said in its monthly economic report pub- lished after its Executive Board meeting last week. For its part, Top Losers Price % Change the average interest rate on the money market recorded a slight decrease during the same month, falling to 4.78% against Societe de Production Agricole2.32 Teboulba -12.1% 4.80% in June, in connection with the interventions of the Cen- El Wifack Leasing 18.02 -8.2% tral Bank to regulate liquidity in the market… EIN News

Societe Tunisiennes de Verreries3.55 -8.0% • Abraaj Group Raises $375 Million for North Africa Investments . SFBT 22.1 -7.9% braaj Group Ltd., the Dubai-based emerging markets buyout firm, raised $375 million for its North Africa private equity fund as Banque Nationale Agricole 13.24 -6.1% investor appetite for the region gains. The closing of the new fund brings the amount that Abraaj has raised for African in- vestments to $1.4 billion this year, the company said today in an Source: Bloomberg, United Capital Research e-mailed statement. Abraaj raised $990 million for its third sub- Saharan Africa fund in April. The North Africa fund will make investments in mid-market businesses in Algeria, Morocco and Tunisia in industries including health care, education, consumer goods and logistics… Bloomberg

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52-Week 52-Week MKT. CAP WTD Price High Low (US$MN) Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Automobile reseau tunisien et services 6.5 8.1 6.2 125.44 -1.8% -19.4% 9.3 2.2 24.6 Elbene Industrie SA 2.9 4.1 2.4 14.75 0.0% -29.3% na 3.2 -42.0 Ennakl Automobiles 10.5 11.5 9.4 160.17 -1.4% 2.9% 10.3 3.6 37.2 GIF Filter SA 3.4 3.9 2.5 18.26 1.5% 3.5% 52.7 2.4 4.3 MONOPRIX 13.0 19.3 12.9 132.00 0.0% -29.1% 25.7 3.7 14.7 SFBT 22.1 29.2 13.7 1,175.62 0.0% 14.2% 18.5 6.1 36.9 Societe de Production Agricole Teboulba 2.3 3.4 2.3 15.33 0.0% -22.9% 89.8 1.5 1.9 Societe Electrostar 4.5 9.5 4.2 5.54 0.5% -35.4% na 0.9 -81.0 Societe Magasin General 27.8 33.5 26.0 162.47 0.0% -12.7% na 88.8 -16.6 Societe Tunisienne d'Equipement 5.0 10.4 3.7 3.57 0.0% -51.9% na 0.4 na SOTUMAG 2.2 2.3 1.6 13.24 -0.5% 23.3% na na na Financials Amen Bank 26.6 27.7 23.0 330.61 1.1% 1.6% 7.2 0.9 13.9 Arab Tunisian Bank 4.6 5.4 4.0 233.89 0.0% 5.3% 10.2 0.9 12.5 Arab Tunisian Lease 2.7 2.9 2.1 34.83 0.7% 1.5% na 1.0 na Assurances SALIM 20.0 26.5 17.0 26.44 0.0% -24.0% na na na Attijari Bank 25.2 28.6 17.9 509.31 0.8% 5.4% na 2.5 na Attijari Leasing SA 24.5 29.5 19.2 26.47 -2.0% -6.9% 8.7 1.4 16.9 Banque de l'Habitat 12.6 16.6 7.2 179.53 0.0% 69.2% 38.5 0.7 1.8 Banque de Tunisie 10.4 11.1 10.2 794.73 0.1% -1.2% 17.7 2.5 14.5 Banque International Arabe de Tunis 80.2 86.0 62.2 693.24 -0.4% 2.8% 11.7 2.0 18.0 Banque Nationale Agricole 13.2 15.2 6.2 215.43 -0.1% 74.2% 22.1 0.7 3.1 BTEI 19.3 25.2 19.2 44.18 0.0% -22.4% 39.9 0.6 1.5 Cie d'Assurances et de Reassurances ASTR 50.6 57.8 50.6 102.95 0.0% -7.3% 17.4 2.1 12.2 Cie Internationale de Leasing 14.7 15.0 12.1 37.37 0.0% 9.8% 8.1 1.3 15.7 El Wifack Leasing 18.0 19.6 14.2 36.65 0.0% 10.9% 16.5 1.7 10.2 Essoukna 4.7 6.5 4.7 12.07 -1.1% -25.3% 7.6 0.7 9.6 Modern Leasing Immeuble Assurances SALIM 4.3 6.0 3.8 8.70 0.0% -18.9% na na 14.2 Poulina Group 5.4 5.7 4.9 489.68 0.0% -4.8% 14.3 1.7 12.6 Societe Immobiliere et de Participations 43.0 57.0 41.8 21.86 -1.6% -21.8% 10.0 0.6 6.2 Societe Immobiliere Tuniso Seoudienne 2.1 2.7 1.7 16.66 0.0% 6.1% 9.4 1.1 12.0 Societe Tunisienne de Banque 5.8 6.7 3.3 458.22 -0.7% 45.8% na na na STAR 178.0 185.0 135.9 208.86 0.0% 22.5% 7.4 1.3 19.7 Tunis Re 8.1 10.0 6.8 82.37 -0.6% -10.2% na 1.4 na Tunisie Leasing SA 20.4 23.0 17.7 93.35 0.0% -1.5% 14.0 1.2 8.8 UBCI 25.7 30.5 25.0 261.37 0.0% 1.2% 17.7 1.7 10.3 Union Internationale de Banques SA 16.0 18.0 10.0 281.16 0.1% 8.5% 7.5 1.0 31.6 Health Care Accumulateur Tunisienne Assad 6.2 9.1 6.2 37.83 -1.3% -22.5% 10.0 1.7 18.2 ADWYA SA 7.5 8.6 6.3 60.41 -1.8% -8.3% 19.3 3.6 21.1 Industrials Servicom SA 9.9 19.4 9.5 17.75 0.0% -30.7% 18.5 2.9 17.0 SIPHAT 6.4 10.6 6.4 5.86 0.0% -25.6% na 0.4 -4.5 Societe Industrielle d'Appareillage et d 2.4 2.8 2.0 17.35 0.0% 5.7% 19.9 1.5 7.9 Societe Moderne de Ceramiques 2.8 3.1 2.2 44.69 0.7% 12.4% 17.1 1.5 9.1 Societe Tunisienne de L'Air 0.8 1.2 0.8 43.20 0.0% -29.2% na 0.4 -65.2 Tunisie Profiles Aluminium SA 3.7 4.5 3.7 83.97 -1.1% -14.7% 15.6 1.7 10.9 Information Technology Telnet Holding 4.2 5.8 4.0 23.49 -0.5% -19.1% na na na Materials Air Liquide Tunisie 178.9 268.0 178.9 110.18 -1.0% -23.9% 27.9 4.8 17.4 Carthage Cement 1.4 3.0 1.4 124.28 -0.7% -41.3% na 0.9 -9.2 Industries Chimiques du Fluor 26.2 38.5 26.2 27.98 0.0% -31.0% na na na Societe Chimique ALKIMIA 46.6 60.0 46.6 46.09 -2.0% -21.1% 5.5 1.2 22.0 Societe Ciments de Bizerte 4.6 7.0 4.5 101.90 -1.7% -29.5% 135.6 1.5 -0.4 Societe Tunisiennes de Verreries 3.6 5.4 3.5 42.31 -2.7% -27.7% na na na Telecommunication SOTETEL 1.6 3.6 1.6 3.73 -2.5% -54.2% 8.1 0.3 0.0

