The Stock Market

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Stock Market Review

Week 22– from May 29th to June 2nd 2017

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Bloomfield Investment Corporation is a pan-African creditrating agency which specializes in the assessment of the creditrisk. Headquartered in Abidjan with offices in Douala and inKigali. the agency operates essentially in Africa.

Department of Economic and Stock Market Analysis

Accreditation UEMOA AN-001/2012RWANDA ref/CMA/July/3047/2015

Headquarters Plateau. BIAO-CI Tower. 15th floor. Abidjan - Côte d’Ivoire

Website www.bloomfield-investment.com

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BRVM 10 m -0.65% 226.78BRVM COMPOSITE m -0.82% 262.65

Evol Value

Average PER* m 19.08

Average yield / share* k 5.60%

Market capitalization (billion FCFA) m 6 931

Trading volume (shares) 1 709 430

Trading volume (bonds) 17 426

Value traded (shares) 4 168 750 144

Value traded (bonds) 173 972 950

Market Trends

The BRVM ended this week down with 226.78 points for the BRVM 10 index (-0.65%) and 262.65 pointsfor the BRVM Composite index (-0.82%). The market capitalization of the equity market stood at 6 931billion FCFA. The equity market transactions amounted to 4.1 billion FCFA at the end of the week, mainlydriven by Finance (44%) and Public Services (43%). VIVO ENERGY CI stock records the largest growthwith a gain of 20%, while SODE CI stock shows the largest decline with a fall of 11.67%. On thecommodities market, gold, silver and cocoa prices ended the week up while coffee and rubber pricescontinued their downward trend.

* Calculated on the basis of the latest financial information published without

consideration of companies in liquidation

(Source BRVM)

Listed Companies 43

Sector Indices

Price Evol% Vol Val (000) PER Y/S

VIVO ENERGY CI 1 800 20.00% 4 754 7 999 25.8 1.8%

AIR LIQUIDE CI 8 000 14.45% 616 4 882 8.3 7.9%

NESTLE CI 62 000 6.90% 48 2 944 20.7 1.0%

SMB CI 16 700 3.73% 57 942 5.9 2.7%

Price Evol% Vol Val (000) PER Y/S

SODE CI 53 000 -11.67% 432 25 438 17.6 6.1%

SUCRIVOIRE 8 000 -10.01% 5 541 47 785 50.5 0.0%

SICOR CI 4 625 -7.50% 124 618 40.7 41.5%

SOCIETE IVOIRIENNE DE BANQUE CI

21 000 -6.46% 6 102 128 652 12.3 0.0%

# Companies

Value Evol% Evol YTD VolumeValue

traded(MFCFA)

AvgPER

AvgY/S

BRVM – Industry 12 129.76 -0.76% -16.79% 14 453 349 13.9 6.3%

BRVM – Publics Services 4 708.15 -0.58% -8.60% 94 650 1 791 10.5 5.9%

BRVM – Finances 12 101.13 -1.79% 6.45% 1 579 108 1 826 16.7 4.2%

BRVM – Transport 2 1 025.84 1.90% -28.36% 117 20 31.5 5.8%

BRVM – Agriculture 5 203.66 -4.11% -1.78% 8 177 95 40.8 10.9%

BRVM – Distribution 7 399.13 3.10% -30.83% 12 925 88 20.9 4.1%

BRVM - Other Sectors 1 290.12 0.00% -32.86% 0 0 9.3 0.0%

Market News

[ECOWAS]: According to a statement from the

Economic Community of West African States

(ECOWAS), the Conference of Heads of State and

Government agreed in principle on the accession of

Morocco to the Community, due to the country's

strong and multidimensional co-operation with West

Africa. It also granted observer status to Tunisia and

invited Mauritania (former Member State) to submit a

request for readmission to ECOWAS, in accordance

with its request to reinstate the Community.

[SENEGAL]: The Senegalese government is planning

a growth rate of 6.8% for 2017 and 2018, said the

secretary general of the Ministry of the Economy,

Finance and Plan of the country. This dynamic would

be promoted by the equipment and modernization of

agriculture, hydro-agricultural developments in the

perspective of water control, construction,

rehabilitation of roads and satisfaction of energy

demand.

