Market Report

November 2016

MARKET HIGHLIGHTS

GSE STOCK INDICES/CAPITALIZATION NOV 2016 YTD CHANGE NOV 2015 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 1,575.71 -21.01% 1,974.02 -12.69% GSE FINANCIAL STOCK INDEX (GSE-FSI) 1,397.86 -27.57% 1,909.15 -14.91% MARKET CAPITALIZATION (GH¢ M) 50,917.09 -10.85% 57,177.06 -11.15% DOMESTIC CAPITALIZATION (GH¢ M) 9,084.99 -18.78% 1 0,981.29 -6.10%

MARKET TURNOVER - EQUITIES NOV 2016 NOV 2015 VOLUME TRADED 8,530,830 19,121,174 VALUE TRADED (GH¢) 13,779,065.36 24,162,042.60 NUMBER OF TRANSACTIONS 1,784 2,220 TRADING DAYS 22 21 NUMBER OF TRADED SYMBOLS 33 29

MARKET DAILY AVERAGES - EQUITIES NOV 2016 NOV 2015 AVERAGE VOLUME TRADED 387,765 910,532 AVERAGE VALUE TRADED (GH¢) 626,321.15 1,150,573.46 AVERAGE NUMBER OF TRANSACTIONS 81 106

MARKET TURNOVER - EQUITIES JAN TO NOV 2016 JAN TO NOV 2015 VOLUME TRADED 123,776,938 190,394,726 VALUE TRADED (GH¢) 233,285,598.39 209,787,008.46 NUMBER OF TRANSACTIONS 19,385 24,887 TRADING DAYS 230 228 NUMBER OF TRADED SYMBOLS 43 40

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS (NOVEMBER 2016) 2016 2015 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 789.79 279.15

LISTINGS NOV 2016 NOV 2015 LISTED COMPANIES 39 38 LISTED EQUITIES ORDINARY SHARES 35 35 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 FOUR (4) EQUITIES ON GHANA ALTERNATIVE MARKET (GAX) 4 3

DELISTINGS-EQUITIES NOV 2016, NOV 2015) 0 0

NUMBER OF LISTED NOTES & BONDS ON GFIM NOV 2016 NOV 2015 CORPORATE 20 14 1 YEAR GOG 21 2 YEAR GOG 56 93 3 YEAR GOG 12 10 5 YEAR GOG 8 5 7 YEAR GOG 2 2 EURO BOND (US$) 4 2 LOCAL US$ 2 YEAR BOND 1

BONDS NOV 2016 NOV 2015 VALUE OF LISTED BONDS CORPORATE (GH¢ M) 243.98 102.9 GOG NOTES & BONDS (GH¢ M) 15,299.65 9,130.95 EURO BOND (US$ B) 3.53 2.00 LOCAL US$ 2 YEAR BOND 0.09 0.00 (1.) 2016 Volume, Value and Number of Transactions Figures Includes Transactions in GOILRT, GGBLRT

GSE Market Report - November 2016 1 MARKET HIGHLIGHTS (Continuation)

GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO OCT 2016

Year/Period Index Value % Change 2011 863.09 -13.69 2012 1,039.86 20.48 2013 1,786.60 71.81 2014 2,243.63 25.58 2015 1,930.06 -13.98 Nov 2016 1,397.86 -27.57%

SELECTED ECONOMIC INDICATORS NOV 2016 NOV 2015 INFLATION RATE YEAR-ON-YEAR (%) 15.50 17.60 INTEREST RATE (% ON MOST RECENT ISSUE) 91-DAY T-BILL 18.61 23.72 182-Day T-BILL 20.91 1 YEAR NOTE 2 YEAR NOTE 3 YEAR BOND 5 YEAR BOND 7 YEAR BOND

EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 4.03 3.79 UK£ 1 to 1 GHANA CEDIS 5.02 5.71 1 Euro to 1 GHANA CEDIS 4.27 4.01

GSE Market Report - November 2016 2 GSE INDEX SUMMARY NOV-DEC 1990 - NOV 2016 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 2014 2,439.20 21-Feb 2,145.20 Jan-02 2,261.02 5.40 2015 2,386.51 9-Jun 1,954.21 Dec-11 1,994.91 -11.77 2016 2,013.81 14-Jan 1,575.71 Nov-30 1,575.71 -21.01% (1.) Nov. 1990 to 2010 Index is the GSE All-Share Index (2.) Index from 2011 is the GSE Composite Index

