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					                                               Group Research
            Databank                           AFRICA MARKET FOCUS
                           Leadership
                                               WEEKLY REPORT ON AFRICAN STOCK MARKETS



OVERVIEW                                                                                                                        AUGUST 15, 2008




                                            Africa: Dollar Returns Recede on Markets

      •       Most African stock markets remained under the
              weather as markets such as Zambia, Egypt, Nigeria          INSIDE THIS ISSUE
                                                                         Africa Overview
              and Namibia declined.                                      Africa: Dollar Returns Recede on Markets                                 …..1
      •       Of the 15 markets we cover, only 3 appreciated             Ghana
              during the week, namely; BRVM, Ghana and                   EBG Trades Blocks                                                         ….3
              Tunisia.                                                   Kenya
      •       Ghana’s market will continue to surge; both in             Surprise Surge!                                                           …5
              terms of market activity and price gains. BRVM             Namibia
              currently tops Africa as the Best Performing Market        NSX Posts a 5.06% Recovery                                                …7
              (USD terms), and will remain an attractive market          Nigeria
              for investors in the coming week.                          Mobil & Chevron up - Bearish Market Persist                               …9
      •       Africa Markets are being hit hard by the                   Uganda
              strengthening of the dollar, significantly eating into     USE Returns Slipping into Negative Territory                             ….10
              any gains made by the exchanges in the earlier part
              of the year. This trend would persist in the coming
              week.


                                         PERFORMANCE OF STOCK MARKETS ACROSS AFRICA
                                   STOCK MARKET                          CHANGE (%)                                             MKT      LATEST
     COUNTRIES                                                WEEKLY                                                P/E (X)     CAP     INFLATION
                              NAME           INDEX LEVEL                  YTD (LC)            YTD (USD)                       (US$BN)      (%)
                                                               [USD]
  BRVM                     BRVM Comp              256.61       1.55%        28.66%               30.31%                 na      9.61       na

  Ghana                        DSI             12229.52        1.26%        44.50%               28.76%              18.11     15.87      18.41

  Tunisia                  TUNINDEX            3170.46         0.57%        21.28%               22.08%              12.20      6.27       5.3

  Malawi                     Domestic             4469         0.00%        16.88%               16.23%              11.21      1.47       8.1

  Tanzania                    DSEI             1078.46         -0.62%        5.47%                1.27%                 na      2.90       9.1

  Uganda                      ALSI                996.53       -0.98%        0.55%                6.04%              16.59      3.76       12.4

  Kenya                      NSE 20            4689.92         -1.23%       -13.86%              -17.31%             19.96     15.76       31.5

  Botswana                     DCI             7489.79         -2.69%       -11.12%              -17.20%             13.10      4.24       12.1

  Morocco                     MASI             14073.49        -3.49%       10.86%               11.09%                 na     86.23       3.7

  South Africa             JSE All Share       27181.64        -3.60%        -6.13%              -18.08%                na      na         11.7

  Mauritius                 SEMDEX             1730.04         -3.86%        -6.60%              -6.88%              12.60      5.60       8.8

  Namibia                     Overall             827.77       -3.89%       -10.94%              -22.38%             8.70      138.52      9.7
  Nigeria                    All Share         47517.87        -4.31%       -18.06%              -18.60%                na     81.51       9.7

  Egypt                      CASE 30           8223.08         -7.88%       -22.05%              -19.44%             15.30     152.97      19.7

  Zambia                     All Share         3682.07         -13.27%       4.20%               17.55%              18.46      6.79       10.9
          Databank

                       GHANA: Inflation Now 18.3%                                     GLOBAL COMMODITIES/METAL MARKET
                        Due To Base Period Effect
                                                                          Commodity/Metal                                                                          Year Open                                                        Week                                                  Week
                                                                                                                                                                                                                                    Open                                                  Close
                                                                      Cocoa ($, per metric tonne)                                                                       2,050.00                                                   2801.00                                               2,678.00
Headline inflation for Ghana dipped marginally by 100 basis           Gold ($, per ounce)                                                                                840.60                                                     871.60                                                793.80
points to 18.3% (y/y) due to a base period effect. Though the         Coffee (cents, per lb)                                                                             133.35                                                     139.60                                                138.00
Consumer Price Index [CPI] increased from 260.5 points in June
                                                                      Oil ($, per barrel)                                                                                 94.21                                                     116.38                                                112.37
to 263.4 points in July, the percentage increase in the
corresponding period in 2007 was relatively higher; thus leading
to a lower inflation outturn for July.

We expect the risks posed by further depreciation of the local
                                                                             MUTUAL FUNDS (AS AT AUGUST 14, 2008)
currency in the coming month, as well as, increased domestic
liquidity induced by fiscal and banking sector expansion to lead              Fund Name                                                                                     Price                                             Weekly                                                      YTD
to a marginal increase in inflation. Though domestic petroleum                                                                                                                                                               Change (%)                                                  Change
prices are likely to remain unchanged during the period and food      Epa¢k Investment Fund                                                                                 0.9527                                             -1.20%                                                    10.38%
inflation is likely to recover. We believe that the balance of risk   Balanced Fund (Bid)                                                                                   0.1124                                             -1.32%
is on the upside. Consequently, we expect inflation for August                                                                                                                                                                                                                           12.40%
                                                                      Balanced Fund (Offer)                                                                                 0.1135                                             -1.30%
to increase marginally to 18.6%.

                                                                      Fund Name                                                                                             Price                                            Change (%)                                              Annualized
                                                                                                                                                                                                                                                                                       Yield
 Global Commodity Market Update and Outlook                           MFund (Bid)                                                                                           0.1792                                                      0.39%
                                                                                                                                                                                                                                                                                         14.94%
                                                                      MFund (Offer)                                                                                         0.1809                                                      0.39%

The International Commodities Market saw declines in Cocoa,
Gold, Coffee and Oil. Crude oil price declined by $4.01 to
$112.37 per barrel.                                                                                                                           BOND MARKETS
Gold futures and Cocoa futures also fell by $77.8 and $123 to
close the week at $793.80 per ounce and $2,678 per metric             Indicator                                                                    Level                                              Weekly Change                                                                  YTD CHG.
tonne respectively.                                                   Ghana - DBI (¢)                                                              103.44                                                0.00%                                                                          %
Coffee also edged down by 1.60 cents to 138.00 cents per lb.          Ghana - DBI ($)                                                               0.01                                                 0.00%                                                                          %
                                                                      Ghana - W. Coupon
The conflict between Russia and Georgia did not cause price                                                                                             13.75                                                                0.00                                                           −
                                                                      Yield (%)
surges in oil as most analysts anticipated. Oil prices did sway
                                                                      Ghana - W. Current
through the week, but fell by the end of the week as OPEC                                                                                               13.71                                                                0.00                                                           −
                                                                      Yield (%)
predictions of falling demand made traders on the market jittery.
Commodity prices look set for a further downward slide next           Ghana - W. Yield-to-
                                                                                                                                                        13.63                                                                0.00                                                           −
week as the dollar continues to strengthen against a backdrop of      Maturity (%)
receding demand figures.



