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* 304 7.2 0.0% 13.5% 23.8x 3.8x 0.8% Egypt: EGX 30 7,239 60.1 -1.0% -18.9% 14.4x 1.2x 2.9% : GSE Composite 1,995 2.6 -0.2% -11.8% na 1.4x 0.9% Kenya: Nairobi All Share 143 19.1 0.2% -12.0% 13.8x 2.2x 4.5% Mauritius : SEM DEX 1,914 9.3 0.0% -7.7% 16.5x 0.9x na Morocco : CFG 25 19,478 47.3 -1.0% -3.7% na na na Nigeria:Nigeria All Share 30,406 52.8 0.2% -11.7% 8.8x 1.4x 4.7% South Africa: JSE All Share 52,071 427.3 2.2% 4.6% 25.3x 2.3x 3.5% Tunisia: Tunis Index 5,220 10.0 -0.4% 2.5% 26.2x 2.5x na Zimbabwe: Industrial 131 3.3 -0.1% -19.3% 15.2x 0.7x 3.3% Frontier M arkets 513 -- 0.0% -16.2% 9.9x 1.3x 4.2% Emerging M arkets 804 -- 0.0% -15.9% 11.6x 1.3x 3.1%

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

Nigeria South Africa 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 Oct -14 Dec -14 Feb -15 Apr -15 Oct-14 Dec-14 Feb-15 Apr-15

Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 0.0% -0.1% -8.7% 9.35 10.1 Ghana GHS:Cedi 3.7 0.7% 1.2% -13.2% 4.20 4.6 Kenya KES: Shilling 103.1 0.8% 1.7% -12.1% 114.31 122.8 M auritius M UR: Rupee 35.6 0.3% -0.5% -10.8% na na M orocco M AD: Dirham 9.7 -0.1% 0.1% -6.6% na na Nigeria NGN: Naira 198.6 0.0% 0.3% -7.6% 221.88 248.2 South Africa ZAR: Rand 13.6 1.1% 2.0% -14.8% 14.02 14.5 Tanzania TZS: Shilling 2175.0 -0.2% -0.2% -20.3% na na Tunisia TND: Dinar 2.0 -0.4% 0.0% -5.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na

48.87; +3.3% w/w 1136.18; --0.3% w/w 42279; +1.2% w/w 1500 105 Brent Crude Gold 410 Copper 1300 290 55 1100 170 900

5 700 50 Oct -14 Jan -15 Apr -15 Jul -15 Oct-14 Jan-15 Apr-15 Jul-15 Oct -14 Jan -15 Apr -15 Jul -15

Bond Yield Fixed Income (10 yr)Inflation Real Return Policy Rate Egypt na 7.9% na 9.8% Africa Eurobonds' Peformances 1.2 Ghana 10.9% 17.3% -6.4% 25.0% ( I-year Trend)* Kenya 14.3% 6.0% 8.3% 11.5% M auritius 6.0% 1.1% 4.9% 4.7% M orocco 5.0% 1.7% 3.3% 4.3% 1.0 Nigeria 14.8% 9.3% 5.5% 13.0% South Africa 8.2% 4.6% 3.6% 6.0% Nigeria Tanzania 17.6% 6.4% 11.3% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Oct-14 Jan-15 Apr-15

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates BVRM Economic News • Ivory Coast recorded consumer price inflation of 1.2% y/y in

1.4 August, unchanged from its July level, data from the National 1– year Equity market trend Statistics office showed last week. The monthly report showed

1.2 that food and soft drink prices climbed 1%, while housing and utility prices added 1.7% over the period. Healthcare prices rose 1.7% and communications costs dropped 0.1%. The 1.0 economy of the world's top cocoa grower makes up around 40% of the eight-nation West African CFA franc currency 0.8 zone. Reuters

0.6 Corporate News Oct -14 Dec -14 BRVMFeb -15 Apr -15 MSCIJun -Africa15 Aug -15 Oct

Index Performance BRVM Current 302.17 W eek Change 0.16%

Gainers (no) 16 Losers (no) 16 Market Breadth 1.0 52 wk High 307.83 52 wk Low 230.15

Top Gainers Price % Change SETAO 52,675 17.1% Bank of Africa - Burkina Faso 119,325 12.6% Onatel SA 13,000 10.2% Societe De Distribution Automobile en Co 290,250 8.7% Uniwax SA 31,995 8.5%

Top Losers Price % Change Movis Cote d'Ivoire 4,445 -11.0% Societe Multinationale de Bitumes 17,100 -10.0% Nestle Cote d'Ivoire 49,000 -7.5% NEI CI 4,195 -6.8% Bernabe 112,500 -5.5%

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

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 49,000 64,500 41,275 91.34 0.0% -10.9% 16.327 18.8 na PALMCI 14,500 19,350 14,000 189.32 -3.3% -14.5% 11.2 1.3 11.93 Sitab-Soc Ivoirienne Tabacs 153,000 162,000 116,500 232.02 -5.0% -3.8% 21.0 9.5 43.03 Societe Africaine de Plantations d'Hevea 11,505 19,000 11,000 99.34 -2.1% -34.5% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 27,500 32,000 23,000 100.34 -1.9% -13.8% 13.0 1.1 8.83 Societe De Distribution Automobile en Co 290,250 290,250 165,000 78.44 7.6% 71.7% 19.2 5.7 31.30 Societe de Limonaderies et Brasseries 170,000 237,500 164,188 472.68 0.0% -15.0% 12.2 2.1 17.37 Unilever Cote d'Ivoire 25,500 41,000 23,100 69.37 1.8% -31.1% na na na Uniwax SA 31,995 35,405 6,579 40.53 5.5% 299.9% na na 31.76 Energy Shell Cote D Ivoire 71,050 73,105 54,000 151.22 -1.4% 18.4% 30.2 4.8 16.85 TotalFinaElf Cote D'ivoire 23,850 25,100 7,850 507.30 -5.2% 138.5% 42.9 9.2 22.01 Financials Bank of Africa - Benin 124,990 134,375 72,000 212.66 1.2% 52.4% 10.5 2.1 21.62 Bank of Africa - Burkina Faso 119,325 120,000 80,005 221.71 -8.7% 32.6% 13.0 3.4 30.49 Bank of Africa/Cote d'Ivoire 122,000 131,985 78,000 168.98 5.5% 35.6% na na 31.97 Bank of Africa/Niger 85,000 92,440 60,000 136.40 0.6% -2.3% 10.3 3.4 22.65 BICICI 100,005 100,005 68,010 281.54 0.4% 28.2% 16.8 3.8 23.06 SCBCI 118,000 118,000 87,050 620.11 2.0% 21.9% 13.2 4.2 35.58 Societe Africain de Credit Auto 27,500 29,750 23,000 6.03 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 54 65 42 2198.28 -1.8% 15.2% na na 17.15 Industrials Bernabe 112,500 125,025 71,000 62.94 -4.0% 51.6% 18.3 3.1 17.19 Bollore Africa Logistics SAS 195,000 248,955 119,790 358.60 2.1% -21.7% 33.1 6.7 na Comptoir Francais Afrique 74,000 83,310 39,000 226.71 -4.1% 60.5% 35.8 6.4 18.14 Movis Cote d'Ivoire 4,445 8,000 4,070 6.27 0.0% -35.1% na na na Servair Abidjan 81,000 85,000 27,000 74.65 0.1% 108.2% 35.4 15.8 53.92 Societe Ivoirienne DE Cable 104,000 117,870 57,000 26.00 6.2% 2.0% 22.0 3.4 15.18 Materials CROWN SIEM 26,000 32,000 19,900 27.66 -2.8% 13.0% na na -0.82 Filature Tissages Sacs SA 28,000 40,000 17,835 166.76 -5.2% -5.1% 25.6 2.4 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.24 -0.5% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 17,100 20,000 13,500 56.29 -4.5% 22.2% na na na Utilities Cie Ivoirienne D Elect 81,500 86,500 52,000 385.47 -4.6% -1.2% 27.6 9.1 32.98 SODECI 81,510 91,300 55,000 123.92 -2.4% -10.7% na na 23.90 Telecommunication Onatel SA 13,000 13,650 5,655 746.61 -15.8% 75.7% 22.5 4.7 19.23 Sonatel 26,500 29,600 20,350 4476.27 2.2% 16.2% 13.0 5.1 40.66 Societe Ivoirienne de Coco Rape 8,995 10,280 4,995 9.12 8.4% 76.7% 133.1 na na SETAO 52,675 52,675 19,795 11.96 0.0% 54.9% 6.7 na na NEI CI 4,195 6,235 3,450 3.62 -9.9% 4.9% na 3.7 -8.85 TRITURAF 490 490 490 0.86 0.0% 0.0% na na na

