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* 303 7.3 -0.1% 13.4% 23.8x 3.8x 0.9% Egypt: EGX 30 7,492 61.2 0.0% -16.1% 14.9x 1.3x 2.8% Ghana : GSE Composite 1,984 2.5 -0.8% -12.2% na 1.4x 0.9% : All Share 142 19.2 -0.9% -12.9% 13.6x 2.1x 4.6% Mauritius : SEM DEX 1,897 9.3 -1.0% -8.5% 14.7x 0.9x na Morocco : CFG 25 19,248 46.5 -1.2% -4.9% na na na Nigeria:Nigeria All Share 30,165 58.6 -1.4% -13.0% 8.8x 1.4x 4.7% South : JSE All Share 53,296 0.0 4.6% 7.1% 26.0x 2.3x 3.4% Tunisia: Tunis Index 5,209 10.0 -0.6% 2.3% 26.1x 2.4x na Zimbabwe: Industrial 131 3.3 0.0% -19.3% 15.4x 0.7x 3.3% Frontier M arkets 520 -- 1.5% -14.9% 10.0x 1.4x 4.2% Emerging M arkets 848 -- 5.5% -11.3% 12.3x 1.3x 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; -0% w/w 1157; -0% w/w 42286; -0% 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 • Ivory Coast began construction last week of a four-year, 5 60

1.4 billion CFA franc ($962 million) project to build a second con- 1– year Equity market trend tainer terminal and widen the canal leading to its main port in

1.2 the commercial capital Abidjan. Among the busiest in sub- Saharan Africa, the port serves Ivory Coast, French-speaking West Africa's largest economy and the world's top cocoa 1.0 producer, and is also a gateway for landlocked nations to the north. China Harbour Engineering Co Ltd was awarded the 0.8 construction contracts for both projects with the bulk of the cost covered by a loan from China's Eximbank. Construction 0.6 Oct -14 Dec -14 BRVMFeb -15 Apr -15 MSCIJun -Africa15 Aug -15 Oct of the new container terminal, which will be managed by consortium led by France's Bollore, will last 48 months and cost 409 billion CFA francs. It is expected to allow Abidjan to Index Performance BRVM increase container traffic from 1.2 million TEU to 3 million TEU Current 301.99 by 2020. Reuters W eek Change 0.10%

Gainers (no) 17 • Ivory Coast's President Alassane Ouattara last week pledged Losers (no) 13 to improve citizens' access to justice as he launched his bid Market Breadth 1.3 for re-election in an Oct. 25 poll which he hopes will cement 52 wk High 307.83 the country's economic recovery following a brief civil war. 52 wk Low 230.15 Corporate News

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 92.05 0.0% -10.9% 16.327 18.8 na PALMCI 15,300 19,350 14,000 201.33 5.6% -9.7% 11.8 1.4 11.93 Sitab-Soc Ivoirienne Tabacs 154,105 162,000 116,500 235.52 0.1% -3.1% 21.2 9.5 43.03 Societe Africaine de Plantations d'Hevea 11,700 19,000 11,000 101.81 -0.4% -33.4% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 26,000 32,000 23,000 95.61 -7.0% -18.5% 12.3 1.1 8.83 Societe De Distribution Automobile en Co 316,910 316,910 165,000 86.32 10.4% 87.5% 21.0 6.2 31.30 Societe de Limonaderies et Brasseries 168,000 237,500 164,188 470.77 -0.3% -16.0% 12.1 2.1 17.37 Unilever Cote d'Ivoire 25,600 41,000 23,100 70.19 0.4% -30.8% na na na Uniwax SA 28,995 35,405 6,579 37.02 -12.1% 262.4% na na 31.76 Energy Shell Cote D Ivoire 71,005 73,105 54,000 152.30 0.0% 18.3% 30.2 4.8 16.85 TotalFinaElf Cote D'ivoire 23,500 25,100 7,850 503.76 -2.1% 135.0% 42.3 9.1 22.01 Financials Bank of Africa - Benin 124,100 134,375 72,000 212.80 -0.7% 51.3% 10.5 2.1 21.62 Bank of Africa - Burkina Faso 120,000 120,000 80,005 224.71 6.5% 33.3% 13.0 3.4 30.49 Bank of Africa/Cote d'Ivoire 120,000 131,985 78,000 167.51 -1.6% 33.3% na na 31.97 Bank of Africa/Niger 83,000 92,440 60,000 134.23 -2.4% -4.6% 10.1 3.3 22.65 BICICI 102,000 102,000 68,010 289.40 2.0% 30.8% 17.2 3.9 23.06 SCBCI 121,985 126,850 90,000 646.06 6.1% 26.0% 13.6 4.4 35.58 Societe Africain de Credit Auto 27,500 29,750 23,000 6.08 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 54 65 42 2215.46 0.0% 15.2% na na 17.15 Industrials Bernabe 120,000 125,025 71,000 67.66 6.7% 61.7% 19.5 3.3 17.19 Bollore Africa Logistics SAS 195,005 248,955 119,790 361.42 0.0% -21.7% 33.1 6.7 na Comptoir Francais Afrique 75,110 83,310 39,000 231.91 1.5% 62.9% 36.3 6.5 18.14 Movis Cote d'Ivoire 4,240 8,000 4,070 6.03 -4.6% -38.1% na na na Servair Abidjan 82,000 85,000 27,000 76.16 2.5% 110.8% 35.8 15.9 53.92 Societe Ivoirienne DE Cable 100,000 117,870 57,000 25.19 -3.8% -2.0% 21.1 3.3 15.18 Materials CROWN SIEM 26,005 32,000 19,900 27.88 0.0% 13.0% na na -0.82 Filature Tissages Sacs SA 28,000 40,000 17,835 168.07 0.0% -5.1% 25.6 2.4 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 21,000 26,335 15,500 31.22 2.4% 23.5% 35.8 8.1 22.52 Societe Multinationale de Bitumes 17,000 20,000 13,500 56.40 -0.6% 21.5% na na na Utilities Cie Ivoirienne D Elect 81,500 86,500 52,000 388.48 -0.6% -1.2% 27.6 9.1 32.98 SODECI 82,005 91,300 55,000 125.64 0.0% -10.2% na na 23.90 Telecommunication Onatel SA 12,995 13,650 5,655 752.15 -2.3% 75.6% 22.5 4.7 19.23 Sonatel 26,400 29,600 20,350 4494.23 0.0% 15.8% 12.9 5.0 40.66 Societe Ivoirienne de Coco Rape 8,995 10,280 4,995 9.19 0.0% 76.7% 133.1 na na SETAO 51,700 52,675 19,795 11.83 5.5% 52.1% 6.6 na na NEI CI 4,500 6,235 3,450 3.91 7.3% 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 • Egypt's core annual inflation rate dropped to 5.55% in 1.2 1– year Equity market trend September, down from 5.61% in August, the central bank said last week. Inflation spiked in Egypt after the govern- 1.0 ment slashed subsidies in July 2014, pushing up fuel prices by as much as 78.0%. Egypt's urban consumer inflation however jumped for the first time in four months as food 0.8 prices rose. It increased to 9.2% in September from 7.9% in August. Reuters 0.6 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 • Egypt's foreign currency reserves fell to $16.335 billion at EGYPT MSCI AFRICA the end of September from $18.096 billion the previous month, the central bank said last week. Saudi Arabia, the Index Performance EGYPT United Arab Emirates and Kuwait have provided billions Current 7491.67 of dollars in aid since the army overthrew elected Islamist W eek Change 0.00% President Mohamed Mursi in mid-2013 following mass pro- Gainers (no) 25 tests against his rule. Reserves stood at about $36 billion Losers (no) 5 before the 2011 revolt that ousted Hosni Mubarak and Market Breadth 5.0 led to the elections that put Mursi in office. Reuters 52 wk High 10066.11 • Egypt is preparing to launch a new bidding round for gas 52 wk Low 6640.94 exploration off the Mediterranean coast in the first half of Top Gainers Price % Change 2016, Khaled Abdel Badie, the head of the state gas Beltone Financial Holding Co SAE 3.4 20.6% company EGAS said last week. His comments came after Pioneers Holding for Financial Inv estmen 8.11 9.4% Egypt announced it had awarded four new licences to Orascom Telecom Media And Technology 0.75Hol 8.7% explore for oil and gas off its Mediterranean coast, weeks after Eni's giant Zohr gas find piqued fresh international Arab Cotton Ginning 2.95 8.1% interest in the area. Reuters Prime Holding for Financial Investments 2.18 6.9%

