Kenyan Stockbrokers and Investment Banks: Full Year Results for Period Ended 31st December, 2009

Income Expenses Profit

Investment Bank/Broker Kshs '000 % CHG Kshs '000 % CHG Kshs '000 % CHG
Dyer & Blair Investment Bank 241,662.4 -63.1% 285,078.2 -50.9% (59,344.8) -486.3%
Kestrel Capital (East Africa) 173,311.0 -48.1% 149,050.0 -43.7% 16,508.0 -65.7%
CFC Stanbic Financial Services 137,289.0 -65.6% 245,673.0 -37.9% (79,758.0) 1605.3%
African Alliance Kenya Securities 125,226.0 10.1% 109,869.0 5.7% 9,946.0 77.5%
Faida Investment Bank 122,047.7 -47.2% 106,567.5 -37.0% 7,609.7 -76.1%
Standard Investment Bank 121,252.9 -3.9% 81,483.6 -14.0% 16,481.5 -19.9%
African Alliance Investment Bank 114,154.0 -11.4% 128,959.0 -2.7% (7,510.0) -39.1%
Renaissance Capital Kenya 113,157.0 -88.2% 261,036.0 -21.5% (43,501.0) -106.7%
Suntra Investment Bank 79,423.3 -71.2% 99,373.5 -76.3% (63,251.5) -40.4%
Apex Africa Investment Bank 65,217.2 -46.6% 49,455.0 -59.4% 10,041.8 -284.2%
Dry Associates Investment Bank 44,818.6 0.4% 32,529.4 15.8% 8,149.8 -32.9%
Afrika Investment Bank 39,781.0 -71.7% 19,895.0 -89.9% 18,054.0 -136.4%
Sterling Investment Bank 33,388.3 -56.3% 30,769.7 -13.6% 754.9 -97.3%
Genghis Capital 31,526.0 188.7% 30,230.0 153.0% 223.0 -128.3%
NIC Capital 30,062.0 375.3% 14,547.0 -9.9% 13,294.0 -223.6%
NIC Capital Securities 28,563.0 -45.9% 32,372.0 -25.2% 6,932.0 34.4%
Kingdom Securities 25,373.0 95.9% 44,463.1 126.4% (19,673.7) 167.0%
ABC Capital 9,190.6 -15.0% 22,873.1 108.2% (9,424.6) -2399.0%
Equatorial Investment Bank 9,087.0 9.9% 25,403.0 22.7% (11,450.0) 24.9%
Drummond Investment Bank 8,619.2 -47.8% 15,670.7 -41.4% (4,992.0) -29.6%
Equity Investment Bank 7,245.0 #DIV/0! 64,931.6 64831.6% (57,686.6) 30764.3%
Reliable Securities 6,043.9 -81.8% 31,940.6 -18.8% (26,880.6) 207.7%
Total Brokerage Industry 1,566,438.0 1,882,170.0 (275,478.3)

Key Benchmarks
Income Expenses Profit
Investment Bank/Broker Kshs '000 % CHG Kshs '000 % CHG Kshs '000 % CHG
Dyer & Blair Investment Bank 241,662.4 -63.1% 285,078.2 -50.9% (59,344.8) -486.3%
Kestrel Capital (East Africa) 173,311.0 -48.1% 149,050.0 -43.7% 16,508.0 -65.7%
African Alliance Kenya Securities 125,226.0 10.1% 109,869.0 5.7% 9,946.0 77.5%
Faida Investment Bank 122,047.7 -47.2% 106,567.5 -37.0% 7,609.7 -76.1%
ecember, 2009

Assets Equity Profits as a percentage of Cost to Assets to

Kshs '000 Kshs '000 Income Assets Equity Income % Equity (x)
2,052,120.1 1,283,319.1 -24.6% -2.9% -4.6% 118.0% 1.6
555,044.0 343,488.0 9.5% 3.0% 4.8% 86.0% 1.6
478,245.0 170,828.0 -58.1% -16.7% -46.7% 178.9% 2.8
421,733.0 350,750.0 7.9% 2.4% 2.8% 87.7% 1.2
628,609.6 478,960.9 6.2% 1.2% 1.6% 87.3% 1.3
804,826.2 590,912.7 13.6% 2.0% 2.8% 67.2% 1.4
367,002.0 316,254.0 -6.6% -2.0% -2.4% 113.0% 1.2
1,063,387.0 983,848.0 -38.4% -4.1% -4.4% 230.7% 1.1
550,458.6 326,549.3 -79.6% -11.5% -19.4% 125.1% 1.7
502,225.8 389,153.3 15.4% 2.0% 2.6% 75.8% 1.3
55,889.7 46,175.0 18.2% 14.6% 17.6% 72.6% 1.2
417,200.0 301,725.0 45.4% 4.3% 6.0% 50.0% 1.4
394,045.0 323,198.0 2.3% 0.2% 0.2% 92.2% 1.2
308,369.0 266,464.0 0.7% 0.1% 0.1% 95.9% 1.2
510,129.0 304,957.0 44.2% 2.6% 4.4% 48.4% 1.7
442,335.0 355,501.0 24.3% 1.6% 1.9% 113.3% 1.2
316,669.7 266,563.9 -77.5% -6.2% -7.4% 175.2% 1.2
318,789.7 285,506.2 -102.5% -3.0% -3.3% 248.9% 1.1
130,716.0 129,354.0 -126.0% -8.8% -8.9% 279.6% 1.0
412,439.6 318,816.4 -57.9% -1.2% -1.6% 181.8% 1.3
56,948.1 42,126.5 -796.2% -101.3% -136.9% 896.2% 1.4
393,350.4 297,418.6 -444.8% -6.8% -9.0% 528.5% 1.3
11,180,532.4 8,171,869.1 -17.6% -2.5% -3.4% 120.2% 1.4

Assets Equity Profits as a percentage of Cost to Assets to

Kshs '000 Kshs '000 Income Assets Equity Income % Equity (x)
2,052,120.1 1,283,319.1 -24.6% -2.9% -4.6% 118.0% 1.6
555,044.0 343,488.0 9.5% 3.0% 4.8% 86.0% 1.6
421,733.0 350,750.0 7.9% 2.4% 2.8% 87.7% 1.2
628,609.6 478,960.9 6.2% 1.2% 1.6% 87.3% 1.3
Kenyan Stockbrokers and Investment Banks: Rankings by Key Income Sources

Total Income
Rankings 2008 2009 Rankings
08 09 Investment Bank/Broker Kshs '000 Kshs '000 % CHG 08 09
2 1 Dyer & Blair Investment Bank 655,738.8 241,662.4 -63.1% 2 1
4 2 Kestrel Capital (East Africa) 333,984.0 173,311.0 -48.1% 9 2
3 3 CFC Stanbic Financial Services 398,921.0 137,289.0 -65.6% 1 3
10 4 African Alliance Kenya Securities 113,698.0 125,226.0 10.1% 3 4
6 5 Faida Investment Bank 231,257.7 122,047.7 -47.2% 4 5
8 6 Standard Investment Bank 126,138.4 121,252.9 -3.9% 6 6
1 7 Renaissance Capital Kenya 956,070.0 113,157.0 -88.2% 8 7
5 8 Suntra Investment Bank 275,439.8 79,423.3 -71.2% 5 8
9 9 Apex Africa Investment Bank 122,069.8 65,217.2 -46.6% 16 9
12 10 Dry Associates Investment Bank 44,636.9 44,818.6 0.4% 10 10
7 11 Afrika Investment Bank 140,515.0 39,781.0 -71.7% 12 11
11 12 Sterling Investment Bank 76,367.1 33,388.3 -56.3% 11 12
16 13 Genghis Capital 10,920.0 31,526.0 188.7% 15 13
19 14 NIC Capital 6,325.0 30,062.0 375.3% 7 14
15 15 Kingdom Securities 12,952.6 25,373.0 95.9% 17 15
17 16 ABC Capital 10,812.7 9,190.6 -15.0% 14 16
18 17 Equatorial Investment Bank 8,270.0 9,087.0 9.9% 13 17
14 18 Drummond Investment Bank 16,496.6 8,619.2 -47.8% 18 18
- 19 Equity Investment Bank 0.0 7,245.0 - -
13 20 Reliable Securities 33,271.0 6,043.9 -81.8% - -
 Brokerage Commissions
2008 2009 Rankings
Investment Bank/Broker Kshs '000 Kshs '000 % CHG 08 09
Kestrel Capital (East Africa) 292,212.0 154,078.0 -47.3% 1 1
African Alliance Kenya Securities 94,604.0 121,603.0 28.5% 3 2
Dyer & Blair Investment Bank 371,289.3 121,311.6 -67.3% 2 3
Faida Investment Bank 218,221.9 111,669.0 -48.8% 6 4
CFC Stanbic Financial Services 181,390.0 64,364.0 -64.5% 7 5
Apex Africa Investment Bank 131,416.2 62,200.5 -52.7% 9 6
Standard Investment Bank 115,372.6 55,734.6 -51.7% 4 7
Afrika Investment Bank 134,342.0 33,496.0 -75.1% - 8
Genghis Capital 10,718.0 30,896.0 188.3% 5 9
Sterling Investment Bank 67,588.6 28,747.0 -57.5% 8 10
Renaissance Capital Kenya 51,641.0 27,388.0 -47.0% - 11
NIC Capital Securities 52,764.0 22,321.0 -57.7% - 12
Kingdom Securities 12,428.8 20,764.3 67.1% 10 13
Suntra Investment Bank 116,447.4 19,204.4 -83.5% - -
ABC Capital 10,429.3 8,767.5 -15.9% - -
Drummond Investment Bank 15,119.6 6,582.1 -56.5% - -
Reliable Securities 33,271.0 6,043.9 -81.8% - -
Dry Associates Investment Bank 135.3 71.8 -47.0% - -
Equatorial Investment Bank 0.0 0.0 - -
Equity Investment Bank 0.0 0.0 - -
 Advisory & Consultancy Fees
2008 2009
Investment Bank/Broker Kshs '000 Kshs '000 % CHG
Dyer & Blair Investment Bank 201,915.8 66,673.2 -67.0%
Dry Associates Investment Bank 39,122.5 38,361.4 -1.9%
CFC Stanbic Financial Services 68,730.0 21,501.0 -68.7%
NIC Capital 14,063.0 20,200.0 43.6%
Standard Investment Bank 7,183.5 9,343.3 30.1%
Renaissance Capital Kenya 2,272.0 9,250.0 307.1%
Kestrel Capital (East Africa) 34,672.0 8,573.0 -75.3%
Faida Investment Bank 0.0 3,306.0
African Alliance Kenya Securities 16,415.0 2,432.0 -85.2%
Suntra Investment Bank 3,722.5 1,441.6 -61.3%
Equatorial Investment Bank 0.0 610.0
Equity Investment Bank 0.0 500.0
Drummond Investment Bank 288.5 291.8 1.1%
Apex Africa Investment Bank 0.0 0.0
Afrika Investment Bank 0.0 0.0
Sterling Investment Bank 0.0 0.0
Genghis Capital 0.0 0.0
Kingdom Securities 0.0 0.0
ABC Capital 0.0 0.0
Reliable Securities 0.0 0.0
Kenyan Stockbrokers and Investment Banks: Market Share

Brokerage Commissions Market Share

2009 2005 2006
Investment Bank/Broker Kshs '000 Equity Equity
Kestrel Capital (East Africa) 154,078.0 9.0% 6.0%
African Alliance Kenya Securities 121,603.0 3.0% 4.0%
Dyer & Blair Investment Bank 121,311.6 12.0% 11.0%
Faida Investment Bank 111,669.0 8.0% 8.0%
CFC Stanbic Financial Services 64,364.0 16.0% 17.0%
Apex Africa Investment Bank 62,200.5 11.0% 10.0%
Standard Investment Bank 55,734.6 17.0% 14.0%
Afrika Investment Bank 33,496.0
Genghis Capital 30,896.0
Sterling Investment Bank 28,747.0
Renaissance Capital Kenya 27,388.0
NIC Capital Securities 22,321.0
Kingdom Securities 20,764.3
Suntra Investment Bank 19,204.4 7.0% 7.0%
ABC Capital 8,767.5
Drummond Investment Bank 6,582.1
Reliable Securities 6,043.9
Dry Associates Investment Bank 71.8
Equatorial Investment Bank 0.0
Equity Investment Bank 0.0
Others 0.0 17.0% 23.0%
100.0% 100.0%
 Market Share
2007 2008 2009 2009
Equity Equity Equity Bonds
9.0% 17.2% 18.5% 19.1%
5.0% 5.5% 13.6% 6.4%
11.0% 14.2% 13.5% 7.6%
7.0% 6.1% 5.8% 37.3%
10.0% 8.0% 7.1% 5.5%
13.0% 10.3% 8.9% 0.0%
12.0% 10.3% 9.6% 1.7%
8.1% 5.6% 0.9%
0.3% 2.5% 5.3%
3.7% 3.7% 10.3%
0.9% 4.3%
1.4% 2.6%
0.7% 0.9% 2.3%
4.0% 3.3% 1.7% 2.7%
0.8%
0.4% 0.3%
1.4% 0.3%

29.0% 8.2% 1.1% 0.2%

100.0% 100.0% 100.0% 100.0%
Nairobi Stock Exchange Brokers
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income 69.00 77.34 EQUITY
Brokerage Commissions 2,001,664 975,649 -51% Total Shareholders' Funds
Fund management fees 49,537 43,600 Non Current Liabilities
Advisory/consultancy fees 412,018 185,690 Total Non Current Liabilities
Interest income 180,779 81,243 Current Liabilities
Dividend income 8,924 11,056 Total Current Liabilities
Unrealized profit/(loss) on TOTAL EQUITY & LIABILITIES
investments (37,440) 31,674
Realized profit/(loss) on Represented by
investments 894,300 15,923 Non Current Assets
Other income 245,649 221,605 Total Non Current Assets
Total Income 3,755,431 1,566,440 -58% Current Assets
Expenses Total Current Assets
Direct expenses 505,613 192,134 TOTAL ASSETS
Professional fees 196,680 57,873
Legal fees 10,369 11,958 BALANCED
Employee Costs 918,497 783,544 -15%
Rent expenses 118,194 100,254 Key Ratios
Directors emolument 107,096 92,748 Operating Margin
Operational and Admin. Exp. 670,112 414,153 Net Margin
Provision on impairment of assets 234,766 13,210 Cost to Income
Depreciation expenses 83,744 130,485 Staff Costs to Income
Amortization Expenses 10,986 13,139 Leverage (assets:equity)
Other operating expenses 201,851 69,734 Asset Turnover
Total Expenses 3,057,907 1,879,232 -39% Current Ratio
Operating Profit/(Loss) 697,524 (312,792) -145% Net Working Capital
Finance Costs (56,692) (70,867) Return on Equity
Profit/(Loss) Before Tax 640,832 (383,659) -160% Return on Assets
Current Tax (42,114) 111,121
Profit/(Loss) After Tax 598,717 (272,538) -146%

Comprehensive Statement of Income and Comprehensive Statement of Financial

Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
US$ '000 US$ '000
Income 69 77 EQUITY
Brokerage Commissions $29,010 $12,615 -57% Total Shareholders' Funds
Fund management fees $718 $564 Non Current Liabilities
Advisory/consultancy fees $5,971 $2,401 Total Non Current Liabilities
Interest income $2,620 $1,050 Current Liabilities
Dividend income $129 $143 Total Current Liabilities
Unrealized profit/(loss) on $0 $0 TOTAL EQUITY & LIABILITIES
investments ($543) $410
Realized profit/(loss) on $0 $0 Represented by
investments $12,961 $206 Non Current Assets
Other income $3,560 $2,865 Total Non Current Assets
Total Income $54,427 $20,254 -63% Current Assets
Expenses Total Current Assets
Direct expenses $7,328 $2,484 TOTAL ASSETS
Professional fees $2,850 $748
Legal fees $150 $155 NOT BALANCED
Employee Costs $13,312 $10,131 -24%
Rent expenses $1,713 $1,296
Directors emolument $1,552 $1,199
Operational and Admin. Exp. $9,712 $5,355
Provision on impairment of assets $3,402 $171
Depreciation expenses $1,214 $1,687
Amortization Expenses $159 $170
Other operating expenses $2,925 $902
Total Expenses $44,317 $24,298 -45%
Operating Profit/(Loss) $10,109 ($4,044) -140%
Finance Costs ($822) ($916)
Profit/(Loss) Before Tax $9,287 ($4,961) -153%
Current Tax ($610) $1,437
Profit/(Loss) After Tax $8,677 ($3,524) -141%
nt of Financial

