Market Report

December 2017-Full Year

MARKET HIGHLIGHTS

GSE STOCK INDICES/CAPITALIZATION DEC 2017 YTD CHANGE DEC 2016 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,579.72 52.73% 1,689.09 -15.33% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,310.58 49.51% 1,545.41 -19.93% MARKET CAPITALIZATION (GH¢ M) 58,803.96 11.48% 52,690.99 -7.75% DOMESTIC CAPITALIZATION (GH¢ M) 16,244.34 45.23% 10,877.03 -2.75%

MARKET TURNOVER - EQUITIES DEC 2017 DEC 2016 VOLUME TRADED 7,013,135 129,056,489 VALUE TRADED (GH¢) 15,250,389.24 8,829,193.14 NUMBER OF TRANSACTIONS 1,002 1,300 TRADING DAYS 18 19 NUMBER OF TRADED SYMBOLS 26 27

MARKET DAILY AVERAGES - EQUITIES DEC 2017 DEC 2016 AVERAGE VOLUME TRADED 389,619 6,792,447 AVERAGE VALUE TRADED (GH¢) 847,243.85 464,694.38 AVERAGE NUMBER OF TRANSACTIONS 56 68

MARKET TURNOVER - EQUITIES JAN TO DEC 2017 JAN TO DEC 2016 VOLUME TRADED 322,725,768 252,833,427 VALUE TRADED (GH¢) 518,381,473.32 242,114,791.53 NUMBER OF TRANSACTIONS 20,755 20,685 TRADING DAYS 247 249 NUMBER OF TRADED SYMBOLS 40 45

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS DEC 2017 DEC 2016 CORPORATE (GH¢ M) - GOG NOTES AND BONDS (GH¢ M) 3,529.73 -

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JAN-DEC 2017 JAN-DEC 2016 CORPORATE (GH¢ M) 990.16 2.84 GOG NOTES AND BONDS (GH¢ M) 27,723.53 12,510.74

LISTINGS DEC 2017 DEC 2016 LISTED COMPANIES (MAIN MARKET AND GAX) 40 41 LISTED EQUITIES (MAIN MARKET) ORDINARY SHARES 36 37 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 EQUITIES ON GHANA ALTERNATIVE MARKET (GAX) 4 4

DELISTINGS-EQUITIES DEC 2017,DEC 2016) 1 0

NUMBER OF LISTED NOTES & BONDS ON GFIM DEC 2017 DEC 2016 CORPORATE 45 23 1 YEAR GOG 23 22 2 YEAR GOG 24 51 3 YEAR GOG 11 12 5 YEAR GOG 9 8 7 YEAR GOG 3 2 10 YEAR GOG 1 1 15 YEAR GOG 1 - EURO BOND (US$) 4 4 LOCAL US$ 4 2

BONDS DEC 2017 DEC 2016 VALUE OF LISTED NOTES & BONDS CORPORATE (GH¢ M) 6,643.94 444.52 GOG NOTES & BONDS (GH¢ M) 42,889.20 22,139.58 EURO BOND (US$ B) 3,750.00 3.53 LOCAL US$ NOTES & BONDS (US$ M)** 316.04 94.64 (1.) 2016 Volume, Value and Number of Transactions Figures Includes Transactions in GOILRT, GGBLRT ** Local US$ Notes and Bonds is converted to GH¢ equivalent

GSE Market Report - December 2017 1 1 MARKET HIGHLIGHTS (Continuation)

GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO DEC 2017

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 2016 1,545.41 -19.93% 2017 2,310.58 49.51%

SELECTED ECONOMIC INDICATORS DEC 2017 DEC 2016 INFLATION RATE YEAR-ON-YEAR (%) 11.80 15.54 INTEREST RATE (% ON MOST RECENT ISSUE) 91-DAY T-BILL 13.34 16.43 182-Day T-BILL 13.88 17.64

EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 4.42 4.20 UK£ 1 to 1 GHANA CEDIS 5.97 5.20 1 Euro to 1 GHANA CEDIS 5.30 4.44