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates Egypt Economic news • Egypt aims to generate around 98.5 billion Egyptian 1.2 1– year Equity market trend pounds ($12.58 billion) of additional revenue this financial year by launching economic legislation and financial 1.0 reforms, Finance Minister Hany Kadry Dimian said last week. Egypt in July projected revenue for the financial year 2015/16 of 622.2 billion pounds. It also said it ex- 0.8 pected a budget deficit of 8.9% of gross domestic prod- uct. Speaking at a conference in Cairo, the Finance min- 0.6 ister also said that the implementation of a long awaited Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 value-added tax (VAT) by the end of 2015 would help EGYPT MSCI AFRICA generate the biggest bulk of the additional revenue, 31 billion pounds. Reuters Index Performance EGYPT

Current 7239.27 • Egypt's tourism industry, hit by years of political upheaval W eek Change -0.98% and militant violence, is expected to post moderate Gainers (no) 13 growth this year and hopes a global advertising cam- Losers (no) 15 paign will revive the sector vital for economic recovery, Market Breadth 0.9 the tourism minister said. Last year, 9.9 million tourists vis- 52 wk High 10066.11 ited Egypt, a far cry from the 14.7 million that visited in 2010, before an uprising the following year triggered tur- 52 wk Low 6640.94 moil in the land of ancient sites and sea resorts . Reuters Top Gainers Price % Change Arabia Investments Development Financial1.05 8.2% Corporate news Arab Cotton Ginning 2.73 5.8% • Egypt's EFG Hermes, one of the Middle East's largest in- Medinet Nasr Housing 21.33 2.6% vestment banks, will reduce its capital by 184.8 Egyptian Beltone Financial Holding Co SAE 2.79 2.2% pounds through terminating treasury stocks. The com- Commercial International Bank Egypt SAE 52.53 1.7% pany's capital will fall to 3.1billion pounds, from 3.3billion, it said in a statement to the Egyptian bourse last week . Top Losers Price % Change Reuters Juhayna Food Industries 7.99 -7.2% Elsaeed Contracting & Real Estate Invest 0.82 -6.8% • Petroceltic International Plc has announced H1-15 reve- Arabian Cement Co 11.5 -5.3% nue $38 million versus $96 million year ago, First half work- Global Telecom Holding SAE 1.86 -5.1% ing interest production of 15.7 mboepd, with 2015 full Telecom Egypt Co 6.9 -4.6% year guidance intact at 14 -15 mboepd. Reuters

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

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 2.7 5.3 2.3 92.33 2.8% -28.3% 56.7 0.5 80.7% Eastern Tobacco 210.0 244.0 155.6 1341.01 3.1% -4.1% 12.2 2.1 17.74 Egypt for Poultry 1.4 3.9 1.3 8.52 4.2% -47.8% 71.2 0.8 1.10 Juhayna Food Industries 8.0 11.8 7.4 960.63 -4.4% -15.9% 34.3 3.3 9.82 Oriental Weavers 10.0 15.4 8.4 574.72 1.6% -17.2% 2.9 0.2 10.99 Financials Amer Group Holding 0.8 1.4 0.7 436.74 0.0% -41.4% 16.7 1.9 12.55 Arab Real Estate Investment Co SAE 0.7 1.3 0.6 21.08 1.5% -36.8% na 0.5 0.52 Arabia Investments Development Financial 1.1 2.0 0.9 118.07 8.4% -39.3% na na na Beltone Financial Holding Co SAE 2.8 7.7 2.5 57.99 14.0% -61.4% na 2.1 na Commercial International Bank Egypt SAE 52.5 59.2 43.6 6156.41 3.1% 6.8% 11.2 3.2 30.62 Egypt Kuwait Holding Co SAE 0.6 0.9 0.5 68.53 -5.0% -26.7% 12.2 0.8 5.79 Egyptian Financial Group-Hermes Holding 8.0 16.8 7.6 667.68 0.9% -40.9% 10.0 0.5 5.26 Egyptians for Housing & Development Co 3.2 7.5 2.8 37.48 -1.5% -47.4% 213.3 1.0 0.55 EL Shams Housing & Urbanization SAE 2.5 6.2 2.3 35.40 2.2% -48.7% 8.4 1.5 18.50 Heliopolis Co for Housing and Constructi 39.0 72.3 36.1 554.16 5.0% -32.8% 20.5 9.2 na Medinet Nasr Housing 21.3 32.1 17.8 681.04 11.6% -9.9% 24.7 6.7 25.29 Palm Hills Developments SAE 2.0 3.9 1.8 549.33 0.5% -42.7% 3.4 0.6 20.79 Pioneers Holding for Financial Investmen 7.4 14.4 6.1 635.94 -0.1% -41.2% 9.7 1.2 12.54 Prime Holding for Financial Investments 2.0 5.7 1.9 18.70 4.4% -55.7% 54.2 0.4 0.69 Six of October Development & Investment 8.8 17.6 8.3 380.03 1.4% -39.0% 8.4 0.9 8.34 Talaat Moustafa Group 6.7 12.2 6.5 1765.78 -1.7% -32.0% 19.1 0.5 2.76 Industrial Egyptian Electrical Cables 0.9 1.5 0.8 55.16 -1.1% -28.7% na 0.7 na Elsaeed Contracting & Real Estate Invest 0.8 1.8 0.8 59.30 -3.6% -37.7% 4.0 0.7 10.46 ElSwedy Electric Co 42.9 55.0 37.0 1224.96 2.2% 3.0% 11.1 1.7 16.05 Materials Arabian Cement Co 11.5 19.0 10.2 556.27 -2.0% -32.2% 11.3 3.6 33.25 Ezz Steel 9.0 18.4 7.2 621.68 -2.4% -35.9% na 1.2 -18.71 South Valley Cement 3.9 8.7 3.4 244.89 3.4% -46.0% 13.9 0.6 4.50 Telecommunication Global Telecom Holding SAE 1.9 5.1 1.8 1246.12 0.0% -54.3% na 4.9 na Orascom Telecom Media And Technology Hol 0.7 1.5 0.6 455.57 1.5% -48.5% 47.9 0.5 -0.09 Telecom Egypt Co 6.9 15.4 6.4 1504.34 3.2% -42.1% 8.0 0.4 5.39

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

Ghana Economic news • Ghana has postponed a Eurobond sale of up to $1.5 billion 1.2 1– year Equity market trend it had expected to launch last week amid a rise in borrow- ing costs for emerging market nations, a senior government 1.0 official said. In our view the delay, following roadshows in London and the United States, was probably a response to 0.8 the prospect of having to pay higher yields after concerns about China's economy and a possible U.S. rate rise roiled

0.6 global markets. We note that Eurobonds issued by other Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 commodity-exporting African countries have sold off sharply in recent weeks as metals prices have plunged. GHANA MSCI AFRICA Ghana's planned issuance was mainly to refinance debt. The country is heeding an International Monetary Fund pro- Index Performance GHANA gramme to stabilize its economy in the face of a fiscal crisis Current 1995.11 that includes a debt to GDP ratio around 70.0% Week Change 0.16% Reuters Gainers (no) 3 Losers (no) 4 • Ghana's unadjusted gross domestic product (GDP) growth Market Breadth 0.8 stood at 3.9% y/y in the second quarter of 2015, compared 52 wk High 2389.8 to a revised 2.6% in the corresponding period last year, the 52 wk Low 1992.71 statistics office said last week. Ghana's GDP growth has slowed sharply in the last two years due to lower commod- Top Gainers Price % Change ity prices for its gold, oil and cocoa exports and a fiscal cri- FAN Milk Ltd 7.35 8.4% sis that has forced the country to sign a three-year aid deal Ghana Commercial Bank Ltd 3.73 1.1% with the International Monetary Fund. For years the West Standard Chartered Bank Ghana16.27 Ltd 0.1% African country had one of the strongest economies in sub- Saharan Africa but its growth is now lower than the aver- age for the continent. The expansion was driven mainly by the services sector, led by finance and and helped by the construction industry. Reuters Top Losers Price % Change Guinness Ghana Breweries Ltd 1.98 -9.6%

