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 7.8 0.1% 13.5% 23.8x 3.8x 0.9% Egypt: EGX 30 7,594 61.1 0.0% -14.9% 15.1x 1.3x 2.8% Ghana : GSE Composite 1,988 2.4 0.2% -12.1% na 1.4x 0.9% : All Share 137 18.3 -3.5% -15.9% 13.2x 2.1x 5.0% Mauritius : SEM DEX 1,860 9.2 -2.0% -10.3% 14.4x 0.9x na Morocco : CFG 25 19,221 47.2 -0.1% -5.0% na na na Nigeria:Nigeria All Share 29,834 51.3 -1.1% -13.9% 8.8x 1.4x 4.7% South : JSE All Share 52,945 467.1 -0.7% 6.4% 25.9x 2.3x 3.4% Tunisia: Tunis Index 5,213 10.0 0.1% 2.4% 26.3x 2.5x na Zimbabwe: Industrial 131 3.1 -0.3% -19.5% 16.9x 0.7x 3.3% Frontier M arkets 519 -- -0.6% -15.2% 10.0x 1.4x 4.2% Emerging M arkets 865 -- 0.6% -9.6% 12.5x 1.4x 2.9%

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

Nigeria 1.4 Ghana Kenya 1.2 BRVM FM 1.2 EM 1.0 1.0 0.8 MSCI World S&P 500 0.8 FTSE 100 MSCI Africa 0.6 0.6 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% 9.25 10.1 Ghana GHS:Cedi 3.8 -0.9% -0.3% -14.5% 4.20 4.6 Kenya KES: Shilling 103.0 0.9% 1.8% -12.0% 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 0.0% 0.2% -6.5% na na Nigeria NGN: Naira 199.2 -0.2% 0.0% -7.9% 222.50 248.2 South Africa ZAR: Rand 13.6 0.6% 1.6% -15.2% 14.09 14.6 Tanzania TZS: Shilling 2175.0 -0.2% -0.2% -20.3% na na Tunisia TND: Dinar 2.0 -0.3% 0.1% -5.1% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na

52.62; --4.7% w/w 1157; +2.2% w/w 42286; --0.4% 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 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Oct -14 Feb -15 Jun -15 Oct -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 14.6% 6.0% 8.6% 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 15.0% 9.3% 5.7% 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

• 1.4 Ivory Coast will issue a 100 billion CFA franc ($172.29 million) 7 1– year Equity market trend -year bond with a 5.85 percent coupon from Oct. 13, the treasury said last week. According to a statement published 1.2 in the state-owned Fraternite Matin newspaper, the bond will be sold in units of 10,000 CFA francs to investors across West Africa's eight-nation CFA franc currency zone. Reuters 1.0

Corporate News 0.8 No Corporate News

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

Index Performance BRVM

Current 303.47

W eek Change 0.49%

Gainers (no) 17 Losers (no) 13 Market Breadth 1.3 52 wk High 307.83 52 wk Low 230.15

Top Gainers Price % Change Societe De Distribution Automobile en Co 316,910 10.4% NEI CI 4,500 7.3% Bernabe 120,000 6.7% Bank of Africa - Burkina Faso 120,000 6.5% SCBCI 121,985 6.1%

Top Losers Price % Change Uniwax SA 28,995 -12.1% Societe des Caoutchoucs de Grand-Bereby 26,000 -7.0% Movis Cote d'Ivoire 4,240 -4.6% Societe Ivoirienne DE Cable 100,000 -3.8% Bank of Africa/Niger 83,000 -2.4%

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 92.22 0.0% -10.9% 16.327 18.8 na PALMCI 15,000 19,350 14,000 197.74 -2.0% -11.5% 11.6 1.4 11.93 Sitab-Soc Ivoirienne Tabacs 155,000 162,000 116,500 237.31 0.6% -2.5% 21.3 9.6 43.03 Societe Africaine de Plantations d'Hevea 11,700 19,000 11,000 101.99 0.0% -33.4% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 26,005 32,000 23,000 95.80 0.0% -18.5% 12.3 1.1 8.83 Societe De Distribution Automobile en Co 309,005 323,000 165,000 84.32 -2.5% 82.8% 20.5 6.1 31.30 Societe de Limonaderies et Brasseries 168,000 235,000 164,188 471.62 0.0% -16.0% 12.1 2.1 17.37 Unilever Cote d'Ivoire 25,000 41,000 23,100 68.67 -2.3% -32.4% na na na Uniwax SA 28,500 35,405 6,579 36.45 -1.7% 256.3% na na 31.76 Energy Shell Cote D Ivoire 71,000 73,105 54,000 152.57 0.0% 18.3% 30.2 4.8 16.85 TotalFinaElf Cote D'ivoire 23,500 25,100 7,850 504.67 0.0% 135.0% 42.3 9.1 22.01 Financials Bank of Africa - Benin 125,000 134,375 72,000 214.73 0.7% 52.4% 10.5 2.1 21.62 Bank of Africa - Burkina Faso 119,000 120,000 80,005 223.24 -0.8% 32.2% 12.9 3.4 30.49 Bank of Africa/Cote d'Ivoire 120,000 131,985 78,000 167.81 0.0% 33.3% na na 31.97 Bank of Africa/Niger 86,000 92,440 60,000 139.33 3.6% -1.1% 10.4 3.4 22.65 BICICI 104,000 104,000 68,015 295.61 2.0% 33.3% 17.5 3.9 23.06 SCBCI 120,000 126,850 90,000 636.70 -1.6% 24.0% 13.4 4.3 35.58 Societe Africain de Credit Auto 27,500 29,750 23,000 6.09 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 54 65 42 2219.46 0.0% 15.2% na na 17.15 Industrials Bernabe 120,000 125,025 71,000 67.78 0.0% 61.7% 19.5 3.3 17.19 Bollore Africa Logistics SAS 196,000 248,955 119,790 363.92 0.5% -21.3% 33.3 6.8 na Comptoir Francais Afrique 88,000 88,000 39,000 272.20 17.2% 90.9% 42.5 7.7 18.14 Movis Cote d'Ivoire 4,000 8,000 4,000 5.70 -5.7% -41.6% na na na Servair Abidjan 80,000 85,000 27,000 74.44 -2.4% 105.7% 34.9 15.6 53.92 Societe Ivoirienne DE Cable 102,000 117,870 57,000 25.75 2.0% 0.0% 21.6 3.3 15.18 Materials CROWN SIEM 26,000 32,000 19,900 27.92 0.0% 13.0% na na -0.82 Filature Tissages Sacs SA 28,530 40,000 17,835 171.56 1.9% -3.3% 26.0 2.5 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 21,000 26,335 15,500 31.28 0.0% 23.5% 35.8 8.1 22.52 Societe Multinationale de Bitumes 19,000 20,000 13,500 63.15 11.8% 35.8% na na na Utilities Cie Ivoirienne D Elect 83,500 86,500 52,000 398.73 2.5% 1.2% 28.2 9.3 32.98 SODECI 82,005 91,300 55,000 125.87 0.0% -10.2% na na 23.90 Telecommunication Onatel SA 13,500 13,940 5,655 782.79 3.9% 82.4% 23.3 4.9 19.23 Sonatel 26,315 29,600 20,350 4487.85 -0.3% 15.4% 12.9 5.0 40.66 Societe Ivoirienne de Coco Rape 8,995 10,280 4,995 9.20 0.0% 76.7% 133.1 na na SETAO 51,700 52,675 19,800 11.85 0.0% 52.1% 6.6 na na NEI CI 4,500 6,235 3,450 3.92 0.0% 12.5% na 4.0 -8.85 TRITURAF 490 490 490 0.87 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

1.2 • 1– year Equity market trend Egypt is negotiating a $3 billion loan from the World Bank to help ease the country's foreign currency shortage, the government said last week. Egypt has been implement- 1.0 ing a series of measures to overcome a foreign currency shortage that has crippled import activity and hurt for- eign investment as the country tries to rebuild its econ- 0.8 omy. Earlier this week the government announced it would receive $1.5 billion in new loans from the World Bank and African Development Bank (AfDB) and expects 0.6 to collect a further $2.5 billion this year from land sales to Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 Egyptians living abroad. Reuters EGYPT MSCI AFRICA • Egyptian Investment Minister Ashraf Salman said last Index Performance EGYPT week his country's economy grew by 4.1% in the finan- cial year that ended in June and projected it would grow Current 7594.45 by 5 to 5.2% in the year to next June. Salman added in a W eek Change 0.00% speech at a lunch banquet sponsored by the American Gainers (no) 25 Chamber of Commerce that Egypt is targeting $10 billion in foreign direct investment for the current financial year. Losers (no) 5 Reuters Market Breadth 5.0 Corporate 52 wk High 10066.11 • Egypt's return to the international syndicated loan market 52 wk Low 6640.94 is being hampered by global volatility and the growing liquidity crunch in the Middle East, which is pushing loan Top Gainers Price % Change pricing higher, banking sources said last week. Two loans Beltone Financial Holding Co SAE 3.4 20.6% for Egyptian banks that were launched before Septem- ber are still in the market as lenders seek higher pricing to Pioneers Holding for Financial Inv estmen 8.11 9.4% compensate for perceived increased risk. Egypt's second Orascom Telecom Media And Technology 0.75Hol 8.7% -largest state-bank, Banque Misr, has been talking to banks since June about a three year US$250m deal Arab Cotton Ginning 2.95 8.1% which is being coordinated by Bahrain's ABC Bank and Prime Holding for Financial Investments 2.18 6.9% has not yet signed. Banque du Caire has also has been in talks since July about a one-year US$200m deal which is being coordinated by Standard Chartered. Reuters Top Losers Price % Change