GSE Market Report - December 2017 2 GSE INDEX SUMMARY NOV-DEC 1990 - DEC 2017 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 13.20 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 1,527.94 Dec-07 1,689.09 -15.33% 2017 2,579.72 29-Dec 1,698.20 Jan-03 2,579.72 52.73% (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 -DEC 2017 Equities Volume Equities Value Traded Equities Market GoG & Corporate Notes/ GoG & Corporate Notes/ Period Traded (000) (GH ¢ m) Cap. (GH ¢ m.) Bonds Traded (GH ¢ m.) Bonds Listed (GH ¢ m.) Nov - Dec 1990 222.00 0.01 3.05 - - 1991 1,825.80 0.01 2.96 - - 1992 2,044.40 0.02 4.38 - - 1993 37,945.47 0.32 9.65 - - 1994 93,037.63 7.31 196.84 - - 1995 55,838.60 2.71 239.90 - - 1996 35,749.99 2.79 286.27 - - 1997 125,629.14 9.34 255.28 - - 1998 91,446.52 13.40 324.56 - - 1999 49,568.22 6.96 320.54 - - 2000 30,717.09 5.06 365.50 - - 2001 55,295.87 9.23 390.40 - - 2002 44,124.20 8.94 618.38 - - 2003 96,330.00 38.93 1,261.68 - - 2004 104,349.30 65.59 9,761.48 - - 2005 81,400.00 46.44 9,185.73 - - 2006 98,286.00 47.60 11,249.60 - - 2007 287,221.70 140.71 12,368.60 - - 2008 531,660.00 365.51 17,895.12 - - 2009 96,767.39 74.19 15,941.92 - - 2010 330,616.75 151.29 20,116.70 - - 2011 419,791.08 446.56 47,347.23 - - 2012 218,134.34 102.20 57,264.22 - - 2013 313,024.31 456.14 61,158.29 - - 2014 207,496.13 345.96 64,352.42 - - 2015 246,428.36 247.64 57,116.87 7,227.23 11,969.93 2016 252,833.43 242.11 52,690.99 12,513.58 22,627.31 Dec 2017 322,725.77 518.38 58,803.96 28,713.69 49,849.18 Total: Dec. 1990 to 4,230,509 3,355.33 Dec 2017

GSE Market Report - December 2017 3 MARKET ACTIVITIES - DEC 2017 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value CAL 2,376,397.00 33.88 FML 4,042,584.87 26.51 SIC 1,894,806.00 27.02 CAL 2,613,080.07 17.13 GOIL 536,518.00 7.65 GCB 1,860,630.11 12.2 ETI 472,519.00 6.74 EGH 1,842,661.93 12.08 GCB 385,509.00 5.5 SCB 1,451,730.00 9.52 EGL 292,956.00 4.18 GOIL 1,428,609.36 9.37 EGH 244,057.00 3.48 EGL 1,104,987.84 7.25 FML 227,353.00 3.24 HFC 213,559.60 1.4 HFC 153,640.00 2.19 SIC 189,394.54 1.24 HFCRT 133,690.00 1.91 BOPP 130,548.00 0.86

MARKET ACTIVITIES -DEC 2017 Market Capitalization - End of Months for 2016 and GSE Composite Index - End of Months for 2016 and 2017 2017 (GH¢ M) Month 2017 2016 Month 2017 2016 January 54,048.70 56,963.50 January 1,776.40 2,004.12 February 49,060.25 56,334.32 February 1,854.53 1,972.18 March 48,846.99 54,796.35 March 1,865.01 1,912.02 April 58,822.68 54,429.40 April 1,896.13 1,828.78 May 58,772.49 54,256.87 May 1,919.71 1,758.35 June 59,457.95 54,735.64 June 1,964.55 1,787.50 July 57,209.86 54,605.56 July 2,256.78 1,796.29 August 58,055.05 53,250.69 August 2,389.01 1,805.36 September 58,381.49 52,987.69 September 2,326.09 1,774.90 October 58,022.51 52,385.55 October 2,361.48 1,728.37 November 58,503.37 50,917.09 November 2,521.67 1,575.71 December 58,803.96 52,690.99 December 2,579.72 1,689.09

