Market Report

November 2017

MARKET HIGHLIGHTS

GSE STOCK INDICES/CAPITALIZATION NOV 2017 YTD CHANGE NOV 2016 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,521.67 49.29% 1,575.71 -21.01% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,228.29 44.19% 1,397.86 -27.57% MARKET CAPITALIZATION (GH¢ M) 58,503.37 10.91% 50,917.09 10.85% DOMESTIC CAPITALIZATION (GH¢ M) 15,875.06 41.93% 9,084.99 -18.78%

MARKET TURNOVER - EQUITIES NOV 2017 NOV 2016 VOLUME TRADED 17,841,085 8,530,830 VALUE TRADED (GH¢) 40,884,976.08 13,779,065.36 NUMBER OF TRANSACTIONS 1,432 1,784 TRADING DAYS 22 22 NUMBER OF TRADED SYMBOLS 28 33

MARKET DAILY AVERAGES - EQUITIES NOV 2017 NOV 2016 AVERAGE VOLUME TRADED 810,958 387,765 AVERAGE VALUE TRADED (GH¢) 1,858,408.00 626,321.15 AVERAGE NUMBER OF TRANSACTIONS 65 81

MARKET TURNOVER - EQUITIES JAN TO NOV 2017 JAN TO NOV 2016 VOLUME TRADED 315,712,633 123,776,938 VALUE TRADED (GH¢) 503,131,084.08 233,285,598.39 NUMBER OF TRANSACTIONS 19,753 19,385 TRADING DAYS 229 230 NUMBER OF TRADED SYMBOLS 39 43

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS NOV 2017 NOV 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 1,045.19 789.79

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JAN-NOV 2017 JAN-NOV 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 12,237.91 -

LISTINGS NOV 2017 NOV 2016 LISTED COMPANIES 40 39 LISTED EQUITIES ORDINARY SHARES 36 35 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 FOUR (4) EQUITIES ON ALTERNATIVE MARKET (GAX) 4 4

DELISTINGS-EQUITIES NOV 2017,NOV 2016) 0 0

NUMBER OF LISTED NOTES & BONDS ON GFIM NOV2017 NOV 2016 CORPORATE 38 20 1 YEAR GOG 24 21 2 YEAR GOG 24 56 3 YEAR GOG 13 12 5 YEAR GOG 9 8 7 YEAR GOG 3 2 10 YEAR GOG 1 - 15 YEAR GOG 1 - EURO BOND (US$) 4 4 LOCAL US$ 2 YEAR BOND 2 1

BONDS NOV 2017 NOV 2016 VALUE OF LISTED NOTES & BONDS CORPORATE (GH¢ M) 5,285.02 243.98 GOG NOTES & BONDS (GH¢ M) 43,822.07 15,299.65 EURO BOND (US$ B) 3,750.00 3.53 LOCAL US$ 2 YEAR BOND (US$ m) 94.64 0.09 (1.) 2016 Volume, Value and Number of Transactions Figures Includes Transactions in GOILRT, GGBLRT

GSE Market Report - November 2017 1 MARKET HIGHLIGHTS (Continuation)

GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO NOV 2017

Year/Period Index Value % Change 2011 863.09 -13.69 2012 1,039.86 20.48 2013 1,786.60 71.81 2014 2,243.63 25.58 2015 1,930.06 -13.98 2016 1,545.41 -19.93% NOV 2017 2,228.29 44.19%

SELECTED ECONOMIC INDICATORS NOV 2017 NOV 2016 INFLATION RATE YEAR-ON-YEAR (%) 11.70 15.50 INTEREST RATE (% ON MOST RECENT ISSUE) 91-DAY T-BILL 13.34 18.61 182-Day T-BILL 13.82 20.91 1 YEAR NOTE 15.00 2 YEAR NOTE 3 YEAR BOND 5 YEAR BOND 17.60 7 YEAR BOND

EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 4.59 4.03 UK£ 1 to 1 GHANA CEDIS 5.46 5.02 1 Euro to 1 GHANA CEDIS 6.20 4.27

