Market Report

March 2014

MARKET HIGHLIGHTS GSE STOCK INDICES/CAPITALIZATION MARCH 2014 YTD CHANGE MARCH 2013 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,386.34 11.24% 1,733.47 44.49% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,092.46 17.12% 1551.80 49.23% MARKET CAPITALIZATION (GH¢ M) 58,684.40 -4.05% 57,740.56 0.85% DOMESTIC CAPITALIZATION (GH¢ M) 12,972.99 10.93% 6,667.79 7.38% MARKET TURNOVER - EQUITIES MARCH 2014 MARCH 2013 VOLUME TRADED 9,965,874 24,025,601 VALUE TRADED (GH¢) 20,389,737.36 29,954,004.86 NUMBER OF TRANSACTIONS 3,386 2,921 TRADING DAYS 21 19 NUMBER OF TRADED SYMBOLS 26 28

MARKET TURNOVER - EQUITIES JAN TO MAR 2014 JAN TO MAR 2013 VOLUME TRADED 41,040,368 68,121,925 VALUE TRADED (GH¢) 64,748,481.23 71,532,210.44 NUMBER OF TRANSACTIONS 9,431 7,914 TRADING DAYS 63 61 NUMBER OF TRADED SYMBOLS 81 88

MARKET DAILY AVERAGES - EQUITIES MARCH 2014 MARCH 2013 AVERAGE VOLUME TRADED 474,565 1,264,505 AVERAGE VALUE TRADED (GH¢) 970,940 1,576,527 AVERAGE NUMBER OF TRANSACTIONS 161 154 LISTINGS MARCH 2014 MARCH 2013 LISTED COMPANIES 34 34 LISTED EQUITIES ORDINARY SHARES 34 34 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 NUMBER OF LISTED BONDS CORPORATE 0 0 2 YEAR GOG 99 80 3 YEAR GOG 8 9 5 YEAR GOG 4 3 7 YEAR GOG 2 0 EURO BOND (US$) 1 0

DELISTINGS-EQUITIES MAR 2014, MAR 2013) 0 0 BONDS MARCH 2014 MARCH 2013 VALUE OF LISTED BONDS CORPORATE 0 0 GOG BONDS (GH¢ M) 10,032.32 7,079.49 EURO BOND (US$ B) 1.00 0.00 VALUE OF LISTED BONDS TRADED (GH¢ M) 337.37 0.00

VALUE OF LISTED BONDS TRADED (GH¢ M) - JAN - MAR 2014 1,420.99 0 SELECTED ECONOMIC INDICATORS MARCH 2014 MARCH 2013 INFLATION RATE YEAR-ON-YEAR (%) ***14 10.80 INTEREST RATE (%) 91-DAY T-BILL 23.69 22.92 1 YEAR NOTE 22.50 22.50 2 YEAR NOTE 23.00 22.70 3 YEAR NOTE - - 5 YEAR NOTE - -

EXCHANGE RATE US$ 1 to 1 CEDIS 2.68 1.90 UK£ 1 to 1 GHANA CEDIS 4.46 2.92 1 Euro to 1 GHANA CEDIS 3.69 2.48 *** Inflation figure is as at February 2014

