AFRICAN MARKETS

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African Markets Weekly Report

March 8, 2013 African Markets Weekly Report

Bourse Regionale des Valeurs Mobilieres BRVM-Composite Index Top 5 gainers Company Week %Chg Price (XOF) 200 Mov is Cote d'Iv oire 24.14% 8 820 190 Servair 15.56% 10 400 Bank of Africa NG 7.50% 41 925 180 Cie Ivoirienne D Elect 7.50% 43 000 170 Transnational Inc 7.41% 58 160 Top 5 losers 150 Company Week %Chg Price (XOF) 140 Sonatel -3.00% 16 000 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Sitab-Soc Ivoirienne Tabacs -1.90% 103 010 Performance Filature Tissages Sacs SA -1.00% 8 900 BRVM-Composite Index XOF/USD - Value % Chg Value % Chg - 2013-03-08 195.87 506.52 2013-03-01 192.57 1.71% 505.94 0.11% Month to Date 192.57 1.71% 505.94 0.11% Top 5 Volume Year to Date 164.98 18.72% 499.68 1.37% Company Volume Weight 1 Year 149.09 31.38% 496.60 2.00% Ecobank Transnational Inc 1 564 244 87.72% Sonatel 202 957 11.38% PALMCI 3 972 0.22% Av. Equity Turnover (XOF) Societe Africaine de Plantations d'Heveas 2 841 0.16% 2013-03-01 278 361 630 Societe Generale de Banques en Cote d'Ivoire 2 789 0.16% 2013-03-08 2 312 225 359

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 1 African Markets Weekly Report

Egyptian Exchange Egypt

EGX 30 Index Top 5 gainers Company Week %Chg Price (EGP) 6 500 Orascom Telecom Media And Technology Holding SAE 15.87% 0.73 Pyramisa Hotels 7.79% 20.48 6 000 Medical Union Pharmaceuticals 4.23% 32 5 500 El Obour Real Estate Investment 4.20% 8.43 Utopia 3.70% 10.09 5 000

4 500 Top 5 losers Company Week %Chg Price (EGP) 4 000 North Africa Co for Real Estate Investment -16.91% 4.52 Feb-12 May-12 Aug-12 Nov-12 Feb-13 Marsa Marsa Alam Development And -15.90% 4.02 Performance Al Moasher for Programming & Information Disseminatio -14.97% 1.25 EGX 30 Index EGP/USD Egyptians For Investment and Urban Development -11.63% 9.12 Value % Chg Value % Chg Al Ahram Co for Printing & Packaging -11.33% 11.58 2013-03-07 5 365.62 6.75 2013-02-28 5 489.46 -2.26% 6.74 0.20% Month to Date 5 693.73 -5.76% 6.13 10.19% Top 5 Volume Year to Date 5 634.55 -4.77% 6.39 5.75% Company Volume Weight 1 Year 5 452.03 -1.58% 6.04 11.89% Orascom Telecom Media And Technology Holding SAE 251 052 700 37.02% Palm Hills Developments SAE 81 725 310 12.05% Arabia Investments & Development & Financial Investme 61 264 770 9.03% Av. Equity Turnover (EGP) Orascom Telecom Holding SAE 31 143 936 4.59% 2013-02-28 330 066 473.83 Amer Group Holding 25 651 450 3.78% 2013-03-07 372 237 184.42

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From February 28, 2013 to March 7, 2013 African Markets | Equity Research 2 African Markets Weekly Report

Ghana Stock Exchange Ghana GSE-Composite Index Top 5 gainers Company Week %Chg Price (GHS) 1 650 Standard Chartered Bank Ghana Ltd 15.86% 14.83 1 550 Produce Buying Co Ltd 13.64% 0.25 1 450 Total Petroleum Ghana Ltd 7.70% 26.99 UT Bank Ltd 6.67% 0.48 1 350 Ghana Oil Co Ltd 2.22% 0.92 1 250 1 150 Top 5 losers 1 050 Company Week %Chg Price (GHS) 950 CAL Bank Ltd -3.70% 0.52 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Ghana Commercial Bank Ltd -1.95% 3.01 Performance - GSE-Composite Index GHS/USD - Value % Chg Value % Chg - 2013-03-08 1 565.41 1.92 2013-03-01 1 513.44 3.43% 1.92 0.21% Month to Date 1 513.44 3.43% 1.92 0.21% Top 5 Volume Year to Date 1 198.34 30.63% 1.91 0.71% Company Volume Weight 1 Year 1 028.69 52.18% 1.71 12.18% Produce Buying Co Ltd 5 039 360 52.78% Ecobank Transnational Inc 1 862 638 19.51% UT Bank Ltd 1 349 668 14.14% Av. Equity Turnover (GHS) CAL Bank Ltd 621 823 6.51% 2013-03-01 477 980.10 SG-SSB Ltd 248 660 2.60% 2013-03-08 2 013 060.55