GSE Market Report - November 2017 2 GSE INDEX SUMMARY NOV-DEC 1990 - NOV 2017 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 13.20 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 2014 2,439.20 21-Feb 2,145.20 Jan-02 2,261.02 5.40 2015 2,386.51 9-Jun 1,954.21 Dec-11 1,994.91 -11.77 2016 2,013.81 14-Jan 1,527.94 Dec-07 1,689.09 -15.33% 2017 2,557.27 22-Nov 1,698.20 Jan-03 2,521.67 49.29% (1.) Nov. 1990 to 2010 Index is the GSE All-Share Index (2.) Index from 2011 is the GSE Composite Index

MARKET ACTIVITIES - NOV - DEC 1990 -NOV 2017 Volume Traded Value Traded Market Cap. - Government Corporate Bonds Period (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 2014 207,496.13 345.96 64,352.42 9,425.35 GH¢ 29.017 2015 246,428.36 247.64 57,116.87 11,767.14 GH¢ 107.37 2016 252,833.43 242.11 52,690.99 15,544.98 GH¢ 398.39 Nov 2017 315,712.63 503.13 58,503.37 43,822.07 GH¢ 5285.02 Total: Dec. 1990 to 4,223,496 3,340.08 Nov 2017

GSE Market Report - November 2017 3 MARKET ACTIVITIES - NOV 2017 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 5,261,273.00 29.49 EGH 5,864,583.30 14.34 SOGEGH 2,996,364.00 16.79 FML 5,830,467.36 14.26 SIC 1,911,585.00 10.71 SCB 5,817,782.88 14.23 HFC 1,105,309.00 6.2 CAL 5,576,482.77 13.64 TOTAL 1,022,787.00 5.73 TOTAL 3,582,400.85 8.76 GGBL 1,013,371.00 5.68 GCB 3,006,152.21 7.35 EGH 776,770.00 4.35 SOGEGH 2,237,001.27 5.47 GCB 696,542.00 3.9 UNIL 2,051,541.96 5.02 ALW 515,019.00 2.89 GGBL 2,038,528.64 4.99 MLC 379,500.00 2.13 HFC 1,536,379.51 3.76

MARKET ACTIVITIES -NOV 2017 Market Capitalization - End of Months for 2016 and GSE Composite Index - End of Months for 2016 and 2017 2017 (GH¢ M) Month 2017 2016 Month 2017 2016 January 54,048.70 56,963.50 January 1,776.40 2,004.12 February 49,060.25 56,334.32 February 1,854.53 1,972.18 March 48,846.99 54,796.35 March 1,865.01 1,912.02 April 58,822.68 54,429.40 April 1,896.13 1,828.78 May 58,772.49 54,256.87 May 1,919.71 1,758.35 June 59,457.95 54,735.64 June 1,964.55 1,787.50 July 57,209.86 54,605.56 July 2,256.78 1,796.29 August 58,055.05 53,250.69 August 2,389.01 1,805.36 September 58,381.49 52,987.69 September 2,326.09 1,774.90 October 58,022.51 52,385.55 October 2,361.48 1,728.37 November 58,503.37 50,917.09 November 2,521.67 1,575.71 December December

Volume Traded - End of Months for 2016 and 2017 Value Traded - End of Months for 2016 and 2017 (GH¢) Month 2017 2016 Month 2017 2016 January 19,560,794 21,647,385 January 19,224,381.51 29,495,855.87 February 161,506,242 10,836,182 February 242,178,810.67 14,039,650.03 March 31,200,817 4,440,804 March 29,522,730.12 7,767,848.28 April 9,124,698 8,399,916 April 17,011,669.46 35,159,146.12 May 18,196,038 8,941,016 May 29,559,094.59 14,204,787.00 June 11,267,542 8,784,632 June 26,551,306.24 36,040,880.24 July 7,901,264 9,931,686 July 24,130,590.21 19,385,939.66 August 17,212,814 5,074,727 August 30,748,986.48 19,770,772.76 September 9,392,230 31,345,950 September 24,134,594.25 41,202,892.80 October 12,509,109 5,843,810 October 19,183,944.47 2,438,760.27 November 17,841,085 8,530,830 November 40,884,976.08 13,779,065.36 December December Total 315,712,633 123,776,938 Total 503,131,084.08 233,285,598.39