[GHANA]: The Ghana Export Promotion Authority

(GEPA), the Cashew Industry Association of Ghana

(CIAG) and BLC Consulting signed a memorandum of

understanding to facilitate the implementation of the

national cashew development plan over the period

2017-2017. This plan aims to support research,

improve inputs and technology, regulate industry,

develop strategic investments, increase local

consumption of cashew products to ultimately

increase production and productivity along the value

chain of cashew nuts.

CREDIT RISK MANAGEMENT BEYOND NUMBERS

The Stock Market

News BRVM Corporates

[NESTLE CI]: The Ivorian subsidiary of the agri-

food group, Nestlé inaugurated its new distribution

center in Abidjan, in the industrial zone of Yopougon.

It covers a total area of 28 991 square meters (m2) of

which 5 600 m2 is allocated to the storage. This

investment has cost about 6 billion FCFA and

strengthens Nestlé's presence in Côte d'Ivoire.

[SIB]: The pan-African rating agency Bloomfield

Investment has published the rating of Société

Ivoirienne de Banque (SIB) in local currency (FCFA).

Thus, SIB obtains a long-term A + rating with a stable

outlook and a short-term A1 rating with a stable

outlook. According to the rating agency, the positive

factors of the company performance are, among

others, a good positioning in the highly competitive

Ivorian banking market, strong support from the

Attijariwafa bank Group, satisfactory corporate

governance and a cost of risk generally mastered.

Among the factors of credit quality fragility, there are:

a decline in the average yield of loans over the past

five years, employment coverage through steadily

decreasing resources since 2014 and a relatively

fragile social environment.

[ORABANK]: The banking Group Orabank won the

award of the best regional bank in West Africa at the

African Banker Awards ceremony of the IC

Publications Group. The Trophy aims to "pay tribute

to leaders who excel in banking and finance in Africa".

This is the second time that the bank is distinguished

by this award, having obtained the prize in 2015.

The Chief Economist’s Analysis [a focus on AIR LIQUIDE CI]

According to its financial statements, Air Liquide CI posted a turnover of 7,587.24 million FCFA at the end of 2016, down

by 5.92% compared to the end of 2015. This was mainly due to a sharp fall (- 97.28% ) in the level of manufactured

products sold by the company, which outweighed the increase in merchandise sales (+52.32%). This situation would

result from a less favorable dynamic in export markets. The change in net result is in the same downward direction as

turnover, with a sharp decline of 80.56% to reach 69.1 million FCFA. This significant decline in net result is linked to a

sharp deterioration in operating income (-123.54%) and a decrease in the financial result of the company (-24.9%).

Without the surplus recorded in the result of non-ordinary activities, the company would have incurred a loss in 2016. On

the stock market, the Air Liquide CI share lost 45% of its value on the whole year 2016, reflecting the less favorable

situation of the company. The decline in the share price of the company continued in the first four months of 2017. Since

the beginning of May 2017, the share price posted a upward trend and reached 8,000 FCFA on 2 June 2016, up by 33.3%

from the end of April 2017, but still down 27.27% from its level at the beginning of 2017. The company made efforts to

contain its charges. However, it will have to regain market share in order to achieve better results.