GSE Market Report - March 2014 1 INDEX SUMMARY NOV-DEC 1990 - MARCH 2014 Period High Date Low Date End of Period Index % Change Nov - Dec 1990 77.65 12-Nov 70.08 Dec-21 70.08 0.00 1991 69.77 4-Jan 55.49 May-17 64.51 -7.95 1992 72.90 6-Oct 60.15 Jun-23 62.17 -3.63 1993 132.88 30-Dec 63.29 Jan-05 132.88 113.74 1994 334.02 17-May 132.91 Jan-04 298.10 124.34 1995 322.11 25-Oct 296.32 Mar-22 316.97 6.33 1996 385.80 13-Sep 307.42 Jan-12 360.76 13.82 1997 524.21 8-Dec 346.66 Jan-31 511.74 41.85 1998 1,201.08 6-May 511.66 Jan-07 868.35 69.69 1999 903.17 5-Feb 735.39 Dec-22 736.16 -15.22 2000 873.35 22-Sep 737.16 Jan-03 857.98 16.55 2001 1,025.78 1-Aug 856.00 Feb-07 955.95 11.42 2002 1,395.31 30-Dec 955.95 Jan-02 1,395.31 45.96 2003 3,553.42 31-Dec 1,395.36 Jan-02 3,553.42 154.67 2004 7,469.04 25-Aug 3,558.96 Jan-02 6,798.59 91.33 2005 6,901.36 28-Jan 4,751.17 Dec-22 4,769.02 -29.85 2006 5,006.02 29-Dec 4,692.84 Jan-31 5,006.02 4.97 2007 6,599.77 31-Dec 5,001.15 Jan-11 6,599.77 31.84 2008 10,931.36 3-Oct 6,595.92 Jan-02 10,431.64 58.06 2009 10,431.64 2-Jan 5,098.92 Aug-17 5,572.34 -46.58 2010 7,185.05 1-Jun 5,463.83 Jan-14 6,886.31 32.25 2011 1,189.77 18-May 940.04 Dec-16 969.03 -3.10 2012 1,199.72 31-Dec 968.08 Jan-05 1,199.72 23.81 2013 2,341.60 2-Dec 1,198.29 Jan-03 2,255.52 78.81 Mar 2014 2,439.20 21-Feb 2,145.20 Jan-02 2,386.34 11.24

MARKET ACTIVITIES - NOV-DEC 1990 - MARCH 2014 Volume Traded Value Traded Market Cap. - Government Corporate Bonds Period (000) (GH ¢ m) Equities (GH ¢ m.) Bonds (GH ¢ m.) (US$ m.) Nov - Dec 1990 222.00 0.01 3.05 0.50 0.00 1991 1,825.80 0.01 2.96 0.50 0.00 1992 2,044.40 0.02 4.38 0.50 0.00 1993 37,945.47 0.32 9.65 0.50 0.00 1994 93,037.63 7.31 196.84 0.50 0.00 1995 55,838.60 2.71 239.90 - 0.00 1996 35,749.99 2.79 286.27 - 2.55 1997 125,629.14 9.34 255.28 - 4.80 1998 91,446.52 13.40 324.56 - 6.80 1999 49,568.22 6.96 320.54 - 9.50 2000 30,717.09 5.06 365.50 - 11.01 2001 55,295.87 9.23 390.40 100.37 10.20 2002 44,124.20 8.94 618.38 132.69 10.98 2003 96,330.00 38.93 1,261.68 144.24 8.98 2004 104,349.30 65.59 9,761.48 51.63 6.28 2005 81,400.00 46.44 9,185.73 22.50 8.78 2006 98,286.00 47.60 11,249.60 326.15 2.50 2007 287,221.70 140.71 12,368.60 1,333.07 6.40 2008 531,660.00 365.51 17,895.12 1,237.46 6.40 2009 96,767.39 74.19 15,941.92 1,039.14 3.90 2010 330,616.75 151.29 20,116.70 2,576.87 3.90 2011 419,791.08 446.56 47,347.23 3,987.44 3.90 2012 218,134.34 102.20 57,264.22 5,939.25 0.00 2013 313,024.31 456.14 61,158.29 9,260.16 0.00 Mar 2014 41,040.37 64.75 58,684.40 10,032.32 0.00 Total: Dec. 1990 to 3,242,066 2,065.99 Mar 2014

GSE Market Report - March 2014 2 MARKET ACTIVITIES - MARCH 2014 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 5,015,076 40.05 GCB 8,803,206.07 37.19 ETI 2,009,841 16.05 CAL 5,117,332.45 21.62 GCB 1,847,785 14.76 EGL 1,722,235.41 7.28 HFC 1,070,737 8.55 FML 1,708,309.77 7.22 EGL 714,400 5.71 EBG 1,686,604.17 7.12 SOGEGH 587,378 4.69 SCB 1,102,314.91 4.66 FML 237,190 1.89 HFC 1,072,894.11 4.53 EBG 215,444 1.72 SOGEGH 564,041.54 2.38 GOIL 167,157 1.33 ETI 424,610.60 1.79 UTB 111,711 0.89 UNIL 386,815.10 1.63