GSE Market Report - November 2017 4 SECTORIAL DISTRIBUTION OF TRADES - NOV 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 10,816 65,316.46 33 DISTRIBUTION 1,770,165 4,025,332.08 286 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 11,532,780 25,099,424.41 835 FOOD AND BEVERAGE 1,363,645 7,872,996.00 128 ICT 0 0.00 0 INSURANCE 2,261,423 1,570,198.70 72 MANUFACTURING 896,210 2,147,474.03 70 MINING 6,046 104,234.40 8 TOTALS 17,841,085 40,884,976.08 1,432 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - NOV 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACCESS 3,602 12,357.80 9 ADB 40,400 212,580.00 5 CAL 5,261,273 5,576,482.77 201 EGH 776,770 5,864,583.30 94 ETI 174,273 29,495.87 59 GCB 696,542 3,006,152.21 162 HFC 1,105,309 1,536,379.51 12 MAC 130,000 778,130.00 4 SCB 267,848 5,817,782.88 94 SCBPREF 399 478.80 6 SOGEGH 2,996,364 2,237,001.27 186 TBL 80,000 28,000.00 3 TOTALS 11,532,780 25,099,424.41 835

DISTRIBUTION TOTAL VOLUME TOTALVALUE No. of Trades GOIL 155,378 404,721.23 161 MLC 379,500 25460.00 15 PBC 212,500 12,750.00 12 TOTAL 1,022,787 3,582,400.85 98 TOTALS 1,770,165 4,025,332.08 286

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades CPC 0 0.00 0 FML 310,274 5,830,467.36 70 GGBL 1,013,371 2,038,528.64 53 HORDS 40,000 4,000.00 5 SAMBA 0 0.00 0 TOTALS 1,363,645 7,872,996.00 128

ICT TOTAL VOLUME TOTAL VALUE No. of Trades CLYD 0 0.00 0 TRANSOL 0 0.00 0 TOTALS 0 0.00 0

INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades EGL 349,838 1,379,354.20 44 SIC 1,911,585 190,844.50 28 TOTALS 2,261,423 1,570,198.70 72

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACI 0 0.00 0 ALW 515,019 82,402.07 12 AYRTN 0 0.00 0 CMLT 0 0.00 0 GWEB 0 0.00 0 IIL 123,200 9,861.00 10 PKL 0 0.00 0 PZC 9,700 1940.00 1 SPL 85,900 1,729.00 11 SWL 0 0.00 0 UNIL 162,391 2,051,541.96 36 TOTALS 896,210 2,147,474.03 70

MINING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades AADS 0 0.00 0 AGA 0 0.00 0 GSR 0 0.00 0 TLW 6,046 104,234.4 8 TOTALS 6,046 104,234.40 8

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades BOPP 10,816 65,316.46 33

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE No. of Trades MMH 0 0.00 0

GSE Market Report - November 2017 5 SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 185,734 726,980.76 337 DISTRIBUTION 18,282,375 34,043,932.70 3,744 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 254,015,581 362,036,859.20 12,144 FOOD AND BEVERAGE 25,267,578 86,160,260.20 1,471 ICT 2,600 78.00 2 INSURANCE 8,357,207 13,369,076.18 1,167 MANUFACTURING 9,414,683 6,523,748.59 788 MINING 186,875 270,148.45 100 TOTALS 315,712,633 503,131,084.08 19,753

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACCESS 108,142 428,560.80 85 ADB 40,400 212,580.00 5 CAL 188,291,502 252,110,142.23 2,626 EGH 3,152,697 22,799,983.07 1,479 ETI 14,754,865 1,978,576.34 1,233 GCB 8,249,268 39,478,330.23 2,771 HFC 1,961,993 2,330,110.70 320 MAC 130,000 778,130.00 4 SCB 1,466,193 27,208,096.98 1,313 SCBPREF 74,211 80,949.50 37 SOGEGH 18,371,569 13,903,324.56 1,683 TBL 360,100 114,205.00 36 UTB 17,054,641 613,869.79 552 TOTALS 254,015,581 362,036,859.20 12,144

DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES GOIL 4,957,750 8,679,912.84 1,555 MLC 540,511 43,895.35 58 PBC 2,030,743 90,000.22 167 TOTAL 10,753,371 25,230,124.29 1,964 TOTALS 18,282,375 34,043,932.70 3,744

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES CPC 472,371 10,191.52 87 FML 4,027,475 54,594,180.76 937 GGBL 20,676,732 31,523,082.92 438 HORDS 47,900 4790.00 7 SAMBA 43,100 28,015.00 2 TOTALS 25,267,578 86,160,260.20 1,471

ICT TOTAL VOLUME TOTAL VALUE NO. OF TRADES CLYD 2,600 78.00 2 TRANSOL 0 0.00 0 TOTALS 2,600 78.00 2 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES EGL 4,094,983 12,891,041.06 628 SIC 4,262,224 478,035.12 539 TOTALS 8,357,207 13,369,076.18 1,167

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACI 4,891,610 48,916.10 12 ALW 2,161,663 321,967.87 114 AYRTN 95,780 9,584.00 34 CMLT 56900.00 6425.00 5 GWEB 5,500 55.00 3 IIL 471,932 40,847.88 71 PKL 0.00 0.00 0 PZC 137,606 27,521.20 97 SPL 978,000 21,451.00 76 SWL 6,116 270.64 9 UNIL 609,576 6,046,709.90 367 TOTALS 9,414,683 6,523,748.59 788 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES AADS 166,669 81,927.41 29 AGA 0 0.00 0 GSR 10,660 20,301.50 19 TLW 9,546 167,919.54 52 TOTALS 186,875 270,148.45 100 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES BOPP 185,734 726,980.76 337

EXCHANGE TRADED FUNDS (ETF) TOTAL VOLUME TOTAL VALUE NO. OF TRADES GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE NO. OF TRADES MMH 0 0.00 0

GSE Market Report - November 2017 6 Market Capitalization - End of Month(s) for 2016 and 2017 70.00

60.00

50.00

40.00

30.00 2017 20.00 2016 10.00 13.2

Market Capitalization (GH Billion) ¢ 0.00

July

May

June

April

March

August

January

October

February

December

November September Months

GSE Composite Index - 2016 and 2017 3,000.00

2,500.00

2,000.00

1,500.00 Index Values 1,000.00 2017 2016 500.00

0.00

July

May

June

April

March

August

January

October

February

December

November September Months

GSE Market Report - November 2017 7 Volume Traded - End of Month(s) - 2016 and 2017 180 160

140

120 100 80 60 2017

40 2016 Volume (Million) Traded Volume 20 13.2

-

July

May

June

April

March

August

January

October

February

December

November September Months

Value Traded - End of Month(s) - 2016 and 2017 300.00

250.00

200.00

150.00 2017 2016

100.00 Value Value Traded (GH Million) ¢ 50.00

0.00

July

May

June

April

March

August

January

October

February

December November Months September

GSE Market Report - November 2017 8 MARKET CAPITALIZATION PER SECTOR - NOV 2017 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 26,592.67 13,265.51 DISTRIBUTION 1,033.83 1,469.64 FOOD AND BEVERAGE 2,582.80 2,781.51 ICT 114.00 3.42 INSURANCE 328.75 527.39 MANUFACTURING 1,302.12 925.39 MINING 2,043.29 39,293.88 AGRICULTURE 34.80 210.54 Exchange Traded Funds(ETF) 0.40 15.52 EDUCATION 96.08 10.57 TOTALS 34,128.74 58,503.37 BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - NOV 2017 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACCESS 4.00 118.09 472.37 ADB 5.64 230.92 1,302.41 CAL 1.05 548.26 575.67 EGH 7.55 293.23 2,213.87 ETI 0.16 24,067.75 3,850.84 GCB 4.50 265.00 1,192.50 HFC 1.39 297.42 413.41 MAC 5.98 9.95 59.49 SCB 24.00 115.51 2,772.17 SCB PREF 1.20 17.48 20.98 SOGEGH 0.75 429.06 321.80 TBL 0.35 200.00 70.00 TOTALS 26,592.67 13,265.51

