East African Index Fund - African Asset Management

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EWAX Index Fund

The EWAX (East West Africa) Index Fund is a Market Capitalization Weighted Index Fund of the largest blue chip stocks from both East and West Africa.

EWAX enables investors to get strategic, efficient and low cost exposure to the economic growth stories of Kenya, Tanzania, Uganda, Mauritius, Nigeria, Ghana, Senegal and the Ivory Coast.

The EWAX Index Fund
Investing in the Fund Applications for purchase of fund units can be any number of units in the EWAX Index Fund. However, the minimum investment is USD 1,000 or equivalent in local African currencies. Your investment will be divided by the Manager selling price to determine the number of units allotted to you. The price of the unit is calculated each trading day by ascertaining the Net Asset Value of the Fund.

Fund Operation
African Asset Management invests in a portfolio of shares by channelling its investment funds into companies that comprise the East West Africa Index (EWAX Index). Our astute passive index fund management style reduces volatility and risk, whereby 95% of the Fund is invested in the EWAX Index under respective market capitalization proportions. Please see table below.

The remaining 5% is invested in Initial Public Offerings (IPOs), at the discretion of the Fund Manager. Once the IPO investments have been listed on the respective Stock Exchanges for a period of three months, they will be sold, unless the company is included in the EWAX Index.

One Investment 8 African economies
The EWAX Index Fund is invested in the following blue chip African companies:

Company Name	Country	Industry	Market Cap ($M)
First Bank Nigeria	Nigeria	Banks and Financial Services	5,702
Zenith Bank International	Nigeria	Banks and Financial Services	5,573
Union Bank Nigeria	Nigeria	Banks and Financial Services	4,129
United Bank for Africa	Nigeria	Banks and Financial Services	4,019
Sonatel	Senegal	Telecom	3,961
Intercontinental Bank	Nigeria	Banks and Financial Services	3,821
Safaricom	Kenya	Telecom	3,499
Nigerian Breweries	Nigeria	Consumer Goods - Food and Beverages	3,191
Guaranty Trust Bank	Nigeria	Banks and Financial Services	2,821
Dangote Sugar Refinery	Nigeria	Consumer Goods - Food and Beverages	2,587
Oceanic Bank	Nigeria	Banks and Financial Services	2,382
Ecobank Transnational	Ghana	Banks and Financial Services	2,322
East African Breweries	Kenya	Consumer Goods - Food and Beverages	2,157
African Petroleum	Nigeria	Oil and Gas	1,860
Bank PHB Nigeria	Nigeria	Banks and Financial Services	1,748
Guinness Nigeria	Nigeria	Consumer Goods - Food and Beverages	1,515
Diamond Bank	Nigeria	Banks and Financial Services	1,512
Equity Bank Kenya	Kenya	Banks and Financial Services	1,455
Stanbic IBTC Bank	Nigeria	Banks and Financial Services	1,446
Mauritius Commercial Bank	Mauritius	Banks and Financial Services	1,424
Afribank Nigeria	Nigeria	Banks and Financial Services	1,417
Wema Bank	Nigeria	Banks and Financial Services	1,297
Barclays Bank Kenya	Kenya	Banks and Financial Services	1,278
Benue Cement Company	Nigeria	Construction and Materials	1,250
Oando	Nigeria	Oil and Gas	1,191
Fidelity Bank Nigeria	Nigeria	Banks and Financial Services	1,188
First City Monument Bank	Nigeria	Banks and Financial Services	1,151
Nestle Nigeria	Nigeria	Consumer Goods - Food and Beverages	1,105
Ecobank Nigeria	Nigeria	Banks and Financial Services	1,092
Bamburi Cement	Kenya	Construction and Materials	1,049
Lafarge Cement WAPCO	Nigeria	Construction and Materials	989
Flour Mills Nigeria	Nigeria	Consumer Goods - Food and Beverages	957
State Bank of Mauritius	Mauritius	Banks and Financial Services	918
Kenya Commercial Bank	Kenya	Banks and Financial Services	908
Access Bank Nigeria	Nigeria	Banks and Financial Services	876
New Mauritius Hotels	Mauritius	Entertainment and Leisure	855
Skye Bank	Nigeria	Banks and Financial Services	812
National Sports Lottery	Nigeria	Gaming	803
Standard Chartered Bank Kenya	Kenya	Banks and Financial Services	774
Stanbic Bank Uganda	Uganda	Banks and Financial Services	729
Dangote Flour Mills	Nigeria	Consumer Goods - Food and Beverages	726
Kenya Electricity Generating Company	Kenya	Utilities	725
Unilever Nigeria	Nigeria	Consumer Goods - Food and Beverages	707
Mobil Oil Nigeria	Nigeria	Oil and Gas	675
Ecobank Ghana Limited	Ghana	Banks and Financial Services	613
Sterling Bank Limited	Nigeria	Banks and Financial Services	596
Total Nigeria	Nigeria	Oil and Gas	594
Standard Chartered Bank Ghana	Ghana	Banks and Financial Services	565
Julius Berger Nigeria	Nigeria	Construction and Materials	560
Springbank	Nigeria	Banks and Financial Services	537
Unity Bank	Nigeria	Banks and Financial Services	531
Nigerian Bottling Company	Nigeria	Consumer Goods - Food and Beverages	525
Societe de Limonaderies et Brasseries	Ivory Coast	Consumer Goods - Food and Beverages	524
First Inland Bank	Nigeria	Banks and Financial Services	516
Tanzania Breweries	Tanzania	Consumer Goods - Food and Beverages	458
Conoil Plc	Nigeria	Oil and Gas	491
UAC Nigeria	Nigeria	Diversified Conglomerates	447
Ashaka Cement	Nigeria	Construction and Materials	435
Societe Africaine de Plantations d'Heveas	Ivory Coast	Agriculture and Raw Materials	434
CFC Stanbic Bank	Kenya	Banks and Financial Services	422
Unilever CI	Ivory Coast	Consumer Goods - Food and Beverages	418
International Energy Insurance	Nigeria	Insurance	393
Sun Resorts	Mauritius	Entertainment and Leisure	361
Societe Generale en Cote d'Ivoire	Ivory Coast	Banks and Financial Services	352
Rogers & Company	Mauritius	Diversified Conglomerates	345
Nation Media Group	Kenya	Media	338
Guinness Ghana	Ghana	Consumer Goods - Food and Beverages	335
Kenya Airways	Kenya	Transportation	308
Union Homes Savings and Loans	Nigeria	Financial Services (Excluding Banks)	308
		Total	92,652

Investment Income
Your investment income will primarily be derived from long-term capital appreciation. In addition, dividend income that accrues to the Fund, will be distributed annually after the deduction of the Fund's operating fees and expenses. You may choose to obtain more units in the Fund by re-investing your income.

Benefits
	Convenience
	Low to negative correlations with western markets and most other emerging markets
	Lower volatility and risk due to passive long-term index fund investing
	Capital gains and income distribution are tax free
	As the value of the Fund grows so does the value of your investment
	Ability to subscribe for more units in the future
	Enables easy exit from the fund through the sale of units

Low Risk and Convenient Investments

Passive index fund investing is lowering risk and is creating excellent long-term returns by getting wide exposure to large cap companies in one of Africa’s most prosperous regions, showing great potential.

Investing with African Asset Management is simple and secure, with Standard Chartered Bank holding your assets as custodian bank. Deloitte is the company secretary and auditor of African Asset Management and its EWAX Index Fund.

Strategic analyses of underlying economies and prospective entities by our experienced fund managers and financial analysts give you maximum long-term returns with lower volatility. These index strategies present key bases for such investments.

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