MARKET ACTIVITIES - NOV - DEC 1990 - OCT 2016 Volume Traded Value Traded Market Cap. - Government Corporate Bonds Period (000) (GH ¢ m) Equities (GH ¢ m.) Bonds (GH ¢ m.) (m.) Nov - Dec 1990 222.00 0.01 3.05 0.50 US$ 0 1991 1,825.80 0.01 2.96 0.50 US$ 0 1992 2,044.40 0.02 4.38 0.50 US$ 0 1993 37,945.47 0.32 9.65 0.50 US$ 0 1994 93,037.63 7.31 196.84 0.50 US$ 0 1995 55,838.60 2.71 239.90 - US$ 0 1996 35,749.99 2.79 286.27 - US$ 2.55 1997 125,629.14 9.34 255.28 - US$ 4.8 1998 91,446.52 13.40 324.56 - US$ 6.8 1999 49,568.22 6.96 320.54 - US$ 9.5 2000 30,717.09 5.06 365.50 - US$ 11.01 2001 55,295.87 9.23 390.40 100.37 US$ 10.2 2002 44,124.20 8.94 618.38 132.69 US$ 10.98 2003 96,330.00 38.93 1,261.68 144.24 US$ 8.98 2004 104,349.30 65.59 9,761.48 51.63 US$ 6.28 2005 81,400.00 46.44 9,185.73 22.50 US$ 8.78 2006 98,286.00 47.60 11,249.60 326.15 US$ 2.5 2007 287,221.70 140.71 12,368.60 1,333.07 US$ 6.4 2008 531,660.00 365.51 17,895.12 1,237.46 US$ 6.4 2009 96,767.39 74.19 15,941.92 1,039.14 US$ 3.9 2010 330,616.75 151.29 20,116.70 2,576.87 US$ 3.9 2011 419,791.08 446.56 47,347.23 3,987.44 US$ 3.9 2012 218,134.34 102.20 57,264.22 5,939.25 N/A 2013 313,024.31 456.14 61,158.29 9,260.16 N/A 2014 207,496.13 345.96 64,352.42 9,425.35 GH¢ 29.017 2015 246,428.36 247.64 57,116.87 11,767.14 GH¢ 107.37 Nov 2016 123,776.94 233.29 50,917.09 15,299.65 GH¢ 243.98 Total: Dec. 1990 to 3,778,727 2,828.12 Nov 2016

GSE Market Report - November 2016 3 MARKET ACTIVITIES - NOV 2016 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value UTB 3,113,564 36.50 FML 10,529,833.30 76.42 SOGEGH 1,155,929 13.55 SOGEGH 805,361.39 5.84 ETI 1,005,892 11.79 GGBL 492,764.70 3.58 FML 938,966 11.01 GCB 472,891.35 3.43 ALW 437,876 5.13 EGL 352,328.73 2.56 CAL 396,205 4.64 CAL 335,212.25 2.43 PBC 378,200 4.43 GOIL 219,696.20 1.59 GGBL 300,455 3.52 ETI 109,469.80 0.79 GOIL 209,808 2.46 UTB 93,746.73 0.68 EGL 147,005 1.72 SCB 88,429.22 0.64

MARKET ACTIVITIES - NOV 2016 Market Capitalization - End of Months for 2015 and GSE Composite Index - End of Months for 2015 and 2016 2016 (GH¢ M) Month 2016 2015 Month 2016 2015 January 56,963.50 63,233.88 January 2,004.12 2,173.95 February 56,334.32 63,562.55 February 1,972.18 2,177.95 March 54,796.35 63,795.42 March 1,912.02 2,220.37 April 54,429.40 63,030.69 April 1,828.78 2,272.77 May 54,256.87 64,577.05 May 1,758.35 2,362.63 June 54,735.64 64,616.48 June 1,787.50 2,352.23 July 54,605.56 64,201.49 July 1,796.29 2,198.33 August 53,250.69 63,771.93 August 1,805.36 2,154.77 September 52,987.69 62,183.49 September 1,774.90 2,009.52 October 52,385.55 62,205.19 October 1,728.37 2,013.22 November 50,917.09 57,177.06 November 1,575.71 1,974.02 December December