CREDIT RISK MANAGEMENT BEYOND NUMBERS

The Stock Market

Public Services Sector

Financial Sector

Industry Sector

Distribution Sector

Transport Sector

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

BICI CI 97 500 0.52% 374 36 149 13.49 4.34% 34.1% 28.2%

BANK OF AFRICA BN 218 000 -0.45% 452 98 488 17.52 4.10% 11.5% 24.5%

BANK OF AFRICA BF 200 000 0.00% 662 132 681 17.68 3.47% 39.7% 41.9%

BANK OF AFRICA CI 172 000 -1.72% 811 140 767 16.95 3.19% 18.9% 50.8%

BANK OF AFRICA M 43 000 -4.42% 10715 475 461 9.42 6.49% 23.6% 31.6%

BANK OF AFRICA NG 89 500 -1.65% 311 27 627 15.44 5.49% 24.1% 27.2%

BANK OF AFRICA S 74 210 -1.05% 775 57 859 21.98 1.35% 10.5% 40.5%

CORIS BANK INTERNATIONAL BF

48 500 -1.02% 8191 395 492 18.51 0.00% 48.9% 65.5%

ECOBANK TRANS. INCORP. TG 18 0.00% 1548621 27 708 5.08 6.71% -52.1% 6.3%

SAFCA CI 19 000 2.70% 113 2 125 34.77 7.58% 0.3% 1.2%

SGB CI 150 000 -3.23% 1981 302 501 13.17 3.49% 30.3% 46.4%

SOCIETE IVOIRIENNE DE BANQUE CI

21 000 -6.46% 6102 128 652 12.29 0.00% 33.7% 47.1%

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

CIE CI 64 000 0.00% 747 48 072 0.36 4.13% 84.9% 1992.9%

ONATEL BF 9 400 -6.00% 31232 285 452 13.29 6.93% 15.3% 31.1%

SODE CI 53 000 -11.67% 432 25 438 17.62 6.11% 3.1% 21.3%

SONATEL SN 23 100 0.43% 62239 1 432 490 10.70 6.49% 23.9% 35.2%

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

SICABLE CI 58 000 0.00% N/A N/A 12.24 2.07% 5.4% 14.9%

FILTISAC CI 18 000 -2.70% 8759 157 001 16.15 8.33% 8.4% 10.1%

NEI-CEDA CI 1 200 -6.25% 14 17 N/A 18.75% -6.4% -54.7%

NESTLE CI 62 000 6.90% 48 2 944 20.66 1.02% 2.4% -772.8%

CROWN SIEM CI 27 995 0.00% N/A N/A 22.47 4.34% 4.6% 12.9%

AIR LIQUIDE CI 8 000 14.45% 616 4 882 8.31 7.88% 10.4% 29.5%

SOLIBRA CI 155 900 -4.36% 126 20 561 9.31 2.63% 14.4% 42.1%

SMB CI 16 700 3.73% 57 942 5.88 2.69% 4.1% 579.6%

SITAB CI 77 000 -2.51% 833 64 116 7.52 10.58% 10.1% 58.0%

TRITURAF CI-Ste en Liquidation

490 0.00% N/A N/A N/A N/A N/A N/A

UNILEVER CI 14 000 -3.45% 79 1 113 N/A 8.81% -21.1% -172.6%

UNIWAX CI 23 990 -2.06% 3921 97 670 22.85 2.03% 11.1% 63.7%

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

SERVAIR ABIDJAN CI 1 990 -0.50% 3136 6 229 20.73 4.52% 8.7% 57.3%

BERNABE CI 110 000 -2.61% 5 550 15.55 5.00% 5.2% 20.3%

CFAO CI 60 000 -2.14% 93 5 596 29.00 3.83% 5.7% 18.3%

TRACTAFRIC MOTORS CI 230 000 2.22% 19 4 370 15.86 5.67% 4.7% 27.8%

VIVO ENERGY CI 1 800 20.00% 4754 7 999 25.84 1.83% 1.6% 26.5%

TOTAL CI 13 000 0.04% 4411 55 192 18.42 3.46% 2.7% 28.6%

TOTAL SN 15 700 -0.63% 507 7 654 10.44 5.96% 1.2% N/A

Reference price

Evol% Vol Val (000) PER Y/SRatio marge

netteROE

BOLLORE AFRICA LOGISTICS CI

212 000 1.92% 97 20 366 31.49 4.52% 8.8% 19.4%

MOVIS CI 3 800 0.00% 20 76 N/A 7.11% -11.7% -59.4%

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Agricultural Sector

The Stock Market

Other Sectors

Other Markets

Raw Materials

Currencies **

African Stock Markets

* Weekly evolution of the average price (order the day before the close of trading)

