Sa Majesté le Roi Mohammed VI Tomorrow’s bank today C ONTENTS

Presentation of the CIH BANK group 01 Key figures 12/13 Governance 14/17 Shareholding structure 18 Strategy 20 Subsidiaries and investments 21

Economic and financial environment 02 National and international economic environment 24/25 Real estate sector 26 Banking and financial environment 27 Rate market 28 Stock market 29

Activity 03 Highlights 32/33 Main balance sheet indicators for the year 2016 34/36

Financial data 04 Statutory Auditors’ General Report 40/41 Parent-company financial statements 42/45 Resolutions 46/48 The Auditor’s Report on the consolidated financial statements 49 Consolidated financial statements (IFRS) 50/54

Branch network 05 New branches 58 Branch network 59/65 Ahmed RAHHOU Chairman and CEO Chairman’s statement

In 2016, CIH BANK has strengthened its position This strategy was materialized this year by the creation as a modern and digital bank, It is now considered of a subsidiary dedicated to participatory banking, as a reference in the local banking sector, while in partnership with the CDG (Caisse de Dépôt et de maintaining a significant level of commercial Gestion and Qatar International Islamic Bank. Another performance and a high level of profitability. subsidiary dedicated to the management of real estate mutual funds “AJARINVEST” has also been created The Bank has successfully deployed in one shot its together with the CDG. new Novabank system in all its branches. This major project has given unprecedented impetus to the The improvement of the efficiency and profitability digitization of customer services. of the Bank will continue to build on its model of natively digital bank, but provided with a local network At the same time, CIH Bank has pursued its multi- composed of light and efficient units which are present channel strategy by offering its retail customers, throughout the country, in order to ensure the best professionals and corporates more services through quality of service at the best cost to all its customers, its mobile application and website. In 2016, the individuals, professionals or companies. youth segment was particularly targeted thanks to the launch of a particularly innovative offer for the This technological and human banking model will market: the [CODE30] pack. At the end of 2016, enable CIH BANK to cope with market developments 100,000 young people had already subscribed to and competition from both traditional players and this product, proof of its success with this customer newcomers to the industry. category.

All this dynamic is in line with the new strategic plan 2016-2020, adopted by the board of directors of the bank. The objective is to strengthen CIH Bank in its development, and to permanently establish its openness towards new opportunities of universal banking.

RAPPORT ANNUEL 2016 9 PRESENTATION OF CIH BANK GROUP

Key figures Strategy Governance Subsidiaries Shareholding and investments structure

After having successfully made its transition aiming to become a universal bank, CIH Bank is now embracing innovation. Development of digital channels, launch of new packaged offers, high value-added services, bancassurance ... CIH Bank is considered today a pioneer in the market. In addition, the CIH Bank Group can capitalize on its long-standing expertise in home loans and property development, its historical business. 01

RAPPORT ANNUEL 2016 11 01 Key figures

Share capital 2.66 billion Dirhams

Commercial network

new branches 14 in 2016 257 branches and 9 regional Financial directorates Results Total balance sheet 2016 : 42.2 billion Dirhams 2015 : 39.3 billion Dirhams

Gross operating income 2016 : 620.8 million Dirhams 2015 : 707.7 million Dirhams

Net income 2016 : 452.0 million Dirhams 2015 : 471.0 million Dirhams

Equity 2016 : 4.48 billion Dirhams 2015 : 4.40 billion Dirhams Commercial performance 123 600 new accounts in 2016

Total outstanding deposits 2016 : 26.52 billion Dirhams 2015 : 22.96 billion Dirhams

Change in customer deposits +15.5%

Total outstanding loans 2016 : 30.68 billion Dirhams 2015 : 28.0 billion Dirhams

Humain capital 1 716 employees in 2016 Average age : 41 years Average seniority : 15 years Breakdown by gender

37 % Women 63 % Men

RAPPORT ANNUEL 2016 13 The governance system implemented respects the general principles of corporate governance. This system is composed of control and management bodies, drawn from the Board of Directors. 02 Governance

Board of directors The Board may establish within itself, with the assistance, if it deems it necessary, The Board of Directors determines the of third parties, whether shareholders or orientations of the Company’s activities not, technical committees responsible and ensures their implementation. for studying the matters it submits to Subject to the powers expressly them for an opinion. The activities of granted to the Shareholders’ Meetings these committees and the opinions or and within the limits of the corporate recommendations formulated are reported purpose, the Company shall consider during the meetings of the board. any matter affecting the proper The Board shall determine the composition functioning of the Company and settle and powers of the committees operating its business in its deliberations. under its responsibility.

Members of the Board of Directors as of February 22, 2017

President Chairman and Mr. Omar LAHLOU Director of CDG’s Mr. Ahmed RAHHOU CEO of CIH BANK Finance Division

Directors General Manager Mr. Karim CHIOUAR General Manager Mr. Abdellatif ZAGHNOUN of CDG of HOLMARCOM Group

Mr. Yassine Abderrazik Director of CDG’s Independent Chief Executive Officer HADDAOUI Development and Strategy Directors of CIMR Division Mr. Khalid CHEDDADI Permanent representative of Massira Capital Management Mrs. General Manager National Amina BENKHADRA Office Of Hydrocarbons and Mr. Mohamed Hassan Chairman and Chief Executive Mines (ONHYM) BENSALAH Officer of HOLMARCOM

Mr. Mustapha LAHBOUBI Director of CDG’s Risk Management Division Activities of the Board Committees Created by of Directors in 2016 the Board of Directors During the financial year 2016, the Board of Directors held four meetings during which it Appointments, Compensation and dealt with the following points : Governance Committee • Approval of the financial statements for the On a yearly basis, the Appointments, fiscal year 2015; Compensation and Governance Committee • Adoption of the medium-term plan 2016- gives an opinion on the recruitment, 2020; appointment, dismissal and compensation of • Approval of the 2017 Budget; the Chairman of the Board of Directors and its • The issuance of a subordinated bond of 1 members, the managers and employees of the billion Dirhams; Company. • Approval for the participation of the CIH Bank in the increase of the capital of SOFAC. President of the committee Managing Director Mr. Abdellatif ZAGHNOUN In terms of corporate governance, the Board of Directors of the 14 December 2016 made the following changes : Member of the committee Chief Executive • Redefinition of the technical committees Mr. Khalid CHEDDADI Officer of CIMR created by the Board of Directors in 4 committees : This committee held a meeting during which a. Appointments, Compensations and it reviewed the variable compensation of the Governance Committee; bank’s managers. b. Strategic Committee; c. Audit Committee; Strategic Committee d. Risk Committee; The purpose of this committee, chaired by • Updating of governance documents: charters the Chief Executive Officer, is to propose to of these committees, rules and regulations of the Board of Directors elements for reflection the Board and the Directors’ charter. and guidance concerning the positioning of In addition, the Board of Directors also co-opted the bank, the markets sought, the businesses an independent director. exercised, the strategic vision and the strategic objectives. The Board of Directors has delegated some of its powers to the Strategic Committee which decides on the following management actions: • Any granting of a loan to a customer (or group) of an amount exceeding one hundred and fifty million Moroccan Dirhams (150 MMAD) • Loan applications to companies or group of companies that are part of CDG group, for which the total outstanding debt exceeds a hundred million Dirhams (100 MMAD) for any particular transaction or for all transactions over a one-year period ;

RAPPORT ANNUEL 2016 15 • Loan application to related parties, regardless • The Strategy Committee meets of the amount, in accordance with the provisions monthly and whenever necessary. of Article 51 of the circular of the Governor of Bank Al-Maghrib No. 40/G/2007 relating to the internal control within President Chief Executive credit institutions; of the Committee Officer of CIH Bank • Acquisition of assets, investment decision M. Ahmed RAHHOU for an amount exceeding seventy-five million Dirhams (75MMAD) ; President Managing Director Of the • Disposal of assets by CIH BANK elements for of the Committee CDG (Caisse de Dépôt et de an amount exceeding twenty million Dirhams (20 M. Abdellatif Gestion) MMAD); ZAGHNOUN • Any decision on amicable settlement of credit cases whose net debt (gross debt net of President Chief Executive provisions and reserved premiums) is greater of the Committee Officer of CIMR than twenty million Dirhams (20 MMAD) ; M. Mohamed Hassan • Any matter considered important by the Board BENSALEH of Directors. Member Chief Executive Furthermore, to enable the Board of Director of the Committee Officer of CIMR to approve certain decisions, the Strategic M. Khalid CHEDDADI Committee will be consulted for advice on the following management actions : Member Director of CDG’s • Launch of new business lines ; of the Committee Development and Strategy • Industrial projects ; M. Yassine Division • Developing the business plan, monitoring its ABDERRAZIK Permanent representative of achievements and its potential enhancements ; HADDAOUI Massira Capital Management • Synergies with CDG’s subsidiaries (identification of new opportunities and follow up on the implementation of partnerships). The Strategic Committee held 11 meetings in 2016 during which it dealt with the following items : • Credit approvals; • Examining of the plan of commencement of debt collection cases; • Reviewing of MTP 2016-2020; • Reviewing of the draft budget for 2017; • Other: Project of sports club for the staff.

Audit Committee

The Audit Committee, which meets at least four times a year, ensures : • The monitoring and evaluation of the implementation of the framework of internal control, risk management and conduct of the audit activity. • The integrity of the financial reporting by the institution by ensuring the relevance and consistency of accounting standards used in the preparation of individual and consolidated accounts. President Director of Risk Committee of the Committee CDG’s Finance Division The Risk Committee is an offshoot of the Board M. Omar LAHLOU of Directors to which it reports on its work. It is responsible for assisting the Board of Directors in Member General Manager of strategy and risk management. of the Committee HOLMARCOM Group M. Karim CHIOUAR The Risk Committee meets as necessary and at least four times a year. Member Director of CDG’s Risk The members of the Risk Committee are appointed by of the Committee Management Division the Board of Directors for the duration of their term as M. Mustapha members of the Board of Directors. LAHBOUBI The composition of the Risk Committee may be Member Chief Executive Officer amended at any time by simple decision of the Board of of the Committee of CIMR Directors. M. Khalid CHEDDADI President Director of Member General Manager- National of the committee CDG’s Finance Division of the Committee Office of Hydrocarbons and M. Omar LAHLOU Mme. Amina Mines (ONHYM) BENKHADRA Member General Manager of the Committee of HOLMARCOM Group M. Karim CHIOUAR During the financial year 2016, the Audit Committee held 5 meetings during which it dealt in particular Member Director of CDG ‘s Risk with the following items : of the committee Management Division • Approval of the financial statements as at M. Mustapha December 31, 2015 and June 30, 2016; LAHBOUBI • IFRS provisioning methodology; • Risk mapping as of March 31, 2016 and September Member General Manager- National 30, 2016; of the committee Office of Hydrocarbons and • Presentation of the principles of professional and Mme. Amina Mines (ONHYM) corporate risk policies; BENKHADRA • Revision of disposal rules and ALM limits; • Situation of written off debts; The responsibilities of the Risk Committee include : • Compliance and permanent control work as of • Advising the Board of Directors on risk strategy and March 31, 2016; degree of risk aversion; • Action plan for Branches Audit findings and • Ensuring that the level of risks incurred is within the achievements in relation to the findings on the limits set by the management body in accordance with mission of the Management of Guarantees; the degree of risk aversion defined by the administrative • Main conclusions of the audit missions 2015; body; • Reviewing and approving the 2016 audit plan and • Assessing the quality of the risk management system; 2017 audit plan; • Evaluating the risk control and monitoring system at • Monitoring the implementation of audit the level of the institution and the group; recommendations. • Ensuring that information systems are appropriate to the risks involved; • Appreciating the human and material resources allocated to the risk management and control function and ensuring its independence; • Taking charge of any matter that would be entrusted to it by the Board of Directors relating to risk management.

