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* 300 6.8 -3.0% 12.2% 24.5x 3.8x 0.8% Egypt: EGX 30 7,173 60.1 0.0% -19.6% 17.0x 1.2x 3.3% : GSE Composite 2,164 2.5 0.7% -4.3% na 1.5x 0.9% Kenya: Nairobi All Share 150 20.0 -1.6% -8.1% 14.4x 2.3x 4.2% Mauritius : SEM DEX 1,959 7.6 -0.3% -5.5% 15.9x 1.0x na Morocco : CFG 25 20,240 49.9 -1.0% 0.0% na na na Nigeria:Nigeria All Share 29,878 51.4 -2.7% -13.8% 9.5x 1.4x 4.4% South Africa: JSE All Share 49,028 459.9 -3.5% -1.5% 21.1x 2.1x 3.7% Tunisia: Tunis Index 5,547 10.0 -0.4% 9.0% 29.1x 2.7x na Zimbabwe: Industrial 136 3.3 -3.9% -16.6% 11.1x 0.8x 3.2% Frontier M arkets 543 -- -2.8% -11.3% 10.2x 1.4x 4.1% Emerging M arkets 830 -- -3.9% -13.2% 12.1x 1.3x 3.1%

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

Nigeria South Africa 1.4 Ghana Kenya 1.2 BRVM FM 1.2 EM 1.0 1.0 0.8 MSCI World S&P 500 0.8 FTSE 100 MSCI Africa 0.6 0.6 Aug -14 Oct -14 Dec -14 Feb -15 Aug-14 Oct-14 Dec-14 Feb-15

Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 0.2% 0.0% -8.5% 9.23 10.1 Ghana GHS:Cedi 4.2 -4.2% -10.4% -23.4% 4.68 5.1 Kenya KES: Shilling 103.4 -1.1% -1.0% -12.4% 109.75 114.0 M auritius M UR: Rupee 35.5 -0.1% -0.1% -10.5% 35.63 35.9 M orocco M AD: Dirham 9.6 1.6% 2.1% -5.5% na na Nigeria NGN: Naira 199.1 0.0% -0.1% -7.8% 236.50 261.0 South Africa ZAR: Rand 12.9 -0.8% -1.9% -10.5% 13.35 13.8 Tanzania TZS: Shilling 2135.0 -0.5% -0.5% -18.8% na na Tunisia TND: Dinar 1.9 1.5% 2.2% -3.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na

45.46; --7.3% w/w 1160.05; +4% w/w 42237; --1.9% w/w 1500 155 Brent Crude Gold 410 Copper 1300 105 290 1100 55 170 900

5 700 50 Aug -14 Nov -14 Feb -15 May -15 Aug Aug-14 Nov-14 Feb-15 May-15 Aug-15 Aug -14 Dec -14 Apr -15 Aug -15

Bond Yield Fixed Income (10 yr)Inflation Real Return Policy Rate Egypt na 8.4% na 9.8% Africa Eurobonds' Peformances 1.2 Ghana 10.0% 17.9% -7.9% 22.0% ( I-year Trend)* Kenya 14.2% 6.6% 7.6% 11.5% M auritius 6.0% 0.6% 5.4% 4.7% M orocco na 2.4% na 4.1% 1.0 Nigeria 15.3% 9.2% 6.1% 13.0% South Africa 8.3% 5.0% 3.3% 6.0% Nigeria Tanzania 17.0% 6.1% 10.9% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Aug-14 Nov-14 Feb-15

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

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BVRM Economic News

• Ivory Coast has lowered the forecast for its 2015-16 cotton to around 1.4 1– year Equity market trend 450,000 tonnes from 500,000 tonnes due to dry weather, the head of the industry association said last week. The world's biggest cocoa producer is also one of 's major cotton exporters. Its an- 1.2 nual output was about 400,000 tonnes before a 2002-2003 civil war divided the country and halved output. Reuters

1.0 Corporate News

0.8 • Oil explorer Cairn Energy Plc said it expected to start drilling opera- Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 tions at its oilfields in Senegal in Q4-15. The British company, which BRVM MSCI Africa has no revenue as it focuses purely on exploration, posted a loss after tax of $230 million for the first half, compared with $62 million a year earlier, hurt by a $177 million impairment charge. The company said Index Performance BRVM its group cash position was $725 million, down from $869 million at the Current 296.33 end of December. Reuters

W eek Change -2.19%

Gainers (no) 15 Losers (no) 20 Market Breadth 0.8 52 wk High 307.83 52 wk Low 230.15

Top Gainers Price % Change Societe Multinationale de Bitumes 19,000 18.8% Bernabe 110,005 11.1% CROW N SIEM 27,200 8.8% Movis Cote d'Ivoire 5,375 7.5% Bank of Africa/Cote d'Ivoire 115,000 7.5%

Top Losers Price % Change Onatel SA 11,600 -8.7% Unilever Cote d'Ivoire 26,105 -5.1% Shell Cote D Ivoire 66,500 -5.0% Servair Abidjan 79,995 -4.8% Sonatel 26,000 -3.7%

Source: Bloomberg, United Capital Research

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Weekly Pan African Monitor

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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 57,000 64,500 41,275 107.96 0.0% 3.6% 18.993 21.8 na PALMCI 16,300 19,350 14,000 216.24 3.8% -3.8% 12.6 1.5 11.93 Sitab-Soc Ivoirienne Tabacs 150,010 162,000 116,500 231.13 -3.2% -5.6% 20.6 9.3 43.03 Societe Africaine de Plantations d'Hevea 12,000 19,000 11,400 105.28 0.8% -31.7% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 26,500 32,025 23,000 98.25 1.9% -16.9% 12.5 1.1 8.83 Societe De Distribution Automobile en Co 217,500 263,480 163,200 59.73 0.2% 28.7% 14.4 4.3 31.30 Societe de Limonaderies et Brasseries 169,000 245,000 164,188 477.45 -0.6% -15.5% 12.1 2.1 17.37 Unilever Cote d'Ivoire 26,105 41,000 23,100 72.16 -5.1% -29.4% na na na Uniwax SA 27,600 35,000 6,579 35.53 0.0% 245.0% na na 31.76 Energy Shell Cote D Ivoire 66,500 70,000 48,505 143.81 -5.0% 10.8% 28.3 4.5 16.85 TotalFinaElf Cote D'ivoire 23,495 25,100 7,650 507.77 2.2% 135.0% 42.3 9.1 22.01 Financials Bank of Africa - 126,005 129,000 63,500 217.83 -2.3% 53.7% 10.6 2.1 21.62 Bank of Africa - 102,500 106,400 80,005 193.51 0.0% 13.9% 11.1 2.9 30.49 Bank of Africa/Cote d'Ivoire 115,000 115,000 76,020 161.85 7.5% 27.8% 16.4 4.1 27.24 Bank of Africa/Niger 79,650 92,440 60,000 129.87 -0.4% -8.4% 9.7 3.2 22.65 BICICI 90,000 96,000 66,000 257.44 -2.2% 15.4% 15.1 3.4 23.06 SCBCI 105,000 117,000 73,000 560.65 1.0% 8.5% 11.7 3.8 35.58 Societe Africain de Credit Auto 27,500 30,355 23,000 6.13 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 58 65 42 2396.16 -3.3% 23.7% na na 17.15 Industrials Bernabe 110,005 110,005 71,000 62.53 11.1% 48.3% 17.9 3.1 17.19 Bollore Africa Logistics SAS 186,000 248,955 119,790 347.55 0.5% -25.3% 31.6 6.4 na Comptoir Francais Afrique 70,200 83,310 39,000 218.52 0.1% 52.3% 33.9 6.1 18.14 Movis Cote d'Ivoire 5,375 8,230 4,070 7.71 7.5% -21.5% na na na Servair Abidjan 79,995 85,000 27,000 74.91 -2.5% 105.6% 34.9 15.6 53.92 Societe Ivoirienne DE Cable 96,000 117,870 57,000 24.38 -0.5% -5.9% 20.3 3.1 15.18 Materials CROWN SIEM 27,200 32,000 19,900 29.40 8.8% 18.2% na na -0.82 Filature Tissages Sacs SA 30,000 40,000 15,100 181.55 0.0% 1.7% 27.4 2.6 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.73 0.0% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 19,000 19,995 13,500 63.55 18.8% 35.8% na na na Utilities Cie Ivoirienne D Elect 80,015 86,500 51,800 384.52 -1.2% -3.0% 27.1 8.9 32.98 SODECI 79,000 91,300 53,525 122.03 -1.3% -13.5% na na 23.90 Telecommunication Onatel SA 11,600 13,000 5,655 676.90 -8.7% 56.8% na 4.2 19.23 Sonatel 26,000 29,600 20,350 4462.34 -3.7% 14.0% 12.7 5.0 40.66 Societe Ivoirienne de Coco Rape 8,895 10,280 4,995 9.16 0.0% 74.8% 131.6 na na SETAO 45,505 48,535 19,795 10.50 0.7% 33.8% 5.8 na na NEI CI 5,000 6,235 3,450 4.38 0.0% 25.0% na 4.4 -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 lowered the top tax rate and the threshold for companies 1.2 1– year Equity market trend and individuals in high income brackets last week and sus- pended a 10% tax on capital gains in an attempt to attract in- vestors and boost the economy. President Abdel Fattah al-sisi issued a decree lowering the top tax rate on companies and 1.0 individuals from 25% to 22.5%. The decree also suspended a 10% capital gains tax for two years as of August 2015.The highest income bracket to which the new 22.5% will apply went down from 250,000 Egyptian pounds ($31,948.88) to 200,000, the de- cree said. Reuters 0.8 Aug -14 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 • According to the oil minister, Egypt has agreed a three-month EGYPT MSCI AFRICA oil products deal worth $1.4 billion with Saudi Arabia's state- owned Aramco to begin in September. The deal stipulates that Index Performance EGYPT Egypt pay Aramco within a year. We note that Financial support from the Gulf states such as Saudi Arabia has helped Cairo keep Current 7172.63 its economy afloat and ease an energy crisis following years of W eek Change 0.00% political turmoil. Reuters Gainers (no) 0 Losers (no) 30 • Egypt's unemployment rate edged down to 12.7% in the second Market Breadth 0.0 quarter of 2015, from 12.8% in the first quarter and below the 13.3% recorded for the same period last year, the statistics 52 wk High 10066.11 agency said. President Abdel Fatah al-sisi has pledged to re- 52 wk Low 7137.61 duce joblessness to 10% over the next five years. The 2011 upris- ing against Hosni Mubarak was partly fuelled by anger over the Top Gainers Price % Change lack of job prospects for young Egyptians. Reuters Egypt Kuwait Holding Co SAE 0.61 -1.6% Heliopolis Co for Housing and Constructi 42.58 -2.1% Corporate news Elsaeed Contracting & Real Estate Invest 1.06 -4.5%