                                                                                                          Cedi Depreciation against Major Trading Currencies

                                                                         4.00%

           Ghana Currency Market Update                                  2.00%
                                                                         0.00%
                                                                                  12/31/07
                                                                                             1/12/08

                                                                                                       1/24/08
                                                                                                                 2/5/08
                                                                                                                          2/17/08

                                                                                                                                    2/29/08
                                                                                                                                              3/12/08

                                                                                                                                                         3/24/08
                                                                                                                                                                   4/5/08
                                                                                                                                                                            4/17/08

                                                                                                                                                                                      4/29/08
                                                                                                                                                                                                5/11/08
                                                                                                                                                                                                          5/23/08

                                                                                                                                                                                                                    6/4/08
                                                                                                                                                                                                                              6/16/08

                                                                                                                                                                                                                                        6/28/08
                                                                                                                                                                                                                                                  7/10/08
                                                                                                                                                                                                                                                            7/22/08

                                                                                                                                                                                                                                                                      8/3/08
                                                                                                                                                                                                                                                                               8/15/08




                                                                         -2.00%
                                                                         -4.00%
The cedi again recovered against the pound and euro on the               -6.00%
                                                                                                                                                                                                                                                                                            $

Interbank Market this week, though it continued to decline               -8.00%
                                                                                                                                                                                                                                                                                            £
                                                                                                                                                                                                                                                                                            EURO
against the dollar. The cedi fell by GH¢0.0048 against the dollar       -10.00%
to GH¢1.0772, but strengthened against the pound and euro to            -12.00%
GH¢1.9980 and GH¢1.5853 respectively.                                   -14.00%
                                                                        -16.00%
                                                                        -18.00%
              Databank
                                                                                                                                                                                                                            GHANA



                                                              EBG Trades Blocks
MARKET STATISTICS

      Indicators        Level      Change (%)   YTD (%)       As trading activity picked up on the GSE this week, the number
DSI (GH ¢)            12,229.52      1.71%       44.50%       of share price changes slowed down; from eight last week to six
DSI ($)                  1.14        1.26%       28.77%       at the end of this week. The Databank Stock Index however
GSE (GH ¢)            10,626.29      1.05%       61.01%       moved up significantly from last week’s levels by 1.71% to
Mkt Cap (GH¢’bn)        17.10        0.41%       29.95%       12,229.52 points.
P/E (x)                 18.11          0.15         −
                                                              Volumes traded also shot up by 964% with the rise in turnover
Dividend Yield (%)      1.32          -0.01         −         going above 3,700%. This sharp rise was aided by block trades
Earnings Yield (%)       5.52         -0.04         −         in Ecobank Ghana on Thursday and Friday. This resulted in the
                                                              banking stock accounting for 66% of aggregate shares traded
                                                              and 96% of market value. A total of nearly 3.6 million shares
                                                              valued at GH¢11.43 million were traded on the floor of the
SHARE PRICE MOVEMENT                                          GSE.

    Equity Ticker    Price (GH¢)   Change (%)   YTD (%)                                                                                                                                                                       Outlook

SPPL                    1.00        ▲6.38%        91.06%
FML                     2.60        ▲4.00%       100.00%      Market Activity did improve this week as investors focused on
TOTAL                   2.35        ▲2.17%        91.06%      impressive half year results released by a number of
EBG                     2.94        ▲2.08%        39.34%      companies. Price earning valuations have also improved
UNIL                    4.39        ▲1.15%       119.50%      significantly in a number of stocks, meaning investors will be
                                                              able to pick up some fairly priced stocks on the market next
EIC                     6.20        ▲0.49%        12.91%
                                                              week.

                                                              The GSE will continue to rally with EIC, EBG, UNIL & FML
                                                              still showing the way.


FIXED INCOME
         Security    Year Open     Week Open    Week Close
91 Day Bill (%)         10.62        20.79        22.06
182 Day Bill (%)        10.80        22.77        25.46                                                 Databank Stock Index [Trend Graph]
1 Year Note (%)         12.30        19.50        20.00
2 Year Note (%)         12.80        17.50        18.00      12,000

3 Year Bond (%)           -            -            -        11,500

                                                             11,000

CURRENCY MARKET                                              10,500

                                                             10,000
         Currency       Level       Weekly      YTD (%)
                                   Change (%)                 9,500

Dollar                 1.0772        -0.45%      -10.89%      9,000
Pound                  1.9980        3.59%        -4.02%
                                                              8,500
Euro                   1.5853        2.64%       -10.77%
                                                              8,000
                                                                      3-Jan-08

                                                                                 18-Jan-08

                                                                                             2-Feb-08

                                                                                                         17-Feb-08

                                                                                                                     3-Mar-08

                                                                                                                                18-Mar-08




                                                                                                                                                                   2-May-08

                                                                                                                                                                              17-May-08

                                                                                                                                                                                          1-Jun-08

                                                                                                                                                                                                     16-Jun-08

                                                                                                                                                                                                                 1-Jul-08

                                                                                                                                                                                                                            16-Jul-08

                                                                                                                                                                                                                                        31-Jul-08
                                                                                                                                            2-Apr-08

                                                                                                                                                       17-Apr-08




                                                                                                                                                                                                                                                    15-Aug-08
                                                                                                                  RETURN ANALYSIS SHEET (GH¢)
 12 Month            LISTED EQUITY                                             TICKER                                                              Week-on-Week   Year-to-Date   MARKET STATISTICS           KEY FINANCIAL RATIOS                             PER SHARE DATA (GH¢)          Capitalisation
High (GH¢) Low (GH¢)                                                                     Year Open (GH ¢)   Week Open (GH ¢)   Week Close (GH ¢)     Change         Change       Volume    Turnover (GH ¢)     P/E (x)   P/BVS (x) Div. Yield (%)   ROE (%)      EPS        DPS      BVS    (GH ¢ million)

