2015-07-03 the Africa Weekly

The Africa WeeklyEquity Research | Pan-Africa | News & Analysis

African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africas leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent.

For more information please visit www.africanalliance.com

African Alliance Pan-African Securities Research

Equity Research I Pan-Africa I Weekly Market Indicators

THE AFRICA WEEKLY

MTD YTD

Botswana BSE DCI 10,698 0.74 0.07 12.59 10,707 9,180 9.96 -0.89 -0.79 -4.56 -0.16 -0.72 7.45 4,738.4 5,133BRVM IC Comp 278.6 1.38 0.05 7.95 278.6 230.2 594.9 -1.13 -0.99 -9.27 0.24 -0.94 -2.06 3,431.6 10,462Egypt*** EGX 30 8,315 -1.09 -0.68 -6.85 10,046 8,125 7.72 -1.32 -1.13 -7.37 -2.40 -1.80 -13.72 201,748 33,971Ghana GSE ALSI 2,343 -1.17 -0.40 3.62 2,393 2,144 4.35 1.61 0.57 -26.09 0.42 0.17 -23.42 211.0 4,064Kenya FTSE NSE15 212.8 -1.31 -2.43 -1.23 234.8 195.6 99.65 -1.10 -0.40 -9.08 -2.40 -2.83 -10.20 119,070.6 22,156Malawi MSE ALSI 16,012 0.01 0.00 7.56 16,142 13,437 445.6 -1.72 -1.03 4.91 -1.71 -1.02 12.84 147.6 1,498Mauritius SEMDEX 1,966 -0.99 -0.74 -5.19 2,171 1,930 35.33 -0.46 -0.14 -10.12 -1.45 -0.88 -14.78 9,377.1 5,965Morocco MORALSI 9,551 -0.40 -0.29 -0.72 10,527 9,205 9.76 -0.73 -0.57 -7.48 -1.13 -0.85 -8.14 225,768 48,029Namibia Local 434.6 0.02 0.00 11.71 441.0 347.3 12.35 -1.97 -0.90 -6.30 -1.95 -0.90 4.67 111.9 2,010Nigeria NIG ALSI 32,739 -1.15 -2.15 -5.53 43,039 27,585 198.9 -0.03 0.05 -8.09 -1.18 -2.10 -13.18 118,976 53,303Rwanda RSE Index 220.1 -0.26 0.00 -7.05 267.5 219.0 719.9 2.14 -0.96 -3.77 1.87 -0.96 -10.56 6 700South Africa JSE ALSI 52,215 -1.21 0.79 4.91 55,188 46,673 12.35 -1.97 -0.90 -6.30 -3.16 -0.12 -1.70 4,265,263 372,685Swaziland SSX ALSI 286.8 0.00 0.00 0.00 0.00 0.00 12.35 -1.97 -0.90 -6.30 -1.97 -0.90 -6.30 0.0 195Tanzania DAR ALSI 2,665 -4.89 -2.28 5.76 2,850 2,225 1,995 14.54 -1.00 -13.03 8.94 -3.26 -8.03 8,976.0 4,919Tunisia TUNIS 5,726 -0.63 0.13 12.50 5,770 4,580 1.96 -0.96 -0.65 -4.99 -1.59 -0.53 6.88 7,023 7,752Uganda USE ALSI 1,966 -1.36 -1.47 2.04 2,098 1,728 3,315 -1.28 -0.38 -16.29 -2.63 -1.84 -14.58 23.2 1,052Zambia LuSE ALSI 5,846 0.13 0.06 -5.11 6,287 5,833 7.55 -2.19 -0.46 -15.48 -2.06 -0.40 -19.80 752.6 4,889Zimbabwe ZSE IND 146.2 -1.59 -1.46 -10.17 201.3 146.2 1.00 0.00 0.00 0.00 -1.59 -1.46 -10.17 3,660.5 3,790

1 year price chartsLocal USD

18.7 17.4- 14.5- 14.5- 14.5

-0.1 14.4

Local USD

-32.7 -33.2-13.3 -14.3-11.9 -12.9-12.5 -12.5-10.9 -11.9

* See individual country pages for more details about the indices. ** USD market cap is that of the whole market, not the respective index. ***Note that Egypt consists only of the EGX30 and EGX 70 constituents

AA Indes (1.5; -0.1% w/w)Gold (1,162.7; -1.0% w/w) MSCI WORLD (1,747.3; -1.9% w/w)

Crude Oil (62.1; -1.8% w/w) MSCI EM (971.5; -1.7% w/w)

MSCI AFRICA (558.2; -1.8% w/w)

S&P 500 (2,076.8; -1.2% w/w)

FTSE 100 (6,630.5; -2.6% w/w)Copper (5,778.0; +0.4% w/w)

Servair Abidjan

Top 5 gainers

Top 5 decliners

Simba CementTanzania Breweries

TanzaniaTanzania

1 YearLow

YTD%Chg

Total CI

Company

AlliancesUnilever CITractafric Motors CIEconet Wireless

SwissportTanzania Cigarette

Country Index*IndexLevel

Company

FX-Rateper USD

YTD% Chg

1 MTD% Chg

1 Wk%Chg 1 week

Dollar Return (% chg) Mkt CapUSDm**

TradeUSD'000

02 Jul 2015

BRVM

MTD%Chg

% chg

Country

MoroccoBRVMBRVMZimbabwe

1 Wk%Chg

Country

BRVMTanzaniaTanzania

1 YearHigh



THE AFRICA WEEKLY

1 month price chartsBotswana BRVM

Key

Egypt*** Ghana Up8.189 5.795 3.53 7.738 4.694 4.872 Flat

15.174 15.463 17.16 18.39 19.36 19.978 Down10.54 14.341 14.921 25.254 19.198 19.985Kenya Malawi 170.651 231.6 248.19 264.2 286.47 316.04

6.96 7.976 7.356 6.584 6.265 7.1341123.63 1484.1 1547.9 1603.6 1692.3 1816.913.935 11.742 10.333 11.984 7.938 7

Mauritius Morocco

Namibia Nigeria

South Africa Tanzania

Tunisia Uganda

Zambia Zimbabwe

-1.21%

0.74%

South Africa

BotswanaNamibiaNamibia

-0.99%

Mauritius

-0.40%Morocco

-0.63%

Tunisia

-1.09%Egypt

-1.31%Kenya

0.13%Zambia

-1.36%Uganda:

Swaziland

Ghana

-4.89%Tanzania

1.38%BRVM

0.01%Malawi

Zimbabwe

0.02%-1.59%

-1.15%Nigeria

-1.17%

Rwanda:-0.26%



THE AFRICA WEEKLY

Inflation and Interest Rate Summary

Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) MonthSouthern Africa

Angola 9.00 8.86 MayBotswana 5.67 Mar-25 BW007 11.4 yrs 9.00 3.00 MayLesotho 8.25 Feb-19 LS000A1GZ7W0 5.3 yrs 10.25 2.10 FebMalawi 25.00 19.50 MayMauritius 7.07 Sep-23 10 year 9.9 yrs 2.48 0.47 MayNamibia 8.55 Oct-24 GC24 11.0 yrs 10.00 3.00 MaySouth Africa 7.60 Dec-26 R186 13.2 yrs 9.25 4.60 MaySwaziland 8.87 Jan-24 SG018 10.3 yrs 8.75 6.60 NovZambia 21.75 Feb-23 10 year 9.3 yrs 12.50 7.10 JuneZimbabwe -1.40 Feb

East AfricaKenya 12.40 Jun-22 FXD 1/2014/10Yr 8.7 yrs 15.47 6.90 MayRwanda 11.15 Sep-16 FXD2/2011/5yr 3.0 yrs 17.37 1.60 MayTanzania 16.50 Oct-23 10 year 10.0 yrs 15.37 4.20 FebUganda 16.87 Apr-23 UG0000001244 9.5 yrs 20.82 4.90 May

West AfricaBRVM average 0.02 JanGhana 23.50 Aug-17 5005 3.9 yrs 21.00 16.90 MayNigeria 10.96 Jan-22 9th FGN Series 1 8.3 yrs 16.77 9.00 May

North AfricaEgypt 12.58 Feb-17 EGBGR00541F5 3.4 yrs 9.75 10.96 AprMorocco 3.64 Apr-16 MA0002010249 2.5 yrs 6.03 2.00 MayTunisia 6.17 Mar-19 10 year 5.4 yrs 4.75 5.60 Feb

Source: Central banks, statistical agencies



THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira) Nigeria

2012 2013 2014 2015 2016E 2017F4.4 4.0 3.7 2.2 1.7 1.6

10.4 10.4 10.6 11.1 11.2 11.67.3 9.2 22.3 11.1 10.4 11.3

467.1 521.8 594.3 657.2 702.2 749.14.3 5.4 7.0 7.3 7.2 7.1

2,835.3 3,082.5 3,416.5 3,677.3 3,824.1 3,970.212.0 7.9 9.0 8.5 8.0 7.0

Company Reporting period Expected reporting date Year DPSINTERNATIONAL BREWERIES Full Year 21-Jul-15 Ecobank Transnat 2014 0.00TRIPPLE GEE AND COMPANY PLC Full Year 19-Jun-15 Fbn Holdings Plc 2014 1.17-UP BOTTLING CO PLC Full Year 30-Jun-15 Total Nigeria Pl 2014 2.0HONEYWELL FLOUR MILL PLC Full Year 27-Jul-15 Nestle Nigeria P 2014 10.0WAPIC INSURANCE PLC Full Year 24-Jul-15 Oando Plc 2014 0.7LAW UNION AND ROCK INSUR PLC Full Year 10-Jul-15LINKAGE ASSURANCE PLC Full Year 22-Jul-15OASIS INSURANCE PLC Full Year 10-Jun-15UNIVERSITY PRESS PLC Full Year 07-Jul-15

3

TypeOmitted

FinalInterimInterim

Market Commentary

Govt net debt (% GDP)Nominal GDP (USDbn)GDP growth (%, constant prices)GDP per capita (USD)Inflation (%, end of period)

Current account balance (% GDP)Govt gross debt (% GDP)

Dividends Last Cum date07-Jul-14

02 Jul 2015

05-May-1401-Dec-1424-Nov-1418-Nov-14Interim

The NSE ALSI declined 1.2% to close the week at 32,739.1 on the back of losses in Access Bank (-10.9%),Mansard Insurance (-8.8%) and Stanbic IBTC Holdings (-7.6%). During the week, gains were recorded inAshaka Cement (+4.7%), Presco (+4.5%) and Forte Oil (+4.4%). The top traders by value were JuliusBerger (USD 33.3m), Zenith Bank (USD 18.2m) and Nigerian Breweries (USD 11.4m). Trading in theseshares accounted for 52.8% of this weeks turnover of NGN 23.7bn (USD 119.0m). The average weeklyvalue traded in the last six months is NGN 20.3bn (USD 102.1m). The NSE ALSI is down 5.5% ytd (-13.2%USD) and the total market capitalisation is currently USD 53.3bn.



THE AFRICA WEEKLY


NIGSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 32,739.1 198.90 H: 09-Jul-14 43,039.5 May & Baker Nigeria 7.1 1.50This week 33,121.7 -1.15 198.85 -0.03 -1.18 L: 13-Feb-15 27,585.3 N.E.M Insurance Co (Nig) 5.7 0.74Prev week 33,460.5 -1.01 198.90 0.03 -0.99 Off peak -23.9% NPF Microfinance 5.0 1.05MTD 33,456.8 -2.15 199.00 0.05 -2.10 At High 35/199 Portland Paints & Products 4.9 4.67YTD 34,657.2 -5.53 182.80 -8.09 -13.18 At Low 46/199 Fidson Healthcare 4.7 3.33

23,661 11.16% NGNm 20,315.1 Company Week % chg Price-18,142 138 USDm 102.1 Evans Medical -20.3 1.10

69% Neimeth Intl Pharmaceuticals -18.7 1.222,450 24 Cutix -13.3 1.50

20,592 39 NGNm 10,602,011 Access Bank -10.9 5.29-88.1% -15 USDm 53,303 Costain (WA) -10.7 0.75

Company NGN'000 % of totalJulius Berger 6,619,074 27.97Zenith Bank 3,621,514 15.31Nigerian Breweries 2,257,646 9.54Guaranty Trust Bank 1,634,146 6.91Access Bank 1,425,493 6.02

*The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of Nigerian Naira See the notes page for more information about calculations 02 Jul 2015 4

Total value Value Traded / Mkt Cap (%)

NGN/USD USD returnsIndex performance *

Turnover analysis ** Avg weekly value traded

Market highs and lows

Top 5 declinersTrading numbers

Advance - Decline

Stocks traded (%)Stocks up Total Market cap

Top 5 gainers

Top 5 (value) traders Rebased Index Performance

Net value Stocks traded (absolute)