Top Losers Price % Change Corporate news Arabian Cement Co 11.62 -1.8% • Egypt Kuwait Holding Co SAE 0.56 -1.8% News that Orascom Telecom Media and Technology is ElSwedy Electric Co 42.25 -1.7% seeking to buy Beltone Financial boosted Egypt's stock market last week. Orascom Telecom and Act Financial Medinet Nasr Housing 21.95 -1.5% want to buy Beltone for 650 million Egyptian pounds ($83 Juhayna Food Industries 8.02 -1.1% million),it said in a statement to the bourse. 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 3.0 5.2 2.3 99.86 8.1% -22.6% 61.3 0.5 80.7% Eastern Tobacco 212.0 244.0 155.6 1354.75 0.9% -3.2% 12.3 2.1 17.74 Egypt for Poultry 1.5 3.9 1.3 8.83 2.1% -45.9% 73.7 0.8 1.10 Juhayna Food Industries 8.0 11.8 7.4 965.06 -1.1% -15.6% 34.4 3.3 9.82 Oriental Weavers 10.5 15.4 8.4 605.12 5.0% -12.9% 3.1 0.2 10.99 Financials Amer Group Holding 0.8 1.4 0.7 454.60 1.3% -39.1% 17.4 1.9 12.55 Arab Real Estate Investment Co SAE 0.7 1.3 0.6 21.73 3.0% -34.9% na 0.5 0.52 Arabia Investments Development Financial 1.1 2.0 0.9 124.93 6.7% -35.8% na na na Beltone Financial Holding Co SAE 3.4 7.7 2.5 70.73 20.6% -53.0% na 2.6 na Commercial International Bank Egypt SAE 54.7 59.2 43.6 6415.05 3.3% 11.2% 11.7 3.4 30.62 Egypt Kuwait Holding Co SAE 0.6 0.9 0.5 69.84 -1.8% -25.3% 12.4 0.8 5.79 Egyptian Financial Group-Hermes Holding 8.4 16.8 7.6 702.41 4.3% -37.8% 10.5 0.6 5.26 Egyptians for Housing & Development Co 3.3 7.5 2.8 38.80 3.1% -45.6% 220.7 1.1 0.55 EL Shams Housing & Urbanization SAE 2.5 6.2 2.3 35.57 1.6% -48.5% 8.4 1.5 18.50 Heliopolis Co for Housing and Constructi 40.2 72.3 36.1 571.84 0.1% -30.7% 21.2 9.5 na Medinet Nasr Housing 22.0 32.1 17.8 701.44 -1.5% -7.3% 25.5 6.9 25.29 Palm Hills Developments SAE 2.1 3.9 1.8 577.57 3.5% -39.8% 3.5 0.6 20.79 Pioneers Holding for Financial Investmen 8.1 14.4 6.1 694.73 9.4% -35.8% 10.6 1.3 12.54 Prime Holding for Financial Investments 2.2 5.7 1.9 20.30 6.9% -52.0% 58.8 0.4 0.69 Six of October Development & Investment 9.1 17.6 8.3 395.95 2.5% -36.5% 8.8 1.0 8.34 Talaat Moustafa Group 6.9 12.2 6.5 1822.68 1.6% -29.9% 19.7 0.5 2.76 Industrial Egyptian Electrical Cables 0.9 1.4 0.7 57.96 3.8% -25.1% na 0.8 na Elsaeed Contracting & Real Estate Invest 0.9 1.8 0.8 62.25 3.6% -34.7% 4.2 0.8 10.46 ElSwedy Electric Co 42.3 55.0 37.0 1206.59 -1.7% 1.4% 10.9 1.7 16.05 Materials Arabian Cement Co 11.6 19.0 10.2 562.55 -1.8% -31.4% 11.4 3.6 33.25 Ezz Steel 9.2 18.1 7.2 639.57 1.5% -34.1% na 1.3 -18.71 South Valley Cement 4.2 8.5 3.4 259.41 5.0% -42.8% 13.3 na na Telecommunication Global Telecom Holding SAE 1.9 5.0 1.8 1274.01 0.5% -53.3% na 5.1 na Orascom Telecom Media And Technology Hol 0.8 1.5 0.6 502.90 8.7% -43.2% 52.9 0.5 -0.09 Telecom Egypt Co 7.1 15.4 6.4 1540.54 1.4% -40.8% 8.2 0.4 5.39

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

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Ghana Economic news • Ghana launched a $1 billion Eurobond on Wednesday at a 1.2 1– year Equity market trend 10.75% coupon rate, becoming the first country in sub- Saharan Africa outside of South Africa to issue a 15-year 1.0 bond, Finance Minister Seth Terkper said in a statement. According to Mr Terkper, the bond was 100% oversub- 0.8 scribed showing a high appetite for Ghana's credit. He also added that a World Bank partial bond guarantee of $400

0.6 million enabled Ghana to borrow on reasonable terms in a Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 rather difficult market. Reuters

GHANA MSCI AFRICA

Index Performance GHANA Corporate news Current 1984.11 • Diageo Plc, the world's largest spirits company, said it had Week Change 0.10% sold its stakes in Jamaican brewer Desnoes & Geddes Ltd Gainers (no) 3 (D&G) and Malaysian beer producer Guinness Anchor Bhd to Heineken NV. The disposal includes sale of Diageo's Losers (no) 4 57.87% stake in D&G to Heineken, bringing Heineken's stake Market Breadth 0.8 in D&G to 73.32%. Diageo last week also sold its 49.99% 52 wk High 2389.8 stake in Guinness Anchor to Heineken and simultaneously 52 wk Low 1984.11 acquired a 20.0% stake in Guinness Ghana Breweries Ltd, raising its total stake in GGBL to 72.42% Reuters Top Gainers Price % Change Societe Generale Ghana Ltd 0.87 8.7%

Standard Chartered Bank Ghana 16.3Ltd 0.2% Ecobank Ghana Ltd 7.05 0.1%

Top Losers Price % Change UT Bank Ltd 0.09 -10.0% CAL Bank Ltd 0.8 -4.8% 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 37.0 0.0% -2.4% 11.3 2.5 24.97 FAN Milk Ltd 7.3 7.4 4.9 225.9 -0.5% 39.2% 26.1 8.8 38.00 Guinness Ghana Breweries Ltd 1.8 3.2 1.8 98.4 -12.5% -45.3% na 3.9 -38.57 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 12.8 0.0% -16.7% na 3.4 -94.51 PZ Cussons Ghana Ltd 0.3 0.4 0.2 15.2 0.0% 13.3% na 1.7 -7.76 Unilever Ghana Ltd 7.8 15.7 7.3 130.0 1.2% -26.9% 51.4 9.0 71.99 Financials CAL Bank Ltd 0.8 1.2 0.8 116.7 -4.8% -20.8% 2.7 1.0 42.51 Ecobank Ghana Ltd 7.1 9.2 7.0 549.8 0.1% -7.2% 5.7 2.7 53.61 Ecobank Transnational Inc 0.3 0.4 0.2 1,922.9 0.0% 14.3% 4.7 0.6 15.40 Ghana Commercial Bank Ltd 3.7 5.9 3.7 262.2 -0.3% -29.8% 3.1 1.3 49.13 Ghana Oil Co Ltd 1.3 1.9 1.0 89.2 0.0% 26.7% 16.6 4.4 29.61 HFC Bank Ghana Ltd 0.9 1.8 0.9 67.9 -14.0% -42.7% 4.4 1.0 28.10 SIC Insurance Co Ltd 0.1 0.5 0.1 6.8 8.3% -64.9% 4.8 0.3 6.74 Societe Generale Ghana Ltd 0.9 1.1 0.7 85.0 8.7% -4.3% 6.4 1.4 23.97 Standard Chartered Bank Ghana Ltd 16.3 21.3 16.2 500.7 0.2% -19.9% 11.2 3.4 34.08 Total Petroleum Ghana Ltd 5.4 6.2 5.3 159.5 0.0% -12.1% 18.7 5.2 29.17 UT Bank Ltd 0.1 0.3 0.1 10.9 -10.0% -64.0% na 0.4 -20.82