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 3 African Markets Weekly Report

Nairobi Securities Exchange Kenya

Top 5 gainers NSE All Shares Index Company Week %Chg Price (KES) 115 CFC Stanbic Holdings Ltd 31.87% 60.00 110 British-American Investments Co Kenya Ltd 20.57% 8.5 105 Liberty Kenya Holdings Ltd 16.90% 8.30 100 Express Kenya ltd 14.29% 3.6 95 90 Mumias Sugar Co Ltd 14.29% 4.8 85 80 75 Top 5 losers 70 Company Week %Chg Price (KES) 65 KenolKobil Ltd Group -18.52% 11.00 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Car & General Kenya Ltd -12.50% 21.00 Performance BOC Kenya Ltd -4.72% 101.00 NSE All Shares Index KES/USD REA Vipingo Plantations Ltd -3.45% 21.00 Value % Chg Value % Chg Marshalls East Africa Ltd -0.80% 12.40 2013-03-08 111.79 86.25 2013-03-01 107.18 4.30% 85.88 0.43% Month to Date 107.18 4.30% 85.88 0.43% Top 5 Volume Year to Date 95.55 17.00% 86.30 -0.06% Company Volume Weight 1Year 74.52 50.01% 82.80 4.17% Safaricom Ltd 69 832 200 50.46% Kenya Commercial Bank Ltd 14 583 500 10.54% Mumias Sugar Co Ltd 9 158 600 6.62% Av. Equity Turnover (KES) Equity Bank Ltd 6 608 600 4.78% 2013-03-01 599 861 860.00 KenolKobil Ltd Group 5 833 000 4.21% 2013-03-08 433 259 035.00

News 05/03/2013 - Nairobi Securities Exchange becomes a member of the Association of Futures Markets. 05/03/2013 - Kenya's Bamburi Cement year pretax profit down 15%.

African Markets | Equity Research From March 1, 2013 to March 8, 2013 4 African Markets Weekly Report

Stock Exchange of Mauritius Mauritius

SEMDEX Index Top 5 gainers Company Week %Chg Price (MUR) 1 950 Lux Island Resorts Ltd 5.26% 18 1 900 Union Flacq Sugar Estates Co Ltd 3.47% 5.96 Bramer Banking Corp Ltd 3.06% 7.4 1 850 Mauritius Commercial Bank 2.98% 190.25 1 800 New Mauritius Hotels Ltd 2.74% 75 1 750

Top 5 losers 1 700 Company Week %Chg Price (MUR) 1 650 ENL Investment Ltd -8.51% 43.00 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 ENL Commercial Ltd -4.42% 21.60 Performance Promotion & Development Ltd -4.35% 66.00 SEMDEX Index MUR/USD Ciel Investment Ltd -3.45% 2.80 Value % Chg Value % Chg Sun Resorts Ltd/Mauritius -3.05% 28.60 2013-03-08 1 891.42 30.90 2013-03-01 1 875.13 0.87% 30.95 -0.16% Month to Date 1 875.13 0.87% 30.95 -0.16% Top 5 Volume Year to Date 1 732.06 9.20% 30.55 1.15% Company Volume Weight 1 Year 1 768.65 6.94% 29.10 6.19% State Bank of Mauritius Ltd 22 993 900 52.08% CIM Financial Services Ltd 16 685 898 37.79% Ciel Investment Ltd 1 109 639 2.51% Av. Equity Turnover (MUR) Mauritius Development Invest Trust 369 589 0.84% 2013-03-01 52 735 805.21 Sun Resorts Ltd/Mauritius 341 952 0.77% 2013-03-08 106 353 380.05

News 05/03/2013 - Mauritius trade deficit widens 8.6% in 2012. 05/03/2013 - Mauritius tourism revenue up 3.9% in 2012.

