Und P African Stock Markets

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C M Y CM MY CY CMY K
African Stock Markets

Handbook
United Nations Development Programme

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UNDP is the UN’s global development network, advocating for

change and connecting countries to knowledge, experience
and resources to help people build a better life.
We are on the ground in 166 countries, working with them on

their own solutions to global and national development
challenges. As they develop local capacity, they draw on the
people of UNDP and our wide range of partners.
World leaders have pledged to achieve the Millennium

Development Goals, including the overarching goal of cutting
poverty in half by 2015. UNDP's network links and coordinates
global and national efforts to reach these Goals. Our focus is
helping countries build and share solutions to the challenges of:
• Democratic Governance
• Poverty Reduction
• Crisis Prevention and Recovery
• Energy and Environment
• Information and Communications Technology
• HIV/AIDS
UNDP helps developing countries attract and use aid effectively.

In all our activities, we encourage the protection of human rights
and the empowerment of women.
FOREWORD
The African Stock Markets Handbook, published by the United Nations Development Program (UNDP) on the occasion of the 2003
African Capital Markets Forum, provides investors with a comprehensive overview of the African stock industry. With cross-country
data, country profiles and detailed market information on all 18 African stock exchanges, it should help potential investors consider
the many investment opportunities now available through the continent’s financial markets.
During the last decade, the number of African Stock Exchanges has risen from 10 to 18. There are now stock markets in Botswana,
Côte d'Ivoire, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania,
Tunisia, Uganda, Zambia and Zimbabwe. These stock exchanges range from the larger South African and Egyptian exchanges that
were established in the 1880s to smaller exchanges in Uganda and Mozambique only in the past four years.
African equities represent a vastly underutilized option for international investors. These are growing markets that have provided
attractive returns in the last several years and can achieve the goal of portfolio diversification as they offer a superior risk/return
profile that is not affected by trends in the more developed markets. Many African equities have very attractive Price/Earnings ratios.
And as this Handbook shows, two of the top five world best performing stock exchanges were African markets; Sub Sahara Africa
indices, weighted by country market capitalisation, have outperformed most developed and emerging markets indices. The cumulative
returns in the last five years in US dollars for sub-Saharan-Africa has been 4.3% in comparison to –3.9% for the S&P 500 and –15.5%
for the UK FTSE 100.
UNDP, as the UN’s global development network, has organized the 2003 African Capital Markets Forum in collaboration with the New
York Stock Exchange and the African Stock Exchanges Association and published this Handbook to help the African countries derive
more benefits from portfolio investments and further integrate in the global economy. By mobilizing private capital, Africa can
promote the economic growth needed to reduce poverty.
Zéphirin Diabré
African Stock Markets Handbook - 2003
Associate Administrator
United Nations Development Program
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CONTENT
Foreword 1
Acknowledgements 3
Africa’s Equity Markets - A Synopsis 4
Sub-Saharan Performance - Cumulative 5
Capital Raising in Africa 13
An Overview of Depositary Receipts 21
Country Profiles
Algeria 23
Botswana 28
Côte d'Ivoire (West Africa Bourse) 33
Egypt 39
Ghana 45
Kenya 51
Malawi 57
Mauritius 62
Morocco 68
Namibia 74
Nigeria 79
South Africa 84
Swaziland 91
Tanzania 96
Tunisia 101
Uganda 107
Zambia 112
Zimbabwe 117
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2003 UNDP AFRICAN STOCK EXCHANGES HANDBOOK

Managing Editor: Sahba Sobhani, Consultant, UNDP African Financial Markets Initiative
Research Team: Robert Bunyi, Senior Analyst, Liquid Africa

Michael Furman, Analyst, Liquid Africa
Cyrille Nkontchou, Managing Director, Liquid Africa
Cover and Design: Kris Luckraj, Atmosphere Advertising & Design (South Africa)
Maureen Lynch, Communications Office, UNDP
Acknowledgements: This Handbook could not have been prepared without the generous support and contribution of many individuals and organizations.
We are particularly grateful to Mr. Zéphirin Diabré, Associate Administrator of UNDP, for his intellectual leadership and vision.
His deep commitment to the development of African financial markets has been a source of great strength to the Handbook Team.
His original insights and advice on the role of capital markets in the economic development of African countries have shaped the content of this Handbook.
Many other individuals consulted during the preparation of the Report provided invaluable advice, information, material, and assistance. The Handbook Team
would specifically like to thank the following people:
Sunil Benimadhu, CEO, Mauritius Stock Exchange
Tony Nkrumah Brobbey, Vice President, Bank of New York
John Chambers, Managing Director, Standard & Poor’s
Brad Durham , Managing Director, Emerging Portfolio
Peri Johnson, Office of Legal Affairs, UNDP
Rajeswary Iruthayanathan, Communications Office, UNDP
Sydney Maree, Corporate Marketing and Communications, JSE Securities Exchange South Africa
Renaud Meyer, Office of the Administrator, UNDP
Nicholas Okoye, Head of Strategy and Derivative Markets, Nigerian Stock Exchange
Ravi Rajan, Director, Operations Support Group, UNDP
We are grateful to the following institutions for allowing us to reproduce data and material from their publications:
Human Development Report Office, UNDP
CIA World Factbook
Emerging Portfolio
LiquidAfrica
Standard and Poor’s
JSE Security Exchange of South Africa
Standard Chartered Bank
Cover Shot: JSE Security Exchange of South Africa
The information in this Handbook was provided principally by Liquid Africa. The views and data in this Handbook are those of the authors and do not necessarily
represent those of the United Nations Development Programme. The United Nations Development Programme and Liquid Africa do not guarantee the accuracy of
the data included in this publication and accept no responsibility whatsoever for any consequence of their use.
The material in this publication is copyrighted.

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AFRICA’S EQUITY MARKETS - A SYNOPSIS
BY ROBERT BUNYI (SENIOR ANALYST LIQUID AFRICA)
As diverse and contrasting is the continent of Africa, so too are Africa’s capital markets. With The 1990’s witnessed a deliberate shift by a number of African governments to free market
53 countries, the African continent has over 20 active stock exchanges, including one of the policies driven by the desire to reduce the burden on government finances. This was achieved
only regional stock exchanges in the world, linking eight French-speaking countries in West by implementing market-friendly reforms. A central component of this process was the
Africa. With a market capitalisation of over US$ 180 billion in South Africa, Africa hosts one privatisation of State-owned companies.
of the largest stock markets in the world. This is in stark contrast to the other African stock
markets that have comparatively small market capitalisations. A number of these privatisation were effected by listing on the local exchanges. In order to
further stimulate the development of a local capital market, many subsidiaries of large
With the exception of the South African market and to a limited extent the North African international companies were also encouraged to list their local operation. For entrepreneurs
markets, African stock markets are described as “frontier markets”.These markets are typically as well as emerging private companies, capital raising in African equity markets is vibrant
characterised by a relatively small capitalisation and liquidity levels. As a consequence, most despite the relative small size of issues.
of these markets are excluded from the main regional equity market indices and as a result
attract little Global Emerging Markets (GEM) portfolio funds. Some African governments have taken advantage of the development of the local capital
markets to issue stock exchange listed treasury debt instruments. Kenya and Ghana are a
However, amid bearish performance of developed stock markets over the past two and a case in point, where these governments have been able to issue longer-term instruments
half years, several leading African markets such as Botswana have bucked the negative trend thus better managing local debt. The spin off of this has been improved transparency in
and recorded solid performance. Smaller African markets have proved relatively immune to pricing of local bank lending facilities and increased competition within local banking
global jitters hitting share values worldwide, due to their lack of correlation with developed industries. We continue to witness rapid development in the debt segment of the African
markets. This distinct characteristic of African equity markets offers positive benefits in terms capital markets.
of risk diversification.
An increasingly encouraging trend is the development of the local pension fund industry.
African stock exchanges face a number of challenges before they could enter a new phase With the exception of South Africa and to some extent Southern Africa, private and institutional
of rapid growth. The most critical issue is to eliminate existing impediments to institutional cash flows have traditionally been invested mostly in real estate, term bank deposits and
development. These include a wider dissemination of information on these markets, the treasury bills. A number of African countries have introduced as part of wider financial sector
implementation of robust electronic trading systems and the adoption of central depository reforms new laws enabling the emergence of a local fund management industry.
systems. A number of countries have already begun implementing necessary changes notably in
the area of trading and settlement systems and regulatory regimes that will continue to improve. Looking ahead, African capital markets represent the final frontier of global capital.
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SUB-SAHARAN PERFORMANCE – CUMULATIVE (END 2002)

2002 Index Return Cumulative Return (US Currency)1
Market Index Weighting 2 Local Currency US Currency 2 Year 3 Year 5 Year
Botswana DCI 13% 8.8% 41.4% 96.1% 89.0% 225.5%

French West Africa BVRM 9% 8.8% 27.4% 58.0% 38.1% 27.0%
Ghana GSE 3% 55.6% 33.3% 56.9% -10.0% -5.9%
Kenya NSE 9% 6.7% 7.7% 3.9% -10.2% -34.2%
Mauritius SEMDEX 10% 27.2% 30.8% 22.5% 6.8% 12.7%
Namibia NSX Local 2% -38.8% -15.8% -44.5% -71.9% -77.2%
Nigeria NSE 42% 17.1% 7.6% 38.0% 100.5% 42.7%
Zambia LuSE 2% 24.9% 9.9% -17.1% 33.5% -26.1%
Zimbabwe ZSE 11% 122.1% -52.2% -59.9% -78.5% -78.1%
Sub Sahara (indices weighted average by market cap) -12.3% 17.9% 15.2% 4.3%
South Africa JSE overall -7.4% 27.9% 5.7% -13.0% -0.4%
UK FTSE-100 -22.5% -14.2% -28.3% -38.9% -15.5%
US S&P 500 -22.4% -22.4% -31.6% -37.7% -3.9%
Emerging Markets MSCI EM EMEA -12.4% -7.5%
(1) Annual index return includes dividends. 2 years = Jan. 2001 to Dec. 2002, 3 years = Jan. 2000 to Dec. 2002, 5 years = Jan. 1998 to Dec. 2002
(2) Market capitalisation weighting of Sub Saharan countries (ex South Africa) for beginning 2002
Source: LiquidAfrica

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LONG-TERM AGGREGATE NET FINANCIAL RESOURCE
FLOWS TO DEVELOPING COUNTRIES
TYPE OF FINANCE 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Official Development Finance 36,712 41,017 41,082 40,113 41,325 55,592 62,162 54,325 53,356 46,036 54,053 30,334 40,734 53,400 47,379 35,287 36,508
Official Development Assistance 25,953 29,137 33,220 34,007 34,268 43,619 50,777 44,299 41,571 46,180 45,004 38,789 33,806 37,897 43,591 38,088 39,766
Official Grants Excludes T.A. 13,578 15,904 16,835 18,201 19,190 28,193 35,074 30,480 28,331 32,718 32,779 28,079 26,597 27,969 30,271 29,940 29,200
Official Concessional Loans 12,375 13,233 16,385 15,806 15,078 15,426 15,703 13,819 13,240 13,462 12,225 10,708 7,208 9,928 13,311 8,137 10,566
Bllatelal 8,326 8,648 10,887 10,408 10,041 9,499 9,298 7,271 6,711 5,750 5,007 2,488 -187 2,945 6,595 2,339 4,160
Multilateral 4,049 4,585 5,498 5,398 5,037 5,927 6,405 6,548 6,529 7,712 7,218 8,223 7,396 6,983 6,725 5,808 6,406
Official Non-Concessional Loans 10,759 11,880 7,862 6,106 7,056 11,972 11,385 10,026 11,785 -143 9,049 -8,455 6,929 15,504 3,788 -2,800 -3,258
Bilateral 2,295 3,155 808 120 537 2,902 3,929 4,513 3,431 -2,663 5,207 -12,926 -6,883 -5,232 -8,220 -7,519 -8,422
Multilateral 8,464 8,685 7,054 5,986 6,519 9,070 7,456 5,513 8,354 2,520 3,842 4,470 13,811 20,736 12,008 4,718 5,164
Private Flows 31,542 23,436 24,806 38,985 38,192 42,154 62,050 99,360 167,574 176,374 206,140 276,241 300,673 283,252 224,492 225,846 159,970
Private Loans 20,535 13,447 10,718 18,592 11,706 14,292 18,832 38,168 50,002 51,182 63,262 96,531 98,085 89,408 5,636 8,235 -26,796
Commercial Banks 7,417 4,589 4,208 10,013 943 3,210 4,981 16,269 4,099 9,327 30,906 32,168 45,594 51,858 -23,309 -6,124 -32,271
Bonds 5,175 1,233 -288 2,627 2,974 -198 10,964 11,054 36,678 38,144 30,659 62,287 49,605 40,914 29,472 16,878 9,508
Other 7,943 7,625 6,798 5,952 7,789 11,280 2,887 10,845 9,225 3,711 1,697 2,076 2,886 -3,364 -527 -2,519 -4,033
Foreign Direct Investment (net) 10,867 9,399 13,398 19,293 23,114 24,119 35,665 47,135 66,556 90,027 106,817 130,780 172,494 178,263 184,353 166,691 168,238
Portfolio Equity Flows 140 590 690 1,100 3,372 3,743 7,552 14,057 51,016 35,165 36,060 48,929 30,094 15,567 34,456 50,867 18,527
NET RESOURCE FLOWS 68,253 64,452 65,889 79,098 79,770 99,147 124,212 153,685 220,931 222,410 260,193 306,572 341,406 336,653 271,871 261,133 196,477
NET TRANSFERS 1,326 103 -178 4,883 6,867 27,044 53,583 81,866 149,010 137,254 156,498 195,548 221,958 206,412 131,876 111,464 39,265
Memo lterms
Technical Cooperation Grants 7,727 9,084 10,810 12,275 12,214 14,094 15,559 17,692 18,197 16,856 20,104 18,685 15,737 16,285 16,628 15,545 15,200
Net Use of IMF Credit -152 -2,841 -5,500 -4,988 -2,320 71 3,152 1,098 1,664 1,569 16,841 1,057 14,659 19,231 -12,566 -10,979 12,751
IBRD - Net Flows 5,208 5,566 4,754 2,933 3,116 5,101 2,610 120 2,764 -303 1,105 1,362 6,715 6,803 5,091 3,394 2,199
IBRD - Net Transfers 1,681 424 -1,437 -3,988 -3,219 -2,027 -5,326 -7,659 -5,238 -8,303 -7,033 -6,444 -177 -226 -2,633 -4,855 -5,847
IBRD - Net Flows 2,757 3,041 3,752 3,672 3,386 4,095 4,301 4,788 4,465 5,593 4,930 5,723 5,287 4,814 4,510 4,175 4,737
IDA - Net Transfers 2,569 2,803 3,476 3,376 3,118 3,793 3,952 4,416 4,070 5,162 4,426 5,210 4,755 4,260 3,909 3,553 4,119
Source: S&P Emerging Markets Handbook
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STOCK MARKET CAPITALIZATION, 1992 - 2002

(US$ Millions, End-of-Period Levels)
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Algeria - - - - - - - 306 303 199 145

Botswana 295 261 377 398 326 614 724 1,052 978 1,269 1,717
Cote d'Ivoire 483 414 428 866 914 1,276 1,818 1,514 1,185 1,165 1,329
Egypt 3,259 3,814 4,263 8,088 14,173 20,830 24,381 32,838 28,741 24,335 26,245
Ghana 84 118 1,873 1,649 1,492 1,138 1,384 916 502 528 382
Kenya 637 1,060 3,082 1,886 1,846 1,824 2,024 1,409 1,283 1,050 1,676
Malawi - - - - 15 110 148 161 212 152 107
Mauritius 424 842 1,578 1,562 1,693 1,754 1,849 1,643 1,335 1,061 1,324
Morocco 1,909 2,651 4,376 5,951 8,705 12,177 15,676 13,695 10,899 9,087 8,319
Namibia 21 28 201 189 473 689 429 691 311 151 201
Nigeria 1,221 1,029 2,711 2,033 3,560 3,646 2,887 2,940 4,237 5,404 5,989
South Africa 103,537 171,942 225,718 280,526 241,571 232,069 170,252 262,478 204,952 139,750 182,616
Swaziland 111 297 338 339 471 129 85 95 73 127 146
Tanzania - - - - - - 236 181 233 398 695
Tunisia 814 956 2,561 3,927 4,263 2,321 2,268 2,706 2,828 2,303 1,810
Uganda - - - - - - - - 37 34 52
Zambia - - - 19 195 705 301 280 236 217 231
Zimbabwe 628 1,433 1,828 2,038 3,635 1,969 1,310 2,514 2,432 7,972 11,689
Total Africa 113,423 184,845 249,334 309,471 283,317 281,251 225,772 325,419 260,777 195,202 244,672
All Emerging Markets 981,617 1,664,045 1,882,103 1,893,625 2,223,895 2,133,165 1,775,267 2,948,429 2,608,486 2,572,064 n.a
Developed Markets 9,950,909 12,353,880 13,233,217 15,894,462 18,028,762 20,983,312 25,148,563 33,180,126 29,614,264 25,246,554 n.a
World Total 10,932,526 14,017,925 15,115,320 17,788,087 20,252,657 23,116,477 26,923,830 36,128,555 32,222,750 27,818,618 n.a
Africa:Emerging Markets 11.6% 11.1% 13.2% 16.3% 12.7% 13.2% 12.7% 11.0% 10.0% 7.6% n.a
Africa:World Total 1.0% 1.3% 1.6% 1.7% 1.4% 1.2% 0.8% 0.9% 0.8% 0.7% n.a
Note:
1. 0 Indicates value less than 0.5
2. n.a. Indicates not available
Source: LiquidAfrica, S&P Emerging Markets Handbook

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VALUE TRADED, 1992 - 2002
(US$ Millions, End-of-Period Levels)
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Algeria - - - - - - - 1 5 3 0
Botswana 15 20 31 38 31 59 70 38 47 65 62
Cote d'Ivoire 4 6 12 14 19 24 39 85 33 8 16
Egypt 195 170 757 677 2,463 5,859 5,028 9,038 11,120 3,897 7,362
Ghana 0 5 75 22 17 49 60 25 10 13 11
Kenya 12 14 62 65 67 106 79 74 47 40 36
Malawi - - - - - - 10 6 9 21 3
Mauritius 10 39 86 69 81 142 104 78 74 109 59
Morocco 70 498 788 2,426 432 1,051 1,390 2,530 1,094 974 922
Namibia 0 0 18 3 41 24 13 22 22 8 129
Nigeria 14 10 18 14 72 132 160 145 263 496 486
South Africa 7,767 13,049 15,607 17,048 27,202 44,722 58,347 72,917 77,494 69,676 76,792
Swaziland 0 0 2 0 2 378 0 0 0 10 0
Tanzania - - - - - - 0 7 40 8 19
Tunisia 33 46 296 663 281 260 188 420 626 316 704
Uganda - - - - - - - - 0 0 1
Zambia - - - 0 3 8 3 12 8 53 2
Zimbabwe 20 53 176 150 255 539 186 227 279 1,530 131
Total Africa 8,140 13,910 17,928 21,189 30,966 53,353 65,677 85,625 91,171 77,228 85,825
All Emerging Markets 626,236 1,096,098 1,654,807 1,040,196 1,564,668 2,353,324 2,368,356 2,922,368 3,956,869 2,400,844 n.a.
Developed Markets 4,156,722 6,098,477 7,167,124 9,186,521 12,036,689 16,138,507 20,207,122 27,438,067 43,912,999 39,676,018 n.a.
World Total 4,782,958 7,194,575 8,821,931 10,226,717 13,601,357 18,491,831 22,575,478 30,360,435 47,869,868 42,076,862 n.a.
Africa: Emerging Markets 1.3% 1.3% 1.1% 2.0% 2.0% 2.3% 2.8% 2.9% 2.3% 3.2% n.a.
Africa: World Total 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.3% 0.2% 0.2% n.a.
Note:
1. – Indicates no value, market not open
2. 0 Indicates value less than 0.5
3. n.a. Indicates not available
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NUMBER OF COMPANIES LISTED, 1992 - 2002

(End-of-Period Levels)
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Algeria - - - - - - - 2 3 3 3
Botswana 11 11 11 12 12 12 14 15 16 16 19
Cote d'Ivoire 27 24 27 31 31 35 35 38 41 38 38
Egypt 656 674 700 746 649 654 861 1033 1076 1110 1151
Ghana 15 15 17 19 21 21 21 22 22 22 24
Kenya 57 56 56 56 56 58 58 57 57 55 50
Malawi - - - - 1 3 6 6 7 7 8
Mauritius 22 30 35 40 40 40 40 41 40 40 40
Morocco 62 65 51 44 47 49 53 55 53 55 56
Namibia 3 4 8 10 12 13 15 14 13 13 13
Nigeria 153 174 177 181 183 182 186 194 195 194 195
South Africa 683 647 640 640 626 642 668 668 616 542 472
Swaziland 3 4 4 4 6 4 5 7 6 5 5
Tanzania - - - - - - 2 4 4 4 5
Tunisia 17 19 21 26 30 34 38 44 44 46 46
Uganda - - - - - - - - 2 2 3
Zambia - - - 2 6 7 9 9 9 9 11
Zimbabwe 62 62 64 64 64 64 67 70 69 72 77
Total 1771 1785 1811 1875 1784 1818 2078 2279 2273 2233 2213

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STOCK MARKET PRICE INDICES, 2002

Country Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Algeria LA All Share (Dec 2001 = 100) 101.57 98.20 94.33 92.34 84.78 78.52 78.52 75.91 72.67 70.20 71.56 73.06
Botswana BSE Domestic (Jun 1989 = 100) 2563.73 2576.88 2633.85 2588.15 2602.01 2540.31 2464.24 2478.47 2478.25 2431.69 2520.46 2501.41
Cote d'Ivoire BRVM 10 (Sep 1998=100) 73.23 71.57 70.11 70.09 71.94 70.50 68.20 66.52 67.20 66.34 68.64 75.15
Egypt CMA General (Jan 1992 = 100) 603.58 618.04 618.61 621.28 626.00 627.36 628.26 630.71 631.33 629.79 630.37 634.70
Ghana GSE All Share (Nov 1990 = 100) 957.34 969.89 1018.02 1041.05 1132.68 1223.69 1257.08 1309.71 1310.67 1339.76 1362.65 1395.31
Kenya NSE 20 Share (Jan 1966=100) 1343.41 1313.57 1183.10 1129.33 1071.07 1086.62 1097.73 1043.38 1043.40 1116.36 1161.12 1317.45
Malawi MSE Domestic Share (Nov 1996 = 100) 300.11 300.33 300.82 300.98 299.09 284.53 282.24 278.01 251.46 246.18 231.11 233.43
Mauritius SEMDEX (Jul 1989 = 100) 373.88 372.95 373.43 353.64 354.03 358.65 365.69 375.23 379.73 379.02 385.73 399.26
Morocco Morocco All Share (Dec 1991 = 1000) 3444.85 3407.59 3406.95 3293.35 3207.72 3135.26 2989.54 3058.49 2941.26 2890.88 2951.63 2980.44
Namibia NSX Local Companies (Jun 1995 = 100) 58.00 58.20 57.00 56.20 56.00 56.00 52.35 51.96 52.54 48.92 48.41 47.28
Nigeria NSE All Share (Jan 1984 = 100) 10649.96 10581.98 11214.38 11399.05 11486.70 12440.65 12458.23 12327.91 11811.55 11451.51 11622.74 12059.21
South Africa JSE All Share 10313.90 10814.60 10948.70 11029.70 11219.26 10657.73 9239.02 9677.26 9465.33 9376.23 9563.74 9358.90
Swaziland SSX All Share (Jul 1990 = 100) 178.52 178.57 178.57 178.57 178.57 178.77 178.77 178.77 165.78 165.78 165.93 165.93
Tanzania LA All Share (Dec 2001 = 100) 118.22 126.13 137.30 150.42 149.21 148.75 134.12 135.05 141.65 159.35 155.73 151.86
Tunisia TUNINDEX (Dec 1997 = 1000) 1279.74 1275.61 1255.45 1191.65 1192.59 1193.38 1182.01 1141.89 1197.33 1136.38 1125.22 1114.07
Uganda LA All Share (Dec 2001 = 100) 100.00 95.61 96.60 95.30 95.23 104.95 102.23 103.54 103.59 102.29 103.36 103.36
Zambia LuSE All Share (Jan 1997 = 100) 313.36 321.06 315.83 310.10 323.36 335.08 334.56 340.90 336.20 333.80 336.60 306.97
Zimbabwe ZSE Industrial (Dec 1966 = 100) 46149.49 47788.30 48090.75 51211.44 68261.75 77232.98 100951.31 99399.74 99520.98 115097.30 93231.87 102228.96
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STOCK MARKET INDICES, 1992 - 2002

Country Index 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Algeria LA All Share (Dec 2001 = 100) - - - - - - - - - 100.00 73.06