Volume Traded - End of Months for 2015 and 2016 Value Traded - End of Months for 2015 and 2016 (GH¢) Month 2016 2015 Month 2016 2015 January 21,647,385 10,255,338 January 29,495,855.87 15,232,797.45 February 10,836,182 21,289,042 February 14,039,650.03 30,192,037.85 March 4,440,804 57,131,804 March 7,767,848.28 22,387,046.83 April 8,399,916 11,739,939 April 35,159,146.12 21,674,854.24 May 8,941,016 15,614,883 May 14,204,787.00 20,200,564.36 June 8,784,632 8,307,895 June 36,040,880.24 13,068,532.67 July 9,931,686 10,682,978 July 19,385,939.66 11,233,179.05 August 5,074,727 5,465,103 August 19,770,772.76 5,367,096.49 September 31,345,950 20,510,193 September 41,202,892.80 30,416,430.64 October 5,843,810 10,276,377 October 2,438,760.27 15,852,426.28 November 8,530,830 19,121,174 November 13,779,065.36 24,162,042.60 December December Total 123,776,938 190,394,726 Total 233,285,598.39 209,787,008.46

GSE Market Report - November 2016 4 SECTORIAL DISTRIBUTION OF TRADES - NOV 2016 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 20,898 49,986.25 23 DISTRIBUTION 619,851 287,206.20 215 EDUCATION 0 0 0 EXCHANGE TRADED FUNDS 0 0 0 FINANCE 5,841,504 1,953,339.09 1,264 FOOD AND BEVERAGE 1,322,621 11,024,934.00 105 INFORMATION AND COMMUNICATIONS TECHNOLOGY 20,000 600 8 INSURANCE 206,915 360,283.13 63 MANUFACTURING 493,011 92,139 86 MINING 6,030 10,578 20 TOTALS 8,530,830 13,779,065.36 1,784 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - NOV 2016 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CAL 396,205 335,212.25 122 EGH 6,278 42,206.35 227 ETI 1,005,892 109,469.80 109 GCB 135,212 472,891.35 370 HFC 815 644.00 3 SCB 8,809 88429 120 SCBPREF 1,000 750.00 1 SOGEGH 1,155,929 805361 170 TBL 17,800 4,628.00 2 UTB 3,113,564 93747 140 TOTALS 5,841,504 1,953,339.09 1,264

DISTRIBUTION TOTAL VOLUME TOTALVALUE TRANSACTIONS GOIL 209,808 219,696.20 68 MLC 10,200 1532 2 PBC 378,200 22,692.00 18 TOTAL 21,643 43,286.00 127 TOTALS 619,851 287,206.20 215

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CPC 74,800 1,496.00 10 FML 938,966 10,529,833.30 82 GGBL 300,455 492,764.70 9 HORDS 8,400 840 4 SAMBA 0 0.00 0 TOTALS 1322621 11024934 105

ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 20,000 600 8 TRANSOL 0 0 0 TOTALS 20,000 600 8

INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS EGL 147,005 352,328.73 33 SIC 59,910 7,954.40 30 TOTALS 206,915 360,283.13 63

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS ACI 0 0.00 0 ALW 437,876 61,302.64 15 AYRTN 3,900 390.00 13 CMLT 14,800 1776.00 2 GWEB 0 0.00 0 IIL 2,000 180.00 2 PKL 0 0 0 PZC 4,760 1,035.80 17 SPL 26,400 528.00 4 SWL 100 4 1 UNIL 3,175 26,922.25 32 TOTALS 493,011 92,138.69 86

MINING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS AADS 1,000 520 3 AGA 0 0 0 GSR 5,020 9,789 16 TLW 10 269 1 TOTALS 6,030 10,578 20

