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Equity research | Pan-Africa | Weekly Market Indicators

THE AFRICA WEEKLY

MTD YTD

Botswana BSE DCI 7,531 0.27 0.27 0.27 7,612 6,877 7.87 -0.55 -1.09 -1.09 -0.28 -0.82 -0.82 151.7 4,521BRVM IC Comp 167.3 0.49 0.41 0.41 167.9 139.4 502.9 0.04 -0.73 -0.73 0.52 -0.32 -0.32 5,678.4 7,708Egypt*** EGX 30 5,755 0.35 5.35 5.35 5,969 3,766 6.54 -1.86 -2.73 -2.73 -1.52 2.47 2.47 297,861 37,102Ghana GSE ALSI 1,212 1.17 1.05 1.05 1,212 969.7 1.88 1.30 1.11 1.11 2.49 2.18 2.18 434.1 4,596Kenya FTSE NSE15 132.9 4.87 5.69 5.69 132.9 88.27 86.70 -0.52 -0.69 -0.69 4.32 4.96 4.96 23,218.5 15,441Malawi MSE ALSI 5,993 -0.38 -0.38 -0.38 6,089 5,330 325.0 0.31 2.98 2.98 -0.07 2.59 2.59 14.8 759Mauritius SEMDEX 1,745 0.76 0.74 0.74 1,878 1,655 30.70 -0.16 -0.49 -0.49 0.60 0.24 0.24 6,103.6 5,549Morocco MORALSI 9,228 -1.48 -1.41 -1.41 11,521 9,095 8.51 0.06 -0.53 -0.53 -1.42 -1.93 -1.93 87,374 50,754Namibia Local 273.9 0.00 0.12 0.12 273.9 222.3 8.62 -0.51 -1.68 -1.68 -0.51 -1.56 -1.56 366.8 1,242Nigeria NIG ALSI 28,696 0.89 2.20 2.20 29,090 20,124 156.3 -0.04 -0.07 -0.07 0.86 2.12 2.12 106,677 57,032Rwanda AARW Index 377.1 1.33 1.46 1.46 377.1 213.4 631.0 -0.06 0.07 0.07 1.26 1.53 1.53 1,664 625South Africa JSE ALSI 40,300 0.14 2.67 2.67 40,330 32,827 8.62 -0.51 -1.68 -1.68 -0.37 0.95 0.95 7,238,449 882,485Swaziland SSX ALSI 285.7 0.00 0.00 0.00 285.7 276.5 8.62 -0.51 -1.68 -1.68 -0.51 -1.68 -1.68 0.0 210Tanzania DAR ALSI 1,491 0.63 0.35 0.35 1,491 1,298 1,608 -0.93 -1.43 -1.43 -0.31 -1.09 -1.09 540.8 1,894Tunisia TUNIS 4,673 0.66 2.03 2.03 5,267 4,542 1.57 -0.50 -0.89 -0.89 0.15 1.12 1.12 13,466 8,211Uganda USE ALSI 1,290 4.60 7.16 7.16 1,290 782.2 2,705 -0.13 -1.01 -1.01 4.47 6.08 6.08 80.1 748Zambia LuSE ALSI 3,596 1.66 -3.47 -3.47 3,996 3,481 5.26 -0.29 -1.03 -1.03 1.37 -4.46 -4.46 135.5 2,852Zimbabwe ZSE IND 156.4 3.33 2.63 2.63 158.8 129.0 1.00 0.00 0.00 0.00 3.33 2.63 2.63 6,319.1 4,060

1 year price chartsLocal USD

25.0 25.023.3 22.721.2 21.219.2 19.213.3 13.3

Local USD

-13.4 -13.6-13.6 -13.5

-9.6 -9.9-9.8 -9.8-7.7 -7.7

* 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

10 Jan 2013

Morocco

MTD%Chg

% chg

% chgCountry

ZambiaMoroccoZambiaMorocco

1 Wk%Chg

Country

NigeriaKenyaNigeria

1 YearHigh

FX-Rateper USD

YTD% Chg

1 MTD% Chg

1 Wk%Chg 1 week

Dollar Return (% chg) Mkt CapUSDm**

TradeUSD'000

1 YearLow

YTD%Chg

Samir

Company

Zambia SugarHolcim (Maroc)CeltelSonasid

Barclays ZimbabweFidelity Bank

Country Index*IndexLevel

Company

UBA

Top 5 gainers

Top 5 decliners

Athi River MiningForte Oil

ZimbabweNigeria

AA Africa (1.5; +5.1%)Gold (1,661.8; -1.2%) MSCI WORLD (1,378.5; +1.0%)

Crude Oil (111.9; -0.2%) MSCI EM (1,077.0; -0.5%)

MSCI AFRICA (609.1; +0.4%)

S&P 500 (1,472.1; +0.9%)

FTSE 100 (6,101.5; +0.9%)Copper (8,084.3; -0.6%)



THE AFRICA WEEKLY

1 month price chartsBotswana BRVM

Key

Egypt*** Ghana UpFlatDown

Kenya Malawi

Mauritius Morocco

Namibia Nigeria

South Africa Tanzania

Tunisia Uganda

Zambia Zimbabwe

0.14%

0.27%

South Africa

BotswanaNamibiaNamibia

0.76%

Mauritius

-1.48%Morocco

0.66%

Tunisia

0.35%Egypt

4.87%Kenya

1.66%Zambia

4.60%Uganda:

Swaziland

Ghana

0.63%Tanzania

0.49%BRVM

-0.38%Malawi

Zimbabwe3.33%

0.89%Nigeria

1.17%

Rwanda:1.33%



THE AFRICA WEEKLY

Inflation and Interest Rate Summary

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

Angola 10.25 9.02 DecBotswana 8.35 Aug-20 BW008 7.6 yrs 11.00 7.40 NovLesotho 9.00 Oct-15 LS000A1A1T16 2.7 yrs 10.08 5.80 SepMalawi 25.00 33.30 NovMauritius 7.06 Nov-22 10 year 9.9 yrs 4.90 3.22 DecNamibia 8.51 Oct-24 GC24 11.8 yrs 9.25 7.60 NovSouth Africa 6.51 Jan-20 R207 7.0 yrs 8.50 5.60 NovSwaziland 7.00 Nov-15 SG009 2.9 yrs 9.00 8.69 SepZambia 16.50 Nov-22 10 year 9.9 yrs 9.25 7.30 DecZimbabwe 2.99 Nov

East AfricaKenya 11.65 Jun-22 FXD 1/2012/10Yr 9.4 yrs 9.50 3.20 DecRwanda 11.13 Nov-15 FXD4/2010/5yr 2.9 yrs 16.72 6.30 DecTanzania 15.83 12.10 NovUganda 11.00 Jan-21 FXD 6/2010/10 8.0 yrs 22.73 5.50 Dec

West AfricaBRVM average 3.30 NovGhana 14.99 Feb-15 1264 2.1 yrs 15.00 8.80 DecNigeria 12.18 Jan-22 9th FGN Series 1 9.0 yrs 16.37 12.30 Nov

North AfricaEgypt 13.00 Feb-17 EGBGR00541F5 4.1 yrs 9.50 4.66 DecMorocco 3.86 Apr-16 MA0002010249 3.3 yrs 6.35 1.60 NovTunisia 6.17 Mar-19 10 year 6.1 yrs 3.88 5.92 Dec

Source: Central banks, statistical agencies



THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira) Nigeria

2008 2009 2010 2011E 2012F 2013F14.1 8.3 5.9 3.6 3.5 3.111.6 15.2 15.5 17.3 14.7 15.4

1.3 11.0 14.4 10.4 3.3 -3.1207.1 168.6 228.6 244.1 272.6 293.1

6.0 7.0 8.0 7.4 7.1 6.71,401.2 1,110.0 1,465.1 1,522.1 1,654.3 1,731.5

15.1 13.9 11.7 10.3 11.0 9.5

Year DPSStanbic Ibtc Hol 2012 0.5Nigeria Enamelwr 2012 0.4Nestle Nigeria P 2012 1.5Total Nigeria Pl 2012 3.0

3

03-Dec-1210-Dec-1203-Dec-12

10 Jan 2013

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 date26-Nov-12

Market Commentary

TypeReturn of Capital

FinalInterimInterim

The NSE ALSI gained 0.9% this week to close at 28,695.6 on the back of gains in UBA (+25.0%), Forte Oil(+21.2%) and Fidelity Bank (+13.3%). During the week, losses were recorded in Nigerian Breweries (-1.4%), Guaranty Trust Bank (-4.4%), and Dangote Sugar (-2.4%). The top traders by value were ZenithBank (USD 20.2m), Guaranty Trust Bank (USD 12.9m), and FBN Holdings (USD 10.7m). Trading in theseshares accounted for 41.0% of this week’s turnover of NGN 16.7bn (USD 106.7m). The average weeklyvalue traded in the last six months is NGN 12.8bn (USD 81.8m). The NSE ALSI is up 2.2% YTD (+2.1% USD)and the total market capitalization is currently USD 57.0bn.

Shares of the restructured United Bank of Africa (UBA) were listed during the week following the spin-offof its non-banking subsidiaries. 2 of the spun-off companies, UBA Capital and African PrudentialRegistrars will be listed on the NSE on January 11, while the 3rd, Afriland Properties will be listed at alater date. UBA, which was the biggest gainer for the week, traded a total value of USD 8.6m.

The Nigerian Stock Exchange (NSE) released figures for foreign portfolio investments flows betweenJanuary and November 2012. The figures showed total inflows of NGN 419.5bn and outflows ofNGN 313.6bn and represented 59.9% of total stock market transactions compared with 66.8% for fullyear 2011 and 36.1% in 2010.

The Naira closed the week at NGN156.26 to the dollar, a marginal change from last week when it closedat NGN 156.20. Of the USD 100.0m offered by the Central Bank of Nigeria (CBN) at the Wholesale DutchAuction of January 9, 2013, only USD 43.2m was taken up by the 3 participating banks. The CBN also sold91, 182 and 364 day Treasury Bills at 11.55%, 11.60% and 11.79% respectively. All 3 tenors weresignificantly oversubscribed, showing continued investor appetite for the instruments in the New Year.

Lafarge Cement WAPCO Nigeria has announced it is not shutting down production despite the reportedglut in the cement market. Some local cement manufacturers such as Dangote Cement have raisedalarm of glut in the cement market, citing importation of the products into the country as the cause.(Dangote Cement had in December shut its Gboko plant). Rather, Lafarge Wapco stated it remainsfocused on its vision of delivering value to its customers and stakeholders through innovative productsand services.



THE AFRICA WEEKLY


NIGSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 28,695.6 156.26 H: 08-Jan-13 29,089.5 UBA 25.0 5.70This week 28,441.4 0.89 156.20 -0.04 0.86 L: 29-Feb-12 20,123.5 Airline Services & Logistics 24.4 5.20Prev week 27,737.7 2.54 157.00 0.51 3.06 Off peak -1.4% Eterna Oil & Gas 23.9 2.70MTD 28,078.8 2.20 156.15 -0.07 2.12 At High 37/196 Forte Oil 21.2 9.37YTD 28,078.8 2.20 156.15 -0.07 2.12 At Low 46/196 Wapic Insurance 13.3 0.68

16,666 9.35% NGNm 12,775.9 Company Week % chg Price1,391 135 USDm 81.8 DN Meyer -18.7 1.26

69% Pharma-Deko -13.8 2.248,899 49 Morison Industries -9.4 2.997,507 25 NGNm 8,911,843 Evans Medical -9.2 0.79

18.5% 24 USDm 57,032 Neimeth Intl Pharmaceuticals -9.0 0.91

Company NGN'000 % of totalZenith Bank 3,152,959 18.92Guaranty Trust Bank 2,012,313 12.07FBN Holdings 1,675,404 10.05UBA 1,345,348 8.07Nigerian Breweries 1,067,562 6.41

*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 10 Jan 2013 4

Downside value Stocks downUpside/downside ratio

Net value Stocks traded (absolute)

Upside value

Top 5 (value) traders Rebased Index Performance

Top 5 declinersTrading numbers

Advance - Decline

Stocks traded (%)Stocks up Total Market cap

Top 5 gainers

Total value Value Traded / Mkt Cap (%)

NGN/USD USD returnsIndex performance *

Turnover analysis ** Avg weekly value traded

Market highs and lows

-18%

-5%

8%

21%

34%

47%

Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

USD NGN

0 5,000,000 10,000,000

08 Jan 2013

10-Jan

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 125.0 - Flat 40,442 324 128.1 95.45 -2.4 -2.4 18.0 2,130,428 13,634 1,369.6Nigerian Breweries BREW 148.1 -1.4 Down 1,067,562 7,175 165.0 91.10 -10.2 0.7 54.2 1,120,015 7,168 6,755.4Guaranty Trust Bank BANK 23.94 -4.4 Down 2,012,313 81,337 25.18 13.02 -4.9 4.1 70.0 697,767 4,465 8,629.8Zenith Bank BANK 19.70 -0.5 Down 3,152,959 153,022 21.10 11.96 -6.6 1.1 60.2 618,511 3,958 13,889.5FBN Holdings BANK 16.79 2.5 Up 1,675,404 97,071 17.52 8.57 -4.2 6.8 87.6 547,893 3,506 9,118.2Nestle Nigeria CONS 710.0 1.4 Up 277,732 393 715.0 400.0 -0.7 1.4 67.7 468,988 3,001 2,859.5Guinness Nigeria BREW 276.2 -0.2 Down 713,111 2,583 281.6 209.1 -1.9 0.4 17.5 407,374 2,607 2,336.1Stanbic IBTC Holdings BANK 11.50 4.5 Up 37,372 3,256 13.03 5.95 -11.7 4.5 43.8 215,625 1,380 538.5UBA BANK 5.70 25.0 Up 1,345,348 242,365 5.70 1.64 0.0 25.0 154.5 184,308 1,179 3,028.9Unilever Nigeria CONS 47.00 -0.3 Down 187,536 3,987 47.15 27.60 -0.3 1.1 62.1 177,815 1,138 1,151.0Access Bank BANK 9.73 3.2 Up 1,017,011 101,674 10.16 4.70 -4.2 7.5 102.7 174,053 1,114 4,254.2Lafarge WAPCO BUIL 55.90 1.6 Up 169,504 3,099 60.00 39.80 -6.8 -4.5 28.1 167,789 1,074 901.2ETI (Nigeria) BANK 11.50 2.8 Up 249,451 21,765 12.54 9.90 -8.3 1.9 7.5 142,166 910 1,664.1Flour Mills Nig. CONS 65.00 - Flat 41,698 642 69.95 50.00 -7.1 - 1.6 122,149 782 858.6Union Bank Nig. BANK 7.75 3.3 Up 69,950 9,065 9.57 2.34 -19.0 5.4 -23.0 104,700 670 3,335.0Cadbury Nigeria CONS 29.10 0.3 Up 38,500 1,324 30.89 8.33 -5.8 0.3 146.6 91,059 583 862.7P Z Cussons Nigeria CONS 28.05 1.8 Up 78,669 2,808 30.00 21.02 -6.5 0.2 -3.3 89,098 570 596.8Diamond Bank BANK 5.75 12.7 Up 615,190 109,073 5.75 2.00 - 16.4 186.1 83,233 533 1,638.8Fidelity Bank BANK 2.81 13.3 Up 609,967 214,866 2.99 1.13 -6.0 22.7 100.7 81,419 521 946.9FCMB BANK 4.89 8.7 Up 537,848 107,624 5.70 2.90 -14.2 30.4 19.3 79,566 509 1,046.7Dangote Sugar Refinery CONS 6.54 -2.4 Down 153,017 22,718 6.90 3.26 -5.2 9.0 33.7 78,480 502 1,006.0U A C N CONS 42.90 2.1 Up 72,248 1,693 43.99 28.00 -2.5 2.1 44.4 68,671 439 505.8Skye Bank BANK 5.19 3.8 Up 259,910 47,675 5.66 2.65 -8.3 20.7 33.8 68,608 439 1,133.0Ashaka Cement BUIL 19.61 6.6 Up 198,076 10,031 20.69 8.01 -5.2 9.2 73.7 43,916 281 521.7Total Nigeria UTIL 128.1 6.3 Up 276,535 2,165 190.0 118.8 -32.6 6.3 -31.9 43,496 278 383.2GSK Consumer Nig. PHAR 45.10 - Flat 18,247 405 45.50 18.97 -0.9 - 106.4 43,147 276 436.9Julius Berger BUIL 34.01 -1.8 Down 18,507 550 34.65 19.86 -1.8 -1.8 7.6 40,812 261 359.5Dangote Flour Mills CONS 8.16 -0.5 Down 27,313 3,330 8.69 3.85 -6.1 -0.5 31.6 40,800 261 4,861.5Intl Breweries BREW 16.60 2.5 Up 74,015 4,461 16.69 5.34 -0.5 2.5 191.2 35,074 224 501.1Mobil Oil Nig UTIL 109.3 - Flat 24,756 227 146.0 109.3 -25.2 - -18.4 32,829 210 147.1

5

Weekly

10 Jan 2013

Movement (% chg) Market cap12 Month



THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi) Ghana

2008 2009 2010 2011E 2012F 2013F-11.9 -5.4 -8.4 -9.2 -9.1 -7.033.6 36.2 46.3 43.4 44.9 41.130.1 32.7 43.0 39.5 42.5 38.628.5 25.8 32.2 38.4 40.1 42.6

8.4 4.0 8.0 14.4 8.2 7.81,266.1 1,116.5 1,358.2 1,579.7 1,609.8 1,666.1

18.1 16.0 8.6 8.6 11.5 9.5

Year DPSFan Milk Ltd 2012 0.2Total Petroleum 2012 0.6Starwin Products 2012 1.4Hfc Bank (Ghana) 2012 0.03

6

06-Dec-1211-Dec-1223-Nov-12

10 Jan 2013



Dividends Last Cum date10-Dec-12

Market Commentary

TypeInterimInterim

FinalInterim

The GSE-CI gained 1.17% to close at 1,212.31, on the net effect of five gainers and two losers. Total valuetraded on the market was GHS 0.8m, with trades in SIC, UNIL, SCB and EBG accounting for 61.1% of totalvalue traded. SG-SSB, up 6.3% led the gainers followed by Stanchart Ghana (+5.6%), Unilever Ghana(+3.1%), Ghana Oil (+1.6%) and Ghana Commercial Bank (+0.5%). Mechanical Lloyd shed 13.3% togetherwith Total Ghana (-8.4%) to end the week as losers.