RAPPORT ANNUEL 2016 17 03 CIH BANK Shareholders

SANAD RCAR ATLANTA 5.86% 3.81% 5.71% BCP HOLMARCOM 0.79% 0.13%

FLOTTANT EN BOURSE 17.83%

Massira Capital Management 65.88% RAPPORT ANNUEL 2016 19 • Renforcement de la participation dans le capital de SOFAC (+66,4 Mdh); • Souscription à l’augmentation de capital de LE TIVOLI (+39,7 Mdh); 04 Strategy • Prise de participation dans le capital de QMB AJARINVEST (+40,1 Mdh);

CIH Bank has successfully completed a major project of repositioning its activities towards the universal banking model, in parallel with its historic business: home loans and real estate development. Today, the Bank proposes a complete and innovative offer designed to meet the needs and expectations of each category of customers: individuals, professionals, companies, real estate developers and major clients. The Bank has thus structured itself into several areas of expertise.

Retail and Real Estate Banking Professionals business area Banking business area As a reference partner in the real estate With its network of 257 branches, sector, CIH Bank offers its real estate CIH Bank is present in many cities loan financing solutions to individuals, throughout Morocco. E-banking, developers and planners. Professionals electronic money, bancassurance ... in the sector also benefit from tailor- the Bank is constantly developing new made support from its business centres innovative, high value-added products specialized in real estate. and services. The goal is to build a rich and diverse multichannel and multiservice experience and simplify everyday customer life.

Corporate Banking business area

The financial sector is now playing more than ever a key role of lever for the Moroccan economy. That is why CIH Bank supports its partners, major private and institutional clients, in their most ambitious and structuring projects. Filiales et participations 05 Subsidiaries and investments

At the end of 2016, CIH Bank’s investment portfolio consists of 31 entities for a net amount of MAD 1 520.2 million, with an increase of MAD 160.4 million compared to 2015. This overall increase covers:

• Reinforcement of the shareholding in • Acquisition of a stake in the capital of the SOFAC (+66.4 million MAD); SBVC (+11.8 million MAD); • Subscription to LE TIVOLI’s capital • Acquisition of a stake in the capital of increase of (+39.7 million MAD); SANGHO (+2.8 million MAD); • Acquisition of a stake in the capital of QMB • Transfer of the stake held in the capital of AJARINVEST (+40.1 million MAD); MSIN (-1 million MDH).

As a result of these transactions, the structure of CIH Bank’s investment portfolio at the end of December 2016 is as follows :

Subscription Net amount Products listed in the income In MMAD Number Share / Total value Of provisions and expense statement Financial companies 15 1 450 84,2% 1 449 49 Hotel companies 3 248 14,4% 68 0 Land development 10 17 1,0% 2 0 companies Wholly-owned subsidiaries 3 6 0,4% 1 17 TOTAL 31 1 722 100% 1 520 66

CIH Bank’s shareholdings in financial and similar companies dominate the investment portfolio with MAD 1 449.1 million and 84.2% of the total portfolio. These shareholdings, the bulk of which were initiated under the 2010-2014 strategic plan, contributed to improving the Bank’s performance in dividend income through the collection of MAD 49 million compared to MAD 44 million In 2015.

On the other hand, the portfolio of hotel shareholdings did not undergo significant changes and amounted to MAD 248.1 million representing 14.4% of the total portfolio.

Finally, the wholly-owned subsidiaries of CIH Bank and the other CIH Bank shareholdings remained unchanged during 2016.

RAPPORT ANNUEL 2016 21 ECONOMIC AND FINANCIAL ENVIRONMENT

National and Real estate Banking international sector and financial economic environment environment

Rate market Stock market

The global economy is still not showing a clear sign of recovery. However, the situation is expected to improve from 2017, especially in the United States and emerging countries.

In Morocco, drought has affected the agricultural season 2015-2016 and consequently the growth of the national GDP. 02

RAPPORT ANNUEL 2016 23 01 National and international economic environment

International Economic Environment

The international economic environment Despite favorable favourable monetary conditions, continued to slow down this year. In 2016, global the low level of the investment will persist. The growth has peaked at + 3.1%, against + 3.2% in high level of unemployment, the development 2015. Several factors explain this deceleration, of world trade and the decline in activity in the including low commodity prices, declining trade United Kingdom are expected to continue to flows, the volatility of exchange rates and capital weigh on growth prospects in the region. For their flows, or the stagnation of investments. part, the emerging countries generally show a slight acceleration of their activity in 2016. The The situation is more varied according to the latter is expected to recover in 2017 and 2018, different zones, the projections of which for ending thus five consecutive years of slowdown. the next two years are more or less optimistic. After registering a 1.6% growth in 2016, which is losing momentum, the US’s economic activity is expected to strengthen in 2017 and 2018, assuming fiscal stimulus and mitigation of the impact of the appreciation of the dollar. Within the Eurozone, growth remains moderate: after stagnating at 1.7 in 2016, it is expected to reach 1.6% in 2017 and 2018.

+3.1% Global growth National Economic Environment

According to data from the High Commissioner’s Office for Planning, the Moroccan economy is This below average performance is mainly due to expected to end the year 2016 with a GDP growth the severe drought that occurred over more than of 1.1%, against 4.5% a year earlier. three months of the 2015/2016 crop year. This slowdown is due in particular to the poor The value added of the secondary sector has cereal crop. Non-agricultural activities registered slowed down: its growth rate rose from 1.8% to a slight recovery of 2.2% compared to 2015. 0.9% between the 3rd quarters of 2015 and 2016. This situation is explained by the small increase The fiscal deficit continued to decline : it stood in the value added of water and electricity (+ 3.9% at 4.1% of GDP, against 4.3% in 2015. On the versus + 4.6% in 2015), processing industries (+ other hand, the current deficit of foreign trade is 0.8% instead of + 2.8%), construction and public increasing: its share in GDP rises from 2.1% in works (0.7% instead of 0.1%). The value added 2015 to 3.8% in 2016. It is expected to return to of the secondary sector was also impacted by 3.4% by 2017. a 1.4% drop in the value added of the mining industry (versus -3% in 2015). The overall public debt remains viable despite a slight increase in its share of GDP. The latter The tertiary sector is the best performing sector: increased from 80.4% in 2015 to 81.8% in 2016 its value added has increased by 2.5% in 2016, and is expected to fall to 80.5% by 2017. The compared to 1.2% in the same quarter of 2015. share of the Treasury debt in the GDP rose from The sector has also continued to support the 64.1% in 2015 to 64.8% in 2016. It is expected to economic activity, in particular through to the be reduced to 64% by 2017. dynamics of trade and communication activities. The strong pick-up in tourism activities, whose After registering a 13.5% growth in the 3rd value added rose by 7.1% in annual variation quarter of 2015, primary sector value added by (against 7.7% a quarter earlier), also contributed volume decreased by 10.9% during the same to this upturn. Tourism has benefited from an period in 2016. This is due both to a 11.7% decline 18.3% increase in tourist overnight stays. in agriculture activity (against 13.3% a year earlier) and a 1.6% decline in the fisheries sector activity (compared to an increase of 15.9%, the previous year).

-11.7% +1.1% Decline in agricultural activities GDP growth in Morocco

+18.3% 4.1% Tourist overnight stays Share of the budget deficit in GDP

RAPPORT ANNUEL 2016 25 02 Real estate sector

The real estate sector is still struggling to regain However, the number of transactions increased by its growth momentum, due in particular to the 24%, i.e. +26.2% for residential properties, +15.8% persistence of certain unfavourable factors, for land and +20.6% for commercial properties. such as the low level of private investment or the decline in loans granted to property developers. According to the HCP (High Commissioner’s Office for Planning), the real estate sector totalled 81,450 According to Bank Al-Maghrib (Moroccan Central construction starts in the first half of 2016 (that Bank), the Real Estate Asset Price Index recorded is, a decrease of 9.1% compared to the first half a year-on-year increase of 1.4% in the third of 2015). In the same period, housing production quarter of 2016. This increase was observed amounted to 71,540 units (i.e. a decrease of 13%). across all asset categories: commercial (+4.4%), land (+ 2.4%) and residential (+ 0.6%). The pace of production registered since 2011 has helped alleviate the housing deficit without, The volume of real estate transactions fell by however, reducing it, with a decline of more than 8.7% year-on-year in the third quarter of 2016 80,000 units per year. For 2016, the Ministry of compared with the same period in 2015. This Housing and Urban Policy forecasts 480,000 units was due to a decline in residential property sales that integrate both new demand and the need for (-8.4%), Commercial property (-9.3%) and land restructuring. (9.8%).

-8.7% Decrease in the volume +1.4% of property transactions Real estate asset price

81 450 Construction starts in the first half of 2016 03 Banking and financial environment

On a year-on-year basis, the growth rate of the M3 monetary aggregate increased by 5%. This includes in particular a 6.4% increase in debt to the economy, a 12.1% increase in net international reserves, and a 1.9% decline in net claims on central government Last year increased by 2.4% in 2015).

In addition, liquid investment aggregates increased by 9.5% in the third quarter of 2016, driven by increases in the Treasury bill and bond mutual funds rates of 8.5% and 12.7%, respectively. Shares of Equity and diversified mutual funds increased by 6.1%.

The deposits of customers of the banking system This includes an increase of 3.3% in non-real amounted to MAD 852,045 million at the end of estate loans and 2.8% in real estate loans. December 2016, against MAD 816,051 million in The increase in real estate loans breaks down as 2015, that is, an increase of 4.4%. follows : • Home buyer loans + 4.9% With a share of 63.5%, interest-free deposits • Property development loans -3.6% remain predominant in the structure of banking • Equipment loans + 10.3% resources at the end of December 2016. At the • Consumer loans + 5.6% same time, interest-bearing deposits represent • Cash loans + 1.7% 38.7% of total resources, diminishing by 2.2 points compared to the end of 2015. Commitments by signature increased by 18% to stand at MAD 238.811 million, of which 52.4% In this envelope, it is worth noting that there was coming from the guarantee commitments. an increase in demand deposits which amounted to MAD 686,070 million against MAD 639,269 In terms of credit risk, customer non-performing million in 2015, marking thus an increase of loans increased by 6.8% compared to 2015, 7.3%. Term deposits, on the other hand, declined standing at MAD 61,744 million. by 6.1% at the end of 2016, from MAD 176,782 million in 2015 to MAD 165,976 million in 2016. On the other hand, provisions and reserved bank charges (agios) increased by 9.9%. They amounted Bank loans continued to decelerate in 2016. The to MAD 42,626 million. As a result, the coverage banking sector’s outstanding loans stood at MAD rate stands at 69%. 692,193 million compared to mad 671,411 million in 2015, that is, an increase of 3.1%.