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS BOPP 20,898 49,986.25 23

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

EDUCATION TOTAL VOLUME TOTALVALUE TRANSACTIONS MMH 0 0 0

GSE Market Report - November 2016 5 SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2016 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 217,753 624,673.20 273 DISTRIBUTION 29,528,271 42,105,480.94 2,435 EDUCATION 1,100 121.00 3 EXCHANGE TRADED FUNDS 26 1,008.80 2 FINANCE 51,783,237 60,050,100.97 12,589 FOOD AND BEVERAGE 21,516,155 90,905,915.02 1,403 INFORMATION AND COMMUNICATIONS TECHNOLOGY 41,174 1,235.22 28 INSURANCE 9,068,732 17,520,443.82 991 MANUFACTURING 11,484,832 21,839,490.92 1,268 MINING 135,658 237,128.50 393 TOTALS 123,776,938 233,285,598.39 19,385 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2016 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CAL 10,926,948 10,271,401.25 2,874 EGH 1,273,507 8,708,731.81 1,458 ETI 11,689,541 2,470,872.35 2,262 GCB 7,945,880 28,038,262.14 2,661 HFC 623,834 547,174.59 153 MAC 0 0.00 0 SCB 503,414 7,449,010.87 864 SCBPREF 16,017 11,720.98 15 SOGEGH 2,246,233 1,657,787.15 1,289 TBL 141,448 47,725.46 21 UTB 16,416,415 847,414.37 992 TOTALS 51,783,237 60,050,100.97 12,589 DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS GOIL 27,529,700 41,126,167.94 1,154 GOILRT 152,426 10,643.34 22 MLC 123,957 21,799.06 92 PBC 1,480,052 79,149.24 203 TOTAL 242,136 867,721.36 964 TOTALS 29,528,271 42,105,480.94 2,435 FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS CPC 825,101 11,630.49 195 FML 10,280,389 87,990,581.73 822 GGBL 1,223,930 2,201,863.85 219 GGBLRT 598,652 11,741.66 8 HORDS 8,587,810 689,900.00 157 SAMBA 273 197.29 2 TOTALS 21,516,155 90,905,915.02 1,403 ICT TOTAL VOLUME TOTAL VALUE TRANSACTIONS CLYD 32,374 971.22 20 TRANSOL 8,800 264.00 8 TOTALS 41,174 1,235.22 28 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS EGL 7,065,690 17,211,097.97 496 SIC 2,003,042 309,345.85 495 TOTALS 9,068,732 17,520,443.82 991 MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS ACI 29,600 296.00 9 ALW 951,975 117,701.32 133 AYRTN 75,866 8,642.57 73 CMLT 25,100 3,012.00 9 GWEB 119,800 1,198.00 10 IIL 7,060,122 635,385.98 160 PKL 100 5.00 1 PZC 140,410 32,466.17 205 SPL 592,146 11,852.92 185 SWL 18,084 722.49 15 UNIL 2,471,629 21,028,208.47 468 TOTALS 11,484,832 21,839,490.92 1,268 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS AADS 112,656 57,909.14 271 AGA 101 3,737.00 4 GSR 17,745 34,194.00 40 TLW 5,156 141,288.36 78 TOTALS 135,658 237,128.50 393 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) TRANSACTIONS BOPP 217,753 624,673.20 273 EXCHANGE TRADED FUNDS (ETF) TOTAL VOLUME TOTAL VALUE TRANSACTIONS GLD 26 1,008.80 2 EDUCATION TOTAL VOLUME TOTALVALUE TRANSACTIONS MMH 1,100 121.00 3

GSE Market Report - November 2016 6 Market Capitalization - End of Month(s) for 2015 and 2016 70.00

60.00

50.00

40.00

30.00 2016 20.00 2015 10.00

Market Capitalization (GH Billion) ¢ 0.00 July May June April March August January October February December November September Months

GSE Composite Index - 2015 and 2016 2,500.00

2,000.00

1,500.00

Index Values 1,000.00 2016 2015 500.00

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

GSE Market Report - November 2016 7 Volume Traded - End of Month(s) - 2015 and 2016 60