Upside valueDownside value Stocks downUpside/downside ratio

-64%

-50%

-36%

-22%

-8%

6%

Jul-14 Oct-14 Jan-15 Apr-15 Jul-15

USD NGN

0 5,000 10,000 15,000

09 Jul 2014

02-Jul

Market Cap (NGN bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000)Dangote Cement BUIL 172.5 -0.9 Down 414,220 2,352 250.0 141.9 -31.0 -13.8 -28.1 2,939,488 14,779 3,930.8Nigerian Breweries BREW 145.1 -3.3 Down 2,257,646 15,282 186.9 128.0 -22.4 -12.3 -15.8 1,096,970 5,515 10,437.3Guaranty Trust Bank BANK 26.95 -0.2 Down 1,634,146 60,456 31.88 17.00 -15.5 7.0 -7.3 793,170 3,988 13,309.2Nestle Nigeria CONS 850.0 -0.0 Down 1,155,149 1,332 1,125 746.3 -24.4 -16.0 -25.8 673,758 3,387 7,381.1Zenith Bank BANK 19.45 -0.3 Down 3,621,514 187,920 25.60 15.00 -24.0 5.6 -22.7 610,662 3,070 13,131.4ETI (Nigeria) BANK 22.00 - Flat 269,802 12,162 24.55 14.35 -10.4 18.4 33.3 350,959 1,765 4,123.0Lafarge WAPCO BUIL 103.0 2.9 Up 703,744 6,981 131.0 66.50 -21.4 28.0 -7.2 309,165 1,554 1,936.7FBN Holdings BANK 8.00 0.3 Up 608,440 76,708 16.29 6.37 -50.9 -9.1 -50.4 261,057 1,313 7,182.5Stanbic IBTC Holdings BANK 25.00 -7.6 Down 221,751 8,592 35.00 24.00 -28.6 -7.4 -8.1 250,000 1,257 1,445.5Guinness Nigeria BREW 153.0 -3.5 Down 192,634 1,208 215.0 113.4 -28.8 -9.0 -20.3 230,401 1,158 2,574.6Forte Oil UTIL 190.0 4.4 Up 372,981 1,987 240.0 152.0 -20.8 -16.6 -8.2 205,221 1,032 1,070.8Unilever Nigeria CONS 43.50 -4.4 Down 1,362,325 29,973 55.00 27.00 -20.9 21.5 -19.4 164,573 827 2,368.4Union Bank Nig. BANK 9.31 -0.4 Down 9,143 964 11.50 6.82 -19.0 9.5 -6.4 157,672 793 426.0UBA BANK 4.77 -4.6 Down 427,433 86,918 8.09 2.99 -41.0 10.9 -40.3 157,321 791 4,407.8P Z Cussons Nigeria CONS 31.97 0.5 Up 78,682 2,525 39.00 17.50 -18.0 34.3 -12.5 126,936 638 864.8Access Bank BANK 5.29 -10.9 Down 1,425,493 256,278 10.00 4.71 -47.1 -19.8 -45.5 121,051 609 4,870.97-Up Bottling Comp. BREW 183.0 3.3 Up 65,347 356 188.5 100.0 -2.9 10.6 78.5 117,228 589 421.8Cadbury Nigeria CONS 35.05 -5.3 Down 28,985 820 78.00 34.82 -55.1 -12.4 -55.1 109,720 552 127.4Oando UTIL 15.70 -0.6 Down 442,752 28,257 28.50 12.83 -44.9 -2.5 -42.9 107,111 539 2,397.3TransCorp Nigeria INVE 2.73 -5.9 Down 84,702 30,803 6.50 2.28 -58.0 -16.0 -48.5 105,708 531 1,633.6Unity Bank BANK 2.46 -0.4 Down 38,007 15,391 5.00 0.50 -50.8 392.0 392.0 94,579 476 256.5U A C N CONS 42.50 1.1 Up 152,628 3,609 66.00 26.22 -35.6 25.0 -37.4 81,637 410 2,539.7Dangote Sugar Refinery CONS 6.66 -2.1 Down 53,036 7,844 9.40 4.94 -29.1 4.9 -29.9 79,920 402 602.5Flour Mills Nig. CONS 33.50 1.5 Up 82,403 2,436 80.90 27.67 -58.6 -14.5 -57.1 79,920 402 1,642.6Intl Breweries BREW 19.50 2.3 Up 33,801 1,749 32.00 17.10 -39.1 -16.6 -32.8 63,619 320 432.1Diamond Bank BANK 4.19 -1.4 Down 215,254 51,393 6.72 3.45 -37.6 -24.9 -33.5 60,651 305 2,256.8FCMB BANK 2.98 -0.7 Down 75,020 25,068 4.55 2.00 -34.5 19.7 -32.3 59,012 297 1,325.6Julius Berger BUIL 48.50 -2.6 Down 6,619,074 136,476 69.00 38.08 -29.7 -20.0 -29.7 58,200 293 2,120.9Total Nigeria UTIL 165.0 - Flat 178,132 1,080 195.5 134.1 -15.6 15.8 -4.6 56,021 282 241.4Mobil Oil Nig UTIL 150.0 -5.6 Down 22,090 144 180.0 133.0 -16.7 -5.1 9.2 54,089 272 217.7

502 Jul 2015

Movement (% chg) Market cap12 MonthWeekly



THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi) Ghana

2012 2013 2014 2015 2016E 2017F-11.8 -11.9 -9.9 -8.5 -7.2 -6.649.8 55.6 65.3 71.1 70.8 68.347.7 53.2 63.3 69.3 69.2 65.441.7 47.8 35.5 32.6 34.7 38.2

8.8 7.1 4.5 4.7 7.2 6.31,674.6 1,871.1 1,353.2 1,212.8 1,257.2 1,349.4

8.1 13.5 18.5 15.1 13.9 12.8

Company Reporting period Expected reporting date Year DPSALUWORKS GHANA LTD Full Year 01-Jun-15 Total Petroleum 2014 0.08COCOA PROCESSING CO LTD Full Year 12-Aug-15 Benso Oil Palm 2014 0.03TULLOW OIL PLC Half Year 29-Jul-15 Ghana Commercial 2014 0.2

Pz Cussons Ghana 2013 0.00Ghana Oil Co Ltd 2013 0.01

6

TypeInterim

Regular CashFinalFinal

Market Commentary



Dividends Last Cum date01-Dec-14

02 Jul 2015

05-May-1416-May-1420-Sep-1313-Aug-13Regular Cash

The GSE Composite declined 1.2% to close the week at 2,342.8 on the back of losses in HFC Bank (-7.0%),Ecobank Ghana (-2.7%) and Stanchart Ghana (-2.1%). During the week, gains were recorded in Ghana Oil(+2.8%). The top traders by value were CAL Bank (USD 119.4k), Fan Milk (USD 22.8k) and Ecobank Ghana(USD 15.9k). Trading in these shares accounted for 74.9% of this weeks turnover of GHS 925.1k (USD211.0k). The average weekly value traded in the last six months is GHS 4.2m (USD 960.6k). The GSEComposite is up 3.6% ytd (-23.4% USD) and the total market capitalisation is currently USD 4.1bn.



THE AFRICA WEEKLY


GSE CI Level % chg Level % chg % chg Company Week % chg PriceCurrent 2,342.8 4.35 H: 04-Jul-14 2,392.7 Mechanical Lloyd 5.9 0.18This week 2,370.6 -1.17 4.42 1.61 0.42 L: 03-Feb-15 2,143.5 Ghana Oil 2.8 1.45Prev week 2,377.7 -0.30 4.37 -1.24 -1.54 Off peak -2.1% --MTD 2,352.2 -0.40 4.38 0.57 0.17 At High 1/34 --YTD 2,261.0 3.62 3.22 -26.09 -23.42 At Low 1/34 --

0.9 0.26% GHSm 4.2 Company Week % chg Price-0.1 22 USDm 1.0 HFC Bank -7.0 1.60

65% UT Bank -5.6 0.170.0 2 Ecobank Ghana -2.7 8.800.2 5 GHSm 17,678 Stanchart Ghana -2.1 19.52

-83.9% -3 USDm 4,064 Ghana Commercial Bank -0.2 4.89

Company GHS'000 % of totalCAL Bank 523.7 56.61Fan Milk 99.8 10.79Ecobank Ghana 69.6 7.53ETI (Ghana) 54.1 5.85Enterprise Group 48.8 5.28

*The index is the GSE ALSI, an all share index ** Value Traded numbers are given in millions of Ghanaian Cedi See the notes page for more information about calculations 02 Jul 2015 7


GHS/USD USD returnsIndex performance *


Market highs and lowsTop 5 gainers

Top 5 decliners

Advance - Decline


Trading numbers

Top 5 (value) tradersRebased Index Performance



-34%

-25%

-16%

-7%

2%

11%


USD GHS

0 5,000 10,000 15,000 20,000

04 Jul 2014

02-Jul

Market Cap (GHS m) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000)ETI (Ghana) BANK 0.37 - Flat 54 146.20 0.43 0.22 -14.0 32.1 42.3 5,906 1,358 22.1Ecobank Ghana BANK 8.80 -2.7 Down 70 7.89 9.21 7.00 -4.5 15.8 19.4 2,580 593 74.6Stanchart Ghana BANK 19.52 -2.1 Down 12 0.61 21.25 18.00 -8.1 -4.1 7.8 2,255 518 128.8Ghana Commercial Bank BANK 4.89 -0.2 Down 45 9.22 5.85 4.46 -16.4 -7.7 -9.9 1,296 298 169.1Fan Milk CONS 5.75 - Flat 100 17.36 6.82 4.89 -15.7 9.5 -15.7 668 154 39.6Guinness Ghana BREW 3.15 - Flat 0 0.00 5.07 2.45 -37.9 -1.6 -37.9 666 153 15.6CAL Bank BANK 1.10 - Flat 524 475.62 1.15 0.85 -4.3 8.9 27.9 603 139 83.6Total Petroleum OILG 5.30 - Flat 10 1.80 6.54 5.30 -19.0 -13.1 -18.7 593 136 45.5Golden Star RESO 1.99 2.34 1.99 -15.0 -15.0 -27.6 508 117 0.2HFC Bank BANK 1.60 -7.0 Down 3 2.09 1.75 1.15 -8.6 6.7 6.7 474 109 2.6Unilever Ghana CONS 7.53 17.60 7.31 -57.2 -29.6 -57.2 471 108 5.3Ghana Oil OILG 1.45 2.8 Up 24 16.45 1.45 0.95 -0.0 38.1 52.6 366 84 139.5SocGen (Ghana) BANK 0.91 - Flat 8 8.31 1.08 0.83 -15.7 -9.0 7.1 304 70 42.5Enterprise Group INSU 1.95 - Flat 49 25.04 1.95 1.40 -0.0 11.4 8.3 249 57 123.3Benso Oil Palm AGRI 5.00 - Flat 0 0.05 5.01 2.66 -0.2 22.0 93.1 174 40 31.5Tullow Oil OILG 33.00 36.00 33.00 -8.3 -5.7 -4.3 117 27 0.0UT Bank BANK 0.17 -5.6 Down 21 123.00 0.40 0.17 -57.5 -32.0 -57.5 78 18 11.6Trust Bank (Gambia) BANK 0.35 - Flat 5 15.00 0.35 0.24 0.0 45.8 45.8 70 16 2.4PZ Cussons Ghana CONS 0.36 - Flat 0 1.00 0.56 0.23 -35.7 20.0 -35.7 60 14 0.4Produce Buying AGRI 0.11 - Flat 0 1.32 0.14 0.11 -21.4 -8.3 -15.4 53 12 0.3Cocoa Processing INDU 0.02 - Flat 0 0.50 0.02 0.01 0.0 - - 41 9 0.1Mega African Capital INVE 4.50 4.50 3.15 - - 45.2 39 9 -SIC Insurance INSU 0.19 - Flat 0 0.45 0.45 0.14 -57.8 -48.6 -55.8 37 9 21.2Ayrton Drug PHAR 0.17 - Flat 0 0.10 0.18 0.17 -5.6 -5.6 - 37 8 0.0Aluworks Ghana RESO 0.06 0.07 0.02 -14.3 200.0 20.0 14 3 0.4Mechanical Lloyd CONS 0.18 5.9 Up 1 3.20 0.33 0.17 -45.5 -35.7 -40.0 9 2 0.3Transol TELE 0.03 0.03 0.03 0.0 - - 2 1 0.0Starwin Products PHAR 0.03 - Flat 0 8.00 0.04 0.02 -25.0 50.0 -25.0 2 1 0.3Pioneer Kitchenware. INDU 0.05 0.06 0.05 -16.7 -16.7 -16.7 2 0 0.0Clydestone Ghana TELE 0.03 0.04 0.03 -25.0 - -25.0 1 0 0.0

802 Jul 2015




THE AFRICA WEEKLY

BRVM Stock Exchange (CFA Franc) BRVM

2012 2013 2014 2015 2016E 2017F-10.8 -10.4 -9.8 -9.4 -9.3 -9.043.4 46.8 50.3 51.0 51.0 50.9

14.0 14.8 15.9 16.9 18.2 19.73.4 3.5 4.5 4.6 5.1 5.1

1,023.3 1,047.5 1,092.3 1,126.1 1,181.5 1,244.91.1 -0.1 1.4 1.5 1.4 1.3

2012 2013 2014 2015 2016E 2017F-0.2 -2.1 -3.0 -3.1 -3.2 -3.3

Company Reporting period Expected reporting date 44.8 39.9 36.5 34.3 33.1 32.1NESTLE COTE D IVOIRE Full Year 01-Jun-15SONATEL Half Year 21-Jul-15 27.7 32.1 34.0 38.2 42.0 45.9BANK OF AFRICA-BURKINA FASO Full Year 13-Aug-15 10.7 8.7 8.5 7.9 7.8 7.5BOA-COTE D'IVOIRE Full Year 20-Aug-15 1,184.1 1,332.1 1,370.0 1,494.8 1,596.9 1,695.3BANK OF AFRICA NG Full Year 13-Aug-15 3.4 0.4 1.6 1.6 2.5 2.5

Year TypeSonatel 2014 1,395.0Sogb 2014 0.0Palmci 2013 1,440.0Solibra 2014 5,490.0Sitab 8,016.0

9

Last Cum date

24-Jul-1402-May-14

11-Jun-1325-Jun-14

N.A.


