21-NOV-2016

Weekly report - Week 47 Top Gainers & Losers Week Close w-o-w % Shares Traded Market Summary Gainers KenolKobil Ltd 15.7 25.6% 6,665,100 The equities market was on a downward trend with NSE 25, NASI and NSE 20 Mumias Sugar Co. Ltd 1.4 17.4% 3,151,600 declining by 1.2%, 1.0% and 0.8%, respectively, driven by declines in large cap stocks Uchumi Supermarket Ltd 3.4 11.5% 175,200 such as Equity Group, DTBK and Co-op Bank, which lost 5.5%, 5.2% and 1.8%, Standard Group Ltd 22.0 6.0% 1,200 TPS Eastern Ltd 19.5 5.4% 5,700 respectively. Housing Finance Group, NIC Bank, I&M Bank and Stanbic Bank Losers released Q3’2016 results recording core EPS growth of 7.8%, (6.4%), 16.5% and E.A.Portland Cement Co. Ltd 20.0 -13.0% 2,800 24.1%, respectively, while and Securities Exchange issued profit Athi River Mining 25.8 -10.4% 135,500 warnings for FY’2016 NIC Bank Ltd 28.5 -8.8% 45,900 Currency Nairobi Securities Exchange Ltd 14.1 -8.8% 1,256,200 Home Afrika Ltd 1.1 -8.3% 1,615,700 The Kenyan shilling weakened against the dollar due to increased demand from Actively Traded multinational companies for dollars to make their dividend payments Safaricom Ltd 19.9 -0.5% 54,193,100 On a YTD basis, the shilling has appreciated by 0.4% against the dollar. In recent KenolKobil Ltd 15.7 25.6% 54,193,100 weeks, we have seen the months of import cover decline below the 1-year average of The Co-operative Bank of Kenya Ltd 13.9 -1.8% 6,665,100 4.9 months, and is currently at 4.76 months, down from 4.80 months the previous KenGen Co. Ltd 6.1 -1.6% 6,032,100 week. Just 1-month ago, on 6th October 2016, there was 5.2 months of import cover. KCB Group Ltd 30.5 -0.8% 5,371,800 Market Perfomance Previous Today %Change Forex Shares traded 110,140,200 100,855,000 -8.43% Previous Today %Change Equity Turnover (KES) 2,631,293,575 1,899,840,112 -27.80% US D/KE S 101.74 101.89 -0.151% Market Cap (KES Bill) 2,029 1,991 -1.87% STG Pound/KES 128.40 126.70 1.341% Market Cap (USD Mil) 19.9 18.7 -6.34% E uro 110.77 108.09 2.484%

JP Y (100) 95.57 90.23 5.918% NSE-20 Share Index 3,264 3,266 0.05% KE S /US H 34.77 35.57 -2.249% NSE All Share Index 140 137 -1.86% KE S /T S H 21.45 21.39 0.285% NSE 25 Share Index 3,692 3,648 -1.20% S A RAND 7.08 7.21 1.728% 91-day Treasury Bills 8.23 8.326 1.17% 182-day Treasury Bills 10.3 10.37 0.68% 364-day Treasury Bills 10.717 10.825 1.01%