President John Dramani Mahama was sworn into office on 7 January 2013 as the fourth President of theFourth Republic. He assumes the mantle of leadership after winning the 7 December 2012 presidentialelection. Mr Edward Doe Adjaho also succeeds Mrs Joyce Bamford-Addo as the Speaker of the sixthParliament of the Fourth Republic. He will be assisted by Mr Ebo Barton Oduro and Mr Joe Ghartey asfirst and second deputy speakers respectively.

Ghana’s inflation rate dropped from 9.3%y/y in November 2013 to 8.8% y/y in December, missing theGovernment’s year-end target of 8.5%. Inflation in food and non-alcoholic beverages remainedunchanged 3.9% y/y, whilst non-food inflation was 11.6% y/y, with the transportation sub-sectorrecording the highest inflation rate of 20.6% y/y, followed by education (+16.5% y/y), alcoholic beverages,tobacco and narcotics (+16.5% y/y) and communications (+0.4% y/y).

The Bank of Ghana (BoG) plans to raise GHS 1.2bn on behalf of Government of Ghana through the issue ofthree-year bonds in 1H13. Three separate auctions, each of which will offer GHS 400m of the bonds, willbe held in January, March and June. The first issue which took place on 10 January 2013 wasoversubscribed by 450%, however, the government accepted GHS 402m and returned the rest toinvestors of which a majority were foreign. The bond will have a yield of 16.7%.

Ghana’s GDP for 3Q12 grew by 1.7%y/y with the agriculture sector recording the highest growth of 4.6%y/y, followed by industry (+3.6%y/y) while the services sector recorded a 2.2%y/y decline. The crops sub-sector, including cocoa was up 9.4%y/y, but livestock (-20.5%y/y), forestry (-7.5%y/y) and the fishing sub-sectors (-24.2%y/y) all declined. In the industry sector, construction recorded 19.2% y/y growth, whilemining and quarrying increased 5.2% y/y and the water and sewerage activities gained 0.6%y/y. However,transport and storage, and, information and communication subsectors recorded declines.



THE AFRICA WEEKLY


GSE CI Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,212.3 1.88 H: 10-Jan-13 1,212.3 SG-SSB 6.3 0.51This week 1,198.3 1.17 1.91 1.30 2.49 L: 16-Jan-12 969.7 Stanchart Ghana 5.6 12.14Prev week 1,187.9 0.88 1.90 -0.37 0.51 Off peak 0.0% Unilever Ghana 3.1 8.78MTD 1,199.7 1.05 1.90 1.11 2.18 At High 1/33 Ghana Oil 1.6 0.63YTD 1,199.7 1.05 1.90 1.11 2.18 At Low 1/33 Ghana Commercial Bank 0.5 2.11

0.8 0.48% GHSm 2.4 Company Week % chg Price0.3 22 USDm 1.3 Mechanical Lloyd -13.3 0.13

67% Total Petroleum -8.4 21.520.4 5 --0.0 2 GHSm 8,657 --

1447.6% 3 USDm 4,596 --

Company GHS'000 % of totalSIC Insurance 152.1 18.48Unilever Ghana 134.5 16.34Stanchart Ghana 130.9 15.91Ecobank Ghana 86.0 10.46ETI (Ghana) 54.0 6.56

*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 10 Jan 2013 7



Upside value

Top 5 (value) tradersRebased Index Performance

Advance - Decline


Trading numbersTotal value Value Traded / Mkt Cap (%)

GHS/USD USD returnsIndex performance *


Market highs and lowsTop 5 gainers

Top 5 decliners

-28%

-15%

-2%

11%

24%

37%

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

USD GHS

0 5,000 10,000

10 Jan 2013

10-Jan

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 0.12 - Flat 54.00 450.00 0.15 0.10 -20.0 - 20.0 1,916 1,017 77.8Stanchart Ghana BANK 12.14 5.6 Up 130.95 10.82 12.14 6.76 -0.0 5.6 58.3 1,402 744 81.4Ecobank Ghana BANK 3.00 - Flat 86.04 28.68 3.25 2.95 -7.7 - -4.8 880 467 39.4Golden Star RESO 2.75 2.75 2.75 - - - 702 373 -Ghana Commercial Bank BANK 2.11 0.5 Up 15.57 7.40 2.15 1.83 -1.9 0.5 8.2 559 297 163.1Guinness Ghana BREW 2.62 - Flat 7.91 3.02 2.62 1.53 0.0 - 71.2 554 294 25.4Unilever Ghana CONS 8.78 3.1 Up 134.48 15.41 8.78 6.80 0.0 3.1 32.2 549 291 28.3Fan Milk CONS 3.55 - Flat 38.87 10.95 3.55 1.90 0.0 - 51.1 421 224 141.5Total Petroleum OILG 21.52 -8.4 Down 19.70 0.92 27.00 17.92 -20.3 -8.4 8.5 301 160 18.8CAL Bank BANK 0.37 - Flat 40.36 109.91 0.39 0.22 -5.1 -2.6 42.3 203 108 253.5UT Bank BANK 0.38 - Flat 0.38 1.00 0.38 0.29 0.0 - 26.7 173 92 96.8SG-SSB BANK 0.51 6.3 Up 48.25 96.08 0.51 0.36 0.0 6.3 10.9 170 90 14.5Tullow Oil OILG 38.00 - Flat 17.48 0.46 38.60 30.00 -1.6 -0.1 22.6 134 71 14.3Ghana Oil OILG 0.63 1.6 Up 21.15 33.88 0.63 0.32 0.0 1.6 96.9 132 70 52.0Produce Buying AGRI 0.18 - Flat 9.40 52.20 0.25 0.17 -28.0 - -28.0 86 46 1.2HFC Bank BANK 0.45 - Flat 0.28 0.63 0.45 0.43 0.0 - - 83 44 19.7Trust Bank (Gambia) BANK 0.40 0.40 0.40 -0.0 - 0.3 80 42 0.0SIC Insurance INSU 0.34 - Flat 152.12 447.40 0.39 0.31 -12.8 - -10.5 67 35 95.5Enterprise Group INSU 0.48 - Flat 26.65 55.52 0.48 0.27 0.0 - 26.3 61 33 106.9Benso Oil Palm AGRI 1.40 - Flat 14.47 10.34 1.78 1.10 -21.3 - 27.3 49 26 3.8Cocoa Processing INDU 0.02 - Flat 0.01 0.50 0.03 0.01 -33.3 - - 41 22 0.1Ayrton Drug PHAR 0.17 0.18 0.17 -5.6 -5.6 - 37 19 0.6PZ Cussons Ghana CONS 0.18 - Flat 0.97 5.40 0.24 0.16 -25.0 - -25.0 30 16 0.7Mechanical Lloyd CONS 0.13 -13.3 Down 2.94 22.60 0.15 0.09 -13.3 -13.3 18.2 7 3 16.2Aluworks Ghana RESO 0.05 - Flat 0.93 18.60 0.13 0.04 -61.5 - -61.5 5 2 1.5Starwin Products PHAR 0.05 0.05 0.04 -0.0 - 25.0 4 2 1.8Transol OTHR 0.04 0.05 0.04 -20.0 - -20.0 3 2 0.0African Champion Ind INDU 0.07 0.08 0.07 -12.5 - -12.5 3 1 0.4Pioneer Kitchenware. INDU 0.06 0.00 0.00 - - 2 1 -Golden Web CONS 0.04 0.04 0.04 0.0 - - 1 1 0.0

8

Weekly

10 Jan 2013




THE AFRICA WEEKLY

BRVM Stock Exchange (CFA Franc) BRVM

2008 2009 2010 2011E 2012F 2013F-14.1 -6.7 -4.4 -6.4 -8.5 -6.923.9 34.2 35.7 40.8 46.1 47.6

- - - - - -13.4 12.8 12.9 14.5 14.0 14.6

3.7 2.1 4.1 2.6 3.7 4.31,141.0 1,057.4 1,036.1 1,132.7 1,013.3 1,033.2

4.3 -3.4 4.3 2.7 2.2 2.1

2008 2009 2010 2011E 2012F 2013F1.9 7.0 1.1 6.7 -3.1 -1.6

75.3 66.5 66.4 90.5 62.6 61.6- - - - - -

23.5 22.5 23.0 24.1 24.3 26.02.3 3.8 2.4 -4.7 8.1 7.0

1,132.2 1,052.0 1,042.6 1,062.1 1,038.7 1,079.79.0 -1.7 5.1 1.9 1.5 2.5

Year Type

9

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

Dividends Amount

10 Jan 2013

Market Commentary Senegal

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)

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

Last Cum date

The IC Composite gained 0.5% to close the week at 167.3 on the back of gains in SGB (+7.5%), Sonatel SN(+3.4%), and Onatel BF (+1.1%). During the week, losses were recorded in SMB (-6.3%), ETI (BRVM) (-5.7%), and PALM CI (-5.6%). The top traders by value were Sonatel SN (USD 4.5m), SAPH (USD 0.3m), andSOGB (USD 0.2m). Trading in these shares accounted for 88.6% of this week’s turnover of XOF 2.9bn (USD5.7m). The average weekly value traded in the last six months is XOF 1.7bn (USD 3.3m). The IC Compositeis up 0.4% YTD (-0.3% USD) and the total market capitalisation is currently USD 7.7bn.

Ivory Coast's government has agreed a USD 500m low-interest rate loan from China's Export-ImportBank to finance construction of a 275-MW hydropower station near the western town of Soubre. The WestAfrican nation is investing heavily in major infrastructure projects in the wake of years of political turmoiland is pushing to increase energy production by 150 MW pa over the next decade. The USD 500m loanfacility is for 20 years, with an interest rate of 2% and a grace period of nine years. This is the largest loanagreed with Ivory Coast in over 30 years.

Construction by Chinese state-owned hydropower engineering firm Sinohydro is due to begin in February.Upon completion, the dam will be the country's largest hydropower station. The Soubre project will allowIvory Coast to boost its hydroelectric capacity, balance the energy mix and confront at a low cost therising growth in domestic consumption. The government hopes to launch a feasibility study for a seconddam of the same size on the Louga River before the end of the year. Unlike many countries in sub-Saharan Africa, Ivory Coast has enviably reliable power supply and exports electricity to neighboursGhana, Burkina Faso, Benin, Togo and Mali. It has plans to add Liberia, Guinea and Sierra Leone to itsgrid. Consumption at home and abroad is growing rapidly, however, and investment in the sector washobbled during a 10-year political crisis that divided the world's top cocoa grower into a rebel-held northand government-controlled south.



THE AFRICA WEEKLY


IC Composite Level % chg Level % chg Company Week % chg PriceCurrent 167.3 502.92 H: 07-Jan-13 167.9 SGB 7.5 63,425This week 166.5 0.49 503.10 0.04 0.52 L: 25-Jan-12 139.4 Bank of Africa CI 4.6 38,700Prev week 163.5 1.83 497.71 -1.07 0.74 Off peak -0.4% Sonatel SN 3.4 15,000MTD 166.6 0.41 499.26 -0.73 -0.32 At High 7/37 Onatel BF 1.1 45,500YTD 166.6 0.41 499.26 -0.73 -0.32 At Low 6/37 BICI CI 1.1 37,000

2,856.3 3.68% XOFm 1,672.9 Company Week % chg Price2,117.0 33 USDm 3.3 SMB -6.3 15,000

89% ETI (BRVM) -5.7 33.002,468.8 11 PALM CI -5.6 17,000

351.8 10 XOFm 3,876,739 Air Liquide CI -4.4 8,600601.8% 1 USDm 7,708 Vivo Energy CI -1.7 28,500

Company XOF'000 % of totalSonatel SN 2,262,939 79.23SAPH 163,698 5.73SOGB 102,971 3.61Bank of Africa CI 74,486 2.61SGB 40,405 1.41

*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 10 Jan 2013 10


Net value

Upside value


Advance - Decline


Stocks traded (absolute)


XOF/USD USD returnsIndex performance *



Top 5 decliners

-19%

-10%

-1%

8%

17%

26%


USD XOF

0 2,000,000 4,000,000

07 Jan 2013

10-Jan

Market Cap (XOF bn): Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector XOF % chg Move XOF '000 High Low Off high YTD 12 mths XOF m USD m Val (000)Sonatel SN TELE 15,000 3.4 Up 2,262,939 152,424 15,000 10,500 - 3.4 20.0 1,500,000 2,983 2,091.4ETI (BRVM) BANK 33.00 -5.7 Down 11,861 355,332 45.00 33.00 -26.7 -5.7 -13.2 436,343 868 53.1SAPH AGRI 39,850 -0.1 Down 163,698 4,194 53,000 31,450 -24.8 -0.1 -0.4 203,697 405 168.6SGB BANK 63,425 7.5 Up 40,405 684 63,425 36,000 - 7.5 66.9 197,322 392 118.3SOLIBRA CI BREW 231,070 0.5 Up 3,697 16 247,000 164,005 -6.4 0.5 41.8 190,180 378 15.3Onatel BF TELE 45,500 1.1 Up 24,661 542 47,000 37,200 -3.2 1.1 3.4 154,700 308 54.4SOGB AGRI 64,000 -1.5 Down 102,971 1,608 90,250 44,450 -29.1 -1.5 23.1 138,252 275 88.0PALM CI AGRI 17,000 -5.6 Down 15,039 840 22,655 13,325 -25.0 -5.0 13.3 131,404 261 109.1CIE UTIL 39,000 0.4 Up 19,380 497 42,000 16,500 -7.1 -7.1 107.3 109,200 217 40.2CFAO CI CONS 46,000 - Flat 10,810 235 50,005 14,000 -8.0 - 178.8 83,431 166 28.5SITAB CI INDU 87,000 0.0 Up 36,058 413 99,245 63,000 -12.3 - 37.9 78,104 155 26.6Bollore Africa Logistics CI TRPT 70,000 - Flat 9,380 134 70,000 39,900 - - 47.4 76,209 152 16.4Unilever CI INDU 40,000 - Flat 280 7 40,100 32,375 -0.2 - 5.2 64,424 128 3.9BICI CI BANK 37,000 1.1 Up 2,804 76 38,505 31,000 -3.9 1.1 15.6 61,667 123 29.5Total CI OILG 93,500 0.5 Up 1,496 16 93,500 70,000 - 1.6 26.4 58,869 117 11.2Bank of Africa BN BANK 55,000 - Flat 605 11 59,125 48,000 -7.0 - 14.6 55,400 110 184.2Nestle CI CONS 44,000 - Flat 44 1 48,000 42,000 -8.3 - -8.3 48,555 97 1.6SODE UTIL 41,995 -0.0 Down 7,224 172 43,000 18,600 -2.3 -0.0 127.0 37,796 75 31.7Vivo Energy CI UTIL 28,500 -1.7 Down 1,879 65 28,995 12,500 -1.7 4.4 125.3 35,910 71 33.8Bank of Africa BF BANK 44,200 0.5 Up 2,785 63 47,300 33,000 -6.6 0.5 34.3 35,360 70 7.1SMB INDU 15,000 -6.3 Down 9,521 603 25,000 15,000 -40.0 -6.3 -21.1 29,232 58 9.4Bank of Africa NG BANK 38,800 -0.5 Down 33,339 855 43,100 30,000 -10.0 6.3 25.2 23,280 46 50.3Bank of Africa CI BANK 38,700 4.6 Up 74,486 2,011 38,700 25,500 - 4.6 33.4 23,220 46 93.0FILTISAC CI INDU 6,000 -1.3 Down 2,815 466 6,625 2,500 -9.4 -1.6 126.4 21,156 42 12.5Bernabe CI TRPT 50,000 - Flat 2,690 55 50,000 26,000 - - 96.1 16,560 33 10.0Crown SIEM CI INDU 23,650 - Flat 95 4 23,665 20,000 -0.1 - 7.5 14,893 30 1.2Tractafric Motors CI CONS 93,000 100,005 80,000 -7.0 - 16.2 14,880 30 2.7SICable INDU 54,000 - Flat 10,962 203 56,010 29,140 -3.6 3.8 74.2 7,992 16 19.3Air Liquide CI INDU 8,600 -4.4 Down 3,440 402 11,000 6,200 -21.8 -4.4 28.4 7,511 15 9.3Servair Abidjan CONS 9,500 - Flat 760 80 12,700 5,550 -25.2 - 27.6 5,183 10 4.1

11

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Nairobi Securities Exchange (Kenyan Shilling) Kenya

2008 2009 2010 2011E 2012F 2013F-6.6 -5.8 -6.5 -10.6 -8.5 -8.645.6 47.5 49.9 48.5 47.2 45.340.6 42.6 44.7 43.5 41.7 39.630.5 30.6 32.2 34.1 41.8 49.8

1.5 2.7 5.8 4.4 5.1 5.6813.1 792.8 809.8 832.5 993.7 1,149.6

15.5 8.0 4.5 18.6 7.0 7.0

Year DPSCar & Gen (K) 2013 0.6Sasini Ltd 2013 0.3Ea Cables Ltd 2012 0.4Sameer 2013 0.3Mumias Sugar Co 2012 0.5

12

22-Feb-1328-Dec-1206-Feb-1305-Nov-12Final

10 Jan 2013



Dividends Last Cum date21-Feb-13

Market Commentary

TypeFinalFinal

InterimInterim

The FTSE NSE was up 4.9% this week to close at 132.9. The strong uptick on the second week of tradingfor the year was driven by strong gains made on a number of counters. ARM (+23.3% to KES 55.00), EABL(+9.0% to KES 291.00) Safaricom (+8.7% to KES 5.60) and Equity bank (+8.4% to KES 25.75) were thenotable gainers for the week. Express Kenya (-11.6% to KES 3.05) was the top decliner. Other stockslosing during the week were Barclays Kenya (-2.2% to KES 15.45) and Uchumi (-2.1% to KES 19.10). Anumber of stocks closed the week at twelve month highs including BAT (KES 525.00) and KCB (KES 31.75)which are up 100% and 91% in the last twelve months respectively.