Volume Traded - End of Months for 2016 and 2017 Value Traded - End of Months for 2016 and 2017 (GH¢) Month 2017 2016 Month 2017 2016 January 19,560,794 21,647,385 January 19,224,381.51 29,495,855.87 February 161,506,242 10,836,182 February 242,178,810.67 14,039,650.03 March 31,200,817 4,440,804 March 29,522,730.12 7,767,848.28 April 9,124,698 8,399,916 April 17,011,669.46 35,159,146.12 May 18,196,038 8,941,016 May 29,559,094.59 14,204,787.00 June 11,267,542 8,784,632 June 26,551,306.24 36,040,880.24 July 7,901,264 9,931,686 July 24,130,590.21 19,385,939.66 August 17,212,814 5,074,727 August 30,748,986.48 19,770,772.76 September 9,392,230 31,345,950 September 24,134,594.25 41,202,892.80 October 12,509,109 5,843,810 October 19,183,944.47 2,438,760.27 November 17,841,085 8,530,830 November 40,884,976.08 13,779,065.36 December 7,013,135 129,056,489 December 15,250,389.24 8,829,193.14 Total 322,725,768 252,833,427 Total 518,381,473.32 242,114,791.53

GSE Market Report - December 2017 4 SECTORIAL DISTRIBUTION OF TRADES - DEC 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 21,400 130,548.00 16 DISTRIBUTION 625,013 1,477,766.44 188 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 3,895,086 8,176,346.19 630 FOOD AND BEVERAGE 272,713 4,049,198.47 84 ICT 0 0.00 0 2,187,762 1,294,382.38 48 MANUFACTURING 11,018 119,695.19 32 MINING 143 2,452.57 4 TOTALS 7,013,135 15,250,389.24 1,002 BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - DEC 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACCESS 1,600 6,060.00 9 ADB 4,000 23,352.00 5 CAL 2,376,397 2,613,080.07 160 EGH 244,057 1,842,661.93 70 ETI 472,519 77,353.37 80 GCB 385,509 1,860,630.11 142 HFC 153,640 213,559.60 15 HFCRT 133,690 34,515.29 26 MAC 0 0.00 0 SCB 58,601 1451730.00 58 SCBPREF 8,100 9,720.00 10 SOGEGH 56,973 43,683.82 55 TBL 0 0.00 0 TOTALS 3,895,086 8,176,346.19 630

DISTRIBUTION TOTAL VOLUME TOTALVALUE No. of Trades GOIL 536,518 1,428,609.36 130 MLC 1,100 66.00 2 PBC 74,665 4,479.90 14 TOTAL 12,730 44,611.18 42 TOTALS 625,013 1,477,766.44 188

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades CPC 0 0.00 0 FML 227,353 4,042,584.87 71 GGBL 1,060 2,183.60 8 HORDS 44,300 4,430.00 5 SAMBA 0 0.00 0 TOTALS 272,713 4,049,198.47 84

ICT TOTAL VOLUME TOTAL VALUE No. of Trades CLYD 0 0.00 0 TRANSOL 0 0.00 0 TOTALS 0 0.00 0

INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades EGL 292,956 1,104,987.84 25 SIC 1,894,806 189,394.54 23 TOTALS 2,187,762 1,294,382.38 48

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades ACI 0 0.00 0 ALW 0 0.00 0 AYRTN 0 0.00 0 CMLT 900 99.00 2 GWEB 0 0.00 0 IIL 500 45.00 3 PKL 0 0.00 0 PZC 0 0.00 0 SPL 300 9.00 1 SWL 0 0.00 0 UNIL 9,318 119,542.19 26 TOTALS 11,018 119,695.19 32

MINING TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades AADS 0 0.00 0 AGA 0 0.00 0 GSR 0 0.00 0 TLW 143 2,452.6 4 TOTALS 143 2,452.57 4

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades BOPP 21,400 130,548.00 16

Exchange Traded Funds(ETF) TOTAL VOLUME TOTAL VALUE (GH ¢) No. of Trades GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE No. of Trades MMH 0 0.00 0

GSE Market Report - December 2017 5 SECTORIAL DISTRIBUTION OF TRADES JAN - DEC 2017 Sector Volume Traded Value Traded (GH ¢) No. of Trades AGRICULTURE 207,134 857,528.76 353 DISTRIBUTION 18,907,388 35,521,699.14 3,932 EDUCATION 0 0.00 0 EXCHANGE TRADED FUNDS 0 0.00 0 FINANCE 257,910,667 370,213,205.39 12,774 FOOD AND BEVERAGE 25,540,291 90,209,458.67 1,555 ICT 2,600 78.00 2 INSURANCE 10,544,969 14,663,458.56 1,215 MANUFACTURING 9,425,701 6,643,443.78 820 MINING 187,018 272,601.02 104 TOTALS 322,725,768 518,381,473.32 20,755