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

PALM CI 11 995 -6.29% 1444 17 459 22.43 5.39% 3.6% 4.9%

SUCRIVOIRE 8 000 -10.01% 5541 47 785 50.45 0.00% 0.2% 0.2%

SICOR CI 4 625 -7.50% 124 618 40.67 41.49% 9.3% -41.9%

SOGB CI 40 000 -5.21% 450 18 262 14.03 4.28% 11.0% 11.9%

SAPH CI 17 440 2.59% 618 10 388 76.20 3.33% 1.0% 1.6%

Reference price

Evol% Vol Val (000) PER Y/SNet margin

ratioROE

SETAO CI 23 500 0.00% N/A N/A 9.29 0.00% 5.1% -6.6%

JohannesburgStock Exchange

ALL SHARE INDEX m -2.65% 3 334.84

Nairobi Stock ExchangeNSE ALL SHARE INDEX k 2.05% 150.08

Nigerian Stock ExchangeALL SHARE

INDEX k 4.30% 30 314.14

Egyptian ExchangeEGX 100 INDEX m -1.17% 1 369.22

Casablanca Stock Exchange

MOROCCAN ALL SHARE INDEX m -0.27% 11 561.36

Price Evol

USD / XOF 582.09 -0.79%

GBP / XOF 750.01 -0.16%

EUR / XOF 655.96 0.00%

JPY / XOF 5.27 -0.07%

CNY / XOF 85.59 -0.04%

ZAR / XOF 45.74 0.36%

NGN / XOF 1.84 1.60%

EGP / XOF 32.17 -0.79%

KES / XOF 5.63 -0.82%

Price Evol

Silver (USD/Oz) 17.5 1.00%

Gold (USD/XAU) 1 280.2 1.07%

Natural gas (USD/MMBtu)

3.0 -9.04%

Crude oil (USD/bbl) 47.7 -4.43%

Cococa London (GBP/t) 1 588.3 8.20%

Cacao New York (USD/t) 2 003.5 4.70%

Coffe US (USD/lb) 125.3 -4.53%

Rubber (JPY/kg) 218.5 -19.67%

Palm oil (Riggints/t) 2 609.0 -2.54%

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Credit Ratings (1/3)

Company name Country Sector/ ActivityLong term Short term Rating

expiration dateLast Rating Perspective Last Rating Perspective

CIE Cote d'Ivoire Electricity AA+ Stable A1+ Stable 30/09/2017

IDT Cote d'Ivoire Tobacco distribution Confidential 01/11/2016

Loyale Assurances SA Cote d'Ivoire IARD Insurances BB- Negative C Negative31/10/2016

(ratingwithdrawn)

Loyale Vie SA Cote d'Ivoire LIFE Insurances A- Stable A2 Stable 31/07/2017

OMNIUM MaliManufacturing and distribution of batteries

BBB+ Positive A3 Positive 30/05/2017

ONEP Cote d'IvoirePromoting access to safe drinking water

BB- Stable B Stable 30/09/2017

PAA Cote d'Ivoire Port activities A+ Stable A1- Stable 30/06/2017

PALMCI Cote d'IvoireSeed and palm oilproducts

A- Stable A1- Stable 30/07/2017

PETRO IVOIRE Cote d'IvoireOil ProductsDistribution

A Stable A3 Stable 30/06/2017

PASP Cote d'Ivoire Public port operations A Stable A2 Stable 30/05/2017

SHELTER AFRIQUE Kenya Banking A Stable A1 Stable 30/06/2017

SIMAT Cote d'Ivoire Handling and Transit Confidential31/03/2011

(ratingwithdrawn)

Société Ivoirienne de Raffinage (SIR) Cote d'Ivoire Crude oil refining Confidential31/03/2012

(ratingwithdrawn)

SODECI Cote d'Ivoire Water distribution AA- Stable A1- Stable 30/09/2017

Ville de Dakar Sénégal Local community BBB+ Stable A3 Positive31/10/2016

(ratingwithdrawn)

CROWN SIEM CI Cote d'Ivoire Metal packaging BBB+ Stable A3 Stable 31/07/2017

SICOGI Cote d'IvoireConstruction and housing management

BBB Stable B Stable31/10/2015

(ratingwithdrawn)

NESTLE CI Cote d'Ivoire Food industry A- Stable A1- Stable 31/10/2017

GuarantCo United Kingdom Institutional Garranty AAA Stable A1+ Stable 30/06/2017

Commune du Plateau Côte d'Ivoire Local community BBB- Stable A2 Stable 31/10/2017

CAMTEL Cameroun Telecommunications BBB Stable A3 Stable 31/07/2016

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Credit Ratings (2/3)

Company name Country Sector/ ActivityLong term Short term Rating

expiration dateLast Rating Perspective Last Rating Perspective

AVENI – RE Cote d’Ivoire Reinsurance A- Stable A2 Stable 30/09/2016

Emission de la ville de Dakar Sénégal Financial instrument A Stable A1 Stable01/01/2016