Botswana BSE Domestic (Jun 1989 = 100) 273.70 278.50 312.90 332.80 352.81 708.50 946.90 1399.30 1453.50 2455.40 2501.41
Cote d'Ivoire BRVM 10 (Sep 1998=100) - - - - - - 98.10 91.30 74.80 77.50 75.15
Egypt CMA General (Jan 1992 = 100) 108.87 135.67 238.40 213.20 296.70 359.85 382.77 624.51 626.16 613.00 491.67
Ghana GSE All Share (Nov 1990 = 100) 79.10 170.80 371.70 298.10 360.80 511.70 868.40 736.20 858.00 956.00 1395.31
Kenya NSE 20 Share (Jan 1966=100) 1167.29 2513.74 4559.40 3468.88 3114.11 3117.50 2962.10 2303.20 1913.40 1354.59 1317.45
Malawi MSE Domestic Share (Nov 1996 = 100) - - - - 112.50 137.57 220.68 250.89 270.12 280.15 233.43
Mauritius SEMDEX (Jul 1989 = 100) 183.18 302.63 476.10 344.44 353.46 391.12 465.60 435.70 390.10 340.90 399.26
Morocco Morocco All Share (Dec 1991 = 1000) 1168.38 1504.71 2118.02 2223.32 2913.99 4340.37 5163.00 4865.07 3995.27 3568.68 2980.44
Namibia NSX Local Companies (Jun 1995 = 100) - - - 86.40 150.60 164.20 106.00 157.00 92.00 88.50 47.28
Nigeria NSE All Share (Jan 1984 = 100) 1107.60 1543.80 2205.00 5092.10 6992.10 6440.50 5680.10 5266.40 8111.00 10963.10 12059.21
South Africa JSE All Share 3259.00 4893.00 5867.00 6228.00 6657.50 6202.30 5430.50 8543.00 8326.00 10441.70 9358.90
Swaziland SSX All Share (Jul 1990 = 100) 118.08 130.25 147.11 151.40 238.92 118.08 130.25 147.00 138.04 205.72 165.93
Tanzania LA All Share (Dec 2001 = 100) - - - - - - - - - 100.00 151.86
Tunisia TUNINDEX (Dec 1997 = 1000) - - - - - 1000.00 917.00 1193.00 1442.61 1267.02 1114.07
Uganda LA All Share (Dec 2001 = 100) - - - - - - - - - 100.00 103.36
Zambia LuSE All Share (Jan 1997 = 100) - - - - - 204.45 162.76 195.38 306.28 303.41 334.75
Zimbabwe ZSE Industrial (Dec 1966 = 100) 856.60 2325.30 3160.80 3972.60 8786.30 7196.40 6408.40 14426.60 17984.30 46351.90 102228.96

Note: n.a. Indicates not available
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CURRENCY EXCHANGE RATES 1US$

Country 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Algeria 21.86 23.85 24.31 52.16 56.15 58.41 60.35 64.85 70.92 73.91 77.16
Botswana 2.23 2.56 2.72 2.82 3.66 3.80 4.46 4.63 5.36 7.02 5.40
Egypt 3.33 3.36 3.40 3.39 3.39 3.40 3.41 3.42 3.89 4.58 4.65
Ghana 520.00 815.00 1051.00 1455.00 1740.20 2243.60 2345.20 3500.00 7275.00 7400.00 8634.90
Kenya 36.22 68.31 44.40 55.95 55.00 62.20 62.05 72.80 78.05 78.60 77.83
Malawi 3.60 4.50 4.49 15.38 15.45 21.76 45.25 46.66 47.49 68.87 87.27
Mauritius 15.40 18.84 18.84 18.33 19.91 22.18 24.52 25.42 27.82 30.25 29.42
Morocco 8.89 9.69 9.10 8.47 8.76 9.74 9.26 10.08 10.56 11.52 10.42
Namibia 4.84 4.29 4.08 3.65 4.68 4.87 5.86 6.16 7.75 12.00 8.73
Nigeria 21.50 40.00 22.00 86.10 78.40 75.72 89.00 100.05 110.00 120.00 130.62
South Africa 4.84 4.29 4.08 3.65 4.68 4.87 5.88 6.16 7.57 12.00 8.66
Swaziland 4.20 3.39 3.55 3.67 4.68 4.86 5.87 6.16 7.63 12.20 8.65
Tanzania 297.71 405.27 522.00 618.00 615.00 619.60 690.78 802.00 810.00 950.14 992.22
Tunisia 0.96 1.05 0.99 0.97 1.00 1.14 1.10 1.26 1.38 1.46 1.37
Uganda 1,133.8 1,195.0 979.4 1025.00 1032.50 1148.00 1362.00 1510.00 1760.00 1730.00 1738.00
West Africa 271.49 294.78 523.00 490.55 519.98 578.85 560.50 654.42 698.68 736.70 625.85
Zambia 156.25 434.78 696.10 975.25 1297.00 1413.00 2426.00 2880.00 4150.00 4047.00 4600.00
Zimbabwe 5.48 6.94 8.37 9.32 10.82 18.45 37.22 37.95 55.10 55.45 57.15
Note:
1.The Namibian Dollar was introduced in 1993.
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IPO'S AND SECONDARY ISSUES

COUNTRY DATE COMPANY NAME SECTOR TRANSACTION DATE REASON Mkt. Cap. P/E
(US$mn)1 ratio1
Botswana Jan-01 Chobe Holdings Hotels & Tourism IPO Raise capital 5 neg.
Jan-01 Gallery Gold Mining & Metals IPO Dual Listing 24 neg.
Jun-02 Gallery Gold Mining & Metals Secondary Raise capital 24 neg.
Sep-02 Letshego Financial IPO Reduce cost of capital 25 7
Oct-02 Turnstar Holding Real Estate IPO Raise capital & divestiture 26 neg.
Egypt Jan-01 El Shams Real Estate Secondary Raise capital na na

Jul-02 Cairo Poultry Agricultural Products Secondary Raise capital 24 2
Jul-02 Orascom Hotel Hotel & Tourism Secondary Raise capital 28 na
Jul-02 Export Development Bank Banks Secondary Raise capital 72 3
Aug-02 Orascom telecom Telecommunications Secondary Raise capital 160 23
Aug-02 Misr Exterior Bank Banks Secondary Raise capital 121 na
Jan-03 Alexandria Real Estate Investment Company Real Estate Secondary Raise capital 60 8
Ghana Jan-02 Produce Buying Company Agricultural Products IPO Divestiture 23 28

Apr-02 Sam Wood Ltd Education & Publishing IPO Raise capital 1 22
Nov-02 Trust Bank Ltd Banks IPO Raise capital 17 4
Kenya Jan-02 Mumias Sugar Food IPO Privatisation 16 3

Jul-02 Unga Group Limited Food Secondary Raise capital 4 neg.
Jul-02 African Lakes IT Secondary Raise capital 53 neg.
Malawi Jul-02 Sunbird Tourism Hotel & tourism IPO Divestiture 6 6
Mauritius Jul-02 Caudan Development Limited Real Estate Secondary Raise capital 22 26
Jul-02 Mauritius Union Assurance Co Insurance Secondary Raise capital 47 5
Morocco Jan-01 Marocaine vie Assurance Secondary Divestiture 13 4

Apr-01 IB Maroc.com IT IPO Raise capital & divestiture 3 6
Jul-01 Berliet maroc Auto Distribution IPO Divestiture 10 5
Jul-02 Credor Other Financial Services Secondary Divestiture 15 8
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IPO'S AND SECONDARY ISSUES (CONT.)

(US$mn)1 ratio1
Namibia Jul-02 Investec Banks Secondary Dual Listing 1,150 7

Aug-02 African Oxygen Chemical Secondary Dual Listing 486 14
Aug-02 TransHex Group Limited Mining & Metals Secondary Dual Listing 195 11
Oct-02 Shoprite Consumer Goods IPO Dual Listing 392 9
Dec-02 Oryx Properties Limited Real Estate IPO Raise capital na na
Nigeria May-02 Evans Medical Plc Pharmaceuticals Secondary Raise capital 1 3

May-02 Lion Bank Banks IPO Raise capital 26 10
Jun-02 Mutual Benefits Assurance Insurance IPO Raise capital 1 na
Jun-02 Presco Plc Agricultural Products IPO Raise capital na na
Jul-02 NAL Bank Plc Banks Secondary Raise capital 40 11
Jul-02 Cornerstone Insurance Plc Insurance Secondary Raise capital 4 1
Jul-02 Afribank Nigeria Plc Banks IPO Raise capital 124 9
Aug-02 First Atlantic Bank Banks IPO Raise capital na 2
Nov-02 Albarka Air Plc Airlines IPO Raise capital na na
Nov-02 Pharma-Deko Pharmaceuticals Secondary Raise capital na na
Nov-02 Hallmark Bank Banks Secondary Raise capital 33 4
Dec-02 Afex Bank Banks Secondary Raise capital 7 na
Jan-03 Intercontinental Bank Banks IPO Raise capital 11 na
Tanzania Aug-02 Tanga Cement Cement IPO Privatisation 30 15
Tunisia Nov-02 Somocer Capital Goods IPO Raise capital 41 9
Uganda Oct-01 East Africa Breweries Breweries Secondary Dual Listing 127 6
Apr-02 Kenya Airways Airlines Secondary Dual Listing 47 4
Nov-02 Bank of Baroda Uganda Banks IPO Divestiture 3 na
Zambia Jan-02 Zambia breweries Breweries Secondary Raise capital 12 5

Mar-02 Pamodzi Hotel Hotel & Tourism IPO Raise capital 3 10
Apr-02 Bata shoes Consumer goods Secondary Divestiture 0.2 2
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IPO'S AND SECONDARY ISSUES (CONT.)

(US$mn)1 ratio1
Zimbabwe Jun-02 Trust Holdings Banks IPO Raise capital 8 9

Jul-02 OK Retail & Distribution IPO Unbundling 11 20
Aug-02 Nicoz Diamond Insurance IPO Raise capital 1 29
Sep-02 Barbican Holdings Financial IPO Raise capital 3 21
West Jul-02 Filtisac CI Packaging Secondary Divestiture 29 6

Africa Oct-02 Shell Côte d'Ivoire Oil & Gas Secondary Divestiture 11 5
Oct-02 BOA-BENIN Banks IPO Raise capital 25 6
Source: LiquidAfrica Research

Notes: 1. Market capitalisation and Price Earning ratio are as of January 2003 for South Africa and Decemeber 2002 for all the others.
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CAPITAL RAISING IN AFRICA

BY CYRILLE NKONTCHOU (MANAGING DIRECTOR LIQUIDAFRICA)
African equity markets African equity markets are often overlooked as an avenue for capital raising. Most direct investors, private equity firms and sometime local entrepreneurs don’t
are generally overlooked always see capital market as a viable route for exiting or capital-raising. Even in South Africa, which is one of the largest emerging markets in the world, we have
as a source of capital seen many large companies seeking listing on international exchanges presumably to gain access to a larger pool of capital and reduce the cost of capital.
We have compiled equity transactions that have taken place in African equity markets (outside South Africa). One of our key finding is that despite the relatively
small average transaction size, there is a vibrant capital raising activity in the African equity markets judged by the number of transactions.
Capital raising has been
buoyant, despite small Over the past 18 months, we have recorded about 71 capital raising transactions across 18 African markets, equally spread between new issues (initial public
average deal sizes offerings) and follow on (secondary offerings).
In terms of sector, banking and insurance dominates, accounting for 31% of transactions, especially in Nigeria, followed by Real Estate (11%), Hotel & Tourism (7%)
and Mining & Metals (7%).
Dominant Sectors
18
16
14
12
10
8
6
4
2
0
Other FinancialServices
Retail & Dist

Food
Agricultural Products
Consumer Goods
Other Transport
Pharmaceuticals
Auto Distribution
Assurance
Education & Pub

Breweries
Airlines
Capital Goods
Chemical
Packaging
Oil & Gas
Cement
IT
Mining & Metals
Hotel & Tourism
Real Estate
Financial
Telecom.
Insurance
Banks
In terms of market, Nigeria (16 issues) was the most buoyant market, followed by South Africa (9), Egypt (7), Namibia (6), Botswana (5), Zimbabwe (4) and Morocco (4).
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Most Active Markets
Nigeria
Namibia
Morocco
South Africa
Mauritius Tanzania
Malawi
Kenya Tunisia
Uganda
Ghana Zambia
Zimbabwe
Egypt
Botswana West Africa
Algeria
High valuations drive capital The size of funds raised on African equity markets remains relatively small, ranging from a few hundred thousand US dollars (Bata Shoes in Zambia) to several
raising million US dollars (Investec in London, Namibia and South Africa).
Foreign institutions have been The highest valuation achieved in public listing or secondary offering (in terms of historical earnings multiple) was achieved in Botswana, Nigeria and
relatively absent Zimbabwe. This does not come as a surprise as these are some of the most expensive markets in terms of earning multiples. There is clearly a positive
correlation between high average market earning multiple and number of listings, as high earning multiple attract companies to the market.
Increased regional integration As a sign of an increased integration of African stock exchanges, we have seen over the past 18 months an increase in the number of dual listings or cross
and dual-listings listings in other stock exchanges, particularly in Namibia, Uganda. The vast majority of dual listings were South African or Kenyan companies seeking to
heighten their profile in countries were they do significant business or seeking cheaper access to capital.
Finally, most of the capital was raised from local institutions and retail investors. International emerging market portfolios and retail investors were absent.
Outside the SADC region, African cross border institutional portfolio flow is virtually nil, essentially as a result of foreign exchange controls and country
pension fund regulation.
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LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002)

Issue Symbol Cusip Exch Ratio Country Industry Region Dep. Bank S/u Eff. Date
ADR: ORD
Absa Bank Limited - 144a Gdr ABSA 22672109 PORTAL 01:02 South Africa Banks Africa DB S 22-Jul-97
Aeci Limited 144a AECIPY 7597107 PORTAL 01:03 South Africa Chemicals Africa BNY S 01-Oct-96
Aeci Limited Reg S -- 7597305 -- 01:03 South Africa Chemicals Africa BNY S 01-Oct-96
African Gem Resources Ltd AFGEY 8283103 OTC 01:01 South Africa Mining & Metals Africa BNY S 22-Mar-02
Afrikander Lease Ltd. AFKDY 8292203 OTC 01:01 South Africa Mining & Metals Africa BNY S 11-Mar-02
Al Ezz Steel Rebars S.A.E. - 144a AESRP 10204204 PORTAL 01:03 Egypt Mining & Metals Africa DB S 22-Jun-99
Al Ezz Steel Rebars S.A.E. - Reg S -- 10204303 -- 01:03 Egypt Mining & Metals Africa DB S 22-Jun-99
Al-Ahram Beverage Company S.A.E. - 144a ALAHB 10203107 PORTAL 01:01 Egypt Beverage Africa DB S 01-Feb-97
Al-Ahram Beverage Company S.A.E. - Reg S -- 10203206 -- 01:01 Egypt Beverage Africa DB S 01-Feb-97
Anglo American Platinum Corp. Ltd. AAPTY 34855106 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, DB U 15-Jan-83
Anglogold Limited AU 35128206 NYSE 01:01 South Africa Mining & Metals Africa BNY S 05-Aug-98
Anglovaal Limited 'N' 144a AVAAY 35134501 PORTAL 01:01 South Africa Mining & Metals Africa MGT S 23-Jun-94
Anglovaal Mining Limited ANAVY 35134303 OTC 01:01 South Africa Mining & Metals Africa BNY, MGT U 15-Jan-83
Ashanti Goldfields Company Limited ASL 43743202 NYSE 01:01 Ghana Mining & Metals Africa BNY S 01-Jan-95
Ashanti Goldfields Company Ltd. 144a ASHAYP 43743103 PORTAL 01:01 Ghana Mining & Metals Africa BNY S 11-Aug-95
Avgold Limited AVGLY 53651105 OTC 01:10 South Africa Mining & Metals Africa MGT S 01-Jan-97
Banque internationale arabe de tunisie - 144a BINDQ.L 06675A108 PORTAL 02:01 Tunisia Banks Africa BNY S 10-Feb-98
Banque internationale arabe de tunisie - reg s -- 06675A207 -- 02:01 Tunisia Banks Africa BNY S 10-Feb-98
Banque marocaine de commerce ext 144a BMDC 06674P106 PORTAL 03:01 Morocco Banks Africa DB S 01-Apr-96
Banque morocaine de commerce ext - reg s -- 06674P205 -- 03:01 Morocco Banks Africa DB S 01-Apr-96
Barlow limited BRRAY 67680207 OTC 01:01 South Africa Gen. Indust'l Svcs Africa BNY, CIT, MGT U 15-Jan-83
Bidvest group limited BDVSY 88836101 OTC 01:02 South Africa Investment Services Africa BNY S 23-Jan-02
Cg smith limited CGSMY 125394106 OTC 01:01 South Africa Indust'l Diversified Africa BNY S 01-Sep-94
Commercial int bank (egypt) s.a.e.-144 a GMGJY 201712106 PORTAL 01:01 Egypt Banks Africa BNY S 31-Jul-01
Commercial int bank (egypt) s.a.e.-reg s -- 201712205 -- 01:01 Egypt Banks Africa BNY S 31-Jul-01
Durban roodepoort deep limited DROOY 266597301 NASDAQ 01:01 South Africa Mining & Metals Africa BNY S 01-Aug-96
East rand proprietary mines limited ERNDY 274677202 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, MGT U 15-Jan-83
Efg hermes - 144a EFGHYP 268425303 PORTAL 01:02 Egypt Diversified Financ'l Africa BNY S 28-Jul-98
Efg hermes - regs -- 268425402 -- 01:02 Egypt Diversified Financ'l Africa BNY S 28-Jul-98
Egoli consolidated mines limited ELCMY 282341205 OTC 01:01 South Africa Mining & Metals Africa BNY, DB, MGT U 15-Jan-83
Energy africa 144 a ENAFYP 2.93E+111 PORTAL 01:05 South Africa Energy Africa BNY S 01-Feb-96
Energy africa reg s -- 2.93E+210 -- 01:05 South Africa Energy Africa BNY S 01-Feb-96
Eskom e167 ESKA 296463102 OTC 1:10000 South Africa Electric Utilities Africa MGT S 01-Sep-95
Eskom e168 ESKB 296463300 OTC 1:10000 South Africa Electric Utilities Africa MGT S 01-Sep-95
Eskom e169 ESKC 296463201 OTC 1:10000 South Africa Electric Utilities Africa MGT S 01-Sep-95
Eskom e170 ESKD 296463409 OTC 1:10000 South Africa Electric Utilities Africa MGT S 01-Sep-95
Ettington investments limited ETNVY 297870107 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, MGT U 15-Jan-83
Foschini group limited FHNIY 349870105 OTC 01:02 South Africa Retail Africa BNY S 17-Dec-97
Source: Bank of New York
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LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)

ADR: ORD
Free state development & invest corp. FSDIY 356146407 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, DB, MGT U 15-Jan-83
Gencor ltd. GNCRY 368681300 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, DB, MGT U 15-Jan-83
Gold fields limited GFI 38059T106 NYSE 01:01 South Africa Mining & Metals Africa BNY S 10-May-99
Harmony gold mining company HMY 413216300 NYSE 01:01 South Africa Mining & Metals Africa BNY S 01-Aug-96
Harmony gold mining company/warrant HMYWS 413216110 NYSE 01:01 South Africa Mining & Metals Africa BNY S 29-Jun-01
Highveld steel and vanadium corp. HSVLY 431232206 NASDAQ 01:01 South Africa Mining & Metals Africa BNY, CIT, DB, MGT U 26-Oct-81
Holding comp for financial investments s.a.e la HCFRIP 434883104 PORTAL 01:03 Egypt Healthcare Providers Africa BNY S 28-Jul-99
Holding comp for financial investments s.a.e la -- 434883203 -- 01:03 Egypt Healthcare Providers Africa BNY S 28-Jul-99
Impala platinum holdings ltd IMPUY 452553308 OTC 02:01 South Africa Mining & Metals Africa DB S 23-Dec-02
Imperial holdings limited IHSAY 452833106 OTC 01:01 South Africa Industrial Transport Africa BNY S 01-Jun-96
Investec bank ltd. IVBOY 46128U103 OTC 01:01 South Africa Banks Africa CIT S 12-May-95
Iscor limited ISCRY 464272202 OTC 01:01 South Africa Mining & Metals Africa BNY S 16-Sep-94
Iscor limited ISCRY 464272202 OTC 01:01 South Africa Mining & Metals Africa BNY S 16-Sep-94
Jd group limited JDGRY 472144104 OTC 01:01 South Africa Retail Africa BNY S 30-Dec-96
Johnnic communications JHNCY 47805P102 OTC 01:01 South Africa Publishing Africa BNY S 11-Dec-01
Johnnic holdings limited JNHLY 478058100 OTC 01:01 South Africa Mining & Metals Africa BNY S 24-Jul-01
Kolosus holdings limited KOLHY 500445101 OTC 01:10 South Africa Textiles & Apparel Africa CIT S 04-Apr-96
Komatsu limited KMTUY 500458401 OTC 01:04 South Africa Industrial Equip. Africa CIT S 01-Oct-82
Kumba resources limited KBREY 501252100 OTC 01:01 South Africa Mining & Metals Africa BNY S 26-Nov-01
Liberty group limited LBYGY 53055R103 OTC 01:01 South Africa Insurance Africa BNY S 01-Nov-94
Matodzi resources limited MTZIY 576813109 OTC 01:01 South Africa Mining & Metals Africa BNY U 15-Jan-83
Metro cash & carry ltd. -- 59160Y107 -- 01:04 South Africa FoodRetail&Wholesale Africa DB S 06-Feb-96
Metro cash & carry ltd. MRRCY 59160Y305 OTC 01:04 South Africa FoodRetail&Wholesale Africa DB S 01-Aug-96
Mhangura copper mines limited MTDGY 553763202 OTC 01:01 Zimbabwe Mining & Metals Africa BNY U 15-Jan-83
Middle witwatersrand (western areas) ltd WWNOTC 596034207 OTC 01:03 South Africa Mining & Metals Africa BNY, CIT, MGT U 01-Jan-70
Misr int'l bank MIBZY 55306G208 OTC 02:01 Egypt Banks Africa BNY S 03-Feb-98
Misr int'l bank - 144a MISRY 55306G109 PORTAL 02:01 Egypt Banks Africa BNY S 24-Jun-97
Mtn group limited MTNOY 62474M108 OTC 01:01 South Africa Fixed Line Comm. Africa BNY S 13-Dec-01
Nampak limited NMPKY 629898107 OTC 01:01 South Africa Containers&PackagingAfrica BNY S 01-Jan-95
Nampak limited edr -- S53240131 -- 01:03 South Africa Containers&PackagingAfrica BNY S 01-Oct-94
Naspers limited NPSN 631512100 NASDAQ 01:10 South Africa Publishing Africa BNY S 23-Dec-02
Nedcor limited NDCRY 63975P103 OTC 01:02 South Africa Banks Africa BNY S 08-Feb-99
Nedcor limited - 144a -- 63975P202 PORTAL 01:01 South Africa Banks Africa BNY S 08-Feb-99
Nedcor limited - reg s -- S55020101 -- 01:01 South Africa Banks Africa BNY S 08-Feb-99
Ocean diamond mining holdings limited OCDIY 674765102 OTC 01:02 South Africa Mining & Metals Africa BNY S 01-May-95
Old mutual - 144a OLDMYP 680031101 PORTAL 01:10 South Africa Insurance Africa BNY S 19-Jul-99
Orascom construction industries - reg s -- 68554N106 -- 01:02 Egypt Heavy Construction Africa BNY S 26-Jun-02
Orascom telecom - 144a ORASYP 68554W106 PORTAL 02:01 Egypt Communications Tech.Africa BNY S 12-Jul-00
Orascom telecom - reg s -- 68554W205 -- 02:01 Egypt Communications Tech. BNY S 12-Jul-00
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LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)

ADR: ORD
Pachin s.a.e. - reg s -- 69578R107 -- 03:01 Egypt Chemicals Africa DB S 08-Oct-97