+2.8% Increase in real estate +3.3% loans Increase in non-real estate loans

RAPPORT ANNUEL 2016 27 Marché des taux

04 Rate Market

The year 2016 was marked by four phases, The Central Bank decided on its June Board characterized by the evolution of liquidity and by meeting to raise the monetary reserve rate by 2 the decisions of Bank Al-Maghrib. percentage points to 4%. This decision deprived banks of MAD 9 billion of cash and made them During the first quarter, liquidity improved dependent on advances for up to 7 days from the considerably, increasing by more than MAD 6 central bank. billion. The outstanding (annual) loans from the Central Bank to the banks under the program The third quarter began with an adjustment of day- of support for the VSE/SME amounted to MAD to-day money market rates to levels close to the 9 billion while the money market deficit went policy rate (2% on repo and 2.25% on interbank). down from 16 to 10 billion MAD during the In response, bond rates began a bullish period quarter. The 7-day advances, which supplement that lasted throughout the quarter. Investors the interventions of Bank Al-Maghrib, were thus have in fact integrated the higher financing costs reduced to MAD 1 billion. This abundant liquidity and uncertainty as to the possible restrictive encouraged investors to position themselves on liquidity decisions issued by the Central Bank. the Treasury Bonds and led to a drop in bond The increases were between 15 and 45 bps and rates on all maturities, between 30 and 70 bps. particularly affected the 2 to 10 year bracket. The second quarter was dominated by the During the fourth quarter, investors confidence decrease of bond rates, following the Central has returned, reinforced by the status quo of Bank Bank’s decision to lower the policy rate to Al-Maghrib and the good behaviour of public 2.25%, that is, a decrease of 25 bps. Bond rates finances. Bond rates declined significantly, notably have automatically declined by 25 bps on most the 5-year and 10-year rates, which fell by 13 bps maturities. During the period, the liquidity easing and 9 bps respectively. continued until a deficit of around MAD 4 billion Overall over the year, bond rates have registered a was reached. decrease between 25 and 30 bps in the short term This deficit was covered by outstanding advances (less than 2 years), between 35 and 45 bps on the 5 from Bank Al-Maghrib of an amount of MAD 6 to 15 year bracket, and finally, 50 bps and 70 bps, billion, which represents a daily liquidity overhang respectively over the 20 years and the 30 years. of the money market of MAD 2 billion. Day-to- day rates fell to very low levels: 1.5% on the repo market and 2% on the interbank market. In order to keep control over monetary policy and steer rates. 05 Stock market

After a year in the red, the Casablanca stock Market capitalization rose by 28.7% to reach market returns to the rise and closes the 2016 MAD 583.4 billion, partly reflecting the financial year on an exceptional performance of evolution of MASI in 2016. 30.46% to 11,644.22. Maroc Telecom remains the market’s first This performance can be explained by the market capitalization, monopolizing 21.4% favourable orientation of large market caps of the market’s valuation. It is followed by such as MAROC TELECOM, LAFARGE HOLCIM LAFARGE HOLCIM MAROC (9.8%) as well MAROC or ATTIJARIWAFA BANK. as by three banking institutions namely ATTIJARIWAFA BANK (14.4%), BCP (8.9%) and The real estate sector has also made a BMCE BANK OF AFRICA (6.7%). The market favourable year with an increase of 73.42%, as capitalization of CIH Bank amounts to MAD did the banking sector, which grew by 18.51%. 7.98 billion.

Evolution of banking sector and stock market As regards the overall volume processed, it indexes in 2016 increased by 24.7% in 2016 to stand at MAD 13 000,00 50.5 billion. This variation incorporates an 12 500,00 11.5% increase in transactions achieved in 12 000,00 11 500,00 the central market (totalling MAD 32.1 billion) 11 000,00 and 57.3% of the volume traded on the block 10 500,00 10 000,00 market (for a total of MAD 18.4 billion). 9 500,00 9 000,00 8 500,00 8 000,00 7 500,00 Evolution of market capitalization 7 000,00

586,3 579,0 583,4 600,0 531,7 508,9 29/12/2015 29/01/2016 29/02/2016 29/03/2016 29/04/2016 29/05/2016 29/06/2016 29/07/2016 29/08/2016 29/09/2016 29/10/2016 29/11/2016 29/12/2016 516,2 484,4 500,0 453,3 445,3 451,1 MASI MADEX BANk REAL ESTATE 400,0

300,0 Evolution of real estate sector and stock market indexes in 2016 200,0 17 000,00 100,0 16 000,00 15 000,00 - 14 000,00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 13 000,00 12 000,00 11 000,00 10 000,00 9 000,00 8 000,00 7 000,00 29/12/2015 29/01/2016 29/02/2016 29/03/2016 29/04/2016 29/05/2016 29/06/2016 29/07/2016 29/08/2016 29/09/2016 29/10/2016 29/11/2016 29/12/2016

RAPPORT ANNUEL 2016 29 ACTIVITY

Highlights Key Balance Sheet Indicators

In a still uncertain economic environment, despite a slight upturn in the banking sector, CIH Bank continues to grow and registers a good commercial performance, both in terms of opening accounts and outstanding deposits. In addition, the Bank has also successfully completed the digital transformation. This year, it has also launched new products that are always more innovative and adapted to changing customer needs. 03

RAPPORT ANNUEL 2016 31 01 Highlights

January Launch of Remote Motor Vehicle Tax (vignette) Payment Service

February Subscription of 40% in the capital of AJARINVEST

May • Acquisition of a stake in the capital of the participatory bank QMB Creation

• [CODE30] pack launch Campaign, dedicated to young people under 30 years old June End of deployment of the new Nov@Bank information system in all branches September Participation in SOFAC’s capital increase

December • CIH Bank gets High grade AA- Long-term F1 + Short term rating at the national level and international BB + Long-term B Short-term rating from FITCH Rating Agency.

• Subordinated bond issue of MAD 1 billion over 10 years being 2.5 times oversubscribed 14 nouvelles agences ouvertes en with a spread of 70 bps 2016 portant le réseau à 257 agences

Key figures 388 400 products placed

14 new branches opened in 2016 bringing the network to 257 branches

RAPPORT ANNUEL 2016 33 02 Key balance sheet indicators for 2016

Financial Results

47,9 44,9 Individual corporate basis 42.2 Total balance sheet 39.3 2016 : 42.2 billion Dirhams 2015 : 39.3 billion Dirhams 2016 2015 Consolidated basis Total balance sheet 2016 : 47.9 billion Dirhams Corporate Consolidated 2015 : 44.9 billion Dirhams balance sheet balance sheet +7.38% +6.68%

751.8 725.0 Individual corporate basis 707.8 Gross operating income 620.8 2016 : 620.8 million Dirhams 2015 : 707.8 million Dirhams 2016 Consolidated basis 2015 Gross operating income 2016 : 751.8 million Dirhams 2015 : 725.0 million Dirhams Corporate GOI Consolidated GOI -12.3% +3.7% 471 519.5 452 Individual corporate basis 434.5 Net income 2016 : 452 million Dirhams 2015 : 471 million Dirhams 2016 Consolidated basis 2015 Net income 2016 : 434.5 million Dirhams 2015 : 519.5 million Dirhams Corporate Consolidated net income net income -4% -16.4%

5.14 5.0 4.48 4.40 Individual corporate basis Equity 2016 : 4.48 billion Dirhams 2015 : 4.40 billion Dirhams 2016 Base consolidée 2015 Fonds propres 2016 : 5,14 billion Dirhams 2015 : 5,0 billion Dirhams Equity Equity 1.82% 2.80%

RAPPORT ANNUEL 2016 35 Consolidated Data 5.9 5.1 20.9 Total outstanding customer 18.1 deposits

2016 : 28.4 billion Dirhams 2016 2015 2015 : 25.1 billion Dirhams Evolution of customer deposits +13.4% Sight deposits Term deposits +15.6% +15.7%

10.4 8.4 36.7 33.7 Encours global des crédits à la clientèle 2016 2015 2016 : 36.7 billion Dirhams 2015 : 33.7 billion Dirhams

Customer Non-real estate loans loans +8.8% +23.8%

Commercial Human Performance Capital 123 600 1 716 employees new accounts in 2016 Average age : 41 years Placement of + 388 400 products Average seniority : 15 years Passbook savings accounts 36 000 Electronic money 148 000 Checking account 37 % Women 123 600 63 % Men

Bancassurance and Assistance 80 800 RAPPORT ANNUEL 2016 37 FINANCIAL DATA 04 01 Statutory auditors’ general report

COOPERS AUDIT 47, rue Allal Ben Abdellah 83, Avenue Hassan II 20 000 Casablanca 20 100 Casablanca Maroc Maroc

For shareholders of CREDIT IMMOBILIER ET HOTELIER (CIH) 187, avenue Hassan II Casablanca

SUMMARY OF THE STATUTORY AUDITORS ‘GENERAL REPORT FISCAL YEAR FROM JANUARY 1st TO DECEMBER 31st, 2016

In accordance with the mission entrusted to us by your general meeting, we present to you our report for the year ended December 31, 2016.

We have audited the attached consolidated financial statements of Crédit Immobilier et Hôtelier (CIH), including the balance sheet, income and expenses statement, management account statement, cash flow statement and additional disclosures statement for the financial year ended December 31, 2016. These consolidated statements show an amount of shareholders’ equity and quasi-equity of KMAD 6,523,514, including a net profit of KMAD 451,964.

The Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the accounting standards accepted in Morocco.

Our responsibility is to express an opinion on these financial statements based on our audit. We carried out our mission according to the Professional Standards applicable in Morocco and taking into account the legal and regulatory provisions in force. We hereby certify that the financial statements referred to in the first paragraph above are true and legitimate and give, in all their significant aspects, a true and accurate image of the results of transactions for the year then ended and of the financial position and assets of the Credit Immobilier et Hôtelier (CIH) as at December 31, 2016 in accordance with the accounting standards accepted in Morocco.

Specific verifications and information

We have also carried out the specific verifications required by law and we are assured of the concordance of the information given in the Board of Directors’ management report to shareholders with the bank’s financial statements.

Furthermore, in accordance with the provisions of article 172 of Law No. 17-95 as amended and supplemented, we inform you that in fiscal year 2016, the bank :

- acquired 40% of the share capital of QMB Company, a company created in 2016; - acquired 40% of the share capital of AJARINVEST, a company created in 2016.

Casablanca on February 23, 2017,

Statutory Auditors

RAPPORT ANNUEL 2016 41 Parent company financial statements 02 Balance sheet at 31/12/2016 in MAD thousands

Assets 31/12/16 31/12/15 Cash and balances with central banks, the Treasury Post office accounts 1 583 420 2 184 829 Loans and advances to credit institutions and similar establishments 1 217 428 1 416 141 - Sight 422 388 608 882 - Term 795 040 807 259 Loans and Advances to customers 30 683 215 28 000 631 - Short-term loans and consumer loans 4 009 973 3 376 504 - Equipement loans 1 955 198 1 105 434 - Mortgage loans 23 721 172 22 632 946 - Other loans 996 871 885 747 Receivables acquired through factoring - - Trading securities and available-for-sale securities 1 523 325 296 582 - Treasury bills and similar securities 1 131 945 0 - Other debt securities 29 577 - - Fixed income funds 361 803 296 582 Other assets 948 658 766 771 Investment securities 2 480 637 3 217 955 - Treasury bills and similar securities 2 480 637 3 217 955 - Other debt securities - - Investments in affiliates and other long-term investments 1 637 136 1 475 396 Subordinated loans 130 019 130 019 Leased and rented assets - - Intangible assets 222 346 201 312 Tangible assets 1 820 623 1 592 315 Total Assets 42 246 807 39 281 952

Off balance sheet items at 31/12/2016 in MAD thousands

Designations 31/12/16 31/12/15 COMMITMENTS GIVEN 5 234 282 6 126 717 Financing commitments given to credit institutions and similar establishments 152 455 151 772 Financing commitments given to customers 3 971 536 4 420 636 Guarantees given to credit institutions and similar establishments 824 834 Guarantees given to customers en milliers1 109 466de DH1 553 475 Securities purchased with repurchase agreement - - Other securities to be delivered - - Parent company financial statements 03 Balance sheet at 31/12/2016 in MAD thousands