12 months ended 12 months ended

December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000

5,778,601 8,171,869 41% 2001664 975649 5778601 8171869

49537 43600
664,770 282,170 -58% 412018 185690 664770 282170
180779 81243
3,423,685 2,726,495 -20% 8924 11056 3423685 2726495
9,867,058 11,180,533 13% 9867058 11180533
(37440) 31674

894300 15923
4,301,647 6,224,551 45% 245649 221605 4301647 6224551

5,565,412 4,956,326 -11% 5565412 4956326

9,867,059 11,180,877 13% 505613 192134 9867059 11180877
196680 57873
1 344 10369 11958
918497 783544
118194 100254
18.6% -20.0% 107096 92748
15.9% -17.4% 670112 414153
81.4% 120.0% 234766 13210
24.5% 50.0% 83744 130485
1.7 1.4 10986 13139
0.4 0.1 201851 69734
1.6 1.8
2,141,727 2,229,832 4%
-3.9% (56692) (70867)
-2.6%
(42114) 111121

nt of Financial

12 months ended 12 months ended

December 31, 2008 December 31, 2009
Audited Audited
US$ '000 US$ '000

$83,748 $105,662 26%

$9,634 $3,648 -62%

$49,619 $35,253 -29%

$143,001 $144,563 1%

$62,343 $80,483 29%

$80,658 $64,085 -21%

$143,001 $144,568 1%

$0 $4
Dyer and Blair Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 371,289 121,312 Share Capital
Fund management fees 0 287 Revenue Reserve
Advisory/consultancy fees 201,916 66,673 Capital reserves
Interest income 38,332 2,433 Shareholders' Funds
Dividend income 5,703 7,013 Non-controlling interest
Exchange gain 0 12,821 Total Shareholders' Funds
Gain on sale of investment propert 0 4,400 Non Current Liabilities
Rental income 11,126 11,725 Long term loan
Change in fair value of investment 27,372 15,000 Deferred Tax Liability
Total Income 655,739 241,662 -63% Total Non Current Liabilities
Expenses Current Liabilities
Direct expenses 145,242 27,748 Client creditors
Professional fees 36,864 20,466 Amounts due to related parties
Legal fees 1,887 1,624 Trade payables and accrued expenses
Employee Costs 97,335 87,426 Bank overdraft
Rent expenses 17,568 16,210 Director's account
Directors emolument 4,349 8,289 Tax payable
Operational and Admin. Exp. 143,314 93,064 Total Current Liabilities
Depreciation expenses 9,067 8,303 TOTAL EQUITY & LIABILITIES
Realized loss from dealing in share 9,272 15,781 Represented by
Unrealized revaluation loss on equ 115,255 6,168 Non Current Assets
Total Expenses 580,154 285,078 -51% Property, plant & Equipment
Operating Profit/(Loss) 75,585 (43,416) -157% Deferred tax
Finance Costs (25,479) (44,738) Investment property
Profit/(Loss) Before Tax 50,106 (88,154) -276% Deposits in CDSC
Current Tax (34,743) 28,809 Investments in unquoted shares
Profit/(Loss) After Tax 15,363 (59,345) -486% Investments in corporate bond
Intangible assets
Key Ratios Total Non Current Assets
Operating Margin 11.5% -18.0% Current Assets
Net Margin 2.3% -24.6% Office cash and bank balances
Cost to Income 88.5% 118.0% Clients cash and bank balances
Staff Costs to Income 14.8% 36.2% Client debtors
Leverage (assets:equity) 1.9 1.6 Investment in quoted securities
Asset Turnover 0.3 0.1 Amounts due from other stockbrokers
Current Ratio 1.8 1.4 Other trade receivables
Net Working Capital 689,279 275,626 -60% Prepayments
Total Income 655,739 241,662 -63% Secured advances to related parties
Receivables 635,173 429,063 -32% Unsecured advances to related parties
Payables 671,040 606,197 -10% Total Current Assets
Return on Equity -4.9% TOTAL ASSETS
Return on Assets -2.8%
BALANCED

Industry Workings
Brokerage Commissions 371,289 121,312
Fund management fees 0 287
Advisory/consultancy fees 201,916 66,673
Interest income 38,332 2,433
Dividend income 5,703 7,013
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 38,498 43,945
Direct expenses 145,242 27,748
Professional fees 36,864 20,466
Legal fees 1,887 1,624
Employee Costs 97,335 87,426
Rent expenses 17,568 16,210
Directors emolument 4,349 8,289
Operational and Admin. Exp. 143,314 93,064
Provision on impairment of assets 0 0
Depreciation expenses 9,067 8,303
Amortization Expenses 0 0
Other operating expenses 124,527 21,949
Finance Costs (25,479) (44,738)
Current Tax (34,743) 28,809
Total Shareholders' Funds 1,120,604 1,283,319
Total Non Current Liabilities 198,535 0
Total Current Liabilities 840,924 768,801
TOTAL EQUITY & LIABILITIES 2,160,063 2,052,120
Total Non Current Assets 629,860 1,007,694
Total Current Assets 1,530,203 1,044,426
TOTAL ASSETS 2,160,063 2,052,120
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
1,000,000 1,000,000 Capital Strength
83,047 26,483 Paid up Capital 1,000,000 1,000,000
29,321 251,381 Minimum Required 30,000 30,000
1,112,368 1,277,864 Excess 970,000 970,000
8,236 5,455
1,120,604 1,283,319 15% Shareholders' Funds
Total Shareholder's Funds 1,120,604 1,032,319
192,000 0 Minimum 30,000 30,000
6,535 0 Excess 1,090,604 1,002,319
198,535 0 -100%
Liquidity
641,509 556,120 Working Capital 625,631 296,157
5,629 3,552 Minimum Required 200,000 200,000
23,903 46,525 Excess 425,631 96,157
159,177 160,170
2,500 0 Ratio of unsecured advances to shareholders' funds
8,207 2,434 Ratio as computed 0% 0%
840,924 768,801 -9% Maximum allowable 10% 10%
2,160,063 2,052,120
Ratio of borrowings to paid up share capital
Ratio as computed 35% 16%
109,005 183,125 Maximum allowable 20% 20%
0 25,188
315,177 347,148 Clients funds
3,436 3,436 Total clients' creditors 641,509 556,120
202,243 166,396 Total clients' cash balances 160,229 175,063
0 31,400 Excess/(Deficiency) (481,280) (381,056)
0 251,000
629,860 1,007,694 60% Chairman - Jimnah Mbaru
Joint Managing Director - T K Wamwea
2,186 1,462
159,084 171,098
546,073 364,490
626,949 203,642
1,144 3,965
34,089 32,361
53,867 28,248
106,811 230,052
0 9,109
1,530,203 1,044,426 -32%
2,160,063 2,052,120 -5%

0 0
Kestrel Capital (East Africa) Limited
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 292,212 154,078 Share Capital
Advisory/Consultancy Fees 34,672 8,573 Share Premium
Interest Income 13,480 10,186 Revenue Reserve
Realized profit/(loss) on 0 0 Revaluation Reserve
investment (6,808) 0 Total Shareholders' Funds
Gain on disposal of assets 33 0 Non Current Liabilities
Other Income 395 474 Deferred Tax Liability
Total Income 333,984 173,311 -48% Total Non Current Liabilities
Expenses Current Liabilities
Direct Expenses 80,507 47,362 Clients creditors
Professional Fees 3,474 4,583 Amounts due to other brokers
Legal Fees 311 585 Other payables & accruals
Employee Costs 84,499 43,409 Payable to related parties
Rent Expenses 3,615 3,786 Total Current Liabilities
Directors' Emoluments 15,214 24,203 TOTAL EQUITY & LIABILITIES
Operational and Admin. Exp. 72,095 20,855 Represented by
Depreciation Expenses 4,576 3,488 Non Current Assets
Amortization Expenses 0 400 Property, plant & Equipment
Other Expenses 355 379 Investment in NSE & CDSC
Total Expenses 264,646 149,050 -44% Intangible assets
Operating Profit/(Loss) 69,338 24,261 -65% Deferred tax asset
Finance Costs 0 0 Investments-unquoted general
Profit/(Loss) Before Tax 69,338 24,261 -65% Other financial assets
Current Tax (21,262) (7,753) Total Non Current Assets
Profit/(Loss) After Tax 48,076 16,508 -66% Current Assets
Clients debtors
Key Ratios Amounts due from other brokers
Operating Margin 20.8% 14.0% Other trade receivables
Net Margin 14.4% 9.5% Prepayments
Cost to Income 79.2% 86.0% Receivable from related parties
Staff Costs to Income 25.3% 25.0% Client cash and bank balances
Leverage (assets:equity) 2.4 1.6 Office cash and bank balances
Asset Turnover 1.1 0.3 Tax recoverable
Current Ratio 1.3 1.4 Other current assets (deposits)
Net Working Capital 55,551 74,675 34% Total Current Assets
Total Income 333,984 173,311 -48% TOTAL ASSETS
Receivables 70,129 93,848 34%
Payables 175,104 211,556 21% BALANCED
Return on Equity 7.0%
Return on Assets 3.9%

Industry Workings
Brokerage Commissions 292,212 154,078
Fund management fees 0 0
Advisory/consultancy fees 34,672 8,573
Interest income 13,480 10,186
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on (6,808) 0
Other income 428 474
Direct expenses 80,507 47,362
Professional fees 3,474 4,583
Legal fees 311 585
Employee Costs 84,499 43,409
Rent expenses 3,615 3,786
Directors emolument 15,214 24,203
Operational and Admin. Exp. 72,095 20,855
Provision on impairment of assets 0 0
Depreciation expenses 4,576 3,488
Amortization Expenses 0 400
Other operating expenses 355 379
Finance Costs 0 0
Current Tax (21,262) (7,753)
Total Shareholders' Funds 125,981 343,488
Total Non Current Liabilities 0 0
Total Current Liabilities 175,104 211,556
TOTAL EQUITY & LIABILITIES 301,085 555,044
Total Non Current Assets 70,430 268,813
Total Current Assets 230,655 286,231
TOTAL ASSETS 301,085 555,044
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
34,607 34,607 Capital Strength
0 0 Paid up Capital 34,607 34,607
43,074 59,581 Minimum Required 30,000 30,000
48,300 249,300 Excess 4,607 4,607
125,981 343,488 173%
Shareholders' Funds
0 0 Total Shareholder's Funds 77,681 94,188
0 0 Minimum 30,000 30,000
Excess 47,681 64,188
134,281 193,694
3,367 11,410 Liquidity
37,041 6,452 Working Capital 50,313 67,765
415 0 Minimum Required 46,035 25,422
175,104 211,556 Excess 4,278 42,343
301,085 555,044 21%
Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 0%
16,871 13,501 Maximum allowable 10% 10%
1,500 1,500
800 1,600 Ratio of borrowings to paid up share capital
359 312 Ratio as computed 0% 0%
900 900 Maximum allowable 20% 20%
50,000 251,000
70,430 268,813 282% Clients funds
Total clients' creditors 137,648 205,104
55,152 81,508 Total clients' cash balances 143,301 212,014
9,747 9,550 Excess 5,653 6,910
2,742 1,520
1,290 1,270 CEO - Andre Desimone
1,198 0 CEO - Abdul G Khambiye
78,402 120,956
81,034 67,856
154 2,635
936 936
230,655 286,231 24%
301,085 555,044 84%

0 0
CFC Stanbic Financial Services
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 181,390 64,364 Share Capital
Advisory/Consultancy fees 68,730 21,501 Revenue Reserve
Fund management fees 34,172 21,094 Total Shareholders' Funds
Unrealized profit/(loss) on investm (17,700) 16,313 Non Current Liabilities
Interest income 37,685 19,215 Deferred Tax Liability
Dividend income 1,613 1,623 Total Non Current Liabilities
Realized profit/(loss) on investmen 27,756 (20,474) Current Liabilities
Gain/(loss) on disposal of assets 0 884 Client creditors
Other Income 65,275 12,770 Amounts due to related parties
Total Income 398,921 137,289 -66% Trade payables
Expenses Accrued expenses
Direct Expenses 34,959 32,133 Total Current Liabilities
Customer Deposits 6,283 2,936 TOTAL EQUITY & LIABILITIES
Legal Fees 570 558 Represented by
Employee Costs 153,157 123,108 Non Current Assets
Rent Expense 16,218 3,432 Property, plant & Equipment
Directors' Emoluments 1,582 790 Intangible Assets
Operational and Admin. Exp. 10,017 7,080 Deposits with CSDC
Provisions on impairment of assets 101,586 22,961 Investment in NSE
Depreciation Expenses 9,239 8,123 Deferred Tax
Amortization Expenses 8,153 9,338 Investment in unquoted securities
Other Expenses 53,652 35,212 Total Non Current Assets
Total Expenses 395,414 245,673 -38% Current Assets
Operating Profit/(Loss) 3,507 (108,384) ### Balances due from related parties
Finance Costs 0 0 Investment in quoted securities
Profit/(Loss) Before Tax 3,507 (108,384) ### Investment in government securities
Current Tax (8,184) 28,626 Office cash and bank balances
Profit/(Loss) After Tax (4,677) (79,758) 1605% Clients cash and bank balances
Client debtors
Key Ratios Amounts due from other stockbrokers
Operating Margin 0.9% -78.9% Other trade receivables
Net Margin -1.2% -58.1% Prepayments
Cost to Income 99.1% 178.9% Secured advances to employees
Staff Costs to Income 38.4% 89.7% Tax receivable
Leverage (assets:equity) 2.7 2.8 Other current assets
Asset Turnover 0.6 0.3 Total Current Assets
Current Ratio 1.3 1.1 TOTAL ASSETS
Net Working Capital 117,493 34,341 -71%
Total Income 398,921 137,289 -66% BALANCED
Receivables 183,952 86,340 -53%
Payables 394,711 298,861 -24%
Return on Equity -39.2%
Return on Assets -14.3%

Industry Workings
Brokerage Commissions 181,390 64,364
Fund management fees 34,172 21,094
Advisory/consultancy fees 68,730 21,501
Interest income 37,685 19,215
Dividend income 1,613 1,623
Unrealized profit/(loss) on (17,700) 16,313
Realized profit/(loss) on 27,756 (20,474)
Other income 65,275 13,654
Direct expenses 34,959 32,133
Professional fees 0 0
Legal fees 570 558
Employee Costs 153,157 123,108
Rent expenses 16,218 3,432
Directors emolument 1,582 790
Operational and Admin. Exp. 10,017 7,080
Provision on impairment of assets 101,586 22,961
Depreciation expenses 9,239 8,123
Amortization Expenses 8,153 9,338
Other operating expenses 53,652 35,212
Finance Costs 0 0
Current Tax (8,184) 28,626
Total Shareholders' Funds 235,900 170,828
Total Non Current Liabilities 0 0
Total Current Liabilities 400,064 307,417
TOTAL EQUITY & LIABILITIES 635,965 478,245
Total Non Current Assets 118,408 136,487
Total Current Assets 517,557 341,758
TOTAL ASSETS 635,965 478,245
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
125,000 125,000 Capital Strength
110,900 45,828 Paid up Capital 125,000 125,000
235,900 170,828 -28% Minimum Required 30,000 30,000
Excess 95,000 95,000
0 0
0 0 Shareholders' Funds
Total Shareholder's Funds 235,900 170,828
376,839 250,161 Minimum 30,000 30,000
4,693 24,077 Excess 205,900 140,828
13,179 24,623
5,353 8,556 Liquidity
400,064 307,417 -23% Working Capital 274,183 221,435
635,965 478,245 Minimum Required 130,527 49,132
Excess 143,656 172,303