Source: Bloomberg, United Capital Research

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Zimbabwe Economic News • Mugabe Asks for Western Involvement in Zimbabwean Economy .

1.2 Zimbabwean President Robert Mugabe said last week that he welcomed western re-engagement in his country’s economy, the 1– year Equity market trend first such statement in a decade and a half of strained relations 1.0 with the U.S. and Europe. Giving his State of the Nation address in the capital, Harare, last week, Mugabe, 91, also called for strength- ening of ties with multilateral institutions, which include the Interna- 0.8 tional Monetary Fund and the World Bank. “My government values re-engagement of the western world in the Zimbabwe economy,” he said. The southern African nation owes lenders about $8.4 billion, 0.6 Finance Minister Patrick Chinamasa said Nov. 27… Bloomberg Sep -14 Nov -14 Jan -15 Mar -15 May -15 Jul -15

ZIMBABWE MSCI AFRICA • IMF sees risks to Zimbabwe's growth forecast as drought bites. The International Monetary Fund (IMF) said last week the performance of mining, agriculture and manufacturing posed risks to Zimbabwe's Index Performance ZIMBABWE growth forecast as the nation grapples with a drought and eco- Current 134.85 nomic slowdown. Zimbabwe has been struggling for five years to Week Change 0.00% recover from a catastrophic recession that was marked by billion Gainers (no) 3 percent hyperinflation and widespread food shortages, and some analysts say Zimbabwe could tip back into a downturn this year. Losers (no) 4 Last week, President Robert Mugabe - the 91-year-old, who has 0.8 Market Breadth presided over economic collapse and diplomatic isolation since he 52 wk High 201.28 came to power in 1980 - predicted a major economic take-off with 52 wk Low 134.85 China's help… Bloomberg