Medinet Nasr Housing 21.2 -4.9% • Egypt's Ezz Steel's net loss in the first quarter of 2015 widened to Eastern Tobacco 210 -5.8% 136 million Egyptian pounds ($17 million) from a 19 million pound loss in the same period last year, the company said last week. Net sales were 4.8 billion pounds in the first quarter of 2015, down Top Losers Price % Change from 5.3 billion in the same period last year, it said in a state- Beltone Financial Holding Co SAE 3.2 -15.3% ment. Reuters Arab Real Estate Investment Co SAE 0.74 -14.9% Palm Hills Developments SAE 2.11 -13.5% Arabia Investments Development Financial1.1 -13.4% Prime Holding for Financial Investments 2.3 -12.9%

Source: Bloomberg, United Capital Research

United Capital

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 Arab Cotton Ginning 2.7 5.7 2.5 92.13 -7.2% -28.6% 56.5 0.5 80.7% Eastern Tobacco 210.0 244.0 155.6 1343.05 -5.8% -4.1% 12.2 2.1 17.74 Egypt for Poultry 1.6 4.5 1.6 9.80 -11.5% -40.0% 81.8 0.9 1.10 Juhayna Food Industries 8.0 11.8 7.7 963.30 -7.5% -15.8% 34.3 3.3 9.82 Oriental Weavers 9.5 15.4 8.4 546.82 -11.1% -21.4% 10.6 0.2 10.20 Financials Amer Group Holding 0.9 1.4 0.8 530.72 -9.9% -28.9% 20.3 2.3 12.55 Arab Real Estate Investment Co SAE 0.7 1.4 0.6 23.32 -14.9% -30.2% 113.7 0.6 0.46 Arabia Investments Development Financial 1.1 2.0 1.0 132.79 -13.4% -36.4% na na na Beltone Financial Holding Co SAE 3.2 7.7 1.9 66.61 -15.3% -55.7% na 2.5 na Commercial International Bank Egypt SAE 47.7 59.2 43.6 5596.50 -11.5% -3.1% 10.2 2.9 30.62 Egypt Kuwait Holding Co SAE 0.6 1.0 0.6 76.13 -1.6% -18.7% 13.4 0.7 5.56 Egyptian Financial Group-Hermes Holding 8.9 17.4 8.7 745.40 -9.7% -34.1% 9.9 0.6 6.02 Egyptians for Housing & Development Co 3.4 7.5 3.4 40.35 -12.0% -43.4% 229.3 1.1 0.55 EL Shams Housing & Urbanization SAE 3.1 7.4 3.0 39.01 -7.6% -43.5% 9.2 1.6 18.50 Heliopolis Co for Housing and Constructi 42.6 72.3 40.6 605.95 -2.1% -26.6% na 10.0 na Medinet Nasr Housing 21.2 32.1 19.9 677.92 -4.9% -10.5% 23.2 7.0 30.60 Palm Hills Developments SAE 2.1 3.9 2.1 586.29 -13.5% -38.9% 6.6 0.8 13.21 Pioneers Holding for Financial Investmen 7.3 16.3 7.2 629.19 -7.8% -41.9% 12.6 1.2 9.75 Prime Holding for Financial Investments 2.3 5.7 2.2 21.43 -12.9% -49.3% 57.5 0.4 5.86 Six of October Development & Investment 9.4 18.7 9.3 406.19 -6.1% -34.9% 10.3 1.1 5.98 Talaat Moustafa Group 7.2 12.2 7.0 1905.72 -9.0% -26.8% 20.6 0.6 2.72 Industrial Egyptian Electrical Cables 0.9 1.7 0.8 57.14 -8.2% -26.2% na 0.8 na Elsaeed Contracting & Real Estate Invest 1.1 2.3 1.0 63.98 -4.5% -32.9% 7.4 0.8 10.46 ElSwedy Electric Co 43.0 55.0 36.0 1228.83 -7.5% 3.2% 17.9 1.7 10.17 Materials Arabian Cement Co 15.0 19.0 11.8 726.18 -6.0% -11.6% 14.6 4.4 na Ezz Steel 8.3 19.5 7.2 575.37 -8.4% -40.7% na 1.1 -15.86 South Valley Cement 4.1 9.6 4.0 252.11 -10.6% -44.4% 14.2 0.6 4.50 Telecommunication Global Telecom Holding SAE 2.2 5.5 2.1 1442.60 -10.4% -47.2% na 43.7 na Orascom Telecom Media And Technology Hol 0.7 1.5 0.7 496.52 -9.8% -43.9% 27.2 0.6 -0.93 Telecom Egypt Co 7.4 15.4 7.3 1609.25 -6.7% -38.2% 6.0 0.5 7.05

Source: Bloomberg, United Capital Research

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Ghana Economic news

1.2 1– year Equity market trend • According to President John Mahama last week, Ghana needs annual gross domestic product (GDP) growth above 8% to create jobs for its expanding population. The West African country, with a 1.0 population of about 25 million, saw GDP growth of about 8% for years due to exports of cocoa, oil and gold. But that is set to slow to about 3.9% this year due to commodity price weakness and a fiscal crisis. Reuters 0.8 Aug -14 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 • Ghana National Petroleum Corporation (GNPC) has appointed Japan-based trading company Mitsui & Co Limited to help de- GHANA MSCI AFRICA velop infrastructure for its natural gas production, the government ministry said last week. Mitsui will assess how best to construct a Index Performance GHANA second plant to process raw natural gas from the Tano basin, the Current 2164.22 petroleum ministry said in a statement after a memorandum was Week Change -2.19% signed. Reuters Gainers (no) 6 Losers (no) 4 Market Breadth 1.5 52 wk High 2389.8 52 wk Low 2017.6

Top Gainers Price % Change Ltd 0.91 7.1% Ecobank Transnational Inc 0.32 6.7% HFC Bank Ghana Ltd 1.3 4.0% Unilever Ghana Ltd 7.4 0.5% FAN Milk Ltd 5.94 0.5%

Top Losers Price % Change UT Bank Ltd 0.12 -14.3% Standard Chartered Bank Ghana17.13 Ltd -2.3% Ghana Commercial Bank Ltd 4.08 -1.2% CAL Bank Ltd 0.98 -1.0%