                                                                                                                                                                                                               23.03        5.95         1.38        25.84
   0.70      0.34   Cal Bank                                                    CAL           0.44                0.70                0.70            0.00%          58.37%        16,894       11,300         16.76        3.57         1.50        21.31       0.04       0.01     0.20     113,872,227
   4.62      1.50   Ecobank Ghana Limited                                       EBG           2.00                4.39                4.62            5.24%         131.00%      2,386,005    10,976,609       29.09        13.53        1.46        46.51       0.16       0.07     0.34     744,859,500
   2.32      0.45   Ecobank Transnational Incorporated                           ETI          0.26                0.45               0.45             0.00%          75.58%        13,873        6,243         25.46        6.66         0.82        26.15       0.02       0.00     0.07    4,399,799,848
   1.38      0.70   Ghana Commercial Bank                                       GCB           1.00                1.35                1.35            0.00%          35.68%        18,317       24,728         11.40        1.97         2.54        17.32       0.12       0.03     0.68     357,750,000
   0.62      0.50   HFC Bank                                                    HFC           0.54                0.62                0.62            0.00%          14.81%       100,315       62,195         21.88        5.28         1.29        24.15       0.03       0.01     0.12      78,797,263
  37.07     19.00   Standard Chartered Bank                                     SCB           26.00              37.07               37.07            0.00%          42.58%         1,011       37,478         19.20        6.74         3.91        35.08       1.93       1.45     5.50     652,285,277
   1.49      0.14   SG-SSB                                                     SG-SSB         1.25                1.35                1.35            0.00%           8.00%          289          390          17.14        3.12         3.33        18.22       0.08       0.05     0.43     192,375,000
   1.33      1.33   Trust Bank Ltd (The Gambia)                                 TBL           1.33                1.33                1.33            0.00%           0.00%           0            0           38.11        7.70         0.72        20.20       0.03       0.01     0.17      79,500,000

                                                                                                                                                                                                               26.55        5.55         1.72        20.91
  0.12      0.12    Accra Brewery                                                ABL           0.12               0.12               0.12             0.00%         0.00%          160            19           39.02        2.85         0.87        7.31        0.00       0.00     0.04     28,686,750
  2.35      0.97    Guinness Ghana Breweries                                    GGBL           1.23               2.35               2.35             0.00%         91.06%        6,160         14,310         25.94        5.97         1.78        23.01       0.09       0.04     0.39    386,977,966

                    Consumer Goods Industry (Participants, Averages)                                                                                                                                             8.61       3.42         3.23        39.72
  1.00      0.74    PZ Cussons                                                   PZ            0.83               1.00               1.00             0.00%          20.31%       8,600          8,600          8.10        1.53         1.05        18.89       0.12       0.01     0.65     28,000,000
  0.08      0.02    Super Paper Products                                        SPPC           0.03               0.06               0.08             33.33%        142.42%      629,088        44,551          -8.32       0.80         9.38        -9.58       -0.01      0.01     0.10     1,555,200
  3.00      2.00    Unilever Ghana                                              UNIL           2.11               2.94               3.00             2.04%          42.18%       23,361        79,199          8.54        4.34         3.50        50.78       0.35       0.11     0.69    187,500,000

                    Distribution & Trading Industry (Participants, Averages)                                                                                                                                    22.36        2.98        1.75        13.32
  0.04      0.04    CFAO                                                        CFAO           0.04               0.04               0.04             0.00%         14.29%        19,190          768           6.41        2.01         1.05        31.34       0.01       0.00     0.02     9,669,968
  0.21      0.21    Mechanical Lloyd                                             MLC           0.21               0.21               0.21             0.00%          0.00%       219,497        44,810          7.05        0.84         2.86        11.91       0.03       0.01     0.25     10,520,144
  7.20      5.48    Total Petroleum Gh. Ltd                                     TOTAL          5.49               6.20               7.20             16.13%        31.12%         3,552        25,422          17.25        1.75        3.81        10.13       0.42       0.27     4.12    100,686,665
  0.40      0.22    Ghana Oil Company Ltd                                        GOIL          0.31               0.40               0.40             0.00%         29.03%        13,557         5,423          19.35        3.66        0.00        18.92       0.02       0.00     0.11     84,074,496
  0.24      0.22    Produce Buying Company                                       PBC           0.24               0.22               0.22             0.00%         -8.33%           0             0           149.79       16.58        1.14        11.07       0.00       0.00     0.01    105,600,000

                    Food Industry (Participants, Averages)                                                                                                                                                     18.59        6.55         1.00        35.21
  4.60      2.11    Fan Milk                                                     FML           2.39               3.91               4.60             17.65%        92.47%        5,239         23,428         18.59        6.55         1.00        35.21       0.25       0.05     0.70     91,008,921

                    Manufacturing Industry (Participants, Averages)                                                                                                                                             -24.86      2.11        1.39          -8.50
  0.74      0.62    Aluworks                                                    ALW            0.71               0.62               0.62             0.00%         -12.68%       7,550          3,441           -7.47      3.43        2.42         -45.92      -0.08      0.02     0.18     25,840,305
  0.17      0.16    Camelot Ghana                                               CMLT           0.17               0.16               0.16             0.00%          -5.88%       75,380        12,061         -174.91      3.00        2.81          -1.72      0.00       0.00     0.05      1,046,752
  0.05      0.05    Cocoa Processing Company                                    CPC            0.05               0.05               0.05             0.00%          0.00%        1,964           98           153.54       1.83        0.75          1.19       0.00       0.00     0.03     58,343,791
  0.08      0.07    Pioneer Kitchenware Limited                                  PKL           0.08               0.07               0.07             0.00%         -12.50%         0              0             -3.03      1.21        3.57         -39.92      -0.02      0.00     0.06     1,154,454
  0.03      0.03    Sam Woode Limited                                           SWL            0.03               0.03               0.03             0.00%          0.00%          0              0            -18.05      1.53        13.21         -8.47      0.00       0.00     0.02       578,443

                    Mining Industry (Participants, Averages)                                                                                                                                                   -13.83       2.50         0.93        -18.05
  30.00     30.00   AngloGold Ashanti                                           AGA           30.00              30.00               30.00            0.00%          0.00%          0             0            -13.73       3.58         1.01        -26.08      -2.18      0.30     8.38    8,305,296,330
   0.35      0.35   AngloGold Ashanti Ghanaian Depository Shares                AADs          0.35                0.35               0.35             0.00%          0.00%         377           132            -0.19        n.a         0.88         n.a.       -1.79      0.00     6.87      33,770,955
   3.10      3.10   Golden Star Resources                                       GSR           3.00               3.10                3.10             0.00%          3.33%          0             0            5.8956      1.1430       0.0000      19.3876      0.53       0.00     2.71   733817371.1000

                    Insurance Industry (Participants, Averages)                                                                                                                                                17.19        3.15         0.85        18.35
  2.63      1.20    Enterprise Insurance                                         EIC           1.30               2.60               2.63             1.15%         102.31%       8,310         21,925         15.45        4.31         0.46        27.91       0.17       0.01     0.61     67,241,092
  0.63      0.33    State Insurance Company                                      SIC           0.30               0.63               0.63             0.00%         110.00%       17,506        11,029         18.31        2.75         1.05        15.02       0.03       0.01     0.23    123,256,350