Arabian Cement Co 11.62 -1.8% Egypt Kuwait Holding Co SAE 0.56 -1.8% ElSwedy Electric Co 42.25 -1.7% Medinet Nasr Housing 21.95 -1.5%

Juhayna Food Industries 8.02 -1.1%

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 3.1 4.8 2.3 103.19 4.7% -18.9% 64.2 0.5 80.7% Eastern Tobacco 210.0 244.0 155.6 1323.99 -0.9% -4.1% 12.2 2.1 17.74 Egypt for Poultry 1.5 3.8 1.3 8.77 0.7% -45.6% 74.2 0.8 1.10 Juhayna Food Industries 8.2 11.8 7.4 978.16 2.7% -13.3% 35.3 3.4 9.82 Oriental Weavers 10.8 15.4 8.4 614.55 2.9% -10.4% 3.2 0.2 10.99 Financials Amer Group Holding 0.9 1.4 0.7 505.96 12.8% -31.3% 19.6 2.2 12.55 Arab Real Estate Investment Co SAE 0.7 1.3 0.6 22.37 4.3% -32.1% na 0.5 0.52 Arabia Investments Development Financial 1.1 2.0 0.9 123.24 0.0% -35.8% na na na Beltone Financial Holding Co SAE 3.6 7.7 2.5 73.67 5.6% -50.3% na 2.7 na Commercial International Bank Egypt SAE 54.8 59.2 43.6 6338.90 0.2% 11.4% 11.7 3.4 30.62 Egypt Kuwait Holding Co SAE 0.6 0.9 0.5 68.90 0.0% -25.3% 12.4 0.8 5.79 Egyptian Financial Group-Hermes Holding 8.6 16.8 7.6 704.44 1.7% -36.8% 10.7 0.6 5.26 Egyptians for Housing & Development Co 3.5 7.5 2.8 40.35 5.4% -42.6% 232.7 1.1 0.55 EL Shams Housing & Urbanization SAE 2.6 5.5 2.3 35.65 1.6% -47.6% 8.5 1.5 18.50 Heliopolis Co for Housing and Constructi 42.4 72.3 36.1 595.27 5.5% -26.9% 22.4 10.0 na Medinet Nasr Housing 22.9 32.1 17.8 722.24 4.4% -3.2% 26.6 7.2 25.29 Palm Hills Developments SAE 2.2 3.9 1.8 591.69 3.8% -37.5% 3.7 0.7 20.79 Pioneers Holding for Financial Investmen 8.2 14.4 6.1 691.27 0.9% -35.3% 10.7 1.3 12.54 Prime Holding for Financial Investments 2.2 5.7 1.9 19.75 -1.4% -52.6% 58.0 0.4 0.69 Six of October Development & Investment 9.3 17.2 8.3 399.16 2.2% -35.1% 9.0 1.0 8.34 Talaat Moustafa Group 6.9 12.2 6.5 1803.29 0.3% -29.7% 19.7 0.5 2.76 Industrial Egyptian Electrical Cables 0.9 1.4 0.7 57.18 0.0% -25.1% na 0.8 na Elsaeed Contracting & Real Estate Invest 0.9 1.7 0.8 62.84 2.3% -33.2% 4.3 0.8 10.46 ElSwedy Electric Co 43.5 55.0 37.0 1225.25 2.9% 4.3% 11.2 1.7 16.05 Materials Arabian Cement Co 12.0 19.0 10.2 575.02 3.6% -29.0% 11.8 3.7 33.25 Ezz Steel 9.6 17.5 7.2 659.03 4.5% -31.1% na 1.3 -18.71 South Valley Cement 4.2 8.3 3.4 258.37 1.0% -42.2% 13.4 na na Telecommunication Global Telecom Holding SAE 2.0 5.0 1.8 1309.74 4.2% -51.4% na 5.2 na Orascom Telecom Media And Technology Hol 0.8 1.5 0.6 496.11 0.0% -43.2% 52.9 0.5 -0.09 Telecom Egypt Co 7.0 15.4 6.4 1515.45 -0.3% -40.9% 8.2 0.4 5.39

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

Ghana Economic news

1.2 1– year Equity market trend • Fitch Ratings has assigned Ghana's USD1bn partially guar- anteed notes a final 'BB-' rating. The bonds benefit from a 1.0 partial credit guarantee (PCG) provided by the Interna- tional Development Association (IDA) for scheduled debt service payments of up to 40% of the original principal. 0.8 While the IDA PCG can be used to cover debt service pay- ments, reducing the bonds' potential for default, Fitch be- lieves the primary benefit of the guarantee is to increase 0.6 the possible recovery in the event of issuer default. Fitch Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 believes the PCG-protected issue will have a higher likeli- hood of recovery than other unsecured bonds of Ghana. GHANA MSCI AFRICA Reuters

• Ghana's annual consumer price inflation rose slightly to Index Performance GHANA 17.4% in September from 17.3% the previous month, the Current 1988.278 statistics office said last week. The figure reflects fiscal prob- lems facing the country, which is following a three-year aid Week Change 0.49% programme with the International Monetary Fund aimed at Gainers (no) 3 restoring economic stability. Inflation among non-food items declined to 23.2% in September from 23.4% in August Losers (no) 4 while food inflation increased to 7.8% last month from 7.7% Market Breadth 0.8 in August, according to the government’s statistician Philo- 52 wk High 2389.8 mena Nyarko. Reuters

52 wk Low 1982.92 Corporate news Top Gainers Price % Change Societe Generale Ghana Ltd 0.87 8.7% • Dow Chemical Co plans to triple its revenue from sub- Standard Chartered Bank Ghana 16.3Ltd 0.2% Saharan Africa in the next five years and is investing in of- fices, local staff and manufacturing plants on the continent Ecobank Ghana Ltd 7.05 0.1% to meet that target. The company sees opportunities in agri- culture, where it supplies crop protection chemicals, infra- structure, where it offers water treatment chemicals, as well as in mining and manufacturing. Dow, whose group sales reached $12.9 billion in the second quarter, has opened Top Losers Price % Change hub offices in Kenya, to serve , and another in Ghana, serving West Africa. It is also opening offices in UT Bank Ltd 0.09 -10.0% Ethiopia, Nigeria and Angola, as well as in other markets. CAL Bank Ltd 0.8 -4.8% Reuters FAN Milk Ltd 7.31 -0.5%