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 4.2 5.0 3.6 34.8 0.0% 2.4% 11.9 2.7 24.97 FAN Milk Ltd 5.9 6.0 4.9 164.4 0.5% 13.1% 21.2 7.2 38.00 Guinness Ghana Breweries Ltd 2.7 3.2 2.4 137.9 0.0% -14.4% na 5.3 -33.32 Mechanical Lloyd Co Ltd 0.2 0.3 0.2 2.0 0.0% -39.3% na 0.2 -9.63 Produce Buying Co Ltd 0.1 0.1 0.1 12.6 -8.3% -8.3% na 3.8 -94.51 PZ Cussons Ghana Ltd 0.3 0.4 0.2 13.6 0.0% 13.3% na 1.6 -3.88 Unilever Ghana Ltd 7.4 15.8 7.3 110.1 0.5% -30.8% 48.7 8.5 71.99 Financials CAL Bank Ltd 1.0 1.2 0.9 127.9 -1.0% -3.0% 3.4 1.2 42.51 Ltd 8.1 9.2 7.0 566.9 0.2% 6.8% 6.6 3.1 53.61 Ecobank Transnational Inc 0.3 0.4 0.2 1,834.0 6.7% 21.9% 4.4 0.6 15.40 Ghana Commercial Bank Ltd 4.1 5.9 4.1 257.4 -1.2% -23.0% 3.4 1.4 49.13 Ghana Oil Co Ltd 1.8 1.8 1.0 109.3 7.7% 73.3% 22.8 6.0 29.61 HFC Bank Ghana Ltd 1.3 1.8 1.2 92.0 4.0% -13.3% 10.6 2.9 14.61 SIC Co Ltd 0.2 0.5 0.1 7.9 0.0% -54.1% 6.2 0.4 6.74 Societe Generale Ghana Ltd 0.9 1.1 0.7 79.6 7.1% 0.1% 9.2 1.7 20.01 Standard Chartered Bank Ghana Ltd 17.1 21.3 17.1 471.1 -2.3% -15.8% 11.8 3.5 34.08 Total Petroleum Ghana Ltd 5.4 6.2 5.3 143.8 0.0% -11.5% 18.9 5.2 29.17 UT Bank Ltd 0.1 0.4 0.1 13.0 -14.3% -52.0% na 0.5 -20.82

Source: Bloomberg, United Capital Research

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Economic news Kenya • Kenya telecoms regulator says not targeting any firm with new 1.2 1– year Equity market trend competition rules. Kenya's telecoms regulator said that new regu- lations to prevent large firms abusing their dominant position in the sector are not targeted at Safaricom, the country's biggest operator, or any other company. Amendments to the sector's 1.0 competition law, due to come into effect any time, will give the regulator more powers to declare a firm to be dominant, a step that could lead to penalties. However, the Director General of the Communications Authority of Kenya, Francis Wangusi, said 0.8 the regulator did not aim to penalise any company just for being Aug -14 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 dominant, but only if there was abuse of its position in the market. Wangusi said it could be up to 18 months before enough work KENYA MSCI AFRICA had been done to determine if any player was dominant - de- fined as having more than a 50 percent share of a market seg- ment. Reuters Index Performance KENYA

Current 149.66 Week Change -2.19% Corporate news • Kenya's Standard Chartered bank's H1 pretax profit down 31 pct. Gainers (no) 12 Standard chartered Bank of Kenya said its first-half pretax profit Losers (no) 33 fell 31 percent to 5.59 billion shillings ($54 million), hurt by in- Market Breadth 0.4 creased operating costs and loan impairments. The bank, a unit 52 wk High 177.51 of Standard Chartered Plc, said net interest income fell to 8.75 52 wk Low 145.82 billion shillings from 8.76 billion shillings. Its loan impairments jumped 51 percent to 1.3 billion shillings, while operating expenses rose to 5.3 billion shillings from 4.8 billion shillings, the bank said. Top Gainers Price % Change Reuters Uchumi Supermarkets Ltd 7.5 7.1% East African Portland Cement Co57 Ltd 5.6% • Kenya's NIC Bank says pretax profit up 10 pct in first half. Kenya's British American Tobacco Kenya829 Ltd 3.6% NIC Bank increased lending in the first half to boost its pretax profit Nairobi Securities Exchange Ltd20.75 2.5% 10 percent from a year earlier to 3.2 billion shillings ($31 million), it Kenya Reinsurance Corp Ltd 18 2.3% said on Wednesday. The lender, which also operates in Uganda and Tanzania, said loans grew 18 percent to 108 billion shillings, with growth spread across corporate and retail clients. "For the Top Losers Price % Change second half of 2015, our focus remains on managing funding Sameer Africa Ltd 4.2 -11.6% costs and operating expenses in addition to minimizing impair- Standard Chartered Bank Kenya257 Ltd -8.2% ment costs through proactive risk management," John Gachora, National Bank of Kenya Ltd 19.1 -8.0% group chief executive, said in a statement. NIC said profit growth also reflected the performance of its insurance and securities Carbacid Inv estments Ltd 15.7 -7.1% brokerage businesses. Reuters ARM Cement Ltd 59 -7.1%

Source: Bloomberg, United Capital Research

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52-Week 52-Week MKT. CAP WTD YTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco Kenya Ltd 829.0 1050.0 650.0 801.74 3.6% -8.7% 19.5 10.2 54.21 Car & General Kenya Ltd 40.0 62.0 37.3 15.51 -4.8% -25.9% 6.1 0.6 10.18 Eaagads Ltd 32.5 100.0 29.8 10.11 -1.5% -22.6% 180.6 2.6 -13.40 East African Breweries Ltd 295.0 355.0 250.0 2,256.08 -3.9% -4.2% 26.2 17.0 78.84 Eveready East Africa Ltd 3.5 5.4 2.7 7.11 -1.4% -5.4% 15.9 1.9 12.20 Kakuzi 345.0 383.0 113.0 65.40 0.3% 91.7% 42.2 2.3 5.44 Kapchorua Tea Co Ltd 218.0 242.0 115.0 8.25 -3.1% 59.1% 4.7 0.7 14.87 Marshalls East Africa Ltd 12.5 13.6 8.2 1.74 15.7% 27.6% na 0.6 -32.64 Mumias Sugar Co Ltd 1.9 3.9 1.4 28.11 -2.6% -2.6% na 0.3 -22.62 Nation Media Group Ltd 178.0 321.0 174.0 324.57 -1.1% -32.3% 14.8 3.5 24.64 Sameer Africa Ltd 4.2 7.5 4.2 11.31 -11.6% -30.0% na 0.5 -2.57 SASINI Ltd 17.5 19.5 11.5 38.49 -2.2% 35.8% 168.2 0.3 0.26 Scan Group Ltd 37.3 52.0 34.0 136.49 -4.5% -17.7% 24.8 1.7 6.83 Standard Group Ltd 39.0 47.5 30.0 30.83 0.0% 12.2% 14.3 1.6 11.07 TPS Eastern Africa Ltd 34.0 40.0 29.0 59.90 2.3% -8.1% 25.2 0.7 2.59 Uchumi Supermarkets Ltd 7.5 14.0 6.4 26.47 7.1% -25.4% 5.3 0.6 12.23 Unga Group Ltd 41.8 56.5 30.0 30.57 -2.9% 5.0% 10.2 1.1 11.01 Williamson Tea Kenya Ltd 399.0 435.0 240.0 33.79 1.0% 60.9% na 0.7 18.41 Energy na KenolKobil Ltd Group 8.5 10.5 7.6 120.27 -0.6% -2.9% 5.5 1.5 30.05 Total Kenya Ltd 21.8 32.0 20.0 na -5.4% -9.4% na 0.3 -1.73 Financials Barclays Bank of Kenya Ltd 13.9 18.5 13.7 727.53 -4.8% -17.1% 8.7 2.1 24.81 British-American Investments Co Kenya Lt18.0 40.0 14.0 336.50 -0.3% -39.7% 13.6 1.6 13.84 Centum Investment Co Ltd 52.0 84.5 45.0 334.65 1.0% -14.8% 5.3 0.9 27.12 CFC Stanbic Holdings Ltd 96.0 140.0 90.0 367.03 1.6% -22.6% 9.2 1.1 19.52 CIC Insurance Group Ltd 7.4 12.4 6.0 185.92 -5.2% -23.4% 17.3 2.7 16.84 Co-operative Bank of Kenya Ltd/The 19.6 23.3 17.0 924.43 0.3% -2.3% 9.7 2.0 22.44 Diamond Trust Bank Kenya Ltd 202.0 280.0 180.0 472.98 0.0% -14.0% 10.0 1.6 21.13 Equity Group Holdings Ltd/Kenya 40.0 63.0 37.0 1,432.41 -4.8% -20.0% 8.2 2.3 30.53 Housing Finance Co of Kenya Ltd 23.3 48.1 20.5 79.24 -2.1% -41.9% 6.3 0.8 12.47 I&M Holdings Ltd/Kenya 115.0 141.0 100.0 436.38 8.5% -6.5% 8.5 1.7 22.18 Jubilee Holdings Ltd 560.0 580.0 346.4 324.38 -0.5% 36.9% 12.8 2.4 22.04 Kenya Commercial Bank Ltd 46.0 65.5 43.0 1,345.84 -3.2% -19.3% 7.7 1.8 25.07 Kenya Reinsurance Corp Ltd 18.0 20.0 15.1 121.85 2.3% 5.6% na 0.6 16.93 Liberty Kenya Holdings Ltd 21.8 28.0 17.0 112.69 -1.1% -6.5% 10.2 2.0 19.70 Nairobi Securities Exchange Ltd 20.8 28.0 9.5 39.06 2.5% 1.2% na na na National Bank of Kenya Ltd 19.1 26.4 16.0 56.89 -8.0% -15.1% 3.2 0.4 14.40 NIC Bank Ltd 49.0 82.9 45.0 303.26 -1.5% -14.8% 7.0 1.3 20.37 Pan Africa Insurance Holdings Ltd 67.0 141.0 60.0 62.21 -4.3% -44.2% 7.4 1.7 24.49 Standard Chartered Bank Kenya Ltd 257.0 355.0 245.0 768.41 -8.2% -23.3% 8.2 1.9 23.80 Industrials na East African Cables Ltd 14.3 17.0 13.2 35.01 -2.7% -11.7% 10.4 1.6 21.13 Express Kenya ltd 4.4 8.5 4.2 1.51 -12.9% -29.0% 679.1 0.8 0.12 Kenya Airways Ltd 6.1 11.5 5.0 88.28 1.7% -29.9% na na -61.41 Olympia Capital Holdings Ltd 4.5 10.9 2.5 1.74 -5.3% -13.5% na 0.2 2.39 TransCentury Ltd 15.0 22.8 11.6 40.52 1.4% -22.7% na 0.5 -24.52 Materials na ARM Cement Ltd 59.0 95.0 59.0 282.60 -7.1% -31.4% 100.8 3.3 3.24 Bamburi Cement Co Ltd 153.0 173.0 130.0 537.07 -1.3% 10.1% 15.6 2.1 12.79 BOC Kenya Ltd 126.0 165.0 117.0 23.79 7.7% 0.8% 12.5 1.7 14.18 Carbacid Investments Ltd 15.7 30.0 14.0 38.70 -7.1% -27.8% 8.1 1.9 24.04 Crown Paints Kenya Ltd 67.0 175.0 33.3 46.12 -2.2% 81.1% 242.2 3.5 1.46 East African Portland Cement Co Ltd 57.0 78.0 51.0 49.61 5.6% -1.7% 2.9 0.7 29.76 Telecommunication Safaricom Ltd 15.0 17.9 11.1 5,812.20 0.0% 6.8% 18.8 5.8 32.60 Utilities Kenya Electricity Generating Co Ltd 8.2 13.2 7.5 173.28 -1.8% -20.9% 6.3 0.2 3.75 Kenya Power & Lighting Ltd 16.0 18.5 12.8 301.97 -3.9% 10.7% 4.1 0.5 14.07 Umeme Ltd 17.4 23.0 16.0 273.33 0.0% -17.1% na na 23.52