Ghana Oil Co Ltd 1.33 -5.0% Corporate news CAL Bank Ltd 0.83 -1.2% HFC Bank Ghana Ltd 1 -1.0%

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

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 4.0 5.0 3.8 37.6 0.0% -2.4% 11.3 2.5 24.97 FAN Milk Ltd 7.4 7.4 4.9 230.5 0.0% 40.0% 26.2 8.9 38.00 Guinness Ghana Breweries Ltd 2.0 3.2 2.0 112.9 -1.0% -38.1% na 3.8 -33.32 Mechanical Lloyd Co Ltd 0.2 0.3 0.2 2.0 0.0% -46.4% na 0.2 -9.63 Produce Buying Co Ltd 0.1 0.1 0.1 13.0 0.0% -16.7% na 3.4 -94.51 PZ Cussons Ghana Ltd 0.3 0.4 0.2 15.4 0.0% 13.3% na 1.7 -7.76 Unilever Ghana Ltd 7.8 15.7 7.3 131.6 0.9% -27.1% 51.3 9.0 71.99 Financials CAL Bank Ltd 0.8 1.2 0.8 122.8 -1.2% -17.8% 2.8 1.0 42.51 Ltd 7.0 9.2 7.0 557.2 0.0% -7.4% 5.7 2.7 53.61 Ecobank Transnational Inc 0.3 0.4 0.2 1,951.4 0.0% 14.3% 4.7 0.6 15.40 Ghana Commercial Bank Ltd 3.7 5.9 3.7 266.8 0.0% -29.6% 3.1 1.3 49.13 Ghana Oil Co Ltd 1.3 1.9 1.0 90.5 0.0% 26.7% 16.6 4.4 29.61 HFC Bank Ghana Ltd 1.0 1.8 1.0 80.1 0.0% -33.3% 5.2 1.2 28.10 SIC Insurance Co Ltd 0.1 0.5 0.1 6.3 0.0% -67.6% 4.4 0.3 6.74 Ltd 0.8 1.1 0.7 79.3 0.0% -12.0% 5.9 1.3 23.97 Standard Chartered Bank Ghana Ltd 16.3 21.3 16.2 507.2 0.0% -20.0% 11.2 3.4 34.08 Total Petroleum Ghana Ltd 5.4 6.2 5.3 161.8 0.0% -12.1% 18.7 5.2 29.17 UT Bank Ltd 0.1 0.3 0.1 12.3 0.0% -60.0% na 0.4 -20.82

Source: Bloomberg, United Capital Research

United Capital

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

Kenya Economic news • Kenya writes off sugar company debts ahead of privatiza- tion. Kenya has written off 39.7 billion shillings ($381 million) 1.2 1– year Equity market trend owed by state-owned sugar companies, aiming to ease their planned privatisations, President Uhuru Kenyatta said 1.0 on Friday. The government in May approved the sale of the government's holdings in five sugar companies and

0.8 said it expected to sell 75 percent stakes, in transactions to be completed in the following nine to 12 months. "My Government has had to take a hard decision to support 0.6 the sector," Kenyatta said in a speech at a trade fair in Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 Nairobi. The five companies - Nzoia, South Nyanza, Che- KENYA MSCI AFRICA melil, Muhoroni and Miwani - are in need of modernisation to survive competition from the entry of other sugar pro- Index Performance KENYA ducers and an impending end to sugar import quotas Current 143.42 from the Common Market for Eastern and Southern Africa Week Change 0.16% (COMESA) trade bloc. Reuters Gainers (no) 11 Corporate news Losers (no) 28 • Kenya's Equity Group gets approval to buy Congo bank. Market Breadth 0.4 Kenya's Equity Group said on Wednesday it had secured 52 wk High 177.51 regulatory approval to acquire 79 percent of ProCredit 52 wk Low 137.51 Bank Congo, expanding its banking operations into the Democratic Republic of Congo. James Mwangi, chief Top Gainers Price % Change executive of Equity Bank, which also operates in Uganda, Olympia Capital Holdings Ltd 5 12.4% South Sudan, Tanzania and Rwanda, said in May that the Crown Paints Kenya Ltd 64 7.6% acquisition was subject to regulatory approval. The pur- Carbacid Inv estments Ltd 15.25 7.0% chase, completed on Sept. 29, is part of the banking Unga Group Ltd 43.25 6.1% group's bid to expand outside of East Africa. Home Afrika Ltd 1.8 5.9% Reuters

• Top Losers Price % Change Kenya's Unga Group reports 12 pct rise in full-year profit. East African Cables Ltd 10.45 -7.9% Kenyan flour miller Unga Group Ltd posted a 12 percent British-American Investments Co15.75 Kenya Lt -7.6% increase in pretax profit for the year ended June 30, ARM Cement Ltd 41 -6.8% helped by increased sale. Unga's pretax profit rose to 635.7 million shillings ($6.1 million) from 567.7 million a year Eaagads Ltd 28 -6.7% earlier. It said turnover rose to 18.7 billion shillings, up from East African Breweries Ltd 271 -6.6% 17.0 billion shillings in the previous year. Reuters