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

Kenya Economic news • Kenya to sell 1-year amortized Treasury bond for 20 bln shillings. Kenya will offer an amortized one-year Treasury 1.2 1– year Equity market trend bond for up to 20 billion shillings ($194.27 million) during its monthly auction on Oct. 21, the central bank said. It is rare 1.0 for Kenya to sell one-year bonds which are amortized, and suggests the government wants to stagger the repay-

0.8 ments due to worries that it will have too much debt ma- turing in the same period in 2016. The country has been paying higher yields on debt after short-term interest rates 0.6 jumped to above 21 percent last week, mainly due to the Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 central bank's tightening stance. KENYA MSCI AFRICA Reuters

Index Performance KENYA • Kenya set to conclude talks on $750 mln syndicated loan. Current 141.87 Kenya is about to conclude talks for a syndicated loan of Week Change 0.10% up to $750 million in the next two weeks in an effort to re- duce local borrowing and curb surging interest rates, a Gainers (no) 12 senior Finance Ministry official. Yields on Kenyan Treasury Losers (no) 26 bills jumped to more than 20 percent this week after the Market Breadth 0.5 central bank embarked on a tightening cycle in June fol- 52 wk High 177.51 lowing extreme volatility in the exchange rate. 52 wk Low 137.51 Reuters

Top Gainers Price % Change Corporate news Liberty Kenya Holdings Ltd 21.5 7.5% • Kenya Airways draws down half its $200 mln bridging loan. Uchumi Supermarkets Ltd 10 4.2% Kenya Airways has received the first half of a $200 million loan from Afreximbank to help keep the struggling airline Mumias Sugar Co Ltd 1.85 2.8% afloat and expects the second tranche in two weeks, its Safaricom Ltd 14.8 2.4% chief executive said on Friday. The airline, part-owned by Housing Finance Co of Kenya Ltd22.25 2.3% Air France KLM, has not made a profit in three years and sunk further into the red in the year through March with a pretax loss of 29.71 billion shillings ($289 million). Top Losers Price % Change Reuters

ARM Cement Ltd 39.5 -7.6% • Kenya's CFC Stanbic Bank signs $155 mln dual-tranche Bamburi Cement Co Ltd 157 -6.0% loan. Kenya's CFC Stanbic Bank has signed a $155 million, Olympia Capital Holdings Ltd 4.5 -5.3% dual tranche loan which will fund the bank's general busi- East African Breweries Ltd 260 -5.1% ness activities, the main arranger of the facility said on Sameer Africa Ltd 3.85 -4.9% Wednesday. Dubai's Emirates NBD acted as the sole book runner for the financing and was joined by Abu Dhabi Source: Bloomberg, United Capital Research Commercial Bank, Al Ahli Bank, Commercial Bank of Qatar, Mizuho Bank, and Standard Chartered as man- dated lead arrangers, it said in a press release. 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 764.0 1050.0 650.0 741.75 -6.5% -15.9% 18.0 9.4 54.21 Car & General Kenya Ltd 40.0 62.0 36.0 15.57 #VALUE! -25.9% 6.1 0.6 10.18 Eaagads Ltd 27.8 100.0 26.0 8.66 -0.9% -33.9% 111.0 1.7 1.82 East African Breweries Ltd 260.0 355.0 243.0 1,996.13 -5.1% -15.6% 23.1 15.0 78.84 Eveready Ltd 3.0 5.0 2.8 6.12 1.7% -18.9% na 2.9 -57.81 Kakuzi 320.0 383.0 180.0 60.89 1.6% 77.8% 39.2 2.1 5.44 Kapchorua Tea Co Ltd 182.0 342.0 115.0 6.91 -8.1% 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 27.48 2.8% -5.1% na 0.3 -22.62 Nation Media Group Ltd 144.0 315.0 140.0 263.59 0.0% -45.2% 12.0 2.8 24.68 Sameer Africa Ltd 3.9 7.0 3.7 10.40 -4.9% -35.8% na 0.4 -2.57 SASINI Ltd 16.1 19.5 11.5 35.65 -0.9% 25.3% 155.2 0.3 0.26 Scan Group Ltd 27.0 52.0 26.3 99.31 -1.8% -40.3% 18.0 1.2 6.83 Standard Group Ltd 32.0 47.5 30.0 25.39 -5.9% -7.9% 38.1 1.3 3.41 TPS Eastern Africa Ltd 28.5 40.0 25.8 50.41 0.0% -23.0% 21.1 0.6 2.59 Uchumi Supermarkets Ltd 10.0 14.0 6.4 35.43 4.2% -0.5% 7.1 0.8 12.23 Unga Group Ltd 42.0 56.5 30.0 30.87 -2.3% 5.7% 10.3 1.1 11.01 Williamson Tea Kenya Ltd 396.0 435.0 240.0 33.67 0.0% 59.7% na 0.7 18.41 Energy na KenolKobil Ltd Group 9.0 10.5 7.6 128.60 1.1% 3.4% 5.9 1.6 30.05 Total Kenya Ltd 19.7 31.0 17.6 120.40 -0.3% -17.9% 9.5 0.8 8.88 Financials Barclays Bank of Kenya Ltd 12.7 17.9 12.5 667.08 -3.1% -24.3% 7.9 1.9 24.81 British-American Investments Co Kenya Lt15.9 33.0 14.0 298.29 -3.6% -46.7% na 1.5 1.69 Centum Investment Co Ltd 49.8 69.5 45.0 321.41 -0.5% -18.4% 5.1 0.9 27.12 CFC Stanbic Holdings Ltd 90.0 140.0 85.5 345.43 0.0% -27.4% 8.6 1.0 19.52 CIC Insurance Group Ltd 7.0 12.0 6.0 176.49 -1.4% -27.6% 16.4 2.5 16.84 Co-operative Bank of Kenya Ltd/The 17.4 22.8 16.0 825.96 -3.6% -13.0% 8.7 1.8 22.44 Diamond Trust Bank Kenya Ltd 200.0 270.0 180.0 470.12 0.5% -14.9% 9.9 1.6 21.13 Equity Group Holdings Ltd/Kenya 45.0 56.5 36.5 1,648.69 0.6% -10.0% 9.3 2.6 30.53 Housing Finance Co of Kenya Ltd 22.3 48.1 19.0 76.13 2.3% -44.4% 6.0 0.8 12.47 I&M Holdings Ltd/Kenya 101.0 139.0 97.0 384.74 -2.9% -17.9% 7.4 1.5 22.18 Jubilee Holdings Ltd 496.0 580.0 358.2 317.27 -2.6% 21.2% 11.4 2.1 22.04 Kenya Commercial Bank Ltd 44.0 65.5 40.0 1,292.33 0.6% -22.8% 7.4 1.7 25.07 Kenya Reinsurance Corp Ltd 19.2 20.0 15.1 130.14 1.1% 12.3% na 0.6 16.93 Liberty Kenya Holdings Ltd 21.5 28.0 19.0 111.82 7.5% -7.5% 10.0 2.0 19.70 Nairobi Securities Exchange Ltd 20.8 23.0 18.0 39.21 1.2% 1.2% 9.6 2.5 31.85 National Bank of Kenya Ltd 16.5 26.4 15.8 49.34 -1.5% -26.7% 2.8 0.4 14.40 NIC Bank Ltd 41.3 71.0 40.0 256.29 -2.9% -28.3% 5.9 1.1 20.37 Pan Africa Insurance Holdings Ltd 62.5 141.0 60.0 87.38 -3.1% -47.9% 6.9 1.6 24.49 Standard Chartered Bank Kenya Ltd 221.0 355.0 207.0 663.34 -2.6% -34.0% 8.3 1.7 21.08 Industrials na East African Cables Ltd 10.8 17.0 10.0 26.54 -2.7% -33.3% 9.3 1.1 12.20 Express Kenya ltd 4.6 8.5 3.9 1.56 8.3% -26.6% 702.3 0.8 0.12 Kenya Airways Ltd 5.5 11.5 5.0 79.18 -1.8% -37.4% na na na Olympia Capital Holdings Ltd 4.5 10.9 2.5 1.75 -5.3% -13.5% na 0.2 2.39 TransCentury Ltd 14.5 22.8 11.6 39.46 6.6% -25.1% na 0.4 -15.24 Materials na ARM Cement Ltd 39.5 92.5 37.3 189.94 -7.6% -54.1% 67.5 2.2 3.24 Bamburi Cement Co Ltd 157.0 181.0 130.0 553.25 -6.0% 12.9% 11.9 2.0 17.01 BOC Kenya Ltd 117.0 160.0 110.0 22.18 1.7% -6.4% 9.9 1.3 12.01 Carbacid Investments Ltd 14.4 28.0 14.0 35.51 -4.3% -34.0% 7.4 1.7 24.04 Crown Paints Kenya Ltd 60.0 175.0 33.3 41.46 -2.4% 62.2% 216.9 3.2 1.46 East African Portland Cement Co Ltd 48.8 74.5 48.0 42.60 -2.5% -15.9% na 0.7 -5.61 Telecommunication Safaricom Ltd 14.8 17.9 11.1 5,756.97 2.4% 5.3% 18.5 5.7 32.60 Utilities Kenya Electricity Generating Co Ltd 8.2 13.2 7.2 175.02 -1.8% -20.4% 6.4 0.2 3.75 Kenya Power & Lighting Ltd 14.9 18.5 13.0 282.30 -3.9% 3.1% 3.8 0.5 14.07 Umeme Ltd 17.4 23.0 16.0 273.60 #VALUE! -17.4% na na 23.52