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 2.50 391.86 1,046.27 MLC 0.09 50.10 3.01 PBC 0.06 480.00 28.80 TOTAL 3.65 111.87 391.56 TOTALS 1,033.83 1,469.64

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.02 2,038.07 40.76 FML 18.00 116.21 2,091.73 GGBL 2.06 307.59 633.65 HORDS 0.10 114.95 11.49 SAMBA 0.65 5.98 3.88 TOTALS 2,582.80 2,781.51

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 3.83 133.10 509.78 SIC 0.09 195.65 17.61 TOTALS 328.75 527.39

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACI 0.01 36.50 0.37 ALW 0.16 236.69 37.87 AYRTN 0.1 215.00 21.50 CMLT 0.11 6.83 0.75 GWEB 0.01 35.00 0.35 IIL 0.09 226.62 20.40 PKL 0.05 33.34 1.67 PZC 0.20 168.00 33.60 SPL 0.03 259.81 7.79 SWL 0.05 21.83 1.09 UNIL 12.80 62.50 800.00 TOTALS 1,302.12 925.39

MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million AADS 0.48 0.98 46.99 AGA 37.00 408.72 15,122.56 GSR 1.90 259.70 493.43 TLW 17.20 1,373.89 23,630.90 TOTALS 2,043.29 39,293.88

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 6.05 34.80 210.54

EXCHANGE TRADED FUNDS (ETF) Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GLD 38.80 0.40 15.52 EDUCATION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH¢ million MMH 0.11 96.08 10.57

GSE Market Report - November 2017 9 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 Nov GH¢; End Dec GH¢; End Nov Share Price Yield % GH ¢ 2017 2016 2017 Equities AADS 0.98 46.99 0.52 0.48 -7.69 0.00 ACCESS 118.09 472.37 4.10 4.00 -2.44 0.00 0.3130 11 ACI 36.50 0.37 0.01 0.01 0.00 0.00 0.0642 0 ADB 230.92 1,302.41 3.83 5.64 47.26 0.00 0.2104 18 AGA 408.72 15,122.56 37.00 37.00 0.00 0.00 0.6498 57 ALW 236.69 37.87 0.14 0.16 14.29 0.00 -0.0750 n.m. AYRTN 215.00 21.50 0.12 0.10 -16.67 0.00 0.0044 23 BOPP 34.80 210.54 2.08 6.05 190.87 2.20 0.2595 22 CAL 548.26 575.67 0.75 1.05 40.00 0.00 0.1991 5 CLYD 34.00 1.02 0.03 0.03 0.00 0.00 -0.0071 n.m. CMLT 6.83 0.75 0.12 0.11 -8.33 7.00 0.0328 3 CPC 2,038.07 40.76 0.02 0.02 0.00 0.00 -0.0254 n.m. EGH 293.23 2,213.87 6.40 7.55 17.97 12.80 0.7856 9 EGL 133.10 509.78 2.40 3.83 59.58 0.00 0.0855 48 ETI 24,067.75 3,850.84 0.10 0.16 60.00 0.00 0.0297 6 FML 116.21 2,091.73 11.14 18.00 61.58 0.00 0.3011 66 GCB 265.00 1,192.50 3.56 4.50 26.40 10.60 0.6388 6 GGBL 307.59 633.65 1.63 2.06 26.38 0.00 -0.0203 n.m. GOIL 391.86 1,046.27 1.10 2.67 142.73 2.20 0.0877 27 GSR 259.70 493.43 1.95 1.90 -2.56 0.00 0.2050 9 GWEB 35.00 0.35 0.01 0.01 0.00 0.00 -0.0132 n.m. HFC 297.42 413.41 0.75 1.39 85.33 0.00 0.0613 23 MAC 9.95 59.49 6.00 5.98 -0.33 0.00 -0.3815 n.m. MLC 50.10 3.01 0.15 0.06 -60.00 0.00 -0.0324 n.m. PBC 480.00 28.80 0.06 0.06 0.00 0.00 0.0275 1 PKL 33.34 1.67 0.05 0.05 0.00 0.00 -0.0568 n.m. PZC 168.00 33.60 0.22 0.20 -9.09 0.00 0.0256 8 SCB 115.51 2,772.17 12.18 24.00 97.04 9.10 2.0037 10 SIC 195.65 17.61 0.12 0.09 -25.00 0.00 0.0397 3 SOGEGH 429.06 321.80 0.62 0.75 20.97 5.32 0.2165 4 SPL 259.81 7.79 0.03 0.03 0.00 3.30 0.0026 12 SWL 21.83 1.09 0.04 0.05 25.00 0.00 0.0019 26 TBL 200.00 70.00 0.26 0.35 34.62 0.00 0.0496 5 TLW 1,373.89 23,630.90 26.88 17.20 -36.01 0.00 -1.8260 n.m. TOTAL 111.87 391.56 1.98 3.50 76.77 5.79 0.2331 10 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 -0.0009 n.m. UNIL 62.50 800.00 8.51 12.80 50.41 0.58 0.7191 15 Subtotal 58,420.53 Preference Shares SCB PREF 17.48 20.98 0.75 1.20 60.00 7.50 Exchange Traded Funds(ETF) GLD 0.40 15.52 38.80 38.80 0.00 66.48 1 Ghana Alternative Market (GAX) HORDS 114.95 11.49 0.10 0.10 0.00 - 0.00 53 IIL 226.62 20.40 0.09 0.09 0.00 - 0.01 10 MMH 96.08 10.57 0.11 0.11 0.00 - 0.00 n.m. SAMBA 5.98 3.88 0.72 0.65 -9.72 - -0.04 n.m. Subtotal 46.34 TOTAL 58,503.37