Ivory CoastCurrent account balance (% GDP)Govt gross debt (% GDP)Govt net debt (% GDP)

Market Commentary Senegal


02 Jul 2015

Dividends Amount

Regular CashRegular CashRegular CashRegular Cash

Nominal GDP (USDbn)GDP growth (%, constant prices)GDP per capita (USD)Inflation (%, end of period)

Regular Cash

The IC Composite gained 1.4% to close the week at 278.6 on the back of gains in Servair Abidjan (+18.7%),Bollore Africa Logistics CI (+15.5%) and CIE (+6.8%). During the week, losses were recorded in UnileverCI (-13.3%), Tractafric Motors CI (-11.9%) and Total CI (-10.9%). The top traders by value were Sonatel SN(USD 1.2m), ETI (BRVM) (USD 0.3m) and Onatel BF (USD 0.2m). Trading in these shares accounted for50.6% of this weeks turnover of XOF 2.0bn (USD 3.4m). The average weekly value traded in the last sixmonths is XOF 2.8bn (USD 4.7m). The IC Composite is up 7.9% ytd (-2.1% USD) and the total marketcapitalisation is currently USD 10.5bn.



THE AFRICA WEEKLY


IC Composite Level % chg Level % chg Company Week % chg PriceCurrent 278.6 594.92 H: 02-Jul-15 278.6 Servair Abidjan 18.7 79,550This week 274.8 1.38 588.20 -1.13 0.24 L: 13-Nov-14 230.2 Bollore Africa Logistics CI 15.5 200,000Prev week 274.1 0.27 578.00 -1.73 -1.47 Off peak 0.0% Air Liquide CI 9.7 19,300MTD 278.4 0.05 589.04 -0.99 -0.94 At High 2/37 CIE 6.8 78,000YTD 258.1 7.95 539.77 -9.27 -2.06 At Low 3/37 Nestle CI 5.7 56,000

2,030.0 1.63% XOFm 2,812.7 Company Week % chg Price1,091.3 35 USDm 4.7 SICOR -20.8 7,445

95% Unilever CI -13.3 27,7451,285.2 15 Tractafric Motors CI -11.9 232,065

193.9 12 XOFm 6,224,165 Total CI -10.9 361,000563.0% 3 USDm 10,462 NEI-CEDA CI -7.5 5,550

Company XOF'000 % of totalSonatel SN 707,805 34.87ETI (BRVM) 185,722 9.15Onatel BF 133,257 6.56FILTISAC CI 126,338 6.22SAPH 103,116 5.08

*The index is the BRVM Composite, an all share index ** Value Traded numbers are given in millions of CFA Francs (BCEAO) See the notes page for more information about calculations 02 Jul 2015 10


XOF/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Stocks traded (absolute)

Trading numbers


Net value


-30%

-20%

-10%

0%

10%

20%

30%


USD XOF

0 5,000,000 10,000,000

02 Jul 2015

02-Jul

Market Cap (XOF bn): Current vs Peak



THE AFRICA WEEKLY


Price Volume Volume 6 mthsCompany Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000)Sonatel SN TELE 24,000 1.3 Up 707,805 29,508 25,000 20,350 -4.0 5.3 9.6 2,400,000 4,034 1,541.0ETI (BRVM) BANK 54.00 - Flat 185,722 3,403,768 64.00 45.00 -15.6 8.0 12.5 861,446 1,448 180.8SGB BANK 109,600 4.9 Up 73,168 676 109,600 69,000 - 13.2 56.6 340,978 573 348.7Onatel BF TELE 9,350 3.9 Up 133,257 14,099 9,500 5,800 -1.6 26.4 28.1 317,900 534 428.1Total CI OILG 361,000 -10.9 Down 62,145 159 432,000 148,000 -16.4 80.5 140.7 227,291 382 236.7CIE UTIL 78,000 6.8 Up 42,325 571 86,500 47,000 -9.8 -5.5 63.9 218,400 367 76.1Bollore Africa Logistics CI TRPT 200,000 15.5 Up 41,853 217 248,955 119,800 -19.7 -19.7 -2.2 217,741 366 80.2SOLIBRA CI BREW 178,000 -1.1 Down 60,267 338 245,000 164,188 -27.3 -11.0 -27.3 146,319 246 73.5BICI CI BANK 87,505 0.6 Up 4,532 52 95,000 60,010 -7.9 12.2 26.8 145,842 245 30.3SITAB CI INDU 148,000 - Flat 67,488 456 162,000 117,000 -8.6 -6.9 19.4 132,867 223 114.0PALM CI AGRI 16,485 3.0 Up 10,235 624 19,350 14,995 -14.8 -2.7 -4.2 127,423 214 90.1Bank of Africa BN BANK 115,000 - Flat 11,845 103 126,000 57,000 -8.7 40.2 94.9 115,836 195 99.3FILTISAC CI INDU 29,995 5.2 Up 126,338 4,390 39,000 15,150 -23.1 1.7 81.8 105,762 178 313.6Vivo Energy CI UTIL 62,000 3.3 Up 10,403 173 65,010 46,025 -4.6 3.3 24.0 78,120 131 19.9CFAO CI CONS 65,000 0.8 Up 32,122 498 82,000 39,000 -20.7 41.0 44.4 72,331 122 33.7Bank of Africa BF BANK 97,000 - Flat 96,965 1,010 106,400 80,005 -8.8 7.8 14.1 71,295 120 108.8SAPH AGRI 13,000 - Flat 103,116 7,932 19,000 13,000 -31.6 -26.0 -27.8 66,451 112 87.0SOGB AGRI 30,500 5.2 Up 53,833 1,853 34,005 23,000 -10.3 -4.4 -10.3 65,886 111 87.7SODE UTIL 70,000 - Flat 630 9 91,300 49,000 -23.3 -23.3 40.0 63,000 106 88.9Nestle CI CONS 56,000 5.7 Up 5,653 101 74,000 41,275 -24.3 1.8 -24.3 61,797 104 14.7Bank of Africa CI BANK 98,500 -0.5 Down 61,719 621 107,000 70,000 -7.9 9.4 38.7 59,100 99 77.8Bank of Africa NG BANK 79,000 - Flat 39,646 502 92,440 58,000 -14.5 -9.2 29.5 47,400 80 262.3Unilever CI INDU 27,745 -13.3 Down 2,197 76 41,000 27,745 -32.3 -25.0 -25.1 44,686 75 4.6Servair Abidjan CONS 79,550 18.7 Up 23,922 315 79,550 23,100 - 104.5 245.9 43,402 73 46.8Tractafric Motors CI CONS 232,065 -11.9 Down 232 1 263,480 157,510 -11.9 37.3 36.3 37,130 62 9.5Bernabe CI TRPT 100,000 -0.1 Down 1,600 16 100,100 70,000 -0.1 34.8 42.9 33,120 56 15.2SMB INDU 15,995 -0.0 Down 4,383 279 18,500 13,500 -13.5 14.3 -5.9 31,171 52 3.2Uniwax CI INDU 27,000 - Flat 45,567 1,700 76,990 16,555 -64.9 -32.5 -30.8 20,250 34 195.5Crown SIEM CI INDU 31,500 -1.6 Down 190 6 32,000 19,900 -1.6 36.9 1.6 19,837 33 1.1Air Liquide CI INDU 19,300 9.7 Up 6,497 343 26,335 15,635 -26.7 13.5 -1.0 16,857 28 23.0

1102 Jul 2015




THE AFRICA WEEKLY

Nairobi Securities Exchange (Kenyan Shilling) Kenya

2012 2013 2014 2015 2016E 2017F-8.4 -8.7 -8.0 -8.1 -7.5 -6.540.8 41.0 44.7 46.6 46.6 46.637.0 38.7 41.5 41.9 42.4 42.650.4 55.0 62.7 70.0 76.5 87.5

4.6 4.6 5.3 6.2 6.4 6.51,237.5 1,315.6 1,461.1 1,587.6 1,689.8 1,883.5

3.2 7.1 7.7 5.2 5.0 5.0

Company Reporting period Expected reporting date Year DPSREA VIPINGO PLANTATIONS LTD Half Year 02-Jun-15 Brit Amer To-Ken 2014 3.5SASINI LTD Half Year 04-Jun-15 Limuru Tea Co 2014 7.5KENYA AIRWAYS LTD Full Year 22-Jun-15 Uchumi Supermark 2014 0.3EA CABLES LTD Half Year 16-Jul-15 Bamburi Cement 2014 6.0CENTUM INVESTMENT CO LTD Full Year 11-Jun-15 Natl Bank Kenya 2014 0.3BRITISH AMERICAN TOBACCO-KEN Half Year 10-Jul-15

12

TypeInterim

FinalRegular Cash

Interim

Market Commentary



Dividends Last Cum date12-Aug-14

02 Jul 2015

22-Apr-1429-Sep-1408-Sep-1403-Jun-14Final

The FTSE NSE Kenya 15 declined 1.3% to close the week at 212.8 on the back of losses in Liberty Kenya (-9.0%), NBK (-7.5%) and EABL (-5.8%). During the week, gains were recorded in Nation Media (+15.1%),Kenya Airways (+9.0%) and BAT (Kenya) (+7.3%). The top traders by value were Equity Bank (USD 80.7m),EABL (USD 8.7m) and BAT (Kenya) (USD 6.8m). Trading in these shares accounted for 80.8% of thisweeks turnover of KES 11.8bn (USD 119.0m). The average weekly value traded in the last six months isKES 4.1bn (USD 41.0m). The FTSE NSE Kenya 15 is down 1.2% ytd (-10.2% USD) and the total marketcapitalisation is currently USD 22.1bn.



THE AFRICA WEEKLY


FTSE NSE15 Level % chg Level % chg % chg Company Week % chg PriceCurrent 212.8 99.65 H: 25-Feb-15 234.8 Nation Media 15.1 206.0This week 215.7 -1.31 98.55 -1.10 -2.40 L: 28-Jul-14 195.6 TransCentury 12.0 14.00Prev week 216.4 -0.33 98.30 -0.25 -0.59 Off peak -9.3% Standard Group 11.4 39.00MTD 218.1 -2.43 99.25 -0.40 -2.83 At High 0/60 Eaagads 11.2 37.25YTD 215.5 -1.23 90.60 -9.08 -10.20 At Low 4/60 Kenya Airways 9.0 7.30

11,799.9 26.72% KESm 4,121.9 Company Week % chg Price-9,018.7 55 USDm 41.4 Crown Berger -36.4 70.00

92% George Williamson -16.4 347.01,362.5 19 Liberty Kenya -9.0 25.25

10,381.2 30 KESm 2,207,866 NBK -7.5 19.20-86.9% -11 USDm 22,156 Olympia Capital(Kenya) -6.9 4.75

Company KES'000 % of totalEquity Bank 7,998,469.3 67.78EABL 858,809.8 7.28BAT (Kenya) 675,211.0 5.72KCB Bank 517,838.4 4.39Centum Investment 495,721.4 4.20

*The index is the FTSE NSE 15, an index of 15 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations 02 Jul 2015 13