Source: Bloomberg, United Capital Research

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Mauritius Economic News • Mauritius in talks to review India tax treaty: minister. Mauri- 1.2 tius is in talks to review a tax treaty that has made this is- land of just 1.3 million people the biggest single source of 1– year Equity market trend foreign direct investment in India, a nation of 1.3 billion 1.0 people, the finance minister said. The Double Taxation Avoidance treaty, signed in 1983, has been a cornerstone

0.8 of Mauritius' rise as a financial center and its diversification away from the Indian Ocean island's traditional busi- nesses, such as sugar cane growing and tourism. But the 0.6 deal's terms have been a growing irritant to India, which Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 says a chunk of the funds are not real foreign investment MAURITIUS MSCI AFRICA but Indians routing cash through the island to avoid Indian taxes, a practice known as "round tripping". Index Performance MAURITIUS Reuters Current 1896.93 • Week Change -0.90% Mauritius seeks buyer for Britam stake, or sovereign fund may buy. Mauritius has asked a bank in South Africa to Gainers (no) 7 help find a buyer for a near 25 percent stake in Kenya's 19 Losers (no) British-American Investments Co (Britam) which was seized Market Breadth 0.4 from a disgraced tycoon, the finance minister said. Fi- 52 wk High 2172.525 nance Minister Seetanah Lutchmeenaraidoo told Reuters that alternatively the stake could be bought by a Mau- 52 wk Low 1894.202 ritian sovereign fund due to be set up next month if the right price could not be secured. The Indian Ocean island Top Gainers Price % Change seized the assets of Dawood Rawat, a Mauritius citizen, in Alteo Ltd 34.5 4.5% April after accusing him of running a Ponzi scheme POLICY Ltd 6.9 3.0% through a Mauritian insurer. Reuters Promotion & Development Ltd 97 2.1% Fincorp Inv estment Ltd 19.2 1.1% Corporate News • Societe Generale finalises the acquisition of a stake in Air Mauritius Ltd 10.1 1.0% Mauritius Commercial Bank Mozambique. Says finalises the acquisition of a stake in Mauritius Commercial Bank Top Losers Price % Change Mozambique (MCBM). Says became the majority share- Gamma Civic Ltd 25 -7.4% holder of MCBM, with a 65 percent stake in the company INNODIS Ltd 45.75 -4.7% Further company coverage. Reuters 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 34.5 37.6 29.7 309.74 0.0% 1.5% 15.9 0.65 4.08 Automatic Systems Ltd 46.0 97.0 28.8 4.58 0.0% -48.9% 11.2 3.45 34.55 ENL Land Ltd 47.5 52.5 44.0 308.63 -1.0% -3.1% 21.1 0.54 2.58 Gamma Civic Ltd 25.0 50.3 24.8 93.90 -5.5% -39.0% na 1.47 -6.96 INNODIS Ltd 45.8 60.0 45.5 47.37 -1.6% -18.3% 14.4 0.99 6.76 Lux Island Resorts Ltd 61.5 68.0 51.0 237.14 -1.6% 2.5% 20.1 1.46 7.30 Mauritius Oil Refineries Ltd 26.8 28.5 26.5 25.14 -2.5% -4.3% 18.7 2.30 11.86 New Mauritius Hotels Ltd 17.7 29.5 17.0 240.94 -1.9% -33.6% 17.3 0.61 3.53 Phoenix Beverages Ltd 400.0 400.0 212.0 185.45 0.0% 73.2% 20.5 2.02 10.56 Sun Resorts Ltd/Mauritius 37.0 45.0 34.0 153.04 -0.8% -17.8% na 0.98 -1.17 Energy Vivo Energy Mauritius Ltd 115.8 140.0 115.8 95.67 -0.2% -16.7% 22.0 5.20 31.29 Financials na Belle Mare Holding Ltd 27.9 30.0 24.0 47.54 -0.4% 5.3% 15.0 0.62 4.50 Caudan Development Ltd 1.3 1.5 1.2 29.57 -1.5% -0.8% 984.6 0.36 0.04 CIEL Ltd 6.8 7.9 6.6 301.24 0.0% -8.4% 9.8 0.76 8.33 Cim Financial Services Ltd 8.0 10.0 8.0 153.47 -2.9% -11.1% 9.0 2.05 25.01 ENL Commercial Ltd 19.5 26.0 19.5 15.99 -5.1% -25.2% na 0.76 -1.18 Fincorp Investment Ltd 19.2 24.0 17.0 55.94 0.8% -20.0% 29.5 0.53 1.80 Ireland Blyth Ltd 111.0 120.0 109.0 223.53 -3.3% -1.8% 13.4 1.41 9.63 Mauritian Eagle Insurance Co Ltd 99.0 116.0 99.0 22.33 0.0% -9.4% 120.7 1.11 0.92 Mauritius Development Invest Trust Co Lt 5.0 6.0 4.9 59.67 -0.4% -14.1% 21.7 1.25 5.71 Mauritius Union Assurance Co Ltd/The 67.0 80.1 67.0 85.16 0.0% -3.9% 18.3 1.48 8.36 MCB Group Ltd 209.0 226.0 194.8 1,402.65 0.2% 5.6% 8.7 1.38 17.11 National Investment Trust Ltd/Mauritius 42.8 55.0 40.9 16.53 0.0% -15.7% 47.0 0.61 na POLICY Ltd 6.9 8.0 6.1 44.15 2.7% -8.0% 12.8 1.38 8.42 Promotion & Development Ltd 97.0 101.0 88.3 106.46 1.0% 0.5% 62.2 0.52 0.83 SBM Holdings Ltd 0.8 1.0 0.8 702.09 -3.5% -18.6% 6.7 1.02 14.51 Swan Insurance Co Ltd 463.0 470.0 322.0 108.01 0.0% 38.2% 15.8 1.96 13.44 Terra Mauricia Ltd 29.2 36.4 29.0 186.98 -1.2% -11.7% 14.4 0.40 2.80 United Docks Ltd 76.0 76.0 61.0 22.62 4.8% 22.6% 14.8 0.41 2.81 Industrials na Air Mauritius Ltd 10.1 18.0 9.4 29.13 0.0% -42.6% na 0.65 -39.05 Harel Mallac & Co Ltd 99.0 119.0 98.8 31.42 0.0% -9.6% 11.4 0.63 6.04 Rogers & Co Ltd 28.5 33.0 24.7 202.49 -1.6% 9.6% 13.2 0.77 5.93 Materials Mauritius Chemical & Fertiliser Industry 21.0 28.0 21.0 13.03 -4.5% -16.0% 15.7 0.61 3.88 Plastic Industry Mtius Ltd 70.0 81.0 67.0 3.95 4.5% -12.5% 9.7 1.34 13.66 United Basalt Products/The 78.3 90.0 73.5 58.48 0.0% -0.6% 30.6 0.76 2.47 Utilities Omnicane Ltd 68.3 91.5 67.0 128.92 1.9% -22.0% 21.3 0.51 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 1.2 1– year Equity market trend new long-term contracts to import liquefied natural gas (LNG) within the next two weeks, its energy minister said on Tuesday. Morocco is evaluating offers from Royal 1.0 Dutch Shell as well as French, Spanish and American companies, and plans to import 2 million tonnes of LNG a year starting in 2020 as part of the first phase of its 0.8 LNG import plan, Abdelkader Amara told reporters in Dubai. Reuters