MARKET ACTIVITIES - JANUARY TO MARCH 2014 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 9,756,962 31.40 GCB 12,736,279.57 28.71 PBC 6,993,006 22.50 CAL 9,736,155.92 21.95 ETI 2,930,704 9.43 FML 5,156,783.08 11.63 GCB 2,635,365 8.48 EBG 2,893,309.65 6.52 SIC 1,944,360 6.26 EGL 2,671,755.23 6.02 HFC 1,382,009 4.45 UNIL 2,259,477.30 5.09 EGL 1,206,401 3.88 SCB 1,864,311.94 4.20 SOGEGH 892,314 2.87 HFC 1,365,917.17 3.08 FML 753,582 2.43 PBC 1,188,788.02 2.68 UTB 582,879 1.88 SOGEGH 794,365.52 1.79

Market Capitalization - End of Months for 2013 and GSE Composite Index - January to December 2014 2014 (GH¢ M) Month 2014 2013 Month 2014 2013 January 62,128.77 53,093.86 January 2,255.52 1,270.72 February 59,410.63 54,977.25 February 2,420.91 1,482.26 March 58,684.40 57,740.56 March 2,386.34 1,733.47 April April May May June June July July August August September September October October November November December December

Volume Traded - End of Months - 2013 and 2014 Value Traded - End of Months - 2013 and 2014 (GH¢) Month 2014 2013 Month 2014 2013 January 18,552,660 18,518,954 January 20,686,970.14 9,793,543.52 February 12,521,834 25,577,370 February 23,671,773.73 31,784,662.06 March 9,965,874 24,025,601 March 20,389,737.36 29,954,004.86 April April May May June June July July August August September September October October November November December December Total 41,040,368 68,121,925 Total 64,748,481.19 71,532,210.44

GSE Market Report - March 2014 3 SECTORIAL DISTRIBUTION OF TRADES - FEBRUARY 2014 Sector Volume Traded Value Traded (GH ¢) No. of Trades FINANCE 8,274,858 17,115,095.18 2,200 DISTRIBUTION 495,612 878,573.88 383 FOOD AND BEVERAGE 131,121 869,226.57 203 ICT 0 0.00 0 699,429 1,011,374.42 449 MANUFACTURING 306,063 298,997.71 81 MINING 1,319 39,953.50 16 AGRICULTURE 57,472 176,516.10 54 EXCHANGE TRADED FUNDS(ETF) 0 0.00 0 TOTALS 9,965,874 20,389,737.36 3,386 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - FEBRUARY 2014 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CAL 1,491,065 1,399,943.38 435 EBG 194,412 1,456,153.92 164 ETI 680,255 150,163.80 165 GCB 1,877,163 7,686,902.14 874 HFC 3,514,047 4,007,214.67 48 SCB 102,273 2,067,915.72 171 SCBPREF 200 104.00 1 SOGEGH 266,082 279,823.56 208 TBL 0 0.00 0 UTB 149,361 66,873.99 134 TOTALS 8,274,858 17,115,095.18 2,200 DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS GOIL 315,957 246,079.07 170 MLC 63,920 24,277.60 12 PBC 16,052 2,656.32 24 TOTAL 99,683 605,560.89 177 TOTALS 495,612 878,573.88 383 FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CPC 12,500 250.00 7 FML 110,638 821,780.63 181 GGBL 7,983 47,195.94 15 TOTALS 131,121 869,226.57 203 ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 0 0.00 0 TRANSOL 0 0.00 0 TOTALS 0 0.00 0 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS EGL 345,788 832,655.71 193 SIC 353,641 178,718.71 256 TOTALS 699,429 1,011,374.42 449 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS ACI 0 0.00 0 ALW 11,000 654.00 5 AYRTN 195,500 33,276.00 11 CMLT 920 147.20 4 PZC 85,301 54,219.64 23 SPL 1,700 68 4 UNIL 11,642 210,632.87 34 PKL 0 0 0 GWEB 0 0 0 SWL 0 0 0 TOTALS 306,063 298,997.71 81 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS TLW 1,319 39,953.50 16 AGA 0 0.00 0 GSR 0 0.00 0 AADS 0 0.00 0 TOTALS 1,319 39,953.50 16 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS BOPP 57,472 176,516.10 54