Source: Bloomberg, United Capital Research

United Capital

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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 799.0 1050.0 650.0 775.35 -6.8% -12.0% 18.8 9.8 54.21 Car & General Kenya Ltd 40.0 62.0 36.0 15.57 -4.8% -25.9% 6.1 0.6 10.18 Eaagads Ltd 28.0 100.0 27.0 8.74 0.0% -33.3% 112.0 1.7 1.82 East African Breweries Ltd 271.0 355.0 243.0 2,079.57 -2.0% -12.0% 24.0 15.7 78.84 Eveready East Africa Ltd 3.0 5.0 2.8 6.01 0.0% -20.3% na 2.8 -57.81 Kakuzi 315.0 383.0 180.0 59.91 3.9% 75.0% 38.6 2.1 5.44 Kapchorua Tea Co Ltd 182.0 342.0 115.0 6.91 -0.5% 32.8% na 0.5 -1.62 Marshalls East Africa Ltd 12.5 13.6 8.2 1.75 0.0% 27.6% na 0.6 -32.64 Mumias Sugar Co Ltd 1.9 3.9 1.4 27.47 -5.0% -5.1% na 0.3 -22.62 Nation Media Group Ltd 144.0 315.0 140.0 263.47 -4.3% -45.2% 12.0 2.8 24.68 Sameer Africa Ltd 4.0 7.0 4.0 10.80 -3.5% -33.3% na 0.4 -2.57 SASINI Ltd 15.0 19.5 11.5 33.20 7.0% 16.7% 144.6 0.3 0.26 Scan Group Ltd 29.3 52.0 27.0 107.54 2.3% -35.4% 19.5 1.3 6.83 Standard Group Ltd 32.8 47.5 30.0 25.97 -1.4% -5.8% 39.0 1.3 3.41 TPS Eastern Africa Ltd 28.8 40.0 25.8 50.82 -7.7% -22.3% 21.3 0.6 2.59 Uchumi Supermarkets Ltd 10.0 14.0 6.4 35.42 12.8% -0.5% 7.1 0.8 12.23 Unga Group Ltd 43.3 56.5 30.0 31.77 3.7% 8.8% 10.6 1.1 11.01 Williamson Tea Kenya Ltd 349.0 435.0 240.0 29.66 0.0% 40.7% na 0.6 18.41 Energy na KenolKobil Ltd Group 9.0 10.5 7.6 128.54 0.0% 3.4% 5.9 1.6 30.05 Total Kenya Ltd 19.7 32.0 17.6 120.04 -0.5% -18.1% 9.4 0.8 8.88 Financials Barclays Bank of Kenya Ltd 13.0 17.9 12.5 685.20 0.8% -22.2% 8.1 1.9 24.81 British-American Investments Co Kenya Lt15.8 34.0 14.0 296.26 0.9% -47.1% na 1.5 1.69 Centum Investment Co Ltd 50.0 69.5 45.0 322.87 1.9% -18.0% 5.1 0.9 27.12 CFC Stanbic Holdings Ltd 90.0 140.0 85.5 345.26 2.2% -27.4% 8.6 1.0 19.52 CIC Insurance Group Ltd 7.0 12.0 6.0 176.40 -1.4% -27.6% 16.4 2.5 16.84 Co-operative Bank of Kenya Ltd/The 18.0 22.8 16.0 851.66 2.2% -10.3% 8.9 1.9 22.44 Diamond Trust Bank Kenya Ltd 200.0 272.0 180.0 469.89 0.0% -14.9% 9.9 1.6 21.13 Equity Group Holdings Ltd/Kenya 45.0 56.5 36.5 1,647.89 -4.3% -10.0% 9.3 2.6 30.53 Housing Finance Co of Kenya Ltd 21.8 48.1 19.0 74.38 -1.1% -45.7% 5.9 0.8 12.47 I&M Holdings Ltd/Kenya 104.0 139.0 97.0 395.98 -5.2% -15.4% 7.7 1.6 22.18 Jubilee Holdings Ltd 509.0 580.0 358.2 325.43 -2.7% 24.4% 11.7 2.2 22.04 Kenya Commercial Bank Ltd 44.3 65.5 40.0 1,299.04 1.6% -22.4% 7.4 1.7 25.07 Kenya Reinsurance Corp Ltd 18.1 20.0 15.1 122.94 6.6% 6.2% na 0.6 16.93 Liberty Kenya Holdings Ltd 21.0 28.0 19.0 109.17 -3.4% -9.7% 9.8 1.9 19.70 Nairobi Securities Exchange Ltd 20.5 23.5 18.0 38.72 1.2% 0.0% 9.5 2.4 31.85 National Bank of Kenya Ltd 16.5 26.4 15.8 49.32 4.4% -26.7% 2.8 0.4 14.40 NIC Bank Ltd 42.3 71.0 40.0 262.37 -3.3% -26.5% 6.0 1.1 20.37 Pan Africa Insurance Holdings Ltd 64.0 141.0 60.0 89.43 -1.5% -46.7% 7.1 1.6 24.49 Standard Chartered Bank Kenya Ltd 230.0 355.0 210.0 690.02 -5.3% -31.3% 8.6 1.8 21.08 Industrials na East African Cables Ltd 10.5 17.0 10.2 25.67 3.4% -35.5% 9.0 1.1 12.20 Express Kenya ltd 4.2 8.5 3.9 1.44 6.8% -32.3% 648.2 0.7 0.12 Kenya Airways Ltd 5.5 11.5 5.0 79.87 -0.9% -36.8% na na na Olympia Capital Holdings Ltd 5.0 10.9 2.5 1.94 15.5% -3.8% na 0.3 2.39 TransCentury Ltd 13.6 22.8 11.6 36.85 -12.3% -30.0% na 0.4 -15.24 Materials na ARM Cement Ltd 41.0 95.0 41.0 197.05 -4.1% -52.3% 70.1 2.3 3.24 Bamburi Cement Co Ltd 167.0 181.0 130.0 588.20 5.3% 20.1% 12.7 2.1 17.01 BOC Kenya Ltd 115.0 165.0 115.0 21.79 3.3% -8.0% 9.8 1.3 12.01 Carbacid Investments Ltd 15.3 28.0 14.0 37.71 2.5% -29.9% 7.9 1.8 24.04 Crown Paints Kenya Ltd 64.0 175.0 33.3 44.21 3.6% 73.0% 231.3 3.4 1.46 East African Portland Cement Co Ltd 50.0 75.0 49.0 43.67 0.0% -13.8% na 0.7 -5.61 Telecommunication Safaricom Ltd 14.7 17.9 11.1 5,695.86 1.4% 4.3% 18.3 5.6 32.60 Utilities Kenya Electricity Generating Co Ltd 8.4 13.2 7.2 178.13 3.1% -18.9% 6.5 0.2 3.75 Kenya Power & Lighting Ltd 15.2 18.5 13.0 286.90 3.9% 4.8% 3.9 0.5 14.07 Umeme Ltd 17.4 23.0 16.0 273.47 9.4% -17.4% na na 23.52

Source: Bloomberg, United Capital Research

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Mauritius Economic News

1.2 No Economic News

1– year Equity market trend Corporate News • 1.0 Mauritius conglomerate IBL full-year pretax profit up 6 pct. Mauritius conglomerate Ireland Blyth Ltd's pretax profit rose 6 percent in its full year to June driven by higher reve- 0.8 nue from its seafood and marine businesses, it said on Wednesday. The group posted a pretax profit of 838.67 million rupees ($23.66 million) and revenue of 16.23 billion 0.6 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 rupees up from 15.39 billion a year earlier. "The seafood & MAURITIUS MSCI AFRICA marine sector delivered an increase of 28 percent (in profit), mainly through its biotechnology and shipyard ac- tivities," the firm said in a statement. Index Performance MAURITIUS Reuters Current 1914.403 Week Change 0.16% • Mauritius MCB Group full-year pretax profit up 26 pct. Gainers (no) 11 Mauritius Commercial Bank Group's (MCB) pretax profit for Losers (no) 12 the full year to June rose 26 percent to 6.90 billion rupees Market Breadth 0.9 ($195.19 million) on the back of higher net interest income, 52 wk High 2175.176 fees and commissions. MCB, the biggest bank by market value in East Africa and the Indian Ocean region, said 52 wk Low 1907.357 that net interest income increased by 12 percent to 8.15 Top Gainers Price % Change billion rupees in spite of pressures on margins posed by Alteo Ltd 34.5 4.5% excess liquidity and restrained demand for credit locally POLICY Ltd 6.96 3.9% amidst subdued private investment. In a statement, MCB ENL Commercial Ltd 20.5 2.5% said loan book growth was supported by its international Ireland Blyth Ltd 114.75 2.5% financing activities. Reuters Promotion & Development Ltd 97 2.1%

Top Losers Price % Change Mauritius Union Assurance Co Ltd/The67 -4.3% Sun Resorts Ltd/Mauritius 37.3 -3.6%

INNODIS Ltd 46.5 -3.1% Gamma Civic Ltd 26.3 -2.6% Mauritius Development Invest5.02 Trust Co Lt -1.6%

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 34.5 37.7 29.7 308.65 0.0% 1.5% 15.9 0.65 4.08 Automatic Systems Ltd 46.0 97.0 28.8 4.57 0.0% -48.9% 11.2 3.45 34.55 ENL Land Ltd 48.0 52.5 44.0 310.79 0.0% -2.0% 21.3 0.55 2.58 Gamma Civic Ltd 26.3 50.3 24.8 98.44 -0.6% -35.9% na 1.54 -6.96 INNODIS Ltd 46.5 61.0 46.5 47.98 0.0% -17.0% 14.6 1.00 6.76 Lux Island Resorts Ltd 62.3 68.0 51.0 239.18 -0.4% 3.8% 20.3 1.47 7.30 Mauritius Oil Refineries Ltd 27.5 28.5 26.5 25.71 0.0% -1.8% 19.2 2.36 11.86 New Mauritius Hotels Ltd 18.0 29.5 17.0 244.86 0.0% -32.3% 17.6 0.62 3.53 Phoenix Beverages Ltd 400.0 400.0 212.0 184.80 0.0% 73.2% 20.5 2.02 10.56 Sun Resorts Ltd/Mauritius 37.3 45.0 34.0 153.74 0.0% -17.1% na 0.99 -1.17 Energy Vivo Energy Mauritius Ltd 116.0 140.0 115.8 95.54 0.0% -16.5% 22.1 5.21 31.29 Financials na Belle Mare Holding Ltd 28.0 30.0 24.0 47.54 0.0% 5.7% 15.1 0.62 4.50 Caudan Development Ltd 1.3 1.5 1.2 29.93 0.0% 0.8% 1000.0 0.36 0.04 CIEL Ltd 6.8 7.9 6.6 300.18 0.0% -8.4% na 0.77 na Cim Financial Services Ltd 8.2 10.0 8.0 157.51 0.0% -8.4% 9.3 2.11 25.01 ENL Commercial Ltd 20.5 26.0 19.6 16.80 0.0% -21.2% na 0.80 -1.18 Fincorp Investment Ltd 19.1 24.0 17.0 55.31 0.0% -20.6% 29.3 0.53 1.80 Ireland Blyth Ltd 114.8 120.0 109.0 230.27 0.0% 1.5% 13.9 1.46 9.63 Mauritian Eagle Insurance Co Ltd 99.0 118.0 99.0 22.25 0.0% -9.4% 120.7 1.11 0.92 Mauritius Development Invest Trust Co Lt 5.0 6.0 4.9 59.70 0.0% -13.7% 21.8 1.26 5.71 Mauritius Union Assurance Co Ltd/The 67.0 81.6 67.0 84.86 0.0% -3.9% 18.3 1.48 8.36 MCB Group Ltd 209.0 226.0 194.8 1,397.73 0.2% 5.6% 8.7 1.38 17.11 National Investment Trust Ltd/Mauritius 42.8 55.0 40.9 16.47 0.0% -15.7% na 0.60 na POLICY Ltd 7.0 8.0 6.1 44.38 3.6% -7.2% 12.9 1.40 8.42 Promotion & Development Ltd 97.0 101.0 88.3 106.08 1.0% 0.5% 62.2 0.52 0.83 SBM Holdings Ltd 0.8 1.1 0.8 716.69 -1.2% -16.7% 6.9 1.05 14.51 Swan Insurance Co Ltd 463.0 470.0 322.0 107.63 0.0% 38.2% 15.8 1.96 13.44 Terra Mauricia Ltd 29.7 36.5 29.0 189.83 0.7% -10.0% 14.7 0.41 2.80 United Docks Ltd 72.5 72.5 61.0 21.51 0.0% 16.9% 14.1 0.39 2.81 Industrials na Air Mauritius Ltd 10.2 18.0 9.4 29.31 1.0% -42.0% na 0.67 -39.05 Harel Mallac & Co Ltd 99.0 119.0 98.8 31.31 0.0% -9.6% 11.4 0.63 6.04 Rogers & Co Ltd 29.0 33.0 21.8 204.96 0.0% 11.3% 13.4 0.78 5.93 Materials Mauritius Chemical & Fertiliser Industry 22.0 28.0 21.0 13.60 0.0% -12.0% 16.4 0.64 3.88 Plastic Industry Mtius Ltd 67.0 81.0 67.0 3.76 0.0% -16.3% 9.3 1.28 13.66 United Basalt Products/The 78.3 90.0 73.5 58.27 0.0% -0.6% 30.6 0.76 2.47 Utilities Omnicane Ltd 67.0 91.5 67.0 126.12 0.0% -23.4% 20.9 0.50 2.39