                    ICT Industry (Participants, Averages)                                                                                                                                                      484.01       2.96         2.97        0.61
  0.08      0.08    Clydestone                                                   CLYD          0.08               0.08               0.08             0.00%          0.00%          0             0            -58.08       4.82         3.75        -8.30       0.00       0.00     0.02     2,720,000
  0.12      0.11    Transactions Solutions Ltd                                 TRANSOL         0.12               0.11               0.11             0.00%         -8.33%          0             0            124.59       2.65         2.73        2.12        0.00       0.00     0.04     8,800,000

                    Agro-Processing Industry (Participants, Averages)                                                                                                                                          16.63        2.43         1.12         14.60
  1.30      0.48    Benso Oil Palm Plantation                                   BOPP           0.49               1.30               1.30             0.00%         165.31%       9,962         12,951         15.27        2.50         1.15         16.34       0.09      0.02     0.52     45,240,000
  0.06      0.05    Golden Web Limited                                          GWEB           0.06               0.05               0.05             0.00%          -9.09%         0             0            -9.88        1.34         0.00        -13.55      -0.01      0.00     0.04     1,498,315

                    Pharmaceuticals Industry (Participants, Averages)                                                                                                                                          19.51        4.01         1.12        20.53
  0.17      0.10    Ayrton Drug Manufacturing                                   AYRTN          0.10               0.16               0.16             0.00%         63.60%        5,070          811           18.83        4.69         1.24        24.90       0.01       0.00     0.03     34,400,000
  0.06      0.05    Starwin Products                                             SPL           0.06               0.05               0.05             0.00%         -9.09%        3,900          195           29.40        1.70         0.00        5.79        0.00       0.00     0.03     3,703,866



                    Market with AGA                                                                                                                                              3,595,127    11,428,115       -57.70       3.33         1.17        -5.77       -0.02      0.01     0.35   17,100,227,247
                    Market without AGA                                                                                                                                                                          18.10       4.08         1.32        22.56       0.03       0.01     0.15   8,761,159,962

                    Preference Shares
                    Standard Chartered Bank Preference Shares                   SCB-P          0.52               0.52               0.52             0.00%          0.00%          0             0
                                   Databank
                                                                                                                                                                                                                                                                  KENYA


                                                                                                                                                                                                        Surprise Surge!
MARKET STATISTICS

      Indicators                                                     Week Open                                             Week Close                                          YTD (%)                  A flurry of gains on Thursday and Friday were enough to
NSE 20 (Kshs)                                                         4676.90                                               4689.92                                             -13.86                  overturn earlier losses in the week and bring the NSE 20 into the
NSE 20 ($)                                                             68.11                                                 67.27                                              -17.31                  black, for this week. The market index advanced by 0.28% to
Mkt Cap (Kshs’bn)                                                     1086.63                                               1098.96                                              29.12                  4,689.92 points and recorded a year-to-date return of -13.86%.
Mkt Cap ($’bn)                                                         15.82                                                 15.76                                              23.95
                                                                                                                                                                                                        Kenya Re-Insurance led the charges while Pan Africa Insurance
P/E (x)                                                                19.43                                                 19.96                                                 -
                                                                                                                                                                                                        Holdings was the worst loser. Market capitalisation was quoted at
                                                                                                                                                                                                        Kshs 1,098.96 billion.

TOP GAINERS

     Equity Ticker                                                                Price                                  Change                                          YTD (%)                                                                                    Outlook
                                                                                 (Kshs)
Kenya Re-Insurance                                                                 16.3                                ▲9.03%                                                   -3.83                                       NSE 20 (Trend Graph)
                                                                                                                                                                                                        Safaricom was the main reason for the recovery in the NSE 20
Unga                                                                              12.15                                ▲6.58%                                                  -21.36
                                                                                                                                                                                                        and could well be the reason for further upsurges in the index
Safaricom                                                                          5.9                                 ▲5.36%                                                   18.00                   level.
Bamburi                                                                            194                                 ▲4.86%                                                   -1.02
British American Tob.                                                              160                                 ▲4.58%                                                   15.11                   Activity in Safaricom remains high, months after its IPO and
                                                                                                                                                                                                        though it has declined after rising in the after-market, it may yet
                                                                                                                                                                                                        be making a come-back.
TOP LOSERS

     Equity Ticker                                                                Price                                  Change                                          YTD (%)
                                                                                 (Kshs)
Pan Africa Ins. Hold.                                                               68                                 ▼8.72%                                                  -31.66
Kakuzi                                                                            35.25                                ▼7.24%                                                   -2.76
Sameer Africa                                                                      7.55                                ▼5.03%                                                  -37.60
AccessKenya                                                                         31                                 ▼4.62%                                                   33.33
Equity Bank                                                                        273                                 ▼4.55%                                                   82.00




 6,000.00



 5,000.00



 4,000.00



 3,000.00



 2,000.00



 1,000.00



    0.00
            3-Jan-08


                       18-Jan-08


                                   2-Feb-08


                                              17-Feb-08


                                                          3-Mar-08


                                                                     18-Mar-08




                                                                                                          2-May-08


                                                                                                                     17-May-08


                                                                                                                                 1-Jun-08


                                                                                                                                            16-Jun-08


                                                                                                                                                        1-Jul-08


                                                                                                                                                                   16-Jul-08


                                                                                                                                                                                31-Jul-08
                                                                                   2-Apr-08


                                                                                              17-Apr-08




                                                                                                                                                                                            15-Aug-08
                                                                                 RETURN ANALYSIS SHEET (Kshs)




Listed Equity                                                                              Week     Year-to Date                        KEY FINANCIAL RATIOS                                     Capitalisation
                                    Year Open (Ksh)   Week Open (Ksh)   Week Close (Ksh)   Change     Change       P/E (x)             P/BVS (x)          Div. Yield (%)     ROE (%)                 (Ksh)


Agricultural                                                                                                                  40.53                1.15               0.01              2.85     6,712,940,965
Unilever Tea                            65.00             45.00              45.00         0.00%     -30.77%                 (20.93)             0.80                  -               (3.81)    2,199,375,000
Kakuzi                                  36.25             38.00              35.25         -7.24%     -2.76%                  3.64                 nm                  -                 nm       690,899,965
Rea Vipingo                             22.25             18.60              18.10         -2.69%    -18.65%                  9.43                 nm                 0.04               nm      1,086,000,000
Sasini Ltd                              17.50             12.00              12.00         0.00%     -31.43%                 (80.00)             0.89                  -               (1.12)    2,736,666,000