Source: Bloomberg, United Capital Research

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Mauritius Economic News • Mauritius tourism earnings down 3.5 pct in first half. Tourism reve- nue in Mauritius fell by 3.5 percent in the first half of the year as 1.2 earnings per tourist dropped. Statistics Mauritius said that revenue 1– year Equity market trend in what is a key industry for the Indian Ocean island fell to 21.78 billion rupees ($616 million) from 22.57 billion rupees in the same period last year. The number of tourists who visited the Island 1.0 famed for its azure waters, beaches and luxury spas rose 8.9 per- cent year on year to 534,182, but earnings per visitor declined by 11.4 percent. The agency added that the Bank of Mauritius has cut its revenue forecast for this year to 46.5 billion rupees from 48.5 0.8 billion, though the new projection still represents a 5 percent in- Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 MAURITIUS MSCI AFRICA crease on 2014. Reuters

Index Performance MAURITIUS Corporate News • Mauritius' Sun Resorts swings to Q2 profit as occupancy recovers. Current 1959.393 Mauritius-based Sun Resorts swung to a pretax profit of 265.8 mil- Week Change -2.19% lion rupees ($7.5 million) in the second quarter of the year due to Gainers (no) 8 higher room occupancy rate as tourism in the Indian Ocean is- Losers (no) 6 land state recovered slightly. Sun Resorts, which also operates in Market Breadth 1.3 the Maldives, posted a pretax loss of 143.02 million rupees in the 52 wk High 2175.176 second quarter of 2014 as the vital tourism industry struggled 52 wk Low 1926.754 mainly due to the economic slowdown in its main markets in Europe. The group said room occupancy rose to 71.9 percent in Top Gainers Price % Change the three months to end-June, from 61.1 percent a year earlier. Fincorp Inv estment Ltd 20.1 3.1% However, it said revenue was down 15.8 percent to 753.28 million Omnicane Ltd 71 2.9% rupees compared with the same period last year due to the im- Terra Mauricia Ltd 29.75 2.6% pact to the closure of two of its units since April. The group is reno- Sun Resorts Ltd/Mauritius 39.5 1.3% vating its Le Touessrok hotel and Four Seasons in Mauritius, it said Promotion & Development Ltd 96 1.1% in a statement. Reuters

Top Losers Price % Change

Rogers & Co Ltd 30.8 -5.2% ENL Land Ltd 50.5 -2.9% SBM Holdings Ltd 0.86 -2.3% New Mauritius Hotels Ltd 18.6 -0.5% MCB Group Ltd 215 -0.5%

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 33.1 37.8 29.7 296.71 6.1% -2.8% 165.2 0.62 0.38 Automatic Systems Ltd 46.0 104.0 28.8 4.58 24.3% -48.9% 11.2 3.45 34.55 ENL Land Ltd 50.5 55.0 44.0 328.12 -2.9% 3.1% 15.7 0.58 4.15 Gamma Civic Ltd 28.0 51.0 27.0 105.17 -1.8% -31.7% na 1.64 -6.96 INNODIS Ltd 49.1 62.0 49.0 50.78 -1.9% -12.4% 15.8 1.03 6.37 Lux Island Resorts Ltd 63.5 68.0 48.8 244.84 0.8% 5.8% 25.2 1.44 6.59 Mauritius Oil Refineries Ltd 27.3 28.5 26.5 25.56 0.0% -2.7% 21.6 2.19 10.30 New Mauritius Hotels Ltd 18.6 29.7 17.0 253.90 -0.5% -30.0% 18.2 0.64 3.53 Phoenix Beverages Ltd 400.0 400.0 204.0 185.44 0.0% 73.2% 19.3 2.02 10.56 Sun Resorts Ltd/Mauritius 39.5 45.0 34.0 163.37 1.3% -12.2% na 1.05 -1.17 Energy Vivo Energy Mauritius Ltd 121.0 145.0 119.0 100.01 1.7% -12.9% 23.0 5.44 31.29 Financials na Belle Mare Holding Ltd 29.0 30.0 23.8 49.33 0.0% 9.2% 28.7 0.78 2.95 Caudan Development Ltd 1.3 1.5 1.2 30.03 -2.3% 0.8% 26.0 0.36 1.48 CIEL Ltd 6.9 7.9 6.7 305.67 0.0% -7.0% na 0.78 na Cim Financial Services Ltd 8.8 10.0 8.0 168.81 -0.7% -2.2% 12.0 2.75 24.85 ENL Commercial Ltd 20.4 26.0 20.4 16.73 0.0% -21.7% 11.4 0.75 4.59 Fincorp Investment Ltd 20.1 24.0 19.0 58.56 3.1% -16.3% 13.2 0.56 4.38 Ireland Blyth Ltd 115.0 120.0 109.0 231.58 0.0% 1.8% 15.5 1.64 11.07 Mauritian Eagle Insurance Co Ltd 100.0 118.0 99.8 22.55 0.0% -8.5% 10.5 1.11 11.16 Mauritius Development Invest Trust Co Lt 5.2 6.1 4.9 62.06 0.0% -10.7% 22.6 1.30 5.71 Mauritius Union Assurance Co Ltd/The 72.0 81.6 67.2 91.51 0.8% 3.3% 19.6 1.59 8.36 MCB Group Ltd 215.0 226.0 194.8 1,442.88 -0.5% 8.6% 9.3 1.45 16.48 National Investment Trust Ltd/Mauritius 42.0 55.0 40.9 16.22 -2.3% -17.2% 69.6 0.62 0.92 POLICY Ltd 6.9 8.0 6.1 43.89 -0.3% -8.5% 12.7 1.38 8.42 Promotion & Development Ltd 96.0 102.8 88.3 105.36 1.1% -0.5% 14.4 0.50 3.58 SBM Holdings Ltd 0.9 1.1 0.8 736.32 -2.3% -14.7% na 1.11 na Swan Insurance Co Ltd 430.0 430.0 310.0 100.31 0.0% 28.4% 14.7 1.82 13.44 Terra Mauricia Ltd 29.8 37.5 29.0 190.82 2.6% -9.8% 14.7 0.41 2.80 United Docks Ltd 67.0 70.0 61.0 19.94 0.0% 8.1% na 0.38 -0.29 Industrials na Air Mauritius Ltd 11.0 18.0 9.4 31.72 0.0% -37.5% na 0.71 -39.05 Harel Mallac & Co Ltd 101.0 119.0 101.0 32.06 0.0% -7.8% 11.6 0.64 6.04 Rogers & Co Ltd 30.8 33.0 20.0 218.82 -5.2% 18.5% na 0.93 na Materials Mauritius Chemical & Fertiliser Industry 22.0 28.0 22.0 13.65 0.0% -12.0% 16.4 0.64 3.88 Plastic Industry Mtius Ltd 67.3 81.0 67.3 3.79 0.0% -15.9% 7.6 1.26 17.47 United Basalt Products/The 80.5 90.0 73.5 60.16 0.6% 2.2% 31.1 0.77 2.45 Utilities Omnicane Ltd 71.0 91.5 68.8 134.12 2.9% -18.9% 22.2 0.53 2.39