(ratingwithdrawn)

District d'Abidjan Cote d’Ivoire Local community BBB- Stable B Positive 30/11/2017

Fonds d'Entretien Routier (FER) Cote d’IvoireFinancing of the maintenance of road infrastructure

A- Positive A2 Stable 30/09/2016

Bank Of Africa – Benin Benin Banking sector A Positive A1 Stable 30/04/2017

Bank Of Africa – Burkina Faso Burkina Faso Banking sector A Stable A1 Stable 30/04/2017

Bank Of Africa – Niger Niger Banking sector A- Stable A2 Stable 30/04/2017

Bank Of Africa – Sénégal Senegal Banking sector A- Stable A2 Stable 31/05/2017

Bank Of Africa – Côte d’Ivoire Cote d’Ivoire Banking sector A Stable A2 Positive 30/05/2017

Koffi & Diabaté Développement Cote d’Ivoire Construction BBB+ Stable A3 Stable 30/10/2017

Bank Of Africa – Mali Mali Banking sector A- Stable A2 Stable 30/04/2017

Caisse Régionale de Refinancement Hypothécaire

UEMOA Financial institution AA Stable A1+ Stable 30/06/2017

BERNABE Cote d’Ivoire

Distribution of hardware products. industrial equipment. metal products and construction materials

A+ Stable A1- Positive 31/07/2017

Air Côte d’Ivoire Cote d’Ivoire Airline company BBB+ Stable A3 Stable 30/08/2017

Alios Finance Cote d’Ivoire Financing by leasing BBB+ Stable A1 Stable 31/07/2017

State of Cote d'Ivoire - Local currency rating

Côte d'Ivoire Sovereign debt A- Stable A2 Stable 30/06/2017

Société Ivoirienne de Banque Côte d’Ivoire Banking sector A+ Stable A1 Stable 28/02/2018

VIP NET Cote d’Ivoire Telecommunications Confidential30/09/2015

(ratingwithdrawn)

ANSUT Cote d’Ivoire Telecommunications Confidential 31/10/2017

DEKEL OIL Cote d’IvoireSeed and palm oil products

Confidential 31/10/2017

FICOGES Cote d’Ivoire Audit Confidential 31/10/2016

UIREVI Cote d’Ivoire Export agriculture Confidential 31/07/2016

NSIA Banque Côte d’Ivoire Banking sector Confidential 31/03/2017

Radiant Insurance Company Rwanda Insurance Confidential 31/07/2017

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Credit Ratings(3/3)