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - DEC 2017 FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACCESS 109,742 434,620.80 94 ADB 44,400 235,932.00 10 CAL 190,667,899 254,723,222.30 2,786 EGH 3,396,754 24,642,645.00 1,549 ETI 15,227,384 2,055,929.71 1,313 GCB 8,634,777 41,338,960.34 2,913 HFC 2,115,633 2,543,670.30 335 HFCRT 133,690 34,515.29 26 MAC 130,000 778,130.00 4 SCB 1,524,794 28,659,826.98 1,371 SCBPREF 82,311 90,669.50 47 SOGEGH 18,428,542 13,947,008.38 1,738 TBL 360,100 114,205.00 36 UTB 17,054,641 613,869.79 552 TOTALS 257,910,667 370,213,205.39 12,774

DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES GOIL 5,494,268 10,108,522.20 1,685 MLC 541,611 43,961.35 60 PBC 2,105,408 94,480.12 181 TOTAL 10,766,101 25,274,735.47 2,006 TOTALS 18,907,388 35,521,699.14 3,932

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES CPC 472,371 10,191.52 87 FML 4,254,828 58,636,765.63 1,008 GGBL 20,677,792 31,525,266.52 446 HORDS 92,200 9220.00 12 SAMBA 43,100 28,015.00 2 TOTALS 25,540,291 90,209,458.67 1,555

ICT TOTAL VOLUME TOTAL VALUE NO. OF TRADES CLYD 2,600 78.00 2 TRANSOL 0 0.00 0 TOTALS 2,600 78.00 2 INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES EGL 4,387,939 13,996,028.90 653 SIC 6,157,030 667,429.66 562 TOTALS 10,544,969 14,663,458.56 1,215

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES ACI 4,891,610 48,916.10 12 ALW 2,161,663 321,967.87 114 AYRTN 95,780 9,584.00 34 CMLT 57800.00 6524.00 7 GWEB 5,500 55.00 3 IIL 472,432 40,892.88 74 PKL 0.00 0.00 0 PZC 137,606 27,521.20 97 SPL 978,300 21,460.00 77 SWL 6,116 270.64 9 UNIL 618,894 6,166,252.09 393 TOTALS 9,425,701 6,643,443.78 820 MINING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES AADS 166,669 81,927.41 29 AGA 0 0.00 0 GSR 10,660 20,301.50 19 TLW 9,689 170,372.11 56 TOTALS 187,018 272,601.02 104 AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES BOPP 207,134 857,528.76 353 EXCHANGE TRADED FUNDS (ETF) TOTAL VOLUME TOTAL VALUE NO. OF TRADES GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE NO. OF TRADES MMH 0 0.00 0

GSE Market Report - December 2017 6 Market Capitalization - End of Month(s) for 2016 and 2017 70.00

60.00

50.00

40.00

30.00 2017 20.00 2016 10.00 13.2

MarketCapitalization (GH ¢ Billion) 0.00

July

May

June

April

March

August

January

October

February

December

November September Months

GSE Composite Index - 2016 and 2017 3,000.00

2,500.00

2,000.00

1,500.00 IndexValues 1,000.00 2017 2016 500.00

0.00

July

May

June

April

March

August

January

October

February

December

November September Months

GSE Market Report - December 2017 7 Volume Traded - End of Month(s) - 2016 and 2017 180 160