Source: Bloomberg, United Capital Research

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Morocco Economic News • Morocco's BCP takes control of BIA-Niger bank. Banque Cen- trale Populaire (BCP) , one of Morocco's biggest lenders, has 1.2 1– year Equity market trend taken control of Niger's Banque Internationale pour l'Afrique (BIA-Niger), an official from the Moroccan bank. The deal was signed with the Niger's finance minister as the African country has been the biggest stakeholder in the bank since 2012,

1.0 when it bought it from Coris International Bank. "We are invest- ing 240 million dirhams ($25 million)as a capital increase which represents 53 percent of the capital," Rachid Agoumi, BCP's director in charge of corporate and international develop- ment. BCP, through its African holding company Atlantic Busi- 0.8 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 ness International (ABI), will buy another chunk from investors MOROCCO MSCI AFRICA in Niger, which will take its overall stake close to 70 percent. The government in Niger has agreed to support billions of CFA francs of the bank's bad debt, BCP said. The deal will make BCP the market leader in Niger as ABI already owns Banque Index Performance MOROCCO Atlantique Niger, Agoumi said. "With such a capital increase, Current 272.21 BIA-Niger will be in good financial health," he said. BIA-Niger has 16 branches across the country including seven in the Week Change -1.55% capital Niamey, according to its website. Outside Morocco, 52 wk High 309.20 BCP has banking operations in Ivory Coast, Senegal, Benin, 52 wk Low 266.06 Togo, Burkina Faso, Mali and Niger. Reuters

Source: Bloomberg, United Capital Research Corporate News • No Corporate News

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Economic News Nigeria • Boko Haram members ambush convoy of Nigeria's chief of army staff. Suspected Boko Haram militants ambushed a convoy car- rying Nigeria's chief of army staff on a tour of towns in troubled Borno state, the army said early on Sunday. One Nigerian soldier 1.2 1– year Equity market trend died while 10 militants were killed and another five captured, Colonel Sani Usman said in a statement. Lieutenant General 1.0 Tukur Buratai was appointed in July as the new chief of army staff after President Muhammadu Buhari sacked the military's 0.8 top brass. The new chiefs are far more active in visiting areas under pressure in the northeast. "The leading column was am- 0.6 bushed by suspected Boko Haram terrorists at Faljari village be- Aug -14 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 tween Mafa and Dikwa," Usman said. Buhari has made quashing NIGERIA MSCI AFRICA Boko Haram his priority since taking office. Boko Haram's quick wins last year exposed the weakness of Nigeria's military that has been badly managed for years. Reuters

Index Performance NIGERIA • Nigeria restructures bank loans to cash-strapped states. Nigeria Current 29878.33 has restructured short-term commercial bank loans to its cash- W eek Change -2.69% strapped state governments into longer-term sovereign bonds as Gainers (no) 14 Africa's biggest economy seeks to reduce a growing backlog of Losers (no) 61 domestic debt against a background of falling oil revenues. The Market Breadth 0.2 Debt Management Office (DMO) has issued bonds in respect of 52 wk High 41790.58 debts owed by 11 states to address "fiscal imbalance", its direc- 52 wk Low 27395.73 tor-general Abraham Nwankwo said. The bonds were issued to 14 commercial banks. Nwankwo said 22 out of Nigeria's 36 states had applied for a restructuring, and the debt office had asked Top Gainers Price % Change them to reconcile their loan figures with the various lenders. Paints and Coatings Manufactures PLC 1.1 14.6% Commercial lenders were issued 2034 (20-year) bonds at a yield Nestle Nigeria PLC 965.98 12.6% of 14.8 percent, analysts said. The bond has a tax equivalent Access Bank PLC 4.69 7.8% yield of 21.2 percent. Reuters Forte Oil PLC 228.7 6.4%

Skye Bank PLC 1.99 5.3% Corporate News • PZ Cussons Nigeria says full year pretax profit falls. PZ Cussons Top Losers Price % Change Nigeria said on Monday its full year pretax profit fell 5.6 percent Evans Medical PLC 0.67 -27.2% to 6.55 billion naira ($33 million) versus the previous year. Reve- Ikeja Hotel PLC 2.85 -22.1% nue rose to 73.12 billion naira from 72.90 billion naira a year ear- Cadbury Nigeria PLC 28.56 -14.2% lier in the year ended May 31, the local unit of British soap and SEPLAT Petroleum Development Co Plc245.3 -13.9% shampoo maker PZ Cussons said in a statement. The Nigerian Costain West Africa PLC 0.57 -13.6% unit said it will pay a dividend of 0.61 naira per share to share- holders on its book by Sept. 31. Reuters Source: Bloomberg, United Capital Research