Ghana Commercial Bank Ltd 3.72 -0.3%

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods Benso Oil Palm Plantation Ltd 4.0 5.0 3.8 35.5 -1.3% -3.7% 11.2 2.5 24.97 FAN Milk Ltd 7.3 7.4 4.9 219.2 0.0% 39.2% 26.1 8.8 38.00 Guinness Ghana Breweries Ltd 2.0 3.2 1.8 109.1 14.3% -37.5% na 4.4 -38.57 Mechanical Lloyd Co Ltd 0.2 0.3 0.2 1.9 0.0% -46.4% na 0.2 -9.63 Produce Buying Co Ltd 0.1 0.1 0.1 12.4 0.0% -16.7% na 3.4 -94.51 PZ Cussons Ghana Ltd 0.3 0.4 0.2 14.7 0.0% 13.3% na 1.7 -7.76 Unilever Ghana Ltd 7.8 14.5 7.3 126.1 0.0% -26.9% 51.4 9.0 71.99 Financials CAL Bank Ltd 0.8 1.2 0.8 113.2 0.0% -20.8% 2.7 1.0 42.51 Ecobank Ghana Ltd 7.0 9.2 7.0 532.0 -0.3% -7.5% 5.7 2.7 53.61 Ecobank Transnational Inc 0.3 0.4 0.2 1,865.8 0.0% 14.3% 4.5 0.6 15.40 Ghana Commercial Bank Ltd 3.7 5.9 3.7 253.0 -0.5% -30.2% 3.1 1.3 49.13 Ghana Oil Co Ltd 1.3 1.9 1.0 86.6 0.0% 26.7% 16.6 4.4 29.61 HFC Bank Ghana Ltd 0.9 1.8 0.9 65.9 0.0% -42.7% 4.4 1.0 28.10 SIC Insurance Co Ltd 0.1 0.5 0.1 6.6 0.0% -64.9% 4.8 0.3 6.74 Societe Generale Ghana Ltd 0.8 1.1 0.7 74.9 -9.2% -13.1% 5.8 1.3 23.97 Standard Chartered Bank Ghana Ltd 16.3 21.3 16.2 485.9 0.0% -19.9% 11.2 3.4 34.08 Total Petroleum Ghana Ltd 5.4 6.2 5.3 154.7 0.0% -12.1% 18.7 5.2 29.17 UT Bank Ltd 0.1 0.3 0.1 11.8 11.1% -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 trims 2015 growth forecast, says debt levels sustain- able. Kenya has trimmed its 2015 growth forecast to 6 per- 1.2 1– year Equity market trend cent from 6.5 percent, the finance minister said on Thurs- day, citing deteriorating growth outlook for economies across the world. "Sub-Saharan African growth has been 1.0 scaled down. The global growth outlook has also been scaled down," Finance Minister Henry Rotich told parlia- ment. Lawmakers had summoned Rotich to answer ques- 0.8 tions about the sharp rise in interest rates on government debt and delays in payments to civil servants, which one parliamentarian described as unacceptable and a 0.6 "security risk" to the country. Reuters Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 • Kenya C.bank will offer "adequate liquidity" after Imperial KENYA MSCI AFRICA Bank case. Kenya's central bank on Wednesday said it was ready to provide "adequate liquidity" to the country's banking system after a mid-sized lender was put into re- Index Performance KENYA ceivership a day earlier and hit banking shares on the Current 136.94 stock market. A government agency took control of pri- vately-held Imperial Bank on Tuesday after the central Week Change 0.49% bank said it had become aware of "unsafe or unsound Gainers (no) 12 business conditions". Another smaller bank was put in re- ceivership in August after liquidity problems. Central Bank Losers (no) 26 of Kenya Governor Patrick Njoroge said the bank "stands Market Breadth 0.5 ready to use all instruments at its disposal to provide ade- 52 wk High 177.51 quate liquidity support to the banking system to ensure its stability and robustness at this time". Reuters 52 wk Low 135.71 Corporate news Top Gainers Price % Change • Kenya's Imperial Bank in receivership after possible Liberty Kenya Holdings Ltd 21.5 7.5% "malpractices". Kenya's central bank has called in a gov- Uchumi Supermarkets Ltd 10 4.2% ernment agency to take control of Imperial Bank Ltd, cit- ing "unsafe or unsound business conditions", and the Mumias Sugar Co Ltd 1.85 2.8% agency said it would investigate possible "malpractices". Safaricom Ltd 14.8 2.4% Imperial Bank is the second bank in Kenya to be put under Housing Finance Co of Kenya Ltd22.25 2.3% management since August, when Dubai Bank Kenya Ltd, a very small lender, was put in receivership after liquidity problems. Privately held Imperial Bank, which appointed a Top Losers Price % Change new managing director in September after his predeces- sor died, was ranked 19 out of Kenya's 45 lenders at the ARM Cement Ltd 39.5 -7.6% end of 2014. On June 30 this year, it reported assets of 70.3 Bamburi Cement Co Ltd 157 -6.0% billion shillings ($684 million). Reuters Olympia Capital Holdings Ltd 4.5 -5.3% • Kenya's I&M Holdings to buy 65 pct stake in corporate ad- East African Breweries Ltd 260 -5.1% visory firm. Financial services group I&M Holdings said on Sameer Africa Ltd 3.85 -4.9% Friday it planned to buy a stake in corporate advisory firm Burbridge Capital Limited for an undisclosed amount. I&M Source: Bloomberg, United Capital Research Holdings, which has stakes in banks in Kenya, Tanzania, Rwanda and Mauritius, plans to buy 65 percent of the is- sued share capital of Burbridge, which has offices in Kenya, Uganda and the United Kingdom. The transaction is subject to approval by the central bank, the Capital Markets Authority, the Competition Authority of Kenya and shareholders, it said. Reuters

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco Kenya Ltd 796.0 1050.0 650.0 776.59 4.2% -12.3% 18.7 9.8 54.21 Car & General Kenya Ltd 40.0 62.0 36.0 15.65 0.0% -25.9% 6.1 0.6 10.18 Eaagads Ltd 26.0 100.0 26.0 8.16 -6.3% -38.1% 104.0 1.6 1.82 East African Breweries Ltd 253.0 355.0 228.0 1,951.86 -2.7% -17.9% 22.4 14.6 78.84 Eveready East Africa Ltd 3.0 5.0 2.8 6.04 -1.7% -20.3% na 2.8 -57.81 Kakuzi 309.0 383.0 180.0 59.09 -3.4% 71.7% 37.8 2.0 5.44 Kapchorua Tea Co Ltd 182.0 342.0 115.0 6.95 0.0% 32.8% na 0.5 -1.62 Marshalls East Africa Ltd 12.5 13.6 8.2 1.76 0.0% 27.6% na 0.6 -32.64 Mumias Sugar Co Ltd 1.7 3.9 1.4 25.38 -8.1% -12.8% na 0.4 -56.05 Nation Media Group Ltd 138.0 315.0 135.0 253.84 -4.2% -47.5% 11.5 2.7 24.68 Sameer Africa Ltd 3.5 7.0 3.4 9.50 -9.1% -41.7% na 0.4 -2.57 SASINI Ltd 16.5 19.5 11.5 36.60 2.2% 28.0% 158.6 0.3 0.26 Scan Group Ltd 24.8 52.0 22.5 91.48 -8.3% -45.3% 16.5 1.1 6.83 Standard Group Ltd 30.0 47.5 29.0 23.92 -6.3% -13.7% 35.7 1.2 3.41 TPS Eastern Africa Ltd 28.0 40.0 25.8 49.76 -1.8% -24.3% 20.7 0.5 2.59 Uchumi Supermarkets Ltd 9.5 14.0 6.4 33.65 -5.5% -6.0% 6.7 0.8 12.23 Unga Group Ltd 37.3 51.5 30.0 27.51 -11.3% -6.3% 9.1 1.0 11.01 Williamson Tea Kenya Ltd 389.0 435.0 240.0 33.23 -1.8% 56.9% na 0.7 18.41 Energy na KenolKobil Ltd Group 9.0 10.5 7.6 129.23 0.0% 3.4% 5.9 1.6 30.05 Total Kenya Ltd 19.7 29.5 17.6 120.68 -0.3% -18.1% 9.4 0.8 8.88 Financials Barclays Bank of Kenya Ltd 11.9 17.9 11.5 630.59 -5.9% -28.7% 7.4 1.8 24.81 British-American Investments Co Kenya Lt14.6 33.0 14.0 276.11 -7.9% -50.9% na 1.4 1.69 Centum Investment Co Ltd 46.8 69.5 45.0 303.51 -6.0% -23.4% 4.8 0.8 27.12 CFC Stanbic Holdings Ltd 89.5 140.0 85.5 345.18 -0.6% -27.8% 8.5 1.0 19.52 CIC Insurance Group Ltd 6.5 12.0 6.0 164.59 -7.2% -32.8% 15.2 2.4 16.84 Co-operative Bank of Kenya Ltd/The 16.6 22.8 15.9 791.83 -4.6% -17.0% 8.3 1.7 22.44 Diamond Trust Bank Kenya Ltd 191.0 269.0 176.0 451.15 -4.5% -18.7% 9.5 1.5 21.13 Equity Group Holdings Ltd/Kenya 41.0 56.5 36.5 1,509.47 -8.9% -18.0% 8.4 2.3 30.53 Housing Finance Co of Kenya Ltd 20.8 48.1 19.0 71.34 -6.7% -48.2% 5.6 0.7 12.47 I&M Holdings Ltd/Kenya 100.0 139.0 96.0 382.79 -1.0% -18.7% 7.4 1.5 22.18 Jubilee Holdings Ltd 418.0 580.0 360.0 268.68 -15.7% 2.2% 9.6 1.8 22.04 Kenya Commercial Bank Ltd 41.8 65.5 39.0 1,232.22 -5.1% -26.8% 7.0 1.6 25.07 Kenya Reinsurance Corp Ltd 20.0 20.5 15.1 136.58 4.4% 17.3% na 0.7 16.93 Liberty Kenya Holdings Ltd 20.0 28.0 19.0 104.53 -7.0% -14.0% 9.3 1.9 19.70 Nairobi Securities Exchange Ltd 22.3 22.8 18.0 42.25 7.2% 8.5% 10.3 2.6 31.85 National Bank of Kenya Ltd 16.1 25.5 15.8 48.38 -2.4% -28.4% 2.7 0.4 14.40 NIC Bank Ltd 39.0 70.0 35.0 243.49 -5.5% -32.2% 5.6 1.1 20.37 Pan Africa Insurance Holdings Ltd 62.5 141.0 60.0 87.80 0.0% -47.9% 6.9 1.6 24.49 Standard Chartered Bank Kenya Ltd 204.0 355.0 190.0 615.30 -7.7% -39.1% 7.6 1.6 21.08 Industrials na East African Cables Ltd 10.6 17.0 10.0 26.18 -1.9% -34.6% 9.1 1.1 12.20 Express Kenya ltd 4.6 8.0 3.9 1.57 0.0% -26.6% 702.3 0.8 0.12 Kenya Airways Ltd 5.3 11.5 5.0 77.38 -2.8% -39.1% na na na Olympia Capital Holdings Ltd 4.7 9.0 3.1 1.83 4.4% -9.6% na 0.2 2.39 TransCentury Ltd 13.7 22.0 11.6 37.46 -5.5% -29.2% na 0.4 -15.24 Materials na ARM Cement Ltd 36.8 92.5 36.0 177.57 -7.0% -57.3% 62.8 2.0 3.24 Bamburi Cement Co Ltd 154.0 181.0 130.0 545.32 -1.9% 10.8% 11.7 1.9 17.01 BOC Kenya Ltd 117.0 160.0 110.0 22.29 0.0% -6.4% 9.9 1.3 12.01 Carbacid Investments Ltd 14.4 28.0 14.0 35.80 0.3% -33.8% 7.5 1.7 24.04 Crown Paints Kenya Ltd 60.0 175.0 33.3 41.67 0.0% 62.2% 216.9 3.2 1.46 East African Portland Cement Co Ltd 50.0 74.5 48.0 43.90 2.6% -13.8% na 0.7 -5.61 Telecommunication Safaricom Ltd 14.6 17.9 11.1 5,687.34 -1.7% 3.6% 18.2 5.6 32.60 Utilities Kenya Electricity Generating Co Ltd 9.1 13.2 7.2 195.17 11.0% -11.7% 7.1 0.3 3.75 Kenya Power & Lighting Ltd 15.3 18.5 13.0 290.34 2.3% 5.5% 3.9 0.5 14.07 Umeme Ltd 16.0 23.0 16.0 253.55 -7.8% -23.8% na na 23.52