KES/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-18%

-10%

-2%

6%

14%

22%


USD KES

0 1,000,000 2,000,000 3,000,000

25 Feb 2015

02-Jul

Market Cap (KES bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000)Safaricom TELE 16.45 2.2 Up 449,027 27,410.1 17.55 11.95 -6.3 17.1 27.0 658,734 6,610 7,835.7EABL BREW 290.0 -5.8 Down 858,810 2,853.0 350.0 267.0 -17.1 -5.8 -3.7 229,325 2,301 5,399.7Equity Bank BANK 45.50 -1.1 Down 7,998,469 168,761.8 59.00 43.50 -22.9 -9.0 -3.7 168,476 1,691 7,984.0KCB Bank BANK 54.00 -2.7 Down 517,838 9,500.4 65.00 51.00 -16.9 -5.3 3.8 161,143 1,617 6,872.5Stanchart Kenya BANK 302.0 -1.0 Down 8,758 29.1 355.0 275.0 -14.9 -9.9 -2.9 93,366 937 370.4Co-Op Bank BANK 21.25 -2.3 Down 119,175 5,493.2 22.75 17.65 -6.6 6.3 13.3 89,055 894 1,205.6Barclays Kenya BANK 15.35 -1.0 Down 30,124 1,950.0 18.20 15.20 -15.7 -8.1 -9.4 83,374 837 508.2BAT (Kenya) CONS 751.0 7.3 Up 675,211 911.1 1,048 631.0 -28.3 -17.3 10.8 75,100 754 1,097.7Bamburi Cement BUIL 155.0 2.6 Up 31,310 202.8 180.0 139.0 -13.9 11.5 -12.4 56,259 565 533.7Diamond Trust BANK 225.0 - Flat 9,002 40.0 275.0 218.0 -18.2 -4.3 -2.6 49,523 497 749.4I&M Bank BANK 117.0 - Flat 2,317 19.8 140.0 115.0 -16.4 -4.9 -16.4 45,906 461 198.9CFC Stanbic BANK 107.0 -0.9 Down 108,883 971.1 139.0 102.0 -23.0 -13.7 -17.1 42,299 424 273.0Centum Investment INVE 63.50 -2.3 Down 495,721 7,638.1 78.00 40.25 -18.6 4.1 58.8 42,256 424 1,872.2Nation Media MEDI 206.0 15.1 Up 76,701 385.3 316.0 175.0 -34.8 -21.7 -32.7 38,840 390 310.5BA Investment INVE 20.25 -2.4 Down 14,150 688.6 37.00 20.25 -45.3 -31.9 -3.6 38,302 384 619.8ARM Cement Ltd RESO 75.50 4.1 Up 32,799 437.6 92.50 67.00 -18.4 -12.2 -5.6 37,393 375 637.1KPLC UTIL 18.05 -0.6 Down 61,039 3,318.4 18.45 12.90 -2.2 24.9 34.7 35,224 353 489.2Jubilee Holdings INSU 565.0 -0.4 Down 6,467 11.5 598.0 370.0 -5.5 25.6 44.5 33,841 340 233.6NIC Bank BANK 52.50 -2.8 Down 7,298 137.5 81.50 50.50 -35.6 -8.7 -12.5 28,507 286 468.9KenGen UTIL 9.00 -0.6 Down 17,596 1,944.8 13.00 9.00 -30.8 -12.6 -12.6 19,785 199 233.2CIC Insurance INSU 7.60 -4.4 Down 7,990 1,020.4 11.90 7.50 -36.1 -20.8 -19.6 16,565 166 267.5Scan Group MEDI 41.75 -1.8 Down 3,673 86.4 51.50 37.00 -18.9 -7.7 -8.2 15,818 159 155.7Liberty Kenya BANK 25.25 -9.0 Down 1,759 71.9 27.75 17.05 -9.0 8.6 40.7 13,011 131 381.5KenyaRe INSU 17.90 -0.8 Down 69,469 3,881.7 19.50 16.25 -8.2 5.0 -8.7 12,530 126 231.1KenolKobil OILG 8.45 0.6 Up 64,222 7,598.5 10.30 8.00 -18.0 -2.9 -2.9 12,436 125 527.3Kenya Airways TRPT 7.30 9.0 Up 5,558 786.0 11.00 6.00 -33.6 -16.1 -29.5 10,924 110 115.6CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 79 -Pan Africa Insurance INSU 76.50 2.0 Up 2,577 34.2 138.0 73.50 -44.6 -36.3 -43.3 7,344 74 57.6Housing Finance BANK 27.00 -1.8 Down 6,559 241.7 50.25 27.00 -46.3 -41.0 -42.6 6,365 64 262.3TPS East Africa HOTL 34.00 -5.6 Down 1,904 55.8 40.00 33.25 -15.0 -8.1 -2.9 6,194 62 104.4

1402 Jul 2015




THE AFRICA WEEKLY

Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania

2012 2013 2014 2015 2016E 2017F-15.9 -13.8 -13.7 -13.1 -12.5 -11.840.4 40.5 42.1 42.8 42.8 43.0

28.5 33.3 36.6 40.2 44.3 48.46.9 7.0 7.2 7.0 7.1 7.0

633.3 719.3 768.3 819.7 876.4 929.312.1 5.6 5.0 5.0 5.0 5.0

Company Reporting period Expected reporting date Year DPSTANZANIA BREWERIES LTD Full Year 24-Aug-15 Crdb Bank Plc 2014 14.0TANZANIA PORTLAND CEMENT CO Half Year 24-Aug-15 Tanzania Portlan 2014 70.0PRECISION AIR SERVICES LTD Full Year 29-Jun-15 Tanzania Breweri 2014 250.0NATIONAL MICROFINANCE BANK Full Year 09-Jun-15 Tanzania Cigaret 2014 250.0

Microfinance Ban 2014 90.0

15

TypeRegular CashRegular Cash

2nd InterimInterim

Market Commentary



Dividends Last Cum date25-Apr-14

02 Jul 2015

04-Sep-1425-Nov-1422-Oct-14

29-May-14Regular Cash

The DSE ALSI declined 4.9% to close the week at 2,664.7 on the back of losses in CRDB Bank (-4.8%),NMB (-0.9%) and TWIGA (-0.9%). During the week, gains were recorded in TOL (+0.8%). The top traders byvalue were Tanzania Breweries (USD 7.2m), CRDB Bank (USD 1.5m) and DCB (USD 0.1m). Trading inthese shares accounted for 98.4% of this weeks turnover of TZS 19.2bn (USD 9.0m). The average weeklyvalue traded in the last six months is TZS 22.5bn (USD 11.3m). The DSE ALSI is up 5.8% ytd (-8.0% USD)and the total market capitalisation is currently USD 4.9bn.



THE AFRICA WEEKLY


DAR ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 2,664.7 1,995.00 H: 19-Jun-15 2,850.2 TOL 0.8 640.0This week 2,801.5 -4.89 2,285.00 14.54 8.94 L: 03-Jul-14 2,225.0 --Prev week 2,838.4 -1.30 2,245.00 -1.75 -3.03 Off peak -6.5% --MTD 2,726.8 -2.28 1,975.00 -1.00 -3.26 At High 3/11 --YTD 2,519.6 5.76 1,735.00 -13.03 -8.03 At Low 1/11 --

19,208.7 9.79% TZSm 22,455.7 Company Week % chg Price-3,537.7 9 USDm 11.3 CRDB Bank -4.8 400.0

82% NMB -0.9 3,4500.6 1 TWIGA -0.9 3,470

3,538.3 4 TZSm 9,813,874 Tanzania Cigarette -0.1 16,500-100.0% -3 USDm 4,919 --

Company TZS'000 % of totalTanzania Breweries 15,325,607.9 79.78CRDB Bank 3,305,617.1 17.21DCB 265,343.5 1.38TWIGA 131,977.2 0.69Tanzania Cigarette 88,137.8 0.46

*The index is the DAR ALSI, an all share index ** Value Traded numbers are given in millions of Tanzanian Shillings See the notes page for more information about calculations 02 Jul 2015 16


TZS/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-20%

-10%

0%

10%

20%

30%

40%


USD TZS

0 5,000,000 10,000,000 15,000,000

19 Jun 2015

02-Jul

Market Cap (TZS bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000)Tanzania Breweries BREW 14,510 - Flat 15,325,608 1,056.93 18,580 9,900 -21.9 3.0 46.6 4,279,412 2,145 9,021.9NMB BANK 3,450 -0.9 Down 12,577 3.63 4,780 3,400 -27.8 1.5 -13.8 1,725,000 865 209.2Tanzania Cigarette CONS 16,500 -0.1 Down 88,138 5.34 20,000 550.0 -17.5 -1.4 47.3 1,650,000 827 858.0CRDB Bank BANK 400.0 -4.8 Down 3,305,617 8,150.96 520.0 315.0 -23.1 -7.0 25.0 870,613 436 797.8TWIGA BUIL 3,470 -0.9 Down 131,977 37.74 4,600 2,318 -24.6 -13.3 49.6 624,333 313 40.6Swissport HOTL 7,500 - Flat 55,755 7.43 7,510 2,640 -0.1 49.7 184.1 270,000 135 11.4Simba Cement BUIL 3,810 - Flat 23,063 6.04 6,900 2,420 -44.8 -15.3 58.8 242,587 122 297.8Precision Air TRPT 470.0 470.0 470.0 - - - 91,113 46 0.0TOL INDU 640.0 0.8 Up 640 1.00 640.0 480.0 - 16.4 30.6 27,182 14 7.9DCB BANK 680.0 - Flat 265,343 390.21 1,000 480.0 -32.0 -5.6 41.7 22,027 11 11.2Tanzania Tea Packers AGRI 650.0 650.0 600.0 - - - 11,607 6 0.0

1702 Jul 2015




THE AFRICA WEEKLY

Rwanda Stock Exchange (Rwandan Franc) Rwanda

2012 2013 2014 2015 2016E 2017F-11.3 -7.1 -12.3 -12.4 -10.0 -9.523.5 28.7 29.1 29.7 30.8 32.3

7.3 7.6 8.0 8.8 9.7 10.78.8 4.7 6.0 6.7 7.5 7.5

694.4 703.8 721.2 768.4 832.4 892.73.9 3.6 4.5 5.0 5.0 5.0

Company Reporting period Expected reporting date Year DPSBRALIRWA SA Full Year 06-May-15

18

Market Commentary

Current account balance (% GDP)Govt gross debt (% GDP)Govt net debt (% GDP)Nominal GDP (USDbn)GDP growth (%, constant prices)GDP per capita (USD)Inflation (%, end of period)

Dividends Type Last Cum date

02 Jul 2015

The AA Rwanda Index declined 0.3% to close the week at 220.1 on the back of losses in Bank of Kigali (-0.3%). The top traders by value were Bank of Kigali (USD 5.8k) and Bralirwa (USD k), while trading inthese shares accounted for 100.0% of this weeks turnover of RWF 4.2m (USD 5.8k). The average weeklyvalue traded in the last six months is RWF 2.0bn (USD 2.7m). The AA Rwanda Index is down 7.1% ytd (-10.6% USD) and the total market capitalisation is currently USD 699.6m.



THE AFRICA WEEKLY


RSE SI Level % chg Level % chg % chg Company Week % chg PriceCurrent 220.1 719.88 H: 18-Jul-14 267.5 No GainersThis week 220.7 -0.26 735.31 2.14 1.87 L: 23-Jun-15 219.0 -- -Prev week 221.7 -0.46 725.84 -1.29 -1.75 Off peak -17.7%MTD 220.1 0.00 713.00 -0.96 -0.96 At High 0/2YTD 236.8 -7.05 692.71 -3.77 -10.56 At Low 1/2

4.2 0.04% RWFm 1,955.1 Company Week % chg Price-4.2 1 USDm 2.7 Bank of Kigali -0.3 289.0

50% --- 0

4.2 1 RWFm 503,615-100.0% -1 USDm 700

Company RWF'000 % of totalBank of Kigali 4,219.4 100.00-- - -

*The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan FrancsSee the notes page for more information about calculations 02 Jul 2015 19

Index performance * RWF/USD USD returns Top 5 gainersMarket highs and lows

Total value Value Traded / Mkt Cap (%)Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners

Net value Stocks traded (absolute)Stocks traded (%)

Upside value Stocks up Total Market capDownside value Stocks down


Upside/downside ratio Advance - Decline

-33%

-25%

-17%

-9%

-1%

7%


USD RWF

0 200,000 400,000 600,000 800,000

18 Jul 2014

02-Jul

Market Cap (RWF bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000)Bralirwa BREW 349.0 465.0 349.0 -24.9 -8.2 -23.3 358,971 499 367.3Bank of Kigali BANK 289.0 -0.3 Down 4,219 14.6 319.0 250.0 -9.4 -3.7 -1.4 144,645 201 2,348.7

20

Weekly 12 Month Movement (% chg) Market cap

02 Jul 2015



THE AFRICA WEEKLY

Uganda Securities Exchange (Uganda Shilling) Uganda

2012 2013 2014 2015 2016E 2017F-9.5 -8.5 -10.4 -10.5 -9.9 -9.431.1 33.3 35.4 38.7 41.2 42.5

21.2 22.9 26.1 26.9 28.7 30.92.8 5.8 5.9 6.3 6.5 6.7

595.9 622.6 685.8 685.1 707.4 738.15.3 4.8 6.2 5.7 5.0 5.0

Company Reporting period Expected reporting date Year DPSBANK OF BARODA UGANDA LTD Full Year 26-Jun-15 Development Fina 2014 8.9NATIONAL INSURANCE CORP Full Year 25-Jun-15 Umeme Ltd 2014 9.4UGANDA CLAYS LTD Half Year 28-Aug-15 Stanbic Bank Uga 2013 0.6

21

TypeRegular Cash

InterimSpecial Cash

Market Commentary



Dividends Last Cum date02-Jun-14

02 Jul 2015

25-Nov-1424-Sep-13

The USE ALSI declined 1.4% to close the week at 1,966.3 on the back of losses in NIC (-11.8%). The toptraders by value were Stanbic Uganda (USD 15.6k), BAT (Uganda) (USD 3.0k) and Umeme (USD 2.7k).Trading in these shares accounted for 92.1% of this weeks turnover of UGX 76.3m (USD 23.2k). Theaverage weekly value traded in the last six months is UGX 4.0bn (USD 1.2m). The USE ALSI is up 2.0% ytd(-14.6% USD) and the total market capitalisation is currently USD 1.1bn.