Commerc.and Allied                                                                                                            41.09             11.28                 0.01             27.45    316,538,998,143
AccessKenya Group Ltd                   23.25             32.50              31.00         -4.62%     33.33%                 31.96              11.24                 0.01             35.16     6,196,452,918
Car & Gen                               57.00             50.50              50.00         -0.99%    -12.28%                  6.49                 nm                 0.01               nm      1,113,980,800
CMC                                     18.40             19.10              19.25         0.79%      4.62%                   9.48               6.32                 0.02             66.67    11,217,156,720
Kenya Airways Ltd                       63.50             45.75              45.50         -0.55%    -28.35%                  5.13               1.22                 0.04             23.76    21,003,504,522
Marshalls                               39.00             30.00              30.50         1.67%     -21.79%                 10.37                 nm                 0.03               nm       438,989,733
Nation Media Group.                     326.00            165.00            159.00         -3.64%    -51.23%                 20.81               6.28                 0.03             30.18    22,675,072,680
Safaricom Limited                        5.00              5.60              5.90          5.36%      18.00%                    nm                 nm                  nm                nm     236,000,000,000
Scangroup Ltd                           29.75             30.25              31.50         4.13%      5.88%                  21.15              10.86                 0.03             51.36     5,008,500,000
Standard Group Ltd                      57.00             51.50              52.00         0.97%      -8.77%                 17.28              15.50                 0.02             89.72     3,810,301,508
TPS Eastern Africa (Serena) Ltd         78.50             61.00              61.00         0.00%     -22.29%                 15.60               1.55                 0.02              9.91     6,457,749,262
Uchumi Supermarkets                     14.50             14.50              14.50         0.00%      0.00%                  41.43                 nm                  -                 nm      2,610,000,000


Finance & Invest.                                                                                                             16.30                5.03               0.03             30.89    406,732,118,711
Barclays Bank                           79.00             63.00              63.50         0.79%     -19.62%                 17.64               5.42                 0.03             30.72    86,225,634,000
CFC Bank                                129.00            105.00            104.00         -0.95%    -19.38%                  4.81               2.85                 0.19             59.23    28,463,157,944
Diamond Trust                           94.50             87.50              88.00         0.57%      -6.88%                 18.64               4.66                 0.02             24.97    14,347,265,504
Equity Bank Ltd                         150.00            286.00            273.00         -4.55%     82.00%                 40.56              26.69                 0.01             65.81    101,085,812,646
Housing Finance                         45.75             25.25              26.25         3.96%     -42.62%                 82.03               4.46                 0.00              5.44     6,037,500,000
ICDC                                    29.75             23.25              22.75         -2.15%    -23.53%                 11.21               1.52                 0.02             13.53    12,511,405,270
Jubilee Holdings Ltd                    213.00            183.00            177.00         -3.28%    -16.90%                 12.91               2.91                 0.02             22.57     7,965,000,000
K.C.B Bank                              28.50             28.25              29.00         2.65%      1.75%                  19.46               4.87                 0.02             25.01    57,884,000,000
Kenya Re-Insurance Corp                 16.95             14.95              16.30         9.03%      -3.83%                 13.47               1.52                 0.02             11.31     9,780,000,000
National Bank                           46.75             58.00              56.50         -2.59%     20.86%                 10.09               2.62                  -               25.95    11,300,000,000
National Industrial Credit              62.50             54.50              55.50         1.83%     -11.20%                 21.60              15.46                 0.01             71.59    16,466,427,257
Pan Africa Insurance Holdings Ltd       99.50             74.50              68.00         -8.72%    -31.66%                 16.23               2.57                 0.02             15.83     3,264,000,000
Standard Chartered Bank                 206.00            193.00            189.00         -2.07%     -8.25%                 15.57               4.79                 0.05             30.79    51,401,916,090


D.Indust. & Allied                                                                                                            16.56                2.77               0.04             16.73    365,952,165,211
Athi River Mining Ltd                   93.00             104.00            105.00         0.96%      12.90%                 24.65               6.68                 0.01             27.11     9,870,000,000
BOC (K)                                 160.00            160.00            160.00         0.00%      0.00%                  11.75               2.50                 0.06             21.28     3,124,071,360
Bamburi                                 196.00            185.00            194.00         4.86%      -1.02%                 19.58               5.33                 0.03             27.21    70,414,099,350
British American Tobacco                139.00            153.00            160.00         4.58%      15.11%                 11.54               3.83                 0.11             33.14    16,000,000,000
Carbacid                                137.00            137.00            137.00         0.00%      0.00%                  10.00                 nm                 0.07               nm      1,551,765,435
Crown Berger                            50.50             35.50              35.00         -1.41%    -30.69%                 20.11                 nm                 0.03               nm       830,445,000
E.A.Cables                              42.00             36.00              36.00         0.00%     -14.29%                 19.46               9.37                 0.03             48.17     7,290,000,000
E.A.Portland                            140.00            110.00            110.00         0.00%     -21.43%                 12.96               2.71                 0.02             20.92     9,900,000,000
E.A.Breweries                           168.00            183.00            185.00         1.09%      10.12%                 19.87               8.59                 0.04             43.25    146,293,255,860
Eveready East Africa Ltd                 7.95              5.00              5.00          0.00%     -37.11%                  8.33                 nm                 0.09               nm      1,050,000,000
Kenol                                   115.00            89.50              89.50         0.00%     -22.17%                 10.24               2.77                 0.02             27.09    13,172,262,740
K.Pow.& L.                              217.00            185.00            190.00         2.70%     -12.44%                  8.75               3.25                 0.02             37.21    15,034,320,000
KenGen                                  27.75             21.75              21.50         -1.15%    -22.52%                 19.37               0.72                 0.04              3.70    47,264,771,304
Mumias                                  14.80             10.45              10.20         -2.39%    -31.08%                 11.21               1.82                 0.05             16.25    15,606,000,000
Olympia Capital Holdings                14.55             13.75              13.40         -2.55%     -7.90%                  9.05                 nm                  -                 nm       536,000,000
Sameer Africa Ltd                       12.10              7.95              7.55          -5.03%    -37.60%                 17.56               1.09                  -                6.22     2,101,485,067
Total                                   33.75             30.00              29.75         -0.83%    -11.85%                  9.83               1.10                 0.09             11.21     5,147,136,750
Unga                                    15.45             11.40              12.15         6.58%     -21.36%                  9.27                 nm                  -                 nm       766,552,345




Total Market                                                                                                       19.96                 4.44                  0.03           22.26             1,095,936,223,030
               Databank
                                                                                                                                                                                                                                      NAMIBIA



MARKET STATISTICS                                                   NSX Posts a 5.06% Recovery

          Indicators        Level       Weekly        YTD (%)         The NSX made a phenomenal recovery this week greatly helped
                                       Change (%)
                                                                      by basic materials stocks in particular Anglo American and
Overall Index (N$)          853.64        5.06%            -8.15%     Paladin Energy. This was in spite of a net decline in the prices of
Overall Index (US$)         107.48        0.66%           -19.43%     gold and other metals during the week. The overall index was up
Mkt Cap (N$’bn)            1100.23        4.86%            -7.24%     by 5.06% to with its YTD return improving to -8.15%. The
Mkt Cap (US$’bn)            138.52       -0.18%           -19.16%     market recorded 14 advancers and 5 losers.
P/E (x)                      8.70          0.40               -
                                                                      Paladin Energy and Anglo American were the week’s firsts while
Data as August, 14 2008
                                                                      Mutual & Federal Insurance and Trusco Group Holdings were the
TOP GAINERS                                                           worst laggards.