Source: KCB ANALYSIS & COMPANY REPORTS 1 Source: KCB ANALYSIS & COMPANY REPORTS Average T otal Forward Return Return P rice SECURITY Prices as at S hares Mkt Cap. EPS Earnings Forward P /E Dividend E arnings on on Book to 24/10/2016 Issued Kshs Mn. Total Earnings EPS (annualized) Growth DPS P /E P /E Share Value Y ield Y ield E quity Asset V alue Book S T AT US AGRICULTURAL FY 2015 Eaagads Ltd Ord 1.25 AIMS 17.90 32,157,000 5,488.00 527,686,999 16.41 19.28 17% 0.00 1.09 0.93 21.03 0.00% 91.67% 76.26% 69.33% 21.52 0.83 FY 2015 Kakuzi Ltd Ord.5.00 280.00 19,599,999 625.92 527,687,000 26.92 31.63 17% 5.00 10.40 8.85 328.98 1.79% 9.62% 15.32% 11.58% 175.71 1.59 FY 2015 Kapchorua Tea Co. Ltd Ord Ord 5.00 AIMS 80.00 7,824,000 954.00 234,322,000 29.95 37.70 26% 5.00 2.67 2.12 100.72 6.25% 37.44% 16.41% 11.82% 182.47 0.44 FY 2015 The Limuru Tea Co. Ltd Ord 20.00 AIMS 530.00 1,800,000 4,150.61 3,044,000 1.69 1.94 15% 1.00 313.40 272.57 609.40 1.27% 0.32% 1.20% 0.89% 141.26 3.75 FY 2015 Sasini Ltd Ord 1.00 18.20 228,055,500 2,994.66 1,101,212,000 4.83 6.58 36% 1.25 3.77 2.77 24.79 1.75% 26.53% 8.15% 6.86% 59.23 0.31 FY 2015 W illiamson Tea Kenya Ltd Ord 5.00 AIMS 171.00 17,512,640 0.00 738,209,000 42.15 45.68 8% 40.00 4.06 3.74 185.31 23.39% 24.65% 10.59% 7.95% 397.99 0.43 306,949,139 14,213 3,132,160,999 S ector P E 4.54 AUTOMOBILES & ACCESSORIES FY 2015 Car & General (K) Ltd Ord 5.00 27.00 40,103,308 1,082.79 127,147,000 3.17 3.74 18% 0.00 8.52 7.22 31.85 0.00% 11.74% 4.21% 1.41% 75.33 0.36 FY 2015 Marshalls (E.A.) Ltd Ord 5.00 9.00 14,393,106 129.54 (694,000) -0.05 -0.03 28% 0.00 -186.65 -259.08 -6.48 0.00% -0.54% -0.25% -0.11% 19.43 0.46 FY 2015 Sameer Africa Ltd Ord 5.00 2.80 278,342,393 779.36 (16,552,700) -0.06 -0.05 15% 0.00 -47.08 -55.67 -2.37 0.00% -2.12% -0.65% -0.43% 9.11 0.31 332,838,807 1,992 109,900,300 S ector P E 18.12 BANKING HY 2016 Barclays Bank of Kenya Ltd Ord 0.50 8.95 5,431,536,000 48,612.25 4,786,928,000 0.88 0.81 -8% 1.00 10.16 11.05 8.23 11.17% 9.85% 13% 2% 6.92 1.29 HY 2016 Diamond Trust Bank Kenya Ltd Ord 4.00 129.00 266,321,115 34,355.42 6,754,916,000 25.36 16.52 -35% 2.50 5.09 7.81 84.03 1.94% 19.66% 17% 2% 153.59 0.84