African Markets | Equity Research From March 1, 2013 to March 8, 2013 5 African Markets Weekly Report

Casablanca Stock Exchange Morocco

MASI Free Foat Index Top 5 gainers Company Week %Chg Price (MAD) 12 000 Auto Nejma 14.20% 304.00 11 500 Auto Nejma 14.20% 152.00 Auto Nejma 14.20% 1 520.00 11 000 Stokvis Nord Afrique 12.43% 36.00 10 500 Colorado 9.78% 50.50 10 000 9 500 Top 5 losers 9 000 Company Week %Chg Price (MAD) 8 500 Maghreb Oxygene -15.48% 131.00 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Label Vie -12.00% 1 100.00 Performance Maghrebail -11.62% 515.10 MASI Free Float Index MAD/USD STROC Industrie SA -11.43% 62.00 Value % Chg Value % Chg Fenie Brossette -9.98% 165.00 2013-03-08 8 759.15 8.55 2013-03-01 8 828.85 -0.79% 8.55 -0.07% Month to Date 8 828.85 -0.79% 8.55 -0.07% Top 5 Volume Year to Date 9 368.38 -6.50% 8.46 1.00% Company Volume Weight 1 Year 11 367.50 -22.95% 8.42 1.55% Douja Promotion Groupe Addoha SA 476 734 36.01% Maroc Telecom SA 161 598 12.21% Attijariwafa Bank 128 462 9.70% Av. Equity Turnover (MAD) Banque Centrale Populaire 116 856 8.83% 2013-03-01 63 121 422.63 Banque Marocaine du Commerce Exterieur 94 808 7.16% 2013-03-08 65 952 787.63

News 08/03/2013 - Resumption of quotation of CENTRALE LAITIERE (CLT) security.

African Markets | Equity Research From March 1, 2013 to March 8, 2013 6 African Markets Weekly Report

Nigerian Stock Exchange Nigeria

Top 5 gainers NGSE All Shares Index Company Week %Chg Price (NGN) 35 000 Oando Plc 19.76% 17.94 33 000 Mansard Insurance PLC 13.55% 2.43 31 000 Prestige Assurance Co PLC 12.82% 0.88 29 000 Cornerstone Insurance PLC 12.00% 0.56 27 000 Associated Bus Co PLC 11.32% 0.59 25 000 23 000 Top 5 losers 21 000 Company Week %Chg Price (NGN) 19 000 Japaul Oil & Maritime Services PLC -15.29% 0.72 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 DN Meyer PLC -9.77% 2.40 Performance John Holt PLC -9.50% 1.81 NGSE All Shares Index NGN/USD Unity Bank PLC -8.70% 0.84 Value % Chg Value % Chg Africa Prudential Registrars Plc -7.89% 1.75 2013-03-08 32 849.11 157.75 2013-03-01 33 183.20 -1.01% 158.05 -0.19% Month to Date 33 183.20 -1.01% 158.05 -0.19% Top 5 Volume Year to Date 28 501.21 15.26% 156.65 0.70% Company Volume Weight 1 Year 21 181.41 55.08% 157.65 0.06% Transnational Corp of Nigeria PLC 190 784 574 7.99% United Bank for Africa PLC 182 888 351 7.66% Zenith Bank PLC 180 937 311 7.58% Av. Equity Turnover (NGN) Guaranty Trust Bank PLC 143 094 224 5.99% 2013-03-01 5 739 609 610.91 Unity Bank PLC 138 204 550 5.79% 2013-03-08 11 730 733 802.32

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 7 African Markets Weekly Report