20,035 7,357 Ratio of unsecured advances to shareholders' funds

16,346 16,977 Ratio as computed 0% 0%
0 1,500 Maximum allowable 10% 10%
8,170 8,170
25,357 53,983 Ratio of borrowings to paid up share capital
48,500 48,500 Ratio as computed 0% 0%
118,408 136,487 15% Maximum allowable 40% 40%

0 23,897 Clients funds

62,364 60,432 Total clients' creditors 376,839 250,161
0 30,000 Total clients' cash balances 112,752 38,254
122,567 70,548 Excess/(Deficiency) (264,087) (211,907)
112,228 25,030
107,396 24,813 Chairman - Kitili Mbathi
524 13,224 Director - Gayling May
74,473 23,290
1,559 1,116
4,632 591
18,815 18,815
13,000 50,000
517,557 341,758 -34%
635,965 478,245 -25%

0 0
African Alliance Kenya Securities Limited
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 94,604 121,603 Share Capital
Advisory/Consultancy Fees 16,415 2,432 Preference share capital
Interest Income 4,069 1,998 Share Premium
Exchange gains/(losses) (1,420) (892) Revenue Reserve
Fund Management Fees Revaluation reserves
Gain on disposal of assets 30 86 Total Shareholders' Funds
Other Income 0 0 Non Current Liabilities
Total Income 113,698 125,226 10% Amounts owing to related parties
Expenses Total Non Current Liabilities
Professional Fees 2,141 1,717 Current Liabilities
Legal Fees 0 0 Amounts owing to related parties
Employee Costs 52,702 46,181 Trade & Other Payables
Directors' Emoluments 316 5,541 Clients creditors
Operational and Admin. Exp. 37,550 46,840 Others
Provisions for trading gains/losses 4,792 4,873 Provision for leave and staff social
Depreciation Expenses 6,477 4,717 Total Current Liabilities
Other Expenses 0 0 TOTAL EQUITY & LIABILITIES
Total Expenses 103,978 109,869 6% Represented by
Operating Profit/(Loss) 9,720 15,357 58% Non Current Assets
Other income 0 0 Property, plant & Equipment
Finance Costs (481) (471) Intangible Assets
Profit/(Loss) Before Tax 9,239 14,886 61% Investment in subsidiary
Current Tax (3,637) (4,940) Investments in CDSC
Profit/(Loss) After Tax 5,602 9,946 78% Long term balances due to related part
Deferred tax asset
Key Ratios Other current asset
Operating Margin 8.5% 12.3% Total Non Current Assets
Net Margin 4.9% 7.9% Current Assets
Cost to Income 91.5% 87.7% Investment in equities/fixed income
Staff Costs to Income 46.4% 36.9% Short term unsecured advances to relat
Leverage (assets:equity) 1.8 1.2 Clients cash and bank balances
Asset Turnover 0.7 0.3 Office cash and bank balances
Current Ratio 1.4 2.0 Other current assets
Net Working Capital 28,344 70,315 148% Tax recoverable
Total Income 113,698 125,226 10% Other trade receivables
Receivables 6,367 7,878 24% Total Current Assets
Payables 71,007 67,851 -4% TOTAL ASSETS
Return on Equity 4.5%
Return on Assets 3.4% BALANCED

Industry Workings
Brokerage Commissions 94,604 121,603
Fund management fees 0 0
Advisory/consultancy fees 16,415 2,432
Interest income 4,069 1,998
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income (1,390) (806)
Direct expenses 0 0
Professional fees 2,141 1,717
Legal fees 0 0
Employee Costs 52,702 46,181
Rent expenses 0 0
Directors emolument 316 5,541
Operational and Admin. Exp. 37,550 46,840
Provision on impairment of assets 4,792 4,873
Depreciation expenses 6,477 4,717
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (481) (471)
Current Tax (3,637) (4,940)
Total Shareholders' Funds 89,805 350,750
Total Non Current Liabilities 0 0
Total Current Liabilities 74,027 70,983
TOTAL EQUITY & LIABILITIES 163,832 421,733
Total Non Current Assets 61,461 280,435
Total Current Assets 102,371 141,298
TOTAL ASSETS 163,832 421,733
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,000 30,000 Capital Strength
1 1 Paid up Capital 140,000 140,000
109,999 109,999 Minimum Required 50,000 50,000
(50,195) (37,250) Excess 90,000 90,000
0 248,000
89,805 350,750 291% Shareholders' Funds
Total Shareholder's Funds 89,805 99,750
0 0 Minimum 50,000 50,000
0 0 Excess 39,805 49,750

17,221 30 Liquidity
9,045 8,999 Working Capital 28,344 70,315
44,741 58,822 Minimum Required 5,669 70,150
1,262 2,744 Excess 22,675 165
1,758 388
74,027 70,983 -4% Ratio of unsecured advances to shareholders' funds
163,832 421,733 Ratio as computed 0% 29%
Maximum allowable 10% 10%

18,617 12,322 Ratio of borrowings to paid up share capital

1,427 251,642 Ratio as computed 19% 0%
0 30 Maximum allowable 20% 20%
844 844
13,497 0 Clients funds
12,251 7,351 Total clients' creditors 44,741 58,822
14,825 8,246 Total clients' cash balances 44,741 58,822
61,461 280,435 356% Excess/(Deficiency) 0 0

4,424 211 Director - Patrick Obath

2 30,256 Director - Lucas Otieno
44,741 58,822
44,614 41,410
2,129 2,525
94 196
6,367 7,878
102,371 141,298 38%
163,832 421,733 157%

0 0
Faida Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 218,222 111,669 Share Capital
Advisory/Consultancy Fees 3,306 Share Premium
Interest Income 6,459 656 Others
Dividend Income Revenue Reserve
Custodial fees 6,480 6,260 Revaluation Reserve
Gain on disposal of assets Total Shareholders' Funds
Other Income 97 157 Non Current Liabilities
Total Income 231,258 122,048 -47% Deferred Tax Liability
Expenses Total Non Current Liabilities
Direct Expenses 66,295 39,242 Current Liabilities
Professional Fees 730 371 Bank overdraft
Legal Fees 501 87 Payables
Employee Costs 25,910 21,749 Accrued expenses
Directors' Emoluments 8,568 7,967 Tax payable
Operational and Admin. Exp. 56,831 28,816 Total Current Liabilities
Rent Expense 5,524 4,600 TOTAL EQUITY & LIABILITIES
Depreciation Expenses 4,702 3,736 Represented by
Total Expenses 169,061 106,568 -37% Non Current Assets
Operating Profit/(Loss) 62,197 15,480 -75% Property, plant & Equipment
Finance Costs (16,305) (4,340) Motor vehicles
Profit/(Loss) Before Tax 45,892 11,141 -76% Investment
Current Tax (14,087) (3,531) Intangible assets
Profit/(Loss) After Tax 31,805 7,610 -76% Debenture
Deposits
Key Ratios Total Non Current Assets
Operating Margin 26.9% 12.7% Current Assets
Net Margin 13.8% 6.2% Receivables
Cost to Income 73.1% 87.3% Prepayments
Staff Costs to Income 11.2% 17.8% Unsecured advances to directors, shareholders
Leverage (assets:equity) 1.5 1.3 employees & related companies
Asset Turnover 0.3 0.2 Clients cash and bank balances
Current Ratio 1.5 2.1 Office cash and bank balances
Net Working Capital 126,679 161,787 28% Total Current Assets
Total Income 231,258 122,048 -47% TOTAL ASSETS
Receivables 292,338 201,564 -31%
Payables 221,927 143,528 -35% BALANCED
Return on Equity 1.6%
Return on Assets 1.2%

Industry Workings
Brokerage Commissions 218,222 111,669
Fund management fees 6,480 6,260
Advisory/consultancy fees 0 3,306
Interest income 6,459 656
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 97 157
Direct expenses 66,295 39,242
Professional fees 730 371
Legal fees 501 87
Employee Costs 25,910 21,749
Rent expenses 5,524 4,600
Directors emolument 8,568 7,967
Operational and Admin. Exp. 56,831 28,816
Provision on impairment of assets 0 0
Depreciation expenses 4,702 3,736
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (16,305) (4,340)
Current Tax (14,087) (3,531)
Total Shareholders' Funds 446,793 478,961
Total Non Current Liabilities 420 325
Total Current Liabilities 231,525 149,324
TOTAL EQUITY & LIABILITIES 678,738 628,610
Total Non Current Assets 320,534 317,499
Total Current Assets 358,204 311,111
TOTAL ASSETS 678,738 628,610
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
100,000 165,000 Capital Strength
Paid up Capital 100,000 165,000
153 134 Minimum Required 30,000 30,000
48,400 15,587 Excess 70,000 135,000
298,240 298,240
446,793 478,961 7% Shareholders' Funds
Total Shareholder's Funds 146,793 178,961
420 325 Minimum 30,000 30,000
420 325 -23% Excess 116,793 148,961

3,305 0 Liquidity
221,927 143,528 Working Capital 8,497 7,226
4,698 4,461 Minimum Required 6,000 6,000
1,595 1,335 Excess 2,497 1,226
231,525 149,324 -36%
678,738 628,610 Ratio of unsecured advances to shareholders' funds
Ratio as computed 57% 0%
Maximum allowable 10% 10%
18,134 15,099
0 0 Ratio of borrowings to paid up share capital
0 0 Ratio as computed 3% 0%
302,400 302,400 Maximum allowable 40% 40%
0 0
0 0 Clients funds
320,534 317,499 -1% Total clients' creditors 221,927 143,528
Total clients' cash balances 12,292 103,883
287,611 194,206 Excess/(Deficiency) (209,635) (39,645)
4,727 7,358
irectors, shareholders Managing Director - Bob Karina
40,206 0 Executive Director - Dennis Waweru
12,292 103,883
13,368 5,664
358,204 311,111 -13%
678,738 628,610 -7%

0 0
Standard Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 115,373 55,735 Share Capital
Advisory/Consultancy Fees 7,184 9,343 Share Premium
Interest Income 3,582 1,800 Revenue Reserve
Realized profit on investments 0 37,500 Revaluation Reserve
Fund Management Fees 0 0 Total Shareholders' Funds
Gain on disposal of assets 0 16,875 Non Current Liabilities
Other Income 0 0 Deferred Tax Liability
Total Income 126,138 121,253 -4% Total Non Current Liabilities
Expenses Current Liabilities
Direct Expenses 1,423 1,850 Cients creditors
Professional Fees 3,980 3,350 Due to stockbrokers
Legal Fees 10 577 Trade payables
Employee Costs 38,162 37,753 Accrued expenses
Directors' Emoluments 6,360 6,360 Bank Overdraft
Operational and Admin. Exp. 28,592 14,695 Tax payable
Depreciation Expenses 5,904 5,103 Total Current Liabilities
Rent Expenses 10,322 11,796 TOTAL EQUITY & LIABILITIES
Total Expenses 94,753 81,484 -14% Represented by
Operating Profit/(Loss) 31,385 39,769 27% Non Current Assets
Finance Costs (1,991) (16,224) Property, plant & Equipment
Profit/(Loss) Before Tax 29,394 23,545 -20% Investments in NSE
Current Tax (8,818) (7,063) Investments in CDSC
Profit/(Loss) After Tax 20,576 16,481 -20% Other long term assets
Investments in subsidiaries
Key Ratios Deferred Tax
Operating Margin 24.9% 32.8% Total Non Current Assets
Net Margin 16.3% 13.6% Current Assets
Cost to Income 75.1% 67.2% Clients debtors
Staff Costs to Income 30.3% 31.1% Due from stockbrokers
Leverage (assets:equity) 1.4 1.4 Other trade receivables
Asset Turnover 0.2 0.2 Prepayments
Current Ratio 1.7 2.3 Total clients cash/bank balances
Net Working Capital 138,269 270,615 96% Office cash and bank balances
Total Income 126,138 121,253 -4% Total Current Assets
Receivables 306,693 394,293 29% TOTAL ASSETS
Payables 172,760 145,084 -16%
Return on Equity 2.8% BALANCED
Return on Assets 2.1%

Industry Workings
Brokerage Commissions 115,373 55,735
Fund management fees 0 0
Advisory/consultancy fees 7,184 9,343
Interest income 3,582 1,800
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 37,500
Other income 0 16,875
Direct expenses 1,423 1,850
Professional fees 3,980 3,350
Legal fees 10 577
Employee Costs 38,162 37,753
Rent expenses 10,322 11,796
Directors emolument 6,360 6,360
Operational and Admin. Exp. 28,592 14,695
Provision on impairment of assets 0 0
Depreciation expenses 5,904 5,103
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (1,991) (16,224)
Current Tax (8,818) (7,063)
Total Shareholders' Funds 574,431 590,913
Total Non Current Liabilities 0 0
Total Current Liabilities 205,646 213,914
TOTAL EQUITY & LIABILITIES 780,078 804,826
Total Non Current Assets 436,162 320,297
Total Current Assets 343,916 484,529
TOTAL ASSETS 780,078 804,826
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
450,000 450,000 Capital Strength
0 0 Paid up Capital 450,000 450,000
35,131 51,613 Minimum Required 250,000 250,000
89,300 89,300 Excess 200,000 200,000
574,431 590,913 3%
Shareholders' Funds
0 0 Total Shareholder's Funds 574,431 501,613
0 0 Minimum 250,000 250,000
Excess 324,431 251,613
146,172 93,109
8,655 38,976 Liquidity
17,933 12,999 Working Capital 2,372 140,127
2,767 3,602 Minimum Required 90,000 90,000
24,642 58,164 Excess (87,628) 50,127
5,477 7,063 4%
205,646 213,914 Ratio of unsecured advances to shareholders' funds
780,078 804,826 Ratio as computed 0% 0%
Maximum allowable 10% 10%

32,208 27,695 Ratio of borrowings to paid up share capital

251,000 251,000 Ratio as computed 5% 13%
1,000 1,000 Maximum allowable 20% 20%
0 0
150,000 37,500 Clients funds
1,954 3,102 -27% Total clients' creditors 154,827 132,085
436,162 320,297 Total clients' cash balances 34,646 109,517
Excess/(Deficiency) (120,181) (22,568)
254,923 143,489
7,500 29,408 Chairman - James Wangunyu
37,461 208,888 Executive Director - Job Kihumba
6,808 12,508
10,077 10,127
27,146 80,109
343,916 484,529 41%
780,078 804,826 3%