Source: Bloomberg, United Capital Research

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Mauritius Economic News • Mauritius plans derivatives platform in bid for African busi- 1.2 ness: minister. Mauritius plans to launch a trading platform to hedge African currencies against the U.S. dollar, part of a bid to expand its role as a financial hub for the conti- 1– year Equity market trend nent, the financial services minister said. The Indian Ocean 1.0 island is also in talks to boost ties with stock exchanges in Johannesburg and Nairobi to encourage cross-listing of shares and other areas of cooperation, Sudarshan Bha- 0.8 dain told Reuters in an interview. The international finan- cial services sector in Mauritius has relied heavily on deal- ings with India, helped by a double taxation avoidance treaty that made the island the biggest route for foreign 0.6 investment into India. Reuters Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15

MAURITIUS MSCI AFRICA • Mauritius eyes Africa as pressure mounts on offshore busi- ness. Mauritius beats Singapore as the world's top route for foreign investment to India and is a hub for thousands of Index Performance MAURITIUS firms managing half a trillion dollars in assets. But there are Current 1859.5 only a sprinkling of office blocks in Ebene Cybercity, the heart of the tiny Indian Ocean island's financial services Week Change 0.49% industry, and the area only livens up at the weekend when Gainers (no) 7 a band plays in a bar of the district's only luxury hotel. Such limited activity is evidence that Mauritius is a "tax haven" Losers (no) 19 for companies which generate no real business on the Market Breadth 0.4 island yet use it to benefit from tax avoidance treaties with 52 wk High 2149.598 Asia and Africa, critics say. Reuters

52 wk Low 1858.828 • Mauritius Poised to Become a Strategic Bunkering Hub, Says Minister Koonjoo. Mauritius is poised to become a Top Gainers Price % Change strategic bunkering hub with the confluence of exogenous Alteo Ltd 34.5 4.5% factors such as booming south-south trade and Africa catching up rapidly and being strategically located along POLICY Ltd 6.9 3.0% the South-South maritime corridor. This statement was Promotion & Development Ltd 97 2.1% made by the Minister of Ocean Economy, Marine Re- Fincorp Inv estment Ltd 19.2 1.1% sources, Fisheries, Shipping and Outer Islands, Mr Premdut Koonjoo. AllAfrica Air Mauritius Ltd 10.1 1.0% Corporate News Top Losers Price % Change No News

Gamma Civic Ltd 25 -7.4%

INNODIS Ltd 45.75 -4.7% Sun Resorts Ltd/Mauritius 37 -4.4% Mauritius Union Assurance Co Ltd/The67 -4.3% Cim Financial Serv ices Ltd 8 -3.6%

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 34.0 35.2 29.7 306.76 -1.4% 0.0% 15.7 0.64 4.08 Automatic Systems Ltd 41.8 95.0 28.8 4.19 -9.1% -53.6% 10.2 3.14 34.55 ENL Land Ltd 47.0 52.5 44.0 306.57 -1.2% -4.2% 20.8 0.54 2.58 Gamma Civic Ltd 25.1 48.8 24.8 94.75 0.4% -38.8% na 1.47 -6.96 INNODIS Ltd 45.1 60.0 44.0 46.93 -1.4% -19.5% 14.2 0.97 6.76 Lux Island Resorts Ltd 57.3 68.0 51.0 221.84 -6.9% -4.6% 18.7 1.36 7.30 Mauritius Oil Refineries Ltd 26.5 28.5 26.3 24.98 -1.1% -5.4% 18.5 2.27 11.86 New Mauritius Hotels Ltd 18.0 29.5 17.0 246.94 2.0% -32.3% 17.6 0.62 3.53 Phoenix Beverages Ltd 400.0 400.0 212.0 186.37 0.0% 73.2% 20.5 2.02 10.56 Sun Resorts Ltd/Mauritius 36.8 45.0 34.0 152.76 -0.7% -18.3% na 0.98 -1.17 Energy Vivo Energy Mauritius Ltd 115.0 140.0 111.0 95.53 -0.6% -17.3% 21.9 5.17 31.29 Financials na Belle Mare Holding Ltd 27.5 30.0 24.0 47.09 -1.4% 3.8% 14.8 0.61 4.50 Caudan Development Ltd 1.3 1.5 1.2 29.72 0.0% -0.8% 984.6 0.36 0.04 CIEL Ltd 6.8 7.9 6.6 301.84 -0.3% -8.6% 9.7 0.75 8.33 Cim Financial Services Ltd 7.8 10.0 7.8 150.37 -2.5% -13.3% 8.8 2.00 25.01 ENL Commercial Ltd 19.5 26.0 19.5 16.07 0.0% -25.2% na 0.76 -1.18 Fincorp Investment Ltd 18.7 24.0 17.0 54.75 -2.6% -22.1% 28.8 0.52 1.80 Ireland Blyth Ltd 109.5 120.0 109.0 221.60 -1.4% -3.1% 13.3 1.39 9.63 Mauritian Eagle Insurance Co Ltd 99.0 116.0 99.0 22.44 0.0% -9.4% 120.7 1.11 0.92 Mauritius Development Invest Trust Co Lt 4.9 5.9 4.9 58.77 -2.0% -15.8% 21.3 1.23 5.71 Mauritius Union Assurance Co Ltd/The 66.0 79.1 66.0 84.30 -1.5% -5.3% 18.0 1.46 8.36 MCB Group Ltd 205.5 226.0 194.8 1,386.00 -1.7% 3.8% 8.5 1.36 17.11 National Investment Trust Ltd/Mauritius 41.0 51.5 40.9 15.92 -4.2% -19.2% 45.1 0.58 na POLICY Ltd 6.8 8.0 6.1 43.47 -2.0% -9.9% 12.5 1.36 8.42 Promotion & Development Ltd 95.0 101.0 88.3 104.78 -2.1% -1.6% 60.9 0.51 0.83 SBM Holdings Ltd 0.8 1.0 0.8 679.76 -3.7% -21.6% 6.4 0.99 14.51 Swan Insurance Co Ltd 437.0 470.0 322.0 102.45 -5.6% 30.4% 14.9 1.85 13.44 Terra Mauricia Ltd 28.0 35.2 28.0 180.49 -3.9% -15.2% 13.9 0.38 2.80 United Docks Ltd 76.0 76.0 61.0 22.74 0.0% 22.6% 14.8 0.41 2.81 Industrials na Air Mauritius Ltd 10.4 18.0 9.4 30.14 3.0% -40.9% na 0.67 -39.05 Harel Mallac & Co Ltd 98.5 119.0 98.5 31.42 -0.5% -10.0% 11.3 0.63 6.04 Rogers & Co Ltd 27.1 33.0 24.7 193.50 -4.9% 4.2% 12.5 0.73 5.93 Materials Mauritius Chemical & Fertiliser Industry 21.0 28.0 21.0 13.09 0.0% -16.0% 15.7 0.61 3.88 Plastic Industry Mtius Ltd 70.0 81.0 67.0 3.97 0.0% -12.5% 9.7 1.34 13.66 United Basalt Products/The 78.0 90.0 73.5 58.58 -0.3% -1.0% 30.5 0.76 2.47 Utilities Omnicane Ltd 67.3 88.0 67.0 127.67 -1.5% -23.1% 21.0 0.50 2.39