THE AFRICA WEEKLY


USE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,966.3 3,315.00 H: 25-Feb-15 2,098.0 No GainersThis week 1,993.4 -1.36 3,272.50 -1.28 -2.63 L: 29-Jul-14 1,727.5 --Prev week 1,998.6 -0.26 3,255.00 -0.53 -0.79 Off peak -6.3% --MTD 1,995.6 -1.47 3,302.50 -0.38 -1.84 At High 2/8 --YTD 1,927.0 2.04 2,775.00 -16.29 -14.58 At Low 2/8 --

76.3 0.11% UGXm 4,019.4 Company Week % chg Price-6.0 5 USDm 1.2 NIC -11.8 15.00

63% --- 0 --

6.0 1 UGXm 3,488,252 ---100.0% -1 USDm 1,052 --

Company UGX'000 % of totalStanbic Uganda 51,518.7 67.55BAT (Uganda) 9,820.8 12.88Umeme 8,881.1 11.65NIC 6,034.8 7.91Uganda Clays 9.8 0.01

*The index is the USE ALSI, an all share index ** Value Traded numbers are given in millions of Ugandan Shillings See the notes page for more information about calculations 02 Jul 2015 22


UGX/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-25%

-15%

-5%

5%

15%

25%

35%


USD UGX

0 2,000,000 4,000,000

25 Feb 2015

02-Jul

Market Cap (UGX bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000)Stanbic Uganda BANK 33.00 - Flat 51,519 1,561.2 35.00 30.00 -5.7 -2.9 10.0 1,689,226 510 89.8Umeme UTIL 470.0 - Flat 8,881 18.9 511.0 380.0 -8.0 -6.9 23.7 763,223 230 1,031.1BAT (Uganda) AGRI 8,525 - Flat 9,821 1.2 8,525 6,500 - 13.6 30.9 418,407 126 1.5Bank of Baroda BANK 130.0 140.0 106.0 -7.1 10.2 18.2 325,000 98 4.5DFCU BANK 902.0 902.0 650.0 - 28.7 47.9 224,238 68 63.5New Vision MEDI 600.0 610.0 550.0 -1.6 - - 45,900 14 5.8Uganda Clays BUIL 18.00 - Flat 10 0.5 20.00 18.00 -10.0 -10.0 -10.0 16,200 5 0.8NIC INSU 15.00 -11.8 Down 6,035 400.5 25.00 15.00 -40.0 -25.0 -40.0 6,058 2 15.6

2302 Jul 2015




THE AFRICA WEEKLY

Johannesburg Stock Exchange (South African rand) South Africa

2012 2013 2014 2015 2016E 2017F-5.2 -5.8 -5.7 -5.6 -5.4 -5.242.1 45.2 47.9 50.8 53.7 55.836.1 39.2 42.8 46.5 50.1 52.9

382.3 350.8 341.2 352.5 369.3 387.72.5 1.9 1.4 2.3 2.8 2.7

7,314.0 6,621.1 6,354.3 6,477.3 6,695.4 6,934.45.7 5.4 6.3 5.8 5.5 5.3

Year DPSMarshall Monteag 0.02Gold Fields Ltd 2015 20.0Hudaco Inds Ltd 2015 310.0Vunani Ltd 2014 5.0Newwave Usd Etn 2013 2.0

24

Market Commentary


Dividends Type Last Cum dateFinal 26-Jan-15Final 02-Mar-15Final 02-Mar-15

Regular Cash 11-Apr-14erest on Capital 02-Sep-13

02 Jul 2015

For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. Thereare 60 companies included in the list, and the top 30 are shown here. This data is for informational andreference purposes, and thus we do not provide market commentary.

Please feel free to get in touch with us with any comments, suggestions, or queries relating to thisinformation.



THE AFRICA WEEKLY


JSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 52,215 12.35 H: 24-Apr-15 55,188 Metmar 9.0 0.85This week 52,856 -1.21 12.11 -1.97 -3.16 L: 15-Oct-14 46,673 Pinnacle Technology 6.9 11.38Prev week 51,901 1.84 12.19 0.66 2.52 Off peak -5.4% Super Group 6.1 32.50MTD 51,807 0.79 12.24 -0.90 -0.12 At High 0/60 Eqstra Holdings 5.7 2.95YTD 49,771 4.91 11.57 -6.30 -1.70 At Low 0/60 Tiger Brands 4.9 298.0

52,150 56.66% ZARm 49,554 Company Week % chg Price4,192 57 USDm 4,013 BSI Steel -9.3 0.49

95% Esorfranki -6.9 0.2728,171 26 Murray & Roberts -5.5 12.5223,979 31 ZARbn 4,602 Foschini Group -5.4 153.017.5% -5 USDbn 373 Lewis Group -4.4 94.94

Company ZAR'm % of totalNaspers 15,082 28.92MTN Group 4,942 9.48Steinhoff Intl 3,632 6.97Aspen Pharmacare 3,497 6.71Woolworths Holdings 3,252 6.24

*The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of South African Rands See the notes page for more information about calculations 02 Jul 2015 25

Index performance * ZAR/USD USD returns Top 5 gainersMarket highs and lows

Total value Value Traded / Mkt Cap (%)Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners

Net value Stocks traded (absolute)Stocks traded (%)

Upside value Stocks up Total Market capDownside value Stocks downUpside/downside ratio Advance - Decline

Rebased Index Performance Top 5 (value) traders

-28%

-20%

-12%

-4%

4%

12%


USD ZAR

0 2,000 4,000 6,000

24 Apr 2015

02-Jul

Market Cap (ZAR bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000)SABMiller BREW 638.6 -2.2 Down 2,510 3,887 680.5 561.8 -6.2 5.5 2.1 1,019,685 82,576 258,188Naspers MEDI 1,941 0.1 Up 15,082 7,914 1,980 1,170 -2.0 28.1 45.8 804,442 65,145 870,283MTN Group TELE 235.1 2.1 Up 4,942 21,543 260.1 198.1 -9.6 6.2 3.6 442,713 35,852 457,170Firstrand BANK 53.09 -2.6 Down 2,267 42,776 58.00 40.44 -8.5 5.0 30.1 299,318 24,239 211,250Standard Bank Group BANK 159.9 -1.1 Down 2,321 14,548 176.3 125.4 -9.3 11.4 9.7 256,814 20,797 250,999Vodacom Group TELE 139.9 2.8 Up 2,177 15,575 154.9 121.6 -9.7 8.9 6.4 208,150 16,856 98,568Aspen Pharmacare PHAR 362.5 -3.4 Down 3,497 9,656 443.0 282.0 -18.2 -10.7 27.2 165,139 13,373 266,323Steinhoff Intl CONS 76.51 -0.7 Down 3,632 47,578 78.51 48.52 -2.5 28.8 29.6 140,484 11,377 301,100Absa Group BANK 182.1 0.0 Up 831 4,586 199.5 153.8 -8.7 0.0 12.7 130,772 10,590 89,210Nedbank Group BANK 242.5 0.2 Up 693 2,877 261.4 213.0 -7.2 -2.6 5.8 123,071 9,967 65,724Bidvest Group INVE 307.3 -1.2 Down 1,181 3,848 337.3 276.2 -8.9 1.1 8.9 100,726 8,157 91,586Shoprite Holdings CONS 171.5 2.4 Up 842 4,928 188.0 132.3 -8.8 1.9 11.0 97,866 7,925 97,691Mondi INDU 266.0 -3.2 Down 1,096 4,096 280.0 166.9 -5.0 40.4 35.3 97,686 7,911 70,926Mediclinic International PHAR 103.8 0.8 Up 566 5,498 133.0 84.20 -22.0 3.1 26.3 85,838 6,951 75,345Woolworths Holdings CONS 98.80 -0.8 Down 3,252 33,040 99.55 67.74 -0.8 28.1 25.3 74,426 6,027 140,934Mr Price Group CONS 253.7 -0.8 Down 921 3,678 282.5 180.8 -10.2 8.0 38.4 63,648 5,154 89,705Tiger Brands CONS 298.0 4.9 Up 908 3,173 399.3 271.9 -25.4 -19.0 -3.6 56,976 4,614 95,157Truworths International CONS 84.99 -1.5 Down 713 8,306 95.50 65.70 -11.0 10.0 13.4 39,249 3,178 60,819Imperial Holdings INVE 183.5 -1.0 Down 603 3,291 206.2 166.0 -11.0 -0.8 -8.4 38,528 3,120 56,530Foschini Group CONS 153.0 -5.4 Down 637 4,034 199.0 110.8 -23.1 14.8 34.8 36,796 2,980 83,846Massmart Holdings CONS 151.2 0.3 Up 218 1,452 173.5 117.0 -12.9 5.8 14.5 32,786 2,655 20,222Telkom SA TELE 62.45 2.5 Up 961 15,321 85.00 47.51 -26.5 -10.8 35.8 32,523 2,634 43,495Pick N Pay CONS 57.74 1.0 Up 185 3,225 59.82 49.00 -3.5 9.7 0.4 27,738 2,246 19,127Nampak INDU 33.62 -1.4 Down 248 7,437 45.70 32.55 -26.4 -22.9 -10.1 23,440 1,898 26,617Barloworld INVE 93.99 -3.0 Down 293 3,104 106.0 84.51 -11.3 -1.8 -6.5 21,713 1,758 23,823Tongaat Hulett CONS 130.0 3.2 Up 70 542 174.0 120.3 -25.3 -24.8 -14.5 14,104 1,142 10,253AECI INDU 113.3 -0.6 Down 95 844 138.2 110.4 -18.0 -15.3 -9.4 13,187 1,068 5,931Omnia Holdings INDU 175.5 0.3 Up 152 856 242.0 155.0 -27.5 -3.0 -23.5 11,801 956 9,419Oceana Group CONS 97.50 4.8 Up 22 230 115.0 70.00 -15.2 -7.0 13.4 11,644 943 4,514PPC BUIL 17.97 -2.0 Down 128 7,226 34.50 16.30 -47.9 -34.7 -43.5 10,879 881 26,326

26


02 Jul 2015



THE AFRICA WEEKLY

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius

2012 2013 2014 2015 2016E 2017F-7.3 -9.9 -9.2 -9.2 -8.1 -7.451.5 53.8 53.5 53.6 53.1 52.451.5 53.8 53.5 53.6 53.1 52.411.4 11.9 12.7 13.6 14.5 15.6

3.2 3.2 3.3 3.9 4.1 4.18,831.8 9,164.9 9,714.6 10,361.4 11,000.7 11,722.8

3.2 3.5 4.2 5.0 5.0 5.0

Company Reporting period Expected reporting date Year DPSAIR MAURITIUS LTD Full Year 17-Jun-15 Rockcastle Globa 0.04LOTTOTECH LTD Half Year 08-Aug-15 Ciel Ltd 2015 0.05

United Basalt Pr 2014 2.8Swan Insurance 2013 10.9Cim Financial Se 2014 0.2

27

TypeInterimInterim

FinalFinal

Market Commentary



Dividends Last Cum dateN.A.

02 Jul 2015

06-Jan-1529-May-1430-Dec-1307-Oct-14Final

The SEMDEX declined 1.0% to close the week at 1,966.2 on the back of losses in Vivo Energy (-4.5%),Alteo LTD (-4.1%) and New Mauritius Hotels (-3.4%). During the week, gains were recorded in PhoenixBeverages (+10.8%), ENL Land (+4.6%) and Fincorp (+2.0%). The top traders by value were State BankMauritius (USD 3.7m), MCB (USD 2.2m) and Lux Island Resorts (USD 1.8m). Trading in these sharesaccounted for 82.0% of this weeks turnover of MUR 330.5m (USD 9.4m). The average weekly value tradedin the last six months is MUR 431.1m (USD 12.2m). The SEMDEX is down 5.2% ytd (-14.8% USD) and thetotal market capitalisation is currently USD 6.0bn.