(0) (0)
Renaissance Capital (Kenya)
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 51,641 27,388 Share Capital
Advisory/Consultancy Fees 2,272 9,250 Revenue Reserve
Interest Income 17,106 11,725 Revaluation Reserve
Exchange gains/(losses) 0 64,794 Total Shareholders' Funds
Realized profit on Non Current Liabilities
Investments 885,052 0 Deferred Tax Liability
Total Income 956,070 113,157 -88% Total Non Current Liabilities
Expenses Current Liabilities
Professional Fees 11,684 6,047 Clients Creditors
Legal Fees 3,295 894 Trade & Other Payables
Employee Costs 176,399 106,229 Amounts due to related parties
Rent Expenses 22,855 18,657 Accrued expenses
Directors' Emoluments 0 0 Total Current Liabilities
Operational and Admin. Exp. 100,274 52,854 TOTAL EQUITY & LIABILITIES
Depreciation Expenses 17,846 76,143 Represented by
Amortization Expenses 17 212 Non Current Assets
Other Expenses 0 0 Property, plant & Equipment
Total Expenses 332,370 261,036 -21% Deferred Tax
Operating Profit/(Loss) 623,700 (147,879) -124% Deposits with CDSC
Finance Costs (52) (23) Other long term assets (NSE Seat)
Profit/(Loss) Before Tax 623,648 (147,902) -124% Total Non Current Assets
Current Tax 24,357 104,401 Current Assets
Profit/(Loss) After Tax 648,005 (43,501) -107% Other trade receivables
Prepayments
Key Ratios Short term unsecured advances
Operating Margin 65.2% -130.7% to related parties
Net Margin 67.8% -38.4% Total clients cash/bank balances
Cost to Income 34.8% 230.7% Office cash/bank balances
Staff Costs to Income 18.5% 93.9% Other current assets
Leverage (assets:equity) 1.1 1.1 Total Current Assets
Asset Turnover 0.8 0.1 TOTAL ASSETS
Current Ratio 4.8 4.6
Net Working Capital 372,144 286,723 -23% BALANCED
Total Income 956,070 113,157 -88%
Receivables 27,193 18,329 -33%
Payables 31,795 40,540 28%
Return on Equity -4.3%
Return on Assets -4.0%

Industry Workings
Brokerage Commissions 51,641 27,388
Fund management fees 0 0
Advisory/consultancy fees 2,272 9,250
Interest income 17,106 11,725
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 885,052 0
Other income 0 64,794
Direct expenses 0 0
Professional fees 11,684 6,047
Legal fees 3,295 894
Employee Costs 176,399 106,229
Rent expenses 22,855 18,657
Directors emolument 0 0
Operational and Admin. Exp. 100,274 52,854
Provision on impairment of assets 0 0
Depreciation expenses 17,846 76,143
Amortization Expenses 17 212
Other operating expenses 0 0
Finance Costs (52) (23)
Current Tax 24,357 104,401
Total Shareholders' Funds 1,027,349 983,848
Total Non Current Liabilities 0 0
Total Current Liabilities 98,267 79,540
TOTAL EQUITY & LIABILITIES 1,125,616 1,063,388
Total Non Current Assets 655,205 697,123
Total Current Assets 470,411 366,263
TOTAL ASSETS 1,125,616 1,063,386
 12 months ended 12 months ended 12 months ended 12 months ended
December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
500,000 500,000 Capital Strength
527,349 483,848 Paid up Capital 500,000 500,000
0 0 Minimum Required 30,000 250,000
1,027,349 983,848 -4% Excess 470,000 250,000

0 0 Shareholders' Funds
0 0 Total Shareholder's Funds 1,027,349 983,848
Minimum 30,000 250,000
11 6,992 Excess 997,349 733,848
5,943 1,269
25,841 32,279 Liquidity
66,472 39,000 Working Capital 368,947 286,652
98,267 79,540 -19% Minimum Required 100,000 100,000
1,125,616 1,063,387 Excess 268,947 186,652

Ratio of unsecured advances to shareholders' funds

323,715 261,232 Ratio as computed 3% 4%
78,985 183,386 Maximum allowable 10% 10%
1,500 1,500
251,005 251,005 Ratio of borrowings to paid up share capital
655,205 697,123 6% Ratio as computed 0% 0%
Maximum allowable 40% 40%
247 3,210
26,946 15,119 Clients funds
Total clients' creditors 11 6,992
35,647 41,408 Total clients' cash/bank balances 3,208 7,065
3,208 7,065 Excess/(deficiency) 3,197 73
57,024 32,876
347,339 266,585 Director - Patrick Mweheire
470,411 366,263 -22% Director - Andrew Lowe
1,125,616 1,063,387 -6%

0 0
Suntra Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Dealing sales 122,062 49,305 Share Capital
Brokerage Commissions 116,447 19,204 Share Premium
Advisory/Consultancy Fees 3,723 1,442 12% Preference Shares
Interest Income 18,317 1,867 Revenue Reserve
Dividend Income 987 454 Revaluation Reserve
Fund Management Fees 2,311 1,249 Total Shareholders' Funds
Gain on disposal of assets 79 3,714 Non Current Liabilities
Other Income 11,514 2,188 Deferred Tax Liability
Total Income 275,440 79,423 -71% Total Non Current Liabilities
Expenses Current Liabilities
Direct expenses 120,948 20,863 Dividends Payable
Professional Fees 125,584 11,000 Trade & Other Payables
Legal Fees 605 1,277 Due to Subsidiaries
Employee Costs 70,436 37,358 Bank Overdraft
Directors' Emoluments 14,191 2,393 Total Current Liabilities
Operational and Admin. Exp. 19,226 9,732 TOTAL EQUITY & LIABILITIES
Rent Expenses 12,755 8,538 Represented by
Depreciation Expenses 4,571 1,955 Non Current Assets
Loss on disposal of assets 0 2,055 Property, plant & Equipment
Provision on impairment of assets 46,574 0 Intangible Assets
Amortization Expenses 1,282 1,700 Investments in Subsidiaries
Other Expenses 3,382 2,501 Deposits
Total Expenses 419,554 99,374 -76% CDSC Deposit
Operating Profit/(Loss) (144,114) (19,950) -86% Debenture stocks
Finance Costs (2,590) (1,292) Deferred Tax Liability
Profit/(Loss) Before Tax (146,704) (21,242) -86% Equity Investments
Current Tax 40,584 (42,009) Total Non Current Assets
Profit/(Loss) After Tax (106,120) (63,252) -40% Current Assets
Stock in Trade
Key Ratios Corporation tax
Operating Margin -52.3% -25.1% Receivables from Subsidiaries
Net Margin -38.5% -79.6% Trade Receivables
Cost to Income 152.3% 125.1% Other Receivables
Staff Costs to Income 25.6% 47.0% Marketable Securities
Leverage (assets:equity) 3.0 1.7 Bank and Cash Balances
Asset Turnover 0.4 0.1 Total Current Assets
Current Ratio 1.0 1.3 TOTAL ASSETS
Net Working Capital 1,864 64,331 3352%
Total Income 275,440 79,423 -71% BALANCED
Receivables 320,011 207,145 -35%
Payables 396,244 210,226 -47%
Return on Equity -22.4%
Return on Assets -10.1%

Industry Workings
Brokerage Commissions 116,447 19,204
Fund management fees 2,311 1,249
Advisory/consultancy fees 3,723 1,442
Interest income 18,317 1,867
Dividend income 987 454
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 133,655 55,207
Direct expenses 120,948 20,863
Professional fees 125,584 11,000
Legal fees 605 1,277
Employee Costs 70,436 37,358
Rent expenses 12,755 8,538
Directors emolument 14,191 2,393
Operational and Admin. Exp. 19,226 9,732
Provision on impairment of assets 46,574 0
Depreciation expenses 4,571 1,955
Amortization Expenses 1,282 1,700
Other operating expenses 3,382 4,556
Finance Costs (2,590) (1,292)
Current Tax 40,584 (42,009)
Total Shareholders' Funds 238,323 326,549
Total Non Current Liabilities 31,707 0
Total Current Liabilities 435,763 223,909
TOTAL EQUITY & LIABILITIES 705,793 550,459
Total Non Current Assets 268,166 262,219
Total Current Assets 437,626 288,240
TOTAL ASSETS 705,793 550,459
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
156,646 156,646 Capital Strength
210 210 Paid up Capital 156,856 185,438
0 28,582 Minimum Required 30,000 30,000
(93,533) (108,888) Excess 126,856 155,438
175,000 250,000
238,323 326,549 37%Shareholders' Funds
Total Shareholder's Funds 63,323 76,549
31,707 0 Minimum 30,000 30,000
31,707 0 -100% Excess 33,323 46,549

126 82 Liquidity
396,244 210,226 Working Capital 82,330 59,054
0 0 Minimum Required 31,329 37,046
39,392 13,602 Excess 51,001 22,008
435,763 223,909 -49%
705,793 550,459 Borrowing Ratio
Ratio as computed 25% 7%
Maximum allowable 40% 40%
9,736 3,822
251,990 251,205 Deputy Chairman - J Muchemi Wanyeki
10 10 Managing Director - Michael Gichohi
1,862 1,329
1,500 1,500
2,000 2,000
0 1,284
1,069 1,069
268,166 262,219 -2%

46,309 5,713
8,732 8,741
798 630
308,775 195,439
10,438 11,076
52,395 46,450
10,179 20,191
437,626 288,240 -34%
705,793 550,459 -22%

0 0
Apex Africa Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 131,416 62,201 Share Capital
Advisory/Consultancy Fees 0 0 Revenue Reserve
Fund Management Fees 0 0 Revaluation Reserve
Administration fees 0 0 Total Shareholders' Funds
Custodial fees 0 0 Non Current Liabilities
Unrealized profit/(loss) on investm 0 446 Deferred Tax Liability
Interest income 2,413 3,132 Total Non Current Liabilities
Dividend income 523 517 Current Liabilities
Exchange gains/(loss) 1,609 (193) Clients' creditors
Realized profit/(loss) on investmen (13,907) (598) Amounts due to other brokers
Gain/(loss) on disposal of assets 16 (316) Amounts due to related parties
Rental income 0 0 Retirement benefits obligations
Other Income 0 29 Trade payables
Total Income 122,070 65,217 -47% Accrued expenses
Expenses Total Current Liabilities
Direct Expenses 36,434 12,484 TOTAL EQUITY & LIABILITIES
Professional Expenses 0 495 Represented by
Legal Fees 338 42 Non Current Assets
Employee Costs 28,082 17,503 Property, plant & Equipment
Rental Expenses 4,905 4,623 Deposits with CDSC
Directors' Emoluments 26,320 6,000 Intangible assets
Operational and Admin. Exp. 23,757 6,789 Total Non Current Assets
Depreciation Expenses 2,095 1,519 Current Assets
Other Expenses 0 0 Clients' debtors
Total Expenses 121,931 49,455 -59% Amounts due from other brokers
Operating Profit/(Loss) 139 15,762 ### Other trade receivables
Finance Costs (1,089) (288) Prepayments
Profit/(Loss) Before Tax (950) 15,474 ### Investment in equities
Current Tax (4,500) (5,432) Other current assets: Tax recoverable
Profit/(Loss) After Tax (5,450) 10,042 -284% Other current assets: Deposits
Clients' cash and bank balances
Key Ratios Office cash and bank balances
Operating Margin 0.1% 24.2% Total Current Assets
Net Margin -4.5% 15.4% TOTAL ASSETS
Cost to Income 99.9% 75.8%
Staff Costs to Income 23.0% 26.8% BALANCED
Leverage (assets:equity) 1.7 1.3
Asset Turnover 0.5 0.1
Current Ratio 2.3 2.1
Net Working Capital 127,298 129,469 2%
Total Income 122,070 65,217 -47%
Receivables 122,872 87,018 -29%
Payables 93,217 110,481 19%
Return on Equity 3.8%
Return on Assets 2.7%

Industry Workings
Brokerage Commissions 131,416 62,201
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 2,413 3,132
Dividend income 523 517
Unrealized profit/(loss) on 0 446
Realized profit/(loss) on (13,907) (598)
Other income 1,625 (480)
Direct expenses 36,434 12,484
Professional fees 0 495
Legal fees 338 42
Employee Costs 28,082 17,503
Rent expenses 4,905 4,623
Directors emolument 26,320 6,000
Operational and Admin. Exp. 23,757 6,789
Provision on impairment of assets 0 0
Depreciation expenses 2,095 1,519
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (1,089) (288)
Current Tax (4,500) (5,432)
Total Shareholders' Funds 139,812 389,153
Total Non Current Liabilities 0 0
Total Current Liabilities 97,746 113,072
TOTAL EQUITY & LIABILITIES 237,558 502,226
Total Non Current Assets 12,514 259,685
Total Current Assets 225,044 242,541
TOTAL ASSETS 237,558 502,226
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
100,000 100,000 Capital Strength
39,812 39,853 Paid up Capital 100,000 100,000
0 249,300 Minimum Required 30,000 30,000
139,812 389,153 178% Excess 70,000 70,000

0 0 Shareholders' Funds
0 0 Total Shareholder's Funds 139,812 139,853
Minimum 30,000 30,000
84,911 80,758 Excess 109,812 109,853
2,122 25,589
2,036 1,121 Liquidity
3,512 2,219 Working Capital 29,034 35,386
4,147 3,014 Minimum Required 20,000 20,000
1,017 372 Excess 9,034 15,386
97,746 113,072 16%
237,558 502,226 Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 0%
Maximum allowable 10% 10%
8,345 6,215
1,500 1,500 Ratio of borrowings to paid up share capital
2,669 251,969 Ratio as computed 0% 0%
12,514 259,685 1975% Maximum allowable 20% 20%

116,106 74,396 Clients funds

4,679 10,056 Total clients' creditors 87,034 106,347
1,993 2,085 Total clients' cash balances 89,611 106,668
95 481 Excess 2,577 321
283 3,591
8,248 6,666 Chairman - A J Virjee
525 483 Managing Director - K E Bharadia
84,932 96,613
8,184 48,171
225,044 242,541 8%
237,558 502,226 111%

0 0
Dry Associates (Investment Bank)
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 135 72 Share Capital
Advisory/Consultancy Fees 39,122 38,361 Share premium
Fund Management Fees 0 579 Revenue reserves
Administration Fees 0 3,045 Revaluation/capital reserves
Unrealized profits/(loss) on invest (675) 0 Proposed dividends
Interest income 1,813 2,701 Total Shareholders' Funds
Dividend income 85 77 Non Current Liabilities
Exchange gains/(loss) 117 (8) Amounts due to related parties
Realized profits/(loss) on investme 4,039 0 Long term borrowings
Gain on disposal of assets 0 (8) Deferred tax
Other Income 0 0 Shareholders loans
Total Income 44,637 44,819 0% Total Non Current Liabilities
Expenses Current Liabilities
Direct Expenses 3,677 3,448 Trade payables
Professional Fees 468 397 Short term borrowings
Legal Fees 26 13 Accrued expenses
Employee Costs 12,157 17,425 Tax payable
Rent Expense 1,482 1,728 Total Current Liabilities
Directors' Emoluments 7,202 7,610 TOTAL EQUITY & LIABILITIES
Operational and Admin. Exp. 2,534 1,461 Represented by
Depreciation Expenses 547 448 Non Current Assets
Amortization Expenses 0 0 Property, plant & equipment
Other Expenses 0 0 Deferred tax
Total Expenses 28,093 32,529 16% Investments in property
Operating Profit/(Loss) 16,544 12,289 -26% Balance from related parties
Finance Costs (321) (309) Deposits with CDSC
Profit/(Loss) Before Tax 16,223 11,980 -26% Investments in quoted securities
Current Tax (4,081) (3,831) Investments in unquoted securities
Profit/(Loss) After Tax 12,142 8,150 -33% Investments in government securities
Intangible assets
Key Ratios Total Non Current Assets
Operating Margin 37.1% 27.4% Current Assets
Net Margin 27.2% 18.2% Office cash and bank balances
Cost to Income 62.9% 72.6% Clients cash and bank balances
Staff Costs to Income 27.2% 38.9% Clients debtors
Leverage (assets:equity) 1.1 1.2 Other trade receivables
Asset Turnover 1.2 0.8 Prepayments
Current Ratio 22.3 7.7 Tax recoverable
Net Working Capital 27,416 31,292 14% Total Current Assets
Total Income 44,637 44,819 0% TOTAL ASSETS
Receivables 4,073 6,995 72%
Payables 620 730 18% BALANCED
Return on Equity 20.3%
Return on Assets 17.4%