Source: Bloomberg, United Capital Research

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Morocco Economic News • Morocco eyes boycott of Swedish companies over Western Sahara. Morocco said it was considering a 1.2 1– year Equity market trend boycott of Swedish companies operating in the North African kingdom because of Sweden's position on the conflict over Western Sahara. The territory has been 1.0 disputed since a war two decades ago. The govern- ment said Sweden has been campaigning to boycott products from Western Sahara and international com- 0.8 panies with a presence there. "We are heading toward a boycott of Swedish companies according the princi- ple of reciprocity after similar campaigns to boycott 0.6 Moroccan companies," the statement issued after the Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 MOROCCO MSCI AFRICA weekly cabinet meeting said . Reuters

• Spain, Morocco arrest suspected Islamic State recruit- Index Performance MOROCCO ers. Spain said it and Morocco arrested 10 people on Current 261.48 Sunday suspected of recruiting fighters for Islamic State Week Change 0.00% in Syria and Iraq. Suspects were detained in the Spanish cities of Toledo and Badalona, the small coastal town 52 wk High 309.20 of Xeraco in Spain's Valencia region and the Moroc- 52 wk Low 258.87 can city of Casablanca, Spain's interior ministry said. "Those arrested belong to a network of people that Source: Bloomberg, United Capital Research recruited, indoctrinated and sent foreign fighters to join Daesh," it added, using a name for Islamic State. Spain and Morocco, as well as other countries in Europe and North Africa, have been stepping up efforts to stop citizens joining Islamic State, fearing they could return to launch attacks at home. Reuters

Corporate News

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Economic News Nigeria • Nigeria to ease foreign currency restrictions in the long term –VP. Nigeria will keep its restrictions on foreign cur-

1.2 rency for now to preserve the country's currency reserves amid plunging oil revenues, but will eventually relax 1– year Equity market trend them, the country's vice president said. Africa's largest oil 1.0 producer has restricted imports since June to offset a fall in vital oil revenues which has hit public finances and the 0.8 naira currency. Nigeria's manufacturing industry body has warned that some companies might be forced to close 0.6 plants because they could no longer import raw materi- Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 als or equipment for their production. Reuters

NIGERIA MSCI AFRICA • Nigeria to reissue 10-year bond after JP Morgan index expulsion. Nigeria plans to re-issue its five- and 10-year Index Performance NIGERIA bonds in the last quarter of the year to raise up to 270 Current 30405.88 billion naira after JP Morgan's index on Wednesday de- W eek Change 0.15% listed half of the maturities belonging to Africa's biggest Gainers (no) 31 economy. The 10-year bond, among those to be delisted Losers (no) 39 on the influential index, edged higher to yield 15.09 per- Market Breadth 0.8 cent after the Debt Management Office (DMO) on 52 wk High 41216.90 Wednesday released its calendar showing it will re- introduce the benchmark paper, which was not issued in 52 wk Low 27395.73 the third quarter. Reuters

Top Gainers Price % Change • Nigeria central bank sees sufficient liquidity in banking Honeywell Flour Mill PLC 2.76 20.0% system - Central Bank official. Nigeria's central bank be- Vono Products PLC 0.99 16.5% lieves there is sufficient liquidity in the country's banking University Press PLC 5.73 10.2% system although it is concerned that Africa's biggest E-Tranzact International PLC 3 9.1% economy is slowing, its monetary policy director said on Wednesday. Moses Tule said the bank's decision earlier Forte Oil PLC 259.8 8.3% this month to cut the cash reserve ratio had injected 300 billion naira into the financial system. He said there was Top Losers Price % Change enough liquidity in the banking system to take up what Evans Medical PLC 0.64 -19.0% foreign investors might sell after JP Morgan removed Ni- geria from its influential bond index. Reuters Trans-Nationwide Express PLC 1.02 -15.0%

Portland Paints & Products Nigeria PLC 3.71 -13.9% Corporate News Julius Berger Nigeria PLC 40 -9.3% Dangote Flour Mills PLC 2.6 -8.5% • PZ Cussons Nigeria says Q1 pretax profit down 37.3%. Nigeria's PZ Cussons' first quarter pretax profit fell 37.3 per- cent to 546.8 million naira ($2.75 million), the local unit of Source: Bloomberg, United Capital Research British soap and shampoo maker said on Tuesday. Reve- nue declined 0.44 percent to 14.95 billion naira during the three months to August 30, PZ Cussons said in a filing with the Nigerian Stock Exchange. Reuters