50

40

30

20 2016 2015

Volume (Million) Traded Volume 10

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

Value Traded - End of Month(s) - 2015 and 2016 45.00

40.00

35.00

30.00

25.00

20.00 2016 2015 15.00

Value Traded Million) (GH ¢ 10.00

5.00

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

GSE Market Report - November 2016 8 MARKET CAPITALIZATION PER SECTOR - NOV 2016 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 26,699.97 7,278.83 DISTRIBUTION 1,033.83 648.00 FOOD AND BEVERAGE 2,582.80 1,871.83 ICT 114.00 3.42 INSURANCE 328.75 344.87 MANUFACTURING 1,302.12 649.17 MINING 1,574.86 40,021.82 AGRICULTURE 34.80 73.08 EXCHANGE TRADED FUNDS(ETF) 0.40 15.52 EDUCATION 96.08 10.57 TOTALS 33,767.61 50,917.09 BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - NOV 2016 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CAL 0.75 548.26 411.20 EGH 6.55 293.23 1920.65 ETI 0.10 24067.75 2406.78 GCB 3.50 265.00 927.50 HFC 0.79 297.42 234.96 MAC 6.00 9.95 59.69 SCB 8.50 115.51 981.81 SCB PREF 0.75 17.48 13.11 SOGEGH 0.60 429.06 257.44 TBL 0.26 200.00 52.00 UTB 0.03 456.31 13.69 TOTALS 26,699.97 7,278.83

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 0.99 391.86 387.94 MLC 0.15 50.10 7.51 PBC 0.06 480.00 28.80 TOTAL 2.00 111.87 223.75 TOTALS 1,033.83 648.00

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.02 2038.07 40.76 FML 11.28 116.21 1310.82 GGBL 1.64 307.59 504.46 HORDS 0.10 114.95 11.49 SAMBA 0.72 5.98 4.30 TOTALS 2,582.80 1,871.83

ICT Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CLYD 0.03 34.00 1.02 TRANSOL 0.03 80.00 2.40 TOTALS 114.00 3.42

INSURANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million EGL 2.40 133.10 319.44 SIC 0.13 195.65 25.43 TOTALS 328.75 344.87

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACI 0.01 36.50 0.37 ALW 0.14 236.69 33.14 AYRTN 0.1 215.00 21.50 CMLT 0.12 6.83 0.82 GWEB 0.01 35.00 0.35 IIL 0.09 226.62 20.40 PKL 0.05 33.34 1.67 PZC 0.20 168.00 33.60 SPL 0.02 259.81 5.20 SWL 0.04 21.83 0.87 UNIL 8.50 62.50 531.25 TOTALS 1,302.12 649.17 MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million AADS 0.52 0.98 50.90 AGA 37.00 407.22 15,067.17 GSR 1.95 259.70 506.42 TLW 26.90 906.96 24397.33 TOTALS 1,574.86 40,021.82

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 2.10 34.80 73.08 EXCHANGE TRADED FUNDS (ETF) Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GLD 38.80 0.40 15.52 EDUCATION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH¢ million MMH 0.11 96.08 10.57