THE AFRICA WEEKLY


SEMDEX Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,966.2 35.33 H: 08-Oct-14 2,170.7 Phoenix Beverages 10.8 360.0This week 1,985.9 -0.99 35.16 -0.46 -1.45 L: 24-Apr-15 1,930.4 ENL Land 4.6 45.50Prev week 1,983.2 0.13 35.15 -0.03 0.10 Off peak -9.4% ENL Commercial 4.1 21.70MTD 1,980.9 -0.74 35.28 -0.14 -0.88 At High 2/44 Mauritius Union Assurance 2.6 78.00YTD 2,073.7 -5.19 31.75 -10.12 -14.78 At Low 8/44 Mauritian Eagle 2.3 102.3

330.5 7.84% MURm 431.1 Company Week % chg Price-270.6 37 USDm 12.2 Belle Mare -89.7 26.80

84% Vivo Energy -4.5 121.027.7 9 Alteo LTD -4.1 30.20

298.4 21 MURm 210,721 New Mauritius Hotels -3.4 20.00-90.7% -12 USDm 5,965 Terra Mauricia -3.1 31.60

Company MUR'000 % of totalState Bank Mauritius 129,132.0 39.07MCB 78,537.0 23.76Lux Island Resorts 63,364.0 19.17Phoenix Beverages 20,498.2 6.20Alteo LTD 6,021.7 1.82

*The index is the SEMDEX, an all share index ** Value Traded numbers are given in millions of Mauritian Rupees See the notes page for more information about calculations 02 Jul 2015 28


MUR/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-33%

-25%

-17%

-9%

-1%

7%


USD MUR

0 100,000 200,000 300,000

08 Oct 2014

02-Jul

Market Cap (MUR bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000)MCB BANK 213.0 -2.3 Down 78,537 363.30 218.0 195.0 -2.3 7.6 -1.2 53,330 1,510 4,292.4State Bank Mauritius BANK 0.90 -1.1 Down 129,132 143,737.44 1.08 0.88 -16.7 -11.8 -15.1 27,337 774 2,548.2CIEL INSU 7.10 -1.1 Down 5,726 800.62 7.80 6.60 -9.0 2.6 11,191 317 479.4ENL Land AGRI 45.50 4.6 Up 336 7.39 54.50 42.50 -16.5 -1.1 -9.0 10,488 297 40.8Alteo LTD CONS 30.20 -4.1 Down 6,022 202.58 37.75 29.70 -20.0 -11.2 -12.0 9,618 272 64.7Ireland Blyth INVE 115.0 0.7 Up 2,425 21.16 116.0 105.0 -0.9 1.8 12.2 8,215 233 112.9Rogers & Co INVE 30.00 0.3 Up 3,707 123.15 197.0 19.70 -84.8 15.4 47.9 7,561 214 161.0Terra Mauricia INVE 31.60 -3.1 Down 742 22.89 37.50 29.10 -15.7 -4.2 -13.4 7,190 204 118.4Lux Island Resorts HOTL 62.75 -0.4 Down 63,364 1,007.04 63.25 45.00 -0.8 4.6 39.6 7,156 203 398.9CIM Financial BANK 9.56 0.8 Up 27 2.84 10.00 8.50 -4.4 6.2 8.6 6,506 184 232.7Phoenix Beverages BREW 360.0 10.8 Up 20,498 59.45 360.0 196.5 - 55.8 83.4 5,921 168 187.7Sun Resorts HOTL 44.40 -0.2 Down 3,085 68.59 46.95 34.00 -5.4 -1.3 8.3 5,035 143 238.6Omnicane AGRI 72.00 -2.7 Down 577 7.91 89.00 70.00 -19.1 -17.7 -13.8 4,825 137 40.0Bramer Bank BANK 4.30 7.20 3.78 -40.3 -40.3 -36.2 3,876 110 27.5Promotion & Development INVE 95.00 - Flat 1,572 16.55 102.8 88.25 -7.5 -1.6 5.6 3,695 105 42.0Lottotech BUIL 27.00 - Flat 272 10.07 51.50 27.00 -47.6 -34.1 -44.8 3,598 102 1,234.7Vivo Energy OILG 121.0 -4.5 Down 4,230 34.70 145.0 121.0 -16.6 -12.9 -7.1 3,548 100 27.1New Mauritius Hotels HOTL 20.00 -3.4 Down 4,786 234.67 89.00 20.00 -77.5 -74.9 -77.1 3,228 91 968.3Swan Insurance INSU 360.0 - Flat 1,608 4.47 360.0 298.0 - 7.5 20.2 2,979 84 20.3Dale Capital (USD) INVE 2.80 2.80 2.40 0.0 - - 2,550 72 0.1MDIT INVE 5.36 -0.7 Down 68 12.70 6.06 4.90 -11.6 -7.9 -10.7 2,269 64 105.2United Basalt Products INDU 85.00 - Flat 211 2.48 90.00 73.50 -5.6 7.9 1.2 2,253 64 49.4Fincorp CONS 20.50 2.0 Up 183 8.99 24.00 19.30 -14.6 -14.6 2.0 2,119 60 34.6INNODIS CONS 50.00 - Flat 65 1.28 62.00 50.00 -19.4 -10.7 -13.0 1,837 52 51.4LOTTOTECH INVE 5.20 - Flat 629 120.11 12.25 5.16 -57.6 -56.7 1,768 50 67.3POLICY INVE 7.20 -1.1 Down 714 98.60 8.00 6.14 -10.0 -4.0 -9.1 1,634 46 408.9Mauritius Union Assurance INSU 78.00 2.6 Up 429 5.50 82.00 67.00 -4.9 10.6 15.3 1,563 44 72.0Caudan Development INVE 1.39 - Flat 1 0.40 1.50 1.18 -7.3 7.8 15.8 1,139 32 21.0Harel Mallac INVE 101.0 -0.5 Down 30 0.30 120.3 101.0 -16.0 -7.8 -16.0 1,137 32 0.5Air Mauritius TRPT 10.20 -1.9 Down 155 15.15 18.00 10.05 -43.3 -42.0 -37.8 1,044 30 37.0

2902 Jul 2015




THE AFRICA WEEKLY

Botswana Stock Exchange (Botswana Pula) Botswana

2012 2013 2014 2015 2016E 2017F-3.8 10.4 5.8 4.4 2.4 2.119.2 16.9 14.8 13.0 11.3 9.9

14.6 14.8 16.3 17.7 19.1 20.94.3 5.9 4.4 4.2 4.0 4.1

7,081.7 7,119.9 7,749.8 8,331.5 8,849.7 9,568.57.4 4.1 5.4 5.4 5.3 5.3

Company Reporting period Expected reporting date Year TypeCHOBE HOLDINGS LTD Full Year 01-Jun-15 Chobe Holdings 2014 23.0FIRST NATIONAL BANK BOTSWANA Full Year 27-Aug-15 Letshego Holding 2014 8.5IMARA HOLDINGS LTD Full Year 31-Jul-15 New African Prop 2014 0.8

Sechaba Brewerie 2015 40.0Wilderness Holdi 2014 10.0

30


Dividends

Market Commentary

AmountInterim

Regular CashRegular CashRegular Cash

Interim

02 Jul 2015

Last Cum date16-Jun-1413-Oct-1411-Aug-1402-Feb-1509-Jun-14

The BSE DCI gained 0.7% to close the week at 10,697.7 on the back of gains in Sefalana (+2.3%), Turnstar(+2.0%) and FSG (+1.6%). During the week, losses were recorded in Furnmart (-9.4%), Letshego (-3.0%)and Imara Botswana (-0.4%). The top traders by value were Letshego (USD 5.2m), Turnstar (USD 1.4m)and Choppies (USD 0.3m). Trading in these shares accounted for 91.5% of this weeks turnover of BWP47.0m (USD 7.5m). The average weekly value traded in the last six months is BWP 472.6m (USD 47.4m).The BSE DCI is up 12.6% ytd (+7.5% USD) and the total market capitalisation is currently USD 5.13bn.



THE AFRICA WEEKLY


BSE DCI Level % chg Level % chg % chg Company Week % chg PriceCurrent 10,697.7 9.96 H: 12-Jun-15 10,707.3 Sefalana 2.3 12.02This week 10,619.3 0.74 9.87 -0.89 -0.16 L: 08-Jul-14 9,179.6 Turnstar 2.0 2.60Prev week 10,586.4 0.31 9.84 -0.30 0.01 Off peak -0.1% FSG 1.6 2.55MTD 10,690.1 0.07 9.88 -0.79 -0.72 At High 0/24 BIHL Botswana 1.5 13.90YTD 9,501.6 12.59 9.51 -4.56 7.45 At Low 0/24 Wilderness 1.1 4.65

47.0 4.59% BWPm 54.1 Company Week % chg Price-11.1 19 USDm 5.4 Furnmart -9.4 1.63

79% Letshego -3.0 3.2017.9 11 Imara Botswana -0.4 2.7429.0 3 BWPm 51,130 --

-38.2% 8 USDm 5,133 --

Company BWP'000 % of totalLetshego 28,422.5 60.49Turnstar 13,418.2 28.56Choppies 1,419.3 3.02Sefalana 1,043.0 2.22FNB Botswana 1,027.5 2.19

*The index is the DCI, the domestic companies index ** Value Traded numbers are given in millions of Pula See the notes page for more information about calculations 02 Jul 2015 31

Top 5 decliners

Top 5 (value) traders

Stocks traded (%)

Trading numbersTotal valueNet value

Upside value

Upside/downside ratioDownside value

Advance - Decline

Turnover analysis **

Top 5 gainers

Avg weekly value traded

Index performance *

Total Market cap

Value Traded / Mkt Cap (%)Stocks traded (absolute)

Stocks down

USD returnsBWP/USDMarket highs and lows

Stocks up

Rebased Index Performance

-18%

-10%

-2%

6%

14%

22%


USD BWP

0 20,000 40,000 60,000

12 Jun 2015

02 Jul 2015

Market Cap (BWPm) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector BWP % chg Move BWP '000 '000 High Low Off high YTD 12 mths BWP m Val (000)FNB Botswana BANK 3.93 0.3 Up 1,027 261.44 3.93 3.47 -0.0 8.6 12.9 10,075 1,012 703.8Letshego BANK 3.20 -3.0 Down 28,423 8,882.04 3.50 2.35 -8.6 20.3 36.2 6,965 699 1,692.3Choppies CONS 4.80 1.1 Up 1,419 295.16 4.81 3.97 -0.2 18.2 14.3 5,636 566 519.5BIHL Botswana INSU 13.90 1.5 Up 451 32.57 13.90 11.19 0.0 20.8 24.1 3,907 392 217.1Sechaba BREW 28.50 - Flat 90 3.16 29.50 23.23 -3.4 1.4 22.6 3,791 381 237.0Stanchart Botswana BANK 12.67 0.1 Up 237 18.70 12.67 11.99 -0.0 0.8 5.6 3,780 380 237.5Barclays Botswana BANK 4.26 0.2 Up 18 4.16 4.64 3.40 -8.2 23.5 -8.4 3,630 364 83.3Sefalana CONS 12.02 2.3 Up 1,043 87.10 12.02 7.40 -0.0 30.2 62.4 2,232 224 787.2ABCH Botswana BANK 7.14 7.20 7.14 -0.8 - -0.8 1,834 184 -Turnstar PROP 2.60 2.0 Up 13,418 5,160.85 2.60 1.87 0.0 25.0 36.8 1,488 149 240.7New Africa Properties PROP 2.39 2.39 2.05 -0.0 10.1 16.6 1,445 145 74.6Engen Botswana OILG 8.20 10.15 8.20 -19.2 -13.7 -18.1 1,310 131 34.0Wilderness HOTL 4.65 1.1 Up 227 49.11 4.65 2.75 -0.0 47.6 72.2 1,074 108 173.0Furnmart CONS 1.63 -9.4 Down 196 120.03 2.31 1.63 -29.4 -22.7 -29.1 989 99 44.4Letlole La Rona PROP 2.20 0.5 Up 13 5.75 2.28 2.04 -3.5 2.3 7.3 616 62 103.0Chobe HOTL 5.68 0.2 Up 6 1.00 5.68 3.66 0.0 33.0 55.6 508 51 63.2Primetime PROP 2.80 - Flat 3 1.24 2.85 2.32 -1.8 7.7 21.2 504 51 12.1RDCP PROP 2.30 - Flat 34 14.97 2.30 2.02 0.0 12.2 13.9 407 41 8.6FSG INSU 2.55 1.6 Up 32 12.53 2.55 2.34 0.0 7.6 7.6 308 31 10.1G4S CONS 3.50 - Flat 1 0.27 3.75 2.39 -6.7 -5.9 45.8 280 28 19.2Cresta HOTL 0.95 - Flat 15 16.18 0.96 0.81 -1.0 6.7 15.9 175 18 23.8Imara Botswana INVE 2.74 -0.4 Down 332 121.28 3.00 1.95 -8.7 30.5 53.9 162 16 144.9RPC Data TELE 0.30 0.00 0.00 - - 9 1 -Olympia Capital (Botswana) BUIL 0.20 0.00 0.00 - - 6 1 -