0.6 • France to strip five linked to 2003 Morocco attack of Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 MOROCCO MSCI AFRICA citizenship. France plans to strip five dual nationals of French citizenship for their part in a 2003 bombing in Casablanca that killed at least 45 people, the interior Index Performance MOROCCO minister said on Tuesday, stepping up plans to combat Current 256.07 terrorism. While Britain last year unveiled powers to strip Week Change -2.07% suspected Islamist militants of their passports temporar- ily, France has so far used the judgment sparingly even 52 wk High 309.20 though hundreds of jihadists from France have joined 52 wk Low 255.29 Islamist groups in Iraq and Syria. Reuters

• Source: Bloomberg, United Capital Research Spain, Morocco arrest suspected Islamic State recruit- ers. Spain said it and Morocco arrested 10 people on Sunday suspected of recruiting fighters for Islamic State in Syria and Iraq. Suspects were detained in the Spanish cities of Toledo and Badalona, the small coastal town of Xeraco in Spain's Valencia region and the Moroc- can city of Casablanca, Spain's interior ministry said.

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Economic News Nigeria • Nigeria's Emefiele to Reconsider FX Controls as Demand Drops, Nigeria’s central bank Governor Godwin Emefiele 1.2 said he will consider easing restrictions on currency trad- 1– year Equity market trend ing in Africa’s biggest oil producer if demand for foreign exchange drops further. The controls are necessary and 1.0 are working to limit demand for dollars, Emefiele told delegates at a conference on Africa hosted by the Fi- nancial Times in London on Monday. The central bank 0.8 had little choice in imposing the curbs in order to pre- serve foreign-currency reserves, he said. “Once we have achieved a result we can allow ourselves to look at a 0.6 freer market,” the governor said. Bloomberg Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 • Nigeria Oil Contracts Review Adds to Industry Uncer- NIGERIA MSCI AFRICA tainty, Plans by Nigeria, Africa’s biggest oil producer, to review offshore production contracts signed with interna- tional oil companies two decades ago, have added to Index Performance NIGERIA uncertainty in an industry already lacking regulatory clar- Current 30165.22 ity, said analysts including Philippe de Pontet of Eurasia Group. The objective is to increase Nigeria’s earnings W eek Change -1.40% from the fields, according to Emmanuel Kachikwu, group Gainers (no) 25 managing director of the Nigerian National Petroleum Losers (no) 47 Corp. Yet, declining crude oil prices take away some of the incentive for investments that would’ve given the Market Breadth 0.5 government more leverage in negotiations. “With Brent 52 wk High 41067.33 below $50 a barrel, the timing is not ripe for big contract negotiations.,” de Pontet said. “If the administration is not 52 wk Low 27395.73 careful its agitation for contract review could prove counterproductive at a time when the oil sector is al- Top Gainers Price % Change ready stagnant at best.” Bloomberg

Unity Bank PLC 1.62 24.6% • Nigeria interbank overnight rate falls to 5-year low as Cutix PLC 1.8 8.4% funds buy bonds, Nigeria's interbank overnight lending Champion Breweries PLC 4.6 5.5% rate fell to a five-year low on Thursday, hit by excess li- quidity in the market that spurred renewed bond buying GlaxoSmithKline Consumer Nigeria PLC 36.96 5.0% from commercial lenders and pension funds, traders said. Neimeth International Pharmaceuticals1.01 PL 4.1% The overnight lending rate halved to 1 percent from the previous day. It had hovered around a three-month low of 3 percent last week after the central bank repaid ma- Top Losers Price % Change tured open market bills and did not issue fresh ones to FCMB Group Plc 2.09 -11.1% mop up the funds, in a bid to keep borrowing costs low. Yields on 10-year government bonds fell 71 basis points Evans Medical PLC 0.6 -10.4% on Thursday to 13.59 percent as the excess liquidity fil- Mansard Insurance PLC 2.42 -10.0% tered into the bond market. Reuters

BOC Gases PLC 4.18 -9.5% Cement Co Northern Nigeria PLC 7.91 -9.4% Corporate News