Industry Workings
Brokerage Commissions 135 72
Fund management fees 0 579
Advisory/consultancy fees 39,122 38,361
Interest income 1,813 2,701
Dividend income 85 77
Unrealized profit/(loss) on (675) 0
Realized profit/(loss) on 4,039 0
Other income 117 3,029
Direct expenses 3,677 3,448
Professional fees 468 397
Legal fees 26 13
Employee Costs 12,157 17,425
Rent expenses 1,482 1,728
Directors emolument 7,202 7,610
Operational and Admin. Exp. 2,534 1,461
Provision on impairment of assets 0 0
Depreciation expenses 547 448
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (321) (309)
Current Tax (4,081) (3,831)
Total Shareholders' Funds 34,300 46,175
Total Non Current Liabilities 2,197 5,056
Total Current Liabilities 1,287 4,659
TOTAL EQUITY & LIABILITIES 37,784 55,890
Total Non Current Assets 9,081 19,939
Total Current Assets 28,702 35,951
TOTAL ASSETS 37,784 55,890
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,000 30,000 Capital Strength
0 0 Paid up Capital 30,000 30,000
4,300 12,450 Minimum Required 30,000 30,000
0 3,725 Excess 0 0
0 0
34,300 46,175 35% Shareholders' Funds
Total Shareholder's Funds 34,300 46,175
0 0 Minimum 30,000 30,000
0 2,950 Excess 4,300 16,175
0 0
2,197 2,106 Liquidity
2,197 5,056 Working Capital 27,416 31,292
Minimum Required 6,000 6,000
620 730 Excess 21,416 25,292
0 3,733
200 196 Ratio of unsecured advances to shareholders' funds
466 0 Ratio as computed 0% 0%
1,287 4,659 262% Maximum allowable 10% 10%
37,784 55,890
Ratio of borrowings to paid up share capital
Ratio as computed 0% 15%
1,940 1,647 Maximum allowable 40% 40%
157 157
0 0 Clients funds
100 190 Total clients' creditors 0 0
0 0 Total clients' cash balances 0 0
6,885 14,945 Excess 0 0
0 0
0 3,000 Chairman - Stewart L. Henderson
0 0 Managing Director - James Dry
9,081 19,939 120%

24,629 28,294
0 0
3,226 5,783
624 902
224 310
0 662
28,702 35,951 25%
37,784 55,890 48%

0 0
Afrika Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 134,342 33,496 Share Capital
Advisory/Consultancy Fees 0 0 Revenue Reserve
Interest Income 11,180 529 Capital Reserves
Dividend Income 0 119 Fair value deficit
Unrealized profits/(Losses) Total Shareholders' Funds
on investments (6,142) (599) Non Current Liabilities
Other Income 1,135 6,236 Deferred Tax Liability
Total Income 140,515 39,781 -72% Total Non Current Liabilities
Expenses Current Liabilities
Professional Fees 1,462 1,809 Client creditors
Legal Fees 0 1,053 Amounts due to other brokers
Employee Costs 27,802 17,445 Trade & Other Payables
Rent Expense 6,997 5,211 Accrued expenses
Directors' Emoluments 1,984 255 Bank overdraft
Operational and Admin. Exp. 51,684 14,135 Total Current Liabilities
Provisions on impairment of assets 88,541 (23,990) TOTAL EQUITY & LIABILITIES
Depreciation Expenses 2,279 2,403 Represented by
Selling and Distribution Exp 16,398 1,574 Non Current Assets
Total Expenses 197,147 19,895 -90% Property, plant & Equipment
Operating Profit/(Loss) (56,632) 19,886 -135% Intangible Assets
Finance Costs (38) 0 Investments in Subsidiaries
Profit/(Loss) Before Tax (56,670) 19,886 -135% Investments in quoted securities
Current Tax 7,044 (1,832) Held to maturity financial assets
Profit/(Loss) After Tax (49,626) 18,054 -136% Deposit with CDSC
Deferred income tax asset
Key Ratios Total Non Current Assets
Operating Margin -40.3% 50.0% Current Assets
Net Margin -35.3% 45.4% Office cash and bank balances
Cost to Income 140.3% 50.0% Client cash and bank balances
Staff Costs to Income 19.8% 43.9% Clients debtors
Leverage (assets:equity) 1.7 1.4 Unsecured advances to directors, shareholders,
Asset Turnover 0.3 0.1 employees and related co.
Current Ratio 0.8 1.2 Tax recoverable
Net Working Capital (32,599) 21,210 -165% Total Current Assets
Total Income 140,515 39,781 -72% TOTAL ASSETS
Receivables 53,661 50,350 -6%
Payables 175,801 110,907 -37% BALANCED
Return on Equity 6.5%
Return on Assets 4.2%

Industry Workings
Brokerage Commissions 134,342 33,496
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 11,180 529
Dividend income 0 119
Unrealized profit/(loss) on (6,142) (599)
Realized profit/(loss) on 0 0
Other income 1,135 6,236
Direct expenses 0 0
Professional fees 1,462 1,809
Legal fees 0 1,053
Employee Costs 27,802 17,445
Rent expenses 6,997 5,211
Directors emolument 1,984 255
Operational and Admin. Exp. 51,684 14,135
Provision on impairment of assets 88,541 (23,990)
Depreciation expenses 2,279 2,403
Amortization Expenses 0 0
Other operating expenses 16,398 1,574
Finance Costs (38) 0
Current Tax 7,044 (1,832)
Total Shareholders' Funds 252,672 301,725
Total Non Current Liabilities 0 0
Total Current Liabilities 181,841 115,475
TOTAL EQUITY & LIABILITIES 434,513 417,200
Total Non Current Assets 285,271 280,515
Total Current Assets 149,242 136,685
TOTAL ASSETS 434,513 417,200
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
50,000 81,000 Capital Strength
(40,686) (22,033) Paid up Capital 50,000 81,000
249,500 249,500 Minimum Required 30,000 30,000
(6,142) (6,742) Excess 20,000 51,000
252,672 301,725 19%
Shareholders' Funds
0 0 Total Shareholder's Funds 3,172 52,225
0 0 Minimum 30,000 30,000
Excess (26,828) 22,225
106,537 97,231
23,659 3,619 Liquidity
45,605 10,057 Working Capital (40,899) 7,525
2,766 2,299 Minimum Required 0 5,000
3,274 2,269 Excess (40,899) 2,525
181,841 115,475 -36%
434,513 417,200 Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 1%
Maximum allowable 10% 10%
17,113 14,709
251,000 251,080 Ratio of borrowings to paid up share capital
205 205 Ratio as computed
8,598 7,998 Maximum allowable 20% 20%
0 0
900 900 Clients funds
7,455 5,623 Total clients' creditors 130,196 100,850
285,271 280,515 -2% Total clients' cash balances 138,496 114,535
Excess 8,300 13,685
(419) 8,263
88,109 66,454 Chairman - George A Maina
53,661 50,350 Director - Kenneth M. Wathome
irectors, shareholders,
285 4,012
7,606 7,606
149,242 136,685 -8%
434,513 417,200 -4%

0 0
Sterling Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 67,589 28,747 Share Capital
Interest Income 8,724 5,207 Revenue Reserve
Realized profit/(loss) on investmen 54 (565) Revaluation reserves
Gains/(losses) on disposal of assets 0 (1) Total Shareholders' Funds
Total Income 76,367 33,388 -56% Non Current Liabilities
Expenses Deferred Tax Liability
Direct Expenses 9,501 5,551 Total Non Current Liabilities
Legal Fees 172 13 Current Liabilities
Employee Costs 10,333 4,212 Client creditors
Rent Expense 2,154 3,145 Amounts due to other brokers
Directors' Emoluments 360 0 Amounts due to related parties
Operational and Admin. Exp. 9,990 10,544 Trade payables
Provisions on impairment of assets 165 5,212 Accrued expenses
Depreciation Expenses 2,043 1,471 Tax payable
Amortization Expenses 907 621 Total Current Liabilities
Total Expenses 35,625 30,770 -14% TOTAL EQUITY & LIABILITIES
Operating Profit/(Loss) 40,742 2,619 -94% Represented by
Finance Costs (755) (407) Non Current Assets
Profit/(Loss) Before Tax 39,987 2,211 -94% Property, plant & Equipment
Current Tax (12,379) (1,456) Motor vehicles
Profit/(Loss) After Tax 27,609 755 -97% Deferred Tax Asset
Investment in CDSC/NSE
Key Ratios Intangible Assets
Operating Margin 53.4% 7.8% Total Non Current Assets
Net Margin 36.2% 2.3% Current Assets
Cost to Income 46.6% 92.2% Client debtors
Staff Costs to Income 13.5% 12.6% Investment in quoted securities
Leverage (assets:equity) 2.7 1.2 Net Amounts due from Brokers
Asset Turnover 0.4 0.1 Trade receivables
Current Ratio 1.5 1.9 Short Term Investments
Net Working Capital 66,862 66,124 -1% Total clients' cash/bank balances
Total Income 76,367 33,388 -56% Office cash/bank balances
Receivables 120,674 60,636 -50% Total Current Assets
Payables 126,008 68,574 -46% TOTAL ASSETS
Return on Equity 0.4%
Return on Assets 0.3% BALANCED

Industry Workings
Brokerage Commissions 67,589 28,747
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 8,724 5,207
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 54 (565)
Other income 0 (1)
Direct expenses 9,501 5,551
Professional fees 0 0
Legal fees 172 13
Employee Costs 10,333 4,212
Rent expenses 2,154 3,145
Directors emolument 360 0
Operational and Admin. Exp. 9,990 10,544
Provision on impairment of assets 165 5,212
Depreciation expenses 2,043 1,471
Amortization Expenses 907 621
Other operating expenses 0 0
Finance Costs (755) (407)
Current Tax (12,379) (1,456)
Total Shareholders' Funds 75,463 323,198
Total Non Current Liabilities 0 0
Total Current Liabilities 130,850 70,847
TOTAL EQUITY & LIABILITIES 206,314 394,045
Total Non Current Assets 8,601 257,074
Total Current Assets 197,712 136,971
TOTAL ASSETS 206,314 394,045
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,000 60,000 Capital Strength
45,463 13,218 Paid up Capital 30,000 60,000
0 249,980 Minimum Required 30,000 30,000
75,463 323,198 328% Excess 0 30,000

0 0 Shareholders' Funds
0 0 Total Shareholder's Funds 75,463 72,463
Minimum 30,000 30,000
123,457 46,656 Excess 45,463 42,463
197 18,582
308 152 Liquidity
2,045 3,184 Working Capital 36,266 61,407
2,180 801 Minimum Required 6,000 12,000
2,663 1,471 Excess 30,266 49,407
130,850 70,847 -46%
206,314 394,045 Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 0%
Maximum allowable 10% 10%
4,629 3,344
50 25 Ratio of borrowings to paid up share capital
259 409 Ratio as computed 0% 0%
2,520 252,500 Maximum allowable 40% 40%
1,143 797
8,601 257,074 2889% Client Funds
Total Client Creditors 123,654 65,238
112,998 56,344 Total Client Cash/Bank Balances 41,253 13,612
3,059 10,845 Excess/(Deficiency) (82,401) (51,626)
6,103 2,779
1,573 1,513 Chairman - Stanley Ngaine
0 14,868 Executive Director - John Kirimi
35,150 10,832
38,830 39,790
197,712 136,971 -31%
206,314 394,045 91%

0 0
Genghis Capital (Relationship Brokerage)
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 10,718 30,896 Share Capital
Interest Income 190 201 Revenue Reserve
Other income 12 429 Revaluation Reserve
Total Income 10,920 31,526 189% Other reserves
Expenses Total Shareholders' Funds
Professional Fees 1,582 873 Non Current Liabilities
Legal Fees 73 319 Long Term Loans
Employee Costs 5,524 15,622 Total Non Current Liabilities
Rent Expense 417 1,085 Current Liabilities
Directors' Emoluments 2,640 2,263 Client Creditors
Operational and Admin. Exp. 1,146 8,776 Trade & Other Payables
Depreciation Expenses 463 1,018 Amounts Due to Other Brokers
Amortization Expenses 0 8 Tax Payable
Other Expenses 103 266 Short term borrowings
Total Expenses 11,948 30,230 153% Accrued expenses
Operating Profit/(Loss) (1,028) 1,296 -226% Other current liabilities
Finance Costs (302) (667) Total Current Liabilities
Profit/(Loss) Before Tax (1,330) 629 -147% TOTAL EQUITY & LIABILITIES
Current Tax 542 (406) Represented by
Profit/(Loss) After Tax (788) 223 -128% Non Current Assets
Property, plant & Equipment
Key Ratios Investment in associates
Operating Margin -9.4% 4.1% Balances due to related parties
Net Margin -7.2% 0.7% Intangible assets
Cost to Income 109.4% 95.9% Other long term assets
Staff Costs to Income 50.6% 49.6% Total Non Current Assets
Leverage (assets:equity) 1.6 1.2 Current Assets
Asset Turnover 0.2 0.1 Client Debtors
Current Ratio 1.2 1.3 Amounts Due from Other Brokers
Net Working Capital 2,924 11,902 307% Other trade receivables
Total Income 10,920 31,526 189% Prepayments
Receivables 3,697 4,108 11% Total Clients Cash/Bank Balances
Payables 16,535 36,040 118% Office Bank and Cash Balances
Return on Equity 0.1% Others
Return on Assets 0.1% Total Current Assets
TOTAL ASSETS

BALANCED
Industry Workings
Brokerage Commissions 10,718 30,896
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 190 201
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 12 429
Direct expenses 0 0
Professional fees 1,582 873
Legal fees 73 319
Employee Costs 5,524 15,622
Rent expenses 417 1,085
Directors emolument 2,640 2,263
Operational and Admin. Exp. 1,146 8,776
Provision on impairment of assets 0 0
Depreciation expenses 463 1,018
Amortization Expenses 0 8
Other operating expenses 103 266
Finance Costs (302) (667)
Current Tax 542 (406)
Total Shareholders' Funds 38,577 266,464
Total Non Current Liabilities 4,960 3,733
Total Current Liabilities 17,804 38,172
TOTAL EQUITY & LIABILITIES 61,341 308,369
Total Non Current Assets 40,613 258,641
Total Current Assets 20,728 50,074
TOTAL ASSETS 61,341 308,715
 12 months ended 12 months ended 12 months ended 12 months ended
December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
46,781 60,000 Capital Strength
(42,569) (42,347) Paid up Capital 46,781 60,000
0 216,665 Minimum Required 5,000 5,000
34,365 32,146 Excess 41,781 55,000
38,577 266,464 591%
Shareholders' Funds
4,960 3,733 Total Shareholder's Funds 38,577 49,799
4,960 3,733 -25% Minimum 5,000 5,000
Excess 33,577 44,799
14,283 35,094
1,166 946 Liquidity
1,086 0 Working Capital 1,158 10,110
29 0 Minimum Required 1,000 1,000
1,240 1,693 Excess 158 9,110
0 48
0 391 Ratio of unsecured advances to shareholders' funds
17,804 38,172 114% Ratio as computed 0% 0%
61,341 308,369 Maximum allowable 10% 10%

Ratio of borrowings to paid up share capital

4,337 5,308 Ratio as computed 13% 9%
441 441 Maximum allowable 20% 20%
1,500 1,500
0 392 Clients Funds
34,335 251,000 Total Clients Creditors 15,369 35,094
40,613 258,641 537% Total Clients Cash Balances 17,135 36,886
Excess/(Deficiency) 1,766 1,792
2,852 1
0 2,267 Chairman - Zafrullah Khan
0 1,207 Director - Duncan Kabui
845 633 Email: info@genghiscapital.co.ke
14,283 34,618 Website: www.genghiscapital.co.ke
2,748 8,898 Prudential Assurance Building, 5th Floor, Wabera Street
0 2,450 Tel: (020) 8008561
20,728 50,074 142%
61,341 308,369 403%