Pepkor limited PKRLY 713350304 OTC 01:02 South Africa Retail Africa BNY S 01-Dec-94
Pepkor limited 144a PEPKYP 713350205 PORTAL 01:02 South Africa Retail Africa BNY S 01-Jun-94
Press corporation limited - reg s -- 7.41E+104 -- 20:01 Malawi Indust'l Diversified Africa DB S 16-Mar-98
Rand mines limited RADMY 752228205 OTC 10:01 South Africa Mining & Metals Africa BNY, CIT, DB U 15-Jan-83
Randgold & exploration co. Ltd. RANGY 753009307 NASDAQ 01:03 South Africa Mining & Metals Africa BNY S 28-Feb-97
Randgold & exploration company ltd. - 144a RDGEYAP 753009109 PORTAL 01:01 South Africa Mining & Metals Africa BNY S 03-Oct-96
Randgold resources limited GOLD 752344309 NASDAQ 01:02 South Africa Mining & Metals Africa BNY S 10-Jul-02
Remgro limited RMGOY 75956M107 OTC 01:01 South Africa Investment Services Africa BNY S 28-Sep-00
Sabmiller plc SBMRY 78572M105 OTC 01:01 South Africa Beverage Africa BNY S 01-Oct-94
Sabmiller plc 144a SFABYP 78572M204 PORTAL 01:01 South Africa Beverage Africa BNY S 04-Oct-96
Sage group limited SGGEY 786631200 OTC 01:03 South Africa Insurance Africa DB S 01-Feb-96
Sallies limited SLYLY 79545M107 OTC 01:01 South Africa Mining & Metals Africa BNY U 19-Mar-01
Sappi limited SPP 803069202 NYSE 01:01 South Africa ForestProducts&Paper Africa BNY S 05-Nov-98
Sasol limited SASOY 803866300 NASDAQ 01:01 South Africa Energy Africa BNY S 01-Jul-94
Simmer and jack mines limited SJACY 828666206 OTC 01:01 South Africa Mining & Metals Africa BNY, MGT U 15-Jan-83
Stilfontein gold mining company STILY 860673201 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, DB, MGT U 15-Jan-83
Stocks & stocks limited STKKY 861313104 OTC 01:25 South Africa Heavy Construction Africa BNY S 01-Dec-94
Sub nigel gold mining co ltd SUBGY 864266200 OTC 01:01 South Africa Mining & Metals Africa BNY U 15-Jan-83
Suez cement company s.a.e. - reg s -- 864690201 -- 01:01 Egypt Building Materials Africa BNY S 29-Nov-96
Suez cement company s.a.e. 144a SZCCYP 864690102 PORTAL 01:01 Egypt Building Materials Africa BNY S 29-Nov-96
The international company for food industries sae ICFEY 45928M105 OTC 01:01 Egypt Food Africa BNY S 13-Apr-01
Tiger brands limited TIBDY 88673M102 OTC 01:01 South Africa Food Africa BNY S 01-Sep-94
Tiger brands limited TIBDY 88673M102 OTC 01:01 South Africa Food Africa BNY S 01-Sep-94
Tradehold limited TDHDY 89254M206 OTC 01:30 South Africa Retail Africa BNY S 21-Dec-01
Trans hex group limited TRHXY 893234104 OTC 01:01 South Africa Mining & Metals Africa BNY S 01-Mar-95
United bank for africa plc - 144a UBAFYP 90953F104 PORTAL 0.1805556 Nigeria Banks Africa BNY S 08-May-98
United bank for africa plc - reg s -- 90953F203 -- 0.1805556 Nigeria Banks Africa BNY S 08-May-98
Venfin limited VNFNY 922672100 OTC 01:01 South Africa Investment Services Africa BNY S 01-Aug-94
Western areas limited WARSY 957654205 OTC 01:01 South Africa Mining & Metals Africa BNY, CIT, DB U 15-Jan-83
Wooltru limited (ords) WLTUY 980860100 OTC 01:01 South Africa Retail Africa BNY S 01-Jul-95
Wooltru limited class 'n' WLTVY 980860209 OTC 01:01 South Africa Retail Africa BNY S 01-Jul-95
Woolworths holdings ltd. WWHZY 98088R208 OTC 01:10 South Africa Retail Africa BNY S 16-Dec-99
Woolworths holdings ltd. - 144a WWHLYP 98088R109 PORTAL 01:10 South Africa Retail Africa BNY S 01-Jun-98
Zambia consolidated copper mines limited ZAMBY 988901203 OTC 01:01 Zambia Mining & Metals Africa MGT S 01-Jan-70
Zambia copper investments limited ZMBAY 988892204 OTC 01:01 Zambia Mining & Metals Africa BNY, CIT, MGT U 15-Jan-83
Zarara energy limited ZREGY 98912W100 OTC 10:01 South Africa Energy Africa BNY, CIT, MGT U 01-Jan-70
Africa
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AN OVERVIEW OF DEPOSITARY RECEIPTS

Depositary Receipts (DRs), which include ADRs, GDRs, Euro DRs and NYSs, are negotiable purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade in
U.S. securities that generally represent a non-U.S. company's publicly traded equity. Although the United States by reducing or eliminating settlement delays, high transaction costs, and
typically denominated in U.S. dollars, Depositary Receipts can also be denominated in Euros. other potential inconveniences associated with international securities trading. Depositary
Depositary Receipts can be eligible to trade on all U.S. stock exchanges as well as on many Receipts are treated in the same manner as other U.S. securities for clearance, settlement,
European stock exchanges. transfer, and ownership purposes. Depositary Receipts can also represent debt securities or
preferred stock.
The increasing demand for Depositary Receipts is driven by the desire of individual and
institutional investors to diversify their portfolios, reduce risk and invest internationally in The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York,
the most efficient manner possible. While most investors recognize the benefits of global when the underlying shares are deposited in a local custodian bank, usually by a broker
diversification, they also understand the challenges presented when investing directly in who has purchased the shares in the open market. Once issued, these certificates may be
local trading markets. These obstacles can include inefficient trade settlements, uncertain freely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations,
custody services and costly currency conversions. Depositary Receipts overcome many of on a national stock exchange. When the Depositary Receipt holder sells, the Depositary
the inherent operational and custodial hurdles of international investing. In fact, cost benefits Receipt can either be sold to another U.S. investor or it can be cancelled and the underlying
and conveniences may be realized through Depositary Receipt investing, thus allowing shares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificate
those who invest internationally to achieve the benefits of global diversification without would be surrendered and the shares held with the local custodian bank would be released
the added expense and complexities of investing directly in the local trading markets. back into the home market and sold to a broker there. Additionally, the Depositary Receipt
holder would be able to request delivery of the actual shares at any time. The Depositary
Benefits to an Investor Receipt certificate states the responsibilities of the depositary bank with respect to actions
Increasingly, investors aim to diversify their portfolios internationally. However, obstacles such as payment of dividends, voting at shareholder meetings, and handling of rights offerings.
such as undependable settlements, costly currency conversions, unreliable custody services,
poor information flow, unfamiliar market practices, confusing tax conventions and internal Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) are
investment policy may discourage institutions and private investors from venturing outside used to facilitate cross-border trading and to raise capital in global equity offerings or for
their local market. mergers and acquisitions to U.S. and non-U.S. investors.
Depositary Receipt advantages may include: Demand For Depositary Receipts

Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversification The demand by investors for Depositary Receipts has been growing between 30 to 40 percent
without many of the obstacles that mutual funds, pension funds and other institutions may annually, driven in large part by the increasing desire of retail and institutional investors to
have in purchasing and holding securities outside of their local market. Elimination of global diversify their portfolios globally. Many of these investors typically do not, or cannot for various
custodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to reasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as a
40 basis points annually. Familiar trade, clearance and settlement procedures. Competitive means to diversify their portfolios. Many investors who do have the capabilities to invest
U.S. dollar/foreign exchange rate conversions for dividends and other cash distributions. outside the U.S. may prefer to utilize Depositary Receipts because of the convenience,
Ability to acquire the underlying securities directly upon cancellation. enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasing
and safekeeping ordinary shares in the home country. In many cases, a Depositary Receipt
How Depositary Receipts Trade investment can save an investor up to 10-40 basis points annually as compared to all of the
Description costs associated with trading and holding ordinary shares outside the United States.
A Depositary Receipt is a negotiable security, which represents the underlying securities
(generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor
Source, Bank of New York
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COUNTRY FLOWS - Equity Fund Net Buying /Selling By Country* January 2003
Country Mkt Value of Increase Net Purchases Mkt Value of Net Purchases
Holdings Mkt Value of Holdings (Sales) for Holdings (Sales) as %
Beginning of Month during month the Month End of Month of BoM Holdings
US$ mn US$ mn US$ mn US$ mn %
Botswana 2.370 0.170 -0.120 2.420 -5.06%

Egypt 127.790 6.103 -2.033 131.860 -1.59%
Ghana 25.880 6.450 -2.280 30.050 -8.81%
Kenya 0.560 0.144 0.006 0.710 1.03%
Mauritius 2.280 0.193 -0.423 2.050 -18.57%
Morocco 19.000 0.707 0.873 20.580 4.60%
Namibia 0.100 0.005 -0.105 0.000 -104.56%
South Africa 3,015.980 173.534 -9.574 3,179.940 -0.32%
Tunisia 0.450 0.012 0.338 0.800 75.06%
Zimbabwe 6.050 0.328 -1.078 5.300 -17.82%
All Funds: Total Africa & Middle East 3,883.560 116.294 -27.914 3,971.940 -0.72%
*Based on 310 funds with $113 billion in assets

Source: EmergingPortfolio.com Fund Research
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ALGERIA
COUNTRY PROFILE
UNDP Human Development Index Ranking 106
Capital Algiers
Languages Arabic (official), French, Berber dialects
Population 32,277,942 (July 2002 est.)
Population growth rate 1.68%
Life expectancy at birth (years- total population) 70.24
Literacy rate: total population 61.60%
Unemployment rate 34% (2001 est.)
Natural resources petroleum, natural gas, iron ore, phosphates, uranium, lead, zinc
GDP (PPP) $177 billion
GDP - real growth rate 3.80%
GDP - per capita (PPP) $5,600
Inflation rate (consumer prices) 3%
Electricity - production 23.556 billion kWh (2000)
Exports (f.o.b., 2001 est.) $20 billion
Exports - partners Italy 23%, Spain 13%, US 13%, France 11%, Brazil 7%, (2000)
Imports (f.o.b., 2001 est.) $1 billion
Imports - partners France 29%, US 9%, Italy 8%, Germany 6%, Spain 5% (2000)
Government Revenues $20.3billion
Government Expenditures $18.8 billion, including capital expenditures of $5.8 billion (2001 est.)
Currency Algerian dinar (DZD)
Debt - external $24.7 billion (2001 est.)
Exchange rates Algerian dinars per US dollar - 77.889 (January 2002), 77.215 (2001), 75.260 (2000), 66.574 (1999), 58.739 (1998), 57.707 (1997)
Telephones - main lines in use 2.3 million (1998)
Airports 136 (2001)
Source: UNDP, CIA World Factbook
23
Af r i c a n Sto c k M a r ke t s H a n d b o o k - 2 0 0 3 / A LG E R I A
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
- - - - - - - 306 303 199 145

Market Capitalization (US$mn)
- - - - - - - 1 5 3 0
Value Traded (US$mn)
- - - - - - - - - 100 73.06
LA All Share Index (Dec 2001 = 100)
- - - - - - - 2 3 3 3
Number of Listed Companies
Note: (End-of-Period Levels)
Monthly closing index values 2002 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
LA All Share Index (Dec 2001 = 100) 101.57 98.20 94.33 92.34 84.78 78.52 78.52 75.91 72.67 70.20 71.56 73.06

Macroeconomic Indicators (annual averages) 2000a 2001a 2002e 2003f 2004f 2005f
GDP % 2.4 3.5 3 4.1 4.3 3.7

CPI Inflation % 1 2.6 4.8 4.9 4.9 3.3
Interest Rates % T bill 9.3 5.8 5.5 5.75 5.75 6
Exchange Rate v. USD 72.26 74.9 81.85 83.48 85.15 86.86
LA All Share Index (US$) LA All Share Index (Dinar)

120
Key points
105
• The Front de Liberation Nationale’s (FLN) resounding victory in the parliamentary elections will make it easier for the
government to press ahead with reform 90
• Fundamentalist violence still remains a significant threat, whilst endemic unemployment could be a recipe for
further social unrest. 75
• The energy sector will be Algeria's principal growth engine and should be further boosted by government reform.
60
Source: Standard Chartered Bank
Jan 02 Mar 02 May 02 Jul 02 Sep 02 Nov 02 Jan 03
Source: Liquid Africa
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TOP LISTED COMPANIES BY MARKET CAPITALISATION (End December 2002)

Local share Price to Dividend Price to Market
COMPANY SECTOR price earnings yield book Capitalisation
(DA) (x) (%) (x) (US$mn)
Eriad Setif Food 1,095.00 3.4 21.0 0.4 71

Saidal Pharmaceuticals 430.00 15.9 4.7 5.5 56
Aurassi Hotels & Tourism 240.00 8.3 8.3 0.8 19
Weighted Averages 8.8 13.1 2.5 145

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STOCK EXCHANGE PROFILE Bourse d’Alger (c/o Société de Gestion de la Bourse de Valeurs)
Web Site www.cosob.com.dz

Market Regulator Commission d’Organisation et de Surveillance des Opérations de Bourses (COSOB)
Monetary Authority Banque Extérieure d'Algerie (BEA)
Governing Law Act 93-10 (1993)
Time Zone GMT
Clearing & Settlement Electronic
Securities Ordinary shares and corporate bonds
Settlement Cycle T+4
International Custodian None
Foreign Participation No restrictions
Market Segment Ordinary shares and corporate bonds
Exchange Control None
Trading System Automated Trading System
Central Depository None yet
Trading Days Monday
Trading Hours 09:30AM - 11:10PM
Tax Rates None on capital gains and dividends
Reporting Requirement Half year unaudited and full year audited
Brief History The Societe de Gestion de la Bourse des Valeurs - SGBV (The Stock Exchange Management Company) was established by the legal bill
number 93-10 (23rd of May 1993). SGBV is a limited liability company and is in charge of supervising transactions on listed shares.
Source: LiquidAfrica and Commission d’Organisation et de Surveillance des Opérations de Bourses
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MARKET OVERVIEW
Poor stock market performance The Algerian market experienced a significant downturn in 2002, posting a negative 30% return in US Dollars. The Banque d’Algérie
(Algerian central bank) proceeded with a policy of gradual depreciation of the dinar to the US dollar in an attempt to make its exports
more competitive. Growth in the important hydrocarbons sector was partially offset by increased imports from Europe. Economic ties
with Europe have been strengthened resulting in trade barriers being gradually dismantled. Looking forward, the Algerian market looks
set to grow dramatically off a low base, as more private companies look at listing on the market.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS
Bourse d’Alger (c/o Société de Gestion de la Bourse de Valeurs) Errached el Mali d'Intermédiation en Bourse (Errached el Mali spa)
Address 27 Blvd Colonel Amiroushe Address 02 Bd Hassiba ben bouali imm.BEA 2é étage- Rouiba
Telephone +213 21 63 4813 Director Mohamed Sefraoui
Fax +213 21 63 4799 Telephone +213 21 854 092/854 206
Fax +213 21 854 092
Société Financière en Conseil et Placement (SOFICOP spa)

Adresse 12, rue Ali Boumendjel2e étage Alger
Director Sid Ali Siouani
Telephone +213 21 713 368/713 375
Fax +213 21 713 376
Société de Placement de Valeurs Mobilières (BADR/CAAR SPDM B/C spa)

Address 139 Ter Krim Belkacem Alger
Director Abdennour HOUAOUI
Telephone +213 21 747 026
Fax +213 21 716 44
UB Brokerage (UB Brokerage spa)

Adresse 30, rue Djenane el malik - Hydra
Director Ouzzani Karim dit Hakim
Telephone +213 2 591 010/11 590 331
Fax +213 2 727 478
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Af r i c a n S t o c k M a r ke t s H a n d b o o k - 2 0 0 3 / B OTS WA N A
BOTSWANA
COUNTRY PROFILE
Capital Gaborone
Languages English (official), Setswana
Population 1,591,232
Population growth rate 0.18% (2002 est.)
Unemployment rate 40% (official rate is 21%) (2001 est.)
Natural resources Diamonds, copper, nickel, salt, soda ash, potash, coal, iron ore, silver
GDP (PPP) $12.4 billion
GDP - real growth rate 4.70% (2001 est.)
GDP - per capital $7,800 (PPP 2001 est.)
Inflation rate (consumer prices) 6.60% (2001 est.)
Electricity - production 500 million kWh (2000)
Exports (f.o.b., 2001 est.) $2.5 billion
Exports - partners EFTA 85%, Southern African Customs Union (SACU) 10%, Zimbabwe 2% (1999)
Imports (f.o.b., 2001 est.) $2.1 billion
Imports - partners Southern African Customs Union (SACU) 77%, EFTA 9%, Zimbabwe 4% (1999)
Government Expenditures $2.4 billion, including capital expenditures of $NA (FY01/02)
Currency pula (BWP)
Debt - external $325 million (2001)
Exchange rates pulas per US dollar - 6.8353 (January 2002), 5.8412 (2001), 5.1018 (2000), 4.6244 (1999), 4.2259 (1998), 3.6508 (1997)
Telephones - main lines in use 150,000 (2000)
Airports 92 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 295 261 377 398 326 614 724 1,052 978 1,269 1,717
Value Traded (US$mn) 15 20 31 38 31 59 70 38 47 65 62
BSE Domestic Index (Jun 1989 = 100) 273.70 278.50 312.90 332.80 352.81 708.50 946.90 1399.30 1453.50 2455.40 2501.41
Number of Listed Companies 11 11 11 12 12 12 14 15 16 16 19
BSE Domestic Index (Jun 1989 = 100) 2563.73 2576.88 2633.85 2588.15 2602.01 2540.31 2464.24 2478.47 2478.25 2431.69 2520.46 2501.41
GDP % 8.1 9.1 6 5.5 4.9 4.8

CPI Inflation % 8.5 6.5 7.2 6.8 6 5.8
Interest Rates (3 month BOBCs) % 12.7 12.6 11.5 12.5 12 11.3
Exchange Rate v. USD restated 5.1 5.8 6.2 6.6 7.2 7.8
BSE Domestic Index (US$) BSE Domestic Index (Pula)

Key points
• Slowdown in mining to trigger slower growth 115
• Increasing focus on economic diversification expected

• Adoption of strong pula policy buffers BWP (Botswana pula) from ZAR (South African rand) weakness
105
• Inflation likely to be temporarily pressured by introduction of VAT (Value Added Tax)
• Few signs of stabilisation in HIV infection rates
• AIDS remains the country's most significant challenge
95
Source: Standard Chartered Bank Jan 02 Mar 02 May 02 Jul 02 Sep 02 Nov 02 Jan 03

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(P) (x) (%) (x) (US$mn)
Barclays Bank of Botswana Bank 14.75 14.9 6.0 6.6 466

First National Bank of Botswana Bank 7.50 15.3 4.4 6.4 356
Standard Chartered Bank Botswana Bank 5.90 16.3 5.4 7.5 314
Sechaba Brewery Holding Beverages 8.30 9.8 10.0 3.3 200
Botswana Insurance Holding Insurance 2.50 6.5 5.8 4.0 128
Metro Sefalana cash and carry Retail & Distribution 16.30 7.6 9.8 2.8 61
Engen Botswana Oil & Gas 15.35 5.9 6.5 2.9 45
Sefalana Holding Company Retail & Distribution 10.40 8.9 9.8 1.2 31
Turnstar Holdings Real Estate 1.10 - - 1.0 28
ABC Holdings Bank 1.12 7.0 14.2 0.7 27
Weighted Averages 13.0 6.3 5.6 1,656

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STOCK EXCHANGE PROFILE Botswana Stock Exchange
Web Site www.bse.bw

Market Regulator The Botswana Stock Exchange Committee
Monetary Authority Bank of Botswana
Governing Law Botswana Stock Exchange Act (1994)
Time Zone GMT + 0
Clearing & Settlement Manual, transaction by transaction
Securities Ordinary shares, Mutual Funds, Treasury bonds
International Custodian Barclays Bank Botswana Ltd and Stanbic Bank Botswana Ltd
Foreign Participation No restrictions on foreign ownership in any of the listed securities. Non-residents are not allowed to invest in government debt.
Market Segment Domestic companies, Foreign companies
Trading System Call over with presiding officer
Central Depository None
Trading Days Monday - Friday
Trading Hours 9:00AM - 9:30AM & 3:00PM - 3:30PM
Tax Rates Dividends: 15%; Interest: 15%; Capital gains: 0%
Reporting Requirement Half year unaudited and full year audited accounts.
Brief History In November 1986 representatives of public companies met to investigate the feasibility of establishing and developing a stock
exchange. In June 1989 an informal share market was formed. In 1994 a new law was enacted recognizing the Botswana Stock Exchange.
Tremendous growth has since been registered fuelled in part by dual listings of South African based companies.
Source: LiquidAfrica, Botswana Stock Exchange
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MARKET OVERVIEW
One of Africa’s best performing markets The Botswana economy is arguably one of the best economic success stories in Africa driven in no small part by its diamond mining
industry. The mining sector accounts for 37% of Botswana’s GDP ensuring 25% of world diamond production in value terms. Growth in
diamond production has slowed due to the over supply and recent global economic weakness.
Sound monetary and fiscal policies have underpinned economic growth over the last three decades. Average annual inflation has declined
steadily from more than ten percent in the 1990s as credit growth and government spending declined. Over the past year, the pula has
appreciated 29% in line with the South Africa rand.
The stock exchange closed the year up 32% in 2002, the second best performance in sub-Sahara Africa, largely due to the aforementioned
appreciation of the pula. In the first quarter of 2002, the domestic index rose 17% in US dollar terms on the back of encouraging end year
results and improving exchange rate of the pula.
However the index declined thereafter in pula terms on weakness in bank stocks where it became clear earnings growth would not keep
pace with previous rates. Banking stocks in particular went through a downward re-rating while other sectors maintained upward
momentum.
Looking ahead, the Botswana economy should continue to show resilience by posting GDP growth above 5%. Current government
economic policy is to diversify the economy with particular emphasis on manufacturing, tourism and financial services. Over the medium
term, some gains in this front are expected . The market in tandem should continue to see further growth on the back of currently high
valuations, making it an attractive market to list particularly for companies from neighbouring countries.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS Capital Securities Pty. Ltd.
Botswana Stock Exchange Stockbrokers Botswana Ltd Address: Ground Flr Moedi
Address: 2nd Floor U N Place Address: Ground Floor, Barclays House Plot 50380 Show Grounds
Khama Crescent, Gaborone Khama Cresent Postal: P/Bag 173
Postal: P/Bag 00417, Gaborone Postal: Private Bag 00113 Gaborone
Tel: +267 30 5190/37 4078 Gabarone Tel. +267 31 88886
Fax: +267 37 4079 Tel No: +267 39 57900 Fax +267 31 88887
E-mail: bse@info.bw Fax No: +267 39 57901
Website: http://www.bse.bw/
Motswedi Securities
Address: 2nd Floor, United Nations Building
Postal: P O Box 41015
Gaborone
Tel No.: +267 31 88627
Fax: +267 31 74079
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CÔTE D’IVOIRE (West African Regional Bourse)

COUNTRY PROFILE
Capital Yamoussoukro
Languages French (official), 60 native dialects with Dioula the most widely spoken
Unemployment rate 13% in urban areas (1998 est.)
Natural resources Petroleum, natural gas, diamonds, manganese, iron ore, cobalt, bauxite, copper, hydropower
GDP $25.5 billion (PPP 2001)
GDP - real growth rate -1% (2001 est.)
GDP - per capita $1,550 (2001 est.)
Exports - partners France 13%, US 8%, Netherlands 7%, Germany 7%, Italy 6% (1999)
Imports - partners France 26%, Nigeria 10%, China 7%, Italy 5%, Germany 4% (1999)
Government Expenditures $2.4 billion, including capital expenditures of $420 million (2001 est.)
Currency Communaut Financi re Africaine franc (XOF)
Exchange rates Communauté Financière Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999),
589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro
Airports 36 (2001)
33
African Stock Markets Handbook - 2003 / CÔTE D’IVOIRE
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 483 414 428 866 914 1,276 1,818 1,514 1,185 1,165 1,329
BRVM 10 Index (Sep 1998=100) - - - - - - 98.10 91.30 74.80 77.50 75.15
BRVM 10 Index (Sep 1998=100) 73.23 71.57 70.11 70.09 71.94 70.50 68.20 66.52 67.20 66.34 68.64 75.15
GDP % -2.3 -0.9 3 -1 0.2 1

CPI Inflation % 2.5 4.4 4 6 4.5 2.5
Interest Rates % 6.5 6.5 6.5 7 7 6.5
Exchange Rate v. USD 712 733 700 650 700 715
BRVM 10 Index (US$) BRVM 10 Index (CFA Franc)
Key points 110

• The region has been thrown into economic turmoil following a military uprising in Côte d’Ivoire in 2002.
• The once stable macroeconomic environment has been disrupted as the conflict interrupted the harvesting and
100
marketing of the critical cocoa. This is bound to have a negative impact on the country’s balance of payments.
• The prolonged conflict has led to strong inflationary pressures.
90
Source: Liquid Africa and Standard Chartered Bank 80

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(CFA) (x) (%) (x) (US$mn)
Sonatel Telecommunications 20,000 4.2 14.5 1.1 320

Nestle (Côte d'Ivoire) Food 73,500 11.3 10.9 3.9 130
Unilever Household & Personal Products 40,000 26.3 12.5 1.7 103
Bicici Banks 30,100 16.7 5.2 1.5 80
Sgbci Banks 15,940 8.3 9.4 1.2 78
Sitab Tobacco 50,000 6.9 14.4 3.3 72
Filtisac Textile 23,970 10.3 6.4 1.8 68
Cie Utilities 13,600 9.5 9.6 1.8 61
Solibra Beverages 87,500 7.2 13.8 1.6 57
Total Fina Elf (Côte d'Ivoire) Oil & Gas 37,500 6.8 14.8 0.8 38

35
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STOCK EXCHANGE PROFILE Bourse Régionale des Valeurs Mobilières S.A. (BRVM)
Web Site www.brvm.org

Market Regulator Conseil Régional de l'Epargne Publique et des Marchés Financiers (CREPMF)
Monetary Authority Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)
Governing Law n.a.
Time Zone GMT
Clearing & Settlement n.a.
Securities Equities and bonds
International Custodian Société Générale de Bourse
Market Segment Equities, bonds
Trading System Computerised trading system
Trading Days Monday, Wednesday and Friday
Tax Rates Dividends:10%; Interest: 0%; Capital gains: 0%
Brief History The BRVM is the regional stock exchange in French speaking West Africa (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger,
Senegal and Togo). It was created in 1998 to replace the old Ivorian Bourse des Valeurs d'Abidjan.
Source: LiquidAfrica, BRVM
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MARKET OVERVIEW
The toll of the war will come to bear on Following the military up rising in Cote d’Ivoire in September 2002, the region has been thrown into economic turmoil where some of
the market the neighbouring states have had to bare significant disruptions to their economies, particularly those landlocked states that rely on
transportation links through Cote d’Ivoire.
Prior to the conflict, the prognosis for the country and the wider region were bright on account of higher commodity prices like oil, gold
and cocoa. This occurred at a time when improvements in production levels had been achieved. The conflict in Cote d’Ivoire has disrupted
production and marketing operations of cocoa.
On a macro level, the government had been prudent in its spending maintaining a healthy budgetary position and inflation outlook.
The prolonged nature of the conflict has almost certainly disrupted this delicate balance and it is only a question of time before inflationary
pressures are felt.
The regional exchange was expected to record significant gains in the year and a number of companies had begun to show improvements
in performance.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS Fax: +229 31 4229
Bourse Régionale des Valeurs Mobilières S.A. (BRVM) Benin Email: sgibfs@bow.intnet.bj
Address: 18, Rue Joseph Anoma (Rue des Banques) ACTIBOURSE
Abidjan - Côte d'Ivoire Contact: GRANGE BRIGITTE (General Manager) SGI BENIN SA
BP: 01 BP 3802 Abidjan 01 Address: Avenue Jean-Paul II Contact: M. Anatole Georges GEORGES WILSON
Tél: +225 20 32 6685 / 6686 BP: 08 B.P. 0879 Cotonou (General Manager)
Fax: +225 20 32 6684 Telephone: +229 31 5343 / 31 3228 Address: Carré n° 21 - Immeuble « FANCY PALACE
Email: brvm@brvm.org Fax: +229 31 7800 » Avenue Delorme
Email: afhsec@firstnet.bj BP: 01 B.P. : 4546 Cotonou
Telephone: +229 31 1541 / 31 1571
BIBE FINANCE & SECURITIES SA Fax: +229 31 1560 / 31 3299
Contact: M. Hospice HAZOUME (General Manager) Email: sgibenin@leland.bj
Address: Avenue Jean-Paul II
BP: 03 B.P. : 2098 Cotonou
Telephone: +229 31 4465 / 31 4688
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CONTACT DETAILS cont.