Source: Bloomberg, United Capital Research

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Morocco Economic News • Morocco to shortlist 3 companies for LNG imports deal. Morocco expects to shortlist three companies for its new long-term contracts to import liquefied natural gas 1.2 1– year Equity market trend (LNG) within the next two weeks, its energy minister said on Tuesday. Morocco is evaluating offers from Royal Dutch Shell as well as French, Spanish and American 1.0 companies, and plans to import 2 million tonnes of LNG a year starting in 2020 as part of the first phase of its LNG import plan, Abdelkader Amara told reporters in Dubai. "In the first phase it will be 2 million tonnes, and 0.8 the second step will be from 3.5 to 4 million tonnes," Amara said. "Yes Shell made an offer and there are also (companies) from France, from Britain, from Spain and the U.S.... in two weeks we will evaluate the offers 0.6 and take a decision. It is likely we will have three suppli- Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 ers," he said. Morocco has launched an international MOROCCO MSCI AFRICA tender seeking advisers for its LNG imports plan, worth up to $4.6 billion and including the import of up to 7 billion cubic meters (bcm) of gas by 2025, the construc- Index Performance MOROCCO tion of a jetty, terminal, pipelines and gas-fired power plants. Reuters Current 259.08 Week Change 0.46% Corporate News • Morocco oil refiner Samir wins nod for $1.04 billion 52 wk High 309.20 capital increase. Moroccan oil refiner Samir said it has won the backing of its extraordinary general assembly 52 wk Low 255.29 to increase its capital to $1.04 billion. The country's sole oil refiner said that its top stakeholder, Corral Petroleum Holdings, will provide $672 million and more if minority Source: Bloomberg, United Capital Research stakeholders do not subscribe to the increase. Reuters

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Economic News Nigeria • Inflation compounds Nigeria’s economic woes. Nige- ria’s economy may be heading to stagflation going by headline inflation, gross domestic products, GDP, and 1.2 unemployment reports of National Bureau of Statistics, 1– year Equity market trend NBS, as well as feelers from the Central Bank of Nigeria, CBN, and economy analysts last weekend. Stagflation is 1.0 an inflationary period accompanied by rising unemploy- ment and declining economic growth rate. All these fac- tors inherent in an economy of stagflation are already 0.8 within the Nigerian economy as indicated by the various reports. NBS report, last week, indicated a sustained infla- tionary pressure rising to 9.4 percent in the month of Sep- 0.6 tember, with economy analysts pointing to a double digit Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 by next quarter. Vanguard

NIGERIA MSCI AFRICA • Nigerian Inflation Rate Climbs to Highest in More Than Two Years. Nigeria’s inflation rate climbed to the highest in more than two years in September as food prices Index Performance NIGERIA surged, exceeding the central bank’s target for a fourth Current 29834.21 month. Inflation in Africa’s biggest economy accelerated to 9.4 percent from 9.3 percent in August, the National W eek Change -1.10% Bureau of Statistics, based in the capital, Abuja, said in Gainers (no) 25 an e-mailed report on Wednesday. The median estimate Losers (no) 47 of 17 economists surveyed by Bloomberg was 9.5 per- cent. Prices rose 0.6 percent in the month. A slump in Market Breadth 0.5 crude prices by more than 40 percent in the past year 52 wk High 39278.47 has put pressure on the currency of Africa’s biggest oil producer, pushing up consumer prices, and cutting gov- 52 wk Low 27395.73 ernment revenue. Central bank Governor Godwin Eme- fiele imposed foreign-currency controls this year to stabi- Top Gainers Price % Change lize the naira, restricting imports and adding to price pres- sures. Bloomberg Unity Bank PLC 1.62 24.6% Cutix PLC 1.8 8.4% Corporate News Champion Breweries PLC 4.6 5.5% • Venture Capital Firm 500Startups Seeks First Nigeria Tech GlaxoSmithKline Consumer Nigeria PLC 36.96 5.0% Deals. 500Startups, a Silicon Valley venture-capital firm Neimeth International Pharmaceuticals1.01 PL 4.1% with more than $175 million under management, is seek- ing its first investments in Nigerian technology companies as Africa’s most-populous nation encourages industries Top Losers Price % Change that will reduce its reliance on oil. The firm “would like to invest in at least one to two Nigerian tech companies in FCMB Group Plc 2.09 -11.1% the next year,’’ Andrea Barrica, venture partner Evans Medical PLC 0.6 -10.4% at Mountain View, California-based 500Startups, said Mansard Insurance PLC 2.42 -10.0% Wednesday in an e-mailed response to questions. Nige- ria’s “big population and increasing access to technol- BOC Gases PLC 4.18 -9.5% ogy and payments’’ make it an attractive market, she Cement Co Northern Nigeria PLC 7.91 -9.4% said. The U.S. investor is looking to add Nigerian assets to 10 investments on the continent in markets including Egypt, Ghana, Kenya and South Africa. It’s the latest ven- Source: Bloomberg, United Capital Research ture-capital firm to show interest in the country, with Boul- der, Colorado-based TechStars saying last week it’s seek- ing opportunities in the Nigerian information and commu- nication technology industries. Bloomberg