                                        Weekly                        Market capitalization improved by 4.86% to N$1,100.23 billion.
       Equity Ticker      Price (N$)   Change (%)     YTD (%)
PDN                        37.24         13.85%            21.70%
ANM                        429.25         7.85%            3.15%
VKN                         9.90          5.88%            -6.34%
TRW                        31.00          5.08%            14.81%
AOX                        25.00          4.60%           -22.38%


TOP LOSERS

         Equity Ticker    Price (N$)    Weekly        YTD (%)
                                       Change (%)                                                                            OVERALL INDEX MOVEMENT
MTF                         16.40        -3.53%           -35.69%
TSO                          3.70        -2.89%            5.71%    1,050.00

FST                         15.65        -1.88%           -22.91%   1,000.00
BWL                         62.90        -0.94%           -41.60%
                                                                     950.00

                                                                     900.00
TOP 5 TRADES                                                         850.00

                                                                     800.00
       Equity [Ticker]    Price (N$)       Volume Traded
                                                                     750.00
OLM                         14.26             3,059,705
                                                                               2-Jan-08

                                                                                          17-Jan-08

                                                                                                      1-Feb-08

                                                                                                                 16-Feb-08

                                                                                                                             2-Mar-08

                                                                                                                                        17-Mar-08




                                                                                                                                                                           1-May-08

                                                                                                                                                                                      16-May-08

                                                                                                                                                                                                  31-May-08

                                                                                                                                                                                                              15-Jun-08

                                                                                                                                                                                                                          30-Jun-08

                                                                                                                                                                                                                                      15-Jul-08

                                                                                                                                                                                                                                                  30-Jul-08
                                                                                                                                                    1-Apr-08

                                                                                                                                                               16-Apr-08




                                                                                                                                                                                                                                                              14-Aug-08
TRW                         31.00             1,982,741
TSO                         3.70              1,065,420
FST                         15.65             1,028,740
SLA                         18.20              963,900

CURRENCY MARKET

          Currency          Level       Weekly        YTD (%)
                                       Change (%)
Dollar                      7.94         -4.81%           -12.8%
Pound                       14.85        -0.83%            -6.9%
Euro                        11.82        -1.43%           -13.7%
                                                                                                             RETURN ANALYSIS SHEET (N$)




Listed Equity                          Ticker                           Equity Prices                     Weekly    YTD        YTD          Liquidity Statistics                KEY FINANCIAL RATIOS                             Per Share Data              Market Cap      Market Cap
                                                      Year Open (N$)   Week Open (N$)   Week Close (N$)   Change   Chg (N$)   Chg (US$)   Volume      Turnover (N$)   P/E (x)   P/BVS (x)  Div. Yield (%)   ROE (%)   EPS (N$)       DPS (N$)     BVS (N$)   (N$ million)   (US$ million)

Financial Industry                                                                                                                                                    6.84        1.23           7.70        18.01
Banking                                                                                                                                                               9.53        1.98          10.41        20.79
FirstRand                                  FST             20.30            15.95           15.65         -1.88%   -22.91%     -32.81%    1,028,740    16,492,238     9.43        1.88          28.20        19.91     1.66            4.41        8.34      88,232.04       11,108.71
FNB Namibia Holdings                       FNB              9.30            10.11            10.11         0.00%    8.71%       -5.26%         0            0          8.90       2.18           2.57        24.51      1.14           0.26         4.64      2,705.37         340.61
Nedbank Group Ltd                          NBK             136.00          105.80           108.00         2.08%   -20.59%     -30.79%        0             0         7.41        1.40          3.24         18.91     14.57           3.50        77.05     50,454.28        6,352.36
Standard Bank Group                        SNB             101.00           88.00            89.99         2.26%   -10.90%     -22.35%      35,600      3,218,952     10.73       2.43           1.79        22.64      8.38           1.61        37.03     137,491.11      17,310.59

Nonlife Insurance                                                                                                                                                      7.43       1.79           2.96        24.08
Mut & Fed Insurance                        MTF             25.50           17.00             16.40        -3.53%   -35.69%     -43.95%       0             0           6.28       1.39           2.56        22.13      2.61           0.42        11.81      5,127.71         645.60
Santam Limited                             SNM             104.00          73.96             76.50         3.43%   -26.44%     -35.89%       0             0           8.28       2.13           3.19        25.75      9.24           2.44        35.88      9,130.00        1,149.50

Life Insurance                                                                                                                                                         4.92       0.74           3.05        15.09
Metropolitan Holdings Limited              MTD              14.95          12.10             12.40        2.48%    -17.06%     -27.71%     48,200       589,004        4.26       0.94           2.90        22.01      2.91           0.36        13.21       6,677.71        840.75
Old Mutual Plc                             OLM              22.96          14.15             14.26        0.78%    -37.89%     -45.87%    3,059,705    44,888,508      4.56       0.59           2.38        12.98      3.12           0.34        24.06      78,638.31       9,900.83
Sanlam Limited                             SLA              22.60          17.60             18.20        3.41%    -19.47%     -29.82%     963,900     17,374,356      5.96       1.36           4.35        22.77      3.06           0.79        13.42      40,769.97       5,133.08

Real Estate                                                                                                                                                            9.39       3.48           0.65        37.07
Oryx Properties Limited                    ORY              12.15          12.50             12.50        0.00%     2.88%      -10.34%       0             0          12.31       3.79           3.44        30.78      1.02           0.43         3.30       688.02          86.62
Vukile Property Fund Limited               VKN              10.57          9.35               9.90        5.88%     -6.34%     -18.37%       0             0          8.90        3.42           0.00        38.41      1.11           0.00         2.90      2,925.95         368.39

General Financial                                                                                                                                                      2.24       0.43           2.77        19.05
Investec Limited                           IVD              65.25          54.25             56.20         3.59%   -13.87%     -24.94%      5,100        279,531       2.17       0.41           2.82        19.03     25.89           1.59        136.08     14,757.58       1,858.03
Namibia Asset Management Limited           NAM               0.25           0.25              0.25         0.00%    0.00%      -12.85%        0             0         10.45       3.04           8.00        29.10      0.02           0.02         0.08        50.00           6.30
Trustco Group Holdings Limited             TSO              3.50           3.81               3.70        -2.89%    5.71%       -7.87%    1,065,420     3,942,097     16.45       3.81           0.64        23.18     0.22            0.02         0.97       518.10          65.23