Liabilities 31/12/16 31/12/15 Amounts owning to central banks, the Treasury and post office accounts - - Amounts owning to credit institutions and similar establishments 833 964 897 169 - Sight 161 180 159 996 - Term 672 785 737 173 Customer deposits 26 517 766 22 959 410 - Current accounts in credit 15 950 535 13 407 865 - Saving Accounts 4 411 988 4 155 180 - Term deposits 5 667 492 4 877 229 - Other accounts in credit 487 751 519 135 Debt securities issued 7 113 223 8 558 530 - Negotiable debt securities 4 737 465 5 851 392 - Bonds 1 215 038 1 292 892 - Other debt securities issued 1 160 720 1 414 246 Other Liabilities 966 216 1 162 788 General provisions 292 123 260 840 Subordinated debts 2 044 179 1 043 331 Reserves and premiums related to share capital 950 675 927 125 Share Capital 2 660 809 2 660 809 - Shareholders unpaid share capital (-) - - Retained earnings (+/-) 415 887 340 939 Net income to be allocated(+/-) - - Net income for the financial year(+/-) 451 964 471 013 Total Liabilities 42 246 807 39 281 952

Off balance sheet items at 31/12/2016 in MAD thousands

Designations 31/12/16 31/12/15 COMMITMENTS RECEIVED 5 959 990 5 563 135 Financial commitments received from credit institutions and similar establishments - - Guarantees received from credit institutions and similar establishments - - Guarantees received from the State and other organisations providing guarantees 5 959 990 5 563 135 Securities sold with repurchase agreement - - Other securities to be received - -

RAPPORT ANNUEL 2016 43 Parent company financial statements 04 Income statement at 31/12/2016 in MAD thousands

Label 31/12/16 31/12/15 OPERATING INCOME FROM BANKING ACTIVITIES 2 292 595 2 280 886 Interest and similar income from transactions with credit institutions 24 790 31 168 Interest and similar income from transactions with customers 1 762 055 1 755 764 Interest and similar income from debt securities 91 598 138 646 Income from equity securities 121 512 124 274 Income from lease-financed fixed assets - - Fee income 218 685 186 566 Other banking income 73 956 44 469 OPERATING EXPENSES ON BANKING ACTIVITIES 775 448 819 310 Interest and similar expenses on transactions with credit institutions 41 912 92 025 Interest and similar expenses on transactions with customers 329 342 260 484 Interest and similar expenses on debt securities issued 325 731 415 710 Expenses on lease-financed fixed assets - - Other banking expenses 78 463 51 091 NET BANKING EXPENSES 1 517 146 1 461 576 Non-banking operating income 30 959 126 919 Non-banking operating expenses 359 5 361 GENERAL OPERATING EXPENSES 927 061 875 201 Staff costs 471 959 445 442 Taxes and duty 24 932 24 382 External expenses 290 359 275 447 Other general operating expenses 23 203 23 452 Allocations to Depreciation, amortisation and provisions 116 608 106 478 PROVISIONS AND LOSSES ON BAD DEBTS 295 531 235 458 Provisions for non-performing loans and signature loans 187 449 197 198 Losses on bad debts 37 093 3 984 Other provisions 70 989 34 276 PROVISION WRITE-BACKS AND AMOUNTS RECOVERED ON IMPAIRED LOANS 334 119 272 559 Provision write backs for non-performing loans and signature loans 231 876 191 423 Amounts Recovered on impared loans 61 079 48 599 Other provisions write-backs 41 164 32 536 INCOME FORM ORDINARY ACTIVITIES 659 274 745 034 Non-recurring income 22 587 41 753 Non-recurring expenses 13 057 55 003 PRE-TAX INCOME 668 804 731 784 Income Tax 216 839 260 772 NET INCOME FOR THE FINANCIAL YEAR 451 964 471 013 I - RESULT ANALISYS 31/12/16 31/12/15 + Interest and similar income 1 878 442 1 925 577 - Interest and similar expenses 696 985 768 219 INTEREST MARGIN 1 181 457 1 157 358 + Income from lease-financed fixed assets - - - Expenses on lease-financed fixed assets - - NET INCOME FROM LEASING ACTIVITIES - - + Fees received 224 232 191 034 - Fees paid 9 616 7 675 NET FEE INCOME 214 616 183 359 + Income from trading securities 6 609 - + Income from available for sale securities -1 411 -226 + Income from foreign exchange activities 25 342 21 244 + Income from derivatives activities - - INCOME FROM MARKET ACTIVITIES 30 540 21 019 + Other banking income 138 535 140 273 - Other banking expenses 48 003 40 433 NET BANKING INCOME 1 517 146 1 461 576 + Income from long-term investments 2 974 -221 + Other Non-banking operating income 28 129 126 919 - Other Non-banking operating expenses 359 5 361 - General Operating Expenses 927 061 875 201 GROSS OPERATING INCOME 620 830 707 712 + Net provisions non-performing loans and signature loans 68 414 38 841 + Other net to provisions -29 969 -1 519 NET OPERATING INCOME 659 274 745 034 NON OPERATING INCOME 9 529 -13 250 - Income Tax 216 839 260 772 NET INCOME FOR THE FINANCIAL YEAR 451 964 471 013

II- TOTAL CASH FLOW 31/12/16 31/12/15 NET INCOME FOR THE FINANCIAL YEAR 451 964 471 013 + Depreciation, amortisation and provisions for fixed asset impairment 116 608 106 478 + Provisions for impairment of long term investments - 221 + General provisions 30 078 31 559 + Extraordinary provisions - - + Non-current allocations - - - Reversals of provisions 36 819 12 942 - Capital gains on disposal of fixed assets 8 063 93 390 + Losses on disposals of fixed assets 359 5 361 - Capital gains on disposal of long term investments 2 830 - + Losses on disposal of long term investments - - - Write-backs of investment subsidies received - - + TOTAL CASH FLOW 551 297 508 300 - Profits distributed 372 513 425 729 SELF-FINANCING 178 783 82 570

RAPPORT ANNUEL 2016 45 05 Proposed resolutions submitted for approval by the Ordinary General Meeting

Date : Wednesday, March 29, 2017, at 11:00 am

FIRST RESOLUTION : The Ordinary General Meeting ratifies the procedures for convening as adopted by the Board of Directors in both substance and form, and considers it valid in all its effects. Final discharge has been given to the Board of Directors.

SECOND RESOLUTION : The Shareholders’ General Meeting, having satisfied the quorum and majority requirements for Ordinary Meetings and after hearing the management report of the Board of Directors and the general report of the statuary auditors on the company’s financial statements for the fiscal year ending on December 31, 2016, approves both the aforementioned reports in all their parts and the financial statements for fiscal year 2016, as they were prepared and presented, showing a net profit of MAD 451,964,390.78 for the company accounts.

Consequently, the General Meeting grants full discharge to the Board of Directors for the performance of their duties for Fiscal Year 2016.

THIRD RESOULTION : The Shareholders’ General Meeting, having satisfied the quorum and majority requirements for Ordinary Meetings, grants a discharge to the Statuary Auditors for the performance of their duties.

FOURTH RESOLUTION : The Shareholders’ General Meeting, having satisfied the quorum and majority requirements for Ordinary Meetings, after being fully informed about the report of the Board of Directors and the report of the Statuary Auditors on the annual accounts : • Notes that the profit available for distribution, taking into account the retained earnings which amounts to MAD 415,887,198.88, stands at MAD 845,253,370.12. • Decides to set the amount of dividends at MAD 14 per share. • Acknowledges that the total amount to be distributed as dividends for the fiscal year 2016 amounts to MAD 372,513,190. • Decides to carry forward the balance of the distributable profit, in an amount of MAD 472,740,180.12.

Summary of the allocation of profits : 2016 Profit for the year 451 964 390,78 Deduction of previous losses - Profit for the year after deduction of losses 451 964 390,78 Legal Reserve (-) 22 598 219,54 Prior year retained earnings brought-forward 415 887 198,88 New Balance forming the distributable profit for the year 845 253 370,12 Number of shares 26 608 085,00 Dividend per share 14 Distributable amounts as dividends to shareholders 372 513 190,00 Undistributed balance allocated in full to retained earnings 472 740 180,12

The dividend of 14 Moroccan dirhams per share will be paid as of July 1, 2017.

FIFTH RESOLUTION : The Shareholders’ General Meeting, having satisfied the quorum and majority requirements for Ordinary Meetings, and in response to the proposal from the Board of Directors, decides not to allocate attendance fees in respect of this fiscal year 2016.

SIXIEME RESOLUTION : The Shareholders’ General Meeting, having satisfied the quorum and majority requirements for Ordinary Meetings, and after hearing the special report on the agreements covered by Articles 56 and subsequent articles of Law No. 17-95 relating to public limited companies, as amended and supplemented by Law No. 20-05, approves the conclusions of the said report.

SEVENTH RESOLUTION : RESIGNATION OF DIRECTOR The General Meeting, having satisfied the quorum and majority required for Ordinary General Meetings, acknowledges the resignation of Mr Mohamed Amine BENHALIMA from the Board of Directors of CIH Bank.

RAPPORT ANNUEL 2016 47 EIGHTH RESOLUTION : RATIFICATION OF THE APPOINTMENT OF DIRECTOR The General Meeting, having satisfied the quorum and majority required for Ordinary General Meetings, ratifies the appointment of Mrs Amina BENKHADRA as an independent director, made by the Board of Directors on December 14, 2016 for six (6) years, i.e. until the end of the Ordinary General Meeting called to approve the financial statements for the year ending December 31, 2021.

NINTH RESOLUTION: RENEWAL OF THE DIRECTOR’S TERM OF OFFICE The General Meeting, having satisfied the quorum and majority required for Ordinary General Meetings, renews the term of office of Mr KHALID CHEDDADI as director for a period of six (6) years, which will expire at the end of the Annual Ordinary General Meeting called to approve the financial statements for the year ending December 31, 2022.

TENTH RESOLUTION : POWERS The General Meeting grants the full powers to the holder of an original, a copy or an extract of these minutes for the purposes of carrying out the legal or administrative procedures and make all the filings and publicity provided for by the legislation in force. 06 The auditors’ report on the consolidated financial statements

COOPERS AUDIT 47, rue Allal Ben Abdellah 83, Avenue Hassan II 20 000 Casablanca - Maroc 20 100 Casablanca - Maroc For shareholders of CREDIT IMMOBILIER ET HOTELIER (CIH) 187, avenue Hassan II - Casablanca

SUMMARY OF AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS FISCAL YEAR FROM JANUARY 01 TO DECEMBER 31, 2016

We have audited the attached consolidated financial statements of Crédit Immobilier et Hôtelier (CIH) and its subsidiaries (CIH group), including the balance sheet as at December 31, 2016, and the income statement, the statement of comprehensive income, the statement of changes in equity and the cash flow statement for the year then ended, and memoranda containing a summary of significant accounting methods and other explanatory memoranda. These consolidated financial statements show an amount of consolidated shareholders’ equity totalling KMAD 5,141,217, including a consolidated net profit of KMAD 444,265.

The management is responsible for the preparation and fair presentation of these financial statements in accordance with International Accounting Standards (IAS / IFRS).

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Professional Standards applicable in Morocco.

In our opinion, the consolidated financial statements referred to in the first paragraph above give, in all their significant aspects, a true and accurate image of the financial position of the CIH Group constituted by the persons and entities included in the consolidation as at December 31, 2016, as well as the cash flows and financial performance for the year then ended in accordance with the accounting standards and principles described in the consolidated additional disclosures statement.