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS GLD 0 0.00 0

GSE Market Report - March 2014 4 SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO FEBRUARY 2014 Sector Volume Traded Value Traded (GH ¢) No. of Trades FINANCE 27,088,508 47,434,891.16 6,016 DISTRIBUTION 8,289,858 3,386,624.81 1,117 FOOD AND BEVERAGE 961,139 6,139,679.93 581 ICT 0 0.00 0 INSURANCE 3,850,190 4,442,431.31 1,105 MANUFACTURING 703,252 2,618,274.95 395 MINING 9,144 287,864.47 52 AGRICULTURE 138,267 438,484.60 164 EXCHANGE TRADED FUNDS(ETF) 10 230.00 1 TOTALS 41,040,368 64,748,481.23 9,431 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO FEBRUARY 2014 FINANCE TOTAL VOLUME TOTAL VALUE TRANSACTIONS CAL 11,248,027 11,136,099.30 1,297 EBG 620,831 4,349,463.57 571 ETI 3,610,959 789,464.53 703 GCB 4,512,528 20,423,181.71 1,753 HFC 4,896,056 5,373,131.84 164 SCB 206,371 3,932,227.66 532 SCBPREF 1,800 936.00 3 SOGEGH 1,158,396 1,074,189.08 532 TBL 101,300 28,172.00 11 UTB 732,240 328,025.47 450 TOTALS 27,088,508 47,434,891.16 6,016 DISTRIBUTION TOTAL VOLUME TOTAL VALUE TRANSACTIONS GOIL 885,155 746,985.08 445 MLC 140,262 50,843.49 53 PBC 7,009,058 1,191,444.34 112 TOTAL 255,383 1,397,351.90 507 TOTALS 8,289,858 3,386,624.81 1,117

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE TRANSACTIONS CPC 70,644 1,412.88 44 FML 864,220 5,978,563.71 473 GGBL 26,275 159,703.34 64 TOTALS 961,139 6,139,679.93 581

ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 0 0.00 0 TRANSOL 0 0.00 0 TOTALS 0 0.00 0

INSURANCE TOTAL VOLUME TOTAL VALUE TRANSACTIONS EGL 1,552,189 3,504,410.94 600 SIC 2,298,001 938,020.37 505 TOTALS 3,850,190 4,442,431.31 1,105

MANUFACTURING TOTAL VOLUME TOTAL VALUE TRANSACTIONS ACI 0 0.00 0 ALW 98,285 5,072.25 32 AYRTN 250,600 43,007.00 31 CMLT 4,620 739.20 9 PZC 147,249 97,269.54 95 SPL 66,023 2,076.79 29 UNIL 136,475 2,470,110.17 199 PKL 0 0.00 0 GWEB 0 0.00 0 SWL 0 0.00 0 TOTALS 703,252 2,618,274.95 395

MINING TOTAL VOLUME TOTAL VALUE TRANSACTIONS TLW 9,144 287,864.47 52 AGA 0 0.00 0 GSR 0 0.00 0 AADS 0 0.00 0 TOTALS 9,144 287,864.47 52

AGRICULTURE TOTAL VOLUME TOTAL VALUE TRANSACTIONS BOPP 138,267 438,484.60 164

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE TRANSACTIONS GLD 10 230.00 1

GSE Market Report - March 2014 5 Market Capitalization - End of Month(s) for 2012 and 2013 64.00

62.00

60.00

58.00

56.00

54.00 2014 52.00 2013

50.00

Market Capitalization (GH Billion) ¢ 48.00 July May June April March August January October February December November September Months