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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 3.0 1.5 16.6 -4.1% -27.6% 13.0 1.7 13.7 Okomu Oil Palm PLC 35.6 39.4 18.7 170.6 24.3% 40.6% 17.1 1.3 7.9 Presco PLC 30.5 36.0 20.9 153.1 -1.6% 24.5% 11.2 1.4 13.7 Conglomerates na Transnational Corp of Nigeria PLC 2.2 5.4 1.9 417.8 -3.6% -33.8% na 1.5 -3.3 UAC of Nigeria PLC 28.1 54.0 25.8 270.4 -3.5% -17.5% 11.2 1.2 11.5 Consumer Goods na 7UP Bottling Co PLC 197.0 197.9 128.3 633.4 0.5% 19.1% 17.7 5.3 34.5 Cadbury Nigeria PLC 22.0 52.5 21.9 207.4 -0.8% -45.0% na 4.0 -1.0 Champion Breweries PLC 4.5 14.9 3.8 174.9 -3.3% -36.2% na 5.5 na Dangote Flour Mills PLC 2.6 6.6 2.6 65.2 0.4% -42.9% na 1.3 -47.1 Dangote Sugar Refinery PLC 6.6 8.3 4.7 395.7 0.3% 3.5% 7.1 1.5 na Flour Mills of Nigeria PLC 20.7 61.1 20.4 272.6 -5.9% -46.9% 7.4 0.6 8.6 Guinness Nigeria PLC 150.0 192.9 106.0 1,133.7 -1.4% -10.8% 129.6 5.0 6.5 Honeywell Flour Mill PLC 2.6 4.2 2.3 101.5 -7.3% -26.3% 18.0 1.0 5.5 International Breweries PLC 17.0 32.0 16.2 281.1 -1.7% -27.3% na 4.4 na National Salt Co Nigeria PLC 7.7 9.4 5.2 102.8 10.9% 24.3% 11.1 na na Nestle Nigeria PLC 830.0 1102.5 743.0 3,302.1 0.0% -18.0% 34.1 21.3 59.9 Nigerian Breweries PLC 135.3 185.0 108.1 5,385.3 -3.3% -18.1% 26.2 6.5 30.0 PZ Cussons Nigeria PLC 24.0 35.0 16.6 478.3 -4.0% 0.8% 24.5 2.3 8.3 Unilever Nigeria PLC 47.0 47.0 27.0 892.5 1.1% 31.3% 174.1 24.7 15.2 Energy na Conoil PLC 27.4 49.2 24.5 95.5 0.0% -28.1% 22.8 1.2 4.9 Eterna PLC 1.8 3.8 1.7 11.8 0.0% -39.6% 1.8 0.3 16.6 Forte Oil PLC 280.0 280.0 141.7 1,830.4 9.8% 47.4% 104.5 31.2 18.6 Mobil Nigeria PLC 148.0 175.0 136.3 267.9 2.0% -6.3% 4.3 3.8 95.6 MRS Nigeria PLC 49.7 56.0 47.2 63.3 0.0% -6.7% 28.2 0.6 2.2 Oando Plc 9.3 25.0 9.1 561.7 -7.0% -42.3% na 0.4 3.9 SEPLAT Petroleum Development Co Plc 235.0 606.0 220.5 652.6 2.6% -36.7% 2.4 0.5 23.6 Total Nigeria PLC 150.0 188.9 134.1 255.6 -3.2% 5.3% 12.1 3.6 25.1 Financials na Access Bank PLC 4.7 8.8 4.0 685.3 -9.2% -28.5% 2.2 0.4 18.4 Africa Prudential Registrars PLC 2.6 3.6 2.3 26.1 0.0% -14.5% 4.3 1.1 27.5 AIICO Insurance PLC 0.9 1.2 0.7 31.3 1.1% 11.1% na 0.5 20.1 Continental Reinsurance PLC 1.0 1.1 0.8 52.1 0.0% -2.0% 12.5 0.8 5.8 Custodian and Allied Insurance PLC 4.2 4.4 3.1 124.0 4.5% 16.0% na 1.0 na Diamond Bank PLC 2.9 6.6 2.7 338.3 -4.6% -47.8% 2.9 0.3 10.5 Ecobank Transnational Inc 18.3 23.0 13.1 2,213.6 -0.3% 5.1% 5.2 0.7 17.2 FBN Holdings Plc 6.0 11.6 5.2 1,081.0 -4.8% -25.0% 2.5 0.4 16.7 FCMB Group Plc 2.2 4.3 1.9 217.7 4.8% -12.0% 2.1 0.3 13.4 Fidelity Bank PLC 1.5 2.3 1.1 218.1 -0.7% -7.4% 3.1 0.2 8.1 Guaranty Trust Bank PLC 23.5 31.9 16.7 3,472.8 0.8% -6.6% 6.2 1.8 30.5 Mansard Insurance PLC 2.7 3.7 2.0 141.2 10.7% -16.3% 23.2 1.8 7.3 NEM Insurance PLC 0.7 1.0 0.5 18.0 -2.9% 4.6% 2.3 0.6 28.9 Skye Bank PLC 2.3 2.9 1.6 157.4 2.7% -10.8% 2.6 0.2 9.7 Stanbic IBTC Holdings PLC 23.0 33.1 17.5 1,154.4 0.0% -14.5% 10.2 2.1 19.9 Sterling Bank PLC 2.1 2.5 2.0 307.8 0.0% -16.1% 6.1 0.7 11.7 UBA Capital PLC 1.4 2.1 1.1 42.5 0.7% -14.0% 4.3 0.9 21.0 Union Bank of Nigeria PLC 5.7 11.7 5.7 484.5 -4.8% -32.9% 3.8 0.4 12.5 United Bank for Africa PLC 4.3 6.2 2.9 773.9 -3.4% -1.2% 2.2 0.5 22.2 Unity Bank PLC 1.5 5.0 1.2 88.0 #VALUE! -70.0% 0.9 0.2 20.5 Wapic Insurance PLC 0.5 0.7 0.5 33.6 #VALUE! -21.9% na 0.5 na Wema Bank PLC 1.0 1.1 0.8 198.2 #VALUE! 4.2% 16.7 0.9 5.6 Zenith Bank PLC 17.5 25.5 13.7 2,759.2 #VALUE! -4.9% 5.2 1.0 20.2 Health Care na Evans Medical PLC 0.6 2.3 0.5 2.2 #VALUE! -73.2% na 2.2 137.5 Fidson Healthcare PLC 3.1 3.9 2.8 23.3 #VALUE! -20.5% 7.4 0.8 11.5 GlaxoSmithKline Consumer Nigeria PLC 37.0 46.5 32.0 221.8 #VALUE! -7.6% 34.5 3.5 10.5 MAY & Baker Nigeria PLC 1.2 2.0 1.2 5.8 -3.3% -25.9% 18.1 0.4 2.1 Neimeth International Pharmaceuticals PL 1.0 1.6 0.6 8.1 #VALUE! 32.1% na 1.0 -13.4 Industrials na Chemical and Allied Products PLC 38.0 44.0 34.0 133.5 0.0% 1.3% 16.0 22.5 135.8 Dangote Cement PLC 161.0 218.0 139.1 13,770.8 #VALUE! -19.5% 14.6 4.5 33.2 Lafarge Africa PLC 98.9 119.0 66.5 2,259.8 #VALUE! 22.8% 11.3 2.4 28.9 Portland Paints & Products Nigeria PLC 3.5 5.2 3.3 7.1 -4.9% -9.5% 30.1 1.5 4.8

Source: Bloomberg, United Capital Research

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South Africa Economic News • S. Africa Rates Cycle Doesn't Mean Raising Every Time, SARB Says. South Africa’s central bank’s interest rate tightening cycle doesn’t mean borrowing costs will be 1.4 1– year Equity market trend increased at every meeting of the Monetary Policy Committee, Reserve Bank Governor Lesetja Kganyago 1.2 said. “We accept that we are on a tightening cycle, but that does not mean that every meeting you will decide that you are hiking,” Kganyago told reporters 1.0 late on Friday in the capital, Pretoria. “You have to watch the data all the time.” The MPC kept 0.8 the benchmark interest rate unchanged in September after raising by a full percentage points to 6 percent in three steps since January last year. While inflation of 4.6 0.6 percent in August was within the bank’s 3 percent to 6 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 percent target range, it’s forecast to exceed that goal South Africa MSCI AFRICA in the first and fourth quarters of next year. The econ- omy will probably expand by 1.6 percent compared with an estimated 1.5 percent this year, according to Index Performance SOUTH AFRICA central bank forecasts. Bloomberg Current 52945.11 • Sugar Bulls Rewarded With Best Rally Since 2013 on Week Change -0.66% Tight Supply, Hedge funds that bet big on a sugar rally Gainers (no) 121 are being rewarded with the biggest advance for the commodity since 2013 amid a looming global shortage Losers (no) 39 of the sweetener. Money managers have more than Market Breadth 3.1 tripled their bullish wagers in just two weeks, increasing 52 wk High 55355.12 their net-long position to the highest in more than a year. A strengthening El Nino weather pattern is posing 52 wk Low 46068.08 a threat to output in Australia just as production de- clines from mills in India to Brazil, the world’s top grower and exporter. Prices have jumped 11 percent this Top Gainers Price % Change month, the most among the 22 components of the Lonmin PLC 807 101.2% Bloomberg Commodity Index, a measure of returns. Aquarius Platinum Ltd 235 53.6% The International Sugar Organization predicts that after five years of surplus, demand will outstrip production in ArcelorMittal South Africa Ltd 1250 40.4% the season that started this month. The deficit will more Royal Bafokeng Platinum Ltd 3100 32.9% than double to 6.2 million metric tons the next year, the Aveng Ltd 450 30.8% group said in September. Bloomberg

Top Losers Price % Change Corporate News Rhodes Food Group Pty Ltd 2175 -6.7% • Venture Capital Spend in South Africa Climbs as Deal Capital & Counties Properties PLC 8584 -5.5% Size Drops. Venture capital spending in South Africa, the continent’s most developed economy, is increas- Famous Brands Ltd 13000 -4.7% ing from a low in 2013, while the average deal size is SABMiller PLC 75010 -4.1% shrinking because new technology companies require Mpact Ltd 4610 -3.5% less money to start, an industry survey shows. The invest- ments, mostly in high-tech companies with potential for rapid growth, are on pace to reach 146 million rand Source: Bloomberg, United Capital Research ($11 million) in 43 transactions averaging 3.4 million rand this year, according to the Southern African Ven- ture Capital and Private Equity Association. That com- pares with a low of 109 million rand two years ago in 18 deals that averaged 6 million rand . Bloomberg