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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 3.1 1.5 17.2 1.2% -25.0% 13.5 1.7 13.7 Okomu Oil Palm PLC 27.5 35.6 18.7 132.1 6.7% 8.5% 13.2 1.0 7.9 Presco PLC 30.6 37.5 20.9 153.8 -1.5% 24.7% 11.2 1.4 13.7 Conglomerates na Transnational Corp of Nigeria PLC 2.3 5.8 1.9 442.5 -4.1% -30.2% na 1.6 -3.3 UAC of Nigeria PLC 30.5 58.0 26.0 294.9 -4.2% -10.3% 12.1 1.3 11.5 Consumer Goods na 7UP Bottling Co PLC 195.7 197.9 128.3 631.1 0.0% 18.3% 17.6 5.2 34.5 Cadbury Nigeria PLC 24.0 54.0 21.9 226.9 9.5% -40.0% 1073.3 4.5 0.0 Champion Breweries PLC 4.4 16.5 3.8 171.9 -2.0% -37.5% na 5.3 na Dangote Flour Mills PLC 2.6 6.8 2.6 65.4 0.0% -42.9% na 1.3 -47.1 Dangote Sugar Refinery PLC 6.7 8.3 4.7 404.8 2.7% 5.5% 7.2 1.5 na Flour Mills of Nigeria PLC 22.4 64.1 20.4 295.9 2.5% -42.5% 8.0 0.7 8.6 Guinness Nigeria PLC 150.8 192.9 106.0 1,142.8 -8.2% -10.3% 130.3 5.0 6.5 Honeywell Flour Mill PLC 2.8 4.2 2.3 110.2 -5.4% -20.2% 19.5 1.1 5.5 International Breweries PLC 18.0 32.0 16.2 298.5 0.0% -23.0% na 4.7 na National Salt Co Nigeria PLC 6.8 9.5 5.2 90.0 2.0% 8.5% 9.7 na na Nestle Nigeria PLC 830.0 1102.5 743.0 3,312.0 0.0% -18.0% 34.1 21.3 59.9 Nigerian Breweries PLC 139.7 185.0 108.1 5,574.8 1.4% -15.5% 27.0 6.7 30.0 PZ Cussons Nigeria PLC 25.4 35.0 16.6 507.5 -7.1% 6.7% 25.9 2.5 8.3 Unilever Nigeria PLC 46.1 48.0 27.0 877.4 3.3% 28.7% 170.6 24.3 15.2 Energy na Conoil PLC 27.4 51.8 24.5 95.8 0.0% -28.1% 22.8 1.2 4.9 Eterna PLC 1.9 3.8 1.7 12.7 10.9% -35.2% 1.9 0.3 16.6 Forte Oil PLC 259.8 259.8 141.7 1,703.5 0.0% 36.8% 133.3 29.0 18.6 Mobil Nigeria PLC 148.5 176.0 136.3 269.6 1.8% -6.0% 4.3 3.8 95.6 MRS Nigeria PLC 49.7 56.0 47.2 63.5 0.0% -6.7% 28.2 0.6 2.2 Oando Plc 10.5 27.0 9.1 633.1 -5.9% -35.1% na 0.5 3.9 SEPLAT Petroleum Development Co Plc 249.9 639.5 221.4 696.1 5.7% -32.6% 2.5 0.5 23.6 Total Nigeria PLC 154.9 188.9 134.1 264.8 5.0% 8.7% 12.5 3.7 25.1 Financials na Access Bank PLC 5.3 8.8 4.0 771.8 2.4% -19.7% 2.4 0.4 18.4 Africa Prudential Registrars PLC 2.7 3.6 2.3 26.8 1.9% -12.5% 4.4 1.2 27.5 AIICO Insurance PLC 0.9 1.2 0.7 31.1 5.9% 9.9% na 0.5 20.1 Continental Reinsurance PLC 1.0 1.1 0.8 52.2 9.3% -2.0% 12.5 0.8 5.8 Custodian and Allied Insurance PLC 4.1 4.4 3.1 119.9 6.3% 11.9% na 0.9 na Diamond Bank PLC 3.1 6.6 2.7 366.1 -0.8% -43.7% 3.2 0.3 10.5 Ecobank Transnational Inc 18.6 23.0 13.1 2,250.6 -2.4% 6.5% 5.3 0.7 17.2 FBN Holdings Plc 6.2 12.3 5.2 1,120.4 -0.5% -22.5% 2.6 0.4 16.7 FCMB Group Plc 2.4 4.6 1.9 234.3 -6.0% -5.6% 2.2 0.3 13.4 Fidelity Bank PLC 1.5 2.3 1.1 215.9 -1.3% -8.6% 3.0 0.2 8.1 PLC 24.0 31.9 16.7 3,555.9 1.7% -4.7% 6.3 1.9 30.5 Mansard Insurance PLC 2.6 3.7 2.0 137.4 10.6% -18.8% 22.5 1.7 7.3 NEM Insurance PLC 0.7 1.0 0.5 18.6 1.5% 7.7% 2.4 0.6 28.9 Skye Bank PLC 2.2 3.0 1.6 155.1 -8.1% -12.4% 2.5 0.2 9.7 Stanbic IBTC Holdings PLC 22.8 33.1 17.5 1,145.8 -5.4% -15.4% 10.1 2.1 19.9 Sterling Bank PLC 2.1 2.5 2.0 308.7 -2.8% -16.1% 6.1 0.7 11.7 UBA Capital PLC 1.4 2.2 1.1 42.3 1.4% -14.6% 4.3 0.9 21.0 Union Bank of Nigeria PLC 6.0 11.7 5.7 511.6 -1.8% -29.4% 4.0 0.5 12.5 United Bank for Africa PLC 4.4 6.7 2.9 805.4 5.0% 2.6% 2.5 0.5 21.0 Unity Bank PLC 1.4 5.0 1.2 80.0 -1.5% -72.8% 0.8 0.2 20.5 Wapic Insurance PLC 0.5 0.7 0.5 33.7 0.0% -21.9% na 0.5 na Wema Bank PLC 1.0 1.1 0.8 198.8 1.0% 4.2% 16.7 0.9 5.6 Zenith Bank PLC 16.7 25.5 13.7 2,639.6 6.5% -9.3% 5.0 1.0 20.2 Health Care na Evans Medical PLC 0.6 2.3 0.5 2.4 -2.6% -71.9% na 2.3 137.5 Fidson Healthcare PLC 3.2 3.9 2.8 23.8 -4.8% -19.2% 7.5 0.8 11.5 GlaxoSmithKline Consumer Nigeria PLC 35.2 49.6 32.0 211.9 0.3% -12.0% 32.8 3.4 10.5 MAY & Baker Nigeria PLC 1.3 2.0 1.2 6.2 0.0% -20.3% 19.5 0.4 2.1 Neimeth International Pharmaceuticals PL 1.0 1.6 0.6 7.7 0.0% 24.4% na 0.9 -13.4 Industrials na Chemical and Allied Products PLC 37.1 44.0 34.0 130.6 0.0% -1.2% 15.6 22.0 135.8 Dangote Cement PLC 168.0 220.0 139.1 14,412.9 -2.4% -16.0% 15.2 4.7 33.2 Lafarge Africa PLC 98.0 128.0 66.5 2,247.2 0.0% 21.7% 11.2 2.4 28.9 Portland Paints & Products Nigeria PLC 3.7 5.5 3.3 7.5 15.2% -4.9% 31.6 1.6 4.8

Source: Bloomberg, United Capital Research

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South Africa Economic News • South Africa May Lose $540 Million a Year From Visa- Rule Changes. South Africa’s new visa requirements 1.2 could cost the economy about 7.5 billion rand ($540 1– year Equity market trend million) a year in lost tourism revenue and should be revoked immediately by the government, industry rep- 1.0 resentatives said. The number of air passengers under 18 years of age travelling to and from the country fell 0.8 50 percent year on year in June and July due to a re- quirement to carry an unabridged birth certificate, David Frost, chief executive officer of the Southern Af- 0.6 rica Tourism Services Association, told reporters in Jo- Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 hannesburg on Thursday, citing data compiled by Air- South Africa MSCI AFRICA lines Association of Southern Africa. Total overseas tour- ist arrivals fell 13 percent, including a 27 percent de- Index Performance SOUTH AFRICA cline from China, he said. Bloomberg Current 52071.31 Week Change 2.19% • U.S.-South Africa Trade Spat Risks $1.7 Billion of Exports. Gainers (no) 106 South Africa is fighting to retain duty-free access for Losers (no) 54 exports to the U.S. worth as much as $1.7 billion a year in a dispute that pits farmers in the two nations against Market Breadth 2.0 each other. The U.S. is reviewing South Africa’s status as 52 wk High 55355.12 a full beneficiary of a preferential trade pact known as 52 wk Low 46068.08 the African Growth and Opportunity Act, which elimi- nates import levies on more than 7,000 products rang- Top Gainers Price % Change ing from textiles to manufactured items. AGOA, as the Lonmin PLC 479 20.1% accord is known, was renewed in June for another 10 Sappi Ltd 4635 17.7% years, benefiting 39 African nations. Bloomberg Assore Ltd 8697 16.2% PSG Group Ltd 24750 15.5% • South Africa's trade deficit yawns to 9.95 bln rand in Aquarius Platinum Ltd 170 12.6% August. South Africa's trade deficit widened sharply to 9.95 billion rand ($719.04 million) in August from a re- Top Losers Price % Change vised 1.11 billion rand shortfall in July, the national reve- DataTec Ltd 6300 -16.0% nue agency said on Wednesday. Exports decreased by Royal Bafokeng Platinum Ltd 2385 -15.3% 5.9 percent to 5.5 billion rand, while imports rose 3.6 by Anglo American PLC 11979 -13.7% percent to 3.4 billion rand on a month-on-month basis. Nampak Ltd 2449 -11.5% Reuters Pick n Pay Stores Ltd 6120 -11.0%