The Central Bank met this week and resolved to cut the Central Bank Rate (CBR) by 150bps to 9.5%. At itsmeeting, the Central Bank’s Monetary Policy Committee (MPC) observed that the macro-economicenvironment had improved significantly, citing single-digit inflation and a stable shilling. The inflationrate declined to a new low of 3.2% in December after falling from a high of 19.7% in November 2011,remaining within the 5% medium-term inflation target by the government. The inflation rate, according tothe MPC is expected to remain in the single digits in the short term on the back of declining oilinternational prices and improved weather conditions in the country. The committee said the exchangerate has also remained stable since its last meeting in November, to range between 85.38 and 86.61 unitsto the dollar. CBK’s forex reserves have increased to USD 5.3bn (KES 450bn) in January from USD 5.2bnin November, giving significant support to the shilling.

The government expects the country’s economy to expand by 5.6% this year, up from about 5% in 2012,with growth rising to 6% in the medium term, according to the Ministry of Finance. This will be driven bythe agriculture sector, which was likely to increase output due to favourable weather, as well asinfrastructure projects in transport and energy. Growing exports to neighbouring countries whoseeconomies are booming and higher consumer demand on the back of falling inflation could also boostgrowth, it said in a Budget Policy Statement.

UAP Holdings has launched trading of its shares on the over- the-counter (OTC) market, offering itsshareholders an avenue to cash in on their investment while also opening a path for new investors to buyinto the company. UAP share was sold at KES 60 through a limited public offer that raised KES 750m.

Game Africa, a South African retail chain, is set to open its first outlet in Kenya, intensifying competitionin the retail sector. The outlet will be located within Garden City Mall, along the Thika Superhighwaywhere local supermarket Nakumatt will also be setting up shop. Game Africa is a fully-owned subsidiaryof Massmart Holdings, which last year booked space in the mall.



THE AFRICA WEEKLY


FTSE NSE15 Level % chg Level % chg % chg Company Week % chg PriceCurrent 132.9 86.70 H: 10-Jan-13 132.9 Athi River Mining 23.3 55.00This week 126.7 4.87 86.25 -0.52 4.32 L: 23-Jan-12 88.3 Standard Group 9.1 24.00Prev week 125.3 1.12 85.85 -0.46 0.65 Off peak 0.0% EABL 9.0 291.0MTD 125.8 5.69 86.10 -0.69 4.96 At High 11/59 Safaricom 8.7 5.60YTD 125.8 5.69 86.10 -0.69 4.96 At Low 0/59 Equity Bank 8.4 25.75

2,007.8 7.50% KESm 1,908.0 Company Week % chg Price1,443.2 54 USDm 22.0 Express Kenya -11.6 3.05

92% City Trust -2.5 390.01,693.8 35 Eveready -2.5 1.95

250.6 13 KESm 1,338,695 Barclays Kenya -2.2 15.45575.9% 22 USDm 15,441 Uchumi -2.1 19.10

Company KES'000 % of totalEABL 505,462.7 25.17KCB Bank 346,488.2 17.26Safaricom 222,064.5 11.06BAT (Kenya) 172,572.4 8.60Uchumi 94,356.4 4.70

*The index is the NSE 20, an index of 20 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations 10 Jan 2013 13



Upside value


Advance - Decline



KES/USD USD returnsIndex performance *



Top 5 decliners

-19%

-5%

9%

23%

37%

51%


USD KES

0 500,000 1,000,000 1,500,000

10 Jan 2013

10-Jan

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)EABL BREW 291.0 9.0 Up 505,463 1,745.7 291.0 162.0 - 9.8 61.7 230,115 2,654 5,082.8Safaricom TELE 5.60 8.7 Up 222,065 39,606.2 5.80 3.00 -3.4 10.9 80.6 224,000 2,584 2,689.8Equity Bank BANK 25.75 8.4 Up 26,133 1,060.4 25.75 15.90 - 8.4 60.9 95,347 1,100 2,359.3KCB Bank BANK 31.75 2.4 Up 346,488 11,126.7 31.75 16.50 - 6.7 91.3 94,305 1,088 2,768.4Barclays Kenya BANK 15.45 -2.2 Down 18,237 1,162.0 15.80 11.80 -2.2 -1.9 23.1 83,917 968 510.9Bamburi Cement BUIL 194.0 2.1 Up 10,551 54.7 194.0 125.0 - 4.9 55.2 70,414 812 1,003.5Stanchart Kenya BANK 242.0 3.0 Up 32,412 135.9 242.0 155.0 - 3.0 50.3 69,473 801 371.1Co-Op Bank BANK 12.75 -0.4 Down 44,890 3,513.2 12.90 9.75 -1.2 1.2 18.6 53,433 616 569.5BAT (Kenya) CONS 525.0 5.0 Up 172,572 329.6 525.0 252.0 - 6.5 99.6 52,500 606 966.8Nation Media MEDI 242.0 6.6 Up 45,035 196.0 242.0 133.0 - 9.0 72.9 38,023 439 361.2KPLC UTIL 16.80 -1.2 Down 41,229 2,465.7 18.95 13.85 -11.3 -1.8 1.5 32,785 378 678.5Athi River Mining BUIL 55.00 23.3 Up 60,795 1,125.0 55.00 30.00 - 23.3 76.3 27,240 314 426.1Diamond Trust BANK 122.0 3.4 Up 14,065 116.8 125.0 84.21 -2.4 6.1 43.2 26,852 310 224.4KenGen UTIL 9.45 6.8 Up 43,775 4,797.0 9.95 7.15 -5.0 7.4 11.2 20,775 240 218.8KenolKobil OILG 13.70 1.1 Up 25,246 1,857.6 16.40 9.80 -16.5 1.1 40.5 20,163 233 524.9Scan Group MEDI 69.00 0.7 Up 56,625 816.3 70.50 37.25 -2.1 0.7 73.6 19,650 227 324.8Kenya Airways TRPT 11.35 - Flat 2,764 245.0 19.51 10.75 -41.8 -0.4 -41.1 16,985 196 198.0NIC Bank BANK 41.75 7.1 Up 30,944 741.9 42.25 24.75 -1.2 9.2 54.6 16,487 190 243.4BA Investment INVE 6.35 5.0 Up 6,247 1,017.4 6.45 3.80 -1.6 5.8 27.0 13,653 157 138.5CFC Stanbic BANK 46.00 7.6 Up 7,217 160.1 49.50 36.25 -7.1 9.5 13.6 12,589 145 115.5Jubilee Holdings INSU 194.0 6.6 Up 786 4.1 194.0 131.8 - 12.1 37.7 11,620 134 47.3Centum Investment INVE 12.40 1.6 Up 3,938 315.5 15.95 11.40 -22.3 0.4 -17.6 8,251 95 175.9KenyaRe INSU 11.45 4.6 Up 12,716 1,117.9 12.60 6.13 -9.1 7.0 75.8 8,015 92 99.6CIC Insurance INSU 3.65 5.8 Up 12,831 3,643.6 5.25 3.10 -30.5 2.8 7,956 92 219.6CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 91 -Mumias Sugar AGRI 4.95 - Flat 59,607 11,970.7 7.00 4.50 -29.3 2.1 -1.0 7,574 87 402.0TransCentury INVE 23.75 -1.0 Down 1,466 62.1 27.00 20.00 -12.0 1.1 -5.0 6,506 75 100.6TPS East Africa HOTL 41.75 4.4 Up 1,784 42.7 50.00 36.75 -16.5 4.4 -17.7 6,188 71 63.8Uchumi CONS 19.10 -2.1 Down 94,356 4,926.2 19.95 6.80 -4.3 - 153.0 5,070 58 457.8NBK BANK 17.65 3.5 Up 4,593 261.3 22.75 16.60 -22.4 2.3 -16.0 4,942 57 31.7

14

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania

2008 2009 2010 2011 2012F 2013F-10.2 -9.8 -9.3 -13.7 -15.4 -13.436.0 39.0 42.7 45.4 46.8 48.8

- - - - - -20.7 21.4 22.9 23.9 28.0 30.7

7.4 6.0 7.0 6.4 6.5 6.8520.8 527.1 553.8 565.5 650.3 698.7

13.5 12.2 5.6 19.8 11.1 9.6

Year DPSTanzania Breweri 2012 150.0

1510 Jan 2013




Market Commentary

TypeInterim

The DAR ALSI closed 0.6% higher this week at 1,490.8. Value traded during the week stood at TZS865.5m, dominated by NMB Bank which accounted for 63% of the week’s turnover. The share price washowever flat. The notable gainers were Tanzania Breweries (+7.1% to TZS 3,000), CRDB Bank (+6.3% toTZS 170) and Tanzania Cigarette (+0.5% to TZS 4,220). There were no decliners.

Tanzania's current account deficit widened 4.4% in the year to November due to a rise in imports of oiland machinery for gas and oil exploration activities, its central bank said on Wednesday. The shortfall ineast Africa's second-biggest economy increased USD 3.8bn from USD 3.6bn a year earlier. The increase(of imports) was largely driven by oil imports, following a rise in oil prices in the world market. There wasalso a substantial increase in imports of machinery, which is associated with an increase in gas and oilexploration activities. The country's total bill for imports of goods and services rose 12.3% in the 12months through November to USD 13bn, while the value of its exports of goods and services increased15.5% to USD 8.5bn. The value of oil imports jumped 18.9% to USD 3.5bn in November, largely due to arise in world market prices. Imports of machinery increased 14.4% to USD 1.8bn. Tanzania, with apopulation of around 45m, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.Gold exports, the country's top foreign exchange earner, rose 16.5% in the year to November largely dueto an increase in gold prices on the world market and higher export volumes, fetching USD 2.1bn.(Source: Reuters).



THE AFRICA WEEKLY


DAR ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,490.8 1,608.00 H: 08-Jan-13 1,491.4 Tanzania Breweries 7.1 3,000This week 1,481.4 0.63 1,593.00 -0.93 -0.31 L: 30-Jan-12 1,298.2 CRDB Bank 6.3 170.0Prev week 1,476.5 0.33 1,581.00 -0.75 -0.42 Off peak 0.0% Tanzania Cigarette 0.5 4,220MTD 1,485.6 0.35 1,585.00 -1.43 -1.09 At High 6/11 --YTD 1,485.6 0.35 1,585.00 -1.43 -1.09 At Low 1/11 --

865.5 1.42% TZSm 1,033.9 Company Week % chg Price98.7 8 USDm 0.6 No Decliners

73% --98.7 3 --

- 0 TZSm 3,045,722 --- 3 USDm 1,894 --

Company TZS'000 % of totalNMB 548,658.9 63.39TWIGA 137,945.6 15.94CRDB Bank 58,346.3 6.74TOL 50,907.7 5.88Tanzania Breweries 36,171.0 4.18

*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 10 Jan 2013 16



Upside value


Advance - Decline



TZS/USD USD returnsIndex performance *



Top 5 decliners

-10%

-5%

0%

5%

10%

15%

20%


USD TZS

0 2,000,000 4,000,000

08 Jan 2013

10-Jan

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 3,000 7.1 Up 36,171 12.06 3,000 2,020 - - 48.5 884,780 550 299.8NMB BANK 1,120 - Flat 548,659 489.87 1,120 850.0 - - 33.3 560,000 348 127.4TWIGA BUIL 2,600 - Flat 137,946 53.06 2,640 2,080 -1.5 - 25.0 467,792 291 34.9Tanzania Cigarette CONS 4,220 0.5 Up 4,220 1.00 4,220 3,140 - 0.5 34.4 422,000 262 1.9CRDB Bank BANK 170.0 6.3 Up 58,346 343.04 172.5 107.5 -1.4 13.3 3.0 370,010 230 96.4Simba Cement BUIL 2,400 - Flat 20,808 8.67 2,420 2,380 -0.8 - 0.8 152,810 95 17.1Precision Air TRPT 460.0 475.0 440.0 -3.2 - 89,174 55 0.1Swissport HOTL 1,720 - Flat 8,414 4.89 1,720 840.0 - - 107.2 61,920 39 11.0DCB BANK 620.0 640.0 620.0 -3.1 - -3.1 20,084 12 29.8TOL INDU 260.0 - Flat 50,908 195.80 260.0 190.0 - - 30.0 11,043 7 14.6Tanzania Tea Packers AGRI 400.0 400.0 265.0 - - 50.9 6,109 4 9.9

17

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Rwanda Stock Exchange (Rwandan Franc) Rwanda

2008 2009 2010 2011E 2012F 2013F-4.9 -7.3 -5.9 -7.3 -9.8 -9.921.4 23.0 23.2 24.0 25.8 24.3

- - - - - -4.7 5.2 5.6 6.3 7.0 7.7

11.2 4.1 7.2 8.6 7.7 7.5489.3 532.6 558.7 620.3 666.9 722.9

22.3 5.7 0.2 8.3 6.3 5.9

Year DPS

1810 Jan 2013

Dividends Type Last Cum date

Market Commentary


This week’s RSE market turnover was RWF 1.0bn. Bralirwa was the bulk of turnover. Bralirwa closed up1.7% to RWF 641 and Bank of Kigali closed down 0.8% to RWF 129. The RSE Rwanda Share Index (RSI)closed at 163.70

In December 2012 the All Urban general index is established at 116.9 this stands for a decrease of 0.8%over the previous month which was 117.9. In annual change it increased by 3.9% compared to 4.6% in theprevious month. This gives a general inflation rate by an annual average of 6.3% during the month ofDecember 2012. The underlying inflation rate (excluding fresh food and energy) is decreased by 0.1% ifcompared to the previous month and increased by 2.5% on annual change. The annual averageunderlying inflation rate is +3.9% in December 2012 down from the previous month 4.4%.

Rwanda’s total trade of USD 536m was made up of imports of USD 390.2m, exports of USD 107m and re-exports of USD 38.8m. The total imports for Rwanda in 2012 were USD 1,653.7m, the total exports wereUSD 416.9m and the re-exports was USD 91.9m. On the imports side, Rwanda imports in 4Q12 ofUSD 390.2m were less compared to USD 393.m, USD 401.5m and USD 468.6m in 1Q12, 2Q12 and 3Q12respectively. The 4Q12 recorded the highest value of USD 38.8m in re-exportation compared to otherquarters of the year which were USD 20.3m for 1Q12, USD 11.6m for 2Q12 and USD 21.2m for 3Q12.



THE AFRICA WEEKLY


AARW ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 377.1 630.99 H: 10-Jan-13 377.1 Bralirwa 1.7 641.0This week 372.2 1.33 630.60 -0.06 1.26 L: 30-Mar-12 213.4 -- -Prev week 372.2 0.00 631.46 0.14 0.14 Off peak 0.0%MTD 371.7 1.46 631.46 0.07 1.53 At High 1/2YTD 371.7 1.46 631.46 0.07 1.53 At Low 0/2

1,049.4 13.31% RWFm 439.3 Company Week % chg Price730.2 2 USDm 0.7 Bank of Kigali -0.8 129.0

100% --889.8 1159.6 1 RWFm 394,221

457.5% 0 USDm 625

Company RWF'000 % of totalBralirwa 889,819.0 84.79Bank of Kigali 159,609.8 15.21

*The index is the AARW ALSI, a proprietary all share index ** Value Traded numbers are given in millions of Rwandan FrancsSee the notes page for more information about calculations 10 Jan 2013 19

Rebased Index Performance

Upside/downside ratio Advance - Decline

Top 5 (value) traders

Upside value Stocks up Total Market capDownside value Stocks down

Top 5 decliners

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


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

Index performance * RWF/USD USD returns Top 5 gainers

-25%

-5%

15%

35%

55%

75%

95%


USD RWF

0 100,000 200,000 300,000 400,000

10 Jan 2013

10-Jan

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 641.0 1.7 Up 889,819 1,391.0 641.0 318.0 - 1.7 97.8 329,657 522 332.7Bank of Kigali BANK 129.0 -0.8 Down 159,610 1,235.0 136.0 118.0 -5.1 - 3.2 64,565 102 363.4

2010 Jan 2013

Weekly 12 Month Movement (% chg) Market cap



THE AFRICA WEEKLY

Uganda Securities Exchange (Uganda Shilling) Uganda

2008 2009 2010 2011E 2012F 2013F-5.7 -9.4 -10.2 -11.4 -11.0 -11.722.1 22.2 27.0 33.3 36.2 38.9

- - - - - -15.9 16.0 17.0 17.4 20.5 21.7

7.7 7.0 6.1 5.1 4.2 5.7506.3 494.6 508.0 504.9 574.1 590.0

14.3 11.0 3.1 27.0 7.1 5.0

Year DPS

2110 Jan 2013



Dividends Last Cum date

Market Commentary

Type

Market turnover this week was UGX 216m. The top traders for the week were UMEME and SBU,contributing 84% and 9% respectively to the total market turnover. BATU and NVL counters were inactivethroughout the week. There were no movers this week. ALSI was up 4.6% (w/w) to 1,289.6, whileUGX/USD closed at UGX 2,705 (-0.1% w/w).