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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 17.3 -4.4% -24.6% 13.5 1.7 13.7 Okomu Oil Palm PLC 28.7 35.6 18.7 137.1 2.4% 13.1% 13.8 1.0 7.9 Presco PLC 31.0 37.1 20.9 155.5 1.5% 26.5% 11.4 1.5 13.7 Conglomerates na Transnational Corp of Nigeria PLC 2.2 5.8 1.9 433.1 -2.6% -31.4% na 1.5 -3.3 UAC of Nigeria PLC 29.1 58.0 26.0 280.1 -8.3% -14.5% 11.6 1.2 11.5 Consumer Goods na 7UP Bottling Co PLC 196.0 197.9 128.3 629.8 0.2% 18.5% 17.6 5.2 34.5 Cadbury Nigeria PLC 22.2 54.0 21.9 208.9 -7.6% -44.6% 991.5 4.1 0.0 Champion Breweries PLC 4.6 16.5 3.8 180.7 5.5% -34.1% na 5.6 na Dangote Flour Mills PLC 2.6 6.8 2.6 65.0 -4.1% -43.1% na 1.3 -47.1 Dangote Sugar Refinery PLC 6.6 8.3 4.7 394.3 -1.4% 3.1% 7.1 1.5 na Flour Mills of Nigeria PLC 22.0 64.1 20.4 289.6 -3.5% -43.6% 7.9 0.7 8.6 Guinness Nigeria PLC 152.1 192.9 106.0 1,149.0 0.1% -9.5% 131.5 5.0 6.5 Honeywell Flour Mill PLC 2.8 4.2 2.3 109.4 -5.2% -20.5% 19.5 1.1 5.5 International Breweries PLC 17.3 32.0 16.2 285.9 -3.8% -26.0% na 4.5 na National Salt Co Nigeria PLC 7.0 9.4 5.2 92.6 3.3% 12.1% 10.1 na na Nestle Nigeria PLC 830.0 1102.5 743.0 3,300.2 0.0% -18.0% 34.1 21.3 59.9 Nigerian Breweries PLC 140.0 185.0 108.1 5,568.5 0.0% -15.3% 27.1 6.7 30.0 PZ Cussons Nigeria PLC 25.0 35.0 16.6 497.9 -1.5% 5.0% 25.5 2.4 8.3 Unilever Nigeria PLC 46.5 48.0 27.0 882.5 3.0% 29.9% 172.2 24.5 15.2 Energy na Conoil PLC 27.4 51.8 24.5 95.4 0.0% -28.1% 22.8 1.2 4.9 Eterna PLC 1.8 3.8 1.7 11.8 -6.7% -39.6% 1.8 0.3 16.6 Forte Oil PLC 255.0 263.0 141.7 1,665.9 -1.9% 34.3% 130.9 28.4 18.6 Mobil Nigeria PLC 145.1 176.0 136.3 262.4 0.0% -8.2% 4.2 3.7 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 10.0 26.0 9.1 603.7 -4.8% -37.9% na 0.4 3.9 SEPLAT Petroleum Development Co Plc 229.0 639.5 220.5 635.6 -8.4% -38.3% 2.3 0.5 23.6 Total Nigeria PLC 154.9 188.9 134.1 263.8 0.0% 8.7% 12.5 3.7 25.1 Financials na Access Bank PLC 5.2 8.8 4.0 754.6 -0.4% -21.2% 2.4 0.4 18.4 Africa Prudential Registrars PLC 2.6 3.6 2.3 26.1 -2.6% -14.5% 4.3 1.1 27.5 AIICO Insurance PLC 0.9 1.2 0.7 30.9 1.1% 9.9% na 0.5 20.1 Continental Reinsurance PLC 1.0 1.1 0.8 52.0 2.0% -2.0% 12.5 0.8 5.8 Custodian and Allied Insurance PLC 4.0 4.4 3.1 118.6 -0.7% 11.0% na 0.9 na Diamond Bank PLC 3.1 6.6 2.7 354.3 -7.6% -45.3% 3.1 0.3 10.5 Ecobank Transnational Inc 18.4 23.0 13.1 2,218.4 -3.9% 5.3% 5.2 0.7 17.2 FBN Holdings Plc 6.3 12.2 5.2 1,134.4 1.6% -21.3% 2.6 0.4 16.7 FCMB Group Plc 2.1 4.4 1.9 207.6 -11.1% -16.1% 2.0 0.3 13.4 Fidelity Bank PLC 1.5 2.3 1.1 219.5 -0.7% -6.8% 3.1 0.2 8.1 Guaranty Trust Bank PLC 23.3 31.9 16.7 3,444.3 -3.0% -7.3% 6.1 1.8 30.5 Mansard Insurance PLC 2.4 3.7 2.0 127.5 -10.0% -24.4% 21.0 1.6 7.3 NEM Insurance PLC 0.7 1.0 0.5 18.5 1.4% 7.7% 2.4 0.6 28.9 Skye Bank PLC 2.2 2.9 1.6 153.2 -4.3% -13.2% 2.5 0.2 9.7 Stanbic IBTC Holdings PLC 23.0 33.1 17.5 1,153.7 1.1% -14.5% 10.2 2.1 19.9 Sterling Bank PLC 2.1 2.5 2.0 307.6 0.0% -16.1% 6.1 0.7 11.7 UBA Capital PLC 1.4 2.2 1.1 42.1 -0.7% -14.6% 4.3 0.9 21.0 Union Bank of Nigeria PLC 6.0 11.7 5.7 508.9 -2.4% -29.5% 4.0 0.5 12.5 United Bank for Africa PLC 4.4 6.6 2.9 800.8 3.8% 2.3% 2.5 0.5 21.0 Unity Bank PLC 1.6 5.0 1.2 95.0 24.6% -67.6% 0.9 0.2 20.5 Wapic Insurance PLC 0.5 0.7 0.5 33.6 0.0% -21.9% na 0.5 na Wema Bank PLC 1.0 1.1 0.8 198.1 0.0% 4.2% 16.7 0.9 5.6 Zenith Bank PLC 16.3 25.5 13.7 2,567.2 -1.0% -11.5% 4.9 0.9 20.2 Health Care na Evans Medical PLC 0.6 2.3 0.5 2.2 -10.4% -73.7% na 2.1 137.5 Fidson Healthcare PLC 3.3 3.9 2.8 24.5 -0.3% -16.7% 7.7 0.8 11.5 GlaxoSmithKline Consumer Nigeria PLC 37.0 49.6 32.0 221.7 5.0% -7.6% 34.5 3.5 10.5 MAY & Baker Nigeria PLC 1.2 2.0 1.2 5.9 -4.0% -23.4% 18.7 0.4 2.1 Neimeth International Pharmaceuticals PL 1.0 1.6 0.6 8.0 4.1% 29.5% na 1.0 -13.4 Industrials na Chemical and Allied Products PLC 38.0 44.0 34.0 133.4 2.6% 1.3% 16.0 22.5 135.8 Dangote Cement PLC 167.0 220.0 139.1 14,275.2 -2.3% -16.5% 15.1 4.7 33.2 Lafarge Africa PLC 98.0 128.0 66.5 2,239.6 -0.5% 21.8% 11.2 2.4 28.9 Portland Paints & Products Nigeria PLC 3.7 5.5 3.3 7.4 -4.9% -4.9% 31.6 1.6 4.8

Source: Bloomberg, United Capital Research

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South Africa Economic News

• South Africa's ANC Must Focus on Economic Policy, 1.2 Bonakele Says, South Africa’s ruling party needs more 1– year Equity market trend focus on economic policy, and governance problems in departments are driving out people with technical skills needed for implementation, said Thembinkosi 1.0 Bonakele, the nation’s antitrust commissioner. “The Afri- can National Congress is paying very little attention to economic policy and implementation, despite the 0.8 rhetoric to the contrary,” he said in an opinion piece published in Johannesburg-based Business Day news- paper Monday. “Policy documents alone are not suffi- cient to describe government policy -- policy and ac- 0.6 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 tion are needed .” Bloomberg South Africa MSCI AFRICA • South Africa Central Bank Chief Sees No Point in Forex- Market Intervention, The head of South Africa’s central Index Performance SOUTH AFRICA bank said he sees no point in intervening in the foreign- exchange market, even as the country’s currency re- Current 53295.64 cently hit its weakest level on record and the economy Week Change 4.59% grapples with plunging commodity prices. “No central bank, no matter how much reserves it has, can take on Gainers (no) 121 the market and stem the depreciation of the cur- Losers (no) 39 rency,” Lesetja Kganyago, governor of South African Market Breadth 3.1 Reserve Bank, said Monday in an interview with The Wall Street Journal. The Wall Street Journal 52 wk High 55355.12 52 wk Low 46068.08

• South Africa does not need a new refinery, says Chev- Top Gainers Price % Change ron’s new local boss, — South Africa does Lonmin PLC 807 101.2% not need another oil refinery because the slowing economy has curbed demand and the country has Aquarius Platinum Ltd 235 53.6% ample petrol production, said Shash Rabbipal, the new ArcelorMittal South Africa Ltd 1250 40.4% chairman at the local unit of Chevron, the second- Royal Bafokeng Platinum Ltd 3100 32.9% largest US energy company. "Should another refinery be built, it would mean that the country would have to Aveng Ltd 450 30.8% increase its exports of products and this would mean a change from the current practice of ensuring that sup- ply catered mainly for local demand," Mr Rabbipal said Top Losers Price % Change in an interview. Rhodes Food Group Pty Ltd 2175 -6.7% Capital & Counties Properties PLC 8584 -5.5% Famous Brands Ltd 13000 -4.7% SABMiller PLC 75010 -4.1% Mpact Ltd 4610 -3.5%