HY 2016 Ltd Ord 0.50 30.25 3,773,674,802 114,153.66 20,159,870,000 5.34 1.17 -78% 2.00 5.66 25.94 6.60 6.61% 17.66% 27% 5% 19.98 1.51 HY 2016 Housing Finance Group Ltd Ord 5.00 14.25 352,416,667 5,021.94 1,225,106,000 3.48 12.49 259% 1.30 4.10 1.14 51.18 9.12% 24.40% 11% 2% 31.17 0.46 HY 2016 I&M Holdings Ltd Ord 1.00 95.00 392,362,039 37,274.39 6,966,528,000 17.76 11.21 -37% 2.90 5.35 8.47 60.00 3.05% 18.69% 24% 4% 74.33 1.28 HY 2016 KCB Group Ltd Ord 1.00 30.50 3,066,056,647 93,514.73 21,000,506,000 6.85 1.44 -79% 2.00 4.45 21.25 6.39 6.56% 22.46% 23% 4% 29.67 1.03 HY 2016 Ltd Ord 5.00 7.80 308,000,000 2,402.40 622,588,000 2.02 14.29 607% 0.00 3.86 0.55 55.12 0.00% 25.92% 5% 1% 36.90 0.21 HY 2016 NIC Bank Ltd Ord 5.00 28.50 639,945,603 18,238.45 4,610,204,000 7.20 6.88 -5% 1.25 3.96 4.15 27.20 4.39% 25.28% 16% 3% 44.21 0.64 HY 2016 ord.5.00 69.00 395,321,638 27,277.19 10,452,628,000 26.44 11.13 -58% 6.15 2.61 6.20 29.05 8.91% 38.32% 24% 4% 110.24 0.63 HY 2016 Standard Chartered Bank Kenya Ltd Ord 5.00 191.00 343,510,571 65,610.52 14,820,168,000 43.14 12.81 -70% 17.00 4.43 14.91 56.71 8.90% 22.59% 26% 4% 168.55 1.13 14,969,145,082 446,461 91,399,442,000 S ector P E 4.88 COMMERCIAL AND SERVICES HY 2016 Atlas African Industries Ltd GEMS 1.05 1,497,370,885 1,572.24 (31,106,000) (0.0) (0.0) 13% 0.00 -50.54 -44.92 1.18 0.00% -1.98% -34.9% -7.4% 0.06 17.65 FY 2015 Express Kenya Ltd Ord 5.00 AIMS 3.25 35,403,790 115.06 (26,225,000,000) (740.7) (621.40) -16% 0.00 0.00 -0.01 2.73 0.00% -22792.00% -73.4% -16.6% -1008.88 0.00 FY 2015 Hutchings Biemer Ltd Ord 5.00 20.25 360,000 7.29 71,726,000 199.2 222.22 12% 0.00 0.10 0.09 22.59 0.00% 983.90% 20.4% 10.6% 974.61 0.02 FY 2015 Kenya Airways Ltd Ord 5.00 6.35 1,496,469,035 9,502.58 4,423,000 0.0 0.00 13% 0.00 2148.45 1,900.52 7.18 0.00% 0.05% 8.9% 2.8% 0.03 190.65 HY 2016 Longhorn Publishers Ltd Ord 1.00 AIMS 4.95 369,940,476 1,831.21 3,178,000,000 8.6 7.84 -9% 0.35 0.58 0.63 4.52 7.07% 173.55% 32.6% 32.1% 26.33 0.19 FY 2015 Nairobi Business Ventures Ltd Ord. 1.00GEMS 7.50 23,600,000 177.00 289,603,000 12.3 10.17 -17% 0.00 0.61 0.74 6.22 2.99% 163.62% 19.2% 7.5% 63.98 0.12 HY 2016 Nation Media Group Ltd Ord. 2.50 95.00 188,542,286 17,911.52 (57,627,000) (0.3) 0.25 -183% 10.00 -310.82 373.16 -79.13 2.99% -0.32% -0.6% -4.3% 50.76 1.87 FY 2015 Standard Group Ltd Ord 5.00 22.00 81,731,808 1,798.10 (3,421,360,000) (41.9) (36.71) 12% 0.00 -0.53 -0.60 19.29 2.99% -190.28% -462.7% -54.3% 9.05 2.43 HY 2016 TPS Eastern Africa Ltd Ord 1.00 19.50 182,174,108 3,552.40 249,698,000 1.4 1.59 16% 1.35 14.23 12.25 22.65 2.99% 7.03% 2.9% 1.8% 47.60 0.41 8,888,466,911 105,189 (25,941,643,000) S ector P E -4.05 CONSTRUCTION & ALLIED FY 2015 Athi River Mining Ord 1.00 25.75 959,940,200 24,718.46 (2,890,841,000) (3.01) (0.20) -93% 0.00 -8.55 -126.76 1.74 0.00% -11.70% -0.17% -0.01% 1.76 14.66 HY 2016 Bamburi Cement Ltd Ord 5.00 160.00 362,959,275 58,073.48 5,798,000,000 15.97 13.78 -14% 0.00 10.02 11.61 137.98 0.00% 9.98% 19.55% 17.47% 81.70 1.96 FY 2015 Crown Paints Kenya Ltd Ord 5.00 42.00 71,181,000 2,989.60 30,748,000 0.43 0.44 1% 0.00 97.23 96.44 42.34 0.00% 1.03% 2.27% 0.68% 19.00 2.21 HY 2016 E.A.Cables Ltd Ord 0.50 6.00 253,125,000 1,518.75 (62,930,000) (0.25) (0.22) 11% 0.00 -24.13 -27.12 5.34 0.00% -4.14% -0.79% -0.79% 9.66 0.62 FY 2015 E.A.Portland Cement Co. Ltd Ord 5.00 20.00 90,000,000 1,800.00 (821,486,000) (9.13) (0.31) -97% 5.00 -2.19 -64.29 0.68 25.00% -45.64% -5.23% -5.23% 74.50 0.27 1,737,205,475 89,100 2,053,491,000 S ector P E 43.39 ENERGY & PETROLEUM FY 2015 KenGen Co. Ltd Ord. 2.50 6.10 5,371,800 38,087.63 2,822,000,000 525.34 558.5 6% 0.00 0.01 0.01 6.48 0.00% 8612.07% 1.99% 0.82% 26358.76 0.00 HY 2016 KenolKobil Ltd Ord 0.05 15.70 6,665,100 23,106.65 2,379,874,000 357.07 375.1 5% 0.00 0.04 0.04 16.49 0.00% 2274.30% 25.72% 12.72% 1388.23 0.01 FY 2015 Kenya Power & Lighting Co Ltd Ord 2.50 8.95 730,800 17,465.63 7,431,957,000 10169.62 10673.2 5% 0.00 0.00 0.00 9.39 0.00% 113627.02% 12.09% 3.55% 84084.60 0.00 HY 2016 Total Kenya Ltd Ord 5.00 17.80 31,600 175,028,706.00 1,435,800,000 45436.71 50632.9 11% 5.00 0.00 0.00 19.84 28.09% 255262.41% 8.05% 4.12% 564332.22 0.00 FY 2015 Umeme Ltd Ord 0.50 15.50 0 1,623,878,005.00 3,207,787,879 #DIV/0! #DIV/0! #DIV/0! 5.00 #DIV/0! #DIV/0! #DIV/0! 32.26% #DIV/0! 21.20% 5.96% #DIV/0! #DIV/0! 12,799,300 1,798,985,371 17,277,418,879 S ector P E 104123.50