0 0
Kingdom Securities Limited
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 12,429 20,764 Share Capital
Advisory/Consultancy Fees Share Premium
Interest Income 511 Revenue Reserve
Administration fees 524 375 Revaluation Reserve
Fund Management Fees Total Shareholders' Funds
Gain on disposal of assets 964 Non Current Liabilities
Other Income 2,759 Amounts due to related parties
Total Income 12,953 25,373 96% Long term borrowings
Expenses Total Non Current Liabilities
Professional Fees 220 850 Current Liabilities
Legal Fees 285 1,033 Clients creditors
Employee Costs 6,301 19,160 Amounts due to stockbrokers
Rent Expenses 2,572 1,973 Amounts due to related parties
Operational and Admin. Exp. 7,504 12,178 Short term borrowings
Depreciation Expenses 2,419 2,951 Accrued Expenses
Amortization Expenses 339 521 Directors account
Other Expenses 0 5,799 Total Current Liabilities
Total Expenses 19,639 44,463 126% TOTAL EQUITY & LIABILITIES
Operating Profit/(Loss) (6,686) (19,090) 186% Represented by
Finance Costs (681) (584) Non Current Assets
Profit/(Loss) Before Tax (7,367) (19,674) 167% Property, plant & Equipment
Current Tax 0 0 Intangible assets
Profit/(Loss) After Tax (7,367) (19,674) 167% Investment in CDSC
NSE Seat
Key Ratios Total Non Current Assets
Operating Margin -51.6% -75.2% Current Assets
Net Margin -56.9% -77.5% Clients debtors
Cost to Income 151.6% 175.2% Amounts due from other stockbrokers
Staff Costs to Income 48.6% 75.5% Other trade receivables
Leverage (assets:equity) 3.1 1.2 Prepayments
Asset Turnover 0.3 0.1 Total clients cash/bank balances
Current Ratio 1.4 1.4 Office cash and bank balances
Net Working Capital 10,324 13,768 33% Other current assets
Total Income 12,953 25,373 96% Total Current Assets
Receivables 37,621 5,345 -86% TOTAL ASSETS
Payables 23,350 13,995 -40%
Return on Equity -13.9% BALANCED
Return on Assets -10.7%

Industry Workings
Brokerage Commissions 12,429 20,764
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 0 511
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 524 4,098
Direct expenses 0 0
Professional fees 220 850
Legal fees 285 1,033
Employee Costs 6,301 19,160
Rent expenses 2,572 1,973
Directors emolument 0 0
Operational and Admin. Exp. 7,504 12,178
Provision on impairment of assets 0 0
Depreciation expenses 2,419 2,951
Amortization Expenses 339 521
Other operating expenses 0 5,799
Finance Costs (681) (584)
Current Tax 0 0
Total Shareholders' Funds 16,258 266,564
Total Non Current Liabilities 6,728 18,762
Total Current Liabilities 28,153 31,343
TOTAL EQUITY & LIABILITIES 51,139 316,670
Total Non Current Assets 12,662 271,558
Total Current Assets 38,477 45,112
TOTAL ASSETS 51,139 316,670
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,000 50,000 Capital Strength
0 0 Paid up Capital 30,000 50,000
(13,742) (33,416) Minimum Required 5,000 5,000
0 249,980 Excess 25,000 45,000
16,258 266,564 1540%
Shareholders' Funds
0 16,085 Total Shareholder's Funds 16,258 266,564
6,728 2,677 Minimum 5,000 5,000
6,728 18,762 179% Excess 11,258 261,564

23,350 13,995 Liquidity

0 0 Working Capital 29,557 11,750
0 0 Minimum Required 1,000 1,000
1,086 2,176 Excess 28,557 10,750
503 7,606
3,214 7,566 Ratio of unsecured advances to shareholders' funds
28,153 31,343 11% Ratio as computed 0% 0%
51,139 316,670 Maximum allowable 10% 10%

Ratio of borrowings to paid up share capital

9,033 17,875 Ratio as computed 26% 10%
1,109 1,183 Maximum allowable 20% 20%
1,500 1,500
1,020 251,000 Clients funds
12,662 271,558 2045% Total clients' creditors 23,350 13,995
Total clients' cash balances 816 13,995
3,301 2,018 Excess/(Deficiency) (22,535) 0
0 0
33,259 2,463 Chairman - S C Muchiri
1,061 864 Managing Director - G O Odundo
40 19,780 Co-operative Bank House, 5th Floor, Haile Selassie Avenue
816 13,995 P.O.Box 48231, 00100 GPO NBI
0 5,992 Tel: 254 20 3276399
38,477 45,112 17%
51,139 316,670 519%

0 0
ABC Capital
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 10,429 8,767 Share Capital
Advisory/Consultancy Fees 0 0 Share Premium
Interest Income 0 400 Capital reserve
Dividend Income 0 0 Revenue Reserve
Fund Management Fees 0 0 Revaluation Reserve
Gain on disposal of assets 0 0 Total Shareholders' Funds
Other Income 383 23 Non Current Liabilities
Total Income 10,813 9,191 -15% Shareholders loans
Expenses Total Non Current Liabilities
Professional Fees 600 478 Current Liabilities
Legal Fees 29 0 Clients creditors
Employee Costs 3,683 16,188 Amounts due to other brokers
Rent Expense 1,521 1,752 Amounts due to related parties
Operational and Admin. Exp. 4,339 3,715 Trade payables
Depreciation Expenses 527 439 Total Current Liabilities
Amortization Expenses 289 300 TOTAL EQUITY & LIABILITIES
Other Expenses 0 0 Represented by
Total Expenses 10,988 22,873 108% Non Current Assets
Operating Profit/(Loss) (175) (13,683) 7714% Property, plant & Equipment
Finance Costs (53) (77) Investments in associates-AKS
Profit/(Loss) Before Tax (229) (13,760) 5921% Deferred tax
Current Tax 638 4,335 Investments in CDSC
Profit/(Loss) After Tax 410 (9,425) ### Intangible assets
Other long term assets - NSE seat
Key Ratios Total Non Current Assets
Operating Margin -1.6% -148.9% Current Assets
Net Margin 3.8% -102.5% Clients debtors
Cost to Income 101.6% 248.9% Amounts due from other brokers
Staff Costs to Income 34.1% 176.1% Other trade receivables
Leverage (assets:equity) 1.2 1.1 Prepayments
Asset Turnover 0.0 0.0 Clients cash and bank balances
Current Ratio 2.1 1.7 Office cash and bank balances
Net Working Capital 25,833 24,317 -6% Advance income tax
Total Income 10,813 9,191 -15% Other current assets
Receivables 20,225 21,133 4% Total Current Assets
Payables 24,312 33,283 37% TOTAL ASSETS
Return on Equity -3.5%
Return on Assets -3.0% BALANCED

Industry Workings
Brokerage Commissions 10,429 8,767
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 0 400
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 383 23
Direct expenses 0 0
Professional fees 600 478
Legal fees 29 0
Employee Costs 3,683 16,188
Rent expenses 1,521 1,752
Directors emolument 0 0
Operational and Admin. Exp. 4,339 3,715
Provision on impairment of assets 0 0
Depreciation expenses 527 439
Amortization Expenses 289 300
Other operating expenses 0 0
Finance Costs (53) (77)
Current Tax 638 4,335
Total Shareholders' Funds 256,931 285,506
Total Non Current Liabilities 25,700 0
Total Current Liabilities 24,312 33,283
TOTAL EQUITY & LIABILITIES 306,942 318,790
Total Non Current Assets 256,797 261,190
Total Current Assets 50,145 57,600
TOTAL ASSETS 306,942 318,790
 12 months ended 12 months ended 12 months ended 12 months ended
December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
40,000 78,000 Capital Strength
100 100 Paid up Capital 40,000 78,000
15,000 15,000 Minimum Required 5,000 5,000
831 (8,594) Excess 35,000 73,000
201,000 201,000
256,931 285,506 11%Shareholders' Funds
Total Shareholder's Funds 5,931 34,506
25,700 0 Minimum 5,000 5,000
25,700 0 -100% Excess 931 29,506

23,132 21,028 Liquidity

127 110 Working Capital 10,047 7,126
478 10,427 Minimum Required 2,747 5,718
576 1,718 Excess 7,300 1,408
24,312 33,283 37%
306,942 318,790 Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 0%
Maximum allowable 10% 10%
2,156 2,072
875 875 Ratio of borrowings to paid up share capital
638 5,094 Ratio as computed 10% 0%
1,500 1,500 Maximum allowable 20% 20%
628 648
251,000 251,000 Clients funds
256,797 261,190 2% Total clients' creditors 21,859 21,138
Total clients' cash balances 22,072 22,406
16,973 15,923 Excess 213 1,268
743 744
2,219 4,155 Director - Shamaz Savani
290 312 CEO - Fred P. Maina
21,329 21,662 Head Office, 5th Floor, IPS Building, Kimathi Street
7,984 14,183 P.O.Box 34137 GPO NBI
0 0 Tel: 2246036
607 621
50,145 57,600 15%
306,942 318,790 4%

0 0
Equatorial Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 0 0 Share Capital
Advisory/Consultancy Fees 0 610 Revenue Reserve
Interest Income 8,270 8,477 Revaluation Reserve
Total Income 8,270 9,087 10% Total Shareholders' Funds
Expenses Non Current Liabilities
Professional Fees 460 589 Deferred Tax Liability
Employee Costs 5,190 7,408 Total Non Current Liabilities
Rental Expenses 675 1,080 Current Liabilities
Directors' Emoluments 9,854 11,595 Accrued expenses
Operational and Admin. Exp. 2,674 3,674 Trade & Other Payables
Depreciation Expenses 347 1,018 Total Current Liabilities
Amortization Expenses 0 39 TOTAL EQUITY & LIABILITIES
Other Expenses 1,500 0 Represented by
Total Expenses 20,700 25,403 23% Non Current Assets
Operating Profit/(Loss) (12,430) (16,316) 31% Property, plant & Equipment
Finance Costs (27) (41) Intangible Assets
Profit/(Loss) Before Tax (12,457) (16,357) 31% Deferred Tax Asset
Current Tax 3,287 4,907 Total Non Current Assets
Profit/(Loss) After Tax (9,170) (11,450) 25% Current Assets
Prepayments
Key Ratios Trade Receivables
Operating Margin -150.3% -179.6% Other Receivables
Net Margin -110.9% -126.0% Bank Deposits
Cost to Income 250.3% 279.6% Tax Recoverable
Staff Costs to Income 62.8% 81.5% Interest receivable
Leverage (assets:equity) 1.0 1.0 Bank and Cash Balances
Asset Turnover 0.1 0.1 Total Current Assets
Current Ratio 207.0 84.0 TOTAL ASSETS
Net Working Capital 134,077 113,019 -16%
Total Income 8,270 9,087 10% BALANCED
Receivables 1,127 574 -49%
Payables 0 0
Return on Equity -8.5%
Return on Assets -8.4%

Industry Workings
Brokerage Commissions 0 0
Fund management fees 0 0
Advisory/consultancy fees 0 610
Interest income 8,270 8,477
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 0 0
Direct expenses 0 0
Professional fees 460 589
Legal fees 0 0
Employee Costs 5,190 7,408
Rent expenses 675 1,080
Directors emolument 9,854 11,595
Operational and Admin. Exp. 2,674 3,674
Provision on impairment of assets 0 0
Depreciation expenses 347 1,018
Amortization Expenses 0 39
Other operating expenses 1,500 0
Finance Costs (27) (41)
Current Tax 3,287 4,907
Total Shareholders' Funds 140,804 129,354
Total Non Current Liabilities 0 0
Total Current Liabilities 651 1,362
TOTAL EQUITY & LIABILITIES 141,455 130,716
Total Non Current Assets 6,727 16,335
Total Current Assets 134,728 114,381
TOTAL ASSETS 141,455 130,716
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
150,000 150,000 Capital Strength
(9,196) (20,646) Paid up Capital 150,000 150,000
0 0 Minimum Required 30,000 30,000
140,804 129,354 -8% Excess 120,000 120,000

0 0 Shareholders' Funds
0 0 Total Shareholder's Funds 140,804 129,354
Minimum 30,000 30,000
651 1,362 Excess 110,804 99,354
0 0
651 1,362 109% Liquidity
141,455 130,716 Working Capital 134,077 113,019
Minimum Required 6,000 6,000
Excess 128,077 107,019
2,280 3,047
1,391 5,325 Ratio of unsecured advances to shareholders' funds
3,056 7,963 Ratio as computed 0% 0%
6,727 16,335 143% Maximum allowable 10% 10%

500 559 Ratio of borrowings to paid up share capital

Ratio as computed 0% 0%
627 15 Maximum allowable 40% 40%
130,145 108,505
1,705 3,443 Clients' Funds
1,480 698 Total Clients' Creditors 0 0
271 1,161 Total Clients Cash/Bank Balances 0 0
134,728 114,381 -15% Excess/(Deficiency) 0 0
141,455 130,716 -8%
Managing Director - Michael Ombuoro
0 0 Director - Martin Ernest
Drummond Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 15,120 6,582 Share Capital
Advisory/Consultancy Fees 289 292 Revenue Reserve
Interest Income 513 788 Revaluation Reserve
Dividend Income 14 266 Shareholders Contribution
Fund Management Fees 210 519 Total Shareholders' Funds
Other Income 352 173 Non Current Liabilities
Total Income 16,497 8,619 -48% Deferred Tax Liability
Expenses Total Non Current Liabilities
Direct Expenses 549 546 Current Liabilities
Legal and Professional Fees 1,045 1,151 Client creditors
Employee Costs 9,940 4,708 Due to clients on deposits
Directors' Emoluments 1,650 330 Amounts due to stockbrokers
Operational and Admin. Exp. 11,808 7,625 Amounts due to related parties
Depreciation Expenses 1,744 1,310 Other payables
Other Expenses 0 0 Accrued expenses
Total Expenses 26,736 15,671 -41% Total Current Liabilities
Operating Profit/(Loss) (10,240) (7,052) -31% TOTAL EQUITY & LIABILITIES
Finance Costs 0 0 Represented by
Profit/(Loss) Before Tax (10,240) (7,052) -31% Non Current Assets
Current Tax 3,146 2,060 Property, plant & Equipment
Profit/(Loss) After Tax (7,094) (4,992) -30% Deferred tax
Intangible assets
Key Ratios Total Non Current Assets
Operating Margin -62.1% -81.8% Current Assets
Net Margin -43.0% -57.9% Client debtors
Cost to Income 162.1% 181.8% Other receivables
Staff Costs to Income 60.3% 54.6% Clients cash and bank balances
Leverage (assets:equity) 2.8 1.3 Office cash and bank balances
Asset Turnover 0.1 0.0 Investments in quoted securities
Current Ratio 1.2 3.8 Investments in government securities
Net Working Capital 31,097 257,755 729% Total Current Assets
Total Income 16,497 8,619 -48% TOTAL ASSETS
Receivables 104,738 17,840 -83%
Payables 155,777 92,344 -41% BALANCED
Return on Equity -2.4%
Return on Assets -1.5%