GSE Composite Index - 2012 and 2013 3.00

2.50

2.00

1.50

1.00 2014

Index (GH Values Billion) ¢ 2013 0.50

0.00 July May June April March August January October February December November September Months

GSE Market Report - March 2014 6 Volume Traded - End of Month(s) - 2012 and 2013 30

25

20

15

10 2014 2013

Volume Volume Traded (Million) 5

- July May June April March August January October February December November September Months

Value Traded - End of Month(s) - 2012 and 2013 35.00

30.00

25.00

20.00

2014 15.00 2013 10.00 Value TradedValue Million) ¢ (GH 5.00

0.00 July May June April March August January October February December November Months September

GSE Market Report - March 2014 7 MARKET CAPITALIZATION PER SECTOR - FEBRUARY 2014 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 18,489.50 10,641.25 DISTRIBUTION 894.19 1,023.57 FOOD AND BEVERAGE 2,365.62 2,153.40 ICT 114.00 3.76 INSURANCE 323.48 407.27 MANUFACTURING 889.48 1,299.62 MINING 1,564.71 43,038.43 AGRICULTURE 34.80 107.88 EXCHANGE TRADED FUNDS(ETF) 23.00 0.40 TOTALS 24,698.78 58,675.60

BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - FEBRUARY 2014 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CAL 0.98 548.26 537.3 EBG 7.15 293.23 2,096.58 ETI 0.23 15,963.02 3,671.49 GCB 4.09 265 1,083.85 HFC 1.2 296.8 356.16 SCB 19.97 115.51 2,306.68 SCB PREF 0.52 17.48 9.09 SOGEGH 1.00 333.89 333.89 TBL 0.25 200 50 UTB 0.43 456.31 196.21 TOTALS 18,489.50 10,641.25

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 0.81 252.22 204.3 MLC 0.35 50.1 17.53 PBC 0.16 480 76.8 TOTAL 6.48 111.87 724.94 TOTALS 894.19 1,023.57

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.02 2,038.07 40.76 FML 7.45 116.21 865.74 GGBL 5.9 211.34 1,246.90 TOTALS 2,365.62 2,153.40

ICT Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CLYD 0.04 34 1.36 TRANSOL 0.03 80 2.4 TOTALS 114.00 3.76

INSURANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million EGL 2.39 127.83 305.53 SIC 0.52 195.65 101.74 TOTALS 323.48 407.27

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACI 0.06 36.5 2.19 ALW 0.06 236.69 14.2 AYRTN 0.18 215 38.7 PZC 0.63 168 105.84 SPL 0.04 74.08 2.96 UNIL 18.09 62.5 1,130.63 PKL 0.06 33.34 2 GWEB 0.04 35 1.4 CMLT 0.16 6.54 1.05 SWL 0.03 21.83 0.65 TOTALS 889.48 1,299.62

MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million TLW 30.25 906.96 27,435.66 AGA 37 401.34 14,849.45 GSR 2.75 255.43 702.42 AADs 0.52 0.98 50.9 TOTALS 1,564.71 43,038.43

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 3.1 34.8 107.88

Exchange Traded Funds(ETF) Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GLD 23 0.4 9.2

GSE Market Report - March 2014 8 MARKET STATUS - CAPITALISATION, PRICE CHANGES, P/E RATIOS Company Issued Shares Market Capt. GH Shares Prices Shares Prices % Change in Div. EPS P/E Ratio (mil.) ¢ million as at GH¢; End Dec GH¢; End Share Price Yield % GH ¢ February 2014 2013 February 2014