140

120 100 80 60 2017

40 2016 Volume Volume (Million) Traded 20 13.2

-

July

May

June

April

March

August

January

October

February

December

November September Months

Value Traded - End of Month(s) - 2016 and 2017 300.00

250.00

200.00

150.00 2017 2016

100.00 Value TradedValue Million) ¢ (GH 50.00

0.00

July

May

June

April

March

August

January

October

February

December November Months September

GSE Market Report - December 2017 8 MARKET CAPITALIZATION PER SECTOR - DEC 2017 Sector Issued Shares (mil.) Market Capt. GH ¢ million FINANCE 26,592.67 13,668.89 DISTRIBUTION 1,033.83 1,480.84 FOOD AND BEVERAGE 2,582.80 2,746.65 ICT 114.00 3.42 INSURANCE 328.75 512.03 MANUFACTURING 1,302.12 927.89 MINING 2,043.29 39,225.19 AGRICULTURE 34.80 212.98 Exchange Traded Funds(ETF) 0.40 15.52 EDUCATION 96.08 10.57 TOTALS 34,128.74 58,803.96 BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - DEC 2017 FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACCESS 4.05 118.09 478.28 ADB 5.84 230.92 1,348.59 CAL 1.08 548.26 592.12 EGH 7.60 293.23 2,228.54 ETI 0.16 24,067.75 3,850.84 GCB 5.05 265.00 1,338.25 HFC 1.39 297.42 413.41 MAC 5.98 9.95 59.49 SCB 25.25 115.51 2,916.56 SCB PREF 1.20 17.48 20.98 SOGEGH 0.82 429.06 351.83 TBL 0.35 200.00 70.00 TOTALS 26,592.67 13,668.89 DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million GOIL 2.69 391.86 1,054.11 MLC 0.06 50.10 3.01 PBC 0.06 480.00 28.80 TOTAL 3.53 111.87 394.92 TOTALS 1,033.83 1,480.84

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million CPC 0.02 2,038.07 40.76 FML 17.70 116.21 2,056.87 GGBL 2.06 307.59 633.65 HORDS 0.10 114.95 11.49 SAMBA 0.65 5.98 3.88 TOTALS 2,582.80 2,746.65

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 3.70 133.10 492.47 SIC 0.10 195.65 19.56 TOTALS 328.75 512.03

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million ACI 0.01 36.50 0.37 ALW 0.16 236.69 37.87 AYRTN 0.1 215.00 21.50 CMLT 0.11 6.83 0.75 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 0.03 259.81 7.79 SWL 0.05 21.83 1.09 UNIL 12.84 62.50 802.50 TOTALS 1,302.12 927.89 MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million AADS 0.48 0.98 46.99 AGA 37.00 408.72 15,122.56 GSR 1.90 259.70 493.43 TLW 17.15 1,373.89 23,562.21 TOTALS 2,043.29 39,225.19