The government has again raided the public coffers, taking out billions of taxpayers’ money withoutparliamentary authorisation, to refund donor monies allegedly taken by politically well-connected staff atthe Office of the Prime Minister (OPM). Details of the secretive supplementary budget, reportedlyamounting to UGX 21bn, emerged as the Republic of Ireland announced that Uganda had reimbursed EUR4m (UGX 14bn) in misappropriated Irish Aid funds. Uganda’s development partners - Norway, Sweden,the Republic of Ireland and Denmark in October took back-to-back decisions to freeze aid transfers aftera forensic audit unearthed evidence of financial scam at OPM. At least UGX 60bn meant for recovery anddevelopment activities in northern Uganda and Karamoja was likely swindled, infuriating donors whodemanded for a refund of their stolen cash. Power consumers will continue to shoulder high electricitytariffs following government’s declaration that it will not subsidise power rates any time soon due to thefact that it is still footing bills incurred on the construction of Bujagali Power Dam. The declaration madeby the power regulator (ERA) and confirmed by the Ministry of Energy, is a U-turn of what the governmenthad earlier promised, particularly to the heavy power consumers. Currently domestic consumers payabout UGX 524 per KWh after 15 minutes usage, while medium scale industries pay between UGX 381 andUGX 551, depending on the time of usage and large industries pay between UGX 267 and UGX 375. But ifthe ERA could have their way after the ongoing consultations, power tariffs for domestic consumerscould increase by 7%, commercial consumers could go up by 8% and by about 2% for medium industries.

The industrial sector registered a 1.1% growth performance in FY12, the poorest in four years, comparedto 8.8% in FY08. Parliament has therefore called on the Government to focus on growing the sector inFY13 to create employment and generate revenue. The sector is constrained by insufficient and expensivepower, poor transport infrastructure and a weak institutional framework for development. The industrysub-sectors registered dismal performances with the manufacturing sector registering -1.8% in FY12 to7.3% in FY08; construction 1.7% in FY12 to 10.5% in FY08 and electricity 3.7% in FY12 to 5.4% in FY08. Thesectors that registered growth were water supply with 4.3% in FY12 to 3.8% in FY08 and informalmanufacturing with 6.3% in FY12 to 2.1% in FY08. This is backed by the slowdown in GDP growth in FY12by 3.2% compared to 6.7% in FY11.



THE AFRICA WEEKLY


USE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,289.6 2,705.00 H: 10-Jan-13 1,289.6 No GainersThis week 1,232.8 4.60 2,701.50 -0.13 4.47 L: 24-Jan-12 782.2 --Prev week 1,199.8 2.75 2,660.00 -1.54 1.17 Off peak 0.0% --MTD 1,203.4 7.16 2,677.73 -1.01 6.08 At High 2/8 --YTD 1,203.4 7.16 2,677.73 -1.01 6.08 At Low 3/8 --

216.5 0.54% UGXm 774.4 Company Week % chg Price- 6 USDm 0.3 No Decliners

75% --- 0 --- 0 UGXm 2,022,980 --- 0 USDm 748 --

Company UGX'000 % of totalUmeme 182,820.0 84.45Stanbic Uganda 20,224.4 9.34Bank of Baroda 10,602.5 4.90DFCU 1,500.0 0.69NIC 821.2 0.38

*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 10 Jan 2013 22



Upside value


Advance - Decline



UGX/USD USD returnsIndex performance *



Top 5 decliners

-21%

-5%

11%

27%

43%

59%

75%


USD UGX

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

10 Jan 2013

10-Jan

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 20.00 - Flat 20,224 999.2 27.00 19.00 -25.9 - 5.3 1,023,773 378 59.3Umeme UTIL 275.0 - Flat 182,820 664.8 300.0 275.0 -8.3 - 446,676 165 175.6DFCU BANK 1,000 - Flat 1,500 1.5 1,030 1,000 -2.9 - - 248,601 92 10.2BAT (Uganda) AGRI 2,290 2,290 1,900 - - 18.7 112,393 42 1.9Bank of Baroda BANK 250.0 - Flat 10,603 42.4 250.0 190.0 - - 25.0 100,000 37 19.0New Vision MEDI 600.0 700.0 600.0 -14.3 - -14.3 45,900 17 16.3Uganda Clays BUIL 35.00 - Flat 506 15.2 44.00 30.00 -20.5 16.7 -12.5 31,500 12 3.0NIC INSU 35.00 - Flat 821 23.5 45.00 30.00 -22.2 - -22.2 14,136 5 1.0

23

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius

2008 2009 2010 2011E 2012F 2013F-10.1 -7.4 -8.2 -10.3 -10.5 -9.144.0 50.7 50.6 50.9 52.0 51.444.0 50.7 50.6 50.9 52.0 51.4

9.6 8.8 9.7 11.3 11.9 12.45.5 3.0 4.2 4.1 3.4 3.7

7,598.2 6,918.8 7,575.4 8,741.5 9,199.0 9,541.36.8 1.5 6.1 4.9 4.8 5.1

Year DPSPromotion & D-Fp 2013 0.5Mauritius Dev&In 2013 0.1Cie Magasins Pop 2013 0.5Omnicane Ltd 2013 2.8Lma Investments 2013 2.3

24

07-Feb-1310-Jan-1308-Mar-1307-Jan-13Regular Cash

10 Jan 2013



Dividends Last Cum date10-Jan-13

Market Commentary

TypeInterimInterim

FinalFinal

In its first full week of New Year trading the Semdex traded MUR 187.2, slightly below its six monthaverage. In the week the index gained 0.8% to hit 1,744.81, which is 5.4% off the market’s 12 month low.The 0.8% rise was mostly driven by gains in the Hotel (+5.7%) and Bank (+0.8%) sectors. The biggesttraders for the week were MCB, State Bank Mauritius, Air Mauritius, Rogers & Co, and Harel Mallac.

A notable gainer over the week was Air Mauritius (+12.9%). Details were thin but there is a story in themarket that Government is looking for a strategic partner for the troubled airline. Significant gainers overthe week were New Mauritius Hotels (+8.8%), CIM Financial (+1.9%), MCB (+1.8%), and INNODIS (+0.7%).On the downside were Gamma Civic (-1.7%), Promotion & Development (-1.6%), Terra Mauricia (-1.3%),State Bank Mauritius (-0.6%), and United Basalt Products (-0.5%).

In company news, Le Merrit published the results of its IPO revealing that it raised MUR 58.7m by sellingshares at MUR 10 each. The shares will begin trading on 24 January. The directors noted that the sharesale will meet the minimum requirements of 15% of the company’s shares to be in public hands. Theycommit to raising the percentage to 20% by the end of Le Merrit’s third year of being listed, and 25% bythe end of its fifth year.

In political news, the ninth set of talks between India and Mauritius will commence in February to resolveoutstanding issues around the double taxation avoidance agreement between the nations. India is tryingto avoid “round tripping” which Live Mint explains as “moving money out of one country to another, andgetting it back as foreign capital”. Live Mint noted that according to the bilateral agreement, capital gainsfrom the sale of securities can be taxed only in Mauritius, but capital gains tax is close to zero in theisland nation because of which it has become a favoured destination for foreign investors looking toinvest in India. Almost 40% of investments into India come through Mauritius.

The Heritage Foundation released its Index of Economic Freedom recently, which showed that Mauritiusranks higher than the USA. With regards America, the foundation noted that “dynamic entrepreneurialgrowth is stifled by ever-more-bloated government and a trend toward cronyism that erodes the rule oflaw.” With regards Mauritius, the foundation noted that “Mauritius continues to be a global leader ineconomic freedom. All the pillars of economic freedom are solidly maintained. The small island economybenefits greatly from a sound and transparent legal framework that strongly upholds the rule of law.Budgetary reforms remain largely on course, keeping public debt and budget deficits under controldespite expansionary fiscal policy since 2008.”



THE AFRICA WEEKLY


SEMDEX Level % chg Level % chg % chg Company Week % chg PriceCurrent 1,744.8 30.70 H: 11-Jan-12 1,877.7 Air Mauritius 12.9 11.40This week 1,731.6 0.76 30.65 -0.16 0.60 L: 20-Nov-12 1,654.8 New Mauritius Hotels 8.8 62.00Prev week 1,727.3 0.25 30.70 0.16 0.41 Off peak -7.1% Harel Mallac 6.2 120.0MTD 1,732.1 0.74 30.55 -0.49 0.24 At High 4/40 National Investment Trust 3.8 21.80YTD 1,732.1 0.74 30.55 -0.49 0.24 At Low 3/40 Fincorp 3.1 16.60

187.2 5.50% MURm 198.9 Company Week % chg Price59.6 35 USDm 6.5 CMPL -3.4 14.00

88% Automatics Systems -2.8 70.00113.3 9 Lux Island Resorts -2.5 15.80

53.7 12 MURm 170,348 Gamma Civic -1.7 295.0111.1% -3 USDm 5,549 Promotion & Development -1.6 62.00

Company MUR'000 % of totalMCB 82,140.8 43.87State Bank Mauritius 49,182.7 26.27Air Mauritius 16,927.9 9.04Rogers & Co 8,019.5 4.28Harel Mallac 7,200.0 3.85

*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 10 Jan 2013 25



Upside value


Advance - Decline



MUR/USD USD returnsIndex performance *



Top 5 decliners

-25%

-20%

-15%

-10%

-5%

0%

5%


USD MUR

0 50,000 100,000 150,000 200,000

11 Jan 2012

10-Jan

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 174.0 1.8 Up 82,141 475.70 174.0 161.0 - 1.8 4.8 46,843 1,526 2,352.0State Bank Mauritius BANK 89.50 -0.6 Down 49,183 550.25 93.00 77.50 -3.8 -0.6 6.5 29,092 948 723.7New Mauritius Hotels HOTL 62.00 8.8 Up 3,866 63.65 81.00 52.00 -23.5 9.7 -24.4 10,008 326 845.4Alteo LTD CONS 30.40 31.90 30.40 -4.7 - 9,682 315 21.7Terra Mauricia INVE 38.50 -1.3 Down 300 7.75 41.50 37.20 -7.2 - 0.8 8,761 285 401.9Bramer Bank BANK 9.30 10.00 9.30 -7.0 - 8,382 273 -Ireland Blyth INVE 79.00 - Flat 2,137 27.05 80.00 75.50 -1.3 - 0.6 5,644 184 103.2Omnicane AGRI 77.00 - Flat 157 2.04 77.00 69.00 - - 4.1 5,160 168 72.4Vivo Energy OILG 165.0 - Flat 712 4.32 172.0 149.0 -4.1 - 1.9 4,838 158 53.9Gamma Civic BUIL 295.0 -1.7 Down 30 0.10 378.0 295.0 -22.0 -1.7 -21.1 3,931 128 18.0Rogers & Co INVE 149.0 - Flat 8,019 53.83 345.0 130.0 -56.8 - -54.2 3,755 122 456.9CIM Financial BANK 5.30 1.9 Up 1,356 256.03 5.50 4.45 -3.6 1.0 3,607 117 236.6Phoenix Beverages BREW 204.0 - Flat 102 0.50 208.0 198.0 -1.9 - 3.0 3,355 109 238.9Sun Resorts HOTL 27.60 - Flat 820 29.69 46.00 27.00 -40.0 - -41.3 2,610 85 68.3Mauritius Union Assurance INSU 123.0 - Flat 6,236 50.70 127.0 116.0 -3.1 - -1.6 2,465 80 70.9Promotion & Development INVE 62.00 -1.6 Down 26 0.41 91.00 55.00 -31.9 -1.6 -32.2 2,410 78 39.7Swan Insurance INSU 328.0 - Flat 33 0.10 336.0 308.0 -2.4 - 5.8 2,352 77 80.6United Basalt Products INDU 92.00 -0.5 Down 148 1.61 117.0 90.00 -21.4 -1.1 -22.0 2,032 66 58.2INNODIS CONS 44.30 0.7 Up 283 6.41 45.50 40.00 -2.6 0.7 10.8 1,627 53 38.3Lux Island Resorts HOTL 15.80 -2.5 Down 1,291 81.50 25.50 14.70 -38.0 -2.5 -38.5 1,363 44 124.6Harel Mallac INVE 120.0 6.2 Up 7,200 60.00 185.0 112.0 -35.1 6.2 -37.2 1,351 44 35.4Dale Capital (USD) INVE 7.00 14.20 7.00 -50.7 - -55.7 1,277 42 0.7Air Mauritius TRPT 11.40 12.9 Up 16,928 1,644.93 14.70 9.50 -22.4 12.9 -24.0 1,166 38 38.3Caudan Development INVE 1.10 - Flat 118 103.10 1.50 1.05 -26.7 - -29.0 901 29 8.7Mauritius Oil Refineries OILG 27.00 -0.7 Down 951 35.24 27.90 25.40 -3.2 -0.7 0.4 899 29 25.6MDIT INVE 5.00 3.1 Up 1,279 262.10 5.30 4.65 -5.7 6.4 -6.5 882 29 62.5POLICY INVE 4.90 -1.0 Down 1,245 253.40 8.85 4.75 -44.6 2.1 -44.6 834 27 46.0Belle Mare INVE 193.0 - Flat 21 0.11 200.0 180.0 -3.5 - -5.9 823 27 3.0United Docks INVE 65.00 - Flat 271 4.17 97.00 62.00 -33.0 - -33.0 686 22 42.7Mauritian Eagle INSU 79.00 79.00 69.50 - - 3.9 632 21 5.5

26

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Botswana Stock Exchange (Botswana Pula) Botswana

2008 2009 2010 2011E 2012F 2013F6.9 -5.2 -2.0 1.6 3.9 3.46.4 15.8 17.6 16.7 15.0 13.6

- - - - - -13.6 11.6 14.9 17.7 17.6 18.2

3.0 -4.7 7.0 5.1 3.8 4.17,588.9 6,405.0 8,142.8 9,537.4 9,407.5 9,573

13.7 5.8 7.4 9.2 6.5 6.1

Year TypeRdc Properties 2013 16.0Primetime Proper 2.9Furniture Mart 2012 2.6

27

Amounterest on Capital

FinalInterim

10 Jan 2013

Last Cum date18-Mar-13

N.A.19-Nov-12

Market Commentary


Dividends

The domestic index closed at 7,510.24 (+0.3%) on two gainers and five decliners. Sefalana (+1.2%,BWP 3.30) led the chart of gainers whilst Primetime (-0.5%, BWP 1.85) emerged the biggest decliner.Market turnover stood at BWP 1.2m. Letlole la Rona (flat, BWP 1.50) was the top trader contributing43.3% to turnover.

As reported by the Botswana Guardian, the International Finance Corporation (IFC) will likely issue bondson the local bourse in line with the corporations plans to list local currency bonds in African markets thisyear. The listing expected to be a major headway for the local bond industry which is yet to attractinternational listings. BSE listings and trading manager has noted that the IFC’s interest in issuing bondson the local bourse shows their confidence in the local market and the economy.

In a rather aggressive attempt to take over BSE-listed Discovery metals, Chinese company CathayFortune Corporation (CFC) has moved to pressurize shareholders of Discovery Metals to accept theirBWP 6.5bn offer. According to Mmegi news, CFC says management of Discovery metals has overstatedcopper resource grades at its Boseto mine as well as failed to provide vital operating cost information.Their main concern is that actual reserves and grades at the copper mine could be lower than what wasstated in the Bankable Feasibility Study. Discovery metals has also been accused of not providing anyupdated cash cost details on an industry standard and dollar per pound of copper basis. CFC currentlyowns 13.7% of Discovery Metals. The company has set a minimum acceptance condition of 51% and onlyneeds 37.3% from other shareholders.