Equities ACI 36.50 2.19 0.06 0.06 0.00 -0.0535 n.m. AGA 401.34 14,849.45 37.00 37.00 0.00 -0.3320 n.m. AADs in shares 0.98 50.90 0.52 0.52 0.00 ALW 236.69 14.20 0.05 0.06 20.00 0.00 -0.0118 n.m. AYRTN 215.00 38.70 0.17 0.18 5.88 0.00 0.0064 28 BOPP 34.80 107.88 3.21 3.10 -3.43 0.1668 19 CAL 548.26 537.30 0.97 0.98 1.03 3.57 0.1686 6 CLYD 34.00 1.36 0.04 0.04 0.00 0.00 0.0049 8 CMLT 6.54 1.05 0.16 0.16 0.00 0.00 0.0180 9 CPC 2,038.07 40.76 0.02 0.02 0.00 0.00 -0.0017 n.m. EBG 293.23 2,096.58 5.61 7.15 27.45 4.06 0.6501 11 EGL 127.83 305.53 1.88 2.39 27.13 0.00 0.4038 6 ETI 15,963.02 3,671.49 0.19 0.23 21.05 0.00 0.0410 6 FML 116.21 865.74 6.62 7.45 12.54 0.00 0.1839 41 GCB 265.00 1,083.85 4.85 4.09 -15.67 2.94 0.8265 5 GGBL 211.34 1,246.90 6.20 5.90 -4.84 0.00 0.0010 n.m. GOIL 252.22 204.30 0.89 0.81 -8.99 0.0570 14 GSR 255.43 702.42 2.75 2.75 0.00 0.00 -0.9381 n.m. GWEB 35.00 1.40 0.04 0.04 0.00 0.00 -0.0245 n.m. HFC 296.80 356.16 0.96 1.20 25.00 0.00 0.1129 11 MLC 50.10 17.53 0.38 0.35 -7.89 0.00 0.0360 10 PBC 480.00 76.80 0.17 0.16 -5.88 5.50 0.0298 5 PKL 33.34 2.00 0.06 0.06 0.00 0.00 -0.0101 n.m. PZC 168.00 105.84 0.79 0.63 -20.25 3.59 -0.0010 n.m. SCB 115.51 2,306.68 14.94 19.97 33.67 2.35 1.6694 12 SIC 195.65 101.74 0.39 0.52 33.33 0.00 0.0231 22 SOGEGH 333.89 333.89 0.75 1.00 33.33 4.00 0.1034 10 SPL 74.08 2.96 0.04 0.04 0.00 0.00 0.0056 7 SWL 21.83 0.65 0.03 0.03 0.00 0.00 0.0025 12 TBL 200.00 50.00 0.35 0.25 -28.57 0.00 0.0459 5 TLW 906.96 27,435.66 34.98 30.25 -13.52 0.00 1.3148 23 TOTAL 111.87 724.94 5.06 6.48 28.06 10.65 0.3605 18 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 0.0019 16 UNIL 62.50 1,130.63 18.31 18.09 -1.20 1.42 0.3892 46 UTB 456.31 196.21 0.45 0.43 -4.44 4.65 0.0465 9 Subtotal 58,666.09 Preference Shares SCB PREF 17.48 9.09 0.52 0.52 0.00 Exchange Traded Funds(ETF) GLD 0.40 9.20 26.13 23.00 -11.98 Total 58,684.40