Casablanca, February 23, 2017

Statutory Auditors

RAPPORT ANNUEL 2016 49 Consolidated balance sheet as of 07 31/12/2016 in MAD thousands

Assets 31/12/16 31/12/15 1.Cash and balances with central banks, the Treasury and Post office accounts 1 586 200 2 188 474 2.Financial assets at fair value through income 1 161 522 - 3.Derivative hedging instruments - - 4.Available for sale financial assets 694 592 575 200 5.Loans and advances to credit institutions and similar establishments 922 441 1 175 532 6.Loans and advances to customers 36 726 375 33 746 086 7.Interest rate hedging reserve - - 8.Held-to-maturity investments 2 480 637 3 217 955 9.Current tax assets 340 396 317 648 10.Deferred tax assets 10 334 - 11.Other assets 935 798 783 431 12.Non-current assets held for sale - - 13.Investments in companies accounted for under the equity method 593 476 583 511 14.Investment property 993 542 915 104 15.Tangible assets 1 065 790 1 058 173 16.Intangible assets 233 514 171 822 17.Goodwill 174 884 174 884 Total Assets 47 919 501 44 907 820

Liabilities 31/12/16 31/12/15 1.Cash and balances with central banks, the Treasury and post office accounts 12 12 2.Financial assets at fair value through income - - 3.Derivative hedging instruments - - 4.Amounts swing to credit institutions and similar establishments 2 611 686 2 797 145 5.Customer deposits 28 447 096 25 074 822 6.Debt securities issued 8 057 118 9 218 916 7.Interest rating hedging reserve - - 8.Current tax liabilities 266 269 294 619 9.Deferred tax liabilities 85 798 97 758 10.Other liabilities 1 024 890 1 168 044 11.Visibilities related to non-current assets held for sale - - 12.Insurance companies admical reserves - - 13.Provisions 234 256 210 270 14.Subsidies and similar funds - - 15.Subordinated debt and special garantee fund 2 051 159 1 043 332 16.Share capital 5 141 217 5 002 901 17.Shareholders' equity (Group's share) 4 915 333 4 871 357 18.Capital and associated reserves 2 660 809 2 660 809 19.Consolidated reserves 1 811 601 1 685 355 20.Unrealised and deferred gains and losses 8 403 5 671 21.Income of the fiscal year 434 519 519 523 22.Minority interests 225 884 131 544 Total Liabilities 47 919 501 44 907 820 Consolidated income statement as of 08 31/12/2016 in MAD thousands

31/12/16 31/12/15 1. + Interest and similar income 2 368 382 2 415 563

2. - Interest and similar expenses -887 891 -960 181

3. NET INTEREST MARGIN 1 480 491 1 455 382

4. + Fees received 288 817 215 785

5. - Fees paid -13 593 -20 311

6. NET FEE INCOME 275 225 195 474

7. +/- Net gains or losses on financial instruments at fair value Value through income 6 687 19

8 +/- Net gains or losses on available for sale financial assets 18 913 13 019

9. + Income of other activities 540 815 569 517

10. - Expenses of other activities -474 936 -443 124

11. NET BANKING INCOME 1 847 194 1 790 287

12. - General Operating Expenses -974 714 -953 956

13. - Allocations to Depreciation, amortisation and provisions -120 692 -111 325

14. GROSS OPERATING INCOME 751 788 725 006

15. Cost of risk -116 142 -38 866

16. OPERATING INCOME 635 647 686 140

17. +/- Net income from companies accounted for by the equity method 26 292 26 042

18. +/- Net Gains or losses on other assets 30 321 127 300

19. +/- Variations in the value of goodwill - -

20. PRE-TAX INCOME 692 260 839 482

21. - Income Tax -247 995 -304 413

22. +/- Net income on sale or transfer of business disposal - -

23. NET INCOME 444 265 535 069

24. Minority interests -9 745 -15 546

25. NET INCOME (GROUP SHARE) 434 519 519 523

26. Earnings per share (in dirhams) 16,3 19,5

27. Dividend per share (in dirhams) 16,3 19,5

RAPPORT ANNUEL 2016 51 Consolidated 09 cash flow statement from 01/01/2016 at 31/12/2016 in MAD thousands

Cash flows 31/12/16 31/12/15 1. Pre-tax income 692 260 839 482 2. +/- Net depreciation and amortisation of property, plant and equipment and intangible 508 433 485 721 assets 3. +/- Net impairment of Goodwill and other Fixed Assets -441 11 019 4. +/- Net amortisation of Financial Assets 51 325 -9 963 5. +/- Net provisions 48 876 29 048 6. +/- Net income from companies accounted for under the equity method -26 292 -26 042 7. +/- Net gain /loss investment activities -6 697 -88 930 8. +/- Net gain /loss from financing activities -9 429 -23 231 9. +/- Other movements -66 000 -59 827 10. = Total 2 and 9 of the non-monetary elements included in the net income before tax and 499 775 317 795 other adjustments 11. +/- Flow linked to operations with credit institutions -127 147 -1 601 788 12. +/- Flow linked to operations with customers 294 854 1 522 511 13. +/- Flows linked to other operations affecting financial assets and liabilities -1 256 494 297 930 14. +/- Flows linked to other operations affecting non-financial assets and liabilities -364 295 123 263 15. - Taxes paid -244 054 -304 413 16. = NET DECREASE (INCREASE) IN OPERATING ASSETS AND LIABILITIES (TOTAL -1 697 136 37 502 ELEMENTS 11 TO 15 ) 17. = NET CASH FLOW FROM OPERATING ACTIVITIES (TOTAL ELEMENTS A, B AND C) -505 101 1 194 779 18. +/- Flows linked to the financial assets and investments 700 437 -342 959 19. +/- Flows linked to investment propertie -93 597 - 20. +/- Flows linked to plant, property and equipment and intangible assets -565 014 -671 139 21. NET CASH FLOW LINKED TO INVESTMENTS ACTIVITIES (TOTAL ELEMENTS 18 TO 20 ) 41 826 -1 014 098 22. +/- Cash flow from/ to the shareholders -180 611 -386 189 23. +/- Other net cash flow from financing activities -153 151 301 635 24. NET CASH FLOW LINKED TO FINANCING ACTIVITIES (TOTAL ELEMENTS 22 TO 23 ) -333 762 -84 554 25. Effect of changes in exchange rates on cash and cash equivalents - - 26. NET INCREASE (DECREASE) OF CASH FLOW AND CASH EQUIVALENTS ( TOTAL -797 037 96 127 ELEMENTS D, E AND F)

Composition of cash flow 31/12/16 31/12/15 27. CASH AND CASH EQUIVALENTS AT THE BEGINING OF THE PERIOD 2 620 651 2 524 525 28. Net cash, central banks, balance (assets and visibilities) with the Treasury and post 2 188 461 2 091 297 office accounts 29. Interbank balance with credits institutions and similar establishement 432 190 433 227 30. CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1 823 615 2 620 651 31. Net cash, central banks, balance (assets and visibilities) with the Treasury and post 1 586 187 2 188 461 office account 32. Interbank balance with credits institutions and similar establishement 237 427 432 190 33. NET VARIATION IN CASH AND CASH EQUIVALENTS -797 037 96 127 Statement 10 of shareholders’ equity variation from 01/01/2016 at 31/12/2016 in MAD thousands

Gains or Reserves Reserves Shareholders’ Treasury losses Minority Capital linked to and equity Group Total stock unrealised interest (1) Capital consolidated share (8) (3) or differed (7) (2) income (4) (6) (5) 1. Shareholders’ equity at 31 2 660 809 - - 2 217 803 5 671 4 884 282 126 881 5 011 163 December 2015 2. Effect of changes - - - 794 794 404 1 199 transacting policies Other movements - - - -13 720 -13 720 4 259 -9 461 3. Adjusted shareholders’ 2 660 809 - - 2 204 878 5 671 4 871 357 131 544 5 002 901 Equity at 31 December 2015 4. Capital transactions ------5. Share based payment ------transactions 6. Transactions related to ------treasury stock 7. Dividends - - - -372 513 - -372 513 -9 402 -381 915 8. Net income - - - 434 519 - 434 519 9 745 444 265 9. Tangible assets and intangible : re-evaluation and ------Acquisitions (A) 10. Financial instruments: changes in fair value and - - - - 2 733 2 733 - 2 733 Transfer into the income statement (B) 11. Changes in conversion rates : variations and Transfer ------into the income statement (C) 12. Unrealised or deferred capital gains or losses (A) + - - - - 2 733 2 733 2 733 (B) + (C ) 13. Variation in scope ------93 996 93 996 14. Shareholders' equity at 31 2 660 809 - - 2 266 884 8 403 4 936 096 225 884 5 161 980 December 2016 15. change in the accounting methods and errors - - - -18 692 - -18 692 - -18 692 adjustments Other movements - - -2 072 - -2 072 - -2 072 16. Adjusted shareholders’ 2 660 809 - - 2 246 120 8 403 4 915 332 225 884 5 141 216 Equity at 31 December 2016

RAPPORT ANNUEL 2016 53 Investments in corporates 11 using the equity method in MAD thousands

Corporate Déc-16 Déc-15 Method Country Name % Interests % Control % Interests % Control of Consolidation CIH Morocco 100% 100% 100% 100% Consolidated

CIH Courtage Morocco 100% 100% 100% 100% Overall integration

Maghreb Titrisation Morocco 24% 24% 24% 24% Equity

Maroc Leasing Morocco 34% 34% 34% 34% Equity

Sofac Morocco 66% 66% 66% 66% Overall integration

Sofassur Morocco 66% 66% 66% 66% Overall integration

Tivoli Morocco 89% 89% 89% 89% Overall integration

QMB Company Morocco 40% 100% N/A N/A Overall integration

Crédilog 3 Morocco N/A N/A N/A N/A Overall integration

Crédilog 4 Morocco N/A N/A N/A N/A Overall integration

Investments in corporates using the equity method in MAD thousands

Associated equity total Income from Share in the net Income companies value Equity Balance-sheet ordinary Activities income Maghreb Titrisation 3 582 4 725 24 348 18 659 1 150

Maroc Leasing 589 894 73 924 11 206 228 3 337 918 25 143

Total 593 476 78 649 11 230 576 3 356 578 26 292 RAPPORT ANNUEL 2016 55 BRANCH NETWORK 05

RAPPORT ANNUEL 2016 57 01 New branches in 2016

new 13 branches

BRANCH ADDRESS PHONE FAX MOHAMED VI, RÉSIDENCE AMAL, IMMEUBLE E, MOHAMMEDIA MED VI 05 23 30 50 70 À 78 05 23 30 50 79 MAGASINS N° 3 ET 4, MOHAMMEDIA TANTAN HASSAN II TAN TAN, N° 62 BOULEVARD HASSAN II 05 28 76 40 41 À 48 05 28 76 40 49 LOT N° 16, LOTISSEMENT AL WAHDA, BOULEVARD LAAYOUNE AL WIFAQ 05 28 99 92 45 À 53 05 28 99 92 54 MEKKA, LÂAYOUNE BENI MELLAL AV DES 29, BOULEVARD DES FAR, QUARTIER AMRIA BENI 05 23 42 52 01 À 08 05 23 42 52 09 FAR MELLAL BOULEVARD MOHAMED V, AGADIR OUFELLA 05 28 29 32 40 À 48 05 28 29 32 49 IMMEUBLE PANORAMA I - AGADIR NADOR IBN ANGLE BOULEVARD HASSAN 1ER ET RUE 05 36 32 92 60 À 68 05 36 32 92 69 TACHEFINE AL HAMRAA - NADOR BOULEVARD MOHAMED V, RÉSIDENCE SOFIA, TAOUNATE CENTRE 05 35 68 81 50 À 58 05 35 68 81 59 TAOUNATE MARRAKECH RTE DE COMPLEXE IBN TACHEFINE, BOULEVARD PRINCE 05 24 45 97 70 À 78 05 24 45 97 79 SAFI MOULAY ABDELLAH, IMMEUBLE A, MARRAKECH KHEMISSET BOULEVARD MOHAMED V N° 229 ; KHEMISSET 05 37 55 17 00 À 08 05 37 55 17 09 MOHAMMED VI CHEFCHAOUEN 27, AVENUE HASSAN II, HAY SOUIKA, CHEFCHAOUN 05 39 71 63 52 À 60 05 39 71 63 61 BOULEVARD MOULAY RACHID, RÉSIDENCE TANGER VAL FLEURI 05 39 31 93 10 À 18 05 39 31 93 19 GOLDEN BEACH, QUARTIER VAL FLEURIE, TANGER ANGLE BOULEVARD MOULAY ISMAIL ET RUE TANGER MY ISMAIL 05 39 32 88 50 À 58 05 39 32 88 59 LISBONNE, RÉSIDENCE ISMAILIA, TANGER AVENUE SANHAJA, N° 131, SIDI BOUJIDA, FÈS FES SIDI BOUJIDA 05 35 94 72 90 À 98 05 35 94 72 99 MÉDINA CASA EAST