GSE Market Report - November 2016 9 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 Sep GH¢; End Dec GH¢; End Nov Share Price Yield % GH ¢ 2016 2015 2016 Equities AADS 0.98 50.90 0.52 0.52 0.00 0.00 ACI 36.50 0.37 0.02 0.01 -50.00 0.00 -0.0064 n.m. AGA 407.22 15,067.17 37.00 37.00 0.00 0.00 0.1896 n.m. ALW 236.69 33.14 0.14 0.14 0.00 0.00 -0.0409 n.m. AYRTN 215.00 21.50 0.18 0.10 -44.44 0.00 0.0032 31 BOPP 34.80 73.08 2.50 2.10 -16.00 1.90 0.2620 9 CAL 548.26 411.20 1.00 0.75 -25.00 9.70 0.1658 5 CLYD 34.00 1.02 0.03 0.03 0.00 0.00 -0.0081 n.m. CMLT 6.83 0.82 0.12 0.12 0.00 6.25 0.0224 5 CPC 2,038.07 40.76 0.02 0.02 0.00 0.00 -0.0199 n.m. EGH 293.23 1,920.65 7.01 6.55 -6.56 12.00 1.2928 5 EGL 133.10 319.44 2.40 2.40 0.00 2.10 0.3346 7 ETI 24,067.75 2,406.78 0.27 0.10 -62.96 2.80 0.0286 5 FML 116.21 1,310.82 7.35 11.28 53.47 1.40 0.3951 24 GCB 265.00 927.50 3.79 3.50 -7.65 8.70 1.4540 3 GGBL 307.59 504.46 1.99 1.64 -17.59 0.00 -0.0248 n.m. GOIL 391.86 387.94 1.40 0.99 -29.29 1.80 0.1234 10 GSR 259.70 506.42 1.99 1.95 -2.01 0.00 -0.3524 n.m. GWEB 35.00 0.35 0.01 0.01 0.00 0.00 -0.0073 n.m. HFC 297.42 234.96 0.90 0.79 -12.22 7.06 -0.1208 n.m. MAC 9.95 59.69 6.00 6.00 0.00 1.00 -0.2626 n.m. MLC 50.10 7.51 0.19 0.15 -21.05 5.30 0.0066 24 PBC 480.00 28.80 0.10 0.06 -40.00 12.57 0.0245 2 PKL 33.34 1.67 0.05 0.05 0.00 0.00 -0.0296 n.m. PZC 168.00 33.60 0.34 0.20 -41.18 0.30 -0.0083 n.m. SCB 115.51 981.81 16.30 8.50 -47.85 2.30 0.3170 44 SIC 195.65 25.43 0.14 0.13 -7.14 0.00 0.0362 4 SOGEGH 429.06 257.44 0.80 0.60 -25.00 9.50 0.1618 5 SPL 259.81 5.20 0.04 0.02 -50.00 0.00 0.0073 3 SWL 21.83 0.87 0.04 0.04 0.00 30.00 0.0227 2 TBL 200.00 52.00 0.37 0.26 -29.73 9.60 0.0334 9 TLW 906.96 24,397.33 28.00 26.90 -3.93 0.46 -5.4945 n.m. TOTAL 111.87 223.75 5.10 2.00 -60.78 2.30 0.3098 13 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 -0.0001 n.m. UNIL 62.50 531.25 8.5 8.50 0.00 4.70 0.5107 17 UTB 456.31 13.69 0.10 0.03 -70.00 0.00 -0.0598 n.m. Subtotal 50,841.70 Preference Shares SCB PREF 17.48 13.11 0.71 0.75 5.63 10.00 Exchange Traded Funds(ETF) GLD 0.40 15.52 39.00 38.80 -0.51 66.48 1 Ghana Alternative Market (GAX) HORDS 114.95 11.49 0.08 0.10 25.00 0.00 IIL 226.62 20.40 0.09 0.09 0.00 0.00 23 MMH 96.08 10.57 0.11 0.11 0.00 0.00 n.m. SAMBA 5.98 4.30 0.73 0.72 -1.37 -0.03 Subtotal 46.76

GSE Market Report - November 2016 10 PRIMARY ISSUES AND CORPORATE ACTIONS A. Equities Company Description Offer period Issue Price No. of No. of Shares Amount Raised GH¢ Shares Sold (millions) (GH¢ million) Offered (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 Accra 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 GCB Bank Ltd. 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 Mechanical Lloyd 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 Camelot Ghana Ltd. IPO August 9 - 20, 1999 0.04 1.75 1.75 0.07 Produce Buying Company 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 Clydestone Ghana Ltd. IPO March 19 - April 16, 0.05 10.60 16.64 0.83 2004 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 Starwin Products Ltd. (SPL) IPO Oct 29 - Nov 26, 2004 0.05 30.00 74.08 3.70 Golden Web Limited (GWEB) IPO June 7 - Aug 8, 2005 0.06 17.00 9.97 0.55 EcoBank 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 GCB Bank Ltd. Rights Issue May 15 - June 15, 2007 0.60 128.68 100.00 0.01

Ghana Oil company 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, 3.00 3.17 1.88 5.64 2008 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 Sub Total 1,572.52 *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - November 2016 11 PRIMARY ISSUES AND CORPORATE ACTIONS (Continuation) A. Equities Company Description Offer period Issue Price No. of Shares No. of Shares Amount Raised GH¢ Offered Sold (millions) (GH¢ million) (million) Ecobank Ghana 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 Rights Issue Nov 10 - Dec 1 2009 29.00 1.66 1.66 48.00 Gh. Ltd. 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 Guinness Ghana Rights Issue Oct 17 to Nov 14th 1.50 46.67 46.67 70.00 Breweries Ltd. 2011 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 Bonus Shares November 1, 2012 N/A 96.26 N/A N/A Gh. Ltd. 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

