Market Report

July 2017

MARKET HIGHLIGHTS

GSE STOCK INDICES/CAPITALIZATION JUL 2017 YTD CHANGE JUL 2016 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,256.78 33.61% 1,796.29 -9.96% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,079.34 34.55% 1,678.94 -13.01% MARKET CAPITALIZATION (GH¢ M) 57,209.86 8.46% 54,605.56 -4.40% DOMESTIC CAPITALIZATION (GH¢ M) 14,313.06 27.96% 10,443.75 -6.63%

MARKET TURNOVER - EQUITIES JUL 2017 JULY 2016 VOLUME TRADED 7,901,264 9,931,686 VALUE TRADED (GH¢) 24,130,590.21 19,385,939.66 NUMBER OF TRANSACTIONS 1,961 1,561 TRADING DAYS 20 19 NUMBER OF TRADED SYMBOLS 30 30

MARKET DAILY AVERAGES - EQUITIES JUL 2017 JUL 2016 AVERAGE VOLUME TRADED 395,063 522,720 AVERAGE VALUE TRADED (GH¢) 1,206,529.51 1,020,312.61 AVERAGE NUMBER OF TRANSACTIONS 98 82

MARKET TURNOVER - EQUITIES JAN TO JUL 2017 JAN TO JUL 2016 VOLUME TRADED 258,757,395 72,981,621 VALUE TRADED (GH¢) 388,178,582.80 156,094,107.20 NUMBER OF TRANSACTIONS 12,348 12,522 TRADING DAYS 143 144 NUMBER OF TRADED SYMBOLS 37 42

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JUL 2017 JUL 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 724.39 835.93

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JAN-JUL 2017 JAN-JUL 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 7,559.02 -

LISTINGS JUL 2017 JUL 2016 LISTED COMPANIES 41 39 LISTED EQUITIES ORDINARY SHARES 37 35 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 FOUR (4) EQUITIES ON GHANA ALTERNATIVE MARKET (GAX) 4 4

DELISTINGS-EQUITIES JUL 2017,JUL 2016) 0 0

NUMBER OF LISTED NOTES & BONDS ON GFIM JUL 2017 JUL 2016 CORPORATE 33 20 1 YEAR GOG 23 - 2 YEAR GOG 27 66 3 YEAR GOG 10 10 5 YEAR GOG 9 7 7 YEAR GOG 3 2 10 YEAR GOG 1 - 15 YEAR GOG 1 - EURO BOND (US$) 2 2 LOCAL US$ 2 YEAR BOND 2 -

BONDS JUL 2017 JUL 2016 VALUE OF LISTED NOTES & BONDS CORPORATE (GH¢ M) 500.71 248.46 GOG NOTES & BONDS (GH¢ M) 32,719.88 11,968.71 EURO BOND (US$ B) 4,280.51 2.00 LOCAL US$ 2 YEAR BOND (US$ m) 94.64 0.00 (1.) 2016 Volume, Value and Number of Transactions Figures Includes Transactions in GOILRT, GGBLRT

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

GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO JUL 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% JUL 2017 2,079.34 34.55%

SELECTED ECONOMIC INDICATORS JUL 2017 JUL 2016 INFLATION RATE YEAR-ON-YEAR (%) 12.1* 16.70 INTEREST RATE (% ON MOST RECENT ISSUE) 91-DAY T-BILL 12.5367 22.80 182-Day T-BILL 12.9748 24.66 1 YEAR NOTE 2 YEAR NOTE 3 YEAR BOND 5 YEAR BOND 18.25 24.75 7 YEAR BOND

EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 4.3743 3.95 UK£ 1 to 1 GHANA CEDIS 5.7627 5.21 1 Euro to 1 GHANA CEDIS 5.1573 4.41 *Inflation rate at June 2017

GSE Market Report - July 2017 2 GSE INDEX SUMMARY NOV-DEC 1990 - JUL 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 2,259.76 26-Jul 1,698.20 Jan-03 2,256.78 33.61% (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 -JUL 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 JUL 2017 258,757.40 388.18 57,209.86 32,719.88 GH¢ 500.71 Total: Dec. 1990 to 4,166,541 3,225.13 Jul 2017