Burkina Faso CITICORP SECURITY WEST AFRICA FASO
SGI SBIF Contact: M. Pascal DJEREKE (General Manager) Telephone: +223 29 4119 / 2972
Contact: M. Alexis LOURGO (General Manager) Address: I mmeuble Botreau Roussel - 28, Rue Fax: (223) 29 2975
Address: Avenue de la Résistance du 17 Mai, Delafosse Email: sgi@cefib.com
Immeuble CGP BP: 01 BP 3698 Abidjan 01
BP: 01 B.P. 5394 Ouagadougou 01 -BURKINA Telephone: +225 20 214 610 / 215 493 Niger
FASO Fax: +225 20 217 685 / 686 SGI NIGER
Telephone: +226 31 1852 / 33 0491 / 33 0492 Contact: M. Souleymane ABDALLAH (General
Fax: +226 33 0490 ECOBANK INVESTMENT CORPORATION BOURSE Manager)
Email: sbif@fasonet.bf Contact: M. WILSON (General Manager) Address: 2, Rue du Souvenir
Telephone: +225 20 211 041 / 219 976 BP: B.P. 10812 Niamey - Niger
Côte d'Ivoire Fax: +225 20 218 816 / 217 675 Telephone Telephone: +227 73 7817 / 7818
AFRICAINE DE BOURSE Fax: +227 73 7816
Contact: M. Levry TOGOU (General Manager) HUDSON & CIE Email: sginiger@intnet.ne
Address: 34, Bd de la République Contact: M. Jean Luc BEDIE (General Manager)
BP: 01 BP 1300 Abidjan 01 Address: 15, Avenue Joseph Anoma - Immeuble Senegal
Telephone: +225 20 219 826 / 832 MACI / 10 ème étage CGF BOURSE
Fax: +225 20 219 827 / 200 119 BP: 18 BP 2294 Abidjan 18 Contact: M. GABRIEL FAL (General Manager)
Email: africaine.bourse@aviso.ci Telephone: +225 20 332 223 / 321 804 Address: 12, rue Dr THEZE - Immeuble Coumba
Fax: +225 20 332 224 Castel 3ème étage - DAKAR
BIAO FINANCES & ASSOCIES Email: info@hudson-cie.com BP: B.P. 10812 Niamey - Niger
Contact: M. Jerome KOUAKOU (General Manager) Web Site: www.hudson-cie.com Telephone: +221 849 0399
Telephone: +225 20 200 720 / 653 / 679 Fax: +221 823 3899
Fax: +225 20 339 093 SOGEBOURSE Email: cgf@cgfbourse.sn
Web Site: www.biaofi-ci.com Contact: M. Patrick BROCHET (General Manager) Web Site: www.cgfbourse.sn
Telephone: +225 20 201 265 / 291 / 579
BICIBOURSE Fax: +225 20 201 489 / 525 Togo
Contact: M. KOUASSI YAO (General Manager) Email: sgbourse@sgbci.net SGI TOGO
Address: Abidjan Plateau, Rue Gourgas - Tour BICICI Web Site: www.afribourse.com Contact: M. EDOH KOSSI AMENOUNVE (General
1er étage Manager)
BP: 01 BP 1298 Abidjan 01 - Cote d'Ivoire Mali Address: Place Van Vollenhoven - UTB Centrale - 3è
Telephone: +225 20 201 668 / 679 / 625 SGI MALI étage
Fax: +225 20 214 722 / 201 700 Contact: M. MODIBO CISSE (General Manager) BP: BP 2312 Lomé Togo
Web Site: www.bicibourse.com Address: Immeuble ALI BABA - boulevard Cheick Telephone: +228 222 3086 / 3145
Zayed Fax: +228 222 3147
2 ème étage bureau 210 - BAMAKO Email: sgi-togo@ids.tg
BP: 01 B.P. 5394 Ouagadougou 01 -BURKINA Web Site:
http://www.brvm.org/en/intervenants/sgi/sgitogo.htm
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EGYPT
COUNTRY PROFILE
Capital Cairo
Languages Arabic (official), English and French widely understood by educated classes
Natural resources Petroleum, natural gas, iron ore, phosphates, manganese, limestone, gypsum, talc, asbestos, lead, zinc
GDP $258 billion (PPP)
GDP - per capital $3,700 (PPP 2001 est.)
Exports - partners EU 43% (Italy 18%, Germany 4%, UK 3.2%), US 15%, Middle East 11%, Asian countries 9%, (2000)
Imports - partners EU 36% (Germany 8%, Italy 8%, France 6%), US 18%, Asian countries 13%, Middle East 6% (2000)
Government Expenditures $26.2 billion, including capital expenditures of $5.9 billion (2001)
Currency Egyptian pound (EGP)
Debt - external $29 billion (2001 est.)
Exchange rates Egyptian pounds per US dollar - market rate - 4.5000 (January 2002), 4.4900 (2001), 3.6900 (2000), 3.4050 (1999), 3.3880 (1998), 3.3880
(1997)
Telephones - main lines in use 3,971,500 (December 1998)
Airports 92 (2001)
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African Stock Markets Handbook - 2003 / EGYPT
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 3,259 3,814 4,263 8,088 14,173 20,830 24,381 32,838 28,741 24,335 26,245
Value Traded (US$mn) 195 170 757 677 2,463 5,859 5,028 9,038 11,120 3,897 7,362
CMA General Index (Jan 1992 = 100) 108.87 135.67 238.40 213.20 296.70 359.85 382.77 624.51 626.16 613.00 491.67
CMA General Index (Jan 1992 = 100) 603.58 618.04 618.61 621.28 626.00 627.36 628.26 630.71 631.33 629.79 630.37 634.70
GDP % 4.1 2.5 0.8 1.8 3.2 NA

CPI Inflation % 2.7 2.3 4.3 4.1 3.8 NA
Interest Rates % NA 13.3 13.3 13.9 13.4 NA
Exchange Rate v. USD NA 4.0 4.7 4.7 5.0 NA
CMA General Index (US$) CMA General Index (Pound)
Key points 104.0

• The government is committed to liberalising the economy, as is evident in the floating of the Egyptian Pound.
• Regional tensions are likely to have a negative affect on economic growth with a slump in tourism in the short term.
100.0
Source: Liquid Africa 96.0

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(LE) (x) (%) (x) (US$mn)
Egyptian Company for Mobile Services Telecommunications 30.90 9.0 - 2.0 665
Suez Cement Cement 31.99 21.3 - 1.7 440
Orascom Construction Industries Construction 22.78 6.5 - 1.6 424
Commercial International Bank (Egypt) Banks 27.01 4.4 14.4 1.1 378
Abou Kir Fertiliserss Chemicals 32.00 4.4 12.5 1.1 316
Eastern Tobacco Tobacco 56.00 5.0 10.7 1.3 301
Egyptian Media Production City Media 7.90 47.6 - 0.8 292
Orascom Telecom Holding Telecommunications 10.40 35.9 - 0.5 246
Oriental Weavers Textiles 55.00 5.7 7.3 1.2 160
National Societe General Bank Banks 24.00 5.0 4.1 1.3 155

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STOCK EXCHANGE PROFILE Cairo and Alexandira Stock Exchanges
Web Site www.egyptse.com

Market Regulator Capital Markets Authority
Monetary Authority Central Bank of Egypt
Governing Law Capital Market Law
Time Zone GMT + 3
Securities Ordinary shares, Mutual Funds, Treasury bonds, Debentures
International Custodian HSBC
Market Segment Official, Unofficial 1, Unofficial 2
Trading System Computer based screen trading with automated matching
Central Depository Egyptian clearing and settlement Co.
Trading Days Sunday - Thursday
Reporting Requirement Half year unaudited and full year audited accounts. International Accounting and Auditing Standards.
Brief History The Alexandria exchange was established in 1888 while the Cairo exchange was established in 1903. Both exchanges remained active
throughout the early 1900's with a noticeable decline in the late 1950's owing to central planning and socialist policies adopted then.
However, the trend was reversed in the 1990's as the Government adopted free market policies.
Source: LiquidAfrica, Cairo and Alexandria Stock Exchanges
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MARKET OVERVIEW
Regional tensions hampered the The Egyptian stock exchange had a tough year in 2002 due to the tensions in the Middle East and an anaemic economy. US Dollar returns
Egyptian economy where marginally positive (2%). Geo-political tensions significantly affected tourism, which is the single most important industry in Egypt.
The banking sector suffered particularly badly from the weak macroeconomic environment, precipitating in increased bank loan loss
provisions. This resulted in several banking stocks exhibiting negative returns. International brewer Heineken purchased the 98.5% stake
in Al Ahram Beverages for approximately $290m, which should be seen as a sign of foreign investor confidence in the Egyptian economy.
A trend of significantly lower value traded on the Cairo and Alexandria Stock Exchange is emerging. Trading turnover slumped from a
high of $11 billion in 2000 to $6.6 billion in 2002 (a 45% decline), which can be attributed to the depressed Egyptian economy. The Cairo
and Alexandria Stock Exchanges have the largest number of listed companies in comparison to the other African stock exchanges,
however its market capitalisation languishes far behind the South African JSE Securities Exchange.
CONTACT DETAILS
STOCK EXCHANGE El Nasr Securities Brokerage Co. Financial Brokerage Group Member of EFG-Hermes Group
Cairo and Alexandira Stock Exchanges Managing Dir.: Gamal Abdel Alim Ahmed Managing Dir.: Mohamed A. Hassan
Address: 4A, El Sherifein Street Address: 29, El Nasr St., New Maadi Address: 58, Tahrir St., Dokki
Down Town, Cairo Tel.: +20 2 519 2722/3990/75 Tel.: +20 2 338 8867/4
Tel: +20 2 392 1447/2 Fax: +20 2 519 2778 Fax: +20 2 338 8633/68
Fax: +20 2 392 4214 Email: nasrsec@ritsec2.com.eg Email: retail@brokerage.efg-hermes.com
Wesite: www.egyptse.com
European Group for Brokerage Fleming Al Mansour Securities
Managing Dir.: Metwally Hassan M. Zidan Managing Dir.: Mohamed Abdallah
Address: 76, Gameat El dewel El Arabia Address: 9, Mohamed Fahmy St., Garden City
Mohandessin Tel.: +20 2 352 4475
STOCKBROKERS Tel.: +20 2 338 6670 Fax: +20 2 352 4475/1
Egyptian Group for Securities Fax: +20 2 338 6675
Managing Dir.: Osama Mahmoud Hammad Email: gb@eurobrok.com.eg
Address: 88, Kasr El Aini St., Down Town
Tel.: +20 2 594 0183/1789
Fax: +20 2 594 0183/1789
Email: hammad@intouch.com
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Hermes Securities Brokerage (Member of EFG-Hermes) InterCapital Securities Prime Securities Stock Brokers
Managing Dir.: Sherif S. Massoud Managing Dir.: Aly Abdel Al Zidan Managing Dir.: Mohamed M. Mohamed Ali
Address: 58, El Tahrir St., Dokki Postal Code 12311 Address: 9, Mohamed Fahmy St., 15th Floor Garden Address: 7, Midan El Thawra St., Mohandessin
Tel.: +20 2 336 9869/338 8864/7 City Tel.: +20 2 338 1992/1
Fax: +20 2 338 5400/4449 Tel.: +20 2 354 2475/1 Fax: +20 2 338 1993
Email: smassoud@efg-hermes.com Fax: +20 2 354 1474/2 Email: prime@mst1.mist.com.eg
Email: customerservice@intercapital.com
HSBC Securities Sigma Securites Brokerage
Managing Dir.: Mahmoud Attallah Misr International Securities Managing Dir.: Ahmed Marwan
Address: 3, Aboul Feda St., Zamalek Managing Dir.: Mohamed Mahmoud Ahmed Address: 1 El Gabalaya St. Zamalik Cairo Egypt
Tel.: +20 2 339 1927/332 0145/6 Address: 9, El Fawatem St., Azareta Tel.: +20 2 735 6060
Fax: +20 2 332 0028 Tel.: +20 3 484 8136/8/9 Fax: +20 2 735 0235
Email: mahmoud.f.attalah@hsbc.ib.com Fax: +20 3 484 8260 Email: securities@sigma-cap.com
Email: investia@mst.mist.com.eg
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GHANA
COUNTRY PROFILE
Capital Accra
Languages English (official), African languages (including Akan, Moshi-Dagomba, Ewe, and Ga)
Natural resources Gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower
GDP $39.4 billion (PPP)
GDP - real growth rate 3% (2001 est.)
GDP - per capita $1,980 (PPP 2001 est.)
Inflation rate (consumer prices) 25% (2001 est.)
Exports (f.o.b., 2001 est.) $1.94 billion (f.o.b., 2000)
Exports - partners Togo, UK, Italy, Netherlands, Germany, US, France (1998)
Imports - partners UK, Nigeria, US, Germany, Italy, Spain (1998)
Government Expenditures $1.975 billion, including capital expenditures of $NA (2001 est.)
Currency cedi (GHC)
Exchange rates cedis per US dollar - 7,195 (January 2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.30 (1999), 2,314.15 (1998), 2,050.17
(1997)
Airports 12 (2001)
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African Stock Markets Handbook - 2003 / GHANA
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 84 118 1,873 1,649 1,492 1,138 1,384 916 502 528 382
GSE All Share Index (Nov 1990 = 100) 79.10 170.80 371.70 298.10 360.80 511.70 868.40 736.20 858.00 956.00 1395.31
GSE All Share Index (Nov 1990 = 100) 957.34 969.89 1018.02 1041.05 1132.68 1223.69 1257.08 1309.71 1310.67 1339.76 1362.65 1395.31
GDP % 3.7 4.2 4.5 4.9 4.3 4.5

CPI Inflation % 40.6 33.9 15 12 10 9
Interest Rates % T bill 44 38 23 17 14 13
Exchange Rate v. USD 4,925 7,350 8,000 8,600 9,000 9,500
GSE All Share Index (US$) GSE All Share Index (Cedi)
Key points 145
• Higher prices for cocoa and gold favour Ghana outlook 135
• Non-traditional exports rise, boosted by cedi competitiveness
125
• Surge in oil price still a risk for Ghana
• Privatisation expected to accelerate 115
• Interest rates to decline further 105

• No significant political risks seen
95
Source: Liquid Africa and Standard Chartered Bank Jan 02 Mar 02 May 02 Jul 02 Sep 02 Nov 02 Jan 03
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(¢) (x) (%) (x) (US$mn)
Ghana Commercial Bank Banks 3,516.00 3.1 11.4 1.7 67

Standard Chart Banks 28,700.00 4.0 14.6 2.4 58
Unilever Household & Personal Products 4,805.00 5.4 10.7 1.1 35
SSB Bank Banks 3,966.00 3.7 3.8 1.2 31
Produce Buying Agricultural Products 390.00 27.9 - 5.3 22
Aluworks Capital Goods 3,700.00 5.3 14.9 1.2 18
Guinness Beverages 1,050.00 3.5 16.7 1.7 14
Mobil Oil Oil & Gas 19,730.00 6.0 7.9 1.3 9
British American Tobacco Tobacco 1,001.00 2.5 11.3 1.5 8
PZ Cussons Pharmaceuticals 2,005.00 4.5 2.9 1.2 7
Weighted Averages 10.4 1.5 269

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STOCK EXCHANGE PROFILE Ghana Stock Exchange
Web Site www.gse.com.gh

Market Regulator Securities Exchange Commission
Monetary Authority Bank of Ghana
Governing Law Stock Exchange Act (1971)
Time Zone GMT + 0
Securities Ordinary shares, Corporate bonds
International Custodian Stanbic Bank Ghana Ltd and Barclays Bank Ghana Ltd
Foreign Participation Cap on ownership (74% in general)
Market Segment First tier, second tier
Trading System Call over with presiding officer
Trading Days Monday, Wednesday and Friday
Brief History The Ghana Stock Exchange (GSE) was incorporated in July 1989 and was officially recognised as an authorised stock exchange under
the Stock Exchange Act in October 1990. Trading on the GSE commenced on 12 November 1990. A council comprising representatives
of stakeholders from the capital market govern the GSE. The Council acts as the Board of Directors with all powers and functions of a
Board under the Companies Code.
Source: LiquidAfrica, Ghana Stock Exchange
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MARKET OVERVIEW
The Ghanaian economy shows signs of The Ghanaian economy has enjoyed a good run from the implementation of appropriate monetary policy where inflation has
continued growth declined from 40% to 13% over the last two years. These gains have been consistent with the improved exchange rates
where the cedi depreciation rate has reduced.
Probably the most significant factor in Ghana’s economy is the improved production and prices of cocoa and gold. Ironically, the
Ghanaian economy has benefited from the tensions in neighbouring Cote d’Ivoire. Prices of cocoa have increased, thanks
to the dramatic slump in exports from Cote d’Ivoire, which used to be the largest international exporter of cocoa. This should
go a long way to shore up the local economy; however, these high commodity prices cannot be expected to be sustainable in
the long term.
In 2002, the stock market enjoyed a rally of sorts when the local interest rates on treasury bills declined to 25% from 40%. Local
investors seeking higher returns invested in local equities as real interest rates declined. In addition, corporates operating in
Ghana enjoyed a more stable macro environment as volatility in the cedi declined allowing for better long term planning.
Ghanaian companies posted higher earnings in 2002 and this further encouraged investors into the equity market. Looking ahead
into 2003, this trend is expected to continue as the government consolidates its gains on the macro front.
CONTACT DETAILS
STOCK EXCHANGE Consodiscount Asset Management Co. Limited Postal: P O Box 16746,
Ghana Stock Exchange Address: 3rd Floor, Tower Block Accra-North
Address: 5th Floor, Cedi House, Liberia Road SSNIT Pension House Tel No: +233 21 228812/231931
Accra, Ghana Accra Fax No: +233 21 231934
Postal: P. O. Box 1849 Postal: P O Box 14911
Accra, Ghana Accra North First Atlantic Brokers Ltd (Formerly Financial Equities Ghana
Tel: +233 21 669 908/914/935 Tel No: +233 21 667425/668437 Ltd)
Fax: +233 21 669 913 Fax No: +233 21 662167 Address: No. 1, 7th Avenue, Off Liberia Road
E-mail: info@gsedata.com Accra
Web sites: www.gsedata.com www.gse.com.gh Data Bank Brokerage Limited Postal: P O Box 5188, Accra- North
Address: SSNIT Tower Block, 5th Floor, Accra Tel No: +233 21 667088
STOCKBROKERS Postal: Private Mail Bag Ministries Post Office Fax No: +233 21 775743/231399
Cal Brokers Limited Accra
Address: No. 45 Independence Avenue, Tel No: +233 21 665124/663763 Gold Coast Securities Limited
Ridge, Accra Fax No: +233 21 669100 Address: 350 Nima Avenue, Accra
Postal: P O Box 14596 Postal: P O Box 17187,Accra
Accra EBG Stockbrokers Limited Tel No: +233 21 225155/226310/229892/233050
Tel No: +233 21 231102/221056/221087 Address: No. 19, 7th Avenue, Ridge (West) Fax No: +233 21 777380/233050
Fax No: +233 21 231104 Accra
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Merban Stockbrokers Limited New World Investments Limited Strategic African Securities Limited
Address: Merban House, Kwame Nkrumah Avenue Address: Mobil House, Liberia Road, Address: 59, Ring Road Central,
Postal: P O Box 401, Accra Postal: P O Box 16452, Airport, Accra Postal: P O Box 16446, Airport, Accra
Tel No: +233 21 666331-5 Tel No: +233 21 660163 Tel No: +233 21 231386/233777
Fax No.: +233 21 667 305 Fax No: +233 21 228610 Fax No: +233 21 229816
National Trust Holding Company SDC Brokerage Services Limited Sterling Securities
Address: Dyson House, Adjabeng Block Address: City Building, Off High Street Address: 2, Rangoon Link
Kwame Nkrumah Avenue, Post Office Square, Postal: P O Box C2932
Postal: P O Box 9563, Airport Postal: P O Box 14198, Accra Cantoments, Accra
Accra Tel No: +233 21 662733/669372-5 Tel.: +233 21 764 332; 762 955
Tel No: +233 21 229664/229106/223385 Fax No: +233 21 669371 Fax: +233 21 762 954
Fax No: +233 21 229975
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KENYA
COUNTRY PROFILE
Capital Nairobi
Languages English (official), Kiswahili (official), numerous indigenous languages
Natural resources Gold, limestone, soda ash, salt barites, rubies, fluorspar, garnets, wildlife, hydropower
Exports - partners UK 13.5%, Tanzania 12.5%, Uganda 12.0%, Germany 5.5% (2000)
Imports - partners UK 12%, UAE 9.8%, Japan 6.5%, India 4.4% (2000)
Currency Kenyan shilling (KES)
Exchange rates Kenyan shillings per US dollar - 78.597 (January 2002), 78.563 (2001), 76.176 (2000), 70.326 (1999), 60.367 (1998), 58.732 (1997)
Airports 231 (2001)
51
A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / K E N YA
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 637 1,060 3,082 1,886 1,846 1,824 2,024 1,409 1,283 1,050 1,676
NSE 20 Share Index (Jan 1966=100) 1167.29 2513.74 4559.4 3468.88 3114.11 3117.5 2962.1 2303.2 1913.4 1354.59 1317.45
NSE 20 Share Index (Jan 1966=100) 1343.41 1313.57 1183.10 1129.33 1071.07 1086.62 1097.73 1043.38 1043.40 1116.36 1161.12 1317.45
GDP % -0.3 0.8 1 2.3 3.5 4.2