Corporate News Top Gainers Price % Change • Low water cuts Zimbabwe Kariba power plant output. The Zim- First Mutual Holdings Ltd 0.02 20.0% babwe Power Company (ZPC) will cut electricity generation by a Turnall 0.01 11.1% third to 475 megawatts (MW) at the Kariba hydro power plant due British American Tobacco Zimbabwe11.7 Holdin 1.3% to low water levels, the company said last week, likely worsening daily power cuts. Kariba produces half of Zimbabwe's electricity. The cut back will also affect Zimbabwe's northern neighbour Zam- bia, which draws water from Kariba Dam. The southern African country is producing a maximum 1,345 MW of power, half its peak Top Losers Price % Change demand, forcing local industries to use costly diesel generators to OK Zimbabwe 0.07 -6.4% keep operations running… Reuters Econet W ireless Zimbabwe Ltd 0.27 -3.6% • Zimbabwe: Key Shareholders Back CFI U.S.$20 Million Capital Raise . Delta Corp Ltd/Zimbabwe 0.84 -1.2% Key CFI Holdings Ltd shareholders are backing a US$20 million capi- Mashonaland Holdings Ltd 0.02 -0.5% tal-raising exercise to recapitalise the group. Hamish Rudland, a 40% equity holder in Zimre Holdings Ltd, a group that holds a major- ity stake in CFI, told businessdigest yesterday that he would follow his rights in a US$10 million rights issue. Rudland said although share- Source: Bloomberg, United Capital Research holders were pushing for a capital injection of US$20 million into CFI, the funds would be split into a US$10 million loan and a US$10 mil- lion rights offer. Asked if other shareholders are going to follow their rights, he said, while he hoped they would do so, others did not share the same vision with the local shareholders.

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52-Week 52-Week MKT. CAP WTD Price High Low (US$MN) Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods 1 African Distillers Ltd #N/A N/A 0.51 0.32 na #VALUE! #VALUE! na na 22.2 Ariston Holdings Ltd 0.00 0.01 0.00 0.01 0.0% -66.7% 5.0 0.1 3.2 British American Tobacco Zimbabwe 11.70 14.00 10.40 0.75 0.0% 4.5% 18.0 15.1 100.0 Dairibord Holdings Ltd 0.08 0.12 0.08 0.08 0.0% -6.2% 37.5 0.6 1.6 Dawn Properties Ltd 0.02 0.02 0.01 0.13 0.0% 58.1% na 0.5 2.6 Delta Corp Ltd/Zimbabwe 0.84 1.38 0.83 3.24 0.0% -17.6% 11.4 2.3 21.3 Edgars Stores Zimbabwe Ltd 0.08 0.12 0.08 0.07 0.0% -4.8% na na na Hippo Valley Estates Ltd 0.39 0.75 0.31 0.23 0.0% -29.1% 10.3 0.3 3.3 Meikles Ltd 0.11 0.17 0.07 0.08 0.0% -29.0% na 0.2 -23.6 National Foods Holdings 3.00 3.40 2.35 0.64 0.0% -11.8% 12.2 2.8 25.0 OK Zimbabwe 0.07 0.18 0.07 0.25 0.0% -39.1% 10.8 1.1 10.9 Seed Co 1.00 1.06 0.78 0.73 0.0% 3.1% 14.6 1.6 12.2 Star Africa Corp Ltd #N/A N/A 0.03 0.01 na #VALUE! #VALUE! na na na Truworths Zimbabwe Ltd 0.01 0.03 0.01 0.01 0.0% 140.0% 13.3 0.8 6.3 Financials Barclays Bank of Zimbabwe Ltd 0.04 0.05 0.03 0.29 0.0% 68.6% na 1.8 na CBZ Holdings Ltd 0.09 0.14 0.07 0.19 0.0% -10.0% 1.6 0.3 15.1 FBC Holdings Ltd 0.07 0.12 0.07 0.15 0.0% -12.5% 3.3 0.5 5.3 Fidelity Life Assurance of Zimbabwe Ltd 0.08 0.10 0.05 0.03 0.0% -2.5% 3.9 1.0 49.5 Mashonaland Holdings Ltd 0.02 0.03 0.02 0.12 0.0% -25.9% na 0.4 0.0 Old Mutual PLC 2.80 2.86 2.33 42.81 0.0% 19.7% na na 8.4 Industrials na CFI Holdings Ltd 0.0 0.0 0.01 0.01 0.0% 33.3% na 0.1 -10.4 Innscor Africa Ltd 0.6 0.8 0.55 1.00 0.0% -0.8% 5.6 1.5 30.0 Masimba Holdings Ltd #N/A N/A 0.0 0.01 na #VALUE! #VALUE! na na 2.6 Turnall 0.0 0.0 0.01 0.02 0.0% -25.9% na 1.0 -93.0 Materials PPC Ltd 1.1 2.3 1.10 2.07 0.0% -37.1% na na 36.4 Telecommunication na Econet Wireless Zimbabwe Ltd 0.3 0.9 0.27 1.37 0.0% -55.0% 6.0 0.7 11.1

Source: Bloomberg, United Capital Research

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