HY 2016 Britam Holdings Ltd Ord 0.10 10.05 1,938,415,838 19,481.08 734,776,000 0.38 0.41 9% 0.30 26.51 24.35 10.94 2.99% 3.77% 4% 2% 8.74 1.15 HY 2016 CIC Insurance Group Ltd Ord.1.00 4.00 2,615,538,528 10,462.15 734,776,000 0.28 0.31 9% 0.10 14.24 13.08 4.36 2.50% 7.02% 4% 1% 7.24 0.55 HY 2016 Jubilee Holdings Ltd Ord 5.00 480.00 65,884,500 31,624.56 3,093,000,000 46.95 60.71 29% 8.50 10.22 7.91 620.76 1.77% 9.78% 15% 4% 309.33 1.55 HY 2016 Kenya Re Insurance Corporation Ltd Ord 2.50 21.75 699,949,068 15,223.89 3,128,176,000 4.47 5.71 28% 0.75 4.87 3.81 27.81 3.45% 20.55% 13% 8% 33.23 0.65 FY 2015 Liberty Kenya Holdings Ltd Ord.1.00 13.50 535,707,499 7,232.05 1,150,000,000 2.15 1.87 -13% 0.00 6.29 7.23 11.74 0.00% 15.90% 19% 9% 11.50 1.17 HY 2016 Kenya Plc Ord 5.00 32.75 144,000,000 4,716.00 (256,738,000) -1.78 0.35 -119% 0.00 -18.37 94.32 -6.38 0.00% -5.44% -7% -1% 25.51 1.28 5,999,495,433 88,740 8,583,990,000 S ector P E 10.34 INVESTMENT

FY 2015 Centum Investment Co Ltd Ord 0.50 40.00 665,441,775 26,617.67 (390,091,001) -0.59 0.5 18% 1.00 -68.23 83.18 -32.81 2.50% -1.47% 0.90% -0.50% 65.01 0.62 FY 2015 Home Afrika Ltd Ord 1.00 1.10 405,255,320 445.78 (390,091,000) -0.96 0.8 18% 0.00 -1.14 1.39 -0.90 0.00% -87.51% -495.55% -10.10% -0.19 -5.66 FY 2015 Kurwitu Ventures Ltd Ord 100.00 1500.00 102,272 153.41 (15,433,044) -150.90 -117.3 22% 0.00 -9.94 -12.78 1166.33 0.00% -10.06% -16.90% -11.05% 892.81 1.68 FY 2015 Olympia Capital Holdings Ltd Ord 5.00 3.00 40,000,000 120.00 14,834,000 0.37 0.4 4% 0.00 8.09 7.74 3.13 0.00% 12.36% 1.29% 1.07% 28.68 0.10 FY 2015 Trans-Century Ltd Ord 0.50 AIMS 6.90 281,426,593 1,941.84 (2,422,574,000) -8.61 -7.5 13% 0.00 -0.80 -0.92 5.98 0.00% -124.76% -68.32% -11.10% 12.60 0.55 1,392,225,960 29,279 - 3,203,355,045 S ector P E -9.14 INVESTMENT SERVICES