Consumer Services                                                                                                                                                     16.60       6.10           2.23        36.76
General Retailers                                                                                                                                                     12.56       6.13           3.33        48.81
Nictus                                     NCT               0.80           0.95              0.95        0.00%    18.75%      3.49%          0             0          8.24       0.76           4.00        9.18       0.12           0.04         1.26        50.77           6.39
Truworths                                  TRW              27.00          29.50             31.00        5.08%    14.81%      0.06%      1,982,741    63,454,808     12.58       6.29           3.33        50.00      2.46           1.03         4.93      14,042.86       1,768.04

Food & Drug Retailers                                                                                                                                                 20.68       6.09           1.56        29.43
Shoprite Holdings                           SRH             43.00          41.00             42.30        3.17%     -1.63%     -14.27%       0             0          20.68       6.09           1.56        29.43      2.05           0.66         6.95      22,989.18       2,894.42

Consumer Goods                                                                                                                                                        10.98       2.43           3.98        22.13
Breweries                                                                                                                                                              9.37       2.49           2.73        26.54
Namibia Breweries                           NBS             4.52            5.50             5.50         0.00%    21.68%      6.05%         0             0           9.37       2.49           2.73        26.54      0.59           0.15         2.21      1,135.91         143.01

Food Producers                                                                                                                                                        12.04       2.40           4.62        19.93
Oceana Group Limited                       OCG              20.00          18.75             18.73        -0.11%    -6.35%     -18.38%       0             0          12.04       2.40           4.62        19.93      1.56           0.87         7.80      2,205.82         277.72

Industrials                                                                                                                                                            4.92       1.12           3.16        22.81
General Industrials
Barloworld Limited                         BWL             107.70          63.50             62.90        -0.94%   -41.60%     -49.10%       0             0           4.92       1.12           3.16        22.81     12.78           1.99        56.03      12,892.42       1,623.20

Basic Materials                                                                                                                                                       10.64       3.55           9.40        33.32
Industrial Metals/Mining                                                                                                                                              10.60       3.54           9.43        33.41
Anglo-American plc                         ANM             416.16          398.00           429.25        7.85%     3.15%      -10.11%    141,298      56,666,859     10.19       3.42           9.81        33.59     42.12          42.12        125.41    576,447.00      72,576.61
Trans Hex Group                            THX             10.00            8.51             8.70         2.23%    -13.00%     -24.18%                                21.58       0.89           4.63        4.13      0.40           0.40          9.75       922.65          116.16
Paladin Energy Limited                     PDN             30.60            32.71           37.24         13.85%    21.70%      6.06%        0             0                                                                                                 22,828.39        2,874.17

Chemicals                                                                                                                                                             14.42       3.87           6.94        26.85
Afrox                                      AOX              32.21          23.90             25.00        4.60%    -22.38%     -32.36%    375,200       9,185,031     14.42       3.87           6.94        26.85      1.79           1.79         6.66      8,838.75        1,112.83




Market with ANM                                                                                                                           8,330,704    206,906,353     8.70       2.01           8.45        23.05      5.77           4.24        25.04     1,100,519.91    138,559.15
Market without ANM                                                                                                                                                     7.50       1.38           6.94        18.38      3.40           1.77        18.48      524,072.91     65,982.54

Preference Shares
Stimulus Investments Limited - Pref        SMSP            104.99          105.00           105.00        0.00%     0.01%      -12.84%       0             0                                                                                                   129.86          16.35


NB: All Earnings figures have been converted to N$ using OANDA
    All P/E multiples based on full year earnings
                          Databank
                                                                                                                                                                                                                                                                     NIGERIA


                                                                                                                                                                                                          Mobil & Chevron up - Bearish Market Persist
MARKET STATISTICS

      Indicators                                                        Week Open                                       Week Close                                        YTD (%)                         Fortunes on the NSE worsened this week with the index level
NSE (N, points)                                                          49,703.56                                       47,517.87                                        -18.06%                         down by 4.40% to 47,517.87 points. This was despite
Mkt Cap (N’bn)                                                            10,125                                           9,689                                              -                           significant rallies in Mobil and Chevron throughout the week,
Volume (bn shares)*                                                        0.39                                             0.49                                              -                           as year-to-date return declined further to -18.06%.
Value (N’bn)*                                                              4.80                                            4.16                                               -
*Volume and Value figures for Friday 8th August and 15th August, 2008
                                                                                                                                                                                                          Market Capitalisation lost N436 billion to N9,689 billion.


TOP GAINERS*

   Equity Ticker                                                                            Price (N)                                                           Change (N)
MOBIL                                                                                        315.00                                                              ▲15.00
CHEVRON                                                                                      286.44                                                              ▲13.64
FLOURMILL                                                                                     63.53                                                               ▲3.02
CADBURY                                                                                      31.47                                                                ▲1.49
*Gainers for Friday, 15th August, 2008



TOP LOSERS*

   Equity Ticker                                                                     Price (N)                                                             Change (N)
TOTAL                                                                                 206.21                                                                ▼10.85
                                                                                                                                                                                                          TOP 5 TRADES*
OANDO                                                                                 149.15                                                                 ▼7.85
NESTLE                                                                                197.00                                                                 ▼2.50                                            Equity Ticker                            Volume      Value (N’bn)
WAPCO                                                                                  40.00                                                                 ▼2.00                                        IAINSURE                                   200,962,525       0.15
*Losers for Friday, 15th August, 2008
                                                                                                                                                                                                          STARCOMMS                                  29,743,565        0.32
                                                                                                                                                                                                          FCMB                                        16,676,597       0.24
FIXED INCOME                                                                                                                                                                                              FIDELITYBK                                 16,241,772        0.13
      Security                                                              12-May-08                                                                      30-June-08                                     Top trades for Friday, 15th August, 2008

91 Day                                                                         8.70                                                                           9.25
182 Day                                                                        9.10                                                                           9.54
364 day                                                                        7.99                                                                             -




                                                                        NSE Trend Graph

   70,000.00

   60,000.00

   50,000.00

   40,000.00

   30,000.00

   20,000.00

   10,000.00

         -
               3-Jan-08

                          18-Jan-08




                                                                                                                                    1-Jun-08

                                                                                                                                               16-Jun-08

                                                                                                                                                           1-Jul-08

                                                                                                                                                                      16-Jul-08

                                                                                                                                                                                  31-Jul-08
                                      2-Feb-08

                                                 17-Feb-08

                                                             3-Mar-08

                                                                         18-Mar-08

                                                                                      2-Apr-08

                                                                                                 17-Apr-08

                                                                                                             2-May-08

                                                                                                                        17-May-08




                                                                                                                                                                                              15-Aug-08
              Databank
                                                                                                                                                                                                                                  UGANDA