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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 77,583.0 77,771.0 58,500.0 110,434.7 1.0% 22.8% 17.7 11.9 70.1 Cie Financiere Richemont SA 11,089.0 11,750.0 8,600.0 48,618.4 -4.7% 5.6% na na 10.1 Mr Price Group Ltd 20,676.0 28,380.0 18,690.0 4,209.4 1.1% -12.0% 22.5 10.4 51.2 Naspers Ltd 194,000.0 202,997.0 113,001.0 62,269.6 1.1% 28.0% 108.3 10.1 19.1 SABMiller PLC 80,969.0 83,127.0 55,403.0 100,107.6 7.9% 33.7% 30.1 4.3 13.3 Shoprite Holdings Ltd 15,885.0 19,180.0 13,095.0 6,948.5 -1.4% -5.6% 20.6 4.8 22.7 Steinhoff International Holdings Ltd 8,344.0 8,738.0 5,051.0 23,682.9 -0.2% 40.5% 21.2 1.7 10.1 Tiger Brands Ltd 32,667.0 40,086.0 26,732.0 4,790.9 -2.3% -11.2% 18.1 4.4 21.1 Woolworths Holdings Ltd/South Africa 10,234.0 10,392.0 6,494.0 7,485.7 1.3% 32.7% 27.7 6.7 28.9 Energy Sasol Ltd 42,768.0 57,355.0 36,000.0 21,269.6 -7.1% -0.8% 8.6 1.5 16.4 Financials Barclays Africa Group Ltd 17,418.0 20,371.0 15,152.0 11,274.9 -1.6% -4.3% 10.8 1.8 17.1 Capitec Bank Holdings Ltd 57,733.0 58,499.0 24,005.0 5,097.2 3.1% 69.8% 23.4 5.5 25.3 FirstRand Ltd 4,865.0 5,847.0 4,065.0 20,837.7 -2.5% -3.8% 12.8 3.0 25.2 Investec Ltd 10,848.0 11,971.0 8,578.0 7,589.7 -2.3% 11.3% 13.6 1.4 5.9 Investec PLC 10,920.0 12,093.0 8,515.0 7,397.1 -1.9% 12.4% 22.1 1.4 5.9 Nedbank Group Ltd 23,040.0 27,450.0 21,194.0 8,697.9 -1.2% -7.5% 10.2 1.7 16.0 Old Mutual PLC 4,230.0 4,554.0 2,925.0 15,918.3 -1.9% 21.9% 14.1 1.4 8.6 RMB Holdings Ltd 6,614.0 7,399.0 5,279.0 7,129.4 -3.1% 2.8% 13.0 2.7 23.1 Sanlam Ltd 6,374.0 8,217.0 5,600.0 10,544.1 -2.6% -8.9% 14.7 3.0 20.3 Standard Bank Group Ltd 14,300.0 17,700.0 12,371.0 17,668.3 -3.4% -0.3% 11.8 1.6 16.7 Health Care Aspen Pharmacare Holdings Ltd 30,243.0 44,533.1 28,288.3 10,538.3 0.6% -24.9% 26.3 4.0 16.5 Mediclinic International Ltd 11,434.0 13,151.8 8,404.7 8,547.8 -1.4% 16.3% 24.2 3.1 15.2 Industrials Bidvest Group Ltd/The 35,000.0 35,298.0 27,426.0 8,957.1 0.7% 15.2% 18.6 3.1 17.3 Materials Anglo American Platinum Ltd 28,251.0 40,526.0 22,115.0 5,817.4 0.5% -17.2% 23.8 1.4 5.1 Anglo American PLC 13,649.0 24,980.0 11,412.0 14,609.8 -7.3% -36.6% na 0.7 -25.7 BHP Billiton PLC 22,889.0 28,443.7 20,130.0 95,242.2 -5.2% -1.3% 27.2 1.4 2.7 Mondi Ltd 29,409.0 32,310.0 16,271.0 10,897.4 -3.6% 55.8% 17.7 3.3 19.2 Mondi PLC 29,348.0 32,591.0 16,157.0 10,897.4 -3.3% 54.9% na na 19.2 Telecommunication MTN Group Ltd 18,605.0 25,000.0 16,110.0 26,217.2 -1.6% -16.0% 12.7 2.8 25.7 Vodacom Group Ltd 14,310.0 15,654.0 12,101.0 16,258.3 -0.3% 11.4% 16.6 9.5 56.2

Source: Bloomberg, United Capital Research

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Tunisia Economic News

1.4 • Agriculture exports boost Tunisia's economy — min- 1– year Equity market trend ister. Tunisia's tourism-dependent economy, badly af- fected by two deadly jihadist attacks on foreign tourists 1.2 this year, has been helped along by olive oil and date exports. The North African country's economy has 1.0 "avoided the worst" this year thanks to a drop in global oil prices and a sharp increase in "olive oil and date exports," Finance Minister Slim Chaker said at the end of last week. 0.8 Olive oil exports reached 300,000 tonnes by the end of last month, bringing in an estimated 1.9 billion dinars (850 mil- 0.6 lion euros, $975 million) compared to less than 500 million Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 dinars for the whole of last year, according to the agricul- ture ministry. Some 100,000 tonnes of dates were exported TUNISIA MSCI AFRICA by the end of September, generating revenue of 462 mil- lion dinars compared to 380 million dinars for the whole of 2014, the ministry's Aniss Ben Rayana indicated. Tunisia's Index Performance TUNISIA economy has remained stagnant since the 2011 popular Current 5212.94 uprising that toppled dictator Zine Al Abidine Ben Ali. The Week Change 0.08% finance ministry has forecast just 0.5 per cent growth this year, half the figure for last year. Tunisia based its draft 16 Gainers (no) budget on projected growth of 2.5 per cent next year, just Losers (no) 23 half of growth mentioned in a recent development plan for 2016-20. The Jordan Times Market Breadth 0.7

52 wk High 5781.38 52 wk Low 4584.53

Corporate News Top Gainers Price % Change No Corporate News Societe Electrostar 4.08 7.9% El Wifack Leasing 17.9 5.4%

Societe Tunisiennes de Verreries3.16 5.0% MONOPRIX 12.99 4.3% Assurances SALIM 21.22 3.5%

Top Losers Price % Change Servicom SA 5.9 -10.3% Societe Industrielle d'Appareillage2.09 et d -7.5% Industries Chimiques du Fluor 25.01 -7.4% Societe Immobiliere et de Participations36.7 -4.7% Societe Ciments de Bizerte 4.17 -4.4%