FY 2016 Nairobi Securities Exchange Ltd Ord 4.00 14.05 259,500,000 3,645.98 305,592,000 1.18 0.75 -36% 0.49 11.93 18.70 8.97 3.49% 8.38% 17% 15.9% 6.84 2.05 259,500,000 3,646 305,592,000 S ector P E 11.93 MANUFACTURING & ALLIED

HY 2016 A.Baumann & Co Ltd Ord 5.00 AIMS 11.10 3,840,066 42.62 136,232,000 35.48 36.46 3% 0.00 0.31 0.30 11.41 0.00% 319.61% 8% 6% 454.54 0.02 FY 2015 B.O.C Kenya Ltd Ord 5.00 85.00 19,525,446 1,659.66 4,980,000,000 255.05 261.20 2% 5.20 0.33 0.33 87.05 6.12% 300.06% 168% 27% 152.11 0.56 FY 2015 British American Tobacco Kenya Ltd Ord 10.00 830.00 100,000,000 83,000.00 393,863,000 3.94 4.10 4% 49.50 210.73 202.44 864.01 5.96% 0.47% 16% 13% 24.77 33.51 FY 2016 Carbacid Investments Ltd Ord 1.00 14.00 254,851,988 3,567.93 10,270,000,000 40.30 47.09 17% 0.70 0.35 0.30 16.36 5.00% 287.84% 67.6% 15.6% 59.59 0.23 FY 2015 East African Breweries Ltd Ord 2.00 257.00 790,774,356 203,229.01 (77,710,000) -0.10 (0.09) 10% 7.50 -2615.22 -2,903.27 231.50 2.92% -0.04% -25.7% -13% 0.38 672.11 HY 2016 Eveready East Africa Ltd Ord.1.00 2.65 210,000,000 556.50 161,056,000 0.77 0.81 6% 0.00 3.46 3.27 2.80 0.00% 28.94% 20% 23% 3.91 0.68 HY 2016 FTG Holdings Ltd Ord 0.825 5.40 161,866,804 874.08 2,712,696 0.02 0.02 11% 0.00 322.22 291.36 5.97 0.00% 0.31% 37% 4% 0.05 118.28 FY 2015 Kenya Orchards Ltd Ord 5.00 AIMS 95.00 12,868,124 1,222.47 (4,773,600,000) -370.96 (310.85) 16% 0.00 -0.26 -0.31 79.60 0.00% -390.49% -71% -23% 525.59 0.18 HY 2016 Mumias Sugar Co. Ltd Ord 2.00 1.35 1,530,000,000 2,065.50 654,378,000 0.43 0.46 7% 0.00 3.16 2.95 1.44 0.00% 31.68% 19% 7% 2.31 0.59 3,083,726,784 296,218 11,746,931,696 S ector P E 25.22 TELECOMMUNICATION & TECHNOLOGY Safaricom Ltd Ord 0.05 19.90 40,065,428,000 797,302 38,100,000,000 0.53 0.99 86% 0.76 37.55 20.18 37.02 3.82% 2.66% 32.64% 23.93% 2.91 6.83 40,065,428,000 797,302 38,100,000,000 S ector P E 20.93

NB: Sector P/E do not include negative earnings 77,047,780,891.11 1,800,857,510.02 143,563,928,828.79 143,563.93 M arket P E 12,570.67 Data source: NSE/company filings/kcbc DIS CLAIMER: Views expressed in this document are solely those of our2 Research Department and are subject to change without notice. This report is prepared for general information only and as such, the specific needs, investment objectives or financial situations of any particular user have not been taken into consideration. Utmost care has been taken in the preparation of this report. However, KCBCapital Ltd does not warrant accuracy, adequacy or completeness of this information and expressly disclaims liability for errors or omissions in this information. All facts and figures used here are from sources deemed reliable and believed to be accurate. They have been prepared from data available as at the date of preparation and may have since changed. Past performance does not guarantee future results. Thematic Stories