CPI Inflation % 6.2 0.8 4 3 5.2 5.5
Interest Rates (3m T-Bill) % 12 12.7 10 15 14 12
Exchange Rate v. USD 77.9 78.4 79.5 82 85 87
NSE 20 Index (US$) NSE 20 Index (Shilling)
Key points 102
• Kenya appears poised for recovery after a peaceful presidential election

• Kenya will benefit from strong growth in East Africa 92
• Export growth has been impressive, despite the sluggish domestic economy
• Recovery to trigger slow, steady depreciation of the KES 82
• Current low interest rates are at odds with domestic fundamentals

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(Ksh) (x) (%) (x) (US$mn)
Barclays Bank Banks 98.50 6.2 14.2 1.6 234

Bamburi Cement Cement 42.50 21.1 2.6 1.5 198
Standard Chartered Bank Kenya Banks 58.50 6.5 14.1 2.5 186
East African Breweries Beverages 119.00 5.6 9.7 1.3 167
BAT Kenya Tobacco 54.00 8.9 14.6 1.3 69
Nation Media Group Media 77.00 10.7 3.2 2.0 53
Total Kenya Oil & Gas 22.00 -9.9 - 1.4 49
Kenya Airways Airlines 6.25 3.3 9.6 0.4 37
Brooke Bond Agricultural Products 54.00 11.8 3.7 0.6 34
Kenya Commercial Bank Banks 17.00 6.7 - 0.4 33

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STOCK EXCHANGE PROFILE Nairobi Stock Exchange
Web Site www.nse.co.ke

Market Regulator Capital Markets Authority
Monetary Authority Central Bank of Kenya
Governing Law Capital Markets Authority Act
Time Zone GMT + 2
Securities Ordinary shares, Preference shares, Treasury bonds, Debentures
International Custodian Stanbic Bank Kenya Limited and Barclays Bank Kenya Limited
Market Segment Main, alternative, fixed income
Trading System Floor based open outcry, continuous order driven auction.
Tax Rates Residents: Dividends: 5%; Interest: 15%; Capital gains: 0% Non Residents: Dividends: 7.5%; Interest:12.5%; Capital gain: 0%
Reporting Requirement Half year unaudited and full year audited accounts. International Accounting and Auditing Standards.
Brief History In the early 1900's, shares were traded between individuals and by the early 1920's, various professionals began offering stockbroking
services to the public. In 1954, the Nairobi Stock Exchange was formed as an association and Africans were allowed to trade on attainment
of independence in 1963. A new law was enacted in 1989 creating a regulator and two years later the NSE was established as a company
under the Company's Act.
Source: LiquidAfrica, Nairobi Stock Exchange
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MARKET OVERVIEW
A peaceful and democratic general election For most of 2002 the Kenyan market was dominated by speculation over the presidential election that was held right at the end of the
bodes well for 2003 year. For most part of 2002 the market registered declines but in the last quarter recovered as it became clearer the presidential and
legislative elections would be orderly and probably be declared free and fair.
The economy was starved of donor funding in late 2000 owing to concerns over corruption and governance issues. Following the outcome
of the election, it is widely expected that the funding will be resumed. In the interim, the government plugged the hole in its finances
by borrowing from the local market. Interest rate levels remain low as a result of weak domestic demand undermining economic activity.
In 2002, the Central Bank achieved some success in lengthening the maturity profile of its local debt portfolio. It aims to achieve a ratio
of 70:30 (long term to short term debt) having attained a 56:44 ratio at the end of 2002.
El Niño associated rainfall in November 2002 should improve harvests, with a beneficial short-term impact on inflation. This is in contrast
to other Southern African countries that are suffering from food shortages associated with El Niño drought.
The local stock market should perform well in 2003 as it is coming of a low base. A key driver could be the implementation of the incoming
government’s pledge to privatise state corporations. Upcoming full year results for 2002 should reflect the poor economic trading
environment that persisted. Banks in particular should report weaker earnings as a result of lower average interest rates available through
2002 and limited lending opportunities.
The outlook for 2003 shall be guided by quick resumption of donor funding, increased investment in infrastructure, which could induce
private investment. The improved business confidence and the upbeat social climate should filter through the economy boosting corporate
earnings.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS Tel No: +254 2 227803
Nairobi Stock Exchange Francis Drummond & Co Ltd Fax No: +254 2 218633
Address: Nation Centre 1st Floor Address: Queensway House, 3rd Floor
Kimathi Street, Nairobi Kaunda Street
Postal: P.O. Box 43633 Postal: P O Box 45465
Tel: +254 2 230 692 Nairobi Francis Thuo & Partners Ltd
Fax: +254 2 224 200 Tel No: +254 2 334533 Address: International House, 13th Floor
E-Mail: info@nse.co.ke Fax No: +254 2 223061 Postal: P O Box 46524
Website: www.nse.co.ke Nairobi
Dyer & Blair Ltd Tel No: +254 2 226531
Address: Reinsuarance Plaza, 9th Floor Fax No: +254 2 228498
Taifa Road
Nairobi
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Ngenye Kariuki & Co Ltd Ashbhu Securities Ltd. Kestrel Capital (EA) Ltd c/o Shapley Barret & Company
Address: Travel (UTC) House Address: Capital Hill Towers, 3rd Floor Address: Lonrho Building
Postal: P O Box 12185 Cathedral Road Postal: P O Box 40005
Nairobi Postal: P O Box 41684 Nairobi
Tel No +254 2 224333/220052 Nairobi Tel.: +254 2 251815/251893
Fax No: +254 2 217199 Tel.: +254 2 715411 Fax: +254 2 243264
Fax: +254 2 715423
Nyaga Stockbrokers Ltd
Address: IPS Building, 10th Floor Reliable Securities Ltd.
Kimathi Street Address: Sonalux House, 4th Floor Hak Securities Ltd.
Postal: P O Box 41868 Moi Avenue Address: Rehani House, 4th Floor
Nairobi Postal: P O Box 67188 Postal: P O Box 67815
Tel No: +254 2 332783/4 Nairobi Nairobi
Fax No: +254 2 332785 Tel.: +254 2 211271 Tel.: +254 2 331891/220517
Fax: +254 2 225439 Fax: +254 2 215554
CFC Financial Services Ltd
Address: Queensway House, 3rd Floor Sterling Securities Ltd. Discount Securities
Postal: P O Box 47198 Address: Finance House, 10th Floor Address: Phoenix House
Nairobi 00100 Postal: P O Box 45213 Postal: P O Box 57746
Tel No: +254 2 375 3726 Nairobi Nairobi
Fax No: +254 2 375 2951 Tel.: +254 2 213914 Tel.: +254 2 219538/219538/244468
Fax: +254 2 218261 Fax: +254 2 336553
Suntra Stocks Ltd.
Address: Commonwealth House, 2nd Floor Kenya Wide Securities Ltd Faida Securities
Moi Ave Address: Kimathi House, 2nd Floor Address: Union Towers, 5th Floor
Postal: P O Box 74016, Nairobi Keah & Company Moi Avenue
Tel: +254 2 337220/223294 Postal: P O Box 43858, Nairobi Postal: P O Box 40100
Fax: +254 2 224327 Tel.: +254 2 221378/226373 Nairobi
Fax: +254 2 246197 Tel.: +254 2 243811/2/3
Standard Stocks Ltd Fax: +254 2 243814
Address: Rehani House, 3rd Floor Solid Investment Securities Ltd.
Postal: P O Box 73687, Nairobi Address: Jubilee Insurance House
Tel No: +254 2 220225/227004/240296 4th Floor, Room 420A
Fax No: +254 2 240297 Nairobi
Tel.: +254 2 214887
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MALAWI
COUNTRY PROFILE
Capital Lilongwe
Languages English (official), Chichewa (official), other languages important regionally
Unemployment rate NA
Natural resources Limestone, arable land, hydropower, unexploited deposits of uranium, coal, and bauxite
GDP - per capita $660 (PPP 2001 est.)
Exports (f.o.b., 2001 est.) $415.5 million
Exports - partners South Africa 18%, Germany 13%, US 13%, UK 10%, Japan 7%, Netherlands 3% (2000)
Imports (f.o.b., 2001 est.) $463.6 million
Imports - partners South Africa 40%, UK 11%, Zimbabwe 7%, Japan 5%, Germany 2%, US 1.8%, Zambia (2000)
Government Revenues $490million
Government Expenditures $523 million, including capital expenditures of $NA (FY99/00 est.)
Currency Malawian kwacha (MWK)
Exchange rates Malawian kwachas per US dollar - 67.3111 (December 2001), 72.1973 (2001), 59.5438 (2000), 44.0881 (1999), 31.0727 (1998), 16.4442
(1997)
Airports 44 (2001)
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A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / M A L AW I
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) - - - - 15 110 148 161 212 152 107

Value Traded (US$mn) - - - - 0 0 10 6 9 21 3
MSE Domestic Share Index (Nov 1996 =100) - - - - 112.50 137.57 220.68 250.89 270.12 280.15 233.43
Number of Listed Companies - - - - 1 3 6 6 7 7 8
MSE Domestic Share Index (Jun 1996 = 100) 300.11 300.33 300.82 300.98 299.09 284.53 282.24 278.01 251.46 246.18 231.11 233.43
Macroeconomic Indicators (Annual Averages) 2000a 2001a 2002e 2003f 2004f 2005f
GDP % 3.4 1.5 2 3 4.1 4.5

CPI Inflation % 29.6 27.5 19 23 17 14
Interest Rates (3m T-Bill) % 40 47 41 55 40 30
MSE Domestic Share Index (US$) MSE Domestic Share Index (Kwacha)
Key points 130
• Drought, famine and lack of donor funding to pressure economy in near term
• Outlook for tobacco is more favourable 110
• Tourism is also picking up
• Real interest rates in excess of 20% to help reduce inflation 90
• But Zimbabwe devaluation would be a big risk for the MWK
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(Mk) (x) (%) (x) (US$mn)
National Bank Banks 6.30 5.0 10.0 1.4 33

Sugar Corporation Sugar 3.90 4.6 6.2 1.2 30
Press Corporation Industrial Conglomerates 13.00 2.6 14.5 0.4 16
Commercial Bank Banks 6.40 3.6 12.5 0.9 15
Sunbird Tourism Hotels & Tourism 1.85 5.8 20.7 0.5 6
National Insurance Insurance 2.50 1.5 24.0 0.7 3
Blantyre Hotels Hotels & Tourism 4.45 5.5 9.0 0.9 2
Packing Industries Packaging 1.90 1.9 17.9 0.5 1

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STOCK EXCHANGE PROFILE Malawi Stock Exchange
Web Site www.mse.co.mw

Market Regulator The Stock Exchange Committee
Monetary Authority Reserve Bank of Malawi
Governing Law Capital Market Development Act
Time Zone GMT + 2
Clearing & Settlement Transaction by transaction
Securities Ordinary shares, Preference shares, Corporate bonds, Treasury bonds.
Market Segment Domestic, Foreign
Trading System Call over, floor based.
Tax Rates Residents: Dividends: Nil; Interest: 20%; Capital gains: 35% Non Residents: Dividends: Nil; Interest: 15%; Capital gains:35%
Reporting Requirement Half year and full audited annual accounts. International Accounting and Auditing Standards.
Brief History The Malawi Stock Exchange was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, under
the aegis of the Reserve Bank of Malawi, with 2300 Malawian citizens buying shares in the first company to be listed, Malawi's largest
insurance firm, the National Insurance Company. International Finance Corporation, a World Bank affiliate, and the Financierings
Maatschappij Ontwikkelingslanden, a Dutch development bank with close ties to the Dutch Ministry for Development Co-operation,
provided 40% of the $500,000 required for establishing the stock market in Blantyre, and the European Union sponsors seminars and
publicity campaigns. The Exchange has a modest market listing. More stringent listing rules are currently being prepared. Membership
of the Exchange is corporate and individual. It has a supervisory committee, which comprises representatives of the central bank, the
government and the private sector.
Source: LiquidAfrica, Malawi Stock Exchange
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MARKET OVERVIEW
The Malawi economy posted another poor Malawi has been languishing from the El Niño associated drought. The severe drought has resulted in considerable social and economic
performance problems, namely a food crisis and an estimated economic loss of US$150 to US$180 million. Relations with donors become strained as
government has failed to bring the fiscal deficit in check. Higher food prices resulted in demand push inflation coupled with negative
economic growth and a depreciation of the Kwacha to the US$ was felt in the stock market. The market dropped 36% in US$ terms, with
most stock prices falling on the back of deteriorating economic fundamentals. Resumption of IMF funding and better weather conditions
should bode well for the Malawi stock market in the future.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS NICORP Securities Limited
Malawi Stock Exchange Stockbrokers Malawi Limited Address: 14 Victoria Avenue,
Address: Old Reserve Bank Building, Address: Ground Floor, Able House Postal: P.O. Box 2364, Blantyre, Malawi
Victoria Avenue Cnr. Hannover Ave./Chilembwe Rd Tel: +265 1 621 422
Postal: P/Bag 270, Postal: P O Box 31180 Fax: +265 1 624 494
Blantyre, Malawi Chichiri, Blantyre E-mail: investing@nicorpsec.com
Tel: +265 1 624 233 Tel: +265 622 803 Website: www.nicorpsec.com
Fax: +265 1 623 636 Fax: +265 624 353
E-mail: mse@mse-mw.com
Website: www.mse.co.mw
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African Stock Markets Handbook - 2003 / MAURITIUS
MAURITIUS
COUNTRY PROFILE
Capital Port Louis
Languages English, French, Creole, Hindi, Urdu, Hakka, Bhojpuri
Population growth rate 0.86%
Unemployment rate 8.6%
Natural resources Arable land, fish
GDP (PPP) $12.9 billion
GDP - real growth rate (%) (2001 est.) 5.20%
GDP - per capita (PPP 2001 est.) $10,800
Inflation rate (consumer prices) (%) (2001 est.) 4.20%
Electricity - production ( kWh) 1.285 billion kWh
Exports - partners UK 25.8%, France 20.8%, US 16.0%, South Africa 10.9%, Germany, Italy
Imports - partners South Africa 20.0%, France 19.0%, India 9.0%, Hong Kong 5.2%, UK
Government Expenditures $1.2 billion, including capital expenditures of $NA
Currency Mauritian rupee (MUR)
Debt - external $2.3 billion
Exchange rates Mauritian rupees per US dollar - 30.345 (January 2002), 29.129 (2001), 26.250 (2000), 25.186 (1999), 22.993 (1998), 21.057 (1997)
Telephones - main lines in use 245,000
Airports 5
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 424 842 1,578 1,562 1,693 1,754 1,849 1,643 1,335 1,061 1,324
SEMDEX Index (Jul 1989 = 100) 183.18 302.63 476.10 344.44 353.46 391.12 465.60 435.70 390.10 340.90 399.26
SEMDEX Index (Jul 1989 = 100) 373.88 372.95 373.43 353.64 354.03 358.65 365.69 375.23 379.73 379.02 385.73 399.26
GDP % 8.9 5.8 4.6 6 5.2 4.9

CPI Inflation % 4.4 6.2 6.5 5.4 5 5.8
Interest Rates % 7.7 9 10 9 9 10
Exchange Rate v. USD 26 29 30.75 32 33 36
SEMDEX Index (US$) SEMDEX Index (Rupee)

Key points
• Heavy investment in IT and infrastructure will lead to economic recovery 120
• Longer-term challenges remain in place
• Liberalisation of international trade in textiles threatens
• Other sugar producers lobby against preferences 110
• Fiscal problems cast doubt on sustainability of offshore sector

• EUR strength to provide some respite for MUR
100

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(R) (x) (%) (x) (US$mn)
New Mauritius Hotels Ltd. Hotels & Tourism 37.00 8.8 6.8 1.1 203
The Mauritius Commercial Bank Ltd. Banks 91.00 4.6 6.5 0.7 180
State Bank Of Mauritius Ltd Banks 11.60 4.4 8.6 1.1 151
Sun Resorts Ltd. Hotels & Tourism 45.50 7.5 9.6 1.0 146
Mon Tresor & Mon Desert Ltd Sugar 45.00 2.3 34.6 1.4 103
Rogers And Co. Ltd Retail & Distribution 81.00 5.9 7.4 0.9 69
Shell Mauritius Ltd. Oil & Gas 45.00 7.7 11.6 14.8 45
Air Mauritius Ltd. Airlines 12.60 2.5 11.9 0.2 44
Ireland Blyth Ltd. Retail & Distribution 17.00 8.5 9.7 0.6 41
Happy World Foods Ltd. Retail & Distribution 17.90 6.9 6.7 1.0 22

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STOCK EXCHANGE PROFILE Stock Exchange of Mauritius
Web Site www.semdex.com

Market Regulator Financial Services Commission
Monetary Authority Bank of Mauritius
Governing Law The Stock Exchange Act (1988)
Time Zone GMT + 4
Clearing & Settlement Automated, Strict Delivery versus Payment
Securities Ordinary shares, Preferred shares, Corporate bonds
Settlement Cycle Rolling T+3
International Custodian HSBC
Market Segment Official list, Over-the-Counter market
Trading System Screen based automated trading system
Central Depository Central Depository and Settlement Co Ltd.
Trading Hours 09:00AM - 11:30AM
Reporting Requirement Half year and full audited annual accounts. International Accounting and Auditing Standards
Brief History The Stock Exchange of Mauritius (SEM) was incorporated in 1989 as a private limited company and operates two markets: the Official
Market started its operations in 1989 and the Over-The-Counter (OTC) Market open to locals only. The stock market was opened to
foreign investors following the lifting of exchange control in 1994. A major development has been the successful implementation of a
Central Depository System (CDS), in January 1997. Trading in securities is conducted through dedicated trading workstations located
at stock broking firms and linked by communication lines to the SEM trading engine.
Source: LiquidAfrica, Stock Exchange of Mauritius
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MARKET OVERVIEW
Lower GDP growth estimates trigger a small Weak US and Euro zone markets have hurt the Export Processing Zone (EPZ) sector and local private consumption. A number of Mauritian
decline in the market companies had shifted their EPZ facilities to Madagascar which offers lower labour costs. Unfortunately Political upheaval in Madagascar
disrupted operations and left a number of banks uneasy over lendings routed to those operations. However, it is now emerging that the
impact on the banking sector may not be as bad as initially feared.
In 2002, the local stock market performed very well on the back of weaker economic fundamentals locally and globally registering a
return of 21% in US dollar terms (17% local).Towards the end of 2002, it became apparent that the sugar sector would have a weaker
recovery than earlier expected following cyclone Dina.
However, tourism has displayed resilience in the wake of the US attacks and bombings of tourist spots in Bali and Kenya. Siginificant new
investments have delivered additional capacity particularly in the high end of the market, while tourist arrivals have remained strong
increasing 3% over the previous year.
The outlook for the rest of the year remains positive supported by a set of excellent economic fundamentals. Mauritius has managed to
diversify its economy over the past few years enabling it to better absorb external economic shocks.
CONTACT DETAILS
STOCK EXCHANGE Associated Brokers Ltd. Tel.: +230 212 2578/0454
Stock Exchange of Mauritius Address: 10, Sir William Newton Street Fax: +230 208 3455
Contact: Mr. Sunil Benimadhu (Chief Executive) Port Louis E-mail: cac@bow.intnet.mu
Address: 2nd. Floor, Les Cascades Building Tel.: +230 212 3038
33, Edith Cavell Street Fax.: +230 212 6690 First Brokers Ltd.
Port Louis E-mail: abl@bow.intnet.mu Address: 4th Floor, Li Wan Po Building
Republic of Mauritius 12, Remy Ollier Street
Tel: +230 212 9541 Capital Markets Brokers Ltd. Port Louis
Fax: +230 208 8409 Address: 3rd Floor, Moorgate House Tel.: +230 211 0582/228 0583
E-mail: stxbeni@intnet.mu 29, Sir William Newton Street Fax: +230 211 0584
Website: www.semdex.com Port Louis E-mail: fbl@bai.intnet.mu
Tel.: +230 212 1336
STOCKBROKERS Fax: +230 212 8238 General Brokerage Ltd.
Asmo Securities & Investments Ltd. E-mail: cmb@bow.intnet.mu Address: 8th Floor, Les Cascade Building
Address: 43, Sir William Newton Street 33, Bis Edith Cavell Street
Port Louis Campagnie des Agents de Change Ltee Port Louis
Tel.: +230 212 1269/0697 Address: 9th Floor, Stratton Court Tel.: +230 212 9863/9864
Fax: +230 208 8508 Poudriere Street Fax: +230 212 9867
E-mail: asmo@bow.intnet.mu Port Louis E-mail: gbl@bow.intnet,mu
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MCB Stockbrokers Ltd. SBM ABN AMRO Asia Securities Ltd. Cavell Securities Ltd.
Address: Raymond Lamusse Building Address: Level 6, State Bank Tower Address: 18, Edith Cavell Street
11 – 13 Sir William Newton Street 1, Queen Elizabeth II Avenue Port Louis
Port Louis Port Louis Tel: +230 208 0808/0809
Tel.: +230 202 5245/5247 Tel.: +230 202 1437/1438 Fax: +230 208 8798
Fax: +230 208 9210 Fax: +230 212 1710 E-mail: alh@bow.intnet.mu
Email: mcb.sb@bow.intnet.mu E-mail: abnamro@sbm.intnet.mu
Ramet & Associes Ltee Newton Securities Ltd.