                                                                USE Returns Slipping into Negative Territory
MARKET STATISTICS

      Indicators         Week Open    Week Close    YTD (%)     The ALSI is on the threshold of wiping out all its gains this
ALSI (Ushs)               1,013.87      996.53        0.55      year. Year-to-date return is now 0.55% at a level of 996.53
ALSI ($)                    0.63         0.62         6.04      points. Declines in 5 stocks as against 2 laggards kept the USE
Mkt Cap (Ushs ’bn)        6,156.90     6,051.60       1.79      in bearish territory.
Mkt Cap ($’bn)              3.80         3.76         7.36
                                                                Market Capitalisation is Ushs6,051.60 billion.
P/E (x)                    16.87        16.59           -



GAINER
                                                                                                                                                                                                                                              Outlook

    Equity Ticker          Price      Change       YTD (%)       The laggards continue to multiply on the USE and will need a
Bank of Baroda             4,615      ▲2.90%         103.75      change in fortunes on the cross-listed market to pull back up.
Uganda Clays              11,390      ▲0.22%         111.91
                                                                 The ball still lies in the hands of stocks such as Kenya Airways,
                                                                 Jubilee Holding and East African Breweries. These will dictate
                                                                 the trend of the market next week.
LOSERS

     Equity Ticker         Price      Change       YTD (%)
Jubilee Holding            4,254      ▼4.28%        -25.34
Kenya Airways              1,081      ▼3.74%        -32.31
DFCU                        735       ▼3.29%         5.00                                                                ALSI (Trend Graph)
British American Tob.      1,160      ▼2.52%         48.72
East African Breweries     4,398      ▼2.11%         1.24       1,200.00

                                                                1,150.00

                                                                1,100.00
FIXED INCOME                                                    1,050.00

      Security           Year Open   Week Open     Week Close   1,000.00

91 Day Bill (%)            8.03%       8.35%        8.57%        950.00

182 Day Bill (%)             -        13.16%        12.80%       900.00

1 Year Note (%)              -        12.97%        12.71%       850.00

2 Year Bond (%)              -        14.78%        14.78%       800.00
                                                                           2-Jan-08

                                                                                      17-Jan-08

                                                                                                  1-Feb-08

                                                                                                             16-Feb-08

                                                                                                                         2-Mar-08

                                                                                                                                    17-Mar-08




                                                                                                                                                                       1-May-08

                                                                                                                                                                                  16-May-08

                                                                                                                                                                                              31-May-08

                                                                                                                                                                                                          15-Jun-08

                                                                                                                                                                                                                      30-Jun-08

                                                                                                                                                                                                                                  15-Jul-08

                                                                                                                                                                                                                                              30-Jul-08



3 Year Bond (%)              -        13.32%        13.32%
                                                                                                                                                1-Apr-08

                                                                                                                                                           16-Apr-08




                                                                                                                                                                                                                                                          14-Aug-08



5 Year Bond (%)              -        14.07%        14.07%


CURRENCY MARKET

         Currency        Week Open   Week Close    YTD (%)
Dollar                      1,622       1,610          -
Pound                       3,146       3,101          -
Euro                        2,501       2,428          -
                                                                              RETURN ANALYSIS SHEET (Ushs)




Listed Equity                    Ticker                                                                 Week    Year-to Date                     KEY FINANCIAL RATIOS                          Capitalisation
                                           Year Open (Ushs)     Week Open (Ushs)   Week Close (Ushs)   Change     Change       P/E (x)             P/BVS (x)     Div. Yield (%)   ROE (%)         (Ushs)

Local                                                                                                                                    37.22               8.67         2.04        23.31    1,883,302,508,502
British America Tobbacco           BATU                   780              1,190               1,160   -2.52%     48.72%                  9.28            (374.19)         -      (4,032.26)      56,932,800,000
Uganda Clays Limited                UCL                 5,375             11,365              11,390   0.22%     111.91%                 48.67               9.58         0.19        19.68      102,510,000,000
Bank of Baroda                     BOBU                 2,265              4,485               4,615   2.90%     103.75%                 17.09               4.86         1.54        28.45      184,600,000,000
DFCU Limited                       DFCU                   700                760                 735   -3.29%      5.00%                 21.45               3.49         1.81        16.25      182,721,635,702
New Vision Limited                  NVL                 1,150              2,510               2,510   0.00%     118.26%                 38.61               7.57         0.80        19.60      128,010,000,000
Stanbic Bank Uganda                 SBU                   230                240                 240   0.00%       4.35%                 23.17              12.38         2.53        53.42    1,228,528,072,800

Cross Listed                                                                                                                             13.24               3.64         4.49       27.46     4,134,377,562,252
East African Breweries Limited      EABL                4,344              4,493               4,398   -2.11%      1.24%                 18.09               6.86         4.65       37.96     3,482,227,224,048
Kenya Airways                        KA                 1,597              1,123               1,081   -3.74%     -32.31%                 4.69               0.89         4.21       18.89       499,006,338,204
Jubilee Holding Limited              JHL                5,698              4,444               4,254   -4.28%     -25.34%                11.67               2.33         1.89       20.00       153,144,000,000




Total Market                                                                                                                             16.59               4.44         3.73       26.80     6,017,680,070,754
          Databank

                                                    Contact Information

      Databank Group Research Team                                                                     Country Offices
                    Daniel Ogbarmey Tetteh                                                                       Ghana
             Executive Director, Head, Group Research                                                       61 Barnes Road
                daniel.tetteh@databankgroup.com                                                            Adabraka, Accra.
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                 roselyn.dennis@databankgroup.com                                                         Tel: +220 4378014
                                                                                                          Fax: +220 4378016
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                   doris.ahiati@databankgroup.com                                                               Liberia
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                       Dorothy L. Ametefe                                                            Tubman Boulevard, Monrovia.
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                dorothy.ametefe@databankgroup.com

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                              Analyst
                                                                                                      Web Information
                sampson.akligoh@databankgroup.com

                       Richmond D. Cabral
                              Analyst                                             Visit the Databank Group Website for information on other
                richmond.cabral@databankgroup.com                               research publications, and investment products that it offers, at:

                          Prince N.D. Abbey                                                       http://www.databankgroup.com
                            Senior Analyst
                  prince.abbey@databankgroup.com




                                                                 Disclaimer
This Information has been compiled from sources we believe to be reliable but we do not hold ourselves responsible for its completeness or accuracy.
It is not an offer to sell or a solicitation or an offer to buy securities. This firm and its affiliates and their officers and employees may or may not have
     a beneficial interest in the securities mentioned herein. This firm and its affiliates may from time-to-time have a consulting relationship with a
company being reported upon. This may involve the firm or the affiliates providing significant corporate finance services and acting as the company's
    official or sponsoring broker. All opinions and estimates included in this report constitute our judgment as of that date and are subject to change
                        without notice. Available only to persons having professional experience in matters relating to investment.

				
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