BRANCH ADDRESS PHONE FAX BEN SLIMANE ANGLE RUE TIZI OUSLI ET RUE MLY YOUSSEF 05 23 29 90 00 À 08 05 23 29 90 09 BOULEVARD ABDELKADER ESSAHRAOUI, CASA ABDELKADER PROGRAMME EL BAÏDA II, G-H 96-3, IMMEUBLE C, 05 22 69 98 40 À 48 05 22 69 98 49 ESSAHRAOUI QUARTIER MLY RACHID, CASA AIN SEBAA ANG BD CHEFCHAOUNI ET BD DE LA GARE 05 22 34 45 80 / 05 22 34 45 81 05 22 34 45 83 CASA AL BD DE LA GRANDE CEINTURE RESIDENCE AL 05 22 66 61 51 / 05 22 66 61 53 05 22 66 61 55 MOUAHIDDINE MOUAHIDINE CASA ANASSI 9, PREFECTURE AHL LOGHLAM 05 22 76 58 63 05 22 76 58 66 CASA BELVÉDÈRE 51, RUE RADI SLAOUI (EX SOISSONS) BÉLVEDÈRE 05 22 24 38 96 / 05 22 24 38 51 05 22 24 39 40 CASA BEN MSIK QUARTIER MOULAY RACHID HAY AL FALAH 05 22 70 76 78 / 05 22 70 06 26 05 22 70 76 77 CASA BERNOUSSI ROUTE DE RABAT, LOT AL BOUSTANE 2,IMM,23 SIDI 05 22 76 31 10 À 18 05 22 76 31 19 BOUSTANE BERNOUUSSI CASA BERNOUSSI BD ABIDAR EL GHAFFARI, LOTISSEMENT AL AMAL, 05 22 76 39 70 À 78 05 22 76 39 79 CENTRE GROUPE 3, LOT N° 164, SIDI BERNOUSSI CASA CITÉ DJEMAA 960, BD DRISS EL HARTI CASA CITE DJEMAA 05 22 38 42 64 / 05 22 37 03 13 05 22 38 39 26 CASA DOUJA INSTALLÉE DANS LES KM 7, ROUTE DE RABAT, AIN SEBAA 05 22 35 46 42 / 05 22 35 17 63 05 22 35 17 48 LOCAUX STÉ DOUJA 529, BOULEVARD ABOU CHOUAIB DOUKKALI, HAY CASA DRISSIA 05 22 85 81 40 À 48 05 22 85 81 49 IDRISSIA 2, LOT N°788 CASA EL FIDA 398, BOULVARD EL FIDA 05 22 81 19 12 / 05 22 81 17 69 05 22 81 17 21 CASA FOUARAT 18, BOULEVARD FOUARAT 05 22 63 31 00 À 08 05 22 63 31 09 CASA HAY EL FARAH 860, BD EL FIDA EXTENSION HAY FARAH 05 22 85 79 60 À 68 05 22 85 79 69 CASA IBN BATOUTA ANGLE PLACE DE LA GARE ET BOULVARD MED 5 0522 40 66 09 / 05 22 40 66 13 05 22 24 71 77 ANGLE BD OKBA IBNOU NAFIAA ET BD CHOUHADA, CASA IBN TACHFINE 05 22 63 34 90 À 98 05 22 63 34 99 HAY MOHAMMMADI LOTISSEMENT JAWHARA, BD AL HOUSSAINE CASA JAWHARA 05 22 69 99 00 À 08 05 22 69 99 09 ASSOUSSI, IMM 7 N°12 CASA KARIAT AL LOTISSEMENT AL AZHAR ROUTE DE TIT MELLIL 05 22 76 58 71 / 05 22 76 69 49 05 22 76 58 68 AZHAR ANGLE BD CHOUAIB DOUKALI ET ANCIENNE CASA KOREA 05 22 80 11 21 / 05 22 81 53 24 05 22 80 10 23 ROUTE DE MEDIOUNA CASA LALLA ASMAÂ 243, BOULEVARD LALLA ASMÂA, SIDI MOUMEN, 05 22 69 98 50 À 58 05 22 69 98 59 ANGLE BOULEVARD MOHAMMED VI CASA MÉDIOUNA 05 22 81 28 48 / 05 22 81 35 89 05 22 80 35 79 (EX MÉDIOUNA) ET RUE FLORIC CASA OCEAN ALLEE DES MIMOSAS, OULJA II, N°135 05 22 67 15 80 À 88 05 22 67 15 89 BD OUED EDDAHB, IMM 178 JAMILA 5, CITE CASA OUED EDDAHAB 05 22 55 98 10 À 18 05 22 55 98 19 DJEMAA C CASA ROCHES NOIRES 152, BD ZOUBEIR IBNOU AOUAM, ROCHES NOIRES 05 22 41 90 00 À 08 05 22 41 90 09 CASA SADRI 182, AVENUE DES FORCES AUXILIAIRES HAY SADRI 05 22 70 77 72 / 00 05 22 70 73 31 CASA SALMIA 182,BOULEVARD EL JOULANE - SALIMA 2 05 22 57 94 44 / 46 05 22 57 94 43 CASA SIDI MOUMEN ANGLE BD HOUSSINE ESSOUSSI ET RUE N°9 N°4 05 22 69 94 30 À 38 05 22 69 94 39 CASA SIDI OTHMANE BLOC 8, LOT 19 ET 22, BD 10 MARS SIDI OTHMANE 05 22 38 25 04 / 05 05 22 38 25 03 ANGLE RUE 18 ET BOULEVARD MOHAMED ZEFZAF, CASA ZEFZAF 05 22 69 91 40 À 48 05 22 69 91 49 LOTISSEMENT RAHMANI, SIDI MOUMEN AV DRISS EL HARTI HAY MLY RACHID ANGLE RUE CASA EL HARTI 05 22 69 95 60 À 68 05 22 69 95 69 N°16 ET RUE N°58 BD ABOU HOURAIRA, LOTISSEMENT AL WAHDA, CASA IFRIQUIA 05 22 55 99 20 À 28 05 22 55 99 29 LOT N°9 QUARTIER IFRIQUIA BEN M'SIK 149, ANGLE BD ALI YAATA ET RUE BNOU BAITAR, CASA BNOU BAITAR 05 22 63 90 80 À 88 05 22 63 90 89 HAY MOHAMMADI CASA GDIRA 330, BOULEVARD REDA GUEDIRA, CITE DJEMAA 05 22 55 90 50 À 58 05 22 55 90 59 CASA MOULAY RACHID BD ABOUZAIANE, LOT 52, HAY MLY RACHID 05 22 69 95 10 À 18 05 22 69 95 19 50, RUE IBNOU EL OUANANE HAY SMARA, HAY HAY MOHAMMADI (BIS) 05 22 63 43 40 À 48 05 22 63 43 49 MOHAMMADI MOHAMMEDIA ALIA 89, BD DE LA RESISTANCE, HASSANIA 2 05 23 28 19 70 / 05 23 28 76 62 0523 28 19 72 MOHAMMEDIA 59, BOULEVARD SEBTA, HAY DAKHLA, 05 23 30 67 60 À 68 05 23 30 67 69 DAKHLA QUARTIER ALIA MOHAMMEDIA ANGLE RUE CHANGUITE ET EL GHARB KASBAH 05 23 31 12 71 / 72 05 23 31 12 75 KASBAH MOHAMED VI, RESIDENCE AMAL, IMMEUBLE E, MOHAMMEDIA MED VI 05 23 30 65 51 À 59 05 23 30 50 79 MAGASINS N°3 ET 4 TIT MELLIL BD ANNAKHIL, LTS AMAL 1, LOT 28 05 22 51 10 60 À 68 05 22 51 10 69

RAPPORT ANNUEL 2016 59 CASA WEST

BRANCH ADDRESS PHONE FAX 05 22 47 93 14 / 05 22 47 93 15 AGENCE CENTRALE 187, AVENUE HASSAN II 05 22 47 93 19 / 05 22 47 93 16 ANG. BD ABDELMOUMEN ET RUE VELASQUEZ CASA ABDELMOUMEN 05 22 25 72 44 / 05 22 25 71 69 05 22 25 72 74 N°104 CASA RAHAL 107, BD RAHAL EL MESKINI 0522315739 / 0522315732 05 22 31 57 52 EL MESKINI CASA 2 MARS 128, AV 2 MARS, RÉSIDENCE AL HOUDA 1 05 22 85 92 80 À 88 05 22 85 92 89 133, ANG.BD ANFA ET RUE SOLDAT MAURICE CASA ANFA 05 22 29 65 14 / 05 22 29 65 65 05 22 29 73 21 BENHAMOU ANG. BD ABDELMOUMEN ET RUE ABOU MAROUAN CASA ANOUAL 05 22 86 45 12 / 05 22 86 45 13 05 22 86 45 15 ABDELMALEK CASA BIR ANZARANE 121, ANG RTE D’EL JADIDA ET RUE MONTAIGNE 05 22 99 11 33 / 74 05 22 99 19 36 ANG. RUE TAN TAN ET RUE MED EL MEKNASSI, CASA BOURGOGNE 0522483501 / 0522483506 05 22 48 36 12 QUARTIER BOURGOGNE CASA BRAHIM ANGLE BD BRAHIM ROUDANI ET RUE ANNAHASS 05 22 23 62 57 / 96 05 22 23 63 14 ROUDANI ENNAHOUI CASA CALAIS 27, RUE EL HOUDHOUD MERS SULTAN 05 22 48 12 71 / 05 22 27 31 61 05 22 20 48 28 CASA CENTRE ANGLE RUES LÉON L’AFRICAIN ET CHAOUIA 05 22 44 09 68 / 05 22 44 09 69 05 22 44 10 05 CASA DIOURI 33, RUE MOHAMED DIOURI 05 22 44 13 85 / 05 22 44 13 86 05 22 44 13 88 CASA DRISS LAHRIZI 15, RUE DRISS LAHRIZI 05 22 20 17 12 / 05 22 20 17 14 05 22 20 92 97 CASA EMILE ZOLA ANGLE BD EMILE ZOLA ET RUE CHAMPIGNY 05 22 44 71 31 / 05 22 44 71 34 05 22 44 71 35 BD GHANDI, COMPLEXE COMMERCIAL GHANDI CASA GHANDI MALL 05 22 99 99 50 À 58 05 22 99 99 59 MALL ANGLE RUE GOULMIMA ET RUE AMPERES, CASA GOULMIMA 05 22 46 69 80 À 88 05 22 46 69 89 BOURGOGNE ANG. MUSTAPHA MAÂNI ET RUE SAÂD BEN ABI CASA HASSAN II 05 22 47 94 74 / 05 22 47 94 83 05 22 47 94 19 OUAKKAS CASA L'HERMITAGE 586, BOULEVARD MODIBO KEITA 05 22 85 97 00 À 08 05 22 85 97 09 CASA MAARIF ANG. ROUTE D’EL JADIDA ET RUE NASSIF EDDINE 05 22 98 38 80 / 05 22 98 38 90 05 22 98 38 67 EXTENSION CASA PLACE MED V 104, 106 RUE ABDERRAHMAN SAHRAOUI 05 22 29 39 88 / 05 22 29 34 24 05 22 29 39 89 CASA PALMIER ANG. BD 9 AVRIL ET RUE HASSAN ZIATI, PALMIERS 05 22 98 64 05 / 05 22 98 57 99 05 22 98 73 02 CASA PLACE DU ANG. RUE ABOU ABDELLAH NAFAE ET ASAAD 05 22 23 87 76 / 79 05 22 23 81 68 MARCHÉ IBNOU ZARRARA CASA PRINCIPALE 159, AVENUE HASSAN II 05 22 47 94 36 / 91 / 92 / 96 05 22 47 94 99 ANG BD DE LA RÉSISTANCE ET RUE DE CASA RÉSISTANCE 05 22 44 01 88 / 05 22 44 01 89 05 22 44 01 92 STRASBOURG ANG BD BIR ANZARANE ET RUE ASSAKHAOUI, CASA ROMANDIE 05 22 39 21 91 / 05 22 39 21 92 05 22 39 21 96 RACINE CASA ROND POINT 281, BOULEVARD MOHAMED V, ROND POINT SHELL 05 22 45 31 20 À 28 05 22 45 31 29 SHELL ANG. BD ABDELLATIF BEN KADDOUR ET RUE DU CASA VÉLODROME 05 22 94 86 26 05 22 94 86 25 PHARE CASA ZERKTOUNI ANG. BD ZERKTOUNI ET RUE L'ABBÉ DE L'EPÉE 05 22 48 59 24 / 31 05 22 48 52 67