Total Petroleum Ghana Bonus Shares August 1, 2013 N/A 97.89** N/A N/A Ltd. Ghana Oil company Ltd Bonus Shares December 9, 2013 N/A 42.04** N/A N/A Mega African Capital Ltd Offer for Mar 10 - Mar 28, 2014 3.00 1.33 1.33 4.00 Subscription Starwin Products Ltd. Rights Issue Oct 20th to Nov 17th 0.03 333.00 N/A 5.57 (SPL) 2014 Societe Generale Ghana Bonus Shares May 8, 2015 N/A 33.39 N/A N/A Ltd. SAMBA Foods Limited IPO Feb 23 - Mar 27 2015 0.72 3.48 3.48 2.50 Meridian Marshalls IPO April 27 - June 12, 2015 0.10 25.00 21.00 1.43 Holding Co. Ecobank Transnational Bonus Shares July 21, 2015 N/A 1,500.00 N/A N/A Inc. (ETI) HORDS Limited IPO June 25 - July 17, 2015 0.05 80.00 80.00 4.00

Intravenous Infusions Ltd IPO 14 Oct - 25 Nov 2015 0.08 285.63 94.30 6.83

Mega African Capital Ltd Rights Issue Oct 29, 2015 - Dec 3, 5.00 0.86 0.86 4.30 2015 Ghana Oil company Ltd Rights Issue 3 May - 18 May 2016 1.24 139.60 142.40 176.60 Guinness Ghana Rights Issue 6 May - 3 June 2016 1.87 96.30 96.30 180.00 Breweries Ltd. Societe Generale Ghana Rights Issue 9 - 23 September 2016 65.88 61.78 38.30 Limited 948.72 Grand Total (Page 10 + 11) 2,521.24

*** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - November 2016 12 PRIMARY ISSUES B. Bonds

Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised GSE Commemorative Government of 5yrs matured on Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million Registered Stock, 1995 Ghana November 11, 1995 US$2m as Series A of a HFC Series A 7% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1996 US$35 million US$100 US $2.55m due in 2001 (HFC-A 7s01) 1st November 2001 aggregate offering US$2m as Series B of a HFC Series B 7% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1997 US$35 million US$100 US $2.25m due in 2002 (HFC-B7s02) 1st November 2002 aggregate offering HFC Series C 8.25% Coupon US$2m as Series C of a 5 yrs, to mature on Bond due in 2003 (HFC- HFC Bank Ltd. November, 1998 US$35 million US$100 US $2.00m 1st November 2003 C8.25s03) aggregate offering HFC Series D 8.25% Coupon US$2m as Series D of a July 29 - Aug. 19, 5 yrs, to mature on Bond due in 2004 (HFC- HFC Bank Ltd. US$35 million US$100 US $2.70m 1999 1st September 2004 D8.25s04) aggregate offering US$1.5m as Series E of HFC Series E 8% Coupon Bond October 23 - 30, 5 yrs, to mature on HFC Bank Ltd. a US$35 million US$100 US $1.51m due in 2005 (HFC-E8s05) 2000 1st November 2005 aggregate offering £1.2m as Series F of a HFC Series F 6% Coupon Bond July 16 - August 13, 5 yrs, to mature on HFC Bank Ltd. US$35 million £100 £1.20m due in 2006 (HFC-F6s06) 2001 13th August 2006 aggregate offering US$3m as Series G of a HFC Series G 8% Coupon Bond Dec 15, 2001 - Jan. 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.03m due in 2006 (HFC-G6s06) 1, 2002 November, 2006 aggregate offering US$3m as Series H of a HFC Series H 5% Coupon Bond 5 yrs, to mature on HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million US$100 US $2.5m due in 2009 (HFC-G6s09) December 2009 aggregate offering US$5m as Series J of a HFC Series J 5% Coupon Bond Feb 5 - Feb 28, 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.9m due in 2012 (HFC-G6s12) 2007 March 7, 2012 aggregate offering Standard Chartered GH¢ 35 million Medium 3yrs, to mature SCB Medium Term Note 01 Dec 01 2005 GH¢35 million Bank Ltd Term Notes December 2008 Government of Euro Bond US$ August 7, 2023 US $ 1b Ghana Government of Euro Bond US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b Ghana 1-Year Fixed Rate Senior One Year Matured Izwe Loans Limited GH¢ GH¢ 5 million Secured Note (ILLA3-1Y14) on '28/11/2014

1-Year Fixed Rate Senior One Year Mature on Izwe Loans Limited GH¢ GH¢ 4.6 million Secured Note (ILLA4-1Y14) 20/12/2014

1-Year Floating Rate Senior Oct 14 - Oct 24. One Year Mature on Izwe Loans Limited GH¢ 15 million GH¢ GH¢ 14.4 million Secured Note (ILLA5-1Y15) 2014 29/10/2015