THE AFRICA WEEKLY


BSE DCI Level % chg Level % chg % chg Company Week % chg PriceCurrent 7,530.5 7.87 H: 26-Nov-12 7,612.4 Sefalana 1.2 3.30This week 7,510.2 0.27 7.82 -0.55 -0.28 L: 26-Jan-12 6,877.2 Choppies 0.5 2.06Prev week 7,510.2 0.00 7.77 -0.70 -0.70 Off peak -1.1% --MTD 7,510.2 0.27 7.78 -1.09 -0.82 At High 1/24 --YTD 7,510.2 0.27 7.78 -1.09 -0.82 At Low 1/24 --

1.2 0.17% BWPm 19.3 Company Week % chg Price0.0 16 USDm 2.5 Primetime -0.5 1.84

67% BIHL Botswana -0.5 10.300.1 2 G4S -0.2 5.790.0 3 BWPm 35,571 --

98.6% -1 USDm 4,521 --

Company BWP'000 % of totalLetlole La Rona 515.3 43.30Barclays Botswana 180.5 15.16FSG 151.9 12.77Sechaba 93.6 7.86Choppies 74.3 6.25

*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 10 Jan 2013 28

Stocks up


Total Market cap

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

Stocks down

USD returnsBWP/USDMarket highs and lows

Turnover analysis **

Top 5 gainers

Avg weekly value traded

Index performance *

Top 5 decliners


Stocks traded (%)

Trading numbersTotal valueNet value

Upside value

Upside/downside ratioDownside value

Advance - Decline

-9%

-5%

-1%

3%

7%

11%


USD BWP

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

26 Nov 2012

10 Jan 2013

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 2.80 - Flat 30.1 10.75 3.00 2.61 -6.7 - 5.7 7,178 912 109.1Barclays Botswana BANK 6.55 - Flat 180.5 27.55 7.19 6.55 -8.9 - -5.1 5,582 709 294.2Letshego BANK 1.95 - Flat 22.2 11.40 2.05 1.35 -4.9 - 28.3 3,897 495 1,236.1Stanchart Botswana BANK 10.00 - Flat 8.2 0.82 10.03 9.00 -0.3 - 9.3 2,984 379 32.5BIHL Botswana INSU 10.30 -0.5 Down 4.3 0.42 10.55 9.80 -2.4 -0.5 5.1 2,895 368 117.7Choppies CONS 2.06 0.5 Up 74.3 36.08 2.06 1.40 0.0 0.5 2,419 307 241.5Sechaba BREW 15.75 - Flat 93.6 5.94 15.75 12.05 - - 30.7 2,095 266 77.2New Africa Properties PROP 2.20 - Flat 0.2 0.10 2.35 2.10 -6.4 - - 1,330 169 43.4Engen Botswana OILG 6.16 - Flat 1.0 0.16 6.25 5.48 -1.4 - 11.8 984 125 16.6Furnmart CONS 1.61 1.68 1.44 -4.2 - 0.6 976 124 10.9ABCH Botswana BANK 4.00 4.60 4.00 -13.0 - -12.1 931 118 6.8Turnstar PROP 1.50 - Flat 0.5 0.32 1.70 1.25 -11.8 - 11.1 858 109 96.4Wilderness HOTL 2.90 3.40 2.90 -14.7 - -21.6 670 85 0.0Sefalana CONS 3.30 1.2 Up 17.8 5.43 3.30 2.75 0.0 1.2 17.9 613 78 34.5G4S CONS 5.79 -0.2 Down 1.0 0.17 6.20 5.79 -6.6 -0.2 -3.5 463 59 13.3Letlole La Rona PROP 1.50 - Flat 515.3 343.60 1.51 1.00 -0.7 0.7 25.0 420 53 22.1Primetime PROP 1.84 -0.5 Down 41.1 22.27 2.00 1.80 -8.0 -0.5 -3.2 331 42 24.2RDCP PROP 6.94 7.20 6.78 -3.6 - -4.1 243 31 3.9Chobe HOTL 2.55 2.65 2.20 -3.8 - 15.9 228 29 2.4FSG INSU 1.30 - Flat 151.9 116.88 1.50 1.29 -13.3 - -12.2 157 20 68.2Cresta HOTL 0.83 - Flat 48.2 58.04 1.10 0.75 -24.5 - 10.7 153 19 4.1Imara Botswana INVE 2.49 2.60 2.30 -4.2 - 18.6 147 19 1.9RPC Data TELE 0.30 0.35 0.27 -14.3 - 11.1 9 1 0.4Olympia Capital (Botswana) BUIL 0.23 0.25 0.23 -8.0 - - 7 1 0.0

2910 Jan 2013

Market capMovement (% chg)12 MonthWeeklyUSD m



THE AFRICA WEEKLY

Zimbabwe Stock Exchange (US Dollar) Zimbabwe

2008 2009 2010 2011E 2012F 2013F-21.6 -22.2 -28.8 -36.2 -20.4 -20.087.5 91.3 56.6 66.9 61.5 58.6

- - - - - -4.7 6.1 7.4 9.5 10.8 12.3

-18.3 6.3 9.6 9.4 5.0 6.0372.3 487.7 591.1 752.1 858.5 977.5

0.0 -7.7 3.2 4.9 6.5 4.3

Year DPSDelta Corp 2012 0.01

30


TypeInterim

10 Jan 2013

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

Market Commentary

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

The ZSE Industrial gained 3.3% to close the week at 156.4 on the back of gains in Barclays Zimbabwe(+19.2%), OK Zimbabwe (+9.9%), and Innscor Africa (+6.3%). During the week no significant losses wererecorded. The top traders by value were Delta Corp Zimbabwe (USD 4.8m), Econet Wireless (USD 0.6m),and Seed Co (USD 0.2m). Trading in these shares accounted for 89.7% of this week’s turnover of USD6.3m. The average weekly value traded in the last six months is USD 6.6m. The ZSE Industrial is up 2.6%YTD.

In market news, businessdigest reported that the Securities Commission of Zimbabwe has opened aformal inquiry into possible share price manipulation by Imara following a SeedCo share price rallybetween 2 October and 19 November last year, which the market contends was not driven byfundamentals but by individuals with inside knowledge of the company. SeedCo shares rose to 95c on 10October from 86c on 2 October in thin volumes.

Fin24 reports that Impala Platinum Holdings will sell a majority stake in its Zimbabwe unit to local blackinvestors for USD 971m to meet the government's drive for black ownership of firms. Impala said in astatement its Zimplats unit will sell a 51% stake to local black investors, with Zimplats keeping theremaining 49%. Zimplats, which is 87% owned by South Africa's Impala, will finance the deal at an annualinterest rate of 10%. Management of Zimplats will remain with the company.

According to AFP, Zimbabwe has ceased grabbing foreign-owned farms protected by bilateral investmentagreement after a group of 40 Dutch farmers won a lawsuit for the loss of their properties. Landsminister Herbert Murerwa said government has decided to steer clear of farms falling under the so-called Bilateral Investment Promotion and Protection Agreement (BIPPA), because previous venturesinto those farmlands have proved costly. "All farms under BIPPA will not be acquired under the landreform programme. That's the position we have taken for now," the minister told AFP.

Voter registration for elections in Zimbabwe, due to have started last week, has been delayed due to alack of funds, a cabinet minister said on Thursday. The presidential and parliamentary elections are partof a 2010 agreement between President Robert Mugabe and his rival Morgan Tsvangirai. The ZimbabweElectoral Commission was due to start a 60-day voter registration and education campaign on 2 January.But the Finance Ministry had not yet released the funding required, Home Affairs co-minister TheresaMakone told reporters. (Source: Reuters)



THE AFRICA WEEKLY


ZSE INDUST Level % chg Level % chg % chg Company Week % chg PriceCurrent 156.4 1.00 H: 22-Oct-12 158.8 Trust Holdings Zimbabwe 50.0 0.00This week 151.4 3.33 1.00 0.00 3.33 L: 02-May-12 129.0 Cafca 25.0 0.50Prev week 149.8 1.05 1.00 0.00 1.05 Off peak -1.5% Barclays Zimbabwe 19.2 0.03MTD 152.4 2.63 1.00 0.00 2.63 At High 0/74 Tractive Power 18.8 0.10YTD 152.4 2.63 1.00 0.00 2.63 At Low 0/74 Edgars Zimbabwe 12.5 0.09

6.3 7.78% USDm 6.6 Company Week % chg Price6.0 57 USDm 6.6 Apex Corp Zimbabwe -66.7 0.00

77% Pelhams -50.0 0.006.0 22 Rainbow Tourism -26.1 0.020.0 15 USDm 4,060 Interfresh -25.0 0.00

33932.3% 7 USDm 4,060 Lafarge Zimbabwe -21.4 0.55

Company USD'000 % of totalDelta Corp Zimbabwe 4,813.7 76.18Econet Wireless 624.1 9.88Seed Co 228.3 3.61CBZ Bank 226.3 3.58RioZim 148.8 2.36

*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 10 Jan 2013 31


Total Market cap

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

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


Stocks traded (%)Upside value Stocks up


Downside value Stocks downUpside/downside ratio Advance - Decline

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

-16%

-10%

-4%

2%

8%

14%

20%


USD USD

0 2,000 4,000 6,000

22 Oct 2012

10-Jan

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 1.05 5.0 Up 4,813.66 4,758.33 1.05 0.65 0.0 5.0 52.2 1,239 1,239 2,401.6Econet Wireless TELE 4.66 4.7 Up 624.12 138.59 5.01 3.60 -7.0 3.6 18.0 763 763 1,608.5Innscor Africa CONS 0.76 6.3 Up 109.00 146.33 0.81 0.53 -6.2 8.6 37.9 410 410 406.4Hippo Valley Estates AGRI 1.10 - Flat 1.69 1.54 1.20 0.95 -8.3 -0.9 - 212 212 91.8Seed Co AGRI 0.77 - Flat 228.28 296.44 1.25 0.69 -38.4 - -30.6 147 147 129.0OK Zimbabwe CONS 0.16 9.9 Up 4.26 28.44 1.51 0.10 -89.7 3.3 55.0 113 113 121.7National Foods Holdings INDU 1.32 1.40 0.87 -5.7 - 53.5 90 90 31.1Dairibord INDU 0.21 5.0 Up 54.17 257.96 0.22 0.14 -4.5 - 10.5 72 72 165.3CBZ Bank BANK 0.10 2.0 Up 226.35 2,221.28 0.13 0.05 -22.7 2.0 -7.3 70 70 168.0Barclays Zimbabwe BANK 0.03 19.2 Up 1.43 50.76 0.05 0.02 -31.1 19.2 -24.4 67 67 109.3BAT (Zimbabwe) CONS 3.60 4.50 1.55 -20.0 - 132.3 63 63 44.2Mashonaland Holdings PROP 0.03 - Flat 15.23 587.91 0.03 0.02 -7.5 - 5.7 48 48 54.1AICO INDU 0.09 0.3 Up 10.45 116.06 0.20 0.08 -54.9 0.3 -37.7 48 48 83.5Lafarge Zimbabwe BUIL 0.55 -21.4 Down 0.61 1.10 0.90 0.45 -38.9 -21.4 -21.4 44 44 13.1TSL CONS 0.12 - Flat 2.85 24.76 0.12 0.05 -0.0 - 43.8 39 39 117.7Colcom Holdings INDU 0.25 - Flat 0.47 1.90 0.40 0.22 -37.5 - -32.4 39 39 6.1Kingdom Meikles Africa BANK 0.16 6.7 Up 10.75 71.15 0.21 0.12 -24.2 6.7 6.0 39 39 37.4Hwange Colliery RESO 0.18 5.9 Up 1.16 6.68 0.35 0.17 -48.6 5.9 -35.7 36 36 6.0Fidelity Life INSU 0.11 -4.3 Down 1.20 10.93 0.20 0.10 -43.6 -8.3 -35.3 36 36 26.3ABCH (Zimbabwe) BANK 0.45 -18.2 Down 3.81 8.44 0.81 0.40 -44.4 -18.2 -43.6 30 30 184.0Rainbow Tourism HOTL 0.02 -26.1 Down 0.02 1.20 0.03 0.01 -43.3 -29.2 -29.2 28 28 3.2Padenga CONS 0.05 4.2 Up 14.80 303.05 0.06 0.04 -12.4 11.1 -9.3 27 27 18.1Turnall INDU 0.05 -1.5 Down 0.80 14.71 0.12 0.04 -54.1 -1.5 -41.7 26 26 27.4Edgars Zimbabwe CONS 0.09 12.5 Up 0.50 5.95 0.10 0.07 -5.4 12.5 - 25 25 52.1TN Bank CONS 0.16 3.3 Up 1.14 7.39 0.32 0.03 -51.7 -13.9 287.5 25 25 9.5First Banking Corp BANK 0.06 -7.3 Down 4.70 70.00 0.08 0.05 -18.9 -13.5 29.8 23 23 57.7Zimre Property PROP 0.01 - Flat 0.07 6.58 0.01 0.01 -15.4 -8.3 -0.9 19 19 7.3Dawn Properties PROP 0.01 5.6 Up 1.17 159.96 0.01 0.01 -25.0 7.1 13.6 18 18 18.7Pearl Properties PROP 0.02 -17.9 Down 0.25 10.67 0.03 0.02 -32.4 -17.9 -28.1 18 18 30.8RioZim RESO 0.58 11.5 Up 148.82 257.27 0.67 0.25 -13.4 11.5 93.3 17 17 60.8

3210 Jan 2013

Weekly 12 Month Movement (% chg) Market cap



THE AFRICA WEEKLY

Lusaka Stock Exchange (Zambian Kwacha) Zambia

2008 2009 2010 2011E 2012F 2013F-7.2 4.2 7.1 1.2 -1.8 -1.123.5 26.9 25.8 26.0 28.0 28.519.9 22.0 22.1 22.3 24.6 25.614.6 12.8 16.2 19.2 20.7 23.1

5.7 6.4 7.6 6.6 6.5 8.21,160.1 990.0 1,221.3 1,413.8 1,485.6 1,621.9

16.6 9.9 7.9 7.2 6.7 6.1

Year DPS

3310 Jan 2013

Last Cum dateType


Market Commentary

Dividends

The LuSE ALSI is up by 1.7% to close the week at 3,596.1 as a result of gains in Zanaco (+5.0%) andLafarge (+1.3%) which closed at ZMW 0.19 and ZMW 8.10 respectively. Losses were recorded in Zambiasugar (-13.4%), ZAIN (-9.6%), ZAMEFA (-2.5%), CEC (-1.5%) and REIZ (-1.3%). Dominating market activitythis week were trades in Zambeef, Zambrew and ZAIN which accounted for 28.5%, 23.1% and 13.9% oftotal traded value respectively.

Zambia's mining revenue rose by 25% in 2012 after royalties charged on mining firms were doubled.Zambia collected ZMW 4.4bn (USD 830.2m) in mining taxes in 2012 compared with ZMW 3.3bn in2011.This revenue was mostly comprised of revenue from mineral royalties which increased by 72% toZMW 1.5bn in 2012, while revenue from the profit-based income tax was largely steady at ZMW 2.6bn.Deputy Finance Minister Miles Sampa said that the challenge being faced is that only about two miningcompanies are currently declaring profit and paying the due tax and that mining revenue will increase ifthe problem of tax avoidance is addressed.

Energy Regulation Board (“ERB”) has reported that Zambians pay the highest fuel prices in the region asthey subsidise industrial and commercial customers. Board chairperson Dr. George Chabwera said ERBplans to restructure the fuel pump mechanism to separate retail from commercial and industrialconsumers to correct the pricing mismatch. Chabwera said petrol consumers were subsidising dieselconsumers who were mostly commercial and industrial resulting in high fuel prices and that the idealsolution to this situation is to mark the product in order to distinguish what is going to industrial andcommercial consumers from that going to retail consumers.

The city council of Zambia’s capital, Lusaka, intends to issue a USD 500m municipal bond to fundconstruction of 3,500 high-rise apartments to be dotted around Lusaka, which has grown rapidly inrecent decades and faces acute housing shortages. Council spokespersons have said the houses willcater for the poor. Book runners and legal advisors are currently being sought, with the sale is expectedto go ahead this year.

Zambia's state-owned power company Zesco Ltd. plans to build a new 330kV power transmission line toprovide electricity to new mines. Zesco applied for environmental approval to build the power line, whichwould feed First Quantum Minerals' Kalumbila mine and Barrick Gold's Lumwana mine.