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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 3.3 1.7 17.4 -8.0% -24.1% 13.6 1.7 13.7 Okomu Oil Palm PLC 21.7 36.5 21.7 104.0 -12.6% -14.4% 13.3 0.9 6.8 Presco PLC 32.0 37.5 20.9 160.8 0.0% 30.6% 11.7 1.5 13.7 Conglomerates na Transnational Corp of Nigeria PLC 2.4 7.1 2.0 459.1 -8.2% -27.4% na 1.6 -3.3 UAC of Nigeria PLC 37.0 61.0 26.0 357.1 0.0% 8.8% 14.7 1.6 11.5 Consumer Goods na 7UP Bottling Co PLC 191.0 197.9 126.8 614.7 0.3% 15.5% 17.2 5.1 34.5 Cadbury Nigeria PLC 28.6 66.7 28.6 269.5 -14.2% -28.6% 1277.3 5.3 0.0 Champion Breweries PLC 4.3 16.5 4.3 167.2 -5.6% -39.1% na 5.2 na Dangote Flour Mills PLC 2.9 7.5 2.9 72.1 -4.3% -36.9% na 1.4 -47.1 Dangote Sugar Refinery PLC 6.0 8.9 4.7 362.3 0.2% -5.4% 6.5 1.4 na Flour Mills of Nigeria PLC 25.1 69.1 25.1 468.2 -10.6% -35.7% 7.2 0.8 10.9 Guinness Nigeria PLC 119.0 215.0 110.0 900.3 -1.7% -29.2% 64.4 3.9 6.5 Honeywell Flour Mill PLC 2.5 4.2 2.5 100.4 -12.2% -27.2% 17.8 0.6 5.5 International Breweries PLC 18.5 32.0 17.0 305.3 0.0% -21.1% na 4.8 na National Salt Co Nigeria PLC 6.3 10.2 5.7 83.9 0.0% 1.3% 9.1 na na Nestle Nigeria PLC 966.0 1102.5 743.0 3,846.7 12.6% -4.5% 39.7 24.8 59.9 Nigerian Breweries PLC 120.0 185.0 120.0 4,781.0 -5.4% -27.4% 23.2 5.7 30.0 PZ Cussons Nigeria PLC 29.8 36.0 16.6 595.0 -9.7% 25.3% 33.7 2.9 8.3 Unilever Nigeria PLC 40.0 50.6 27.0 760.3 -2.4% 11.7% 148.1 21.1 15.2 Energy na Conoil PLC 33.3 71.5 29.5 116.0 0.0% -12.7% 7.5 1.3 18.2 Eterna PLC 1.9 4.5 1.9 12.4 -5.5% -36.2% 1.9 0.3 10.4 Forte Oil PLC 228.7 228.7 141.7 1,496.5 6.4% 20.4% 117.4 25.5 18.6 Mobil Nigeria PLC 151.2 180.1 136.3 273.9 -1.8% -4.3% 4.3 3.9 95.6 MRS Nigeria PLC 49.7 58.9 47.2 63.4 0.0% -6.7% 28.2 0.6 2.2 Oando Plc 10.6 28.0 10.6 637.9 -9.7% -34.5% na 0.5 3.9 SEPLAT Petroleum Development Co Plc 245.3 700.0 245.3 681.9 -13.9% -33.9% 2.5 0.5 23.6 Total Nigeria PLC 155.0 188.9 134.1 264.4 -1.9% 8.8% 12.5 3.7 25.1 Financials na Access Bank PLC 4.7 9.5 4.0 539.2 7.8% -28.9% 2.1 0.4 18.5 Africa Prudential Registrars PLC 2.5 3.6 2.3 25.4 -10.9% -16.8% 4.1 1.1 27.5 AIICO Insurance PLC 0.8 1.2 0.7 29.2 -5.6% 3.7% na 0.5 20.1 Continental Reinsurance PLC 0.9 1.1 0.8 44.3 -5.6% -16.7% 10.6 0.6 5.8 Custodian and Allied Insurance PLC 4.0 4.4 3.1 118.2 -4.8% 10.5% na 0.9 na Diamond Bank PLC 3.0 6.6 2.9 349.1 -10.2% -46.2% 3.0 0.3 10.5 Ecobank Transnational Inc 18.7 23.0 13.1 2,255.4 -4.9% 7.1% 5.3 0.7 17.2 FBN Holdings Plc 5.8 14.1 5.8 1,042.3 -11.3% -27.8% 2.4 0.4 16.7 FCMB Group Plc 2.2 4.6 1.9 218.9 -10.9% -11.6% 2.1 0.3 13.4 Fidelity Bank PLC 1.3 2.3 1.1 182.0 -6.7% -22.8% 2.6 0.2 8.1 PLC 22.0 31.9 16.7 3,252.9 -4.6% -12.6% 5.8 1.8 29.0 Mansard Insurance PLC 2.4 3.7 2.3 127.7 -12.3% -24.4% 21.0 1.6 7.3 NEM Insurance PLC 0.7 1.0 0.5 17.2 3.2% 0.0% 2.2 0.6 28.9 Skye Bank PLC 2.0 3.0 1.6 138.8 5.3% -21.4% 2.3 0.2 9.7 Stanbic IBTC Holdings PLC 18.0 34.9 17.9 904.3 -9.4% -33.1% 8.0 1.6 19.9 Sterling Bank PLC 2.1 2.5 2.0 309.5 -0.5% -15.7% 6.1 0.7 11.7 UBA Capital PLC 1.3 2.3 1.2 38.9 -2.3% -21.3% 4.0 0.8 21.0 Union Bank of Nigeria PLC 6.6 11.7 6.5 565.0 -8.9% -21.9% 4.4 0.5 12.5 PLC 3.2 7.7 2.9 586.9 -4.7% -25.1% 1.9 0.4 20.0 Unity Bank PLC 1.6 5.0 1.6 95.1 -8.5% -67.6% 0.9 0.2 20.5 Wapic Insurance PLC 0.5 0.8 0.5 33.6 0.0% -21.9% na 0.5 na Wema Bank PLC 0.8 1.1 0.8 158.7 -11.1% -16.7% 13.3 0.7 5.6 Zenith Bank PLC 15.4 25.5 14.5 2,429.1 -4.2% -16.3% 4.6 0.9 20.2 Health Care na Evans Medical PLC 0.7 2.3 0.5 2.5 -27.2% -70.6% na 2.4 137.5 Fidson Healthcare PLC 3.4 3.9 2.8 25.2 4.7% -14.1% 8.0 1.0 4.0 GlaxoSmithKline Consumer Nigeria PLC 36.0 52.8 32.0 216.3 -10.0% -10.0% 33.6 3.4 10.5 MAY & Baker Nigeria PLC 1.3 2.0 1.2 6.4 -4.4% -17.7% 20.1 0.4 2.1 Neimeth International Pharmaceuticals PL 1.3 1.6 0.6 10.2 -4.4% 65.4% na 1.2 -13.4 Industrials na Chemical and Allied Products PLC 41.0 44.0 34.0 144.2 -0.7% 9.3% 17.3 24.3 135.8 Dangote Cement PLC 177.0 230.0 139.1 15,152.8 -1.9% -11.5% 16.1 4.9 33.2 Lafarge Africa PLC 99.5 131.3 66.5 2,276.9 -3.9% 23.6% 11.4 2.4 28.9 Portland Paints & Products Nigeria PLC 3.9 5.5 3.3 7.9 -4.8% 1.0% na 1.7 na

Source: Bloomberg, United Capital Research

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South Africa Economic News • South Africa Preparing to Add Tariffs on Chinese Steel Im- ports. South Africa is preparing to introduce tariffs on Chi- nese steel imports, according to a group of labor unions and 1.2 1– year Equity market trend producers that met with government officials last week. The tariffs will be signed off next week and include a demand for the industry to not raise steel prices to “unaffordable levels,”

1.0 Marius Croucamp, head of steel at trade union Solidarity, told reporters in Johannesburg during a joint briefing with three other labor organizations and the Steel and Engineer- ing Industries Federation of Southern Africa. South Africa’s 0.8 steel manufacturers and labor groups have asked the gov- Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 ernment tolessen the effect of a surge in Chinese steel im- South Africa MSCI AFRICA ports, which are being supplied at prices as much as 25% below local production costs. The cheap steel has hurt the local industry, with companies including Evraz Plc’s South Index Performance SOUTH AFRICA African unit and Scaw Metal Group announcing plans to cut Current 49028.36 more than 2,000 jobs combined.” Bloomberg Week Change -3.53% • South Africa's July headline CPI rises to 5%. South Africa's Gainers (no) 11 headline consumer inflation quickened as expected to 5.0 Losers (no) 22 year-on-year in July, compared with 4.7% in June, data from Market Breadth 0.5 Statistics South Africa showed last week. On a month-on- 52 wk High 55355.12 month basis, prices were up 1% compared with a 0.4% in- 52 wk Low 46068.08 crease previously. Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, edged lower to 5.4% year-on-year in July versus 5.5% the Top Gainers Price % Change Aquarius Platinum Ltd 174 23.4% previous month, but was slightly up at 0.4% month-on-month Clientele Ltd 1975 9.7% from 0.3%. Bloomberg • Foschini Group Ltd/The 14867 7.2% South Africa's retail sales grew by 3.5% year-on-year in June , Capital Property Fund 1585 6.5% as expected, after expanding by a revised 2.3% in May, the Blue Label Telecoms Ltd 950 5.0% government's statistics agency said last week. On a month- on-month basis, sales were up 0.1%, and rose by 3.1% in the three months to June compared with the same period last Top Losers Price % Change year, Statistics South Africa said. Reuters Aveng Ltd 485 -12.0%

ArcelorMittal South Africa Ltd 1264 -10.0% Corporate News Afrimat Ltd 1950 -6.9% • South Africa's Shoprite to accelerate African expansion. South Clover Industries Ltd 1800 -6.5% Africa's Shoprite Holdings, Africa's biggest retailer by sales, will open nearly twice as many stores on the rest of the continent Advtech Ltd 1171 -5.6% this year as in 2014, chief executive Whitey Basson said last week. The supermarket operator is banking on rapid growth in Source: Bloomberg, United Capital Research markets such as Nigeria and Angola where it aims to change the shopping habits of Africa's rising middle class. The retailer, which also operates the Checkers grocery chain and OK Fur- niture, reported a 10.8% rise in full-year earnings. 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 PLC 71,483.0 76,904.0 58,500.0 103,058.1 -3.8% 13.1% 16.3 11.0 70.1 Cie Financiere Richemont SA 9,930.0 11,069.0 8,600.0 44,096.1 -2.2% -5.4% na na 10.1 Mr Price Group Ltd 22,830.0 28,380.0 18,690.0 4,707.6 -4.4% -2.9% 24.8 11.4 51.2 Naspers Ltd 162,100.0 202,997.0 113,001.0 52,672.4 -4.9% 7.0% 90.5 8.4 19.1 SABMiller PLC 62,571.0 68,907.0 55,403.0 78,277.2 -4.5% 3.4% 23.5 3.4 13.3 Shoprite Holdings Ltd 16,081.0 19,180.0 13,059.0 7,124.6 0.1% -4.4% 20.8 4.8 22.7 Steinhoff International Holdings Ltd 7,577.0 8,050.0 4,611.0 21,671.3 -2.4% 27.6% 17.0 1.9 11.7 Tiger Brands Ltd 27,990.0 40,086.0 26,997.0 4,157.7 -2.5% -24.0% 15.5 3.7 21.1 Woolworths Holdings Ltd/South Africa 9,648.0 10,392.0 6,494.0 7,138.2 -4.2% 25.1% 27.3 6.4 29.2 Energy Sasol Ltd 38,550.0 64,899.0 36,000.0 19,414.1 -6.9% -10.6% 6.2 1.4 21.3 Financials Barclays Africa Group Ltd 17,372.0 20,371.0 15,152.0 11,389.5 -2.9% -4.5% 10.8 1.8 17.1 Capitec Bank Holdings Ltd 45,202.0 58,000.0 20,949.0 4,042.1 -1.4% 32.9% 20.5 4.6 24.2 FirstRand Ltd 5,116.0 5,847.0 4,027.0 22,194.3 -5.1% 1.2% 14.2 3.4 25.1 Investec Ltd 10,550.0 11,971.0 8,578.0 7,401.6 -5.5% 8.2% 13.2 1.3 6.6 Investec PLC 10,652.0 12,093.0 8,515.0 7,211.9 -5.4% 9.6% 21.5 1.3 5.9 Nedbank Group Ltd 23,461.0 27,450.0 21,100.0 8,970.6 -3.4% -5.8% 10.4 1.7 16.0 Old Mutual PLC 4,014.0 4,554.0 2,925.0 15,299.1 -7.4% 15.7% 13.4 1.4 8.4 RMB Holdings Ltd 6,431.0 7,399.0 5,279.0 7,021.2 -4.9% 0.0% 13.4 2.8 21.3 Sanlam Ltd 6,050.0 8,217.0 5,919.0 10,136.7 -6.7% -13.6% 14.3 2.6 20.1 Standard Bank Group Ltd 14,488.0 17,700.0 12,371.0 18,139.7 -5.9% 1.0% 12.0 1.6 16.7 Health Care Aspen Pharmacare Holdings Ltd 32,924.0 44,868.0 29,336.1 11,619.8 -7.2% -18.9% 29.0 4.9 19.8 Mediclinic International Ltd 9,725.0 13,151.8 8,179.0 7,363.6 -6.0% -1.1% 20.6 2.7 15.2 Industrials Bidvest Group Ltd/The 29,879.0 33,869.0 27,257.0 7,744.8 -3.5% -1.7% 16.8 2.8 14.7 Materials Anglo American Platinum Ltd 32,828.0 47,198.0 24,500.0 6,846.7 17.9% -3.8% 27.7 1.7 5.1 Anglo American PLC 14,843.0 28,339.0 14,288.0 16,091.9 -1.9% -31.1% na 0.7 -25.7 BHP Billiton PLC 21,700.0 32,829.0 20,350.3 92,196.5 -5.4% -6.4% 8.9 1.1 12.8 Mondi Ltd 29,241.0 32,310.0 16,271.0 11,012.1 -5.5% 54.9% 17.9 3.4 19.2 Mondi PLC 29,327.0 32,591.0 16,157.0 11,012.1 -6.5% 54.8% na na 19.2 Telecommunication MTN Group Ltd 18,200.0 26,344.0 18,016.0 25,976.0 -7.6% -17.8% 12.5 2.7 25.7 Vodacom Group Ltd 14,200.0 15,654.0 12,101.0 16,340.5 -0.9% 10.6% 16.5 9.4 56.2