3-Year Floating Rate Senior Oct 14 - Oct 24. 2 Year Mature on Izwe Loans Limited GH¢ 15 million GH¢ GH¢ 14.6 million Secured Note (ILLA6-3Y17) 2014 29/10/2017

2-Year Floating Rate Senior Two Year Mature on Izwe Loans Limited Mar 11 - 25. 2015 GH¢ 5 million GH¢ GH¢ 10 million Secured Notes (ILLA7-2Y17) 31/03/2017

3-Year Floating Rate Senior Three Year Mature Izwe Loans Limited Mar 11 - 25. 2015 GH¢ 5 million GH¢ GH¢ 10 million Secured Note (ILLA8-3Y18) on 31/03/2018 June 25 - July 10 3-Year Note (AFB100) AFB (GHANA) PLC GH¢ 3.3 million GH¢ 16/07/2018 GH¢ 3.3 million 2015 June 25 - July 10 3-Year Note (AFB200) AFB (GHANA) PLC GH¢ 13.8 million GH¢ 16/07/2018 GH¢ 13.8 million 2015 June 25 - July 10 2-Year Note (AFB300) AFB (GHANA) PLC GH¢ 9.5 million GH¢ 17/07/2017 GH¢ 9.46 million 2015 ILLA9 Izwe Loans Limited GH¢ 27/08/2020 GH¢ 7 million

GSE Market Report - November 2016 13 PRIMARY ISSUES (Continuation) B. Bonds

Amount Raised Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million) 3-Year Senior Secured Floating Izwe Loans Limited GH¢ 29/10/2018 8.31 Rate Note (ILLA10)

S7 AFB (GHANA) PLC GH¢ 30/09/2015 5.00

S14 AFB (GHANA) PLC GH¢ 02/07/2017 2.11

S15 AFB (GHANA) PLC GH¢ 29/08/2015 1.70

S16 AFB (GHANA) PLC GH¢ 01/09/2015 2.30

S17 AFB (GHANA) PLC GH¢ 29/09/2017 1.48 S18 AFB (GHANA) PLC GH¢ 08/12/2015 1.00

S19 AFB (GHANA) PLC GH¢ 03/03/2016 4.50

S20 AFB (GHANA) PLC GH¢ 20/03/2017 4.25

S21 AFB (GHANA) PLC GH¢ 08/04/2016 1.00

S22 AFB (GHANA) PLC GH¢ 20/04/2016 3.38 3-Year Floating Rate Senior AFB (GHANA) PLC GH¢ 01/09/2018 2.30 Unsecured Note 3-Year Fixed Rate Senior AFB (GHANA) PLC GH¢ 28/09/2018 3.00 Unsecured Note 3-Year Floating Rate Senior AFB (GHANA) PLC GH¢ 30/09/2018 5.00 Unsecured Note 3-Year Secured Floating Rate EDENDALE GH¢ 20/11/2018 9.17 Note PROPERTIES PLC 3-Year Secured Fixed Rate EDENDALE GH¢ 07/12/2018 7.60 Note PROPERTIES PLC Bayport Financial 3-Year Unsecured Fixed Rate Services (Ghana) GH¢ 23/12/2018 69.30 Note PLC

Bayport Financial 3-Year unsecured Floating Rate Services (Ghana) GH¢ 23/12/2018 9.30 Note PLC

AFB 900-4Y20 AFB (GHANA) PLC GH¢ 7th April, 2020 5.00 AFB 800-3Y19 AFB (GHANA) PLC GH¢ 10th March, 2020 4.00 6-Year Unsecured Subordinated Floating Rate Izwe Loans Note Limited GH¢ 27th May, 2022 10.00 Bayport Financial 3-Year Unsecured Fixed Rate Services (Ghana) GH¢ 6th May, 2019 12.54 Note PLC

3-Year Unsecured Floating Bayport Financial Rate Note Services (Ghana) PLC GH¢ 6th May, 2019 11.21 Bayport Financial 5-Year Unsecured Fixed Rate Services (Ghana) GH¢ 6th May, 2021 26.37 Note PLC

3-Year Secured Floating Rate EDENDALE Note PROPERTIES PLC GH¢ 6th May,2019 8.50

GSE Market Report - November 2016 14