THE AFRICA WEEKLY


LuSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 3,596.1 5.26 H: 11-May-12 3,996.0 ZANACO 5.0 0.19This week 3,537.4 1.66 5.25 -0.29 1.37 L: 13-Nov-12 3,480.5 Lafarge Zambia 1.3 8.10Prev week 3,725.2 -5.04 5.19 -1.05 -6.04 Off peak -10.0% --MTD 3,725.2 -3.47 5.21 -1.03 -4.46 At High 2/19 --YTD 3,725.2 -3.47 5.21 -1.03 -4.46 At Low 1/19 --

0.7 0.24% ZMKm 4.7 Company Week % chg Price-0.1 15 USDm 0.9 Zambia Sugar -13.4 0.22

79% Celtel -9.6 0.610.1 2 ZAMEFA -2.5 0.390.2 6 ZMKm 15,001 Copperbelt Energy -1.5 0.67

-46% -4 USDm 2,852 REIZ -1.3 3.30

Company ZMK'000 % of totalZambeef 203 28.50Zambian Breweries 164 23.08Celtel 99 13.92ZANACO 84 11.74Copperbelt Energy 67 9.41

*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 10 Jan 2013 34

Total value Value Traded / Mkt Cap (%)

ZMK/USD USD returnsMarket highs and lows

Top 5 decliners

Index performance *

Turnover analysis ** Trading numbers

Stocks traded (%)

Downside value Stocks downUpside/downside ratio Advance - Decline


Upside value Stocks up Total Market cap


Avg weekly value traded

Top 5 gainers

-21%

-15%

-9%

-3%

3%

9%

15%


USD ZMK

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

11 May 2012

10-Jan

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)Celtel TELE 0.61 -9.6 Down 99 162.44 0.71 0.50 -14.1 -9.6 -14.1 3,172 603 63.9ZANACO BANK 0.19 5.0 Up 84 462.47 0.19 0.13 -2.6 5.0 5.1 1,646 313 23.4Lafarge Zambia BUIL 8.10 1.3 Up 21 2.57 8.50 7.51 -4.7 1.2 7.9 1,620 308 22.3Zambian Breweries BREW 2.60 - Flat 164 63.19 2.85 2.40 -8.7 -7.1 4.0 1,420 270 16.5Zambia Sugar AGRI 0.22 -13.4 Down 20 86.26 0.31 0.22 -30.2 -13.4 -27.6 1,393 265 72.9StanChart Zambia BANK 0.80 - Flat 17 20.63 1.39 0.80 -42.6 0.4 -32.2 1,334 254 18.8ZCCM INVE 12.50 12.50 12.50 - - 25.0 1,116 212 0.0Zambeef AGRI 3.00 - Flat 203 67.63 3.00 2.52 - - 1.7 744 141 104.8Copperbelt Energy RESO 0.67 -1.5 Down 67 101.25 0.70 0.64 -4.3 -1.5 4.2 670 127 64.6Puma Energy OILG 1.20 - Flat 2 1.89 1.21 0.95 -0.4 -0.4 26.3 600 114 438.6National Breweries BREW 8.00 - Flat 10 1.22 9.00 7.21 -11.1 - 11.1 504 96 49.3BAT (Zambia) CONS 1.60 - Flat 13 8.00 1.80 1.50 -11.1 - 1.3 340 65 10.2REIZ PROP 3.30 -1.3 Down 1 0.33 3.50 2.75 -5.7 -1.3 20.0 141 27 3.5ZAMEFA INDU 0.39 -2.5 Down 4 10.89 0.74 0.39 -47.5 -2.5 -40.0 106 20 1.2AEL Zambia INDU 3.40 -0.1 Down 3 0.83 4.50 3.00 -24.4 -0.1 -15.0 69 13 4.8Pamodzi HOTL 0.60 0.68 0.59 -11.9 - -9.7 60 11 0.1Investrust Bank INVE 0.01 0.02 0.01 -23.2 - -23.6 44 8 0.0Cavmont Capital Zambia INVE 4.50 - Flat 4 0.99 5.00 4.00 -10.0 - -10.0 23 4 0.1Bata Zambia CONS 0.18 0.22 0.18 -20.0 - -10.0 0 0.0

3510 Jan 2013

Movement (% chg) Market cap12 MonthWeekly



THE AFRICA WEEKLY

Malawi Stock Exchange (Malawian Kwacha) Malawi

2008 2009 2010 2011E 2012F 2013F-9.7 -4.8 -1.3 -5.9 -4.1 -1.441.2 40.1 35.1 40.5 49.0 43.635.5 36.5 30.3 36.4 45.5 40.7

4.3 5.0 5.4 5.6 4.5 4.58.3 9.0 6.5 4.3 4.3 5.7

288.1 329.6 343.5 346.8 270.0 262.29.9 7.6 6.3 9.8 22.6 11.8

Year DPS

3610 Jan 2013




Market Commentary

Type

The MSE ALSI declined 0.4% to close the week at 5,992.8 on the back of losses in NBS (-9.1%) and MPICO(-8.3%).There were no decliners for the week. The top traders by value were Illovo Malawi (USD 9.7k),NBS (USD 1.8k), and FMB Malawi (USD 1.3k). Trading in these shares accounted for 86.5% of this week’sturnover of MWK 4.8m (USD 14.8k). The average weekly value traded in the last six months is MWK 65.3m(USD 201.1k). The MSE ALSI is down 0.4% YTD (+2.6% USD) and the total market capitalisation iscurrently USD 758.6m.



THE AFRICA WEEKLY


MSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 5,992.8 325.00 H: 20-Dec-12 6,089.4 No GainersThis week 6,015.5 -0.38 326.00 0.31 -0.07 L: 25-Jan-12 5,330.3 --Prev week 6,015.5 0.00 334.70 2.67 2.67 Off peak -1.6% --MTD 6,015.5 -0.38 334.70 2.98 2.59 At High 3/13 --YTD 6,015.5 -0.38 334.70 2.98 2.59 At Low 2/13 --

4.8 0.10% MWKm 65.3 Company Week % chg Price-0.9 6 USDm 0.2 NBS -9.1 10.00

46% MPICO -8.3 2.20- 0 --

0.9 2 MWKm 246,534 ---100.0% -2 USDm 759 --

Company MWK'000 % of totalIllovo Malawi 3,144 65.31NBS 594 12.34FMB Malawi 425 8.83NBM 337 7.01MPICO 308 6.40

*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 10 Jan 2013 37



Upside value


Advance - Decline



MWK/USD USD returnsIndex performance *



Top 5 decliners

-66%

-50%

-34%

-18%

-2%

14%

30%


USD MWK

0 100,000 200,000 300,000

20 Dec 2012

10-Jan

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 153.4 - Flat 3,144 20.5 153.4 130.0 -0.0 - 18.0 109,407 337 36.8Standard Bank BANK 128.2 128.2 106.0 0.0 - 21.0 27,356 84 15.2NBM BANK 55.10 - Flat 337 6.1 56.00 52.50 -1.6 - 5.0 25,678 79 56.2Press Corp INVE 188.0 188.0 180.0 - - 4.4 22,608 70 6.9FMB Malawi BANK 8.50 - Flat 425 50.0 8.50 6.00 - - 21.4 19,858 61 7.9NICO INSU 14.30 15.00 10.50 -4.7 - 30.0 14,915 46 14.1TNM TELE 1.40 - Flat 6 4.1 1.85 1.40 -24.3 - -26.3 14,057 43 53.4NBS BANK 10.00 -9.1 Down 594 57.2 14.70 9.60 -32.0 -9.1 4.2 4,933 15 2.0MPICO PROP 2.20 -8.3 Down 308 138.3 3.00 2.20 -26.7 -8.3 -26.7 2,528 8 0.7NITL INVE 17.00 17.50 16.00 -2.9 - 6.3 2,295 7 7.9Sunbird OTHR 6.50 6.54 6.50 -0.6 - -7.1 1,700 5 0.0Blantyre Hotels HOTL 7.00 7.00 7.00 - - - 899 3 0.0Real Insurance INSU 1.20 1.20 1.20 -0.0 - - 300 1 0.0

38

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Namibian Stock Exchange (Namibian Dollar) Namibia

2008 2009 2010 2011E 2012F 2013F2.8 -0.4 0.3 -1.7 -3.8 -4.5

17.7 15.9 15.7 23.9 27.2 34.58.7 8.6 11.9 19.0 23.8 26.78.8 8.9 11.1 12.5 12.1 12.83.4 -0.4 6.6 4.9 4.0 4.1

4,276.0 4,246.8 5,244.1 5,862.0 5,634.6 5,869.110.9 7.0 3.1 7.2 6.2 5.7

Year DPSNamibian Asset M 2012 0.04

3910 Jan 2013



Dividends Last Cum date19-Nov-12

Market Commentary

TypeRegular Cash

The NSX Overall added 1.2% over the week. Afrox topped the gainers’ list, up 8.4% w/w. Anglo Americangained 3.8%, Sanlam rose 2.9% and Truworths added 1.9% w/w. Paladin Energy topped the losers’ list,down 9.8% over the week. Oceana lost 4.3% and Barloworld fell 3.3%. The NSX Local Index remainedunchanged over the week. On the Development Capital Board, Eco (Atlantic) Oil & Gas added 12.9% andBannerman Resources shed 12.8% w/w.

NAD 165.4m traded on the NSX Overall Index with Anglo American being the heaviest traded atNAD 43.7m. NAD 35.5m traded in Standard Bank and NAD 26.4m traded in Barloworld. NAD 3.2m tradedon the Local gauge, with Namibia Breweries dominating at NAD 2.2m. NAD 739,303 traded in BidvestNamibia and NAD 175,126 traded in FNB Namibia.

The Bank of Namibia released the Monthly Selected Statistics for November, reporting Broad MoneySupply (M2) of NAD 63.1bn, representing a 5.0% y/y increase. PSCE was reported at NAD 51.9bn,reflecting an 18.5% y/y rise. PSCE to businesses rose 5.2% m/m and 25.9% y/y, while PSCE to individualsadded 1.5% m/m and 14.2% y/y. Namibian GDP is estimated to grow between 4.3% and 4.5% in 2013compared to SA’s 2.2%, largely due to improved sectoral growths particularly in the mining sector, theNamibian reports. Arandis is likely to feature a NAD 65m affordable housing project by next year,according to the New Era.

Dundee Precious Metals advised it would proceed with investments to curb acidic emissions and bringthe smelting operations at its Tsumeb Smelter in line with recommendations from the Ministry ofEnvironment and Tourism, the New Era reports. Namibia’s first SME Bank that provides collateral freeloans of between NAD 6,000 and NAD 50,000, is now fully operational with its head office in Windhoek,according to the New Era. While a date for the official opening is still to be determined, the bank hasreportedly already appointed Tawana Mumvuma, from the Metropolitan Bank of Zimbabwe (MetBank), asacting managing director. MetBank is a 30% shareholder in the SME Bank, while the Namibiangovernment owns 51%, the Namibia Financing Trust 14% and Zimbabwean businessman EnockKamushinda owns the remaining 5%, the newspaper advises. The current phase three expansion ofMaerua Mall is estimated to be completed by November 2013. The expansion entails 7,500m2 additionalshopping space, 3,845m2 office space and 730m2 in parking space, according to a report in theRepublikein citing Thea Thornley centre manager.



THE AFRICA WEEKLY


NMB Local Level % chg Level % chg % chg Company Week % chg PriceCurrent 273.9 8.62 H: 03-Jan-13 273.9 No GainersThis week 273.9 0.00 8.57 -0.51 -0.51 L: 11-Jan-12 222.3 --Prev week 273.6 0.12 8.48 -1.13 -1.00 Off peak 0.0% --MTD 273.6 0.12 8.47 -1.68 -1.56 At High 0/7 --YTD 273.6 0.12 8.47 -1.68 -1.56 At Low 0/7 --

3.2 1.47% NADm 9.5 Company Week % chg Price- 3 USDm 1.1 No Decliners

43% --- 0 --- 0 NADm 10,707 --- 0 USDm 1,242 --

Company NAD'000 % of totalNamibia Breweries 2,239.1 71.00Bidvest Namibia 739.3 23.44FNB Namibia 175.0 5.55-- - --- - -

*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 10 Jan 2013 40



Upside value


Advance - Decline



NAD/USD USD returnsIndex performance *



Top 5 decliners

-13%

-5%

3%

11%

19%

27%


USD NAD

0 5,000 10,000 15,000

03 Jan 2013

10-Jan

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 16.67 - Flat 175 10.50 16.72 13.56 -0.3 0.1 22.9 4,461 518 84.6Namibia Breweries BREW 12.64 - Flat 2,239 177.14 12.66 12.00 -0.2 - 5.3 2,616 304 60.8Bidvest Namibia INDU 12.51 - Flat 739 59.10 12.65 9.55 -1.1 - 31.5 2,589 300 66.8Oryx Properties PROP 13.92 13.92 11.53 -0.0 0.9 20.8 766 89 845.6Nictus Holding CONS 2.40 2.50 2.40 -4.0 - 128 15 0.1Stimulus Investments INVE 110.2 110.2 100.0 0.0 - 7.0 110 13 45.0Namibian Asset Mgmt INVE 0.18 0.25 0.17 -28.0 - -28.0 36 4 0.9

41

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Swaziland Stock Exchange (Swazi Lilangeni) Swaziland

2008 2009 2010 2011E 2012F 2013F-8.2 -14.0 -10.5 -9.1 0.1 -5.416.6 12.6 15.9 15.4 22.0 29.4-5.3 -3.5 5.8 8.8 12.5 19.22.8 3.0 3.7 4.0 3.7 3.63.1 1.2 2.0 0.3 -2.9 -1.0

2,431.7 2,500.0 3,130.6 3,383.5 3,118.7 3,069.212.9 4.5 4.5 7.8 3.1 14.3

42



Market Commentary

10 Jan 2013

There was no trading in Swaziland this week.



THE AFRICA WEEKLY


SSX ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 285.7 8.62 H: 03-Dec-12 285.7 No GainersThis week 285.7 0.00 8.57 -0.51 -0.51 L: 26-Mar-12 276.5 --Prev week 285.7 0.00 8.48 -1.13 -1.13 Off peak 0.0% --MTD 285.7 0.00 8.47 -1.68 -1.68 At High 0/6 --YTD 285.7 0.00 8.47 -1.68 -1.68 At Low 1/6 --

- 0.00% SZLm 0.1 Company Week % chg Price- 0 USDm 0.0 No Decliners

0% --- 0 --- 0 SZLm 1,810 --- 0 USDm 210 --

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 10 Jan 2013 43



Upside value


Advance - Decline



SZL/USD USD returnsIndex performance *



Top 5 decliners

-10%

-5%

0%

5%

10%

15%

20%


USD SZL

0 500 1,000 1,500 2,000

03 Dec 2012

10-Jan

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 12.90 12.90 12.80 0.0 - 5.3 1,243 144 2.8Swazi Empowerment OTHR 20.55 20.55 20.55 0.0 - 4.8 144 17 -Nedbank BANK 5.90 5.90 5.20 -0.0 - 18.0 141 16 2.7Swaprop PROP 5.40 5.40 5.40 -0.0 - 86.2 126 15 0.9Greystone Partners INVE 1.35 1.35 1.35 -0.0 - 3.8 115 13 -Swazispa OTHR 6.00 8.30 6.00 -27.7 - -27.7 42 5 0.8

44

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Egyptian Stock Exchange (Egyptian Pound) Egypt

2008 2009 2010 2011E 2012F 2013F0.5 -2.3 -2.0 -2.6 -3.4 -3.3

70.2 73.0 73.2 76.4 79.7 81.155.6 58.7 60.0 64.3 68.9 71.7

162.4 188.6 218.5 235.7 255.0 275.97.2 4.7 5.1 1.8 2.0 3.0

2,160.0 2,452.6 2,775.9 2,931.8 3,109.5 3,298.020.2 10.0 10.7 11.8 7.3 12.3

Year DPSCanal Shipping A 2013 0.1South Cairo&Giza 2012 1.6Amer Group Holdi 2012 0.09Upper Egypt Flou 2012 5.5Misr Oils & Soap 2012 0.3

45

25-Dec-1220-Dec-12

Regular CashRegular Cash

10-Dec-1212-Dec-12

Regular CashRegular Cash

10 Jan 2013

Regular CashType

15-Jan-13

Market Commentary



The EXG 30 gained 0.4% to close the week at 5,754.5 on the back of gains in CIB Egypt (+4.0%), CanalShipping Agencies (+9.5%), and Egyptian Iron & Steel (+5.1%). During the week, losses were recorded inMedinet Nasr Housing (-5.5%), Delta Sugar (-5.4%), and Sinai Cement (-5.0%). Orascom Construction (-0.3%), and TMG Holding (-1.5%) fell alongside telecoms operators Orascom Telecom (-1.0%), Mobinil (-2.1%), and OTMT (-1.7%). The top traders by value were Palm Hills Development (USD 40.8m), CIB Egypt(USD 34.1m), and Orascom Telecom (USD 18.3m). Trading in these shares accounted for 31.3% of thisweek’s turnover of EGP 1.9bn (USD 297.9m). The average weekly value traded in the last six months isEGP 2.0bn (USD 302.4m). The EXG 30 is up 5.3% YTD (+2.5% USD) and the total market capitalisation iscurrently USD 37.1bn.

Egypt’s newly named central bank chief sought to reassure investors there was no need to be worriedabout the situation on the Egyptian currency market, saying the bank had “all the tools” to intervene if itsaw speculation. Reserves have fallen by USD 21bn in two years, to USD 15bn, equal to less than threemonths of imports. The central bank, saying the country’s foreign reserves had reached a “minimum andcritical limit”, announced a new currency system on 29 Dec 2012 to stabilize the pound. Since then thepound has fallen to record lows. The pound shed 1.9% against the dollar this week. Ramez, who workedas deputy central banker during the financial turbulence of Egypt’s uprising in early 2011, is expected toassume his duties on 3 Feb 2013 after Mursi accepted the resignation of his predecessor, Farouk el-Okdah, the presidency noted in a statement.

Egyptian ambassador to Ankara noted that Egypt received USD 500m as a second tranche of Turkey’sUSD 1bn loan that is aimed at bolstering the country’s balance of payment. Over the last few weeks,Egypt spent hundreds of million dollars from its foreign cash reserves to overcome a currency crisistriggered by political unrest. Meanwhile, Qatar announced recently ago that it sent to Egypt USD 2bndeposits and EGP 500m grant. The Central Bank of Egypt (CBE) stated that this financial aid had beenreceived in December. Prime Minister Hisham Qandil also told the press that the initial agreementreached between International Monetary Fund (IMF) and the Egyptian government is still ‘under review’.The Premier added that the initial deal will be presented to the public once the preliminary assessmentby IMF delegation that is currently in Egypt is completed.

The Central Bank of Egypt (CBE) announced that Egypt’s core CPI increased by 0.44% (m/m) in Decembercompared to a decline of 0.25% (m/m) in November. The annual rate inched up to 4.44% in Decemberfrom 4.20% in November.