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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 76,802.0 77,505.0 58,500.0 107,345.2 0.9% 21.5% 17.4 11.7 70.1 Cie Financiere Richemont SA 11,634.0 11,750.0 8,600.0 50,085.0 9.3% 10.8% na na 10.1 Mr Price Group Ltd 20,450.0 28,380.0 18,690.0 4,088.1 4.7% -13.0% 22.2 10.2 51.2 Naspers Ltd 191,801.0 202,997.0 113,001.0 60,450.0 4.2% 26.6% 107.0 10.0 19.1 SABMiller PLC 75,010.0 79,000.0 55,403.0 91,056.2 -4.1% 23.9% 27.3 3.9 13.3 Shoprite Holdings Ltd 16,109.0 19,180.0 13,059.0 6,919.0 4.5% -4.2% 20.8 4.8 22.7 Steinhoff International Holdings Ltd 8,363.0 8,738.0 5,051.0 23,263.8 -2.0% 40.8% 21.2 1.7 10.1 Tiger Brands Ltd 33,434.0 40,086.0 26,732.0 4,814.6 7.5% -9.2% 18.6 4.5 21.1 Woolworths Holdings Ltd/South Africa 10,100.0 10,392.0 6,494.0 7,253.2 3.1% 31.0% 27.3 6.6 28.9 Energy Sasol Ltd 46,017.0 59,121.0 36,000.0 22,471.4 14.8% 6.8% 9.2 1.6 16.4 Financials Barclays Africa Group Ltd 17,700.0 20,371.0 15,152.0 11,250.1 2.0% -2.7% 11.0 1.8 17.1 Capitec Bank Holdings Ltd 56,010.0 58,000.0 24,005.0 4,855.6 5.9% 64.7% 22.7 5.3 25.3 FirstRand Ltd 4,992.0 5,847.0 4,027.0 20,994.9 -0.5% -1.3% 13.1 3.1 25.2 Investec Ltd 11,106.0 11,971.0 8,578.0 7,591.9 2.8% 13.9% 13.8 1.4 5.9 Investec PLC 11,129.0 12,093.0 8,515.0 7,398.2 2.7% 14.5% 22.3 1.4 5.9 Nedbank Group Ltd 23,318.0 27,450.0 21,100.0 8,643.6 3.4% -6.4% 10.3 1.7 16.0 Old Mutual PLC 4,310.0 4,554.0 2,925.0 15,925.9 6.2% 24.2% 14.3 1.4 8.4 RMB Holdings Ltd 6,828.0 7,399.0 5,279.0 7,226.9 0.8% 6.1% 13.4 2.7 23.1 Sanlam Ltd 6,542.0 8,217.0 5,600.0 10,626.2 6.3% -6.5% 15.0 3.1 20.3 Standard Bank Group Ltd 14,807.0 17,700.0 12,371.0 17,963.7 6.0% 3.2% 12.2 1.7 16.7 Health Care Aspen Pharmacare Holdings Ltd 30,059.0 44,533.1 28,288.3 10,284.7 3.9% -25.4% 26.1 4.0 16.5 Mediclinic International Ltd 11,599.0 13,151.8 8,179.0 8,514.3 2.4% 17.9% 24.5 3.2 15.2 Industrials Bidvest Group Ltd/The 34,750.0 35,000.0 27,257.0 8,732.3 6.0% 14.4% 18.5 3.1 17.3 Materials Anglo American Platinum Ltd 28,105.0 40,526.0 22,115.0 5,682.7 15.8% -17.6% 23.7 1.4 5.1 Anglo American PLC 14,722.0 25,359.0 11,412.0 15,473.3 26.9% -31.6% na 0.7 -25.7 BHP Billiton PLC 24,153.0 28,443.7 20,130.0 98,945.8 11.0% 4.1% 28.1 1.5 2.7 Mondi Ltd 30,519.0 32,310.0 16,271.0 11,066.0 5.0% 61.7% 18.1 3.4 19.2 Mondi PLC 30,349.0 32,591.0 16,157.0 11,066.0 4.8% 60.2% na na 19.2 Telecommunication MTN Group Ltd 18,917.0 25,000.0 16,110.0 26,174.6 5.8% -14.6% 12.9 2.8 25.7 Vodacom Group Ltd 14,350.0 15,654.0 12,101.0 16,008.7 3.6% 11.7% 16.7 9.5 56.2

Source: Bloomberg, United Capital Research

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Tunisia Economic News

1.4 • Tunisia’s financial reforms hit the target but miss the bull- 1– year Equity market trend seye. Tunisia’s US$500 million World Bank loan, announced 1.2 last Thursday, will come as welcome relief to economic planners bracing themselves for a potentially difficult win- 1.0 ter ahead. However, for some observers, the loan – and the reforms that accompany it – fail to address a number of the immediate issues impacting upon the Tunisian 0.8 economy. In comments to Tunisia Live, Eileen Murray, World Bank Country Manager for Tunisia explained, “The 0.6 development policy loan signed last Friday (2nd October) Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 focuses on four key policy areas: (i) promoting a more competitive environment; (ii) strengthening the financial TUNISIA MSCI AFRICA sector; (iii) improving the inclusiveness and accountability of social services; and (iv) increasing the transparency Index Performance TUNISIA and accountability of public governance.” Tunisia Live Current 5208.72 • Week Change -0.60% Corporate News