CASA SOUTH

BRANCH ADDRESS PHONE FAX ANGLE BD HAJ FATAH ET RUE N°3, LOTISSEMENT CASA HADJ FATEH 05 22 91 88 50 À 58 05 22 91 88 59 HABIBA CASA SIDI BENNOUR AVE DES FAR, RESIDENCE BAKEBBOUR 05 23 36 80 40 - 48 05 23 36 80 49 QUARTIER SIDI MAAROUF, ROUTE DE SIDI CASA SIDI MESSAOUD MESSAOUD, LOTISSEMENT MELK DANDOUNE, 05 22 97 75 60 À 68 05 22 97 75 69 LOT N°104 BIS AZEMMOUR ANGLE BD MOHAMED V ET DERB BIDOURI 05 23 38 20 30 À 38 05 23 38 20 39 BEN AHMED N°17, BOULEVARD MOULAY SMAIL 05 23 72 80 40 À 48 05 23 72 80 49 49, LOTISSEMENT ESSAFI, BOULEVARD BERRECHID 05 22 53 50 60 À 63 05 22 53 50 64 MOHAMED V BERRECHID HAY HAY YASMINA, ANGLE BD EL FIDA ET RUE JABER 05 22 53 54 30 À 38 05 22 53 54 39 YASMINA IBN HAYANE, QUARTIER CASTOR RTE SECONDAIRE 109- RESIDENCE SOLTANE BOUSKOURA 05 22 88 81 50 À 58 05 22 88 81 59 BOUSKOURA 6, RÉSIDENCE IBN YASSIN BD AL QODS, CASA AL QODS 05 22 50 77 01 / 05 22 50 77 02 05 22 50 75 72 HAY AL INARA CASA ERRAHMA MADINAT ARRAHMA 05 22 91 88 60 À 68 05 22 91 88 69 CASA HAY CHRIFA 152, BD AL QODS MANDAROUNA 05 22 87 80 10 À 18 05 22 87 80 19 ANG. BD SIDI ABDERRAHMAN ET ROUTE CASA HAY HASSANI 05 22 91 40 30 / 05 22 91 40 31 05 22 91 40 34 D’AZEMMOUR CASA HAY NASSIM LOT 171, HAY NASSIM 05 22 91 88 40 À 48 05 22 91 88 49 ANGLE BD IBN SINA ET RUE OUED LAW, CASA IBN SINA 05 22 91 80 70 À 78 05 22 91 80 79 HAY HASSANI CASA LISSSASFA BOULEVARD ATLAS, LISSASFA 05 22 65 94 70 À 78 05 22 65 94 79 CASA MLY ABDELLAH 1007, AVENUE 2 MARS, 0523368040 - 48 0523368049 CASA OULFA BD OUED MELOUYA EL OULFA 05 22 90 28 94 / 95 05 22 90 28 97 CASA RIAD OULFA GH N 1 ELOULFA 05 22 93 68 60 À 68 05 22 93 68 69 RTE PLE 1029, PR. AL MOUSTAKBAL, CASA SIDI MAAROUF 05 22 97 71 10 À 18 05 22 97 71 19 GR. GH4, SIDI MAÂROUF CASA YACOUB EL 248, BD YACOUB EL MANSOUR 05 22 39 54 58 / 59 05 22 39 54 57 MANSOUR DEROUA LOTISSEMENT AL MADINA 1, LOT N°103, DEROUA 05 22 53 00 40 À 48 05 22 53 00 49 PROGRAMME OUM RABII, LOTISSEMENT EL JADIDA ESSALAM 05 23 37 93 80 - 88 05 23 37 93 89 "ESSALAM", LOT N°74 EL JADIDA LALLA ANGLE PLACE PORT SAID ET BOULEVARD MOULAY 05 23 39 63 00 - 08 05 23 39 63 09 ZAHRA ISMAIL, QUARTIER LALLA ZAHRA EL JADIDA OCEAN RÉSIDENCE OCÉAN, RTE DE SIDI BOUZID 05 23 39 00 12 / 17 05 22 53 50 64 EL JADIDA 5, AVENUE MOHAMMED 6 05 23 35 05 72 / 34 20 49 05 23 35 05 73 PRINCIPALE HAD SOUALEM LOTISSEMENT AL WAHDA, LOT N°251 05 22 96 70 50 À 58 05 22 96 70 59 SETTAT BD HASSAN II 05 23 40 16 05 / 05 23 40 16 04 05 23 40 16 07 ANGLE BOULEVARD ZERKTOUNI ET RUE SIDI SETTAT ZERKTOUNI ADAHBI, QUARTIER NZALET CHEIKH, IMMEUBLE 05 23 72 94 70 À 78 05 23 72 94 79 ASSIF

CENTRE

BRANCH ADDRESS PHONE FAX KENITRA OULAD LOTISSEMENT OULED OUJIH, BLOC H N° 59 05 37 32 91 20 À 28 05 37 32 91 29 OUJIH KENITRA IMMEUBLE HRAGA, BD MOHAMED V 05 37 37 62 52 /05 37 37 48 46 05 37 37 48 39 KENITRA MIMOSAS AG AV MED V ET HAROUN ERRACHID MIMOSA 05 37 36 90 30 À 38 05 37 36 90 39 KHEMISSET ANG.RUE MBAREK EL BEKKALI ET IBN BATTOUTA 05 37 55 50 23 / 24 05 37 55 50 19 KHEMISSET 05 37 55 17 00 BOULEVARD MOHAMED V N°229 05 37 55 17 09 MOHAMMED VI À 05 37 55 17 08 RABAT AKKARI 18, AV SIDI MOHAMED BEN ABDELLAH 05 37 29 67 46 / 48 05 37 29 67 45 AMAL 14 N° 9 DOUAR AL KORA, RABAT AL KORA 05 37 69 34 94 / 96 05 37 69 34 90 AV. SIDI MD BEN ABDELLAH-CYM RABAT IBN SINA AV OULED OUMEIR, ANGLE RUE JBEL ABOUIBLANE 05 37 67 06 59 / 05 37 67 36 08 05 37 67 36 09 RUE ABDERRAHMANE GHAFIQUI, RABAT AGDAL 05 37 68 56 90 À 98 05 37 68 56 99 RÉS. YAZAMANE II, IM.A-AGDAL 1004,BVD EL MASSIRA, AMAL 5, QUARTIER 05 37 29 24 92-99 / RABAT AL MANAL 05 37 92 25 01 YAACOUB EL MANSOUR 05 37 29 25 00 RABAT ALLAL BEN 47, AVENUE ALLAL BEN ABDELLAH 05 37 70 74 04 / 45 05 37 70 75 91 ABDELLAH RABAT BAB EL HAD ANG.BD EL MAGHRIB AL ARABI 05 37 70 44 41 / 42 05 37 70 44 63 RABAT BOUREGREG ANG AV ALGER ET RUE KAIRAOUAN 05 37 73 76 63 / 05 37 26 48 73 05 37 70 47 14 RABAT CITÉ 54, BD OMAR BEN EL KHATTAB 05 37 67 25 85 / 65 05 37 77 33 29 UNIVERSITAIRE

RAPPORT ANNUEL 2016 61 PROJET AL KOURA P1, RÉSIDENCE AL MANSOUR1, RABAT CORNICHE 05 37 23 62 70 - 78 05 37 23 62 79 HAY YACOUB EL MANSOUR RABAT GUICH LOTISSEMENT ISKANE, LOT N°6, GUICH OUADAYS 05 37 56 80 65 À 73 05 37 56 80 74 OUDAYAS RABAT HAY NAHDA RUE OURIKA, HAY NAHDA, LOT N°469 05 37 63 59 14 À 22 05 37 63 59 23 IMMEUBLE HIGH TECH, AVENUE ANNAKHIL N°3, RABAT HAY RYAD 05 37 57 61 60 À 68 05 37 57 61 69 HAY RYAD RABAT MABELLA ANG. AV TADLA ET RUE BENI MOUSSA 05 37 63 93 05 / 09 05 37 63 93 08 TEMARA MERS BD TARIK IBN ZIYAD, MERS EL KHEIR, PARCELLE 1, 05 37 61 69 60 - 63 05 37 61 69 64 EL KHEIR N°7 & 8, TEMARA ANG.AV ABDELKRIM EL KHATTABI ET RUE RABAT OCÉAN 05 37 70 54 16 / 22 05 37 70 54 25 ABIDJAN, OCÉAN KM 3,5 ANG. ROUTE DE ZAERS ET RUE DU RIF, RABAT SOUISSI 05 37 75 34 40 05 37 75 13 91 SOUISSI. RABAT YACOUB EL BD AL MASSIRA, N°3 QUARTIER ALKOUASS, G5 05 37 28 17 38 À 46 05 37 28 18 47 MANSOUR PLACE DE LA MOSQUÉE, CENTRE COMMERCIAL, SALA AL JADIDA 05 37 53 03 57 / 05 37 53 10 33 05 37 53 17 91 ZONE C SALA JADIDA BELLE 9, BOULEVARD PANORAMIQUE, SALA JADIDA 05 37 53 85 60 À 68 05 37 81 95 69 VUE AV MÉDIOUNA RÉSIDENCE SAMLALI I, IM 7 N°13, SALÉ BETTANA 05 37 81 95 40 À 48 05 37 81 95 49 BETTANA LOTISSEMENT FATH EL KHEIR LOT N°39, K.O.M, SALE EL FARAH SECTEUR 4, HAY EL FARAH SALE EL JADIDA, SALE 05 37 82 70 00 À 08 05 37 82 70 09 AL KARIA AVE MOHAMED VI- RÉS. DIAR 3 - SALÉ GHRABLIA 05 37 78 01 38 / 05 37 88 16 84 05 37 78 02 61 IMM. 11N° 18 - GHRABLIA BOULEVARD ABDERRAHIM BOUABID, SALÉ HAY ESSALAM LOTISSEMENT AL ANDALOUS, LOT N° 79, 05 37 81 95 60 À 68 05 37 81 95 69 HAY ESSALAM RÉSIDENCE OUM EL KHAIR, BD MOHAMED V, SALÉ MED V 05 37 85 04 35 / 50 05 37 85 04 64 TABRIQUET SALE ROUTE DE ENSEMBLE IMMOBILIER EL BACHIR II, LOT N°3, 05 37 88 95 40 - 48 05 37 88 95 49 KENITRA ROUTE DE KÉNITRA LOT N°11, ANG AV MED V ET AV YOUSSEF IBN SALÉ TABRIQUET 05 37 85 90 30 À 38 05 37 85 90 39 TACHEFINE, TABRIQUET LOTISSEMENT CHELHAOUI, AV HASSAN II LOT 4, SIDI SLIMANE 05 37 50 53 35 - 38 / 40 - 44 05 37 50 53 39 SIDI SLIMANE COMPLEXE IMMOBILIER ET COMMERCIAL, AVENUE SKHIRATE 05 37 62 10 90 À 98 05 37 62 10 99 HASSAN II TÉMARA CENTRE ROUTE PRINCIPALE 1, LOT 17 05 37 64 34 93 / 05 37 64 34 95 05 37 74 77 33 AG AV AL KHANSAE ET RUE OUM CHARIQ AL TEMARA EL WIFAQ 05 37 64 71 60 - 68 05 37 64 71 69 ANSARIA, BLOC E, RÉSIDENCE ANNAIM N°11 243, BD PRINCE MY ABDELLAH HARHOURA TÉMARA HARHOURA 05 37 61 68 81 - 88 05 37 61 68 89 CENTRE TÉMARA MASSIRA AVENUE MY ALI CHERIF, LOT 236, AL MASSIRA I 05 37 60 07 70 / 71 05 37 60 07 67 TIFLET ANGLE BD MED V ET MASSIRA AL KHADRA 05 37 51 92 50 À 05 37 51 92 58 05 37 51 92 59