32

12 MonthWeeklyUSD m

Market capMovement (% chg)

02 Jul 2015



THE AFRICA WEEKLY

Zimbabwe Stock Exchange (US Dollar) Zimbabwe

2012 2013 2014 2015 2016E 2017F-24.4 -27.4 -28.1 -26.2 -22.4 -19.656.7 55.2 58.5 58.5 55.6 54.9

12.5 13.2 13.7 14.4 15.3 16.310.6 3.3 3.1 3.2 3.9 4.3

961.4 1,006.8 1,036.1 1,072.6 1,130.4 1,193.02.9 0.3 1.2 1.7 2.0 2.5

Company Reporting period Expected reporting date Year DPSCOTTCO HOLDINGS LTD Full Year 26-Jun-15 Lafarge Cement Z 2014 0.8BRITISH AMERICAN TOBACCO ZIM Half Year 30-Jul-15 Econet Wireless 2014 0.01CBZ HOLDINGS LTD Half Year 07-Aug-15 Dairibord Holdin 2013 0.00MEIKLES LTD Full Year 03-Jun-15 African Distil 2015 0.2OK ZIMBABWE Full Year 11-Jun-15 Mashonaland Hold 2013 0.02

33

Market Commentary


02 Jul 2015

06-May-1316-Mar-15

Interim

Dividends Last Cum date01-Sep-1410-Nov-14

TypeInterim

Regular CashRegular CashRegular Cash

17-Jun-13

The ZSE Industrial declined 1.6% to close the week at 146.2 on the back of losses in Econet Wireless(USD) (-12.5%), Innscor Africa (USD) (-4.8%) and Delta Corp Zimbabwe (USD) (-1.0%). During the week,gains were recorded in Hippo Valley Estates (USD) (+8.6%), Padenga (USD) (+6.1%) and BarclaysZimbabwe (USD) (+5.0%). The top traders by value were Econet Wireless (USD 1.4m), Innscor Africa (USD1.3m), and Delta Corp Zimbabwe (USD 0.4m). Trading in these shares accounted for 83.9% of this weeksturnover of USD 3.7m. The average weekly value traded in the last six months is USD 4.4m. The ZSEIndustrial is down 10.2% ytd and the total market capitalisation is currently USD 3.8bn.



THE AFRICA WEEKLY


ZSE INDUST Level % chg Level % chg % chg Company Week % chg PriceCurrent 146.2 1.00 H: 05-Sep-14 201.3 Powerspeed Electrical 140.0 0.02This week 148.6 -1.59 1.00 0.00 -1.59 L: 02-Jul-15 146.2 CFI Holdings 25.0 0.03Prev week 152.9 -2.84 1.00 0.00 -2.84 Off peak -27.3% African Sun 25.0 0.03MTD 148.4 -1.46 1.00 0.00 -1.46 At High 0/74 Nicoz Diamond Insurance 22.7 0.01YTD 162.8 -10.17 1.00 0.00 -10.17 At Low 1/74 Fidelity Life 20.0 0.09

3.7 4.83% USDm 4.4 Company Week % chg Price-2.8 32 USDm 4.4 Zimplow -40.0 0.03

43% Econet Wireless -12.5 0.350.4 11 Turnall -12.5 0.013.1 9 USDm 3,790 Rainbow Tourism -10.0 0.01

-88.6% 2 USDm 3,790 Colcom Holdings -8.3 0.22

Company USD'000 % of totalEconet Wireless 1,400.9 38.27Innscor Africa 1,260.3 34.43Delta Corp Zimbabwe 411.3 11.24Dairibord 172.9 4.72Pearl Properties 72.1 1.97

*The index is the ZSE industrial, an all share index ** Value Traded numbers are given in millions of USD See the notes page for more information about calculations 02 Jul 2015 34

Index performance * USD/USD USD returns Top 5 gainers (Top 40)

Stocks traded (%)Upside value Stocks up

Rebased Index Performance

Downside value Stocks downUpside/downside ratio Advance - Decline

Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40)

Market highs and lows

Top 5 (value) traders

Total Market cap

Total value Value Traded / Mkt Cap (%)Net value Stocks traded (absolute)

-34%

-25%

-16%

-7%

2%

11%


USD USD

0 2,000 4,000 6,000

05 Sep 2014

02-Jul

Market Cap (USD m) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector USD % chg Move USD '000 '000 High Low Off high YTD 12 mths USD m USD m Val (000)Delta Corp Zimbabwe BREW 1.00 -1.0 Down 411 410.47 1.40 1.00 -28.6 -2.0 -23.1 1,235 1,235 1,488.6Innscor Africa CONS 0.60 -4.8 Down 1,260 2,086.52 0.80 0.55 -25.0 - -20.0 325 325 436.5Econet Wireless TELE 0.35 -12.5 Down 1,401 3,824.76 0.85 0.35 -58.8 -41.7 -48.5 318 318 1,299.8BAT (Zimbabwe) CONS 11.40 -0.9 Down 18 1.56 14.00 10.40 -18.6 1.8 -12.3 235 235 129.9National Foods Holdings INDU 3.00 3.40 1.95 -11.8 -11.8 39.5 205 205 104.8ABCH (Zimbabwe) BANK 0.73 0.80 0.65 -8.8 - 4.3 188 188 -Seed Co AGRI 0.95 -0.5 Down 20 21.35 1.06 0.70 -10.4 -2.1 35.7 185 185 219.5OK Zimbabwe CONS 0.08 - Flat 23 283.66 0.18 0.08 -55.6 -30.4 -54.3 92 92 53.9Barclays Zimbabwe BANK 0.04 5.0 Up 30 724.05 0.05 0.03 -6.7 64.7 12.0 90 90 16.2Hippo Valley Estates AGRI 0.38 8.6 Up 54 143.23 0.80 0.31 -52.5 -30.9 -52.5 73 73 24.8TSL CONS 0.20 - Flat 10 49.14 0.28 0.16 -28.6 -23.1 -25.9 70 70 33.9CBZ Bank BANK 0.10 - Flat 20 196.62 0.14 0.07 -28.6 - -23.1 68 68 110.8Padenga CONS 0.11 6.1 Up 44 417.97 0.11 0.07 -0.0 17.9 32.6 57 57 22.1African Distillers BREW 0.50 - Flat 31 61.70 0.51 0.32 -2.0 6.4 55.8 48 48 75.6First Banking Corp BANK 0.07 - Flat 6 78.64 0.12 0.07 -42.9 -12.5 -39.1 47 47 19.7Bindura Nickel Corp RESO 0.03 - Flat 1 33.68 0.09 0.03 -65.4 -50.0 -28.9 39 39 12.0Dawn Properties PROP 0.02 - Flat 9 585.76 0.02 0.01 -0.0 52.4 60.0 39 39 8.8Mashonaland Holdings PROP 0.02 - Flat 2 90.02 0.03 0.02 -38.5 -25.9 -17.4 37 37 69.8Colcom Holdings INDU 0.22 -8.3 Down 0 0.48 0.30 0.22 -26.7 -12.0 - 35 35 4.0Lafarge Zimbabwe BUIL 0.38 0.70 0.38 -45.7 -30.9 -39.7 30 30 5.6Dairibord INDU 0.08 2.6 Up 173 2,161.48 0.13 0.08 -38.5 - -22.3 29 29 60.1Edgars Zimbabwe CONS 0.08 - Flat 3 43.22 0.13 0.08 -38.5 -4.8 -34.4 23 23 10.3TA Holdings INVE 0.14 0.17 0.09 -15.2 - 75.0 23 23 -Pearl Properties PROP 0.03 - Flat 72 2,575.49 0.03 0.02 -6.7 - 7.7 21 21 19.8African Sun HOTL 0.03 25.0 Up 8 304.55 0.15 0.01 -83.3 38.9 -10.7 21 21 28.8Zimplow AGRI 0.03 -40.0 Down 0 4.15 0.09 0.00 -65.1 -53.3 -53.8 19 19 29.4Kingdom Meikles Africa BANK 0.07 0.19 0.07 -63.2 -54.8 -65.0 17 17 14.9Rainbow Tourism HOTL 0.01 -10.0 Down 0 44.67 0.02 0.01 -55.0 -43.8 -25.0 17 17 4.5Hunyani Holdings INDU 0.05 0.05 0.03 -10.0 - 125.0 14 14 -Tractive Power INDU 0.09 0.00 0.00 - - 14 14 -

35


02 Jul 2015



THE AFRICA WEEKLY

Lusaka Stock Exchange (Zambian Kwacha) Zambia

2012 2013 2014 2015 2016E 2017F3.1 0.7 1.9 2.3 2.6 2.1

25.5 28.7 32.4 31.4 31.2 31.520.0 24.9 28.6 29.3 29.4 29.724.9 26.8 25.6 28.9 31.8 34.9

6.8 6.7 6.5 7.2 7.7 7.01,771.9 1,845.4 1,705.0 1,859.8 1,985.9 2,106.4

7.3 7.1 8.5 7.0 6.0 5.0

Company Reporting period Expected reporting date Year DPSBRITISH AMERICAN TOBACCO ZAM Half Year 23-Jul-15 Airtel Networks 2014 6.3COPPERBELT ENERGY CORP PLC Full Year 13-Jul-15 Zccm Investmen-B 2014 1.6LAFARGE CEMENT ZAMBIA PLC Half Year 11-Aug-15 Zambian Brewer 2014 0.1NATIONAL BREWERIES PLC Full Year 30-Jun-15 Lafarge Cement 2013 1.5

Standard Charter 2014 0.08

36


Market Commentary

Dividends Last Cum date13-Aug-14

TypeRegular Cash

05-Nov-1413-Aug-1411-Sep-13

FinalFinalFinal

15-Oct-14Interim

02 Jul 2015

The LuSE ALSI gained 0.1% to close the week at 5,845.7 on the back of gains in Puma Energy (+2.9%) andCopperbelt Energy (+1.6%). The top traders by value were StanChart Zambia (USD 462.2k), ZambianBreweries (USD 271.6k) and Copperbelt Energy (USD 9.4k). Trading in these shares accounted for 98.7%of this weeks turnover of ZMK 5.6m (USD 752.6k). The average weekly value traded in the last six monthsis ZMK 29.7m (USD 3.9m). The LuSE ALSI is down 5.1% ytd (-19.8% USD) and the total marketcapitalisation is currently USD 4.9bn.



THE AFRICA WEEKLY


LuSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 5,845.7 7.55 H: 21-Jan-15 6,287.0 Puma Energy 2.9 1.08This week 5,838.1 0.13 7.38 -2.19 -2.06 L: 23-Jun-15 5,832.9 Copperbelt Energy 1.6 0.64Prev week 5,833.7 0.08 7.43 0.68 0.75 Off peak -7.0% --MTD 5,842.1 0.06 7.51 -0.46 -0.40 At High 4/19 --YTD 6,160.7 -5.11 6.38 -15.48 -19.80 At Low 5/19 --

5.6 0.76% ZMKm 28.2 Company Week % chg Price0.1 9 USDm 3.7 No Decliners

47% --0.1 2 --

- 0 ZMKm 36,887 --- 2 USDm 4,889 --

Company ZMK'000 % of totalStanChart Zambia 3,449 61.41Zambian Breweries 2,026 36.08Copperbelt Energy 70 1.25Lafarge Zambia 47 0.84Zambia Sugar 9 0.15

*The index is the LuSE, an all share index ** Value Traded numbers are given in millions of Zambian Kwacha See the notes page for more information about calculations 02 Jul 2015 37


Avg weekly value traded

Top 5 gainers


Upside value Stocks up Total Market capStocks traded (%)