Company name Country Sector/ ActivityLong term Short term Rating

expiration dateLast Rating Perspective Last Rating Perspective

NSIA Assurance Gabon Gabon Insurance Confidential 31/07/2017

NSIA Assurance VIE Côte d'Ivoire Cote d’Ivoire Insurance Confidential 31/07/2017

NSIA Assurance Cote d'Ivoire Cote d’Ivoire Insurance Confidential 30/06/2017

NSIA Assurance Guinée Bissau Guinea-Bissau Insurance Confidential 31/07/2017

NSIA Assurance Senegal Senegal Insurance Confidential 30/06/2017

NSIA Assurance Vie Senegal Senegal Insurance Confidential 31/07/2017

CI Energies Cote d’Ivoire

Monitoring of the energy sector and

electrical infrastructure works

Confidential 31/12/2017

Tropical Distribution Cote d’Ivoire Distribution In development

Tropical Packaging Cote d’Ivoire Metal industry In development

Côte d’Ivoire Céréales Cote d’IvoireCorn and rice

processing / Bond issue

In development

Société Equatoriale des Mines Gabon Mining operations In development

NSIA Assurance Togo Togo Insurance In development

NSIA Assurance Vie Togo Togo Insurance In development

NSIA Assurance Benin Benin Insurance In development

NSIA Assurance Vie Benin Benin Insurance In development

Ecobank Cote d’Ivoire Cote d’Ivoire Banking sector In development

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Bond Market

Corporate Bonds

Regional Entities Bonds

Government Bonds

Quantity Reference price Previous price Coupon Maturity

BHB 6.25% 2012-2017 10 000 10 000 587.5 11-oct

BIDC 6.75 % 2010-2017 10 000 10 000 336.58 04 apr / 04 oct

BIDC-EBID 6.50% 2014-2021 10 000 10 000 325 28 apr / 28 sep

BOAD 5.95% 2012-2019 461 10000 10000 595 06-mar

BOAD 5.95% 2014-2021 169 10000 10000 260.82 26-dec

CRRH-UEMOA 6.10% 2012-2022 10 000 10 000 305 13 feb / 13 aug

CRRH-UEMOA 6.10% 2012-2024 10 000 10 000 305 17 jan / 17 jul

CRRH-UEMOA 6% 2013-2023 10 000 10 000 300 26 apr / 26 oct

CRRH-UEMOA 6% 2014-2024 9 999 9 999 300 30 june / 30 dec

CRRH-UEMOA 6% 2015-2025 10 000 10 000 290.9 04 jan / 04 jul

Quantity Reference price Previous price Coupon Maturity

ETAT MALI 6.20% 2016-2023 10 000 10 000 620 23-may

ETAT SENEGAL 6.5% 2014-2021 5 999 5 999 325 27 may / 27 nov

ETAT SENEGAL 6.70% 2012-2019 10 000 10 000 670 14-dec

ETAT SENEGAL 6.50% 2013-2023 407 9000 9000 325 29 jan / 29 jul

ETAT SENEGAL 6.30% 2015-2025 9999 9999 313.28 25 may / 25 nov

TPBF 6.50% 2013-2020 9900 9900 325 29 may / 29 nov

TPCI 7% 2010-2017 10400 10400 700 01-oct

TPCI 6.50% 2012-2017 10000 10000 650 19-sept

TPCI 6.30% 2013-2018 50 9999 10000 315 03 june / 03 dec

TPCI 6.55% 2014-2022 9999 9999 655 20-may

TPCI 5.85% 2014-2021 10000 10000 292.5 19 june / 19 dec

TPCI 3% 2014-2024 9800 9800 150 19 june / 19 dec.

TPCI 5.99% 2015-2025 16000 10000 10000 599 14-may

TPCI 5.85% 2015-2022 84 10000 10000 599 05 apr / 05 oct

TPCI 6% 2016-2028 155 10000 10000 600 08-apr

TPCI 5.90% 2016-2026 94 10000 10000 590 15 - june

TPCI 5.90% 2016-2026 10000 10000 590 17-nov

SUKUK ETAT DE COTE D'IVOIRE 5.75% 2015-2020 10000 10000 292.292 28 june / 28 dec

SUKUK ETAT DE COTE D'IVOIRE 5.75% 2016-2023 10000 10000 289.097 7 sept / 7 march

SUKUK ETAT DU SENEGAL 6.25% 2014-2018 6 10000 10000 321.181 18 jul / 18 jan

SUKUK ETAT DU SENEGAL 6% 2016-2026 10000 10000 306.667 26 jul / 26 jan

SUKUK ETAT DU TOGO 6.5% 2016-2026 12 10000 10000 0 17 aug / 17 feb

Quantity Reference price Previous price Coupon Maturity

BOA BURKINA F. 6.25% 2012-2017 10 000 10 000 587.5 11-oct

BOA - CI 6.25% 2012-2017 10 000 10 000 612.5 11-oct

BOA NIGER 6.25% 2012-2017 9 250 9 250 587.5 11-oct

BOA SENEGAL 6.50% 2012-2017 10 000 10 000 611 11-oct

ORAGROUP 6.75% 2013-2019 10 000 10 000 337.5 04 june/ 04 dec

PAD 7% 2010-2017 1 250 1 250 189.79 22 june / 22 dec

PALMCI 7% 2009-2016 9 995 9 995 342.06 28 june / 28 dec

SHELTER AFRIQUE 6.6% 2014-2021 8 000 8 000 327.29 28 feb / 28 aug

SIFCA 6.90% 2013-2021 10 000 10 000 676.2 08-aug

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Contacts Bloomfield Investment Corporation

Djeneba DIALLODirecteurAnalyses Economiques et Boursièresd.diallo@bloomfield-investment.com

Bloomfield Investment Corporation06 BP 1888 Abidjan 06Tel: (225) 20 215 747 / (225) 20 215 749Fax: (225) 20 215 751