16 Gainers (no) South Africa's No. 2 Gold Miners' Union Plans Strike, The sec- Losers (no) 23 ond-biggest union for South Africa’s gold-mining industry, the Association of Mineworkers and Construction Union, is ready 0.7 Market Breadth to strike for higher wages, the group indicated at a mass 52 wk High 5781.38 meeting Sunday. “Today all the members of AMCU have agreed overwhelmingly that we are prepared to go on a pro- 52 wk Low 4583.18 tected strike in pursuit of the living wage” at AngloGold Ashanti Ltd., Harmony Gold Mining Co Ltd. and Sibanye Gold Top Gainers Price % Change Ltd., President Joseph Mathunjwa told reporters after a rally near Johannesburg Sunday. He said that the timing of any Societe Electrostar 4.08 7.9% action hadn’t been decided. “You need to prepare for a El Wifack Leasing 17.9 5.4% strike.” Bloomberg 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 6.4 8.1 5.8 124.78 2.6% -20.5% 9.2 2.2 24.6 Elbene Industrie SA 2.8 4.1 2.4 14.46 -2.8% -31.2% na 3.1 -42.0 Ennakl Automobiles 10.5 11.5 9.6 160.80 -0.5% 2.5% 10.2 3.5 37.2 GIF Filter SA 2.9 3.9 2.7 15.93 -1.3% -10.5% na 2.1 na MONOPRIX 13.0 19.3 12.1 133.05 4.3% -29.1% 25.7 3.7 14.7 SFBT 22.6 29.2 13.7 1,214.48 0.3% 16.9% 19.0 6.3 36.9 Societe de Production Agricole Teboulba 2.4 3.4 2.2 15.80 3.0% -21.3% 91.7 1.5 1.9 Societe Electrostar 4.1 9.5 3.8 5.13 7.9% -40.8% na 0.9 -81.0 Societe Magasin General 25.0 33.5 25.0 147.23 -0.8% -21.6% na 79.8 -16.6 Societe Tunisienne d'Equipement #N/A N/A 10.4 4.6 #VALUE! #VALUE! #VALUE! na na na SOTUMAG 2.1 2.3 1.7 13.17 -1.8% 21.6% na na na Financials Amen Bank 26.0 27.7 23.0 325.99 0.0% -0.7% 7.0 0.9 13.9 Arab Tunisian Bank 4.4 5.4 4.0 224.15 0.9% 0.0% 9.7 0.9 12.5 Arab Tunisian Lease 2.6 2.9 2.2 33.47 -3.7% -3.3% na 0.9 na Assurances SALIM 21.2 26.5 17.0 28.30 3.5% -19.3% na na na Attijari Bank 26.1 28.6 18.3 532.12 -1.5% 9.2% na 2.6 na Attijari Leasing SA 23.5 29.5 19.2 25.61 0.0% -10.7% 8.3 1.3 16.9 Banque de l'Habitat 11.6 16.6 7.2 165.88 0.0% 55.0% 35.2 0.6 1.8 Banque de Tunisie 9.9 11.1 9.7 762.46 -0.9% -6.1% 16.8 2.4 14.5 Banque International Arabe de Tunis 79.8 86.0 64.0 695.92 -0.2% 2.3% 11.0 2.0 18.7 Banque Nationale Agricole 13.0 15.2 6.3 213.38 -2.2% 71.1% 21.7 0.7 3.1 BTEI 18.2 25.2 18.2 42.03 -0.5% -26.8% 37.6 0.6 1.5 Cie d'Assurances et de Reassurances ASTR 41.4 56.2 41.4 84.94 -5.9% -24.2% 14.2 1.7 12.2 Cie Internationale de Leasing 14.3 15.0 12.5 36.67 -2.7% 6.8% 7.9 1.2 15.7 El Wifack Leasing 17.9 19.6 15.0 36.73 5.4% 10.2% 16.4 1.6 10.2 Essoukna 4.1 6.5 3.8 10.52 2.8% -35.5% 6.6 0.6 9.6 Modern Leasing Immeuble Assurances SALIM 4.0 6.0 3.9 8.25 -0.5% -23.9% na na 14.2 Poulina Group 5.1 5.7 4.9 470.89 -1.0% -9.3% 13.7 1.7 12.6 Societe Immobiliere et de Participations 36.7 57.0 34.9 18.82 -4.7% -33.3% 8.5 0.6 6.2 Societe Immobiliere Tuniso Seoudienne 2.0 2.7 1.7 16.00 -2.0% 1.0% 8.9 1.1 12.0 Societe Tunisienne de Banque 6.2 6.7 3.3 490.13 3.2% 54.6% na na na STAR 159.0 185.0 135.9 188.20 -3.0% 9.5% 6.6 1.2 19.7 Tunis Re 8.3 10.0 6.8 85.04 2.3% -8.1% 15.6 1.3 8.5 Tunisie Leasing SA 19.5 23.0 17.7 89.88 -2.2% -6.0% 13.4 1.2 8.8 UBCI 25.3 30.5 24.6 259.56 0.0% -0.4% 17.4 1.7 10.3 Union Internationale de Banques SA 15.3 18.0 11.3 271.22 -1.9% 3.7% 7.2 0.9 31.6 Health Care Accumulateur Tunisienne Assad 5.2 9.1 5.0 32.13 -0.9% -34.8% 8.4 1.4 18.2 ADWYA SA 6.8 8.6 6.5 55.17 -1.6% -17.0% 16.2 3.4 22.5 Industrials Servicom SA 5.9 19.0 5.3 10.70 -10.3% -58.6% 11.0 1.7 17.0 SIPHAT 6.1 10.6 6.1 5.61 -2.4% -29.3% na 0.4 -4.5 Societe Industrielle d'Appareillage et d 2.1 2.8 2.0 15.05 -7.5% -9.1% 17.1 1.3 7.9 Societe Moderne de Ceramiques 2.7 3.1 2.2 42.37 -2.9% 5.6% 16.1 1.4 9.1 Societe Tunisienne de L'Air 0.8 1.2 0.7 42.49 1.3% -31.0% na 0.4 -65.2 Tunisie Profiles Aluminium SA 3.4 4.5 3.3 79.40 -1.4% -20.0% 14.6 1.6 10.9 Information Technology Telnet Holding 3.8 5.8 3.5 21.21 1.1% -27.6% na na na Materials Air Liquide Tunisie 178.0 243.9 166.9 110.59 -0.3% -24.3% 27.7 4.8 17.4 Carthage Cement 1.2 2.8 1.1 109.48 0.0% -48.8% na 0.8 -9.2 Industries Chimiques du Fluor 25.0 38.5 25.0 26.94 -7.4% -34.2% na na na Societe Chimique ALKIMIA 45.2 60.0 44.9 45.15 -2.8% -23.4% 5.3 1.1 22.0 Societe Ciments de Bizerte 4.2 6.9 4.2 94.21 -4.4% -35.3% 124.3 1.4 -0.4 Societe Tunisiennes de Verreries 3.2 5.4 3.0 37.99 5.0% -35.7% na na na Telecommunication SOTETEL 1.5 3.6 1.5 3.66 2.7% -55.4% 7.9 0.3 0.0

Source: Bloomberg, United Capital Research

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Zimbabwe Economic News

• Impala, Anglo American Asked to Cut Zimbabwe Power 1.2 Usage by 25%, Zimbabwe’s government has asked Impala 1– year Equity market trend Platinum Holdings Ltd., Anglo American Platinum Ltd. and other mining companies, the nation’s biggest foreign- 1.0 currency earners, to reduce power usage by 25 percent amid a water shortage that’s cut hydropower supply. Min- ing companies and manufacturers need to accommodate 0.8 other players in the economy and “share the little power we have,” Energy Minister Samuel Undenge said in an inter- view on Wednesday in Harare, the capital. The government 0.6 is willing to hold talks with industries concerned by the effect Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 Aug -15 Oct -15 of the electricity restrictions, he said. Water shortages at Lake Kariba, which powers hydro-electric turbines used by ZIMBABWE MSCI AFRICA Zambia and Zimbabwe, have led to severe electricity defi- cits this year that are worsening the growth outlook for both economies at a time of falling commodity prices. Reduced Index Performance ZIMBABWE power output at the aging Hwange thermal plant in Zim- Current 131.45 babwe has added to the crisis, leaving the country in the dark for as long as 24 hours a day. Bloomberg Week Change 0.00% Gainers (no) 5 • Platinum Futures Rise to Two-Week High as Supply Concerns Mount, Platinum futures climbed to the highest in almost Losers (no) 4 two weeks as Zimbabwe asked mining companies to re- Market Breadth 1.3 duce power usage, damping the supply outlook for the 52 wk High 189.98 metal. Zimbabwe, the world’s third-largest producer of the mined metal, asked Impala Platinum Holdings Ltd., Anglo 52 wk Low 131.18 American Platinum Ltd. and other companies to reduce electricity consumption by 25 percent amid a water short- age that’s cut hydropower supply. Platinum dropped to a Top Gainers Price % Change six-year low last week as ebbing economic growth in China First Mutual Holdings Ltd 0.02 20.0% and prospects for lower sales of diesel cars spurred demand CBZ Holdings Ltd 0.1 11.1% concerns for the metal, used in auto pollution-control de- vices. Prices on Wednesday capped a fourth straight gain, Edgars Stores Zimbabwe Ltd 0.07 0.6% helped by expectations that the Federal Reserve will delay British American Tobacco Zimbabwe11.7 Holdin 0.4% tightening U.S. monetary policy. Bloomberg Seed Co 0.9925 0.3%

• Corporate News Top Losers Price % Change Dawn Properties Ltd 0.0166 -4.0%

Old Mutual PLC 2.4 -2.0%

TSL Ltd/Zimbabwe 0.1725 -1.4% Delta Corp Ltd/Zimbabwe 0.8125 -0.3%

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 11.70 13.98 10.40 0.75 0.4% 4.5% 18.0 15.1 100.0 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 -4.0% 58.1% na 0.5 2.6 Delta Corp Ltd/Zimbabwe 0.81 1.25 0.81 3.14 -0.3% -20.3% 11.0 2.2 21.3 Edgars Stores Zimbabwe Ltd 0.07 0.11 0.07 0.06 0.6% -16.7% na na na Hippo Valley Estates Ltd 0.39 0.70 0.31 0.23 -1.3% -30.0% 10.1 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 0.79 0.72 0.3% 2.3% 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 0.0% 72.5% na 1.9 na CBZ Holdings Ltd 0.10 0.14 0.07 0.21 11.1% 0.0% 1.8 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 2.40 2.80 2.33 36.69 -2.0% 2.6% 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 0.0% 0.0% 25.8 1.5 8.6 Masimba Holdings Ltd #N/A N/A 0.0 0.01 na #VALUE! #VALUE! na na -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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