Address: 16 Queen Street Address: Level 8, Happy World House
Port Louis 22, Sir William Newton Street
Tel.: +230 212 3535/2661 Port Louis
Fax: +230 208 6294 Tel: +230 208 8626/212 6768
Fax: +230 208 8749
E-mail: newton@bow.intnet.mu
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African Stock Markets Handbook - 2003 / MOROCCO
MOROCCO
COUNTRY PROFILE
Capital Rabat
Languages Arabic (official), Berber dialects, French often the language of business, government, and diplomacy
Natural resources Phosphates, iron ore, manganese, lead, zinc, fish, salt
Exports - partners France 26%, Spain 10%, UK 8%, Italy 6%, Germany 5%, India 5%, US 5% (2000)
Imports - partners France 25%, Spain 11%, Germany 6%, Italy 6%, UK 5%, US 5% (2000)
Currency Moroccan dirham (MAD)
Exchange rates Moroccan dirhams per US dollar - 11.584 (January 2002), 11.303 (2001), 10.626 (2000), 9.804 (1999), 9.604 (1998), 9.527 (1997)
Telephones - main lines in use 1.391 million (1998)
Airports 67 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Value Traded (US$mn) 70 498 788 2,426 432 1,051 1,390 2,530 1,094 974 922
Morocco All Share Index (Dec 1991 = 1000) 1168.38 1504.71 2118.02 2223.32 2913.99 4340.37 5163.00 4865.07 3995.27 3568.68 2980.44
Monthly Closing index Values 2002 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Morocco All Share Index (Dec 1991 = 1000) 3444.85 3407.59 3406.95 3293.35 3207.72 3135.26 2989.54 3058.49 2941.26 2890.88 2951.63 2980.44
GDP % 2.4 6.3 4.5 5.5 5 5

CPI Inflation % 1.9 0.5 2.5 2 2.5 2.7
Interest Rates % T bill 5.5 5.8 4.75 5 5 5.5
MASI (US$) MASI (Dirham)
Key points 100

• Prospects for growth in the medium term are promising although there is lack of progress on privatisation
• The dirham has strengthened sharply against the euro due to its significant euro weighting, prompting concerns of a
drop in competitiveness. 90
80

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(DH) (x) (%) (x) (US$mn)
Ona Other Financial Services 740.00 7.5 2.7 1.1 1,240

BCM Banks 685.00 12.1 3.9 1.5 871
SNI Other Financial Services 620.00 11.6 3.5 1.4 649
Lafarge Ciments Industrial Conglomerates 380.00 5.7 3.9 1.2 579
Samir Industrial Conglomerates 788.00 24.2 2.9 2.8 546
BMCE Banks 1,140.00 19.5 4.4 2.3 521
Ciment Du Maroc Industrial Conglomerates 615.00 11.7 3.3 1.1 381
Wafabank Banks 497.00 20.2 3.0 1.9 364
Credit Du Maroc Banks 369.00 -6.0 2.7 2.0 295
Brasseries Du Maroc Industrial Conglomerates 910.00 9.5 5.5 1.9 247

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STOCK EXCHANGE PROFILE Bourse de Casablanca
Web Site www.casablanca-bourse.com

Market Regulator Conseil Deontologique des Valeurs Mobilieres. (CDVM)
Monetary Authority Bank Al-Maghrib
Governing Law NA
Time Zone GMT
Securities Stocks, government bonds and other securities
International Custodian BMCE Bank, ABN Amro, Citibank, HSBC,
Market Segment First market, new market
Trading System Automated trading system
Central Depository Maroclear
Trading Days Monday to Friday
Trading Hours 8:30 to 12:30
Reporting Requirement Half year and full audited annual accounts. International Accounting and Auditing Standards
Brief History The Casablanca Stock Exchange was founded in 1929 by several banks. Recent developments include the privatisation of the exchange
in 1995 and the introduction of computerised trading in 1998.
Source: LiquidAfrica and Bourse de Casablanca
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MARKET OVERVIEW
The Moroccan stock market posted negative The Moroccan economy relies heavily on trade with Europe. The important tourism sector was negatively affected by the tensions in the
returns in 2002 Middle East, frustrating the government’s ambitions to use tourism as a catalyst for economic growth. The heavy weighting of the euro
in the local unit (dirham) resulted in the appreciation of the dirham significantly to the US$ thanks to the euro’s rally.
Agricultural output increased in 2002 as weather conditions improved, boosting exports in a period of economic slowdown. Negative
equity market returns of –14% in local currency terms and –5% in US$ terms where posted in 2002.The Moroccan stock market is
consolidating after its heady performance seen in the late 1990’s. Government’s plans for economic reform and improved global economic
growth should augur well for the Moroccan economy.
CONTACT DETAILS
STOCK EXCHANGE
Bourse de Casablanca BMCI BOURSE CREDIT DU MAROC CAPITAL
Address: Angle Avenue des Forces Armées Royales Contact: M.Yahia El Halfa Contact: M. Rachid Ellakhdi
et Rue Arrachid Mohamed, Address: 47, angle Rues Allal Benabdellah et Address: 8, rue Ibnou Hilal
Casablanca, MAROC Mohamed Fakir 3ème étage Casablanca - Maroc
Tél: +212 22 452 626/27 Casablanca - Maroc Tél: +212 22 940 744
Fax: +212 22 452 625 Tél: +212 22 203 751 / 202 412 Fax: +212 22 940 766
E-mail: supervisor@Casablanca-bourse.com Fax: +212 22 202 891 Website: www.cdmcnet.co.ma
Website: www.casablanca-bourse.com Website: www.bmcinet.com
EUROBOURSE
STOCKBROKERS CFG MARCHES Contact: M. Nabil Ahabchane
ATTIJARI INTERMEDIATION Contact: Mr. Hicham Boutaleb Address: Avenue des FAR, Complexe commercial
Contact: M. Nour-Eddine Jarmouni Address: 5-7 rue Ibn Toufaïl, Quartier Palmier des Habous 5ème étage.
Address: 15 bis bd Moulay Youssef Casablanca - Maroc Casablanca - Maroc
Casablanca - Maroc Tél: +212 22 250 101 Tél: +212 22 541 554
Tél: +212 22 491 485 / 293 991 Fax: +212 22 981 112 Fax: +212 22 541 446
Fax: +212 22 202 515 / 476 432 Website: www.cfgmorocco.com E-mail: infos@eurobourse.ma
Website: www.bcm.co.ma Website: www.eurobourse.ma
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ICF AL WASSIT MAROC SERVICE INTERMEDIATION SOMACOVAM
Contact: Mr. Soulaiman Harichi Contact: Mrs. Imane CHAKIR Contact: Mr. Hachem Bouhamidi
Address: Espace Porte d'Anfa. 29 rue Address: Immeuble Zénith, lotissement Tawfiq Address: 60 rue d'Alger, Casablanca
Bab El Mansour, Casablanca Municipalité de Sidi Maârouf. Casablanca Casablanca - Maroc
Tél: +212 22 369 384 / 389 Tél: +212 22 974 961 / 965 / 967 / 972 Tél: +212 22 484 307 / 288
Fax: +212 22 391 090 Fax: +212 22 974 973 / 974 Fax: +212 22 484 308
E-mail: wassit@wanadoo.net.ma E.mail: msin@open.net.ma
UPLINE SECURITIES
MAGHREB FINANCE SAFABOURSE Contact: Mrs. Sanaa Bennouna
Contact: Mr. Simohamed Baayou Contact: Mrs. Saloua LAASSEL HAJJI Address: 41/43 Ange Bd d'Anfa et
Address: 3ème étage Immeuble Saturne Address: 181, Bd Massira Al Khadra, Rue de Nièvre Casablanca
201, Bd Zerktouni - Casablanca Casablanca - Maroc Tél: +212 22 475 124 / 221
Tél: +212 22 959 900 Tél: +212 22 235 924 Fax: +212 22 474 603/614
Fax: +212 22 362 369 Fax: +212 22 235 950 / 250 578 Website: www.upline.co.ma
Website: www.magfin.com E-mail: safa@finaccess.co.ma
WAFABOURSE
BMCE CAPITAL BOURSE SOGEBOURSE Contact: Mr. Idriss Bajeddoub
Contact: Mr. Majid Benjelloun Contact: Mr. Abdelouahed Oussous Address: 416, Rue Mustapha El Maani
Address: BMCE Siège, Tour BEMCOM Address: 55 Boulevard Abdelmoumen Casablanca - Maroc
Rond-point Hassan II, 8ème ét. Casablanca Casablanca Tél: +212 22 545 050 / 209 524
Tél: +212 22 481 001 Tél: +212 22 439 840 Fax: +212 22 209 525
Fax: +212 22 480 952 / 481 068 Fax: +212 22 268 018
E-mail: sogebourse@sgmaroc.com
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African Stock Markets Handbook - 2003 / NAMIBIA
NAMIBIA
COUNTRY PROFILE
Capital Windhoek
Languages English 7% (official)
Literacy rate: total population 38%
Unemployment rate 30% to 40%, including underemployment (1997 est.)
Natural resources Diamonds, copper, uranium, gold, lead, tin, lithium, cadmium, zinc, salt, vanadium, natural gas, hydropower, fish
Exports - partners UK 43%, South Africa 26%, Spain 14%, France 8%, Japan (1998 est.)
Imports - partners South Africa 81%, US 4%, Germany 2% (1997 est.)
Government Expenditures $950 million, including capital expenditures of $NA (1998)
Currency Namibian dollar (NAD); South African rand (ZAR)
Debt - external $217 million (2000 est.)
Exchange rates Namibian dollars per US dollar - 11.58786 (January 2002), 8.60918 (2001), 6.93983 (2000), 6.10948 (1999), 5.52828 (1998), 4.60796
(1997)
Airports 137 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 21 28 201 189 473 689 429 691 311 151 201
NSX Local Companies Index (Jun 1995 = 100) - - - 86.40 150.60 164.20 106.00 157.00 92.00 88.50 47.28
NSX Local Companies Index (Jun 1995 = 100) 58.00 58.20 57.00 56.20 56.00 56.00 52.35 51.96 52.54 48.92 48.41 47.28
Macroeconomic Indicators (annual averages) 2000a 2001a 2002e 2003f 2004f
GDP % 3.3 2.0 3.2 5.0 NA

CPI Inflation % 9.3 9.3 8.9 8.5 NA
Interest Rates % NA 14.5 16.2 14.7 13
Exchange Rate v. USD NA 8.61 10.64 10 10.6
NSX Local Index (US$) NSX Local Index (N$)
Key points 110

• Inflation will remain relatively high in the short term and as a result the bank rate is expected to remain comparatively high.
100
90
80

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(N$) (x) (%) (x) (US$mn)
First National Bank of Namibia Banks 4.20 5.4 11.0 1.4 96

Namibia Breweries Beverages 1.79 6.1 6.4 1.1 42
CIC Holdings Retail & Distribution 0.35 3.8 5.1 0.6 8
Namibian Mineral Corporation Mining & Metals 0.53 -0.1 - 0.3 6
Namibian Harvest Investments Other Financial Services 0.11 13.8 - 0.5 3
Gendor Food 0.06 -0.8 - 0.3 2
Namibian Sea Products Agricultural Products 0.12 30.0 - 0.4 2
PEP Namibia Retail & Distribution 0.12 13.3 - 0.1 -

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STOCK EXCHANGE PROFILE Namibian Stock Exchange
Web Site www.nsx.com.na

Market Regulator NA
Monetary Authority Bank of Namibia
Governing Law Stock Exchanges Control Act
Time Zone GMT+2
Securities Equities, preference shares and bonds
Settlement Cycle T+5 rolling
International Custodian Standard Bank of Namibia Ltd
Foreign Participation No restrictions, however, not allowed to take over a bank without central bank approval
Market Segment Local, foreign
Trading System Automated trading system
Trading Days Monday to Friday
Trading Hours 9am to 5pm in summer and 8am to 4pm in winter
Reporting Requirement Half yearly income statements and audited balance sheets
Brief History The first Namibian Stock Exchange was founded at the start of the century, and closed down a few years later. A new exchange was
formed in 1992
Source: LiquidAfrica, Namibian Stock Exchange
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MARKET OVERVIEW
Positive US$ returns due to a weak dollar The Namibian stock market posted positive returns in US$ terms of 11% in 2002 thanks to an appreciation of the local currency. The
Namibian dollar is pegged to the South African rand, which posted a dramatic turn around in late 2002. Returns in local terms were
negative (-19%). Oryx Properties and dual listed Shoprite Holdings (a South African retailer agressively expanding into Africa) were listed
in 2002. This demonstrates the increasing vivacity of the Namibian Stock Exchange. The Skorpion Zinc project and a new textile factory
is expected to bolster economic growth and bring in foreign exchange in the future. The Namibian economy is heavily reliant on
government expenditures which contributes approximately 20% of GDP.
CONTACT DETAILS
STOCK EXCHANGE Irwin, Jacobs, Greene (Pty.) Ltd. Postal: P O Box 27, Windhoek
Namibian Stock Exchange Address: 11th Floor, Sanlam Centre Tel.: +264 61 256 666
Contact: John Mandy (General Manager) Independence Avenue Fax: +264 61 256 789
Address: Shop 8, Kaiserkrone Centre, Postal: P O Box 186, Windhoek E-mail: wmoroff@boesec.co.za
Post Street Mall, Windhoek Tel.: +264 61 238 899
Postal: PO Box 2401, Windhoek. Fax: +264 61 238 936 Investment House Namibia (Pty.) Ltd.
Tel: +264 61 227 647 E-mail: ijg@ijg.net Address: 8th Floor, Southern Life Building
Fax: +264 61 248 531 Post Street Mall
E-mail: info@nsx.com.na Simons Storm Securities Postal: P O Box 196, Windhoek
Website: www.nsx.com.na Address: 152 Robert Mugabe Avenue, Tel. +264 61 237 477
Postal: P O Box 3970, Windhoek Fax: +264 61 227 321
STOCKBROKERS Tel No: +264 61 254 194 E-mail: bvr@naminvest.com
HSBC Securities Namibia (Pty.) Ltd. Fax No: +264 61 254 193
Address: 100 Robert Mugabe Avenue E-mail: aj@sss.com.na
Postal: P O Box 1272, Windhoek
Tel.: +264 61 273 200 Nedcor Securities Namibia (Pty.) Ltd.
Fax: +264 61 232 513 Address: 1st Floor, City Centre Building (West Wing)
E-mail: philip.vanheerden@za.hsbcib.com Levinson Arcade
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NIGERIA
COUNTRY PROFILE
Capital Abuja
Languages English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Natural resources Natural gas, petroleum, tin, columbite, iron ore, coal, limestone, lead, zinc, arable land
Exports - partners US 46%, Spain 11%, India 6%, France 5%, Brazil (2000)
Imports - partners UK 11%, US 9%, France 9%, Germany 7%, China (2000)
Currency naira (NGN)
Exchange rates nairas per US dollar - 115 (January 2002), 101.697 (2000), 92.338 (1999), 21.886 (1998), 21.886 (1997)
Airports 70 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
NSE All Share Index (Jan 1984 = 100) 1107.60 1543.80 2205.00 5092.10 6992.10 6440.50 5680.10 5266.40 8111.00 10963.10 12059.21
NSE All Share Index (Jan 1984 = 100) 10649.96 10581.98 11214.38 11399.05 11486.70 12440.65 12458.23 12327.91 11811.55 11451.51 11622.74 12059.21
GDP % 3.88 4.21 3.8 4.2 4.5 3.6

CPI Inflation % 6.9 19.4 20 22 17 14.5
Interest Rates (3m T-Bill) % 16 17.4 22 24 19 16
NSE All Share Index (US$) NSE All Share Index (Naira)
120
Key points
• Longer term, Nigeria remains vulnerable to fluctuations in oil prices
• Steady depreciation of the naira is foreseen 110
• Loan rates are capped for now, but tight monetary policy will be re-introduced
100
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(N) (x) (%) (x) (US$mn)
Nigerian Breweries Beverages 30.99 22.1 7.3 4.7 897

First Bank Of Nigeria Banks 21.79 9.6 6.0 2.9 424
Union Bank Nigeria Banks 21.50 8.2 5.8 1.7 414
Nestle Nigeria Food 87.00 12.7 6.3 24.6 282
Guinness Nigeria Beverages 44.00 7.5 10.8 2.5 238
Nigeria Bottling Company Beverages 31.20 7.9 3.2 2.5 233
Cadbury Nigeria Food 34.50 16.2 3.5 8.3 211
W A Portland Company Plc Cement 13.85 24.3 3.6 2.2 182
Total Nigeria Oil & Gas 69.00 10.8 8.7 8.4 157
African Express Bank Banks 6.98 8.6 2.1 3.2 118

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STOCK EXCHANGE PROFILE Nigerian Stock Exchange
Web Site www.thenigerianstockexchange.com

Market Regulator Securities and Exchange Commission
Monetary Authority Central Bank of Nigeria
Governing Law Lagos Stock Exchange Act
Time Zone GMT + 1
Clearing & Settlement Settlement via 4 settlement banks using Delivery Versus Payment netting off process.
Securities Ordinary shares, Preference shares, Corporate bonds, Treasury bonds
International Custodian Stanbic Nigeria Ltd
Market Segment First tier securities market, second tier securities market
Trading System Screen based automated auction system
Central Depository Central Securities Clearing System Ltd.
Tax Rates Dividends - 10%; Interest - 10%; Capital gains - 0%
Reporting Requirement 1st tier company's: Quarterly unaudited and full year audited. 2nd tier company's: Half year unaudited and full audited annual accounts.
International Accounting and Auditing Standards.
Brief History The stock exchange was established in 1960 and a second tier market was created in 1985 designed to enable small companies to raise
capital from the capital market. The exchange is now owned by the private sector and subscribes to International Accounting Standards.
Source: LiquidAfrica, Nigerian Stock Exchange
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MARKET OVERVIEW
Up coming elections critical to market The country’s economy has suffered from difficult implementation of government policy following disagreements between the executive
prospects and the legislature arms of government.
Following the disagreement with the IMF, the government has been unable to confine spending within the limits of the budget. Upcoming
April elections could conspire to keep inflation high probably above an annual 20% rate.
The outlook for economic growth is positive supported by higher production levels and prices of crude oil and more significantly natural
gas, which is not subject to OPEC quotas.
On the back of strong crude prices in early 2002, the market was buoyant and experienced a rally which was later punctured mid year
following fears of economic weakness in world markets. This was further complicated by uncertainties associated with presidential
elections slated for April 2003.
The market has enjoyed a good run since the democratic election of President Obasanjo, with market valuations now at the top end
amongst African exchanges. This has heralded a listing boom with a number of capital raisings in 2002 estimated at US$300 million,
particularly in the banking sector as banks seek to shore up their capital bases and modernise IT systems.
Looking ahead into 2003, the key factor will be the presidential elections. The domestic economy is anticipated to be active as new
capacity comes on-stream and corporate earnings increase from this year. This in balance should give the stock market upward momentum.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS Benham Management Ltd
Nigerian Stock Exchange Securities Transactions and Trust Co. (Nig) Ltd. Address: 16 Boyle Street
Address: 8th, 9th, & 11th Floors, Stock Exchange Address: Foreshore Towers, 8th Floor Onikan, Lagos
House 2A Osborne Road Tel No: +234 1 263 7349
2/4 Customs Street, Postal: P O Box 51045 Fax No: +234 1 263 7460
Postal: P.O. Box 2457, Lagos, Falomo, Ikoyi, Lagos
Nigeria Tel No: +234 1 269 3826/0861/4005 Denham Management Limited
Tel: +234 1 266 0287/0305/0335 Fax No: +243 1 68 9038 Address: New Africa House,
Fax: +234 1 266 8724/8281 31 Marina, Lagos, Nigeria
Email: info@nigerianstockexchange.com Magnartis Finance & Investment Ltd Tel: +234 1 264 4641/266 4445
Website: www.nigerianstockexchange.com Address: 16 Boyle Street, Onikan Fax: +234 1 266 1763
Postal: P O Box 54720 Email: denham@liquidafrica.com
Falomo, Ikoyi, Lagos
Tel No: +234 1 263 7452/7349
Fax No: +234 1 263 7460
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African Stock Markets Handbook - 2003 / SOUTH AFRICA
SOUTH AFRICA
COUNTRY PROFILE
Capital Pretoria; Cape Town is the legislative center and Bloemfontein the judicial center
Languages Afrikaans, English, Ndebele, Pedi, Sotho, Swazi, Tsonga, Tswana, Venda, Xhosa, Zulu (all official)
Natural resources Gold, chromium, antimony, coal, iron ore, manganese, nickel, phosphates, tin, uranium, gem diamonds, platinum, copper, vanadium,
salt, natural gas
Exports - partners EU 33%, US 20%, Japan 6%, Mozambique 2.5% (2001 est.)
Imports - partners EU 41%, US 11.4%, Saudi Arabia 7.3%, Japan 7% (2001 est.)
Government Expenditures $24.7 billion, including capital expenditures of $NA billion (FY02/03)
Currency rand (ZAR)
Exchange rates rand per US dollar - 11.58786 (January 2002), 8.60918 (2001), 6.93983 (2000), 6.10948 (1999), 5.52828 (1998), 4.60796 (1997)
Telephones - main lines in use more than 5 million (2001)
Airports 740 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Value Traded (US$mn) 7,767 13,049 15,607 17,048 27,202 44,722 58,347 72,917 77,494 69,676 76,792
JSE All Share Index 3259.00 4893.00 5867.00 6228.00 6657.50 6202.30 5430.50 8543.00 8326.00 10441.70 9358.90
JSE All Share Index 10313.90 10814.60 10948.70 11029.70 11219.26 10657.73 9239.02 9677.26 9465.33 9376.23 9563.74 9358.90
GDP % 3.4 2.2 2.3 3.5 3.8 4.2

CPI Inflation % 5.3 5 8.8 6 4.9 4
Interest Rates (Repo) % 11.75 11 12.5 11.5 10 8.5
Exchange Rate v. USD 7.02 8.09 10.6 11.2 11.8 12
JSE All Share Index (US$) JSE All Share Index (Rand)
Key points
• Annual growth to pick-up, but it will remain short of the 6% 120
• Predictions of El Nino weather pose a near term risk

• The rand will remain vulnerable to emerging market crises in the near term 100
• Longer term, progress in privatisation and higher reserves will make the currency more stable
80

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(R) (x) (%) (x) (US$mn)
Anglo American Plc Mining Finance 128.21 6.2 4.1 1.5 21,751
BHP Billiton Plc Other Mineral Extractors & Mines 45.59 18.1 3.1 1.0 12,996
Compagnie Financiere Richemont AG Household Appliances & Housewares 16.15 11.6 1.7 1.1 9,736
Sasol Oil & Gas - Exploration & Production 105.00 9.4 4.3 3.2 8,101
Anglo American Platinum Corporation Platinum 316.82 8.6 7.9 5.4 7,860
SABMiller Plc Beverages - Brewers 60.63 15.6 4.4 3.0 6,994
Gold Fields Gold Mining 120.30 16.6 2.6 8.0 6,523
Old Mutual Plc Life Assurance 12.07 9.6 6.7 1.4 5,273
Standard Bank Group Banks 30.15 8.7 3.6 1.5 4,631
Firstrand Banks 7.33 11.1 3.9 2.4 4,610

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STOCK EXCHANGE PROFILE JSE Securities Exchange
Web Site www.jse.co.za

Market Regulator Financial Services Board
Monetary Authority South African Reserve Bank
Governing Law Stock Exchanges Control Act (1985)
Time Zone GMT + 2
Clearing & Settlement Electronic- STRATE
Securities Equities, preference shares, corporate debentures and traditional options on equities
Settlement Cycle Rolling T+5
International Custodian Most large international custodians
Market Segment Main board, development capital market, venture capital market
Trading System Electronic trading system- JET
Central Depository Electronic central scrip depository- STRATE
Tax Rates Based on marginal tax rate
Reporting Requirement Half yearly income statements and balance sheets
Brief History The JSE Securities Exchange (JSE) was founded in November 1887. Following the closure of the open outcry trading floor on 7 June
1996, an order driven centralised automated trading system known as the JSE Equities Trading (JET) system was introduced together
with dual trading and negotiated brokerage. JSE has formed technical alliance with the London Stock Exchange, whereby SA companies
can have primary listings in both Johannesburg and London. However, this cannot occur unless the South African Government ends
foreign exchange controls. The JSE has adopted the London Stock Exchange’s SETS System, and the JSE now uses the FTSE rules to
classify it’s companies.
Source: LiquidAfrica, JSE Securities Exchange
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MARKET OVERVIEW
Resilient stock market performance The South African rand posted a significant turnaround towards the end of 2002, resulting in the rand going from one of the worst to one of
the best performing currencies in the world. The South African Reserve Bank (SARB) tightened its monetary policy in an attempt to maintain
inflation at its 3-6% target range (which had no significant impact on economic growth). In 2002, the rand’s appreciation was partially responsible
for the 10% decline in the equity market in local currency terms and a 24% increase in US dollar terms. Unlike most other African equities, many
South African blue chips have a strong positive correlation with global equity markets. As a result of South African blue chip companies
integration with the global economy, their earnings were negatively affected by the global economic downturn.
Banking stocks did not live up to expectations as the higher interest rate environment slowed credit growth. Sentiment towards smaller banks
turned negative as they suffered a confidence crisis following the failure of Saambou Bank and a run on deposits. In the case of BOE Bank the
government took the unusual step of guaranteeing deposits in a move seen as placating nervous depositors. BOE was later bought by Nedcor
in a merger that created South Africa’s largest banking group. A number of other smaller banks gave up their banking licences and exited the
industry. This extended the consolidation process of the banking industry around four large banking groups.
South Africa’s international debt rating was upgraded by Standard & Poor’s towards the end of 2002, which should be seen as an approval of
government’s fiscal and monetary policies. South Africa is seen as one of the best run emerging economies, together with efficiently managed
world-class companies. As a result, one could anticipate that foreign direct investors and portfolio investors may use South Africa as a springboard
into Africa. In 2002, GDP growth was unexpectedly strong but fell short of the levels necessary to alleviate poverty. Greater economic growth
levels will be necessary for government to achieve its goals of poverty eradication and improved income distribution.
CONTACT DETAILS
STOCK EXCHANGE Barnard Jacobs Mellet Securities (Pty) Ltd LOWER HOUGHTON
JSE Securities Exchange Address: Barnard Mellet House 2nd Floor JOHANNESBURG 2198
Address: One Exchange Square, Gwen Lane, 5 Sturdee Avenue Postal: Postnet Suite 164
Sandown, 2196 ROSEBANK 2196 Private Bag X2600
Postal: Private Bag X991174, Postal P O Box 62200 HOUGHTON 2041
Sandton, 2146, MARSHALLTOWN 2107 Tel: +27 11 483 0855
Republic of South Africa Tel: +27 11 283 0300 Fax: +27 11 483 0867
Tel: +27 11 520 7777 Fax: +27 11 283 0303
Email: info@jse.co.za Cazenove South Africa (Pty) Ltd
Website: www.jse.co.za Brait Securities (Pty) Ltd Address: 1st Floor Moorgate,
Address: 9 Fricker Road Dunkeld Park 6 North Road
STOCKBROKERS ILLOVO JOHANNESBURG 2196 DUNKELD WEST 2196
African Harvest Securities (Pty) Ltd Postal: Private Bag X1 Postal: P O Box 412468
Address: African Harvest House NORTHLANDS 2116 CRAIGHALL 2024
Freestone Park 135 Patricia Road Tel: +27 11 507 1930 Tel: +27 11 280 7900
Sandown 2196 Fax: +27 11 268 5478 Fax: +27 11 325 8040
BENMORE 2010 Corpcapital Securities (Pty) Limited
Tel: +27 11 263 9500 Cadiz Stock Broking (Pty) Ltd Address: 2 Arnold Raod
Fax: +27 11 784 2550 Address: 31 West Street ROSEBANK 2196
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Corpcapital Securities (Pty) Limited HSBC Securities (South Africa) (Pty) Ltd Mazwai & Company Securities (Pty) Ltd
Address: 2 Arnold Raod Address: HSBC Place 6-9 Address: 3rd Floor Rosebank Terrace
ROSEBANK 2196 Riviera Road 33 Bath Avenue
Postal: PO Box 471917 Killarney 2198 ROSEBANK
PARKLANDS 2121 Postal Private Bag X951 Postal: Postnet Suite 127
Tel: +27 11 283 0000 Houghton 2041 Private Bag X31
Fax: +27 11 283 0088 Tel: +27 11 481 4200 SAXONWOLD 2132
Fax: +27 11 646 8388 Tel: +27 11 537 2700
Credit Suisse First Boston SA Securities (Pty) Ltd Fax: +27 11 537 2706
Address: Rosebank Office Park Block E 181 Investec Securities Limited
Jan Smuts Avenue Address: 3rd Floor, Zone 3 Merrill Lynch South Africa (Pty) Ltd
Parktown North 2193 100 Grayston Drive Address: 138 West Street
Postal: P O Box 1773 SANDOWN SANDTON 2196 Sandown SANDTON 2196
PARKLANDS 2121 Postal: P O Box 78055 Postal: P O Box 651987
Tel: +27 11 343 2200 SANDTON 2146 Benmore 2010
Fax: +27 11 343 2233 Tel: +27 11 286 4500 Tel: +27 11 305 5555
Fax: +27 11 286 9923 Fax: +27 11 305 5600
Deutsche Securities (Pty) Ltd
Address: 3 Exchange Square JP Morgan Equities Limited Nedcor Securities Limited
87 Maude Street Address: 1 Fricker Road Address: 187 Rivonia Road
SANDOWN 2196 Illovo 2196 MORNINGSIDE 2057
Postal: Private Bag X9933 Postal: Private Bag X9936 Postal: P O Box 785442
SANDTON 2146 SANDTON 2146 SANDTON 2146
Tel: +27 11 775 7000 Tel: +27 11 507 0300 Tel: +27 11 302 1111
Fax: +27 11 775 7673 Fax: +27 11 507 0351 Fax: +27 11 302 1126
Gensec Trading (Pty) Ltd Legae Securities (Pty) Ltd Rice Rinaldi Securities (Pty) Ltd
Address: 3A Summit Road Address: 61 Central Avenue Address: 17 Diagonal Street
DUNKELD WEST Houghton 2001 JOHANNESBURG 2001
JOHANNESBURG 2196 Postal: Postnet Suite 104 Postal: P O Box 61757
Postal: P O Box 411420 Private Bag 2600 MARSHALLTOWN 2107
CRAIGHALL 2024 HOUGHTON 2041 Tel: +27 11 836 2441
Tel: +27 11 778 6000 Tel: +27 11 715 3700 Fax: +27 11 838 2919
Fax: +27 11 778 6946 Fax: +27 11 715 3701
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RMB Securities (Pty) Ltd SCMB Securities (Pty) Ltd
Address: 1 Merchant Place Address: Entrance No. 4, 5th Floor 3
Cnr Fredman Drive & Rivonia Road Simmonds Street
SANDTON 2196 JOHANNESBURG 2001
Postal: P O Box 786273 Postal: P O Box 61309
SANDTON 2146 MARSHALLTOWN 2107
Tel: +27 11 269 9260 Tel: +27 11 636 0100
Fax: +27 11 269 9598 Fax: +27 11 636 0512
SchroderSalomonSmithBarney UBS Warburg Securities (South Africa) (Pty) Ltd