GSE Market Report - July 2017 3 MARKET ACTIVITIES - JUL 2017 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value ETI 1,430,076 18.10 SCB 5,935,454.88 24.60 GCB 1,134,024 14.35 GCB 5,887,778.55 24.40 SOGEGH 866,847 10.97 FML 4,970,556.96 20.60 CAL 737,990 9.34 EGH 2,750,271.27 11.40 UTB 618,246 7.82 TOTAL 1,238,632.30 5.13 TOTAL 557,944 7.06 GOIL 935,314.66 3.88 GOIL 427,213 5.41 SOGEGH 651,330.29 2.70 EGH 393,169 4.98 CAL 640,652.02 2.65 FML 337,205 4.27 EGL 241,932.80 1.00 SCB 302,541 3.83 GGBL 215,541.20 0.89

MARKET ACTIVITIES - JUL 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 August September September October October November November 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 August September September October October November November December December Total 258,757,395 72,981,621 Total 388,178,582.80 156,094,107.20

GSE Market Report - July 2017 4 SECTORIAL DISTRIBUTION OF TRADES - JUL 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 19,330 90,487.76 24 DISTRIBUTION 1,253,142 2,185,636.36 375 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 5,726,421 16,314,440.64 1,204 FOOD AND BEVERAGE 489,215 5,186,148.16 141 ICT 2,600 78.00 2 236,638 258,227.15 131 MANUFACTURING 169,166 82,534.14 73 MINING 4,752 13,038.00 11 TOTALS 7,901,264 24,130,590.21 1,961 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - JUL 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACCESS 9,900 39,500.00 5 ADB 0 0.00 0 CAL 737,990 640,652.02 306 EGH 393,169 2,750,271.27 212 ETI 1,430,076 192,585.99 115 GCB 1,134,024 5,887,778.55 221 HFC 198,317 139,052.07 36 MAC 0 0.00 0 SCB 302,541 5,935,454.88 153 SCBPREF 35,011 35,709.35 6 SOGEGH 866,847 651,330.29 91 TBL 300 75.00 1 UTB 618,246 42,031.22 58 TOTALS 5,726,421 16,314,440.64 1,204

DISTRIBUTION TOTAL VOLUME TOTALVALUE No. of Trades GOIL 427,213 935,314.66 181 GOILRT 0 0.00 0 MLC 16,100 1,610.00 3 PBC 251,885 10,079.40 23 TOTAL 557,944 1,238,632.00 168 TOTALS 1,253,142 2,185,636.36 375

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades CPC 2,500 50.00 1 FML 337,205 4,970,556.96 65 GGBL 149,510 215,541.20 75 HORDS 0 0.00 0 SAMBA 0 0.00 0 TOTALS 489,215 5,186,148.16 141

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 100,513 241,932.80 48 SIC 136,125 16,294.35 83 TOTALS 236,638 258,227.15 630 131 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACI 0 0.00 0 ALW 35,431 5,668.54 12 AYRTN 6,500 650.00 2 CMLT 0 0.00 0 GWEB 0 0.00 0 IIL 13,700 1,197.00 4 PKL 0 0.00 0 PZC 3,210 642.00 13 SPL 102,300 2,092.00 15 SWL 0 0.00 0 UNIL 8,025 72,284.60 27 TOTALS 169,166 82,534.14 520 73 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades AADS 0 0.00 0 AGA 0 0.00 0 GSR 4,500 8,550.0 5 TLW 252 4,488.0 6 TOTALS 4,752 13038.00 11

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades BOPP 19,330 90,487.76 24

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 - July 2017 5 SECTORIAL DISTRIBUTION OF TRADES JAN - JUL 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 139,968 464,304.28 182 DISTRIBUTION 12,412,791 23,310,311.14 2,501 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 213,172,392 292,987,372.59 7,621 FOOD AND BEVERAGE 22,022,118 62,929,366.98 841 ICT 2,600 78.00 2 INSURANCE 2,941,638 4,451,462.00 630 MANUFACTURING 7,894,148 3,934,148.70 520 MINING 171,740 101,539.11 51 TOTALS 258,757,395 388,178,582.80 12,348

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - JUL 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACCESS 73,235 292,762.00 45 ADB 0 0.00 0 CAL 167,758,867 231,536,298.39 1,723 EGH 1,397,172 9,893,393.39 847 ETI 10,012,624 1,231,871.89 824 GCB 5,217,450 26,727,101.04 1,772 HFC 483,708 302,385.39 156 MAC 0 0.00 0 SCB 898,817 14,570,741.44 806 SCBPREF 39,607 39,424.72 17 SOGEGH 10,236,891 7,759,251.94 871 TBL 111,000 27,060.00 21 UTB 16,943,021 607,082.39 539 TOTALS 213,172,392 292,987,372.59 7,621

DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES GOIL 3,727,057 5,771,329.20 905 MLC 150,551 17,473.35 36 PBC 602,864 27,215.06 113 TOTAL 7,932,319 17,494,293.53 1,447 TOTALS 12,412,791 23,310,311.14 2,501

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES CPC 238,741 5,521.92 65 FML 2,960,438 34,707,340.81 498 GGBL 18,771,939 28,187,699.25 274 HORDS 7,900 790.00 2 SAMBA 43,100 28,015.00 2 TOTALS 22,022,118 62,929,366.98 841

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 1,794,221 4,304,777.74 276 SIC 1,147,417 146,684.26 354 TOTALS 2,941,638 4,451,462.00 630

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACI 4,891,610 48,916.10 12 ALW 1,376,706 196,326.72 61 AYRTN 92,362 9,242.20 27 CMLT 2500.00 300.00 1 GWEB 5,500 55.00 3 IIL 311,032 27,690.88 48 PKL 0.00 0.00 0 PZC 57,766 11,553.20 67 SPL 745,100 15,316.00 52 SWL 2,316 92.64 4 UNIL 409,256 3,624,655.96 245 TOTALS 7,894,148 3,934,148.70 520 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES AADS 166,669 81,927.41 29 AGA 0 0.00 0 GSR 4,550 8,647.50 6 TLW 521 10,964.20 16 TOTALS 171,740 101,539.11 51 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES BOPP 139,968 464,304.28 182 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 - July 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 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 - July 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 - July 2017 8 MARKET CAPITALIZATION PER SECTOR - JUL 2017 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 27,048.98 12,364.42 DISTRIBUTION 1,033.83 1,173.86 FOOD AND BEVERAGE 2,582.80 2,361.46 ICT 114.00 3.42 INSURANCE 328.75 350.91 MANUFACTURING 1,302.12 690.97 MINING 2,041.81 40,063.72 AGRICULTURE 34.80 175.04 Exchange Traded Funds(ETF) 0.40 15.52 EDUCATION 96.08 10.57 TOTALS 34,583.57 57,209.86 BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR -JUL 2017 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACCESS 4.00 118.09 472.37 ADB 3.83 230.92 884.44 CAL 0.90 548.26 493.44 EGH 7.00 293.23 2,052.60 ETI 0.14 24,067.75 3,369.49 GCB 5.15 265.00 1,364.75 HFC 0.73 297.42 217.12 MAC 6.00 9.95 59.69 SCB 26.22 115.51 3,028.60 SCB PREF 1.04 17.48 18.18 SOGEGH 0.75 429.06 321.80 TBL 0.25 200.00 50.00 UTB 0.07 456.31 31.94 TOTALS 27,048.98 12,364.42

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 2.30 391.86 901.29 MLC 0.10 50.10 5.01 PBC 0.04 480.00 19.20 TOTAL 2.22 111.87 248.36 TOTALS 1,033.83 1,173.86

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.02 2,038.07 40.76 FML 16.00 116.21 1,859.32 GGBL 1.45 307.59 446.01 HORDS 0.10 114.95 11.49 SAMBA 0.65 5.98 3.88 TOTALS 2,582.80 2,361.46

ICT Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CLYD 0.03 34.00 1.02 TRANSOL 0.03 80.00 2.40 TOTALS 114.00 3.42

INSURANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million EGL 2.46 133.10 327.43 SIC 0.12 195.65 23.48 TOTALS 328.75 350.91

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 0.12 6.83 0.82 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 0.04 259.81 10.39 SWL 0.04 21.83 0.87 UNIL 9.01 62.50 563.13 TOTALS 1,302.12 690.97

MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million AADS 0.48 0.98 46.99 AGA 37.00 407.24 15,068.06 GSR 1.90 259.70 493.43 TLW 17.80 1,373.89 24,455.24 TOTALS 2,041.81 40,063.72