GSE Market Report - March 2014 9 PRIMARY ISSUES AND CORPORATE ACTIONS A. Equities No. of Shares Issue Price No. of Shares Sold Amount Raised Company Description Offer period Offered GH¢ (millions) (GH¢ million) (million) Super Paper Products Co. Ltd. IPO Dec.1991 - Feb. 1992 0.02 8.00 4.20 0.06 Mechanical Llyod Co. Ltd. IPO Dec. 1993 - Feb. 1994 0.01 11.00 9.36 0.05 Ashanti Goldfields Co. Ltd. IPO March - April, 1994 1.87 2.80 3.20 5.98 Ashanti Goldfields Co. Ltd. IPO May-June, 1994 1.87 1.20 0.15 0.28 HFC Bank Ltd. Placement January 1995 0.01 11.35 13.10 0.13 Pioneer Aluminium Factory Ltd. IPO May - July 1995 0.01 6.40 6.40 0.08 SSB Bank Limited IPO Sept. - Oct., 1995 0.08 21.36 15.03 1.20 Brewery Ltd. Rights Issue June - August, 1992 0.01 12.00 12.00 0.14 Aluworks Ltd. Placement Sept. - Nov., 1996 0.14 5.00 2.45 0.33 UTC Estates Ghana Ltd. OFS Oct. 1994 - March 1995 0.01 24.00 24.00 0.24 PZ Cussons Ghana Ltd. Rights Issue Sept. - Oct. 1995 0.04 24.00 24.00 0.96 Ghana Commercial Bank IPO Feb. - March, 1996 0.05 49.50 68.44 3.42 Guinness Ghana Ltd Rights Issue May - June, 1996 0.02 23.50 23.50 0.49 Co. Ltd. Rights Issue Oct. - Nov., 1997 0.01 13.36 13.36 0.20 HFC Bank Ltd. Rights Issue Oct. - Nov., 1998 0.06 9.50 9.50 0.57 Accra Brewery Ltd. Rights Issue November, 1998 0.05 19.89 19.89 0.99 Metalloplastica Ghana Ltd. Rights Issue Jan.18 - Feb 19, 1999 0.02 12.00 12.00 0.22 Ltd. IPO August 9 - 20, 1999 0.04 1.75 1.75 0.07 Ltd. IPO Dec. 1999 - March 2000 0.05 384.00 142.37 5.92 Accra Brewery Ltd. Rights Issue 0.06 23.86 33.26 2.01 Sam Woode Limited IPO March 1 - April 5, 2002 0.03 8.00 0.20 Trust Bank Ltd. (The Gambia) Introduction 0.41 30.00 - 12.30 Cocoa Processing Co. Ltd. IPO Sept - Nov. 2002 0.06 215.37 215.37 13.46 CFAO Ghana Ltd. Rights Issue Jan. - Feb. 2003 0.01 168.00 168.00 1.01 Ghana Breweries Ltd. Rights Issue 4 - 27 June 2003 0.05 230.34 230.34 10.60 Accra Brewery Ltd. Rights Issue Jan 26 - Feb 16, 2004 0.05 83.15 83.15 4.16 Ltd. IPO March 19 - April 16, 2004 0.05 10.60 16.64 0.83 Benso Oil Palm Plantation Ltd. IPO June 16 - July 23, 2004 0.50 13.92 13.92 6.96 Mechanical Lloyd Co. Ltd. Rights Issue June 17 - July 16, 2004 0.25 10.02 10.02 2.50 Cal Bank Ltd IPO Sept 2 - Oct 1, 2004 0.20 27.00 31.50 6.30 Ltd. (SPL) IPO Oct 29 - Nov 26, 2004 0.05 30.00 74.08 3.70 Limited (GWEB) IPO June 7 - Aug 8, 2005 0.06 17.00 9.97 0.55 Ghana Ltd (EBG) IPO May 15-June 2, 2006 1.10 8.28 8.28 9.11 EcoBank Transnational Inc. (ETI) Introduction 2.24 611.00 1,368.64 Ayrtn Drug Manufacturing Ltd IPO June 7 -July 7, 2006 0.09 43.20 43.20 3.67 Transaction Solutions Ltd IPO Oct 31 - Nov 30, 2006 0.10 20.00 22.66 2.27 Ghana Commercial Bank Rights Issue May 15 - June 15, 2007 0.60 128.68 100.00 0.01 Ltd IPO Sept 4 - Oct 5, 2007 0.20 102.78 102.78 20.56 SIC Insurance Company Ltd IPO Dec 3 - Dec 21, 2007 0.30 97.82 117.39 35.22 Golden Star Resources Ltd IPO Dec 5, 2007 - Jan 18, 2008 3.00 3.17 1.88 5.64 UT Bank Ltd IPO Sept. 22 - Oct. 17, 2008 0.30 90.29 91.93 27.58 Cal Bank Ltd Rights Issue Sept 28 - Oct 23, 2009 0.20 150.00 69.55 13.91 Ltd. Rights Issue Oct 2 - Oct 20 2009 2.78 28.60 28.60 79.50 SSB Bank Limited Rights Issue Oct 19 - Nov 06, 2009 0.40 57.50 48.89 19.56 Standard Chartered Bank Gh. Ltd. Rights Issue Nov 10 - Dec 1 2009 29.00 1.66 