Address: Citibank Plaza Address: 64 Wierda Road East
145 West Street Wierda Valley
SANDOWN 2196 SANDTON 2196
Postal: P O Box 1800 Postal: P O Box 652863
SAXONWOLD 2132 BENMORE 2010
Tel: +27 11 944 1000 Tel: +27 11 322 7000
Fax: +27 11 944 1010 Fax: +27 11 322 7381
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SWAZILAND
COUNTRY PROFILE
Capital Mbabane; Lobamba is the royal and legislative capital
Languages English (official, government business conducted in English), siSwati (official)
Life expectancy at birth (years- total population) 37
Natural resources Asbestos, coal, clay, cassiterite, hydropower, forests, small gold and diamond deposits, quarry stone, and talc
Exports (f.o.b., 2001 est.) $702 million
Exports - partners South Africa 72%, EU 12%, UK 6%, Mozambique 4%, US 4% (1999)
Imports (f.o.b., 2001 est.) $850 million
Imports - partners South Africa 89%, EU 5%, Japan 2%, Singapore 2% (2000)
Government Expenditures $506.9 million, including capital expenditures of $147 million (FY01/02)
Currency lilangeni (SZL)
Debt - external $336 million (2001 est.)
Exchange rates emalangeni per US dollar - 11.5808 (January 2002), 8.4933 (2001), 6.9056 (2000), 6.1087 (1999), 5.4807 (1998), 4.6032 (1997); note - the
Swazi lilangeni is at par with the South African rand; emalangeni is the plural form of lilangeni
Airports 18 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 111 297 338 339 471 129 85 95 73 127 146
SSX All Share Index (Jul 1990 = 100) 118.08 130.25 147.11 151.40 238.92 118.08 130.25 147.00 138.04 205.72 165.93
Monthly Closing Index Values 2002 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
SSX All Share Index (Jul 1990 = 100) 178.52 178.57 178.57 178.57 178.57 178.77 178.77 178.77 165.78 165.78 165.93 165.93
GDP % 2.5 2.0 1.8 2.6 NA NA

CPI Inflation % 7.3 7.5 10.0 8.2 NA NA
Interest Rates % (TBill Yields) 8.71 6.30 10.14 NA NA NA
Exchange Rate v. USD 7.0 8.7 10.3 8.5 NA NA
SSX All Share Index (US$) SSX All Share Index (Lilangeni)
120
Key points
110
• Swaziland has benefited from the US African Growth and Opportunity Act (AGOA), with increased exports especially
in textiles. 100
• Agriculture is the mainstay of the economy and recent harvests have been poor due to erratic weather conditions
• High rate of unemployment and HIV Aids will place a strain on future economic growth. 90
80
Source: Liquid Africa Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03
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(L) (x) (%) (x) (US$mn)
Royal Swaziland Sugar Sugar 11.00 57.9 1.7 6.0 123

Swaziland Property Real Estate 2.73 8.2 12.1 1.22 7
Nedbank Banks 1.85 9.7 2.7 - 5
Swazispa Holdings Hotels & Tourism 4.50 1.9 31.8 0.7 4
Newera Partners Other Financial Services 1.47 21.0 - 1.4 4

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STOCK EXCHANGE PROFILE Swaziland Stock Exchange
Web Site www.ssx.org.sz

Market Regulator Capital Markets Development Unit
Monetary Authority Central Bank of Swaziland
Governing Law Financial institutions order (1975)
Time Zone GMT + 2
Securities Equities, government and government guaranteed bonds and debentures
International Custodian Standard Bank Swaziland
Market Segment Ordinary shares
Exchange Control Prior permission is needed from the central bank
Brief History The Swaziland Stock Market was established in July 1990. There is a handful of listed public companies, as well as some listed government
stock options, listed debentures, government guaranteed stock and non trading mutual funds. Exchange Control approval is required
for foreigners wishing to invest on the stock market.
Source: LiquidAfrica, Swaziland Stock Exchange
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MARKET OVERVIEW
Positive lilangeni performance on the back of A 12% return in US$ terms was solely due to appreciation of the rand to the dollar, as the lilangeni is pegged to the South African rand.
a weak dollar Ignoring the benefits of the currency appreciation, the market was rather uninspiring, posting negative returns of 19% in local currency
terms. The medium term downward trend in economic growth is partially due to the loss of foreign investment to South Africa, the high
prevalence of HIV/AIDS, unemployment and adverse weather conditions hampering the agricultural sector (which accounts
for approximately 9% of GDP).
Exports of apparel and textiles to the US have grown dramatically under the African Growth and Opportunity Act (AGOA) bringing in
much needed foreign exchange into the country. AGOA provides preferential trade access to the United States for African products.
Swaziland is highly dependant on exports to South Africa and future growth is dependant on the economic well being of South Africa.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS African Alliance
Swaziland Stock Exchange Swaziland Stockbrokers Ltd Address: 1st Floor, Asakhe House
Address: c/o Capital Markets Development Unit Address: Suite 205, Dhlanubeka House Cnr. Alister Miller & Walker Streets
1st Floor Imfumbe Building, Central Bank Walker Street Mbabane
of Swaziland Postal: P O Box 2818 Tel.: +268 404 8735
Warner Street, Mbabane Mbabane Fax: + 268 404 8747
Postal: P.O. Box 546 Tel No: +268 404 6163
Mbabane, Swaziland. Fax No: +268 404 4132
Tel: +268 404 9491/6748/9492/3221
Fax: +268 404 9493
E-mail: ssx@centralbank.org.sz
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Af r i c a n Sto c k M a r ke t s H a n d b o o k - 2 0 0 3 / TA N Z A N I A
TANZANIA
COUNTRY PROFILE
Capital Dar es Salaam
Languages Kiswahili or Swahili (official), English (official, primary language)
Natural resources Hydropower, tin, phosphates, iron ore, coal, diamonds, gemstones, gold, natural gas, nickel
Exports - partners UK 22.0%, India 14.8%, Germany 9.9%, Netherlands 6.9% (2000)
Imports - partners South Africa 11.5%, Japan 9.3%, UK 7.0%, Australia 6.2% (2000)
Government Expenditures $1.38 billion, including capital expenditures of $NA (FY00/01 est.)
Currency Tanzanian shilling (TZS)
Exchange rates Tanzanian shillings per US dollar - 924.70 (January 2002), 876.41 (2001), 800.41 (2000), 744.76 (1999), 664.67 (1998), 612.12 (1997)
Airports 125 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) - - - - - - 236 181 233 398 695

Value Traded (US$mn) - - - - - - 0 7 40 8 19
LA All Share Index (Dec 2001 = 100) - - - - - - - - - 100 151.86
Number of Listed Companies - - - - - - 2 4 4 4 5
LA All Share Index (Dec 2001 = 100) 118.22 126.13 137.30 150.42 149.21 148.75 134.12 135.05 141.65 159.35 155.73 151.86
GDP % 4.9 5.6 5.5 6.3 6 5.9

CPI Inflation % 5.9 5.3 5.5 5 5.1 4.9
Interest Rates % 9.1 4.2 3.8 4 7 8
Exchange Rate v. USD 798 890 985 1,020 1,070 1,115
LA All Share Index (US$) LA All Share Index (Shilling)

Key points
160
• High rates of growth predicted as Tanzania sees gains in mining and tourism
• But soft commodity prices are vulnerable
140
• More progress expected with privatisation and the establishment of an export processing zone
• Inflation will remain low in the coming years
120
• The Tanzanian shilling (TZS) will continue to depreciate
• With the peace deal in Zanzibar, Tanzania's political environment has improved
100

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(Tsh) (x) (%) (x) (US$mn)
Tanzania Breweries Beverages 1,600.00 14.5 7.2 4.7 380

Tanzania Cigarette Tobacco 1,725.00 7.8 13.2 4.1 174
Tanga Cement Company Cement 450.00 14.6 3.0 1.8 29
Tanzania Tea Packers Food 600.00 15.0 7.0 1.6 9
Tanzania Oxygen Chemicals 250.00 -2.8 - 117.4 8

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STOCK EXCHANGE PROFILE Dar-es-Salaam Stock Exchange
Web Site www.darstock.com

Market Regulator Dar-es-Salam Stock Exchange
Monetary Authority Central Bank of Tanzania
Governing Law Capital Markets and Securities Act (1994) Amended 1997
Time Zone GMT + 2
Clearing & Settlement Electronic, transaction-by-transaction
Securities Listed Equities, Treasury bonds and Corporate bonds
Foreign Participation Restricted
Trading System Open outcry auction
Central Depository Electronic
Trading Days Tuesday, Wednesday and Thursday
Trading Hours 10:00AM - 10:30AM
Brief History Although the Exchange was incorporated in 1996, it only began its first day of trading in April 1998, when the first company TOL Ltd
was listed. Foreign investors are restricted from participating in the secondary market. Thus, the DSE is not open to foreign investors.
Source: LiquidAfrica, Dar-es-Salam Stock Exchange
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MARKET OVERVIEW
Stellar stock market performance Spectacular returns in both US dollar terms (40%) and local currency terms (52%) has made the Tanzanian stock market the best performing
market in Africa. It is difficult to find a share performing poorly in the Dar es Salam Stock Exchange. Such significant returns are due to
the generally high GDP growth rates since 1998, decreasing inflation (from approximately 20% in the mid 90’s to an estimated 5.5% in
2002) and decreasing interest rates. Government’s observance of the IMF’s restructuring plan has resulted in more sensible monetary
and fiscal policies. Unfortunately, the Tanzanian stock exchange is currently restricted to local investor participation. Looking forward,
the government should look towards diversifying the economy away from its reliance on agriculture (almost 50% of GDP) and speeding
up economic growth to alleviate poverty.
CONTACT DETAILS
STOCK EXCHANGE Rasilimali Limited Core Securities Limited,
Dar-es-Salaam Stock Exchange Contacts: Mr. Gabinus Maganga, Mr. Arphaxad Masambu Contacts: Mr. George Fumbuka, Mr. Charles Bupamba
Address: Twiga Building, 4th Floor Address: NBC Investment House, Samora Avenue. Address: Ground Floor, Twiga House, Samora
Samora Avenue Postal: P.O. Box 9373 Dar-es-Salaam. Avenue
Postal: P.O. Box 70081 Tel: +255 21 211 1708/13 Postal: P.O. Box 23227, Dar-es-Salaam.
Dar-es-Salaam, Tanzania Fax: +255 21 212 2883 Tel: +255 21 212 3103
Tel: +255 21 213 5779 E-mail: rasilimali@africaonline.co.tz Fax: +255 21 212 2562
Fax: +255 21 213 3849 E-mail: core@twiga.com
E-Mail: info@darstockexchange.com Solomon & Co. Limited,
Website: http://www.darstockexchange.com Contact: Mr. Jeremiah Solomon Vertex International Securities Limited
Address: Extelcoms House, Samora Avenue. Contact: Mr. Nazir Karamagi
STOCKBROKERS Postal: P.O. Box 75777, Dar-es-Salaam. Address: Annex Building - Zambia High
Tanzania Securities Limited, Tel: +255 21 211 2874 / 213 1969 / 2124495 Commission, Sokoine Drive/Ohio Street
Contact: Mr. L.T. Urasa Fax: +255 21 213 1969 Postal: P.O. Box 13412, Dar es Salaam.
Address: NIC Life House Building, 6th Floor, E-mail: solomon@intafrica.com Tel: +255 21 211 6383
Ohio Street, Dar es Salaam Fax: +255 21 211 0387
Postal: P.O. Box 2130, Dar-es-Salaam. Orbit Securities Co. Limited E-mail: vertex@intafrica.com
Tel: +255 21 211 2807 Contacts: Mr. Laurean R. Malauri, Mr. Gration
Fax: +255 21 211 2809/0398 Kamugisha
E-mail: tsl@muchs.ac.tz Address: 3rd Floor, Twiga House, Samora Avenue.
Postal: P.O. Box 31831 Dar-es-Salaam.
Tel: +255 21 211 1758
Fax: +255 21 211 3067
E-mail: orbit-sec@raha.com
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TUNISIA
COUNTRY PROFILE
Capital Tunis
Languages Arabic (official and one of the languages of commerce), French (commerce)
Unemployment rate 15.6% (2000 est.)
Natural resources Petroleum, phosphates, iron ore, lead, zinc, salt
Exports - partners France 28%, Italy 21%, Germany 14%, Belgium 6%, Libya (2000)
Imports - partners France 30%, Italy 21%, Germany 11%, Spain 4%, Belgium (2000)
Currency Tunisian dinar (TND)
Exchange rates Tunisian dinars per US dollar - 1.44 (January 2002), 1.3753 (2001), 1.3707 (2000), 1.1862 (1999), 1.1387 (1998), 1.1059 (1997)
Airports 30 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 814 956 2,561 3,927 4,263 2,321 2,268 2,706 2,828 2,303 1,810
TUNINDEX Index (Dec 1997 = 1000) - - - - - 1000.00 917.00 1193.00 1442.61 1267.02 1114.07
TUNINDEX Index (Dec 1997 = 1000) 1279.74 1275.61 1255.45 1191.65 1192.59 1193.38 1182.01 1141.89 1197.33 1136.38 1125.22 1114.07
GDP % 4.7 5 5 6 5 5
CPI Inflation % 3 1.9 3 3.2 3 3
Interest Rates % 5.9 6 5.8 6.5 7 7
TUNINDEX Index (US$) TUNINDEX Index (Dinar)
Key points 100

• Despite government optimism on the prospects for the economy, lagging tourism will dent growth.
• Inflation will remain relatively subdued as money supply growth is largely in line with nominal GDP growth
93
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(TD) (x) (%) (x) (US$mn)
Societe Frigorifique et Brasserie de Tunis Beverages 40.08 17.5 3.1 4.1 200
Societe Tunisienne de Banque Banks 8.89 4.8 7.3 0.5 161
Banque Internationale Arabe de Tunisie Banks 20.00 6.0 7.5 0.8 146
Banque de Tunisie Banks 51.00 7.1 4.7 1.1 130
Banque Du Sud Banks 8.66 10.7 5.8 1.1 126
Union Bancaire Pour le Commerce et l'Industrie Banks 18.00 6.9 5.0 0.9 92
Banque Nationale Agricole Banks 19.78 5.1 6.6 0.9 88
Banque de l'Habitat Banks 7.96 5.6 7.5 0.7 87
Amen Bank Banks 11.64 5.0 8.6 0.3 85
Union Internationale de Banques Banks 14.00 6.5 5.7 0.9 71

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STOCK EXCHANGE PROFILE Bourse de Tunis
Web Site www.bvmt.com.tn

Market Regulator Conseil du Marché Financier
Monetary Authority Banque Centrale de Tunisie
Governing Law Na
Time Zone GMT + 1
Clearing & Settlement Automatically
Securities Banque Centrale de Tunisie
International Custodian NA
Foreign Participation Cap on ownership (49.9% in general)
Market Segment Ordinary Shares, Unit Trusts, Corporate Bonds , Government Bonds
Exchange Control Exchange control is the responsibilityof the central bank
Trading System Fully electronic on a continuous or fixed quoting system depending on company size
Central Depository Sticodevam Ltd
Reporting Requirement Annual and semi-annual audited financial results
Brief History The exchange was established in 1969 and consequently privatised in 1994. An electronic trading system was adopted in 1996.
Source: LiquidAfrica, Bourse de Tunis
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MARKET OVERVIEW
Poor stock market performance in 2002 The Tunisian stock market experienced a bad year in 2002, continuing the negative trend since 2001. The TUNINDEX showed a
disappointing 12% decline in 2002 (in local currency terms) and a 7% decline in US $. The economic downturn in the European
Union (EU) had a detrimental effect on the Tunisian economy given its increasing reliance on trade with the EU.
The banking sector was affected by the economic slump, which resulted in lower credit extension and a number of high profile defaults
on loans. The Tunisian economy was also hampered by the repercussions of 11 September 2001 events, which weighed down on the
tourism sector. The downstream effects of this where felt in Société Frigorifique et Brasserie (the markets largest stock by capitalisation)
due to reduced tourist alcoholic consumption. TunisAir was also affected by the reduction in tourist arrivals, which resulted in reduced
earnings. The Tunisian economy was also hindered by the drought, forcing government to import basic produce. Looking ahead, the
Tunisian economy is well poised to capitalise from increased trade with the EU, which will bolster earnings of listed companies.
CONTACT DETAILS
STOCK EXCHANGE Amen Invest COFIB Capital FINANCE
Bourse de Tunis Address: 150, Av, de la Liberté - 1002 Tunis Address: 51, Avenue Jugurtha Mutuelleville - 1002
Address: Centre Babel, Escalier E Montplaisir Tél: +216 71 795 215/ 790 512 Tunis
Tunis, Belvedere Fax: +216 71 786 663 Tél: +216 71 846 225 / 840 253
1002 Tunisia Fax: +216 71 848 517 / 843 778
Tel: +216 71 786 912 BDET-CAPITALIS Website: www.capfinance.com.tn
Fax: +216 71 789 189 Address: 34, Rue Hédi KARRAY - 1004 El Menzeh IV
E-Mail: hamdi.bannour@bvmt.com.tn Tél: +216 71 717 510 / 719 999 / 718 000 Compagnie Gestin et Finance
Website: www.bvmt.com.tn Fax: +216 71 718 450 Address: Centre Babel bloc E 1er Etage, MontPlaisir
- 1002 Tunis
STOCKBROKERS Best Invest Tél: +216 71 788 870 / 280 / 782 606
Abdallah DAY Address: 88, Av Hédi CHAKER 1er Etage - 1002 Tunis Fax: +216 71 798 314
Address: Centre Babel bloc C 1er Etage, Tél: +216 71 845 766
MontPlaisir - 1002 Tunis Fax: +216 71 847 561 Companie Générale d'Investissement
Tél: +216 71 845 931 / 841 709 Address: 16 Avenue Jean Jaurès - 1000 -Tunis
Fax: +216 71 843 613 BNA-Capitaux Tél: +216 71 252 024
Address: 12 Bis, Rue Kheireddine Pacha -1002 Tunis Fax: +216 71 252 044
Arab Financial Consultants Tél: +216 71 841 966
Address: 4.Rue 7036 Menzah IV Fax: +216 71 842 885 Financière de Placement et de Gestion
Tél: +216 71 238 019 / 231 938 / 754 720 Website: www.bnacapitaux.com.tn Address: 70/72, Av Habib Bourguiba - 1000 Tunis
Fax: +216 71 234 672 Tél: +216 71 351 398
Fax: +216 71 240 736
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Intermédiaire International Société d'Intermédiation et de Conseil Financier Tunisie Valeurs
Address: 1, Rue Kamel Attaturk 3ème étage - 1001 Address: Centre Urbain Nord - Building Ennour - Address: 17, Rue de Jérusalem - 1002 Tunis
Tunis Cité Mahrajène -1082 Tunis Tél: +216 71 799 676 / 802 192 / 794 822
Tél: +216 71 349 710 / 346 571 Tél: +216 71 704 730 (Lignes groupées) Fax: +216 71 789 355 / 795 641
Fax: +216 71 333 754 Fax: +216 71 704 696 Website: www.tunisievaleurs.com
SIFIB-BH Universelle de Bourse

Mohamed Abdelwaheb Chérif Address: 1, Rue 8000, Angle 11 Avenue Kheireddine Address: 17, Rue Félicien Chaley- 1002 Tunis
Address: 5 Rue 8010 Immeuble n°5, Montplaisir , Pacha - 1002 Tunis Tél: +216 71 789 054 / 849 239
1002 Tunis Tél: +216 71 848 429 / 842 160 Fax: +216 71 787 832
Tél: +216 71 843 822 / 845 384 Fax: +216 71 841 635
Fax: +216 71 840 160 Union Financière
SUD Invest Address: Boulevard 7 Novembre, Immeuble
Société Maxula Bourse Address: 116, Av. de la Liberté - 1002 Tunis Maghrébia Tour A,
Address: Centre Nawres Bureau B.22 Berges du Lac Tél: +216 71 849 400 / 841 034 4ème étage 1080 Tunis cedex
- 2045 Tunis Fax: +216 71 781 529 / 847 366 Tél: +216 71 941 385 / 940 533
Tél: +216 71 960 292 / 391 Website: www.sudinvest.com.tn Fax: +216 71 940 528
Fax: +216 71 960 565
Société Financière de Gestion Union de Gestion Financière
Société de Bourse de Tunis Address: 12, Rue d'Athènes - 1000 Tunis Address: 3, rue Jenner, Place d'Afrique (ancienne
Address: Place de 7 Novembre - 1001 Tunis Tél: +216 71 259 310 Place Jeanne d'Arc) - 1002 Tunis Belvédère
Tél: +216 71 332 188 Fax: +216 71 259 221 Tél: +216 71 843 988 / 848 230
Fax: +216 71 349 312 / 345 879 Fax: +216 71 782 406
Tuniso-Saoudienne d'Intermédiation
Société de Conseil et d'Intermédiation Financière Address: 32, Rue Hédi KARRAY- ELMENZAH IV - 1004
Address: 11, Av Abderrahmane Azzam Complexe Tunis
Kheireddine Pacha, Tél: +216 71 718 223
Bloc A, Appt A 11 - 1002 Tunis Fax: +216 71 719 912
Tél: +216 71 843 655/ 845 927
Fax: +216 71 849 417
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UGANDA
COUNTRY PROFILE
Capital Kampala
Languages English (official national language)
Natural resources Copper, cobalt, hydropower, limestone, salt, arable land
Exports - partners Germany 12.0%, Netherlands 10.2%, US 8.7%, Spain 8.0%, Belgium 7.1% (2000)
Imports - partners Kenya 43.1%, US 7.0%, India 6.8%, South Africa 6.1%, Japan 3.4% (2000)
Government Expenditures $1.04 billion, including capital expenditures of $NA (FY98/99 est.)
Currency Ugandan shilling (UGX)
Exchange rates Ugandan shillings per US dollar - 1,738.7 (January 2002), 1,755.7 (2001), 1,644.5 (2000), 1,454.8 (1999), 1,240.2 (1998), 1,083.0 (1997)
Telephones - main lines in use 50,074; however, 80,868 main lines have been installed (1998)
Airports 27 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) - - - - - - - - 37 34 52