THE AFRICA WEEKLY


EGX 30 Level % chg Level % chg % chg Company Week % chg PriceCurrent 5,754.5 6.54 H: 26-Sep-12 5,969.4 Canal Shipping Agencies 9.5 9.92This week 5,734.4 0.35 6.42 -1.86 -1.52 L: 11-Jan-12 3,766.2 Cairo D&I 9.1 18.85Prev week 5,417.6 5.85 6.19 -3.57 2.06 Off peak -3.6% Egyptian Starch & Glucose 8.5 11.89MTD 5,462.4 5.35 6.36 -2.73 2.47 At High Delta For Printing & Packagi 5.2 34.14YTD 5,462.4 5.35 6.36 -2.73 2.47 At Low 0/101 Egyptian Iron & Steel 5.1 12.24

1,931 39.77% EGPm 1,978.4 Company Week % chg Price-15 97 USDm 302.4 Medinet Nasr Housing -5.5 24.21

96% Delta Sugar -5.4 11.83934 34 Sinai Cement -5.0 21.51949 59 EGPm 242,738 Grand Investment Capital -4.4 6.72

-1.6% -25 USDm 37,102 Zahraa El Maadi Inv & Dev -4.3 60.12

Company EGP'000 % of totalPalm Hills Development 264,739.5 13.71CIB Egypt 221,343.5 11.46Orascom Telecom 118,359.3 6.13EFG Hermes 113,239.9 5.87Orascom Construction 110,338.2 5.72

*The index is the EGX 30, an index consting of the top 30 most active Egyptian stocks ** Value Traded numbers are given in millions of Egyptian Pounds See the notes page for more information about calculations 10 Jan 2013 46

Upside valueDownside value Stocks downUpside/downside ratio

Net value


Advance - Decline


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

EGP/USD USD returnsIndex performance *



Top 5 declinersTrading numbers

-15%

0%

15%

30%

45%

60%

75%


USD EGP

0 100,000 200,000 300,000

26 Sep 2012

10-Jan

Market Cap (EGPbn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector EGP % chg Move EGP '000 '000 High Low Off high YTD 12 mths EGP m USD m Val (000)Orascom Construction BUIL 265.2 -0.3 Down 110,338 410.3 299.8 213.5 -11.5 5.1 25.8 54,875 8,388 24,726.9Telecom Egypt TELE 14.62 1.0 Up 41,261 2,807.1 16.97 11.78 -13.8 3.3 7.4 24,957 3,815 5,821.4CIB Egypt BANK 38.04 4.0 Up 221,343 5,775.3 39.40 19.73 -3.5 10.0 88.9 22,575 3,451 28,414.9Orascom Telecom TELE 4.17 -1.0 Down 118,359 28,024.4 4.49 2.62 -7.1 5.0 39.9 21,875 3,344 20,055.2MOBINIL TELE 142.6 -2.1 Down 415 2.9 199.1 75.93 -28.4 2.6 90.3 14,258 2,179 539.2TMG Holding PROP 4.65 -1.5 Down 68,851 14,579.4 5.70 3.13 -18.4 5.0 56.0 9,362 1,431 14,729.4Egyptian Kuwaiti Holding (USD) INVE 1.30 -1.5 Down 15,091 1,793.6 1.35 0.95 -3.7 1.6 38.3 7,138 1,091 2,740.9Sidi Kerir Petrochemicals OILG 13.25 -2.4 Down 15,007 1,119.2 15.02 11.57 -11.8 - 10.2 6,956 1,063 1,745.4Egyptian Iron & Steel BUIL 12.24 5.1 Up 32,822 2,717.8 14.19 3.19 -13.7 6.3 208.3 5,978 914 3,224.3El Ezz Steel BUIL 10.50 -2.1 Down 83,388 7,813.9 12.83 3.95 -18.2 5.7 177.8 5,704 872 12,559.5EFG Hermes BANK 11.41 -0.8 Down 113,240 9,790.5 16.41 9.05 -30.5 3.6 7.2 5,457 834 25,015.5Elswedy Cables INDU 23.00 -1.6 Down 7,207 311.5 27.60 19.96 -16.7 0.4 6.4 5,139 785 1,075.3Ghabbour Auto INDU 28.00 -0.0 Down 15,222 543.6 31.51 18.74 -11.1 0.9 42.2 3,612 552 623.1Orascom Telecom M&T TELE 0.58 -1.7 Down 71,601 122,066.5 1.60 0.40 -63.8 5.5 3,043 465 24,344.4Palm Hills Development PROP 2.62 1.9 Up 264,740 100,662.3 3.30 1.15 -20.6 7.4 136.0 2,747 420 23,139.8Citadel Capital INVE 4.14 1.2 Up 96,463 23,016.9 4.72 2.38 -12.3 9.5 67.6 2,739 419 13,453.7Heliopolis Housing PROP 23.39 -3.6 Down 13,200 548.8 27.32 10.90 -14.4 1.6 111.9 2,602 398 2,189.9Medinet Nasr Housing PROP 24.21 -5.5 Down 6,354 254.8 25.99 10.85 -6.8 2.9 119.9 2,542 389 1,440.2Pioneers Holding INVE 4.98 -1.6 Down 32,235 6,389.8 6.08 2.25 -18.1 2.5 122.3 2,490 381 7,377.4Maridive & Oil (USD) OILG 1.17 -2.5 Down 17,931 2,348.1 1.91 0.94 -38.7 0.9 -16.4 2,351 359 2,968.6South Valley Cement BUIL 4.43 -3.3 Down 9,390 2,070.2 5.78 2.96 -23.4 0.9 49.7 2,183 334 1,150.7Oriental Weavers INDU 23.48 -3.0 Down 2,913 122.6 30.49 15.53 -23.0 0.8 -22.9 2,113 323 1,236.2Canal Shipping Agencies TRPT 9.92 9.5 Up 22,293 2,265.4 10.92 5.10 -9.2 14.3 75.6 1,984 303 1,733.6Six of October DandI PROP 21.39 -2.3 Down 33,141 1,521.0 26.71 8.14 -19.9 5.2 170.4 1,939 296 5,276.0HandD Bank BANK 14.97 2.3 Up 1,580 106.5 16.32 10.54 -8.3 4.5 36.2 1,722 263 496.0Delta Sugar AGRI 11.83 -5.4 Down 4,147 341.1 18.65 10.66 -36.6 -1.5 -29.9 1,682 257 517.6Sinai Cement BUIL 21.51 -5.0 Down 7,367 336.6 36.20 20.52 -40.6 -1.1 -26.0 1,506 230 553.9National Development Bank BANK 7.43 -2.4 Down 26,648 3,552.8 7.80 3.17 -4.7 -1.3 116.6 1,486 227 3,155.7Cairo Poultry CONS 8.51 -0.4 Down 839 97.6 11.26 6.72 -24.4 1.3 -14.9 1,235 189 421.7Arab Cotton Ginning INDU 4.56 1.3 Up 85,113 18,941.5 4.91 2.04 -7.1 3.6 108.2 1,235 189 7,875.8

4710 Jan 2013

Weekly Movement (% chg) Market cap12 Month



THE AFRICA WEEKLY

Casablanca Stock Exchange (Moroccan Dirham) Morocco

2008 2009 2010 2011E 2012F 2013F-5.2 -5.4 -4.3 -8.0 -7.9 -5.448.2 48.0 51.3 54.3 58.1 58.947.5 47.3 50.8 53.9 57.7 58.588.9 90.9 90.8 99.3 97.2 103.3

5.6 4.9 3.7 4.9 2.9 5.52,850.8 2,884.7 2,850.9 3,084.4 2,987.9 3,144.4

4.2 -1.6 2.2 0.9 2.5 2.5

Year DPS

4810 Jan 2013




Market Commentary

Type

The MASI declined 1.5% to close the week at 9,227.5 on the back of losses mainly in the building sector,as Holcim (Maroc) (-13.6%), Sonasid (-9.8%), and Lafarge Morocco (-3.4%) all fell. Large caps MarocTelecom (-0.8%), and Attijariwafa (-1.0%) compounded the decline. During the week, gains were recordedin Salafin (+5.6%), CDM (+2.5%), and Ennakl Auto (Maroc) (+2.2%). The top traders by value were LafargeMorocco (USD 43.7m), Attijariwafa Bank (USD 9.4m), and Brasseries Dumaroc (USD 9.0m). Trading inthese shares accounted for 71.0% of this week’s turnover of MAD 743.7m (USD 87.4m). The averageweekly value traded in the last six months is MAD 618.5m (USD 72.7m). The MASI is down 1.4% YTD (-1.9% USD) and the total market capitalisation is currently USD 50.8bn.

Morocco is reportedly planning structural reform of its state pension system during the five-year term ofthe current government, including an increase in the retirement age, according to Prime MinisterAbdelilah Benkirane. The deficit of the Moroccan Pension Fund (CMR) for public sector workers iscurrently on track to reach MAD 1.3bn (USD 151m) in 2014, MAD 24.8bn in 2021 and MAD 45.7bn in 2030,Benkirane noted. In 2013, the CMR will start to dip into its reserves, and the reserves of all of Morocco'spension funds will be drained by 2050 if there is no reform, the government's High Planning Authoritynoted in a report published last month. The agency added that only 27% of Morocco's economically activepopulation was contributing to the pension system, against 80% in countries of the Organisation forEconomic Co-operation and Development. In addition to the CMR, the government operates a pensionfund for private sector workers and one for workers on state contracts. Earlier this month, a governmentminister stated that the government might start reforming its expensive system of subsidies for food andenergy in June, if a political decision to do so were taken. (Source: AllAfrica)



THE AFRICA WEEKLY


MORALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 9,227.5 8.51 H: 08-Feb-12 11,520.6 Mediaco Maroc 13.1 39.98This week 9,365.8 -1.48 8.51 0.06 -1.42 L: 19-Oct-12 9,094.9 Diac Salaf 10.0 55.00Prev week 9,409.4 -0.46 8.43 -0.96 -1.42 Off peak -19.9% Salafin 5.6 563.0MTD 9,359.2 -1.41 8.46 -0.53 -1.93 At High 1/77 M2M Group 5.3 238.2YTD 9,359.2 -1.41 8.46 -0.53 -1.93 At Low 10/77 SCE 5.0 315.0

743.7 8.61% MADm 618.5 Company Week % chg Price-619.8 65 USDm 72.7 Zellidja S.A -16.2 487.0

84% Holcim (Maroc) -13.6 1,70717.5 21 SM Monetique -10.6 168.0

637.2 36 MADm 431,880 Delattre Levivier -10.1 195.0-97.3% -15 USDm 50,754 Sonasid -9.8 880.0

Company MAD'000 % of totalLafarge Morocco 371,572.3 49.96Attijariwafa Bank 79,631.2 10.71Brasseries Dumaroc 76,615.0 10.30Douja Prom. Addoha 38,797.5 5.22Maroc Telecom 36,965.7 4.97

*The index is the MORALSI, the (new) all share index ** Value Traded numbers are given in millions of Moroccan Dirhams See the notes page for more information about calculations 10 Jan 2013 49



Upside value


Advance - Decline



MAD/USD USD returnsIndex performance *



Top 5 decliners

-28%

-20%

-12%

-4%

4%

12%


USD MAD

0 200,000 400,000 600,000

08 Feb 2012

10-Jan

Market Cap (MAD bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector MAD % chg Move MAD '000 '000 High Low Off high YTD 12 mths MAD m USD m Val (000)Maroc Telecom TELE 107.0 -0.8 Down 36,966 343.13 143.0 93.20 -25.2 0.9 -23.2 94,063 11,054 7,317.6Attijariwafa Bank BANK 310.0 -1.0 Down 79,631 255.60 377.5 304.5 -17.9 -1.0 -14.8 59,829 7,031 11,491.0BCP BANK 196.0 -0.5 Down 16,916 86.06 204.0 190.0 -3.9 -0.5 - 30,627 3,599 4,831.1BMCE Bank BANK 159.5 -0.3 Down 7,252 45.44 216.9 155.1 -26.5 -0.3 -23.3 27,428 3,223 1,842.8Lafarge Morocco BUIL 1,280 -3.4 Down 371,572 285.90 1,660 1,255 -22.9 2.0 -15.5 22,360 2,628 9,821.8Douja Prom. Addoha BUIL 60.90 -0.2 Down 38,798 638.73 74.94 59.00 -18.7 -3.3 -15.7 19,184 2,254 4,256.5CGI BUIL 735.0 -1.3 Down 2,879 4.07 1,055 680.0 -30.3 -7.0 -30.7 13,530 1,590 7,883.3Managem RESO 1,535 -1.5 Down 2,012 1.32 1,815 1,374 -15.4 2.3 -2.0 13,059 1,535 3,281.8Centrale Laitiere AGRI 1,380 1,573 1,251 -12.3 0.1 4.5 13,000 1,528 276.1Wafa Assurance INSU 3,219 - Flat 6,168 1.92 4,002 2,990 -19.6 - -13.4 11,267 1,324 1,402.6BMCI Bank BANK 835.0 0.5 Up 617 0.74 910.0 721.0 -8.2 0.5 -3.0 11,088 1,303 419.0Ciments Du Maroc BUIL 705.0 -2.1 Down 24,765 34.93 1,095 702.0 -35.6 -7.6 -25.1 10,177 1,196 1,699.4Holcim (Maroc) BUIL 1,707 -13.6 Down 6,832 3.91 2,250 1,665 -24.1 -13.6 -9.7 7,186 845 1,206.2Cosumar AGRI 1,530 -2.0 Down 1,562 1.02 1,780 1,476 -14.0 -2.0 -9.3 6,412 754 1,511.4Alliances PROP 525.0 -4.4 Down 28,298 53.40 736.0 525.0 -28.7 -3.7 -22.7 6,353 747 1,706.0SMI RESO 3,845 -1.4 Down 777 0.20 4,198 2,830 -8.4 4.2 6.8 6,325 743 793.6Brasseries Dumaroc BREW 2,200 - Flat 76,615 34.83 2,230 1,566 -1.3 -1.3 4.9 6,215 730 492.3CIH BANK 212.0 -3.6 Down 1,332 6.38 282.5 197.0 -25.0 -7.8 -15.3 5,642 663 404.6CDM BANK 623.0 2.5 Up 1,320 2.12 815.0 564.0 -23.6 8.3 -21.9 5,547 652 155.1Afriquia Gaz UTIL 1,608 -1.8 Down 6,016 3.75 1,765 1,453 -8.9 -1.8 -5.3 5,528 650 536.9CNIA Assurance INSU 1,135 -3.8 Down 326 0.29 1,260 1,086 -9.9 -0.4 -8.4 4,673 549 251.5Samir UTIL 321.0 -7.7 Down 1,318 4.01 798.0 321.0 -59.8 -4.2 -56.0 3,820 449 649.8Atlanta INDU 63.12 -1.3 Down 128 1.94 69.94 51.58 -9.8 -9.8 -5.8 3,799 446 427.0Sonasid BUIL 880.0 -9.8 Down 2,103 2.31 2,025 880.0 -56.5 -13.6 -48.6 3,432 403 432.6Label'Vie CONS 1,348 1.7 Up 7,601 5.63 1,600 1,307 -15.8 0.6 -3.4 3,431 403 714.1Eqdom BANK 1,994 - Flat 6,062 3.04 2,000 1,588 -0.3 - 13.9 3,330 391 679.2Delta Holding BUIL 32.90 -3.6 Down 2,967 89.34 45.00 32.80 -26.9 -0.4 -15.5 2,882 339 908.0Auto Hall CONS 59.40 -0.8 Down 374 6.42 75.58 52.50 -21.4 1.0 -16.9 2,804 329 621.2Lesieur Cristal INDU 100.0 111.9 100.0 -10.6 -2.9 -2.0 2,763 325 129.8Sothema INDU 1,265 -5.6 Down 481 0.38 1,340 1,036 -5.6 -5.6 8.4 2,277 268 6.2

50

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Bourse de Tunis (Tunisian Dinar) Tunisia

2008 2009 2010 2011E 2012F 2013F-3.8 -2.8 -4.8 -7.3 -7.9 -7.743.3 42.9 40.5 44.4 46.3 51.5

- - - - - -44.9 43.5 44.3 46.0 44.7 45.6

4.5 3.1 3.1 -1.8 2.7 3.34,345.9 4,170.9 4,199.3 4,316.6 4,151.9 4,187.0

4.0 4.0 4.1 3.5 5.0 4.0

Year DPS

5110 Jan 2013




Market Commentary

Type

The Tunis ALSI gained 0.7% to close the week at 4,672.7 on the back of gains in Banque de l'Habitat(+7.3%), SFBT (+5.1%), and SPDIT (+4.5%). During the week, losses were recorded in STB (-3.1%),Carthage Cement (-2.1%), and Attijari Leasing (-1.8%). The top traders by value were Poulina Group(USD 3.6m), Banque de Tunisie (USD 1.1m), and Carthage Cement (USD 0.9m). Trading in these sharesaccounted for 41.8% of this week’s turnover of TND 21.0m (USD 13.5m). The average weekly value tradedin the last six months is TND 23.8m (USD 15.2m). The Tunis ALSI is up 2.0% YTD.

Tunisian consumer sentiment continued to fall 3Q12 figures showed, according to the Tunisian Centre ofIntelligence. The driver of the decline was expectations of purchasing power erosion due to inflation.

Furthermore, inflation for December 2012 came in at 5.9% y/y, versus 5.6% y/y for November. Drivers ofthe rise were restaurants and hotels (+9.4%) and food products (+8.4%).