1.66 48.00 Aluworks Limited Rights Issue Mar 15 - Apr 16 2010 0.40 75.00 50.37 20.15 Tullow Oil Plc IPO Jun 13 - Jul 4, 2011 31.00 4.00 3.53 109.48 Ltd. Rights Issue Oct 17 to Nov 14th 2011 1.50 46.67 46.67 70.00 Cal Bank Ltd Placement April, 2012 0.25 300.00 300.00 75.00 UT Bank Ltd Placement October 1, 2012 0.03 166.67 154.27 46.28 Standard Chartered Bank Gh. Ltd. Bonus Shares November 1, 2012 N/A 96.26 N/A N/A HFC Bank Ltd. Placement November 1, 2012 0.41*** 121.95 112.42 50.00 NewGold ETF Secondary Listing August 2012 - 0.40 - - Aluworks Ltd. Rights Issue Feb 25 to Mar 22, 2013 0.05 600.00 144.64 7.23 Ltd. Bonus Shares August 1, 2013 N/A 97.89** N/A N/A Ghana Oil company Ltd Bonus Shares December 9, 2013 N/A 42.04** N/A N/A 2,097.72 *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - March 2014 10 PRIMARY ISSUES B. Bonds Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised GSE Commemorative Registered 5yrs matured on Government of Ghana Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million Stock, 1995 November 11, 1995 US$2m as Series A of a HFC Series A 7% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. Sept. - Oct., 1996 US$35 million aggregate US$100 US $2.55m in 2001 (HFC-A 7s01) November 2001 offering US$2m as Series B of a HFC Series B 7% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. Sept. - Oct., 1997 US$35 million aggregate US$100 US $2.25m in 2002 (HFC-B7s02) November 2002 offering US$2m as Series C of a HFC Series C 8.25% Coupon Bond 5 yrs, to mature on 1st HFC Bank Ltd. November, 1998 US$35 million aggregate US$100 US $2.00m due in 2003 (HFC-C8.25s03) November 2003 offering US$2m as Series D of a HFC Series D 8.25% Coupon Bond 5 yrs, to mature on 1st HFC Bank Ltd. July 29 - Aug. 19, 1999 US$35 million aggregate US$100 US $2.70m due in 2004 (HFC-D8.25s04) September 2004 offering US$1.5m as Series E of a HFC Series E 8% Coupon Bond due 5 yrs, to mature on 1st HFC Bank Ltd. October 23 - 30, 2000 US$35 million aggregate US$100 US $1.51m in 2005 (HFC-E8s05) November 2005 offering £1.2m as Series F of a HFC Series F 6% Coupon Bond due July 16 - August 13, 5 yrs, to mature on HFC Bank Ltd. US$35 million aggregate £100 £1.20m in 2006 (HFC-F6s06) 2001 13th August 2006 offering US$3m as Series G of a HFC Series G 8% Coupon Bond due Dec 15, 2001 - Jan. 1, 5 yrs, to mature on HFC Bank Ltd. US$35 million aggregate US$100 US $3.03m in 2006 (HFC-G6s06) 2002 November, 2006 offering US$3m as Series H of a HFC Series H 5% Coupon Bond due 5 yrs, to mature on HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million aggregate US$100 US $2.5m in 2009 (HFC-G6s09) December 2009 offering US$5m as Series J of a HFC Series J 5% Coupon Bond due 5 yrs, to mature on HFC Bank Ltd. Feb 5- Feb 28, 2007 US$35 million aggregate US$100 US $3.9m in 2012 (HFC-G6s12) March 7, 2012 offering Standard Chartered GH¢ 35 million Medium 5yrs, to mature SCB Medium Term Note 01 Dec 01 2008 GH¢35 million Bank Ltd Term Notes December 2008

Euro Bond Government of Ghana US$ August 7, 2023 US $ 1b

SUMMARY OF BOND TRADES - JANUARY TO MARCH 2014

Value of Listed Government Bonds Month/End-Date Traded GH¢ million January /31-2014 238.56 February /28-2014 734.84 March /31-2014 337.37 Total 1,310.77

GSE Market Report - March 2014 11