GSE Market Report - November 2017 10 PRIMARY ISSUES AND CORPORATE ACTIONS A. Equities Company Description Offer period Issue Price No. of No. of Shares Amount Raised GH¢ Shares Sold (millions) (GH¢ million) Offered (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 13.20 49.50 68.44 3.42 Guinness Ghana Ltd Rights Issue May - June, 1996 0.02 23.50 23.50 0.49 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 Ltd. IPO August 9 - 20, 1999 0.04 1.75 1.75 0.07 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 Ltd. IPO March 19 - April 16, 0.05 10.60 16.64 0.83 2004 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 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 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, 3.00 3.17 1.88 5.64 2008 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 Sub Total 1,572.52 *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - November 2017 11 PRIMARY ISSUES AND CORPORATE ACTIONS (Continuation) A. Equities Company Description Offer period Issue Price No. of Shares No. of Shares Amount Raised GH¢ Offered Sold (millions) (GH¢ million) (million)

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 Rights Issue Nov 10 - Dec 1 2009 29.00 1.66 1.66 48.00 Gh. Ltd. 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 Rights Issue Oct 17 to Nov 14th 1.50 46.67 46.67 70.00 Breweries Ltd. 2011 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 Bonus Shares November 1, 2012 N/A 96.26 N/A N/A Gh. Ltd. 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 13.20 600.00 144.64 7.23

Total Petroleum Ghana Bonus Shares August 1, 2013 N/A 97.89** N/A N/A Ltd. Ltd Bonus Shares December 9, 2013 N/A 42.04** N/A N/A Mega African Capital Ltd Offer for Mar 10 - Mar 28, 2014 3.00 1.33 1.33 4.00 Subscription Starwin Products Ltd. Rights Issue Oct 20th to Nov 17th 0.03 333.00 N/A 5.57 (SPL) 2014 Bonus Shares May 8, 2015 N/A 33.39 N/A N/A Ltd. SAMBA Foods Limited IPO Feb 23 - Mar 27 2015 0.72 3.48 3.48 2.50 Meridian Marshalls IPO April 27 - June 12, 2015 0.10 25.00 21.00 1.43 Holding Co. Ecobank Transnational Bonus Shares July 21, 2015 N/A 1,500.00 N/A N/A Inc. (ETI) HORDS Limited IPO June 25 - July 17, 2015 0.05 80.00 80.00 4.00