Industry Workings
Brokerage Commissions 15,120 6,582
Fund management fees 210 519
Advisory/consultancy fees 289 292
Interest income 513 788
Dividend income 14 266
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 352 173
Direct expenses 549 546
Professional fees 1,045 1,151
Legal fees 0 0
Employee Costs 9,940 4,708
Rent expenses 0 0
Directors emolument 1,650 330
Operational and Admin. Exp. 11,808 7,625
Provision on impairment of assets 0 0
Depreciation expenses 1,744 1,310
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs 0 0
Current Tax 3,146 2,060
Total Shareholders' Funds 91,410 318,816
Total Non Current Liabilities 0 0
Total Current Liabilities 160,932 93,623
TOTAL EQUITY & LIABILITIES 252,341 412,440
Total Non Current Assets 60,312 61,061
Total Current Assets 192,029 351,378
TOTAL ASSETS 252,341 412,440
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
35,000 35,000 Capital Strength
8,910 3,917 Paid up Capital 35,000 267,399
47,500 47,500 Minimum Required 30,000 30,000
0 232,399 Excess 5,000 237,399
91,410 318,816 249%
Shareholders' Funds
0 0 Total Shareholder's Funds 91,410 318,816
0 0 Minimum 30,000 30,000
Excess 61,410 288,816
66,871 65,332
41,435 24,400 Liquidity
569 328 Working Capital 8,629 173,719
44,325 2,168 Minimum Required 6,000 6,000
2,578 116 Excess 2,629 167,719
5,154 1,279
160,932 93,623 -42% Ratio of unsecured advances to shareholders' funds
252,341 412,440 Ratio as computed 3% 0%
Maximum allowable 10% 10%

6,148 4,837 Ratio of borrowings to paid up share capital

3,264 5,324 Ratio as computed 0% 0%
50,900 50,900 Maximum allowable 20% 20%
60,312 61,061 1%
Clients funds
83,266 11,461 Total clients' creditors 66,871 67,500
21,472 6,379 Total clients' cash balances 29,485 42,556
29,311 42,215 Excess/(Deficiency) (37,386) (24,944)
174 340
15,756 12,086 Chairman - N Gathinji
42,050 278,897 Executive Director - K Gathinji
192,029 351,378 83% Hughes Building 2nd Floor, P.O.Box 45465-00100 NBI
252,341 412,440 63% Tel: 254-20-318689
Email: info@drummond.co.ke
0 0 Website: www.drummond.co.ke
Equity Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 0 0 Share Capital
Advisory/Consultancy Fees 0 500 Share Premium
Interest Income 0 0 Capital Reserves
Dividend Income 0 0 Revenue Reserve
Unrealized profits/(loss) on invest 0 6,745 Revaluation Reserve
Rental Income 0 0 Total Shareholders' Funds
Other Income 0 0 Non Current Liabilities
Total Income 0 7,245 ### Amounts due to related parties
Expenses Total Non Current Liabilities
Professional Fees 100 200 Current Liabilities
Legal Fees 0 1,473 Amounts due to related parties
Employee Costs 0 55,064 Trade Payables
Rent Expenses 0 2,417 Short term loans
Operational and Admin. Exp. 0 5,778 Accrued expenses
Depreciation Expenses 0 0 Other current liabilities
Amortization Expenses 0 0 Total Current Liabilities
Other Expenses 0 0 TOTAL EQUITY & LIABILITIES
Total Expenses 100 64,932 ### Represented by
Operating Profit/(Loss) (100) (57,687) ### Non Current Assets
Finance Costs (87) 0 Property, plant & Equipment
Profit/(Loss) Before Tax (187) (57,687) ### Investment in property
Current Tax 0 0 Investments in unquoted securities
Profit/(Loss) After Tax (187) (57,687) ### Total Non Current Assets
Current Assets
Key Ratios Other trade receivables
Operating Margin #DIV/0! -796.2% Prepayments
Net Margin #DIV/0! -796.2% Investment in equities &
Cost to Income #DIV/0! 896.2% fixed income securities
Staff Costs to Income #DIV/0! 760.0% Short term secured advances
Leverage (assets:equity) 1.0 1.4 to related parties
Asset Turnover 0.0 0.1 Office cash and bank balances
Current Ratio 48.5 102.7 Total Current Assets
Net Working Capital 4,753 24,403 413% TOTAL ASSETS
Total Income 0 7,245 ###
Receivables 0 250 ### BALANCED
Payables 0 40 ###
Return on Equity -159.3%
Return on Assets -132.1%

Industry Workings
Brokerage Commissions 0 0
Fund management fees 0 0
Advisory/consultancy fees 0 500
Interest income 0 0
Dividend income 0 0
Unrealized profit/(loss) on 0 6,745
Realized profit/(loss) on 0 0
Other income 0 0
Direct expenses 0 0
Professional fees 100 200
Legal fees 0 1,473
Employee Costs 0 55,064
Rent expenses 0 2,417
Directors emolument 0 0
Operational and Admin. Exp. 0 5,778
Provision on impairment of assets 0 0
Depreciation expenses 0 0
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (87) 0
Current Tax 0 0
Total Shareholders' Funds 30,313 42,126
Total Non Current Liabilities 0 14,582
Total Current Liabilities 100 240
TOTAL EQUITY & LIABILITIES 30,413 56,948
Total Non Current Assets 25,560 32,305
Total Current Assets 4,853 24,643
TOTAL ASSETS 30,413 56,948
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,500 100,000 Capital Strength
0 0 Paid up Capital 30,500 100,000
0 0 Minimum Required 30,000 30,000
(187) (57,874) Excess 500 70,000
0 0
30,313 42,126 39% Shareholders' Funds
Total Shareholder's Funds 30,313 42,126
0 14,582 Minimum 30,000 30,000
0 14,582 ### Excess 313 12,126

0 0 Liquidity
0 40 Working Capital 4,753 24,403
0 0 Minimum Required 25 16,233
100 200 Excess 4,728 8,170
0 0
100 240 140% Ratio of unsecured advances to shareholders' funds
30,413 56,948 Ratio as computed 0% 0%
Maximum allowable 10% 10%

0 0 Ratio of borrowings to paid up share capital

0 0 Ratio as computed 0% 0%
25,560 32,305 Maximum allowable 40% 40%
25,560 32,305 26%
Clients funds
0 250 Total clients' creditors 0 0
0 0 Total clients' cash balances 0 0
Excess 0 0
0 0
Director - Dr James Mwangi, MBS
500 0 Director - Mary Wangari Wamae
4,353 24,393
4,853 24,643 408%
30,413 56,948 87%

0 0
Reliable Securities
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 33,271 6,044 Share Capital
Advisory/Consultancy Fees 0 0 Share Premium
Interest Income 0 0 Revenue Reserve
Dividend Income 0 0 Capital reserve
Fund Management Fees 0 0 Total Shareholders' Funds
Gain on disposal of assets 0 0 Non Current Liabilities
Other Income 0 0 Shareholders loans
Total Income 33,271 6,044 -82% Total Non Current Liabilities
Expenses Current Liabilities
Professional Fees 230 310 Trade & Other Payables
Legal Fees 917 520 Client creditors
Employee Costs 16,731 12,094 Due to Subsidiaries
Directors' Emoluments 1,200 0 Bank Overdraft
Operational and Admin. Exp. 6,617 9,303 Total Current Liabilities
Depreciation Expenses 1,663 1,073 TOTAL EQUITY & LIABILITIES
Direct Expenses 6,079 906 Represented by
Rent Expenses 5,909 7,734 Non Current Assets
Total Expenses 39,345 31,941 -19% Property, plant & Equipment
Operating Profit/(Loss) (6,074) (25,897) 326% Intangible Assets
Finance Costs (2,661) (984) Investments in Subsidiaries
Profit/(Loss) Before Tax (8,736) (26,881) 208% Investments-unquoted general
Current Tax 0 0 Deferred Tax
Profit/(Loss) After Tax (8,736) (26,881) 208% Deposits
Total Non Current Assets
Key Ratios Current Assets
Operating Margin -18.3% -428.5% Inventory
Net Margin -26.3% -444.8% Client receivables
Cost to Income 118.3% 528.5% Taxation
Staff Costs to Income 50.3% 200.1% Deposits
Leverage (assets:equity) 1.2 1.3 Office cash and bank balances
Asset Turnover 0.1 0.0 Client cash and bank balances
Current Ratio 1.9 2.3 Total Current Assets
Net Working Capital 59,668 73,572 23% TOTAL ASSETS
Total Income 33,271 6,044 -82%
Receivables 120,930 125,005 3% BALANCED
Payables 47,500 52,752 11%
Return on Equity -8.7%
Return on Assets -6.9%

Industry Workings
Brokerage Commissions 33,271 6,044
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 0 0
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 0 0
Direct expenses 6,079 906
Professional fees 230 310
Legal fees 917 520
Employee Costs 16,731 12,094
Rent expenses 5,909 7,734
Directors emolument 1,200 0
Operational and Admin. Exp. 6,617 9,303
Provision on impairment of assets 0 0
Depreciation expenses 1,663 1,073
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (2,661) (984)
Current Tax 0 0
Total Shareholders' Funds 317,259 297,419
Total Non Current Liabilities 0 39,712
Total Current Liabilities 65,414 56,220
TOTAL EQUITY & LIABILITIES 382,674 393,350
Total Non Current Assets 257,592 263,558
Total Current Assets 125,082 129,792
TOTAL ASSETS 382,674 393,350
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
75,000 75,000 Capital Strength
0 0 Paid up Capital 75,000 75,000
(7,741) (27,581) Minimum Required 5,000 5,000
250,000 250,000 Excess 70,000 70,000
317,259 297,419 -6%
Shareholders' Funds
0 39,712 Total Shareholder's Funds 68,329 46,419
0 39,712 Minimum 5,000 5,000
Excess 63,329 41,419
230 2,931
47,270 49,821 Liquidity
0 0 Working Capital 3,903 1,746
17,914 3,468 Minimum Required 1,000 1,000
65,414 56,220 -14% Excess 2,903 746
382,674 393,350
Ratio of unsecured advances to shareholders' funds
Ratio as computed 24% 3%
2,049 976 Maximum allowable 10% 10%
251,000 251,000
0 0 Ratio of borrowings to paid up share capital
1,700 1,700 Ratio as computed 0% 0%
2,842 9,882 Maximum allowable 20% 20%
0 0
257,592 263,558 2% Clients funds
Total clients' creditors 47,270 48,821
626 25 Total clients' cash balances 19 111
120,930 125,005 Excess/(Deficiency) (47,251) (48,710)
357 357
3,149 3,557 Director - G Orr
0 736 Director - J M Konzolo
19 111
125,082 129,792 4%
382,674 393,350 3%

0 (0)
NIC Capital
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 0 0 Share Capital
Advisory/Consultancy Fees 14,063 20,200 Revenue Reserve
Interest Income 4,029 0 Revaluation Reserve
Dividend Income 0 877 Total Shareholders' Funds
Exchange Gain 0 18 Non Current Liabilities
Unrealized profits/(loss) on invest (12,923) 8,769 Preference shares
Other Income 1,156 198 Due to parent company
Total Income 6,325 30,062 375% Deferred tax payable
Expenses Total Non Current Liabilities
Professional Fees 0 199 Current Liabilities
Legal Fees 36 905 Accrued expenses
Employee Costs 9,516 3,877 Trade & Other Payables
Directors Emoluments 4,690 8,146 Due to Subsidiaries
Operational and Admin. Exp. 1,907 1,420 Current income tax
Total Expenses 16,149 14,547 -10% Total Current Liabilities
Operating Profit/(Loss) (9,824) 15,515 -258% TOTAL EQUITY & LIABILITIES
Finance Costs 0 0 Represented by
Profit/(Loss) Before Tax (9,824) 15,515 -258% Non Current Assets
Current Tax (931) (2,221) Property, plant & Equipment
Profit/(Loss) After Tax (10,755) 13,294 -224% Intangible Assets
Investments in Subsidiaries
Key Ratios Investments-unquoted general
Operating Margin -155.3% 51.6% Deferred tax
Net Margin -170.0% 44.2% Other investment - Available for sale
Cost to Income 255.3% 48.4% Total Non Current Assets
Staff Costs to Income 150.5% 12.9% Current Assets
Leverage (assets:equity) 5.5 1.7 Due from subsidiary
Asset Turnover 0.0 0.1 Bank deposit
Current Ratio 2.0 5.7 Prepayments
Net Working Capital 24,803 24,550 -1% Trade Receivables
Total Income 6,325 30,062 375% Other Receivables
Receivables 296 18,200 6049% Office cash and bank balances
Payables 24,500 2,944 -88% Current income tax assets
Return on Equity 6.7% Total Current Assets
Return on Assets 2.6% TOTAL ASSETS

BALANCED

Industry Workings
Brokerage Commissions 0 0
Fund management fees 0 0
Advisory/consultancy fees 14,063 20,200
Interest income 4,029 0
Dividend income 0 877
Unrealized profit/(loss) on (12,923) 8,769
Realized profit/(loss) on 0 0
Other income 1,156 216
Direct expenses 0 0
Professional fees 0 199
Legal fees 36 905
Employee Costs 9,516 3,877
Rent expenses 0 0
Directors emolument 4,690 8,146
Operational and Admin. Exp. 1,907 1,420
Provision on impairment of assets 0 0
Depreciation expenses 0 0
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs 0 0
Current Tax (931) (2,221)
Total Shareholders' Funds 91,662 304,957
Total Non Current Liabilities 389,791 200,000
Total Current Liabilities 24,500 5,172
TOTAL EQUITY & LIABILITIES 505,953 510,129
Total Non Current Assets 456,651 480,407
Total Current Assets 49,303 29,722
TOTAL ASSETS 505,954 510,129
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
100,000 300,000 Capital Strength
4,585 9,110 Paid up Capital 100,000 300,000
(12,923) (4,153) Minimum Required 30,000 30,000
91,662 304,957 233% Excess 70,000 270,000

127,165 200,000 Shareholders' Funds

262,598 Total Shareholder's Funds 91,662 304,957
28 Minimum 30,000 30,000
389,791 200,000 -49% Excess 61,662 274,957

1,375 Liquidity
24,500 2,944 Working Capital 24,803 24,550
Minimum Required 6,000 6,000
853 Excess 18,803 18,550
24,500 5,172 -79%
505,953 510,129 Ratio of unsecured advances to shareholders' funds
Ratio as computed 11% 0%
Maximum allowable 10% 10%

Ratio of borrowings to paid up share capital

423,422 438,370 Ratio as computed 0% 0%
Maximum allowable 40% 40%
0 39
33,229 41,998 Clients funds
456,651 480,407 5% Total clients' creditors 0 0
Total clients' cash balances 0 0
10,069 Excess 0 0
38,401 11,522
Company Secretary - L Murage
296 18,200

537
49,303 29,722 -40%
505,954 510,129 1%

1 0
African Alliance Kenya Investment Bank
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 92,273 80,406 Share Capital
Advisory/Consultancy Fees 23,633 3,207 Share Premium
Interest Income 4,613 3,175 Revenue Reserve
Dividend Income 0 111 Revaluation Reserve
Fund Management Fees 6,364 13,612 Capital Reserve
Administration Fees 7,129 7,921 Total Shareholders' Funds
Exchange Gains/(Losses) (3,527) (301) Non Current Liabilities
Realized Profits/(Losses) on Invest (1,886) 61 Amounts owing to related parties
Gain/(Loss) on Disposal of Assets 30 4,723 Total Non Current Liabilities
Other Income 150 1,239 Current Liabilities
Total Income 128,779 114,154 -11% Amounts owing to related parties
Expenses Trade & Other Payables
Professional Fees 5,082 2,806 Total Current Liabilities
Legal Fees 1,014 912 TOTAL EQUITY & LIABILITIES
Employee Costs 70,461 68,548 Represented by
Directors' Emoluments 616 1,006 Non Current Assets
Operational and Admin. Exp. 46,994 51,150 Property, plant & Equipment
Depreciation Expenses 6,478 4,537 Intangible Assets
Other Expenses 1,934 0 Employee benefit scheme
Total Expenses 132,579 128,959 -3% Deferred tax asset
Operating Profit/(Loss) (3,800) (14,805) 290% Investment in subsidiary company
Finance Costs (681) (421) Statutory Units
Profit/(Loss) Before Tax (4,481) (15,226) 240% Other financial assets
Current Tax (7,860) 7,716 Total Non Current Assets
Profit/(Loss) After Tax (12,341) (7,510) -39% Current Assets
Unsecured advances to related co.
Key Ratios Clients cash and bank balances
Operating Margin -3.0% -13.0% Current tax recoverable
Net Margin -9.6% -6.6% Trade & other receivables
Cost to Income 103.0% 113.0% Employee benefit scheme
Staff Costs to Income 54.7% 60.0% Secured advances to related co.
Leverage (assets:equity) 2.0 1.2 Other financial assets
Asset Turnover 0.8 0.3 Total Current Assets
Current Ratio 1.5 3.1 TOTAL ASSETS
Net Working Capital 35,479 107,573 203%
Total Income 128,779 114,154 -11% BALANCED
Receivables 12,432 13,384 8%
Payables 76,771 50,748 -34%
Return on Equity -3.7%
Return on Assets -2.8%