Value Traded (US$mn) - - - - - - - - 0 0 1
LA Domestic Share Index (Dec 2001 = 100) - - - - - - - - - 100 103.36
Number of Listed Companies - - - - - - - - 2 2 3
LA Domestic Share Index (Dec 2001 = 100)

GDP % 5 5.4 5.6 5.5 6.6 6

CPI Inflation % 2.2 3.8 3 5 5 5
Interest Rates (3m T-Bill) % 13 11.14 4.15 5.5 7 6.8
Exchange Rate v. USD 1,565 1,789 1,800 1,860 1,920 2,000
LA Domestic Share (US$) LA Domestic Share (Shilling)

Key points
• Growth to stay high, despite slump in coffee 103
• New commodity crops will be looked to for diversification

• However, falling demand is a problem 100
• Progress on privatisation expected

• Exchange rate to remain stable 97
• Low interest rate environment will persist

• Hopes for peace in the Democratic Republic of Congo are positive 94
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(Ush.) (x) (%) (x) (US$mn)
British American Tobacco (Uganda) Tobacco 1,200.00 15.0 15.0 2.2 34

Bank of Baroda Banks 715.00 7.2 7.0 2.1 16
Uganda Clays Capital Goods 5,030.00 20.0 11.9 0.8 1

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STOCK EXCHANGE PROFILE Uganda Securities Exchange Ltd
Web Site www.ugandacapitalmarkets.co.ug

Market Regulator Capital Markets Authority (CMA)
Monetary Authority Central Bank of Uganda
Governing Law NA
Time Zone GMT + 2
Securities Corporate Bonds, Ordinary Shares, Treasury Bills, Commercial Paper and Government Bonds
Trading Days Tuesday and Thursday
Brief History The Uganda Securities Exchange (USE) was licensed to operate as an approved Stock Exchange in June 1997 by the Capital Markets
Authority (CMA). The USE became operational in January 1998 with the listing of the East African Development Bank 4 year bond.
Source: LiquidAfrica, Uganda Securities Exchange
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MARKET OVERVIEW
Uganda’s economy has enjoyed amongst Uganda’s stock market showed marginal positive returns in local (3%) and US$ (2%) terms. Uganda’s economy has enjoyed amongst the
the highest growth rates in Africa over highest growth rates in Africa over the past decade and there is no reason why this growth should abate in the short term. Such growth
the decade can be attributed to the low base and large IMF donor funding. Uganda’s stock market is the smallest in Africa (measured by market
capitalisation), with only a total of five listed companies and two of these are Kenyan dual listed stocks. Bank of Baroda listed in 2002,
and has shown impressive performance up to date. The economy’s heavy dependence on agriculture (approximately 50% of GDP) leaves
it susceptible to swings in commodity prices and diversification will be necessary in order to create sustainable development. Positive
developments have been made in this front, with tourism becoming a crucial foreign currency earner.
CONTACT DETAILS
STOCK EXCHANGE Contact: Mr. Francis Kakurugusi
Uganda Securities Exchange Ltd Equity Stock Brokers (U) Ltd. Trans Africa Finance & Securities Exchange Ltd.
Contact: Mr. Simon Rutega (Chief Executive Address: Plot 10 Kampala Road Address: Udyam House, Jinja Road
Officer) Postal: P.O. Box 3072 Postal: P.O. Box 22789
Address: Plot 4, Nile Avenue Kampala - Uganda Kampala - Uganda
EADB Building, Ground Floor Tel: +256 41 236 012 Tel: +256 41 234 554/ 564 / 796
Postal: P.O. Box 23552, Kampala, Uganda Fax: +256 41 236 066 Fax: +256 41 234 575
Tel.: +256 41 343 297/342 818 E-mail: orient@starcom.co.ug Contact: Mr. Royonga
Fax: +256 41 342 841 Contact: Mr. Sateesh Babu
Email: use@infocom.co.ug Uganda Commercial Bank Ltd.
Website: www.ugandacapitalmarkets.co.ug Geoffrey Onegi-Obel & Co. Ltd. Address: 12 Kampala Road
Address: Suite 8, Give & Take House, Nkrumah Road Postal: P.O. Box 973
STOCKBROKERS Postal: P.O. Box 1610 Kampala - Uganda
Baroda Capital Markets (U) Ltd. Kampala - Uganda Tel: +256 41 234 710 / 670
Postal address: P.O. Box 78197 Tel: +256 41 231 813 Fax: +256 41 343 469
Kampala - Uganda Contact: Mr. Geoffrey Onegi-Obel E-mail: ucb@starcom.co.ug
Tel: +256 41 233 680/3 Contact: Mr. Ezra Mutabazi
Fax: +256 41 258 263 MBEA Brokerage Services (U) Ltd.
E-mail: bob10@calva.com Address: Pan Africa House, 4th floor,Office 3
Contact: Mr. Bhutani Kimathi Avenue
Postal: P.O. Box 24613
Crane Bank Financial Services (U) Ltd. Kampala - Road
Address: Plot 20/38 Kampala Road Tel: +256 77 741 448 / +256 41 341 448
Postal: P.O. Box 22572 Fax: +256 41 342 045
Kampala - Uganda E-mail: info@mbea.net
Tel: +256 41 341 414/ 345 345 Website: www.mbea.net
Fax: +256 41 231 578 Contact: Mr. Andrew Owiny
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African Stock Markets Handbook - 2003 / ZAMBIA
ZAMBIA
COUNTRY PROFILE
Capital Lusaka
Languages English (official
Natural resources Copper, cobalt, zinc, lead, coal, emeralds, gold, silver, uranium, hydropower
Exports - partners UK 25.2%, South Africa 24.5%, Switzerland 9.4%, Malawi 7.5% (2000)
Imports - partners South Africa 67.1%, UK 9.8%, Zimbabwe 7.5%, US 5.9% (2000)
Currency Zambian kwacha (ZMK)
Debt - external $5.8 billion (2001)
Exchange rates Zambian kwacha per US dollar - 3,848.65 (January 2002), 3,610.94 (2001), 3,110.84 (2000), 2,388.02 (1999), 1,862.07 (1998), 1,314.50 (1997)
Telephones - main lines in use 130,000 (including more than 40,000 fixed telephones in wireless local loop connections) (1997)
Airports 111 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) - - - 19 195 705 301 280 236 217 231
Value Traded (US$mn) - - - 0 3 8 3 12 8 53 2
LuSE All Share Index (Jan 1997 = 100) - - - - - 204.45 162.76 195.38 306.28 303.41 334.75
Number of Listed Companies - - - 2 6 7 9 9 9 9 11
LuSE All Share Index (Jan 1997 = 100) 313.36 321.06 315.83 310.10 323.36 335.08 334.56 340.90 336.20 333.80 336.60 306.97
GDP % 3.6 5.2 4 3.8 4.9 5.2

CPI Inflation % 26.1 21.6 17.7 15 16 12
LuSE All Share Index (US$) LuSE All Share Index (Kwacha)
115
Key points
• Withdrawal of Anglo American from Zambia is a challenge, but the copper mines will not be closed 105
• Zambia's copper output due to increase
• Tourism and agriculture will also contribute to growth
95
• Healthy levels of donor funding promised, and Zambia could reach HIPC completion soon
• An end to conflict in Angola and the DRC will be positive for the region as a whole
85

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(Zk) (x) (%) (x) (US$mn)
Standard Chartered Bank Banks 54.00 6.0 10.2 2.8 48

Zambia Sugar Sugar 25.10 4.2 9.8 1.3 30
Trans-Zambezi Industries Industrial Conglomerates 450.00 7.7 4.7 1.9 25
Chilanga Cement Cement 299.00 6.1 4.3 1.4 13
Zambia Breweries Beverages 430.00 5.1 10.3 1.1 12
British American Tobacco (Zambia) Tobacco 145.00 3.1 8.7 1.2 5
National Breweries Hotels & Tourism 150.00 9.9 1.7 1.2 3
Farmers House Beverages 200.00 2.5 23.6 1.1 3
Farmers House Real Estate 610.00 4.3 4.4 0.4 1
Zambia Bata Consumer Goods 3.75 1.7 13.3 0.3 0.2

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STOCK EXCHANGE PROFILE Lusaka Stock Exchange
Web Site www.luse.co.zm

Market Regulator The Securities and Exchange Commission (SEC)
Monetary Authority Bank of Zambia
Governing Law The Securities Act (1993)
Time Zone GMT+ 2
Clearing & Settlement Automated
Securities Equities and government debt instruments
International Custodian Stanbic Bank Zambia Ltd and Barclays Bank Zambia Ltd
Market Segment Listed and Quoted
Trading System Single price auction, order matching
Central Depository Central Shares Depository (CSD)
Trading Days Monday to Friday.
Trading Hours 10am to11am and the second session is between noon and 1pm.
Reporting Requirement Half year and full audited annual accounts
Brief History The Lusaka Stock Exchange (LuSE) is the only exchange in Zambia. The Securities Act was passed on 17 December 1993 and the LuSE
commenced business on 21 February 1994.
Source: LiquidAfrica, Lusaka Stock Exchange
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MARKET OVERVIEW
Diversification away from agriculture and The Zambian economy is heavily reliant on the price of copper. Lower prices for copper in 2002 resulted in Anglo American withdrawing
mining bode well for the future from its investment in the Konkola Copper Mines. This was a major setback for the economy as Anglo was the largest foreign direct
investor. Agricultural output was hampered due to the regional drought, which weighed down the economy, as agriculture accounts for
approximately 17% of GDP.
The Zambian Kwacha depreciated (by -15.5%) to the US dollar in 2002 due to decreased foreign exchange earnings in line with lower
copper prices and increased import costs for food supplies. Impressive returns in local currency terms (24%) where tarnished when
translated into US$ terms (5%) due to the depreciation of the Kwacha. Nonetheless, two new companies where listed in 2002, which is
impressive for a relatively small market. Diversification away from agriculture and mining bode well for the future.
CONTACT DETAILS
STOCK EXCHANGE
Lusaka Stock Exchange STOCKBROKERS Inter-market Securities Zambia Ltd. Farmers House
Contact: Dr Lloyd Chingambo (General Manager) Pangaea EMI Securities Zambia Ltd Address: Central Park, Cairo Road
Addess: 3rd Floor Central, Stand 2713 Address: Farmers House Postal: P O Box 35832, Lusaka
Famers House Building, Central Park, Cairo Road Tel: +260 1 227227/8
Cnr Cairo Road & Church Roads, Lusaka. Postal: P O Box 30163, Lusaka Fax: +260 1 227274
Postal: PO Box 34523, Lusaka, Zambia Tel: +260 1 238 709/10
Tel: +260 1 22 8391/8537/8594 Fax: +260 1 220 925
Fax: +260 1 22 5969
E-mail: luse@zamnet.zm Cavmont Securities Ltd
Website: www.luse.co.zm Address: 2nd Floor, Mukuba Pension House
Dedan Kimathi Road
Postal: P O Box 35476, Lusaka
Tel: +260 1 227 763/224 585/6
Fax: +260 1 224 304/316
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ZIMBABWE
COUNTRY PROFILE
Capital Harare
Languages English (official)
Natural resources Coal, chromium ore, asbestos, gold, nickel, copper, iron ore, vanadium, lithium, tin, platinum group metals
GDP - real growth rate -6.50% (2001 est.)
Exports - partners South Africa 12.1%, UK 8.5%, Japan 7.7%, Germany 6.1%, China 5.4% (2000)
Imports - partners South Africa 46.3%, UK 7.2%, Germany 2.5%, US 2.8%, Japan 2.5% (2000 est.)
Currency Zimbabwean dollar (ZWD)
Exchange rates Zimbabwean dollars per US dollar - 54.9451 (December 2001), 54.9451 (2001), 43.2900 (2000), 38.3142 (1999), 21.4133 (1998), 11.8906 (1997)
Telephones - main lines in use 212,000 (in addition, there are about 20,000 fixed telephones in wireless local loop connections) (1997)
Airports 454 (2001)
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Market Snapshot 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Market Capitalization (US$mn) 628 1,433 1,828 2,038 3,635 1,969 1,310 2,514 2,432 7,972 11,689
Value Traded (US$mn) 20 53 176 150 255 539 186 227 279 1,530 131
ZSE Industrial Index (1985 = 100) 856.6 2325.3 3160.8 3972.6 8786.3 7196.4 6408.4 14426.6 17984.3 46351.9 102229
ZSE All Share Index (1985 = 100) 46 149.49 47 788.30 48 090.75 51 211.44 68261.75 77 232.98 100 951.31 99 399.74 99 520.98 115 097.30 93 231.87 102 228.96
GDP % -6.1 -7.3 -12 -18 3.5 9

CPI Inflation % 56 74 150 90 45 27
Official Exchange Rate v. USD 38 55 90 180 230 300
ZSE Industrial Index (US$) ZSE Industrial Index (Z$)
Key points
275
• Economy to contract further in the near term
• Zimbabwe faces a food emergency as a result of the drought
200
• Inflation to be pressured until monetary policy is tightened
• Over the forecast horizon, recovery - led by mining- is predicted
125
• With recovery, double digit growth is possible
• Political situation hampers economic development
70
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(Z$) (x) (%) (x) (US$mn)
Delta Industrial Conglomerates 146.10 19.4 2.2 1.6 98

Meikles Hotels & Tourism 755.00 78.3 0.3 - 89
Innscor Hotels & Tourism 76.00 143.4 - - 27
Barclays Banks 21.00 13.5 7.5 6.5 23
British American Tobacco Tobacco 1,450.00 40.0 2.3 10.4 19
Tanganda Tea Company Agricultural Products 160.00 29.1 0.7 16.0 14
Cottco Agricultural Products 22.00 15.6 2.7 5.6 13
Afdis Food 180.00 - - - 12
THZ Zimbabwe Capital Goods 33.00 10.9 5.4 4.4 11
Astra Capital Goods 97.00 31.3 0.6 6.9 9

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STOCK EXCHANGE PROFILE Zimbabwe Stock Exchange
Web Site www.zse.co.zw

Market Regulator ZSE Committee
Monetary Authority Reserve Bank of Zimbabwe
Governing Law Zimbabwe Stock Exchange Act (1973)
Time Zone GMT + 2
Securities Ordinary shares, Preference shares, Corporate bonds, Treasury bonds, Warrants.
International Custodian Stanbic Bank Zimbabwe Ltd
Market Segment Ordinary shares, preference shares
Exchange Control Disinvestment proceeds will be freely remitted, with the proviso that the shares were originally purchased with foreign currency on
the ZSE.
Trading Hours 9:00AM - 9:30AM & 11:45AM - 12:15AM
Brief History Zimbabwe’s first stock exchange opened in 1896 in Bulawayo. It operated for six years. When it closed, efforts were made to reactivate
the stock exchange but without success. The present Zimbabwe Stock Exchange was founded in 1946 in Bulawayo. In December 1951,
a second floor was opened in Harare. In January 1974, the Zimbabwe Stock Exchange Act was promulgated as Act 27 of 1973 (chapter
198) which formalised the establishment of the present Zimbabwe Stock Exchange (ZSE) with its head office in Harare. Thus, the ZSE,
as it exists now dates from 18 January 1974. A revised ZSE Act was published in 1996 as Chapter 24.18
Source: LiquidAfrica, Zimbabwe Stock Exchange
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MARKET OVERVIEW
Badly needs a political settlement to pull out of At first glance, the performance of the Zimbabwe Stock Exchange (ZSE) in 2002 may seem to be a stark contradiction of economic theory.
the current malaise Paradoxically the country is facing worsening economic fundaments, due to the current political situation and on the other hand the
local stock market is booming. However, in a situation where negative real interest rates, high inflation and a fixed exchange rate regime
pertain, investors have little option but to seek routes where they can preserve capital.
As a result, funds have flowed from interest bearing investments to real estate and listed equities. Given Zimbabwe’s political situation
where property rights have been compromised, investors would prefer to invest in the stock market. However, this capital preservation
strategy is only effective in the short to medium term, thereafter the cumulative effect on the economy has a bearing on all asset classes.
Zimbabwe’s productive capacity has been severely diminished and the long-term impact to key sectors such as agriculture, mining and
manufacturing will take a long time to unravel. Some estimates are that Zimbabwe’s GDP has declined by 25%. The immediate outlook
is for a continued decline in GDP unless the government obtains support to rectify the damage, which is highly unlikely without a political
settlement.
The most vulnerable sector would probably be the banking sector where the effect of negative real interest rates would be felt most.
This coupled with an environment where property rights are difficult to enforce any bank’s ability to effect loan recoveries would be
difficult to achieve.
The ZSE has the highest valuations in Africa and this has stimulated a number of capital raisings. In addition, a number of conglomerates
have undergone unbundling processes largely driven by management buyouts. We expect this trend to continue as companies starved
of cash raise capital on the exchange. Unexpectedly, this de-coupling process may have injected some efficiency into the corporate sector
of Zimbabwe placing them on better footing for the future – as long as the economy is turned around.
CONTACT DETAILS
STOCK EXCHANGE STOCKBROKERS Tel: +263 4 735 488
Zimbabwe Stock Exchange Fleming Martin Edwards Securities Fax: +263 4 750 564
Contact: Mr Emmanuel Munyukwi (CEO) Address: Club Chambers, Baker Ave, Third Street E-mail: sagit@sagit.co.zw
Addess: 8th Floor, Southampton House, Union Postal: P O Box 1475, Harare
Avenue, HARARE, Zimbabwe Tel: +263 4 727 907; 708 368 Trust Corporation Securities (Pvt.) Ltd
Postal: P O Box U.A. 234 HARARE, Zimbabwe Fax: +263 4 707932; 729 588 Address: 6th Floor, Livingston House
Tel: +263 4 736 861 E-mail: flem@sec.fmz.co.zw Samora Machel Avenue
Fax: +263 4 791045/708368 Postal: P O Box 7245, Harare
E-mail: zse@pci.co.zw Sagit Stockbrokers (Private) Limited Tel: +263 4 728 251 / 702 005
Website: www.zse.co.zw Address: Southampton Life Centre Fax: +263 4 702 007
2nd Street/Jason Moyo Avenue E-mail: corpsec@harare.iafrica.com
Postal: P O Box 21, Harare
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BARD Stockbrokers (Pvt.) Ltd. Kingdom Securities (Pvt) Ltd Momentum Stockbrokers (Pvt.) Ltd.
Address: 3rd Floor, BARD House Address: 2nd Floor, Karigamombe Centre Address: 8th Floor, Pegasus House
69 Samora Machel Avenue 53 Samora Machel Avenue 52 Samora Machel Avenue
Postal: P O Box 3321, Harare Postal: P O Box CY 3205 Postal: P O Box CY 1015, Harare
Tel: +263 4 752 756 / 383 / 735 919 Causeway, Harare Tel: +263 4 708 048 / 703 037
Fax: +263 4 781 837 Tel: +263 4 758 857/9; 467/71 Fax: +263 4 706 508
E-mail: bardstk@iafricaonline.co.zw Fax: +263 4 758 228 E-mail: momentum@mfs.co.zw
E-mail: ksb@kingsec.co.zw
Remo Investment Brokers (Pvt.) Ltd UKI Securities (Pvt.) Ltd.
Address: 3rd Floor, Royal Mutual House Intermarket Stockbrokers (Pvt.) Ltd. Address: 13th Floor, Social Security Centre
45 Nelson Mandela Avenue Address: 5th Floor, UDC Centre 76 Park Lane
Postal: P O Box BE 271 Belvedere Cnr. First Street/Union Avenue Postal: P O Box 4761, Harare
and 3573 Harare Postal: P O Box 425, Harare Tel: +263 4 794 522
Tel: +263 4 750 717/8; 757 949 Tel: +263 4 750 915/7; 722 Fax: +263 4 795 241 / 794 577
Fax: +263 4 749 804 Fax: +263 4 759 369 E-mail: securities@uki.co.zw
E-mail: remo@samora.co.zw E-mail: munyeza@ihl.co.zw
Barnfords Securities
Continental Securities Trading (Pvt.) Ltd. Msasa Stock Brokers (Pvt.) Ltd. Address: 2nd Floor, Social Security Centre
Address: 2nd Floor, Globe House Address: 27 New Africa House Park Lane
51 Jason Moyo Ave 40 Union Avenue Postal: P O Box 1244, Harare
Postal: P O Box CY 255 Postal: P O Box UA 202, Harare Tel: +263 4 250 980/1
Causeway, Harare Tel: +263 4 738 450 / 396 Fax: +263 4 736 043; 795 277
Tel: +263 4 772 615; 757 671 Fax: +263 4 738 437 E-mail: hsbczim@utande.co.zw
Fax: +263 4 757 679 E-mail: msasab@iafricaonline.co.zw
E-mail: cst@nmbz.co.zw
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United Nations Development Programme
One United Nations Plaza
New York, NY 10017
USA
March 2003
www.undp.org

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African Stock Markets

United Nations Development Programme

UNDP is the UN’s global development network, advocating for

We are on the ground in 166 countries, working with them on

World leaders have pledged to achieve the Millennium

UNDP helps developing countries attract and use aid effectively.

African Stock Markets Handbook - 2003

2003 UNDP AFRICAN STOCK EXCHANGES HANDBOOK

Research Team: Robert Bunyi, Senior Analyst, Liquid Africa

The material in this publication is copyrighted.

African Stock Markets Handbook - 2003

African Stock Markets Handbook - 2003

SUB-SAHARAN PERFORMANCE – CUMULATIVE (END 2002)

Market Index Weighting 2 Local Currency US Currency 2 Year 3 Year 5 Year

Botswana DCI 13% 8.8% 41.4% 96.1% 89.0% 225.5%

African Stock Markets Handbook - 2003

African Stock Markets Handbook - 2003

Source: S&P Emerging Markets Handbook

STOCK MARKET CAPITALIZATION, 1992 - 2002

Algeria - - - - - - - 306 303 199 145

African Stock Markets Handbook - 2003

African Stock Markets Handbook - 2003

NUMBER OF COMPANIES LISTED, 1992 - 2002

Source: LiquidAfrica, S&P Emerging Markets Handbook

African Stock Markets Handbook - 2003

STOCK MARKET PRICE INDICES, 2002

STOCK MARKET INDICES, 1992 - 2002

Algeria LA All Share (Dec 2001 = 100) - - - - - - - - - 100.00 73.06

Source: LiquidAfrica, S&P Emerging Markets Handbook

African Stock Markets Handbook - 2003

CURRENCY EXCHANGE RATES 1US$

IPO'S AND SECONDARY ISSUES

Egypt Jan-01 El Shams Real Estate Secondary Raise capital na na

Ghana Jan-02 Produce Buying Company Agricultural Products IPO Divestiture 23 28

Kenya Jan-02 Mumias Sugar Food IPO Privatisation 16 3

Malawi Jul-02 Sunbird Tourism Hotel & tourism IPO Divestiture 6 6

Morocco Jan-01 Marocaine vie Assurance Secondary Divestiture 13 4

African Stock Markets Handbook - 2003

IPO'S AND SECONDARY ISSUES (CONT.)

Namibia Jul-02 Investec Banks Secondary Dual Listing 1,150 7

Nigeria May-02 Evans Medical Plc Pharmaceuticals Secondary Raise capital 1 3

Tanzania Aug-02 Tanga Cement Cement IPO Privatisation 30 15

Tunisia Nov-02 Somocer Capital Goods IPO Raise capital 41 9

Zambia Jan-02 Zambia breweries Breweries Secondary Raise capital 12 5

IPO'S AND SECONDARY ISSUES (CONT.)

Zimbabwe Jun-02 Trust Holdings Banks IPO Raise capital 8 9

West Jul-02 Filtisac CI Packaging Secondary Divestiture 29 6

Source: LiquidAfrica Research

African Stock Markets Handbook - 2003

CAPITAL RAISING IN AFRICA

Retail & Dist

Education & Pub

Most Active Markets

African Stock Markets Handbook - 2003

LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002)

LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)

African Stock Markets Handbook - 2003

LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)

Pachin s.a.e. - reg s -- 69578R107 -- 03:01 Egypt Chemicals Africa DB S 08-Oct-97

AN OVERVIEW OF DEPOSITARY RECEIPTS

Depositary Receipt advantages may include: Demand For Depositary Receipts