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million BOPP 6.12 34.80 212.98 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 - December 2017 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 Dec GH¢; End Dec GH¢; End Dec Share Price Yield % GH ¢ 2017 2016 2017 Equities AADS 0.98 46.99 0.52 0.48 -7.69 0.00 ACCESS 118.09 478.28 4.10 4.05 -1.22 0.00 0.3130 11 ACI 36.50 0.37 0.01 0.01 0.00 0.00 0.0642 0 ADB 230.92 1,348.59 3.83 5.84 52.48 0.00 0.2104 18 AGA 408.72 15,122.56 37.00 37.00 0.00 0.00 0.6498 57 ALW 236.69 37.87 0.14 0.16 14.29 0.00 -0.0750 n.m. AYRTN 215.00 21.50 0.12 0.10 -16.67 0.00 0.0044 23 BOPP 34.80 212.98 2.08 6.12 194.23 2.20 0.2595 22 CAL 548.26 592.12 0.75 1.08 44.00 0.00 0.1991 5 CLYD 34.00 1.02 0.03 0.03 0.00 0.00 -0.0071 n.m. CMLT 6.83 0.75 0.12 0.11 -8.33 7.00 0.0328 3 CPC 2,038.07 40.76 0.02 0.02 0.00 0.00 -0.0254 n.m. EGH 293.23 2,228.54 6.40 7.60 18.75 12.80 0.7856 9 EGL 133.10 492.47 2.40 3.70 54.17 0.00 0.0855 48 ETI 24,067.75 3,850.84 0.10 0.16 60.00 0.00 0.0297 6 FML 116.21 2,056.87 11.14 17.70 58.89 0.00 0.3011 66 GCB 265.00 1,338.25 3.56 5.05 41.85 10.60 0.6388 6 GGBL 307.59 633.65 1.63 2.06 26.38 0.00 -0.0203 n.m. GOIL 391.86 1,054.11 1.10 2.69 144.55 2.20 0.0877 27 GSR 259.70 493.43 1.95 1.90 -2.56 0.00 0.2050 9 GWEB 35.00 0.35 0.01 0.01 0.00 0.00 -0.0132 n.m. HFC 297.42 413.41 0.75 1.39 85.33 0.00 0.0613 23 MAC 9.95 59.49 6.00 5.98 -0.33 0.00 -0.3815 n.m. MLC 50.10 3.01 0.15 0.06 -60.00 0.00 -0.0324 n.m. PBC 480.00 28.80 0.06 0.06 0.00 0.00 0.0275 1 PKL 33.34 1.67 0.05 0.05 0.00 0.00 -0.0568 n.m. PZC 168.00 33.60 0.22 0.20 -9.09 0.00 0.0256 8 SCB 115.51 2,916.56 12.18 25.25 107.31 9.10 2.0037 10 SIC 195.65 19.56 0.12 0.10 -16.67 0.00 0.0397 3 SOGEGH 429.06 351.83 0.62 0.82 32.26 5.32 0.2165 4 SPL 259.81 7.79 0.03 0.03 0.00 3.30 0.0026 12 SWL 21.83 1.09 0.04 0.05 25.00 0.00 0.0019 26 TBL 200.00 70.00 0.26 0.35 34.62 0.00 0.0496 5 TLW 1,373.89 23,562.21 26.88 17.15 -36.20 0.00 -1.8260 n.m. TOTAL 111.87 394.92 1.98 3.53 78.28 5.79 0.2331 10 TRANSOL 80.00 2.40 0.03 0.03 0.00 0.00 -0.0009 n.m. UNIL 62.50 802.50 8.51 12.84 50.88 0.58 0.7191 15 Subtotal 58,721.14 Preference Shares SCB PREF 17.48 20.98 0.75 1.20 60.00 7.50 Exchange Traded Funds(ETF) GLD 0.40 15.52 38.80 38.80 0.00 66.48 1 Subtotal 36.50 Ghana Alternative Market (GAX) HORDS 114.95 11.49 0.10 0.10 0.00 - 0.00 53 IIL 226.62 20.40 0.09 0.09 0.00 - 0.01 10 MMH 96.08 10.57 0.11 0.11 0.00 - 0.00 n.m. SAMBA 5.98 3.88 0.72 0.65 -9.72 - -0.04 n.m. Subtotal 46.34 TOTAL 58,803.98