Intravenous Infusions Ltd IPO 14 Oct - 25 Nov 2015 0.08 285.63 94.30 6.83

Mega African Capital Ltd Rights Issue Oct 29, 2015 - Dec 3, 5.00 0.86 0.86 4.30 2015 Ghana Oil company Ltd Rights Issue 3 May - 18 May 2016 1.24 139.60 142.40 176.60 Guinness Ghana Rights Issue 6 May - 3 June 2016 1.87 96.30 96.30 180.00 Breweries Ltd. Societe Generale Ghana Rights Issue 9 - 23 September 2016 65.88 61.78 38.30 Limited ADB Bnak IPO 24th-05 Dec 2016 2.65 144.80 122.94 325.78 Access Bank Limited IPO 19th - 25th Nov 2016 4.00 26.00 7.40 29.62 1,304.12 Grand Total (Page 10 + 2,876.64 11) *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - November 2017 12 PRIMARY ISSUES B. Bonds Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised GSE Commemorative Government of 5yrs matured on Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million Registered Stock, 1995 Ghana November 11, 1995 US$2m as Series A of a HFC Series A 7% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1996 US$35 million US$100 US $2.55m due in 2001 (HFC-A 7s01) 1st November 2001 aggregate offering US$2m as Series B of a HFC Series B 7% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1997 US$35 million US$100 US $2.25m due in 2002 (HFC-B7s02) 1st November 2002 aggregate offering HFC Series C 8.25% Coupon US$2m as Series C of a 5 yrs, to mature on Bond due in 2003 (HFC- HFC Bank Ltd. November, 1998 US$35 million US$100 US $2.00m 1st November 2003 C8.25s03) aggregate offering HFC Series D 8.25% Coupon US$2m as Series D of a July 29 - Aug. 19, 5 yrs, to mature on Bond due in 2004 (HFC- HFC Bank Ltd. US$35 million US$100 US $2.70m 1999 1st September 2004 D8.25s04) aggregate offering US$1.5m as Series E of HFC Series E 8% Coupon Bond October 23 - 30, 5 yrs, to mature on HFC Bank Ltd. a US$35 million US$100 US $1.51m due in 2005 (HFC-E8s05) 2000 1st November 2005 aggregate offering £1.2m as Series F of a HFC Series F 6% Coupon Bond July 16 - August 13, 5 yrs, to mature on HFC Bank Ltd. US$35 million £100 £1.20m due in 2006 (HFC-F6s06) 2001 13th August 2006 aggregate offering US$3m as Series G of a HFC Series G 8% Coupon Bond Dec 15, 2001 - Jan. 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.03m due in 2006 (HFC-G6s06) 1, 2002 November, 2006 aggregate offering US$3m as Series H of a HFC Series H 5% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million US$100 US $2.5m due in 2009 (HFC-G6s09) December 2009 aggregate offering US$5m as Series J of a HFC Series J 5% Coupon Bond Feb 5 - Feb 28, 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.9m due in 2012 (HFC-G6s12) 2007 March 7, 2012 aggregate 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