Source: Bloomberg, United Capital Research

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Tunisia Economic News

• Tunisia's economic growth slows sharply in Q2 after militant attacks. Tunisia's economic growth slowed sharply in the sec- ond quarter to 0.7%, the state statistics institute said last week, 1.4 1– year Equity market trend after two major Islamist militant attacks targeting a museum and a beach hotel crippled its tourism industry. In the same period a year ealier, the economy grew 2%, and in the first quarter of 2015, it expanded by 1.7%. The tourism, which makes 1.2 up about 7% of the economy, slowed in June, after a gunman killed 38 mostly British tourists in the seaside city of Sousse. In March, two gunmen killed 21 foreign tourists and a policeman 1.0 at Tunis's Bardo Museum. Both attacks were claimed by the Islamic State jihadist group and prompted several countries to ban travel to Tunisia. Strikes and protests have also disrupted the country's vital phosphate exports. Tunisia has already cut its 0.8 GDP growth forecast to 0.5% this year, down from an initially expected 3%. In 2014, Tunisia posted GDP growth of 2.3. Reuters Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15

TUNISIA MSCI AFRICA • Tunisia: Christine Lagarde expected soon Christine Lagarde, Managing Director of the International Monetary Fund (IMF), will visit Tunisia on September 7 and 8, 2015. According to infor- Index Performance TUNISIA mation reported by the newspaper "The Maghreb",on August 20, 2015, the Director General of the IMF will have meetings with Current 5546.68 Prime Minister Habib Essid, and Governor of the Central Bank of Week Change -0.44% Tunisia Chedli Ayari. The IMF Managing Director had visited Tunisia for the first time in 2012. Her visit was intended to convey Gainers (no) 12 a message of support and solidarity with Tunisia in its democ- ratic transition process. EIN News Losers (no) 24

Market Breadth 0.5 Corporate News 52 wk High 5781.38 • Private equity firm Abraaj closes second North Africa fund at 52 wk Low 4566.84 $375 mln. Emerging market-focused private equity firm Abraaj Group has closed its second North Africa-focused fund at $375 Top Gainers Price % Change million, it said in a statement today. The fund will target "well- GIF Filter SA 3.42 9.6% managed, mid-market businesses in the core geographies of Algeria, Egypt, Morocco and Tunisia that have demonstrated Automobile reseau tunisien et 6.75services 2.3% robust growth and the ability to become regional leaders in SFBT 24.7 1.9% their field", Abraaj said. The fund will focus on sectors which are Essoukna 4.94 1.9% "likely to benefit from an expanding middle class", such as healthcare, education and consumer goods, and seek both Telnet Holding 4.54 1.1% majority and minority stakes in companies. Among the backers of the fund, 63% of the capital came from European and North Top Losers Price % Change American investors, with global institutional investors, pension funds, sovereign wealth funds and development finance institu- Poulina Group 5.14 -6.5% tions participating in the fund-raising, the statement added… Carthage Cement 1.55 -4.3% Reuters Societe Moderne de Ceramiques2.8 -4.1% • Societe de Production Agricole2.71 Teboulba -3.9% Attijari posts net income of + 9.1% in H1. The net result of Attijari Bank was up 9.1% at the end of the first half 2015, from 40.7 Servicom SA 10 -3.8% million Tunisian dinars (MTD) in the first 6 months of 2014 to 44.5 MD in the same period in 2015, announced stock exchange Source: Bloomberg, United Capital Research broker MENA Capital Partners (MCP) . As for the Net Banking Income (NBI) of the bank, it amounted to 139 MTD in the first six months of the current year against 130.7 MTD one year earlier, up 6.35%, according to semi-annual financial statements of the bank as at June 30, 2015. EIN News

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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 6.8 8.1 6.6 133.91 2.3% -15.6% 9.8 2.3 24.6 Elbene Industrie SA 2.9 4.1 2.4 15.04 -4.0% -29.3% na 3.2 -42.0 Ennakl Automobiles 10.9 11.5 9.4 169.14 0.2% 6.6% 13.2 3.2 26.3 GIF Filter SA 3.4 3.9 2.5 18.74 9.6% 4.1% 53.0 2.4 4.3 MONOPRIX 13.7 19.3 13.6 141.90 0.0% -25.3% 27.1 3.9 14.7 SFBT 24.7 29.2 13.6 1,345.18 1.9% 28.1% 19.9 5.3 23.6 Societe de Production Agricole Teboulba 2.7 3.4 2.3 18.26 -3.9% -10.0% 104.9 1.7 1.9 Societe Electrostar 4.9 9.5 4.2 6.24 -1.8% -28.7% na 1.0 -81.0 Societe Magasin General 28.0 33.5 26.0 166.74 -3.1% -12.1% na 89.3 -16.6 Societe Tunisienne d'Equipement 5.0 10.4 3.7 3.64 0.0% -51.9% na 0.4 na SOTUMAG 2.1 2.3 1.6 12.82 0.5% 17.0% na na na Financials Amen Bank 26.9 27.7 23.0 340.92 -0.4% 2.7% 7.3 1.0 13.9 Arab Tunisian Bank 4.6 5.4 4.0 238.59 -1.1% 5.3% 8.3 0.9 10.9 Arab Tunisian Lease 2.8 2.9 2.1 36.18 -1.1% 3.3% na 1.0 na Assurances SALIM 20.5 26.5 17.0 27.67 -3.0% -22.0% na na na Attijari Bank 24.9 28.6 17.9 513.55 -0.4% 4.2% na 2.5 na Attijari Leasing SA 26.0 29.5 19.2 28.62 -0.1% -1.3% 9.2 1.5 16.9 Banque de l'Habitat 13.8 16.6 7.2 200.41 -1.4% 85.2% 42.1 0.8 1.8 Banque de Tunisie 10.5 11.1 10.2 815.35 0.5% -0.7% 17.9 2.5 14.5 Banque International Arabe de Tunis 81.0 86.0 62.2 714.21 -0.5% 3.8% 11.8 2.0 18.0 Banque Nationale Agricole 14.2 15.2 6.1 235.52 -2.7% 86.7% 23.7 0.8 3.1 BTEI 20.1 27.0 19.5 46.84 -0.2% -19.4% 41.5 0.6 1.5 Cie d'Assurances et de Reassurances ASTR 53.0 57.8 51.4 109.96 -1.9% -2.9% 18.2 2.1 12.2 Cie Internationale de Leasing 14.8 15.0 12.1 38.38 0.0% 10.5% 8.7 1.3 14.6 El Wifack Leasing 18.5 19.4 14.1 38.40 -3.1% 13.9% 17.3 1.7 9.8 Essoukna 4.9 6.5 4.8 12.94 1.9% -21.5% 8.0 0.7 9.6 Modern Leasing Immeuble Assurances SALIM 4.4 6.0 3.8 9.19 -9.4% -16.1% na na 14.2 Poulina Group 5.1 5.7 5.0 479.90 -6.5% -8.5% 13.8 1.7 12.6 Societe Immobiliere et de Participations 45.5 57.0 43.6 23.60 2.4% -17.3% 10.6 0.7 6.2 Societe Immobiliere Tuniso Seoudienne 2.3 2.7 1.7 18.93 0.9% 18.2% 10.4 1.2 12.0 Societe Tunisienne de Banque 5.8 6.7 3.3 467.41 -3.3% 45.8% na na na STAR 177.0 185.0 131.9 211.86 -0.3% 21.9% 18.3 1.5 8.6 Tunis Re 8.1 10.0 6.8 84.02 -0.6% -10.2% 31.5 1.2 3.8 Tunisie Leasing SA 21.2 23.0 17.7 98.73 0.0% 2.1% 12.9 1.3 10.0 UBCI 25.6 30.5 25.0 265.58 0.4% 0.8% 17.6 1.7 10.3 Union Internationale de Banques SA 16.0 18.0 10.0 286.98 -1.2% 8.5% 7.3 1.8 25.8 Health Care Accumulateur Tunisienne Assad 6.7 9.1 6.7 41.70 -1.3% -16.3% 10.8 1.8 18.2 ADWYA SA 7.9 8.6 6.3 64.90 -0.6% -3.4% 20.3 3.8 21.1 Industrials Servicom SA 10.0 20.3 9.9 18.35 -3.8% -29.8% 18.7 2.9 17.0 SIPHAT 6.9 10.6 6.9 6.43 -1.6% -19.9% na 0.4 -4.5 Societe Industrielle d'Appareillage et d 2.6 2.8 2.0 18.57 -1.9% 10.9% 20.8 1.6 7.9 Societe Moderne de Ceramiques 2.8 3.1 2.2 45.27 -4.1% 11.6% 17.0 1.5 9.1 Societe Tunisienne de L'Air 0.9 1.2 0.8 46.82 -2.3% -24.8% na 0.5 -65.2 Tunisie Profiles Aluminium SA 4.0 4.5 3.9 92.43 -1.0% -7.9% 16.8 1.8 10.9 Information Technology Telnet Holding 4.5 5.8 4.0 25.97 1.1% -12.4% na na na Materials Air Liquide Tunisie 190.0 274.0 190.0 119.37 -2.6% -19.1% 29.6 5.1 17.4 Carthage Cement 1.6 3.2 1.5 138.39 -4.3% -36.0% na 1.0 -9.2 Industries Chimiques du Fluor 26.3 39.0 26.2 28.61 0.3% -30.9% na na na Societe Chimique ALKIMIA 48.0 60.0 48.0 48.49 0.0% -18.6% 5.6 1.2 22.0 Societe Ciments de Bizerte 4.7 7.0 4.5 106.69 -2.7% -27.6% 139.2 1.5 -0.4 Societe Tunisiennes de Verreries 4.0 5.4 3.9 48.63 -2.0% -18.6% na na na Telecommunication SOTETEL 1.7 3.6 1.7 4.09 -3.4% -50.7% 8.7 0.3 0.0