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 British American Tobacco PLC 76,100.0 77,054.0 58,500.0 104,459.3 4.3% 20.4% 17.1 11.5 70.1 Cie Financiere Richemont SA 11,009.0 11,069.0 8,600.0 46,545.7 6.7% 4.8% na na 10.1 Mr Price Group Ltd 20,399.0 28,380.0 18,690.0 4,004.8 -1.3% -13.2% 22.2 10.2 51.2 Naspers Ltd 191,690.0 202,997.0 113,001.0 59,333.2 3.0% 26.5% 107.0 10.0 19.1 SABMiller PLC 77,799.0 79,000.0 55,403.0 92,750.3 22.3% 28.5% 27.8 4.0 13.3 Shoprite Holdings Ltd 15,855.0 19,180.0 13,059.0 6,687.9 -1.4% -5.8% 20.5 4.8 22.7 Steinhoff International Holdings Ltd 8,620.0 8,640.0 5,051.0 23,476.6 -2.0% 45.1% 21.9 1.8 10.1 Tiger Brands Ltd 31,700.0 40,086.0 26,732.0 4,483.2 0.0% -13.9% 17.6 4.2 21.1 Woolworths Holdings Ltd/South Africa 10,085.0 10,392.0 6,494.0 7,112.5 0.6% 30.8% 27.3 6.6 28.9 Energy Sasol Ltd 41,020.0 60,498.0 36,000.0 19,672.4 -1.9% -4.8% 8.2 1.4 16.4 Financials Barclays Africa Group Ltd 17,842.0 20,371.0 15,152.0 11,137.3 0.9% -2.0% 11.0 1.8 17.1 Capitec Bank Holdings Ltd 54,500.0 58,000.0 24,005.0 4,640.1 -2.6% 60.3% 22.1 5.2 25.3 FirstRand Ltd 5,092.0 5,847.0 4,027.0 21,032.0 0.8% 0.7% 13.4 3.1 25.2 Investec Ltd 11,063.0 11,971.0 8,578.0 7,358.2 -0.2% 13.5% 13.6 1.4 5.9 Investec PLC 11,074.0 12,093.0 8,515.0 7,168.8 -0.2% 14.0% 22.0 1.4 5.9 Nedbank Group Ltd 23,254.0 27,450.0 21,100.0 8,465.5 -0.7% -6.6% 10.3 1.7 16.0 Old Mutual PLC 4,168.0 4,554.0 2,925.0 15,125.4 -0.1% 20.1% 13.8 1.4 8.4 RMB Holdings Ltd 6,770.0 7,399.0 5,279.0 7,037.2 3.0% 5.2% 13.3 2.7 23.1 Sanlam Ltd 6,384.0 8,217.0 5,600.0 10,183.9 -0.7% -8.8% 14.7 3.0 20.3 Standard Bank Group Ltd 14,539.0 17,700.0 12,371.0 17,322.7 -1.3% 1.3% 12.0 1.6 16.7 Health Care Aspen Pharmacare Holdings Ltd 29,957.0 44,868.0 28,501.0 10,066.2 -0.6% -26.2% 26.1 4.0 16.5 Mediclinic International Ltd 11,700.0 13,151.8 8,179.0 8,434.7 0.6% 19.0% 24.7 3.2 15.2 Industrials Bidvest Group Ltd/The 33,530.0 33,869.0 27,257.0 8,274.8 1.3% 10.3% 17.8 3.0 17.3 Materials Anglo American Platinum Ltd 25,827.0 40,526.0 22,115.0 5,128.5 -3.2% -24.3% 21.8 1.3 5.1 Anglo American PLC 11,979.0 25,359.0 11,412.0 12,364.8 -2.2% -44.4% na 0.6 -25.7 BHP Billiton PLC 22,029.0 28,632.1 20,130.0 87,555.5 1.2% -5.0% 25.2 1.3 2.7 Mondi Ltd 29,934.0 32,310.0 16,271.0 10,602.8 -6.2% 58.6% 17.7 3.3 19.2 Mondi PLC 29,745.0 32,591.0 16,157.0 10,602.8 -6.2% 57.0% na na 19.2 Telecommunication MTN Group Ltd 18,498.0 25,000.0 16,110.0 25,136.5 1.8% -16.5% 12.7 2.7 25.7 Vodacom Group Ltd 14,164.0 15,654.0 12,101.0 15,518.3 2.3% 10.3% 16.5 9.4 56.2

Source: Bloomberg, United Capital Research

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Tunisia Economic News • Tunisia sees 2016 economic growth rising to 2.5%, Tunisia 1.4 expects economic growth to rise to 2.5 percent in 2016, 1– year Equity market trend compared with an expected 0.5 percent in 2015, the fi- 1.2 nance minister said on Tuesday, after its tourism industry was hit by militant attacks at a Tunis museum and a 1.0 beach resort hotel. Slim Cahker said Tunisia will adopt economic reforms next year in the banking and fiscal sec- 0.8 tors which would strengthen the economy and raise for- eign investment. Tunisia had cut its 2015 growth forecast 0.6 from a previously expected 3 percent. Tourism revenues Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 represent about 7 percent of the economy, and, adding TUNISIA MSCI AFRICA to the decline, the country's vital phosphate exports have been disrupted by strikes and protests. Reuters Index Performance TUNISIA Current 5219.76 Week Change -0.39% Gainers (no) 10 Losers (no) 29 Market Breadth 0.3

52 wk High 5781.38 52 wk Low 4566.84

Top Gainers Price % Change Assurances SALIM 20.5 3.5% Automobile reseau tunisien et 6.25services 3.3% Elbene Industrie SA 2.9 2.5% Societe Tunisienne de Banque 5.99 2.4% Tunis Re 8.29 2.2%

Top Losers Price % Change Servicom SA 6.46 -18.7% Accumulateur Tunisienne Assad5.27 -10.7% Carthage Cement 1.17 -10.0% GIF Filter SA 2.9 -8.5% Essoukna 3.9 -7.1%