GSE Market Report - December 2017 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 13.20 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, 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 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 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 - December 2017 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) 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 13.20 600.00 144.64 7.23

Total Petroleum Ghana Bonus Shares August 1, 2013 N/A 97.89** N/A N/A Ltd. 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 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 ADB Bank IPO 24th-05 Dec 2016 2.65 144.80 122.94 325.78 Access Bank Limited IPO 19th - 25th Nov 2016 4.00 26.00 7.40 29.62 1,304.12 Grand Total (Page 11 + 2,876.64 12) *** The Issue Price is an Average Price ** Additional Bonus Shares Issued

GSE Market Report - December 2017 12 PRIMARY ISSUES B. Bonds

Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised Government of 5yrs matured on GSE Commemorative Registered Stock, 1995 Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million Ghana November 11, 1995 US$2m as Series A of a HFC Series A 7% Coupon Bond due in 2001 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1996 US$35 million US$100 US $2.55m (HFC-A 7s01) 1st November 2001 aggregate offering US$2m as Series B of a HFC Series B 7% Coupon Bond due in 2002 5 yrs, to mature on HFC Bank Ltd. Sept. - Oct., 1997 US$35 million US$100 US $2.25m (HFC-B7s02) 1st November 2002 aggregate offering US$2m as Series C of a HFC Series C 8.25% Coupon Bond due in 2003 5 yrs, to mature on HFC Bank Ltd. November, 1998 US$35 million US$100 US $2.00m (HFC-C8.25s03) 1st November 2003 aggregate offering US$2m as Series D of a HFC Series D 8.25% Coupon Bond due in 2004 July 29 - Aug. 19, 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $2.70m (HFC-D8.25s04) 1999 1st September 2004 aggregate offering US$1.5m as Series E of HFC Series E 8% Coupon Bond due in 2005 October 23 - 30, 5 yrs, to mature on HFC Bank Ltd. a US$35 million US$100 US $1.51m (HFC-E8s05) 2000 1st November 2005 aggregate offering £1.2m as Series F of a HFC Series F 6% Coupon Bond due in 2006 July 16 - August 13, 5 yrs, to mature on HFC Bank Ltd. US$35 million £100 £1.20m (HFC-F6s06) 2001 13th August 2006 aggregate offering US$3m as Series G of a HFC Series G 8% Coupon Bond due in 2006 Dec 15, 2001 - Jan. 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.03m (HFC-G6s06) 1, 2002 November, 2006 aggregate offering US$3m as Series H of a HFC Series H 5% Coupon Bond due in 2009 5 yrs, to mature on HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million US$100 US $2.5m (HFC-G6s09) December 2009 aggregate offering US$5m as Series J of a HFC Series J 5% Coupon Bond due in 2012 Feb 5 - Feb 28, 5 yrs, to mature on HFC Bank Ltd. US$35 million US$100 US $3.9m (HFC-G6s12) 2007 March 7, 2012 aggregate offering Standard Chartered GH¢ 35 million Medium 3yrs, to mature SCB Medium Term Note 01 Dec 01 2005 GH¢35 million Bank Ltd Term Notes December 2008 Government of Euro Bond 13.2 US$ August 7, 2023 US $ 1b Ghana Government of Euro Bond US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b Ghana 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 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 Matured on S16 AFB (GHANA) PLC GH¢ 2.30 01/09/2015 Matured on S17 AFB (GHANA) PLC GH¢ 1.48 29/09/2017 Matured on S18 AFB (GHANA) PLC GH¢ 1.00 08/12/2015 Matured on S19 AFB (GHANA) PLC GH¢ 4.50 03/03/2016 Matured on S20 AFB (GHANA) PLC GH¢ 4.25 20/03/2017 Matured on S21 AFB (GHANA) PLC GH¢ 1.00 08/04/2016 Matured on S22 AFB (GHANA) PLC GH¢ 3.38 20/04/2016 3-Year Floating Rate Senior Unsecured Note AFB (GHANA) PLC GH¢ 8.00 million GH¢ 20/03/2024 0.69 (AFB 1200-7Y24) 3-Year Floating Rate Senior Unsecured Note AFB (GHANA) PLC GH¢ 7.70 million GH¢ 20/06/2022 7.62 (AFB 1300-5Y22) 3-Year Floating Rate Senior Unsecured Note AFB (GHANA) PLC GH¢ 25.00 million GH¢ 11/07/2022 18.78 (AFB 1400-5Y22) 3-Year Floating Rate Senior Unsecured Note AFB (GHANA) PLC GH¢ 12.00 million GH¢ 17/07/2022 1.63 (AFB 1500-7Y24)

GSE Market Report - December 2017 13 PRIMARY ISSUES (Continuation) B. Bonds Amount Raised Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million) 3-Year Unsecured Fixed Rate Bayport December 17 - December 21 GH¢ 20.00 million GH¢ 23/12/2018 69.30 Note BFS1-3Y18 (Ghana) PLC 2015 3-Year unsecured Floating Rate Bayport Financial Services December 17 - December 21 GH¢ 30.00 million GH¢ 23/12/2018 9.30 Note BFS2-3Y18 (Ghana) PLC 2015 3-Year Unsecured Fixed Rate Bayport Financial Services December 17 - December 21 GH¢ 30.00 million GH¢ 06/05/2019 12.54 Note BFS3-3Y19 (Ghana) PLC 2016 3-Year Unsecured Floating Rate Bayport Financial Services December 17 - December 21 GH¢ 30.00 million GH¢ 06/05/2019 11.21 NoteBFS4-3Y119 (Ghana) PLC 2016 5-Year Unsecured Fixed Rate Bayport Financial Services December 17 - December 21 GH¢ 30.00 million GH¢ 5/6/2021 26.37 Note BFS5-3Y21 (Ghana) PLC 2016 5-Year Unsecured Fixed Rate Bayport Financial Services August 14 - August 18 2017 GH¢ 25.00 million GH¢ 23/08/2020 25.00 Note BFS6-3Y20 (Ghana) PLC 5-Year Unsecured Fixed Rate Bayport Financial Services August 14 - August 18 2017 GH¢ 35.00 million GH¢ 23/08/2022 35.00 Note BFS7-5Y22 (Ghana) PLC 5-Year Unsecured Fixed Rate Bayport Financial Services October 02 - October 11 GH¢ 11.32 million GH¢ 11/10/2022 11.32 Note BFS8-5Y22 (Ghana) PLC 2017

3-Year Secured Floating Rate EDENDALE PROPERTIES October 21 - November 13 GH¢ 9.2 million GH¢ 20/11/2018 9.17 Note (EPL1-3Y18) PLC 2015 3-Year Secured Fixed Rate Note EDENDALE PROPERTIES November 27 - December 1 GH¢ 7.6 million GH¢ 07/12/2018 7.60 (EPL2-3Y18) PLC 2015 3-Year Secured Floating Rate EDENDALE PROPERTIES Note (EPL3-3Y19) PLC May 3 - May 4 2016 GH¢ 8.5 million GH¢ 06/05/2019 8.50