Source: Bloomberg, United Capital Research

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Zimbabwe Economic News No economic news this week

1.2 Corporate News 1– year Equity market trend • Amplats' Zimbabwe unit considers new smelter. Anglo American Platinum's Zimbabwe unit Unki said last week it was considering

1.0 either building a new smelter or expanding facilities at larger rival Zimplats. President Robert Mugabe's government last week sus- pended a 15% tax on raw platinum exports after mining companies committed to building smelters and refineries. "These efforts are 0.8 part of the solution agreed with the government which have re- Aug -14 Oct -14 Dec -14 Feb -15 Apr -15 Jun -15 sulted in the suspension of the 15% tax," Colin Chibafa, Unki Mines ZIMBABWE MSCI AFRICA chief financial officer said in emailed responses to questions from Reuters. Unki is the smallest of three platinum mines in Zimbabwe and has previously said it would take two years to build a smelter.

Index Performance ZIMBABWE Mines in Zimbabwe send platinum group metal concentrates for Current 135.82 refining to South Africa but the government wants the process to Week Change -3.93% be done locally to increase the value of mineral exports. Platinum was the largest mineral export in Zimbabwe last year, and the Gainers (no) 3 southern African nation holds the world's second-largest reserves of Losers (no) 7 platinum which can be used in catalytic convertors or for making Market Breadth 0.4 jewellery … Reuters 52 wk High 201.28

52 wk Low 135.82 • Zimbabwe cracks down on sackings, employers cry foul. Zim- babwe's government and opposition joined forces to push through Top Gainers Price % Change legislation making it harder for firms to sack workers, pleasing pow- First Mutual Holdings Ltd 0.0213 20.0% erful unions but angering employers who said it would hurt an al- Barclays Bank of Zimbabwe Ltd0.043 7.5% ready struggling economy. The rare sign of political unity early Old Mutual PLC 2.7925 0.6% week came amid mounting protests over a July Supreme Court ruling that allowed companies to fire workers by giving three months' notice and not pay any severance packages. Under pres- sure from the main labour union - which said the ruling had already Top Losers Price % Change cost 20,000 jobs - President Robert Mugabe's government published Delta Corp Ltd/Zimbabwe 0.85 -8.6% a bill reinstating severance payments and restrictions on sackings OK Zimbabwe 0.075 -6.3% last week. Laws usually take at least one week to get through vari- Seed Co 1 -4.5% ous stages of parliament - but the assembly, recalled specially for Econet W ireless Zimbabwe Ltd 0.28 -3.4% the debate, passed the bill after just seven hours. The Employers Innscor Africa Ltd 0.6 -3.2% Confederation of Zimbabwe said the changes would increase la- bour costs and it was considering challenging them in the constitu- Source: Bloomberg, United Capital Research tional court. … Reuters

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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 0.32 0.18 0.0% 6.4% 24.9 4.3 21.8 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 11.55 14.00 10.40 0.74 -0.4% 3.1% 17.8 14.9 100.0 Dairibord Holdings Ltd 0.08 0.13 0.08 0.08 -6.2% -6.2% 37.5 0.6 1.6 Dawn Properties Ltd 0.02 0.02 0.01 0.12 -0.6% 52.4% na 0.5 2.6 Delta Corp Ltd/Zimbabwe 0.85 1.40 0.85 3.28 -8.6% -16.7% 11.5 2.3 21.3 Edgars Stores Zimbabwe Ltd 0.08 0.13 0.08 0.07 0.0% -4.8% na na na Hippo Valley Estates Ltd 0.39 0.80 0.31 0.23 0.3% -28.9% 10.3 0.3 3.3 Meikles Ltd 0.12 0.18 0.07 0.09 20.0% -22.6% na 0.2 -23.6 National Foods Holdings 3.00 3.40 2.10 0.64 0.0% -11.8% 12.2 2.8 25.0 OK Zimbabwe 0.08 0.18 0.08 0.27 -6.2% -34.8% 11.5 1.2 10.9 Seed Co 1.00 1.06 0.78 0.73 -4.5% 3.1% 14.6 1.6 12.2 Star Africa Corp Ltd 0.01 0.03 0.01 0.02 0.0% -44.4% na na na Truworths Zimbabwe Ltd 0.01 0.03 0.01 0.01 0.0% 140.0% 13.3 0.8 6.3 Financials Barclays Bank of Zimbabwe Ltd 0.04 0.05 0.03 0.29 7.5% 68.6% na 1.8 na CBZ Holdings Ltd 0.10 0.14 0.07 0.21 0.0% -0.2% 1.8 0.3 15.1 FBC Holdings Ltd 0.07 0.12 0.07 0.15 0.0% -12.5% 3.0 0.6 21.2 Fidelity Life Assurance of Zimbabwe Ltd 0.07 0.10 0.05 0.02 0.0% -17.5% 3.3 0.8 49.5 Mashonaland Holdings Ltd 0.02 0.03 0.02 0.12 0.0% -25.9% na 0.4 0.0 Old Mutual PLC 2.79 2.90 2.33 42.69 0.6% 19.3% na na 8.4 Industrials na CFI Holdings Ltd 0.0 0.0 0.01 0.01 19.6% 20.0% na 0.0 -10.4 Innscor Africa Ltd 0.6 0.8 0.55 1.01 -3.2% 0.0% 5.6 1.5 30.0 Masimba Holdings Ltd 0.0 0.0 0.01 0.01 0.0% -27.5% 6.3 0.1 2.6 Turnall 0.0 0.0 0.01 0.01 -5.0% -29.6% na 0.9 -93.0 Materials PPC Ltd 1.1 2.3 1.10 2.07 0.0% -37.1% na na 36.4 Telecommunication na Econet Wireless Zimbabwe Ltd 0.3 0.9 0.28 1.42 -3.4% -53.3% 6.2 0.7 11.1

Source: Bloomberg, United Capital Research

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