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 5.03 34.80 175.04

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 - July 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 Jul GH¢; End Dec GH¢; End Jul 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 0.4773 8 ACI 36.50 0.37 0.01 0.01 0.00 0.00 -0.0064 n.m. ADB 230.92 884.44 3.83 3.83 0.00 AGA 407.24 15,068.06 37.00 37.00 0.00 0.00 0.6498 57 ALW 236.69 37.87 0.14 0.16 14.29 0.00 -0.0753 n.m. AYRTN 215.00 21.50 0.12 0.10 -16.67 0.00 0.0150 0 BOPP 34.80 175.04 2.08 5.03 141.83 1.90 0.4890 9 CAL 548.26 493.44 0.75 0.90 20.00 9.70 0.2608 3 CLYD 34.00 1.02 0.03 0.03 0.00 0.00 0.0047 6 CMLT 6.83 0.82 0.12 0.12 0.00 6.25 0.0515 2 CPC 2,038.07 40.76 0.02 0.02 0.00 0.00 -0.0254 n.m. EGH 293.23 2,052.60 6.40 7.00 9.37 12.00 0.9215 8 EGL 133.10 327.43 2.40 2.46 2.50 2.10 0.1364 18 ETI 24,067.75 3,369.49 0.10 0.14 40.00 2.80 -0.0410 n.m. FML 116.21 1,859.32 11.14 16.00 43.63 1.40 0.4662 25 GCB 265.00 1,364.75 3.56 5.15 44.66 8.70 0.7661 7 GGBL 307.59 446.01 1.63 1.45 -11.04 0.00 -0.0104 n.m. GOIL 391.86 901.29 1.10 2.30 109.09 1.80 0.1473 9 GSR 259.70 493.43 1.95 1.90 -2.56 0.00 0.0571 34 GWEB 35.00 0.35 0.01 0.01 0.00 0.00 -0.0073 n.m. HFC 297.42 217.12 0.75 0.73 -2.67 7.06 0.1530 4 MAC 9.95 59.69 6.00 6.00 0.00 1.00 0.1103 54 MLC 50.10 5.01 0.15 0.10 -33.33 5.30 0.0209 7 PBC 480.00 19.20 0.06 0.04 -33.33 12.57 0.0444 1 PKL 33.34 1.67 0.05 0.05 0.00 0.00 -0.0296 n.m. PZC 168.00 33.60 0.22 0.20 -9.09 0.30 -0.0567 n.m. SCB 115.51 3,028.60 12.18 26.22 115.27 2.30 2.7474 6 SIC 195.65 23.48 0.12 0.12 0.00 0.00 0.0191 6 SOGEGH 429.06 321.80 0.62 0.75 20.97 9.50 0.2383 3 SPL 259.81 10.39 0.03 0.04 33.33 0.00 0.0028 7 SWL 21.83 0.87 0.04 0.04 0.00 30.00 0.0016 25 TBL 200.00 50.00 0.26 0.25 -3.85 9.60 0.0496 5 TLW 1,373.89 24,455.24 26.88 17.80 -33.78 0.46 -5.4945 n.m. TOTAL 111.87 248.36 1.98 2.22 12.12 2.30 0.3373 7 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 -0.0008 n.m. UNIL 62.50 563.13 8.51 9.01 5.88 4.70 0.6193 15 UTB 456.31 31.94 0.03 0.07 133.33 0.00 -0.0598 n.m. Subtotal 57,129.85 Preference Shares SCB PREF 17.48 18.18 0.75 1.04 38.67 10.00 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 IIL 226.62 20.40 0.09 0.09 0.00 0.00 30 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 -0.07 n.m. Subtotal 46.34 TOTAL 57,209.89

GSE Market Report - July 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 Ghana Ltd (EBG) IPO May 15-June 2, 2006 1.10 8.28 8.28 9.11 EcoBank Transnational Inc. (ETI) Introduction 2.24 611.00 1,368.64

Ayrtn Drug Manufacturing Ltd IPO June 7 -July 7, 2006 0.09 43.20 43.20 3.67

Transaction Solutions Ltd IPO Oct 31 - Nov 30, 2006 0.10 20.00 22.66 2.27 GCB Bank Ltd. Rights Issue May 15 - June 15, 2007 0.60 128.68 100.00 0.01

Ghana Oil company Ltd IPO Sept 4 - Oct 5, 2007 0.20 102.78 102.78 20.56 SIC Insurance Company Ltd IPO Dec 3 - Dec 21, 2007 0.30 97.82 117.39 35.22 Golden Star Resources Ltd IPO Dec 5, 2007 - Jan 18, 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 - July 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 - July 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 - July 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 - July 2017 14