Mauritius firms splurge Sh5bn on Kenyan companies in one year The rush to Kenya by Mauritian firms is partly spurred by a double-taxation agreement signed two years ago. Investment analysts say Mauritius firms are driven by the need for geographic diversification and the desire to tap into Kenya’s economic growth. Kenyan investors have also registered firms in Mauritius in an effort to enjoy the tax benefits in some cases eliciting calls for investigations of the double taxation agreements. Mauritian firms have injected more than Sh5 billion into the economy through acquisitions and investments in Kenyan companies, indicating tightening economic links between Nairobi and the Indian Ocean Island country. Treasury data indicate that lending to businesses and homes grew just 4.8 per cent in the year to September, down from 20.6 per cent in a similar period last year. The deep contraction in credit in the September data followed a cap on commercial lending rates imposed by the government in the same month, a move that is expected to further shrink credit levels. The 4.8 per cent credit increase is below what the says is ideal loan growth of 12 per cent to 15 per cent. Banks lent Sh103 billion less to the private sector this year than in 2015, prompting the Treasury to cut next year’s growth forecast. The credit growth is slower than that recorded in 2007/2008 tumultuous election period, which recorded a low of 7.5 per cent. (Business Daily) Listed firm Britam Holdings Limited is considering cross-listing its shares in neighboring countries to give investors in the region a chance to buy into the company. Britam, which is marking its 50th anniversary this year, has stepped up the expansion plans to consolidate recently acquired businesses new industry regulations will have an impact on how insurance companies are run, with more focus being on risk management. Under the risk- based regulation, insurance companies will no longer have a uniform capital level but each now has a separate capitalization based on risk insured. (Business Daily) Treasury sets up team to midwife phase-out of four financial watchdogs.The Treasury has inched closer to creating a single regulatory agency for the Kenyan financial services sector with the establishment of a steering committee to guide the process. The rolling out of a unified financial industry watchdog was recommended in the report of the Presidential Taskforce on Parastatal Reforms in October 2013.The new regulator, representing one of the most radical reforms in the financial sector since independence, will be known as the Financial Services Authority (FSA). (Business Daily) Kenya Airways adds cargo bays at JKIA facility.Kenya Airways has added six cargo docking bays at its Jomo Kenyatta International Airport (JKIA) warehouse in an attempt to boost its business which has experienced a dip in recent months. The national carrier, whose international code is KQ, says the new bays will shorten the delivery journey for import goods, reduce congestion and optimize resource utilization within its cargo facility .KQ has over the past five years been delivering cargo through a single exit channel, resulting in inefficiencies and underutilization of the warehouse which moves up to 150 tones in goods daily. (Business Daily)

3 CORPORATE ACTIONS Security Corporate action Closure Payment Amount, Ksh Announced

CARB Final dividend 18-Nov-16 To be announced 0.70 28-Oct-16 KPLC Final dividend 30-Nov-16 31-Jan-17 0.30 28-Oct-16 UNGA Final dividend 1-Dec-16 11-Jan-17 1.00 30-Sep-16 UMME Interim dividend 2-Dec-16 19-Dec-16 Ush 11.00 5-Sep-16

Disclaimer This report has been prepared by KCB Capital Limited, a subsidiary of KCB Group. KCB Bank, its subsidiaries, branches and affiliates are referred to herein as KCB Group. This report is for distribution only under such circumstances as may be permitted by applicable law. Nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is published solely for information purposes, it does not constitute an advertisement and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning KCB Group, its subsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. KCB Group does not undertake that investors will obtain profits, nor will it share with investors any investment profits nor accept any liability for any investment losses. Investments involve risks and investors should exercise prudence in making their investment decisions. The report should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of KCB Group as a result of using different assumptions and criteria. Research will initiate, update and cease coverage solely at the discretion of KCB Group Research Management. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. KCB Group is under no obligation to update or keep current the information contained herein. KCB Group relies on information barriers to control the flow of information contained in one or more areas within KCB Group, into other areas, units, groups or affiliates of KCB. The compensation of the analyst who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of KCB Group as a whole, of which investment banking, sales and trading are a part. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither KCB Group nor any of its affiliates, nor any of KCB' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report.

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