Government of Euro Bond 13.2 US$ August 7, 2023 US $ 1b Ghana Government of Euro Bond US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b Ghana 1-Year Fixed Rate Senior One Year Matured Izwe Loans Limited GH¢ GH¢ 5 million Secured Note (ILLA3-1Y14) on '28/11/2014 1-Year Fixed Rate Senior One Year Mature on Izwe Loans Limited GH¢ GH¢ 4.6 million Secured Note (ILLA4-1Y14) 20/12/2014 1-Year Floating Rate Senior Oct 14 - Oct 24. One Year Mature on Izwe Loans Limited GH¢ 15 million GH¢ GH¢ 14.4 million Secured Note (ILLA5-1Y15) 2014 29/10/2015 3-Year Floating Rate Senior Oct 14 - Oct 24. 2 Year Mature on Izwe Loans Limited GH¢ 15 million GH¢ GH¢ 14.6 million Secured Note (ILLA6-3Y17) 2014 29/10/2017 2-Year Floating Rate Senior Two Year Mature on Izwe Loans Limited Mar 11 - 25. 2015 GH¢ 5 million GH¢ GH¢ 10 million Secured Notes (ILLA7-2Y17) 31/03/2017 3-Year Floating Rate Senior Three Year Mature Izwe Loans Limited Mar 11 - 25. 2015 GH¢ 5 million GH¢ GH¢ 10 million Secured Note (ILLA8-3Y18) on 31/03/2018 June 25 - July 10 3-Year Note (AFB100) AFB (GHANA) PLC GH¢ 3.3 million GH¢ 16/07/2018 GH¢ 3.3 million 2015 June 25 - July 10 3-Year Note (AFB200) AFB (GHANA) PLC GH¢ 13.8 million GH¢ 16/07/2018 GH¢ 13.8 million 2015 June 25 - July 10 2-Year Note (AFB300) AFB (GHANA) PLC GH¢ 9.5 million GH¢ 17/07/2017 GH¢ 9.46 million 2015

ILLA9 Izwe Loans Limited GH¢ 8/27/2020 GH¢ 7 million

GSE Market Report - November 2017 13 PRIMARY ISSUES (Continuation) B. Bonds

Amount Raised Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million) 3-Year Senior Secured Floating Izwe Loans Limited GH¢ 10/29/2018 8.31 Rate Note (ILLA10) S7 AFB (GHANA) PLC GH¢ 30/09/2015 5.00

S14 AFB (GHANA) PLC GH¢ 02/07/2017 2.11

S15 AFB (GHANA) PLC GH¢ 29/08/2015 1.70

S16 AFB (GHANA) PLC GH¢ 01/09/2015 2.30

S17 AFB (GHANA) PLC GH¢ 29/09/2017 1.48

S18 AFB (GHANA) PLC GH¢ 08/12/2015 1.00 S19 AFB (GHANA) PLC GH¢ 03/03/2016 4.50 S20 AFB (GHANA) PLC GH¢ 20/03/2017 4.25 S21 AFB (GHANA) PLC GH¢ 08/04/2016 1.00 S22 AFB (GHANA) PLC GH¢ 20/04/2016 3.38 3-Year Floating Rate Senior AFB (GHANA) PLC 13.2 GH¢ 9/1/2018 2.30 Unsecured Note 3-Year Fixed Rate Senior AFB (GHANA) PLC GH¢ 9/28/2018 3.00 Unsecured Note 3-Year Floating Rate Senior AFB (GHANA) PLC GH¢ 9/30/2018 5.00 Unsecured Note 3-Year Secured Floating Rate EDENDALE GH¢ 11/20/2018 9.17 Note PROPERTIES PLC 3-Year Secured Fixed Rate EDENDALE GH¢ 12/7/2018 7.60 Note PROPERTIES PLC Bayport Financial 3-Year Unsecured Fixed Rate Services (Ghana) GH¢ 12/23/2018 69.30 Note PLC Bayport Financial 3-Year unsecured Floating Services (Ghana) GH¢ 12/23/2018 9.30 Rate Note PLC

AFB 900-4Y20 AFB (GHANA) PLC GH¢ 7th April, 2020 5.00 AFB 800-3Y19 AFB (GHANA) PLC GH¢ 10th March, 2020 4.00 6-Year Unsecured Subordinated Floating Rate Izwe Loans Note Limited GH¢ 27th May, 2022 10.00 Bayport Financial 3-Year Unsecured Fixed Rate Services (Ghana) GH¢ 6th May, 2019 12.54 Note PLC

3-Year Unsecured Floating Bayport Financial Rate Note Services (Ghana) PLC GH¢ 6th May, 2019 11.21 Bayport Financial 5-Year Unsecured Fixed Rate Services (Ghana) GH¢ 6th May, 2021 26.37 Note PLC

3-Year Secured Floating Rate EDENDALE Note PROPERTIES PLC GH¢ 6th May,2019 8.50

GSE Market Report - November 2017 14