Source: Bloomberg, United Capital Research

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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 6.3 8.1 5.8 121.56 0.8% -21.9% 9.0 2.1 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 9.4 159.71 -0.3% 2.6% 10.2 3.5 37.2 GIF Filter SA 2.9 3.9 2.6 15.58 -2.7% -11.7% na 2.1 na MONOPRIX 12.5 19.3 12.1 126.41 0.0% -32.1% 24.6 3.6 14.7 SFBT 22.3 29.2 13.7 1,190.57 -0.8% 15.6% 18.8 6.2 36.9 Societe de Production Agricole Teboulba 2.3 3.4 2.2 15.20 0.0% -23.6% 89.0 1.5 1.9 Societe Electrostar 3.9 9.5 3.8 4.82 2.4% -43.8% na 0.8 -81.0 Societe Magasin General 25.2 33.5 25.0 147.11 0.0% -20.9% na 80.4 -16.6 Societe Tunisienne d'Equipement #N/A N/A 10.4 4.3 #VALUE! #VALUE! #VALUE! na na na SOTUMAG 2.2 2.3 1.6 13.42 0.9% 25.0% na na na Financials Amen Bank 26.0 27.7 23.0 323.15 0.0% -0.7% 7.0 0.9 13.9 Arab Tunisian Bank 4.3 5.4 4.0 218.64 -0.7% -1.6% 9.5 0.8 12.5 Arab Tunisian Lease 2.7 2.9 2.2 34.45 0.0% 0.4% na 1.0 na Assurances SALIM 20.5 26.5 17.0 27.10 0.0% -22.1% na na na Attijari Bank 26.3 28.6 18.0 531.54 -0.8% 10.0% na 2.7 na Attijari Leasing SA 23.5 29.5 19.2 25.39 0.0% -10.7% 8.3 1.3 16.9 Banque de l'Habitat 11.6 16.6 7.2 164.44 0.0% 55.0% 35.2 0.6 1.8 Banque de Tunisie 10.0 11.1 9.7 762.70 0.0% -5.2% 17.0 2.4 14.5 Banque International Arabe de Tunis 80.0 86.0 64.0 691.43 0.0% 2.6% 11.1 2.0 18.7 Banque Nationale Agricole 13.2 15.2 6.3 214.78 -0.7% 73.7% 22.1 0.7 3.1 BTEI 18.3 25.2 18.3 41.94 0.1% -26.4% 37.9 0.6 1.5 Cie d'Assurances et de Reassurances ASTR 44.0 56.2 44.0 89.49 0.0% -19.4% 15.1 1.8 12.2 Cie Internationale de Leasing 14.7 15.0 12.5 37.37 0.0% 9.8% 8.1 1.3 15.7 El Wifack Leasing 17.0 19.6 14.9 34.56 0.0% 4.6% 15.5 1.6 10.2 Essoukna 3.9 6.5 3.9 10.02 -1.3% -38.0% 6.3 0.6 9.6 Modern Leasing Immeuble Assurances SALIM 4.0 6.0 3.9 8.22 0.0% -23.5% na na 14.2 Poulina Group 5.1 5.7 4.9 463.14 -1.7% -10.0% 13.5 1.6 12.6 Societe Immobiliere et de Participations 38.5 57.0 37.6 19.57 0.0% -30.0% 9.0 0.6 6.2 Societe Immobiliere Tuniso Seoudienne 2.0 2.7 1.7 16.10 -0.5% 2.5% 9.0 1.1 12.0 Societe Tunisienne de Banque 6.0 6.7 3.3 473.23 0.5% 50.6% na na na STAR 164.0 185.0 135.9 192.41 0.0% 12.9% 6.8 1.2 19.7 Tunis Re 8.3 10.0 6.8 84.30 2.3% -8.1% 15.6 1.3 8.5 Tunisie Leasing SA 19.7 23.0 17.7 89.92 -1.3% -5.1% 13.5 1.2 8.8 UBCI 25.3 30.5 24.6 257.30 0.0% -0.4% 17.4 1.7 10.3 Union Internationale de Banques SA 15.6 18.0 11.3 273.25 -0.3% 5.4% 7.3 1.0 31.6 Health Care Accumulateur Tunisienne Assad 5.3 9.1 5.1 32.16 0.0% -34.1% 8.5 1.4 18.2 ADWYA SA 6.9 8.6 6.5 55.57 0.0% -15.6% 16.5 3.4 22.5 Industrials Servicom SA 6.5 19.0 6.3 11.62 -1.8% -54.7% 12.1 1.9 17.0 SIPHAT 6.2 10.6 6.2 5.70 0.0% -27.6% na 0.4 -4.5 Societe Industrielle d'Appareillage et d 2.3 2.8 2.0 16.28 0.9% -0.9% 18.6 1.4 7.9 Societe Moderne de Ceramiques 2.7 3.1 2.2 42.63 -1.5% 7.2% 16.3 1.4 9.1 Societe Tunisienne de L'Air 0.8 1.2 0.8 40.50 -2.6% -33.6% na 0.4 -65.2 Tunisie Profiles Aluminium SA 3.5 4.5 3.3 79.85 0.0% -18.8% 14.8 1.6 10.9 Information Technology Telnet Holding 3.7 5.8 3.6 20.86 0.3% -28.2% na na na Materials Air Liquide Tunisie 170.0 244.0 170.0 104.70 -4.8% -27.7% 26.5 4.6 17.4 Carthage Cement 1.2 2.8 1.2 102.40 -5.6% -51.7% na 0.8 -9.2 Industries Chimiques du Fluor 27.0 38.5 25.7 28.83 0.0% -28.9% na na na Societe Chimique ALKIMIA 46.5 60.0 44.9 46.04 0.0% -21.2% 5.5 1.2 22.0 Societe Ciments de Bizerte 4.4 6.9 4.3 97.65 0.0% -32.4% 130.0 1.4 -0.4 Societe Tunisiennes de Verreries 3.0 5.4 3.0 35.75 -0.3% -38.9% na na na Telecommunication SOTETEL 1.5 3.6 1.5 3.54 0.0% -56.5% 7.7 0.2 0.0

Source: Bloomberg, United Capital Research

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Zimbabwe Economic News • Zimbabwe court again postpones trial of hunter linked to

1.2 Cecil killing. A court on Monday postponed for the second 1– year Equity market trend time the trial of hunter Theo Bronkhorst, who is linked to the illegal killing of Zimbabwe's most prized lion in July, after his 1.0 lawyers requested that his indictment be quashed. Bronk- horst is accused of failing to stop American dentist Walter 0.8 Palmer from killing Cecil, a familiar sight at Zimbabwe's Hwange National Park. The incident triggered a global wave of anger on social media and controversy over big- 0.6 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 game hunting. The case has been put off until Oct. 15. De- fence lawyer Perpetua Dube told Reuters she had asked ZIMBABWE MSCI AFRICA the court in Hwange in western Zimbabwe to quash the indictment against Bronkhorst, arguing the facts presented Index Performance ZIMBABWE by prosecutors did not disclose an offence by him. Dube Current 131.3 said she also wanted the Constitutional Court to rule on Week Change -0.11% whether Bronkhorst's constitutional rights had been breached. Prosecutors will respond to the two applications Gainers (no) 4 by the defence on Oct. 15. Bronkhorst, who denies the Losers (no) 3 charges, faces a $20,000 fine and up to 10 years in jail if Market Breadth 1.3 convicted. Prosecutors will call five witnesses, including the 52 wk High 193.45 owner of the game park where Cecil was killed. Palmer, a 52 wk Low 131.30 dentist from Minnesota, has said the hunt was legal and no one in the hunting party realised the targeted trophy kill Top Gainers Price % Change was the black-maned Cecil. Zimbabwe's environment min- First Mutual Holdings Ltd 0.021 20.0% ister said in July the country was seeking Palmer's extradition Econet W ireless Zimbabwe Ltd 0.27 1.9% as a "foreign poacher". Palmer would have to be charged CBZ Holdings Ltd 0.09 1.1% before he could be extradited and Zimbabwe has not CFI Holdings Ltd 0.0452 0.4% done this. Reuters

Corporate News Top Losers Price % Change Meikles Ltd 0.09 -10.0% OK Zimbabwe 0.06 -2.3% Delta Corp Ltd/Zimbabwe 0.815 -1.5%

Source: Bloomberg, United Capital Research

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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 0.50 0.51 0.33 0.18 0.0% 6.4% 18.2 3.8 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 11.65 14.00 10.40 0.75 0.0% 4.0% 17.9 15.0 100.0 Dairibord Holdings Ltd 0.08 0.10 0.08 0.09 0.0% 3.8% 41.5 0.7 1.6 Dawn Properties Ltd 0.02 0.02 0.01 0.13 0.0% 64.8% na 0.5 2.6 Delta Corp Ltd/Zimbabwe 0.82 1.27 0.82 3.15 0.0% -20.1% 11.0 2.2 21.3 Edgars Stores Zimbabwe Ltd 0.07 0.11 0.07 0.06 0.0% -17.1% na na na Hippo Valley Estates Ltd 0.39 0.70 0.31 0.23 0.0% -29.1% 10.3 0.3 3.3 Meikles Ltd 0.09 0.16 0.07 0.07 0.0% -41.9% na 0.2 -23.6 National Foods Holdings 3.00 3.40 2.80 0.64 0.0% -11.8% 16.1 2.8 25.0 OK Zimbabwe 0.06 0.18 0.06 0.22 0.0% -47.8% 9.2 1.0 10.9 Seed Co 0.99 1.06 0.78 0.72 0.0% 2.1% 14.5 1.6 12.2 Star Africa Corp Ltd #N/A N/A 0.02 0.01 na #VALUE! #VALUE! na na na Truworths Zimbabwe Ltd #N/A N/A 0.03 0.01 na #VALUE! #VALUE! na na -9.5 Financials Barclays Bank of Zimbabwe Ltd 0.04 0.05 0.03 0.29 -2.0% 69.0% 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 0.09 0.10 0.05 0.03 0.0% 12.5% 2.0 0.6 34.7 Mashonaland Holdings Ltd 0.02 0.03 0.02 0.12 0.0% -25.9% na 0.4 0.0 Old Mutual PLC 2.45 2.80 2.33 37.46 0.0% 4.7% na na 8.4 Industrials na CFI Holdings Ltd 0.0 0.0 0.01 0.01 0.0% 50.7% na 0.1 -12.4 Innscor Africa Ltd 0.6 0.7 0.55 1.01 0.4% 0.4% 25.9 1.5 8.6 Masimba Holdings Ltd 0.0 0.0 0.01 0.01 0.0% -27.5% na 0.1 -2.8 Turnall 0.0 0.0 0.01 0.02 0.0% -25.9% na 1.0 -93.0 Materials PPC Ltd 1.0 2.3 1.00 1.88 0.0% -42.9% na na 36.4 Telecommunication na Econet Wireless Zimbabwe Ltd 0.3 0.8 0.27 1.37 0.0% -55.0% 6.0 0.7 11.1

Source: Bloomberg, United Capital Research

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