Tunis Stock Exchange Tunisia

Top 5 gainers TUNINDEX Company Week %Chg Price (TND) 5 400 Societe Moderne de Ceramiques 19.32% 3.52 5 300 Societe Moderne de Ceramiques 16.67% 0.07 5 200 GIF Filter SA 16.30% 1.07 5 100 Tunisie Leasing SA 9.08% 25.00 5 000 Arab Tunisian Lease 8.55% 3.68 4 900 4 800 4 700 Top 5 losers 4 600 Company Week %Chg Price (TND) 4 500 Societe Frigorifique et Brasserie de Tunis -8.95% 1.73 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Arab Tunisian Lease -7.89% 0.35 Performance Hexa Byte -4.48% 6.39 TUNINDEX TND/USD Tunisie Lait -4.39% 3.92 Value % Chg Value % Chg Accumulateur Tunisienne Assad -4.12% 8.15 2013-03-08 4 708.47 1.58 2013-03-01 4 642.73 1.42% 1.59 -0.45% Month to Date 4 642.73 1.42% 1.59 -0.45% Top 5 Volume Year to Date 4 621.99 1.87% 1.55 1.87% Company Volume Weight 1 Year 4 759.64 -1.08% 1.50 5.29% Societe Moderne de Ceramiques 3 975 277 47.07% Carthage Cement 939 639 11.13% Societe Immobiliere Tuniso Seoudienne 854 312 10.12% Av. Equity Turnover (TND) ADWYA SA 448 053 5.31% 2013-03-01 16 415 787.45 Societe Tunisienne de L'Air 327 476 3.88% 2013-03-08 33 646 205.01

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 8 African Markets Weekly Report

Johannesburg Stock Exchange South Africa

Top 5 gainers JSE All Share Index Company Week %Chg Price (ZAR) 41 500 Stella Vista Technologies Ltd 200.00% 3.00 40 500 Southern Electricity Co Ltd 50.00% 45.00 39 500 Blue Financial Services Ltd 30.77% 17.00 38 500 Chrometco Ltd 19.05% 25.00 37 500 Muvoni Technology Group Ltd 18.75% 19.00 36 500 35 500 34 500 Top 5 losers 33 500 Company Week %Chg Price (ZAR) 32 500 Forbes & Manhattan Coal Corp -51.41% 311.00 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Tawana Resources NL -37.50% 15.00 Performance African Eagle Resources PLC -33.33% 30.00 JSE All Share Index ZAR/USD Kibo Mining PLC -33.33% 20.00 Value % Chg Value % Chg Awethu Breweries Ltd -28.57% 5.00 2013-03-08 40 732.81 9.09 2013-03-01 40 134.97 1.49% 9.06 0.28% Month to Date 40 134.97 1.49% 9.06 0.28% Top 5 Volume Year to Date 40 061.75 1.68% 8.49 7.07% Company Volume Weight 1 Year 33 758.62 20.66% 7.48 21.49% Infrasors Holdings Ltd 94 680 345 5.93% FirstRand Ltd 93 001 230 5.82% Old Mutual PLC 63 596 159 3.98% Av. Equity Turnover (ZAR) Sibanye Gold Ltd 52 047 142 3.26% 2013-03-01 1 850 889 995 566 Steinhoff International Holdings Ltd 43 519 644 2.73% 2013-03-08 1 704 204 149 711

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 9 African Markets Weekly Report

Lusaka Stock Exchange Zambia

Top 5 gainers LSE All Shares Index Company Week %Chg Price (ZMW) 4 000 Lafarge Cement Zambia PLC 4.88% 8.60 3 950 Zambian Breweries PLC 3.23% 3.20 3 900 - 3 850 - 3 800 - 3 750 3 700 3 650 3 600 Top 5 losers 3 550 Company Week %Chg Price (ZMW) 3 500 Copperbelt Energy Corp PLC -1.19% 0.83 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 - Performance - LSE All Shares Index ZMW/USD - Value % Chg Value % Chg - 2013-03-08 4 019.69 5.35 2013-03-01 3 960.08 1.51% 5.35 0.14% Month to Date 3 960.08 1.51% 5.35 0.14% Top 5 Volume Year to Date 3 741.23 7.44% 5.24 2.15% Company Volume Weight 1 Year 3 925.83 2.39% 5.27 1.57% Zambia National Commercial Bank PLC 206 502 10.33% Copperbelt Energy Corp PLC 94 655 4.74% Standard Chartered Bank Zambia PLC 80 307 4.02% Av. Equity Turnover (ZMW) First Quantum Minerals Ltd 37 500 1.88% 2013-03-01 264 159.60 Lafarge Cement Zambia PLC 8 532 0.43% 2013-03-08 370 686.68

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African Markets | Equity Research From March 1, 2013 to March 8, 2013 10 AFRICAN MARKETS

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