3-Year Secured Floating Rate EDENDALE PROPERTIES December 14-December Note (EPL4-2Y18) PLC 20,2016 GH¢ 0.877 million GH¢ 22/12/2018 0.88 02/05/2018 and 7-Year Senior Fixed Rate Bond every 182 days (ESLA1 -7Y24) E.S.L.A. PLC October 23-October 27,2017 GH¢ 2,408 million GH¢ thereafter 2,408.00 09/05/2018 and 7-Year Senior Fixed Rate Bond October 23-November every 182 days (ESLA2 -10Y27) E.S.L.A. PLC 03,2017 GH¢ 2,375 million GH¢ thereafter 2,375.00 5-Year Secured Fixed Rate Note (GHL100-5Y21) Ghana Home Loans July 27-August 10, 2016 USD 1.0 million GH¢ 24/08/2021 1.32 5-Year Secured Fixed Rate Note (GHL200-5Y21) Ghana Home Loans July 27-August 10, 2017 USD 4.0 million GH¢ 25/08/2021 9.22 1-Year Fixed Rate Senior Secured One Year Matured Izwe Loans Limited GH¢ 5 million GH¢ 5.00 Note (ILLA3-1Y14) on '28/11/2014 1-Year Fixed Rate Senior Secured One Year Mature on Izwe Loans Limited GH¢ 4.57 million GH¢ 4.60 Note (ILLA4-1Y14) 20/12/2014 1-Year Floating Rate Senior One Year Mature on Izwe Loans Limited Oct 14 - Oct 24. 2014 GH¢ 15 million GH¢ 14.40 Secured Note (ILLA5-1Y15) 29/10/2015

3-Year Floating Rate Senior 2 Year Mature on Izwe Loans Limited Oct 14 - Oct 24. 2014 GH¢ 15 million GH¢ 14.60 Secured Note (ILLA6-3Y17) 29/10/2017

2-Year Floating Rate Senior Two Year Mature on Izwe Loans Limited Mar 11 - 25. 2015 GH¢ 5 million GH¢ 10.00 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¢ 10.00 Secured Note (ILLA8-3Y18) on 31/03/2018

ILLA9-5Y20 Izwe Loans Limited August 21 - August 24 2015 GH¢ 7 million GH¢ 27/08/2020 7.00

3-Year Senior Secured Floating October 12 - October 23 Izwe Loans Limited GH¢ 8.3 million GH¢ 29/10/2018 8.31 Rate Note (ILLA10-3Y18) 2015

6-Year Senior Secured Floating Izwe Loans Limited May 11 - May 20 2016 GH¢ 10 million GH¢ 27/05/2022 10.00 Rate Note - (ILLA11-6Y22)

3-Year Senior Secured Floating Izwe Loans Limited June 23 - June 27 2017 GH¢ 7 million GH¢ 30/06/2020 7.00 Rate Note - (ILLA12) 3-Year Senior Secured Floating December 14 - December 19 Izwe Loans Limited GH¢ 10 million GH¢ 30/06/2020 10.00 Rate Note - (ILLA12-B) 2017

5-Year Senior Secured Floating October 16 - October 25 Izwe Loans Limited GH¢ 14 million GH¢ 30/10/2022 19.00 Rate Note - (ILLA13-5Y22) 2017

GSE Market Report - December 2017 14 PRIMARY ISSUES (Continuation) B. Bonds

Amount Raised Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million) 1-Year Senior Unsecured Fixed Rate October 25-October 31, Matured on PBC LTD GH¢100 million GH¢ 63.12 Callable Note 2016 30/11/2017 1-Year Senior Unsecured Fixed Rate November 14-November 24, Matured on PBC LTD GH¢80.98 million GH¢ 91.29 Callable Note 2017 05/11/2017 1-Year Senior Unsecured Fixed Rate October 23-November 3, PBC LTD GH¢91.29 million GH¢ 80.98 Callable Note 2017 1-Year Senior Unsecured Fixed Rate November 20-November 29, PBC LTD GH¢126.91 million GH¢ 06/12/2018 126.91 Callable Note 2017

GSE Market Report - December 2017 15