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 6.5 8.1 5.8 128.92 2.8% -18.3% 9.5 2.2 24.6 Elbene Industrie SA 3.0 4.1 2.4 15.41 6.0% -27.1% na 3.3 -42.0 Ennakl Automobiles 10.5 11.5 9.6 161.56 0.0% 2.5% 10.2 3.5 37.2 GIF Filter SA 3.1 3.9 2.7 16.71 4.4% -6.6% na 2.2 na MONOPRIX 12.6 19.3 12.1 129.67 -3.0% -31.3% 24.9 3.6 14.7 SFBT 22.5 29.2 13.7 1,219.70 0.0% 16.9% 19.0 6.3 36.9 Societe de Production Agricole Teboulba 2.4 3.4 2.2 15.94 0.4% -20.9% 92.1 1.5 1.9 Societe Electrostar 4.1 9.5 3.8 5.18 0.5% -40.5% na 0.9 -81.0 Societe Magasin General 25.2 33.5 25.0 148.93 0.7% -21.0% na 80.3 -16.6 Societe Tunisienne d'Equipement #N/A N/A 10.4 4.7 #VALUE! #VALUE! #VALUE! na na na SOTUMAG 2.2 2.3 1.7 13.48 1.9% 23.9% na na na Financials Amen Bank 25.9 27.7 23.0 326.27 -0.4% -1.1% 7.0 0.9 13.9 Arab Tunisian Bank 4.4 5.4 4.0 225.73 0.2% 0.2% 9.7 0.9 12.5 Arab Tunisian Lease 2.7 2.9 2.2 34.40 2.3% -1.1% na 0.9 na Assurances SALIM 22.0 26.5 17.0 29.49 3.7% -16.3% na na na Attijari Bank 26.0 28.6 18.5 532.19 -0.5% 8.7% na 2.6 na Attijari Leasing SA 23.0 29.5 20.4 25.18 -2.2% -12.7% 8.1 1.3 16.9 Banque de l'Habitat 11.4 16.6 7.2 163.78 -1.7% 52.3% 34.6 0.6 1.8 Banque de Tunisie 9.8 11.1 9.7 759.12 -0.9% -6.9% 16.7 2.3 14.5 Banque International Arabe de Tunis 80.0 86.0 64.1 700.89 0.2% 2.6% 11.1 2.0 18.7 Banque Nationale Agricole 13.0 15.2 6.3 214.06 -0.2% 70.8% 21.7 0.7 3.1 BTEI 18.2 25.2 18.2 42.30 0.2% -26.7% 37.7 0.6 1.5 Cie d'Assurances et de Reassurances ASTR 41.4 56.2 41.4 85.34 0.0% -24.2% 14.2 1.7 12.2 Cie Internationale de Leasing 14.3 15.0 12.5 36.85 0.0% 6.8% 7.9 1.2 15.7 El Wifack Leasing 7.5 7.5 4.6 69.76 37.1% 51.1% 22.4 2.3 10.2 Essoukna 4.1 6.5 3.8 10.57 0.0% -35.5% 6.6 0.6 9.6 Modern Leasing Immeuble Assurances SALIM 3.9 6.0 3.9 8.00 -3.5% -26.5% na na 14.2 Poulina Group 5.1 5.7 4.9 472.20 -0.2% -9.4% 13.6 1.6 12.6 Societe Immobiliere et de Participations 36.0 57.0 34.9 18.55 -1.9% -34.5% 8.4 0.5 6.2 Societe Immobiliere Tuniso Seoudienne 2.0 2.7 1.7 16.08 0.0% 1.0% 8.9 1.1 12.0 Societe Tunisienne de Banque 6.3 6.7 3.3 501.26 1.8% 57.4% na na na STAR 160.5 185.0 135.9 190.88 0.9% 10.5% 6.6 1.2 19.7 Tunis Re 8.4 10.0 6.8 86.37 1.1% -7.1% 15.8 1.3 8.5 Tunisie Leasing SA 20.0 23.0 18.0 92.76 2.7% -3.5% 13.8 1.2 8.8 UBCI 25.2 30.5 24.6 259.76 -0.4% -0.8% 17.3 1.7 10.3 Union Internationale de Banques SA 14.9 18.0 11.5 265.74 -2.5% 1.2% 7.0 0.9 31.6 Health Care Accumulateur Tunisienne Assad 5.3 9.1 5.0 32.47 0.6% -34.4% 8.5 1.4 18.2 ADWYA SA 6.8 8.6 6.5 55.51 0.1% -16.9% 16.2 3.4 22.5 Industrials Servicom SA 7.0 19.0 5.3 12.80 19.0% -50.7% 13.1 2.1 17.0 SIPHAT 6.0 10.6 6.0 5.57 -1.3% -30.2% na 0.4 -4.5 Societe Industrielle d'Appareillage et d 2.3 2.8 2.0 16.28 7.7% -2.2% 18.4 1.4 7.9 Societe Moderne de Ceramiques 2.6 3.1 2.2 41.44 -2.6% 2.8% 15.6 1.4 9.1 Societe Tunisienne de L'Air 0.8 1.2 0.7 42.15 -1.3% -31.9% na 0.4 -65.2 Tunisie Profiles Aluminium SA 3.5 4.5 3.3 81.17 1.7% -18.6% 14.9 1.6 10.9 Information Technology Telnet Holding 4.0 5.8 3.5 22.62 6.1% -23.2% na na na Materials Air Liquide Tunisie 178.0 243.9 166.9 111.11 0.0% -24.3% 27.7 4.8 17.4 Carthage Cement 1.4 2.8 1.1 122.42 11.3% -43.0% na 0.9 -9.2 Industries Chimiques du Fluor 25.1 38.5 25.0 27.12 0.2% -34.0% na na na Societe Chimique ALKIMIA 45.0 60.0 44.9 45.16 -0.4% -23.7% 5.3 1.1 22.0 Societe Ciments de Bizerte 4.0 6.8 4.0 91.03 -3.8% -37.8% 119.5 1.3 -0.4 Societe Tunisiennes de Verreries 3.2 5.4 3.0 38.05 -0.3% -35.9% na na na Telecommunication SOTETEL 1.6 3.6 1.5 3.78 2.6% -54.2% 8.1 0.3 0.0

Source: Bloomberg, United Capital Research

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Zimbabwe Economic News

• Sable Seeks Less Power-Hungry Fertilizer Methods on Supply 1.2 Cuts, Sable Chemicals Pvt Ltd., the sole manufacturer of 1– year Equity market trend ammonium nitrate in Zimbabwe, will look at new ways to make the fertilizer after the country’s utility cut electricity 1.0 supply to the company’s plant by three quarters because of power shortages. Sable has studied the commercial vi- ability of using coal-bed methane and the results have 0.8 been positive, it said in an e-mailed statement Friday. Mi- gration to the new technology “will take some time” and will “regrettably necessitate a realignment of the manning 0.6 levels to match the new business model,” it said. The com- Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 pany employs more than 500 people. The manufacturer was using power-intensive electrolysis technology to make ZIMBABWE MSCI AFRICA the hydrogen needed to produce ammonia at its Kwekwe plant, a process that accounted for 90 percent of the 40 megawatts of electricity Sable was using. Zimbabwe cut Index Performance ZIMBABWE supply to the company this week to 10 megawatts. The na- Current 131.08 tion produces about 984 megawatts of electricity, far short of the 2,200 megawatts it needs. Much of that power Week Change -0.28% comes from the Kariba hydropower plant, where reservoir Gainers (no) 5 levels have dropped to just 29 percent, according to the Zambezi River Authority. Bloomberg Losers (no) 4

Market Breadth 1.3 • Corporate News 52 wk High 189.13 • Zimbabwe's Formal Employment Plummets to Half-Century 52 wk Low 130.62 low. The collapse of Zimbabwe’s manufacturing and agri- cultural industries has cut the size of the economy by half and left the southern African nation with fewer people in Top Gainers Price % Change formal employment than at any time in almost half a cen- First Mutual Holdings Ltd 0.02 20.0% tury. About 700,000 people have formal jobs, almost equally CBZ Holdings Ltd 0.1 11.1% split between the state and private companies, govern- Edgars Stores Zimbabwe Ltd 0.07 0.6% ment and independent statistics show. That’s the lowest number since 1968, when President Robert Mugabe was a British American Tobacco Zimbabwe11.7 Holdin 0.4% jailed freedom fighter, and Rhodesian Prime Minister Ian Seed Co 0.9925 0.3% Smith’s white-minority government was under sanctions for unilaterally declaring independence from the U.K. The na- tion’s population was then 5.2 million compared with about Top Losers Price % Change 13.8 million today. “Based on figures published by the em- Dawn Properties Ltd 0.0166 -4.0% ployer organizations and the occasional announcement from government on the size of the civil service, about Old Mutual PLC 2.4 -2.0% 700,000 people are employed in the country,” John Robert- TSL Ltd/Zimbabwe 0.1725 -1.4% son, an independent economist, said in an interview in the Delta Corp Ltd/Zimbabwe 0.8125 -0.3% capital, Harare. “People survive because they have to. Re- mittances sent from family members abroad are a huge element of survival.” Thousands of Zimbabweans have flooded city streets as informal vendors of everything from tomatoes to pirated DVDs to support their families. More Source: Bloomberg, United Capital Research than 3 million others had left their homeland in search of work as of 2010, the bulk of them to neighboring South Af- rica, according to the United Nations Development Pro- gramme. Others have moved to , Namibia and the U.K. Bloomberg

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52-Week 52-Week MKT. CAP WTD Price High Low (US$MN) Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods 1 African Distillers Ltd 0.58 0.58 0.33 0.21 16.0% 23.4% 21.1 4.5 22.2 Ariston Holdings Ltd #N/A N/A 0.01 0.00 na #VALUE! #VALUE! na na 3.2 British American Tobacco Zimbabwe 11.80 13.00 10.40 0.76 0.9% 5.4% 18.2 15.2 100.0 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% 58.1% na 0.5 2.6 Delta Corp Ltd/Zimbabwe 0.82 1.25 0.81 3.17 1.2% -19.4% 11.1 2.2 21.3 Edgars Stores Zimbabwe Ltd 0.07 0.11 0.07 0.06 -0.3% -16.9% na na na Hippo Valley Estates Ltd 0.38 0.65 0.31 0.23 -0.6% -30.5% 10.1 0.3 3.3 Meikles Ltd 0.10 0.16 0.07 0.07 5.6% -38.7% na 0.2 -23.6 National Foods Holdings #N/A N/A 3.40 2.80 na #VALUE! #VALUE! na na 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 0.82 0.72 -0.5% 1.8% 14.4 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 -1.8% 69.4% na 1.8 na CBZ Holdings Ltd 0.09 0.14 0.07 0.19 -10.0% -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 0.11 -0.5% -26.3% na 0.4 0.0 Old Mutual PLC 2.20 2.80 2.20 33.64 -8.3% -6.0% na na 8.6 Industrials na CFI Holdings Ltd 0.0 0.0 0.01 0.01 0.7% 51.7% na 0.1 -12.4 Innscor Africa Ltd 0.6 0.7 0.55 1.01 0.0% 0.0% 25.8 1.5 8.6 Masimba Holdings Ltd 0.0 0.0 0.01 0.01 -1.0% -28.3% na 0.1 -2.7 Turnall #N/A N/A 0.0 0.01 na #VALUE! #VALUE! na na -93.0 Materials PPC Ltd 1.0 2.3 0.95 1.78 -5.0% -45.7% na na 36.4 Telecommunication na Econet Wireless Zimbabwe Ltd 0.3 0.8 0.27 1.37 0.0% -55.0% 9.6 0.7 6.7

Source: Bloomberg, United Capital Research

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