Tunisialive reported that Moody’s Investors Service kept Tunisia’s investment grade at Baa3 with anegative outlook, dismissing the risk of a default on its debt in the near future due to internationalsupport for the country, reported state news agency TAP. “The country has been able, despite thedifficulties during the year 2012 and especially the recession in Europe, to achieve a recovery and leavethe recession,” said Senior Analyst at Moody’s Aurélien Mali, who was quoted in a communiqué by thepresidency’s office. Tunisia has raised enough funds on the international bond market to maintain asustainable level of its public deficit and external debt, noted Mali.



THE AFRICA WEEKLY


TUNIS Index Level % chg Level % chg % chg Company Week % chg PriceCurrent 4,672.7 1.57 H: 27-Jul-12 5,266.5 Electrostar 10.2 22.70This week 4,642.1 0.66 1.56 -0.50 0.15 L: 27-Dec-12 4,541.8 SOTUMAG 9.5 1.96Prev week 4,541.8 2.21 1.55 -0.54 1.66 Off peak -11.3% Banque de l'Habitat 7.3 13.30MTD 4,579.9 2.03 1.55 -0.89 1.12 At High 1/58 SFBT 5.1 13.50YTD 4,579.9 2.03 1.55 -0.89 1.12 At Low 0/58 SPDIT 4.5 7.00

21.0 8.18% TNDm 23.8 Company Week % chg Price10.3 52 USDm 15.2 Tuninvest -7.5 8.09

90% SIAME -5.1 3.7015.5 30 SOTRAPIL -3.9 15.30

5.2 19 TNDm 12,864 El Wifack Leasing -3.7 14.25199.2% 11 USDm 8,211 STB -3.1 8.52

Company TND'000 % of totalPoulina Group 5,694.5 27.06Banque de Tunisie 1,690.4 8.03Carthage Cement 1,414.1 6.72Adwya 1,235.8 5.87Attijari Bank 1,034.2 4.91

*The index is the TUNIS index, an all share index ** Value Traded numbers are given in millions of Tunisian Dinars See the notes page for more information about calculations 10 Jan 2013 52



Upside value


Advance - Decline



TND/USD USD returnsIndex performance *



Top 5 decliners

-16%

-10%

-4%

2%

8%

14%

20%


USD TND

0 5,000 10,000 15,000

27 Jul 2012

10-Jan

Market Cap (TND m) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mthsCompany Name Sector TND % chg Move TND '000 '000 High Low Off high YTD 12 mths TND m USD m Val (000)Banque de Tunisie BANK 12.07 0.4 Up 1,690 139.98 13.28 10.59 -9.1 0.6 11.3 1,358 867 684.4Poulina Group INVE 6.90 1.5 Up 5,694 825.91 8.80 6.52 -21.6 4.5 -16.5 1,242 793 1,247.3BIAT BANK 62.90 -1.7 Down 441 6.98 75.55 59.50 -16.7 -0.2 -17.0 1,069 682 394.2SFBT BREW 13.50 5.1 Up 624 47.65 18.20 12.70 -25.8 6.3 1.9 891 569 500.1UBCI BANK 36.15 0.4 Up 138 3.93 57.99 35.02 -37.7 0.4 -16.5 548 350 45.7Attijari Bank BANK 15.75 3.7 Up 1,034 67.32 18.30 14.70 -13.9 2.0 -14.8 532 339 214.5Carthage Cement BUIL 3.68 -2.1 Down 1,414 382.63 4.22 3.47 -12.8 4.0 -11.1 525 335 1,343.2Arab Tunisian Bank BANK 4.93 2.7 Up 103 20.99 6.25 4.60 -21.1 7.2 -16.4 493 315 101.1Air Liquide CONS 378.0 2.2 Up 80 0.21 602.8 360.0 -37.3 5.0 -10.0 427 273 45.2UIB BANK 17.97 -0.4 Down 423 23.55 20.78 17.35 -13.5 -1.5 -2.2 352 225 395.7Amen Bank BANK 34.00 -0.3 Down 426 12.52 42.41 32.06 -19.8 -2.2 2.4 340 217 432.9STAR INSU 143.7 -0.0 Down 168 1.17 174.0 141.9 -17.4 -0.1 -5.8 332 212 116.5Ciments de Bizerte BUIL 6.95 - Flat 43 6.18 8.90 6.80 -21.9 0.7 -14.1 306 195 53.6Magasin Général CONS 173.9 -0.1 Down 99 0.57 179.0 130.0 -2.8 0.8 29.8 290 185 284.1BNA BANK 9.02 0.2 Up 330 36.49 12.70 8.45 -29.0 2.6 -24.8 289 184 222.2ARTES CONS 9.00 2.5 Up 327 36.90 11.12 7.22 -19.1 8.4 21.0 287 183 185.3ASTREE INSU 69.44 82.45 67.42 -15.8 - -0.8 278 177 4.1Monoprix CONS 28.40 -1.0 Down 469 16.48 40.00 26.65 -29.0 1.4 -2.1 263 168 550.3Banque de l'Habitat BANK 13.30 7.3 Up 179 13.51 19.35 12.21 -31.3 7.3 -25.7 239 153 185.0TPR INDU 5.05 -1.4 Down 731 145.16 6.83 5.00 -26.1 1.0 -17.6 212 135 377.8STB BANK 8.52 -3.1 Down 136 15.85 10.68 7.60 -20.2 -4.9 -12.2 212 135 75.4SPDIT BANK 7.00 4.5 Up 31 4.51 8.80 6.70 -20.5 1.9 - 188 120 25.1Tunisair TRPT 1.55 - Flat 246 156.44 1.90 1.43 -18.4 8.4 -8.8 165 105 310.3Tunisie Leasing BANK 23.18 1.3 Up 55 2.36 28.69 22.22 -19.2 2.6 -18.9 162 104 35.6SOTUVER INDU 9.00 3.4 Up 334 36.68 14.17 8.45 -36.5 6.0 -8.2 158 101 319.3BTE (ADP) BANK 28.00 2.9 Up 10 0.37 30.95 27.03 -9.5 2.9 -5.5 126 80 30.9Assad INDU 9.20 4.0 Up 379 41.31 11.50 8.51 -20.0 6.4 -14.0 106 68 242.3Ennakl Auto (Tunis) CONS 11.17 1.5 Up 559 50.00 14.26 9.40 -21.7 -2.0 14.0 101 64 981.6Adwya CONS 8.19 0.9 Up 1,236 151.99 11.20 6.70 -26.9 3.7 13.8 90 57 560.8Attijari Leasing BANK 38.30 -1.8 Down 14 0.38 45.24 36.29 -15.3 1.1 -6.6 81 52 92.0

53

Weekly

10 Jan 2013




THE AFRICA WEEKLY

Stocks making 12 month highs

Made Off Low MCap 6 mthsCompany Name Country Sector Crncy Price % chg Move YTD 12 mths High** % chg Local m USDm USDm Val (000)Sonatel SN BRVM TELE XOF 15,000 3.4 Up 3.4 20.0 0 42.9 1,500,000 2,983 2,091.4EABL Kenya BREW KES 291.0 9.0 Up 9.8 61.7 0 79.6 230,115 2,654 5,082.8MCB Mauritius BANK MUR 174.0 1.8 Up 1.8 4.8 0 8.1 46,843 1,526 2,352.0Delta Corp Zimbabwe Zimbabwe BREW USD 1.05 5.0 Up 5.0 52.2 0 61.5 1,239 1,239 2,401.6UBA Nigeria BANK NGN 5.70 25.0 Up 25.0 154.5 0 247.6 184,308 1,179 3,028.9Equity Bank Kenya BANK KES 25.75 8.4 Up 8.4 60.9 0 61.9 95,347 1,100 2,359.3KCB Bank Kenya BANK KES 31.75 2.4 Up 6.7 91.3 0 92.4 94,305 1,088 2,768.4Bamburi Cement Kenya BUIL KES 194.0 2.1 Up 4.9 55.2 0 55.2 70,414 812 1,003.5Stanchart Kenya Kenya BANK KES 242.0 3.0 Up 3.0 50.3 0 56.1 69,473 801 371.1BAT (Kenya) Kenya CONS KES 525.0 5.0 Up 6.5 99.6 0 108.3 52,500 606 966.8Tanzania Breweries Tanzania BREW TZS 3,000 7.1 Up - 48.5 0 48.5 884,780 550 299.8Diamond Bank Nigeria BANK NGN 5.75 12.7 Up 16.4 186.1 0 187.5 83,233 533 1,638.8Bralirwa Rwanda BREW RWF 641.0 1.7 Up 1.7 97.8 0 101.6 329,657 522 332.7Nation Media Kenya MEDI KES 242.0 6.6 Up 9.0 72.9 0 82.0 38,023 439 361.2SGB BRVM BANK XOF 63,425 7.5 Up 7.5 66.9 0 76.2 197,322 392 118.3Golden Star Ghana RESO GHS 2.75 - Flat - - 251 - 702 373 -NMB Tanzania BANK TZS 1,120 - Flat - 33.3 0 31.8 560,000 348 127.4Athi River Mining Kenya BUIL KES 55.00 23.3 Up 23.3 76.3 0 83.3 27,240 314 426.1Choppies Botswana CONS BWp 2.06 0.5 Up 0.5 0 47.1 2,419 307 241.5Guinness Ghana Ghana BREW GHS 2.62 - Flat - 71.2 0 71.2 554 294 25.4Unilever Ghana Ghana CONS GHS 8.78 3.1 Up 3.1 32.2 0 29.1 549 291 28.3Sechaba Botswana BREW BWp 15.75 - Flat - 30.7 1 30.7 2,095 266 77.2Tanzania Cigarette Tanzania CONS TZS 4,220 0.5 Up 0.5 34.4 6 34.4 422,000 262 1.9Fan Milk Ghana CONS GHS 3.55 - Flat - 51.1 0 86.8 421 224 141.5ZCCM Zambia INVE ZMK 12.50 - Flat - 25.0 155 - 1,116 212 0.0Omnicane Mauritius AGRI MUR 77.00 - Flat - 4.1 2 11.6 5,160 168 72.4Bollore Africa Logistics CI BRVM TRPT XOF 70,000 - Flat - 47.4 0 75.4 76,209 152 16.4Zambeef Zambia AGRI ZMK 3.00 - Flat - 1.7 2 19.0 744 141 104.8Jubilee Holdings Kenya INSU KES 194.0 6.6 Up 12.1 37.7 0 47.2 11,620 134 47.3Total CI BRVM OILG XOF 93,500 0.5 Up 1.6 26.4 1 33.6 58,869 117 11.2

** # of days since the stock last traded at this price

54

Movement (% chg)

10 Jan 2013



THE AFRICA WEEKLY

Stocks making 12 month lows

Made Off High MCap 6 mthsCompany Name Country Sector Crncy Price % chg Move YTD 12 mths Low** % chg Local m USDm USDm Val (000)ETI (BRVM) BRVM BANK XOF 33.00 -5.7 Down -5.7 -13.2 0 -26.7 436,343 868 53.1Alliances Morocco PROP MAD 525.0 -4.4 Down -3.7 -22.7 0 -28.7 6,353 747 1,706.0Barclays Botswana Botswana BANK BWp 6.55 - Flat - -5.1 0 -8.9 5,582 709 294.2Samir Morocco UTIL MAD 321.0 -7.7 Down -4.2 -56.0 0 -59.8 3,820 449 649.8Sonasid Morocco BUIL MAD 880.0 -9.8 Down -13.6 -48.6 0 -56.5 3,432 403 432.6Golden Star Ghana RESO GHS 2.75 - Flat - - 251 - 702 373 -Lesieur Cristal Morocco INDU MAD 100.0 - Flat -2.9 -2.0 7 -10.6 2,763 325 129.8Bramer Bank Mauritius BANK MUR 9.30 - Flat - 244 -7.0 8,382 273 -ZCCM Zambia INVE ZMK 12.50 - Flat - 25.0 155 - 1,116 212 0.0Mobil Oil Nig Nigeria UTIL NGN 109.3 - Flat - -18.4 0 -25.2 32,829 210 147.1Umeme Uganda UTIL UGX 275.0 - Flat - 0 -8.3 446,676 165 175.6Gamma Civic Mauritius BUIL MUR 295.0 -1.7 Down -1.7 -21.1 0 -22.0 3,931 128 18.0ABCH Botswana Botswana BANK BWp 4.00 - Flat - -12.1 22 -13.0 931 118 6.8DFCU Uganda BANK UGX 1,000 - Flat - - 1 -2.9 248,601 92 10.2Wilderness Botswana HOTL BWp 2.90 - Flat - -21.6 136 -14.7 670 85 0.0SMB BRVM INDU XOF 15,000 -6.3 Down -6.3 -21.1 0 -40.0 29,232 58 9.4Dale Capital (USD) Mauritius INVE USD 7.00 - Flat - -55.7 21 -50.7 1,277 42 0.7Ayrton Drug Ghana PHAR GHS 0.17 - Flat -5.6 - 8 -5.6 37 19 0.6Pearl Properties Zimbabwe PROP USD 0.02 -17.9 Down -17.9 -28.1 1 -32.4 18 18 30.8New Vision Uganda MEDI UGX 600.0 - Flat - -14.3 13 -14.3 45,900 17 16.3Nictus Holding Namibia CONS NAD 2.40 - Flat - 93 -4.0 128 15 0.1DCB Tanzania BANK TZS 620.0 - Flat - -3.1 79 -3.1 20,084 12 29.8MPICO Malawi PROP MWk 2.20 -8.3 Down -8.3 -26.7 2 -26.7 2,528 8 0.7Sunbird Malawi OTHR MWk 6.50 - Flat - -7.1 97 -0.6 1,700 5 0.0Blantyre Hotels Malawi HOTL MWk 7.00 - Flat - - 171 - 899 3 0.0African Champion Ind Ghana INDU GHS 0.07 - Flat - -12.5 29 -12.5 3 1 0.4Real Insurance Malawi INSU MWk 1.20 - Flat - - 101 -0.0 300 1 0.0Olympia Capital (Botswana) Botswana BUIL BWp 0.23 - Flat - - 42 -8.0 7 1 0.0Bata Zambia Zambia CONS ZMK 0.18 - Flat - -10.0 55 -20.0 - - 0.0

41284

** # of days since the stock last traded at this price

55

Movement (% chg)

10 Jan 2013



THE AFRICA WEEKLY

Notes

General stock exclusions include secondary listings, stocks that have missing information, and those that have not traded on more than a year.Detailed information is given per country on the top 30 stocks by market capitalisation.Please note that the Egyptian market watchlist is limited to the EGX30 and EGX 70 constituents

Value traded numbers are given in thousands, quoted in the local currency.Value traded is estimated as vwap or closing price, times volume traded. There will therefore be slight variations between actual value traded and our estimate.

Calculations are as follows:Turnover Analysis

Total value - is the sum of the value traded, for the entire market.Net value - value traded for stocks trading up less stocks trading down.6 mth weekly value traded - the average weekly value traded (taken over a 6 month period), adjusted for trade frequency.USD Value traded numbers are converted at the latest fx-rate to indicate today's expected USD value traded (shown in 000).Upside value - value traded for stocks that moved up.Downside value - value traded for stocks that moved down.Upside/downside ratio - Upside volume divided by downside volume.

Trading NumbersValue Traded / Mkt Cap (%) - value traded as a percentage of total market cap, annualised using 50 trading weeks per year.Stocks traded (absolute) - number of stocks that traded.Stocks traded (%) - %of stocks that traded per market.Stocks up - number of stocks that moved up.Stocks down - number of stocks that moved up.Advance - Decline - Stock up - stocks down.

Each of the country graphs is designed to show index performance in local currency, vs. performance in USD terms.The market capitalisation graph represents graphically the difference in current market capitalisation, and market capitalisation at the (local) index peak.

Sources: Bloomberg, Company reports, Various stock exchange daily reports, African Alliance database



THE AFRICA WEEKLY

African Alliance Botswana Securities African Alliance Securities Ghana African Alliance Kenya Investment BankAfrican Alliance House 2nd Floor, Heritage Towers 1st Floor, Transnational HouseFairgrounds Office Park 6th Avenue, Ridge Ambassadorial Enclave Mama Ngina StreetGaborone, Botswana Accra, Ghana Nairobi, KenyaTelephone: +267 318 8958 Telephone: +233 30 267 9761-2 Telephone: +254 20 276 2000

African Alliance Lesotho African Alliance Securities (Malawi) African Alliance StockbrokersSuite 4, SA Trust Building 4th Floor, Livingstone Towers 1st Floor, 19A Milverton Road214 Moshoeshoe Road Glyn Jones Road IkoyiMaseru, Lesotho Blantyre, Malawi Lagos, NigeriaTelephone: +266 22 312 673 Telephone: +265 183 1995 Telephone: +234 708 099 0000

African Alliance Rwanda African Alliance South Africa Trading African Alliance Swaziland Securities1st Floor, Kigali City Tower 4th Floor, 23 Melrose Boulevard 2nd Floor, Nedbank CentreAvenue du Commerce Melrose Arch 2196 Cnr Sishayi and Sozisa RoadsKigali, Rwanda Johannesburg, South Africa Mbabane, SwazilandTelephone: +250 785 694 490 Telephone: +27 11 214 8300 Telephone: +268 2 404 8394

African Alliance Uganda African Alliance Securities Zambia African Alliance Stockbroking Holdings 1st Floor, Worker’s House The Colosseum, Block A, Ground Floor 1st Floor, Ebene Heights1 Pilkington Road Bwinjimfumu Road 32 Ebene CybercityKampala, Uganda Lusaka, Zambia Ebene, MauritiusTelephone: +256 417 7777 00 Telephone: +260 211 840 512 Telephone: +230 466 9591

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