Downside value Stocks downUpside/downside ratio Advance - Decline


ZMK/USD USD returnsMarket highs and lows

Top 5 decliners

Index performance *

Turnover analysis ** Trading numbers

-34%

-25%

-16%

-7%

2%

11%


USD ZMK

0 10,000 20,000 30,000 40,000

21 Jan 2015

02-Jul

Market Cap (ZMK bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector ZMK % chg Move ZMK '000 '000 High Low Off high YTD 12 mths ZMK m USD m Val (000)ZANACO BANK 1.34 - Flat 1 0.47 1.40 0.23 -4.3 378.6 346.7 11,608 1,538 49.3Lafarge Zambia BUIL 24.00 - Flat 47 1.96 27.00 24.00 -11.1 -7.7 -7.7 4,801 636 135.1Airtel TELE 33.50 34.00 27.98 -1.5 - 20.2 3,484 462 3.2Zambian Breweries BREW 6.00 - Flat 2,026 337.74 6.25 5.75 -4.0 - 4.3 3,276 434 44.9StanChart Zambia BANK 1.95 - Flat 3,449 1,768.79 2.00 1.80 -2.5 - -2.5 3,251 431 51.5ZCCM INVE 40.00 45.00 40.00 -11.1 -11.1 - 2,153 285 3,232.3Zambia Sugar AGRI 5.00 - Flat 9 1.71 6.83 5.00 -26.8 -24.2 -26.8 1,583 210 16.4ZAMEFA INDU 5.00 5.00 0.24 - - - 1,355 180 0.1BAT (Zambia) CONS 5.74 5.75 5.73 -0.2 -0.2 -0.2 1,219 162 25.7Bata Zambia CONS 2.46 - Flat 6 2.57 2.46 1.12 -0.0 23.0 138.8 936 124 1.2National Breweries BREW 13.50 13.50 12.00 - 12.5 12.5 851 113 32.5Zambeef AGRI 3.10 3.50 2.85 -11.4 8.8 -11.4 769 102 0.3Copperbelt Energy RESO 0.64 1.6 Up 70 110.26 0.70 0.60 -8.6 3.2 -7.2 640 85 136.4Puma Energy OILG 1.08 2.9 Up 1 0.62 1.27 1.00 -15.0 -10.0 -14.3 540 72 3.2REIZ PROP 3.45 - Flat 7 2.14 4.00 1.01 -13.8 -13.8 -1.4 147 20 0.2AEL Zambia INDU 6.87 6.87 6.87 0.0 - - 140 19 0.1Investrust Bank INVE 13.50 13.50 13.50 - - - 63 8 -Pamodzi HOTL 0.62 0.62 0.61 -0.0 - -1.6 62 8 0.0Cavmont Capital Zambia INVE 2.00 2.00 2.00 - - - 10 1 1.6

38

Weekly Movement (% chg) Market cap12 Month

02 Jul 2015



THE AFRICA WEEKLY

Malawi Stock Exchange (Malawian Kwacha) Malawi

2012 2013 2014 2015 2016E 2017F-4.5 -2.8 -6.0 -5.2 -3.8 -3.753.4 72.9 57.9 48.6 42.2 37.749.7 64.9 53.7 45.5 39.5 35.4

4.2 3.8 4.4 5.0 5.6 6.21.9 5.2 5.7 6.0 5.5 5.2

251.1 223.4 250.4 275.1 299.4 325.834.6 23.5 14.7 9.6 6.3 5.2

Company Reporting period Expected reporting date Year DPSMALAWI PROPERTY INVESTMENT C Half Year 20-Aug-15 Telekom Networks 2015 0.07

Natl Bk Of Malaw 2013 4.3First Merchant B 2014 50.0Blantyre Hotels 2015 15.0Press Corp Ltd 2014 3.5

39

TypeRegular CashRegular Cash

InterimRegular Cash

Market Commentary



Dividends Last Cum date12-Jan-15

02 Jul 2015

28-Aug-1329-Aug-1416-Feb-1522-Sep-14Interim

The MSE ALSI was relatively flat to close the week at 16,011.9 on the back of gains in MPICO (+0.1%) andPress Corp (+0.1%). The top traders by value were NICO (USD 115.4k), NBM (USD 26.4k) and MPICO (USD3.5k). Trading in these shares accounted for 98.5% of this weeks turnover of MWK 65.2m (USD 147.6k).The average weekly value traded in the last six months is MWK 1.3bn (USD 2.8m). The MSE ALSI is up7.6% ytd (+12.8% USD) and the total market capitalisation is currently USD 1.5bn.



THE AFRICA WEEKLY


MSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 16,011.9 445.62 H: 02-Jun-15 16,142.1 MPICO 0.1 6.91This week 16,010.2 0.01 437.95 -1.72 -1.71 L: 14-Jul-14 13,436.9 Press Corp 0.1 516.2Prev week 15,993.5 0.10 436.37 -0.36 -0.26 Off peak -0.8% --MTD 16,011.7 0.00 441.05 -1.03 -1.02 At High 6/13 --YTD 14,886.1 7.56 467.50 4.91 12.84 At Low 0/13 --

65.2 0.49% MWKm 1,268.4 Company Week % chg Price2.0 8 USDm 2.8 No Decliners

62% --2.0 2 --

- 0 MWKm 667,368 --- 2 USDm 1,498 --

Company MWK'000 % of totalNICO 51,000 78.20NBM 11,682 17.91MPICO 1,542 2.37NBS 528 0.81Press Corp 421 0.65

*The index is the MSE ALSI, an all share index ** Value Traded numbers are given in millions of Malawian Kwacha See the notes page for more information about calculations 02 Jul 2015 40


MWK/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-25%

-15%

-5%

5%

15%

25%

35%


USD MWK

0 200,000 400,000 600,000 800,000

02 Jun 2015

02-Jul

Market Cap (MWK bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector MWK % chg Move MWK '000 '000 High Low Off high YTD 12 mths MWK m USD m Val (000)Illovo Malawi AGRI 294.2 - Flat 32 0.11 294.2 294.0 -0.0 - 0.1 209,895 471 7.9NBM BANK 251.0 - Flat 11,682 46.54 251.0 236.0 - 4.1 6.4 117,199 263 28.0Standard Bank BANK 435.0 435.0 395.0 - 2.4 10.1 92,800 208 31.8TNM TELE 6.90 - Flat 10 1.45 7.65 3.40 -9.8 68.7 102.9 69,279 155 66.6Press Corp INVE 516.2 0.1 Up 421 0.82 516.2 319.0 -0.0 13.9 61.8 62,070 139 37.6FMB Malawi BANK 19.00 - Flat 2 0.10 19.00 4.05 - 0.2 26.7 44,389 100 2,605.5NICO INSU 30.00 - Flat 51,000 1,700.00 32.50 24.05 -7.7 -7.7 24.7 31,291 70 13.2NBS BANK 31.00 - Flat 528 17.03 31.00 15.50 - 14.8 81.4 22,557 51 36.7MPICO PROP 6.91 0.1 Up 1,542 223.28 6.91 2.10 0.0 71.9 229.0 7,940 18 6.0NITL INVE 50.00 50.00 33.15 - 20.5 51.1 6,750 15 12.7Sunbird HOTL 9.00 9.00 7.55 - 12.5 19.2 2,354 5 0.0Real Insurance INSU 2.30 2.30 1.30 0.0 - 91.7 575 1 0.2Blantyre Hotels HOTL 8.15 8.15 8.00 0.0 1.9 1.9 268 1 0.0

4102 Jul 2015




THE AFRICA WEEKLY

Namibian Stock Exchange (Namibian Dollar) Namibia

2012 2013 2014 2015 2016E 2017F-2.6 -5.1 -7.0 -4.9 -0.2 -0.124.4 25.5 27.6 29.1 29.7 31.318.3 22.5 26.3 0.0 27.5 27.713.1 12.3 12.0 13.1 14.0 15.0

5.0 4.3 4.3 4.5 4.6 4.76,063.8 5,636.1 5,466.7 5,914.4 6,268.7 6,680.6

6.4 4.9 5.8 5.7 5.5 5.5

Company Reporting period Expected reporting date Year DPSBANK WINDHOEK HOLDINGS LTD Full Year 17-Aug-15 Fnb Namibia Hold 2015 0.7

Bank Windhoek Ho 2015 0.2Namibian Asset M 2014 0.05Nictus Namibia 2014 0.2Namibian Asset M 2014 0.05

42

TypeInterimInterim

Regular CashRegular Cash

Market Commentary



Dividends Last Cum date02-Mar-15

02 Jul 2015

23-Feb-1517-Nov-1414-Jul-14

17-Nov-14Regular Cash

The NSX Local index remained flat over the week to close at 434.6 on the back of gains in FNB Namibia(+0.1%). During the week, losses were recorded in Bank Windhoek (-0.1%).The top traders by value wereFNB Namibia (USD 73.3k), Namibia Breweries (USD 35.0k) and Bank Windhoek (USD 3.6k). Trading inthese shares accounted for 100.0% of this weeks turnover of NAD 1.4m (USD 111.9k). The averageweekly value traded in the last six months is NAD 4.0m (USD 327.8k). The NSX Local is up 11.7% ytd(+4.7% USD) and the total market capitalisation is currently USD 2.0bn.



THE AFRICA WEEKLY


NMB Local Level % chg Level % chg % chg Company Week % chg PriceCurrent 434.6 12.35 H: 26-Jun-15 441.0 FNB Namibia 0.1 32.78This week 434.5 0.02 12.11 -1.97 -1.95 L: 03-Jul-14 347.3 Namibia Breweries 0.05 20.46Prev week 434.1 0.08 12.19 0.66 0.75 Off peak -1.5% --MTD 434.6 0.00 12.24 -0.90 -0.90 At High 0/8 --YTD 389.0 11.71 11.57 -6.30 4.67 At Low 0/8 --

1.4 0.28% NADm 4.0 Company Week % chg Price1.3 3 USDm 0.3 Bank Windhoek -0.1 15.55

38% --1.3 2 --0.0 1 NADm 24,818 --

2875.1% 1 USDm 2,010 --

Company NAD'000 % of totalFNB Namibia 896.2 65.50Namibia Breweries 427.6 31.25Bank Windhoek 44.5 3.25-- - --- - -

*The index is the NMB Local, a local companies index ** Value Traded numbers are given in millions of Namibian Dollars See the notes page for more information about calculations 02 Jul 2015 43


NAD/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-14%

-5%

4%

13%

22%

31%


USD NAD

0 10,000 20,000 30,000

26 Jun 2015

02-Jul

Market Cap (NAD m) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector NAD % chg Move NAD '000 '000 High Low Off high YTD 12 mths NAD m USD m Val (000)FNB Namibia BANK 32.78 0.1 Up 896 27.32 34.50 23.16 -5.0 23.4 41.5 8,772 710 67.0Bank Windhoek BANK 15.55 -0.1 Down 44 2.86 15.56 11.16 -0.1 17.8 39.3 7,842 635 122.4Namibia Breweries BREW 20.46 0.0 Up 428 20.90 20.46 16.33 0.0 10.5 25.3 4,226 342 34.0Bidvest Namibia INDU 10.99 13.26 10.99 -17.1 -16.5 -13.7 2,329 189 53.7Oryx Properties PROP 19.53 19.53 17.88 -0.0 6.0 9.3 1,290 104 44.5Nictus Holding CONS 2.30 2.40 2.30 -4.2 -4.2 -4.2 123 10 0.0Stimulus Investments INVE 121.3 121.3 110.1 -0.0 - 10.1 121 10 6.2Namibian Asset Mgmt INVE 0.58 0.65 0.58 -10.8 -10.8 5.5 116 9 0.0

4402 Jul 2015




THE AFRICA WEEKLY

Swaziland Stock Exchange (Swazi Lilangeni) Swaziland

2012 2013 2014 2015 2016E 2017F3.8 5.3 0.8 -1.4 -1.9 -2.4

17.4 17.8 17.2 19.4 22.6 25.75.6 4.0 4.5 7.6 11.7 15.54.1 3.8 3.8 4.0 4.2 4.41.9 2.8 2.1 2.0 2.1 1.8

3,751.0 3,473.4 3,475.1 3,602.0 3,716.7 3,829.2

8.3 4.4 6.7 5.6 5.4 5.2

45

Market Commentary

02 Jul 2015



There was no trading in Swaziland this week.



THE AFRICA WEEKLY


SSX ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 286.8 12.35 H: 00-Jan-00 0.0 No GainersThis week 286.8 0.00 12.11 -1.97 -1.97 L: 00-Jan-00 0.0 --Prev week 286.8 0.00 12.19 0.66 0.66 Off peak --MTD 286.8 0.00 12.24 -0.90 -0.90 At High 2/7 --YTD 286.8 0.00 11.57 -6.30 -6.30 At Low 2/7 --

- 0.00% SZLm 0.0 Company Week % chg Price- 0 USDm 0.0 No Decliners

0% --- 0 --- 0 SZLm 2,405 --- 0 USDm 195 --

Company SZL'000 % of totalNo Trade - --- - --- - --- - --- - -

*The index is the SSX ALSI, an all share index ** Value Traded numbers are given in millions of Swazi Lilangeni See the notes page for more information about calculations 02 Jul 2015 46


SZL/USD USD returnsIndex performance *



Top 5 decliners

Advance - Decline


Trading numbers




-20%

-15%

-10%

-5%

0%

5%

10%


USD SZL

0 1,000 2,000 3,000

00 Jan 1900

02-Jul

Market Cap (SZL m) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector SZL % chg Move SZL '000 '000 High Low Off high YTD 12 mths SZL m USD m Val (000)Royal Swazi Sugar AGRI 13.00 13.00 13.00 - - - 1,148 93 -Swazi Empowerment INVE 24.00 24.00 24.00 - - - 444 36 -SBC Limited BANK 3.92 0.00 0.00 - - 378 31 -Nedbank BANK 6.40 6.40 6.20 -0.0 - 3.2 153 12 -Swaprop PROP 5.40 0.00 0.00 - - 126 10 -Greystone

Documents

2015-07-03 the Africa Weekly