Industry Workings
Brokerage Commissions 92,273 80,406
Fund management fees 6,364 13,612
Advisory/consultancy fees 23,633 3,207
Interest income 4,613 3,175
Dividend income 0 111
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on (1,886) 61
Other income 3,782 13,582
Direct expenses 0 0
Professional fees 5,082 2,806
Legal fees 1,014 912
Employee Costs 70,461 68,548
Rent expenses 0 0
Directors emolument 616 1,006
Operational and Admin. Exp. 46,994 51,150
Provision on impairment of assets 0 0
Depreciation expenses 6,478 4,537
Amortization Expenses 0 0
Other operating expenses 1,934 0
Finance Costs (681) (421)
Current Tax (7,860) 7,716
Total Shareholders' Funds 85,386 316,254
Total Non Current Liabilities 4,732 0
Total Current Liabilities 76,771 50,748
TOTAL EQUITY & LIABILITIES 166,889 367,002
Total Non Current Assets 54,639 208,681
Total Current Assets 112,250 158,321
TOTAL ASSETS 166,889 367,002
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
30,000 30,000 Capital Strength
12,622 0 Paid up Capital 30,000 30,000
16,764 407 Minimum Required 30,000 30,000
26,000 248,000 Excess 0 0
0 37,847
85,386 316,254 270% Shareholders' Funds
Total Shareholder's Funds 29,660 168,308
4,732 0 Minimum 30,000 30,000
4,732 0 -100% Excess (340) 138,308

17,221 6,951 Liquidity

59,550 43,797 Working Capital 2,280 57,179
76,771 50,748 -34% Minimum Required 6,000 6,000
166,889 367,002 Excess (3,720) 51,179

Ratio of unsecured advances to shareholders' funds

18,617 7,561 Ratio as computed 0% 0%
1,427 125,821 Maximum allowable 10% 10%
20,968 11,332
12,251 12,888 Ratio of borrowings to paid up share capital
0 15 Ratio as computed 3% 9%
50,000 Maximum allowable 40% 40%
1,376 1,064
54,639 208,681 282% Clients funds
Total clients' creditors 0 0
2 8,042 Total clients' cash balances 0 0
92,258 76,543 Excess 0 0
94 260
12,432 13,384 Chairman - Dr Dan Kagagi
2,861 3,559 Director - Des Mahoney
0 50,000
4,603 6,533
112,250 158,321 41%
166,889 367,002 120%

0 0
NIC Capital Securities
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 52,764 22,321 Share Capital
Advisory/Consultancy Fees 0 0 Revenue Reserve
Interest Income 3 6,242 Revaluation Reserve
Other Income 0 0 Total Shareholders' Funds
Total Income 52,767 28,563 -46% Non Current Liabilities
Expenses Due to parent company
Professional Fees 975 182 Deferred tax liabilities
Legal Fees 301 74 Total Non Current Liabilities
Employee Costs 14,175 21,077 Current Liabilities
Rent Expense 2,704 2,486 Clients creditors
Operational and Admin. Exp. 31,259 3,669 Amounts due to other brokers
Provision for impairment of assets (6,892) 4,154 Amounts due to related parties
Depreciation expenses 757 730 Accrued expenses
Total Expenses 43,279 32,372 -25% Other liabilities
Operating Profit/(Loss) 9,488 (3,809) -140% Total Current Liabilities
Finance Costs (3,099) 0 TOTAL EQUITY & LIABILITIES
Profit/(Loss) Before Tax 6,389 (3,809) -160% Represented by
Current Tax (1,231) 10,741 Non Current Assets
Profit/(Loss) After Tax 5,158 6,932 34% Property, plant & Equipment
Intangible Assets
Key Ratios Deferred tax
Operating Margin 18.0% -13.3% Investments in CDSC
Net Margin 9.8% 24.3% Total Non Current Assets
Cost to Income 82.0% 113.3% Current Assets
Staff Costs to Income 26.9% 73.8% Clients debtors
Leverage (assets:equity) 1.4 1.2 Amounts due from other brokers
Asset Turnover 0.1 0.1 Prepayments
Current Ratio 1.6 2.1 Other trade receivables
Net Working Capital 94,169 92,465 -2% Total clients cash/bank balances
Total Income 52,767 28,563 -46% Office cash and bank balances
Receivables 40,599 7,321 -82% Current income tax assets
Payables 86,472 53,831 -38% Total Current Assets
Return on Equity 2.0% TOTAL ASSETS
Return on Assets 1.5%
BALANCED

Industry Workings
Brokerage Commissions 52,764 22,321
Fund management fees 0 0
Advisory/consultancy fees 0 0
Interest income 3 6,242
Dividend income 0 0
Unrealized profit/(loss) on 0 0
Realized profit/(loss) on 0 0
Other income 0 0
Direct expenses 0 0
Professional fees 975 182
Legal fees 301 74
Employee Costs 14,175 21,077
Rent expenses 2,704 2,486
Directors emolument 0 0
Operational and Admin. Exp. 31,259 3,669
Provision on impairment of assets (6,892) 4,154
Depreciation expenses 757 730
Amortization Expenses 0 0
Other operating expenses 0 0
Finance Costs (3,099) 0
Current Tax (1,231) 10,741
Total Shareholders' Funds 348,569 355,501
Total Non Current Liabilities 0 0
Total Current Liabilities 152,005 86,834
TOTAL EQUITY & LIABILITIES 500,574 442,335
Total Non Current Assets 254,400 263,036
Total Current Assets 246,174 179,299
TOTAL ASSETS 500,574 442,335
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
300,000 300,000 Capital Strength
(200,606) (193,674) Paid up Capital 300,000 300,000
249,175 249,175 Minimum Required 5,000 5,000
348,569 355,501 2% Excess 295,000 295,000

0 0 Shareholders' Funds
0 0 Total Shareholder's Funds 348,569 355,501
0 0 Minimum 5,000 5,000
Excess 343,569 350,501
76,402 48,747
0 2,816 Liquidity
10,070 2,268 Working Capital 93,169 95,186
1,333 5,146 Minimum Required 1,000 1,000
64,200 27,857 Excess 92,169 94,186
152,005 86,834 -43%
500,574 442,335 Ratio of unsecured advances to shareholders' funds
Ratio as computed 0% 0%
Maximum allowable 10% 10%
2,207 1,477
193 9,559 Ratio of borrowings to paid up share capital
1,000 1,000 Ratio as computed 0% 0%
251,000 251,000 Maximum allowable 20% 20%
254,400 263,036 3%
Clients funds
14,512 2,816 Total clients' creditors 76,402 51,563
7,720 0 Total clients' cash balances 70,610 51,658
495 1,538 Excess (5,792) 95
17,872 2,967
62,890 48,842 Company Secretary - L Murage
140,958 119,022
1,727 4,114
246,174 179,299 -27%
500,574 442,335 -12%

0 0
Standard Chartered Investment Services
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Advisory/Consultancy Fees 20,000 4,069 Share Capital
Interest Income 0 818 Revenue Reserve
Total Income 20,000 4,887 -76% Total Shareholders' Funds
Expenses Non Current Liabilities
Professional Fees 0 0 Deferred Tax Liability
Legal Fees 0 0 Total Non Current Liabilities
Employee Costs 12,677 4,956 Current Liabilities
Operational and Admin. Exp. 319 646 Trade & Other Payables
Total Expenses 12,996 5,602 -57% Total Current Liabilities
Operating Profit/(Loss) 7,004 (715) -110% TOTAL EQUITY & LIABILITIES
Finance Costs 0 0 Represented by
Profit/(Loss) Before Tax 7,004 (715) -110% Non Current Assets
Current Tax 2,237 (113) Deferred Tax Asset
Profit/(Loss) After Tax 4,767 (602) -113% Total Non Current Assets
Current Assets
Key Ratios Amounts Due to Group Company
Operating Margin 35.0% -14.6% Trade Receivables
Net Margin 23.8% -12.3% Other Receivables
Cost to Income 65.0% 114.6% Tax Recoverable
Staff Costs to Income 63.4% 101.4% Other Assets
Leverage (assets:equity) 1.0 1.0 Total Current Assets
Asset Turnover 0.3 0.1 TOTAL ASSETS
Current Ratio 67.7 63.0
Net Working Capital 59,346 58,631 -1% BALANCED
Total Income 20,000 4,887 -76%
Receivables 0 879
Payables 890 946 6%
Return on Equity -1.0%
Return on Assets -1.0%
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
20,000 20,000 Capital Strength
39,356 38,754 Paid up Capital 20,000 20,000
59,356 58,754 -1% Minimum Required 10,000 10,000
Excess 10,000 10,000
0 0
0 0 Shareholders' Funds
Total Shareholder's Funds 59,356 58,460
890 946 Minimum 10,000 10,000
890 946 6% Excess 49,356 48,460
60,246 59,700
Liquidity
Working Capital 59,346 58,066
10 123 Minimum Required 3,249 2,000
10 123 1130% Excess 56,097 56,066

59,003 57,323 Borrowing Ratio

0 879 Ratio as computed 0% 0%
0 0 Maximum allowable 20% 20%
1,233 1,375
0 0 Director - Richard Etemesi
60,236 59,577 -1% Director - Chemutai Murgor
60,246 59,700 -1%

0 0
CBA Capital Limited
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 6,929 1,632 Share Capital
Interest Income 10,530 869 Revenue Reserve
Rental Income 22,192 16,736 Total Shareholders' Funds
Surplus on revaluation of investme 14,043 0 Non Current Liabilities
Total Income 53,694 19,237 -64% Amounts due to related parties
Expenses Deferred tax
Professional Fees 1,448 150 Total Non Current Liabilities
Operational and Admin. Exp. 10,996 9,227 Current Liabilities
Total Expenses 12,444 9,377 -25% Trade & Other Payables
Operating Profit/(Loss) 41,250 9,860 -76% Total Current Liabilities
Finance Costs 0 0 TOTAL EQUITY & LIABILITIES
Profit/(Loss) Before Tax 41,250 9,860 -76% Represented by
Current Tax 12,683 (20,502) Non Current Assets
Profit/(Loss) After Tax 28,567 30,362 6% Investment in property
Balances due from related companies
Key Ratios Investment in unquoted securities
Operating Margin 76.8% 51.3% Total Non Current Assets
Net Margin 53.2% 157.8% Current Assets
Cost to Income 23.2% 48.7% Amounts Due to Group Company
Staff Costs to Income N/A N/A Trade Receivables
Leverage (assets:equity) 4.9 4.3 Other Receivables
Asset Turnover 0.0 0.0 Office cash and bank balances
Current Ratio 89.3 97.2 Tax recoverable
Net Working Capital 410,525 416,441 1% Total Current Assets
Total Income 53,694 19,237 -64% TOTAL ASSETS
Receivables 60,926 75,578 24%
Payables 4,650 4,327 -7% BALANCED
Return on Equity 12.9%
Return on Assets 2.8%
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
100,000 100,000 Capital Strength
119,763 150,125 Paid up Capital 100,000 100,000
219,763 250,125 14% Minimum Required 30,000 30,000
Excess 70,000 70,000
829,342 829,342
23,545 0 Shareholders' Funds
852,887 829,342 -3% Total Shareholder's Funds 219,763 250,125
Minimum 30,000 30,000
4,650 4,327 Excess 189,763 220,125
4,650 4,327 -7%
1,077,300 1,083,794 Liquidity
Working Capital 410,525 416,441
Minimum Required 6,000 6,000
395,000 0 Excess 404,525 410,441
0 395,901
267,125 267,125 Borrowing Ratio
662,125 663,026 0% Ratio as computed 0% 0%
Maximum allowable 40% 40%
0 0
0 0 Chairman - M H da GAMA-ROSE
60,926 75,578 Managing Director - I O Awuondo
351,939 338,991
2,310 6,199
415,175 420,768 1%
1,077,300 1,083,794 1%

0 0
Zimele Asset Management Limited
Comprehensive Statement of Income and Comprehensive Statement of Financial
Expenditure for Period Ended 31 December 2009 Position as at 31 December 2009
12 months ended 12 months ended
December 31, 2008 December 31, 2009
Audited Audited
Kshs '000 Kshs '000
Income EQUITY
Brokerage Commissions 0 0 Share Capital
Advisory/consultancy fees 0 1,010 Share premium
Fund management fees 14,564 9,456 Revenue reserves
Interest income 0 43 Revaluation/capital reserves
Dividend income 0 1 Shareholders loans
Total Income 14,564 10,510 -28% Total Shareholders' Funds
Expenses Non Current Liabilities
Professional fees 100 105 Amounts due to related parties
Legal fees 15 30 Deferred tax
Employee costs 11,775 8,477 Total Non Current Liabilities
Rent expense 1,551 1,853 Current Liabilities
Operational and Admin. Exp. 3,629 1,461 Bank overdrafts
Depreciation expenses 1,046 818 Trade & Other Payables
Total Expenses 18,118 12,743 -30% Total Current Liabilities
Operating Profit/(Loss) (3,554) (2,233) -37% TOTAL EQUITY & LIABILITIES
Finance Costs 64 249 Represented by
Profit/(Loss) Before Tax (3,618) (2,483) -31% Non Current Assets
Current Tax 0 0 Property, plant & equipment
Profit/(Loss) After Tax (3,618) (2,483) -31% Intangible assets
Total Non Current Assets
Key Ratios Current Assets
Operating Margin -24.4% -21.2% Investment in quoted securities
Net Margin -24.8% -23.6% Trade Receivables
Cost to Income 124.4% 121.2% Other Receivables
Staff Costs to Income 80.9% 80.7% Investments in government securities
Leverage (assets:equity) 1.1 1.2 and other short term securities
Asset Turnover 1.2 0.7 Total Current Assets
Current Ratio 5.1 2.4 TOTAL ASSETS
Net Working Capital 4,770 3,856 -19%
Total Income 14,564 10,510 -28% BALANCED
Receivables 3,428 1,551 -55%
Payables 114 1,443 1163%
Return on Equity -22.2%
Return on Assets -18.9%
nt of Financial

12 months ended 12 months ended 12 months ended 12 months ended

December 31, 2008 December 31, 2009 December 31, 2008 December 31, 2009
Audited Audited Audited Audited
Kshs '000 Kshs '000 Kshs '000 Kshs '000
OTHER DISCLOSURES
15,000 20,000 Capital Strength
345 345 Paid up Capital 15,000 20,000
(5,681) (8,163) Minimum Required 10,000 10,000
(611) (829) Excess 5,000 10,000
2,000 0
11,053 11,353 3% Shareholders' Funds
Total Shareholder's Funds 11,053 11,353
0 0 Minimum 10,000 10,000
0 0 Excess 1,053 1,353
0 0
Liquidity
1,056 1,271 Working Capital 4,770 3,856
114 1,443 Minimum Required 2,000 2,000
1,171 2,714 132% Excess 2,770 1,856
12,224 14,067
Borrowing Ratio
Ratio as computed 0% 0%
3,855 3,145 Maximum allowable 40% 40%
2,428 4,352
6,283 7,497 19%

1,446 1,228
0 0
3,428 1,551
0 2,664
1,066 1,127
5,941 6,570 11%
12,224 14,067 15%

0 0