NORTH

BRANCH ADDRESS PHONE FAX ASSILAH PLACE MED V, RUE MY ISMAIL N° 9 05 39 41 91 40 À 48 05 39 41 91 49 CHEFCHAOUEN 27, AVENUE HASSAN II, HAY SOUIKA 05 39 71 63 52 À 61 05 39 71 63 61 FNIDEQ LOCAL N° 1 - C2 RESIDENCE AL MASSIRA 05 39 67 75 00 À 08 05 39 67 75 09 KSAR EL KÉBIR 4, AVENUE MED V KSAR EL KÉBIR 05 39 90 22 85 / 05 39 91 98 96 05 39 90 25 73 ROUTE TANGER-RABAT, LARACHE 05 39 52 11 31 / 05 39 52 14 17 05 39 52 11 33 LOTISSEMENT CHAABANE BP 1 LARACHE CENTRE 30 BD MED V LARACHE 05 39 91 70 60 À 68 05 39 91 70 69 MARTIL N°2 ANGLE AV EGYPTE ET AV MOULAY HASSAN 05 39 97 91 00 - 08 05 39 70 90 89 ANGLE RUE TAREK IBNOU ZIAD, M'DIQ 05 39 66 45 03 À 11 05 39 66 45 12 RUE MOULAY EL HASSAN COMPLEXE RÉSIDENTIEL ERRADI, TANGER MALABATA 05 39 34 99 50 À 58 05 39 34 99 59 BD MED VI LOT N°8 6, AV DES FAR ROUTE DE RABAT RÉSIDENCE TANGER AHLAN 05 39 31 91 10 - 18 05 39 31 91 19 HABIBA BLOC A1 RÉSIDENCE IRFANE ROUTE DE RABAT IMM 250 G27 TANGER AL IRFANE 05 39 39 84 00 À 08 05 39 39 84 09 LOT 1 ET 2 ANGLE BOULEVARD QODS ET RUE JEDDAH BENI TANGER AL QODS 05 39 35 95 20 À 28 05 39 35 95 29 MEKKADA TANGER DRISSIA AVENUE TAREK IBNOU ZIAD BENI MAKADA 05 39 35 93 51 À 60 05 39 35 93 59 COMPLEXE HASSANI N°22 AV DES FAR KM 7, TANGER HASSANI 05 39 31 78 65 / 66 05 39 31 78 68 ROUTE DE RABAT 2D COMPLEXE IBN BATOUTA, QUARTIER TANGER IBN BATOUTA 05 39 35 90 20 - 28 05 39 35 90 29 BENKIRANE, ROUTE DE TÉTOUAN ANGLE AV IBN TACHFINE ET RUE JAMAL EDDINE TANGER IBN TACHFINE 05 39 34 11 27 / 28 05 39 34 11 30 AL AFGHANI, RÉSIDENCE ABDALLAS ANGLE BOULEVARD MOULAY ISMAIL ET RUE TANGER MY ISMAIL 05 39 32 88 50 À 58 05 39 32 88 59 LISBONNE, RESIDENCE ISMAILIA TANGER PRINCIPALE 17, RUE DE BELGIQUE 05 39 33 15 45 / 47 05 39 93 71 20 TANGER SOUANI 49, BD D'ANFA SOUANI 05 39 37 95 50 À 58 05 39 37 95 59 BOULEVARD MOULAY RACHID, RESIDENCE TANGER VAL FLEURI 05 39 31 93 10 À 18 05 39 31 93 19 GOLDEN BEACH, QUARTIER VAL FLEURI TÉTOUAN CENTRE ANGLE AV MED V ET SIDI EL MANDRI 05 39 96 88 91 / 92 05 39 96 88 94 BOULEVARD CASABLANCA , LOT N° 281, TETOUAN MHANNACH 05 39 71 61 60 À 68 05 39 71 61 69 LOTISSEMENT MOUNIA TÉTOUAN PRINCIPALE 186, AV HASSAN II 05 39 96 13 89 / 05 39 70 49 91 05 39 96 03 43 LOT N°239, LOTISSEMENT TOUABEL, TETOUN AV DES FAR 05 39 70 99 11 -19 05 39 70 99 20 AVENUE DES FAR

ORIENTAL

BRANCH ADDRESS PHONE FAX AL HOCEIMA ANGLE RUE MOHAMED V ET BD MLY ABDELLAH 05 39 98 46 08 / 09 05 39 98 24 12 AL HOCEIMA ANGLE BOULEVARD TARIK IBNOU ZIYAD ET RUE 05 39 84 23 50 À 58 05 39 84 23 59 CORNICHE MADAGASKAR BERKANE N°12 AV,MOHAMED V, IMMEUBLE MADRANE 05 36 61 90 15 / 05 36 61 90 16 05 36 61 90 17 BERKANE ALLAL BEN N°12 AV MOHAMED V, IMMEUBLE MADRANE 05 36 23 91 06 À 14 05 36 23 91 15 ABDELLAH DRIOUCH BD HASSAN II N°219-221 05 36 32 96 20 - 28 05 36 32 96 29 05 35 67 56 66 À 72 GUERCIF ROUTE D'OUJDA, BD MOHAMED VI, N°37 05 35 67 56 69 ET DE 76 À 78 MONT AROUI AV HASSAN II ET RUE CHEFCHAOUN N°441 05 36 32 95 30 À 33 05 36 32 95 34 QUARTIER ADMINISTRATIF N°62, ANGLE AV FAR ET NADOR BD DES FAR 05 36 32 92 20 À 28 05 36 32 92 29 AV ZAEIR NADOR GRAND ANGLE RUE TAOUIMA ET RUE NAKHIL 05 36 33 01 48 / 05 36 33 01 73 05 36 33 05 37 MAGHREB NADOR IBN ANGLE BOULEVARD HASSAN 1ER ET RUE AL 05 36 32 92 60 À 68 05 36 32 92 69 TACHEFINE HAMRAA SHAT JAMIAA AL ARABIA ET RUE ALLAL BEN NADOR LIGU ARABE 05 36 33 46 23 / 05 36 33 28 79 05 36 33 47 24 ABDELLAH OUJDA ISLY ANGLE MOHAMEDV ET RUE KSAR EL KEBIR 05 36 69 07 34 / 05 36 69 07 75 05 36 70 09 93 OUJDA ALLAL EL FASSI BLOC 66, BD ALLAL AL FASSI, IMM, N°11 05 36 70 98 82 À 90 05 36 71 98 91 BD ENNAKHIL, HAY AL QODS, LOTSS AL QUADISSIA OUJDA ENNAKHIL 05 36 50 90 60 - 68 05 36 50 90 69 N°7 AV MY EL HASSAN (ROUTE DE SAADIA) N°130, OUJDA MY EL HASSAN 05 36 71 90 40 À 48 05 36 71 90 49 RESIDENCE ESSALAMA OUJDA ROUTE DE TAZA RTE DE TAZA LOTSS MIR ALI N°92 05 36 51 91 55 - 63 05 36 51 91 59 ANGLE BD MAGHREB AL ARABI ET MOHAMED TAOURIRT 05 36 67 81 67 - 76 05 36 67 81 69 BEL KHADR ZEGHANGHANE ANGLE BD MED V ET RUE SAAD IBN ABI OUAKKAS 05 36 32 99 80 À 88 05 36 32 99 89

RAPPORT ANNUEL 2016 63 SAISS

BRANCH ADDRESS PHONE FAX ROUTE DE SEFROU, AV MOULAY RACHID, FÈS NARJISS 05 35 61 34 40 - 48 05 35 61 34 49 RÉS BISMILLAH AZROU AV HASSAN II AHDAF 05 35 56 80 00 À 08 05 35 56 80 09 ERRACHIDIA ANGLE AVENUE AL HOURIA ET RUE AL BARID 05 35 79 91 70 À 78 05 35 79 91 79 RESIDENCE BOUAANANE, GRAND BOULEVARD, FÈS BENSOUDA 05 35 73 70 20 À 28 05 35 73 70 29 BENSOUDA PROG. EL FARAH, HAY AL ADARISSA, ROUTE AIN FÈS ADARISSA 05 35 61 21 76 / 81 05 35 61 22 02 CHKEFF IMMEUBLE A, 23 BAB EL GHOUL, FÈS DHAR MEHREZ 05 35 94 84 00 À 08 05 35 94 84 09 DHAR EL MEHRAZ ENSEMBLE RÉSIDENTIEL DALILA GROUPE FÈS DALILA 05 35 73 70 30 À 38 05 35 73 70 39 D'HABITATION N° 6 C, LOT N° 11 FÈS HOURIYA COMPLEXE AL HOURIA, PLACE KENNEDY 05 35 62 40 20 / 05 35 62 67 87 05 35 65 49 07 LOTISSEMENT OUED FES, LOT N° 117, FÈS OUED FÈS 05 35 94 74 10 À 18 05 35 94 74 19 RÉSIDENCE OTHMANE MLY DRISS FÈS PPLE 17, RUE ABDELKRIM EL KHATTABI 05 35 62 57 98 / 05 35 65 20 81 05 35 65 25 33 LOT N°3, AVENUE ROI HOUSSINE, AIT SKATOU, FÈS SAISS 05 35 64 40 84 / 05 35 64 41 22 05 35 64 17 32 ROUTE D’IMOUZZER AVENUE SANHAJA, N° 131, SIDI BOUJIDA, FES SIDI BOUJIDA 05 35 94 72 90 À 98 05 35 94 72 99 FES MEDINA KHENIFRA 200-201, BD ZERKTOUNI 05 35 38 90 25 À 33 05 35 38 90 34 MEKNÈS BASSATINE LOT ALEM 5, LOT N° 5 EL BASSANTINE 05 35 50 41 10 À 18 05 35 50 41 19 MEKNÈS HAMRIA 71, AV HASSAN II VILLE NOUVELLE 05 35 52 10 72 / 05 35 52 77 16 05 35 51 36 70 MEKNÈS IBN AV DES FAR 05 35 51 21 53 / 05 35 52 16 58 05 35 51 43 31 KHALDOUN AV MED VI, QUARTIER MARJANE, RESIDENCE DES MEKNÈS MARJANE 05 35 46 58 00 À 08 05 35 46 58 09 ABBASIDES LOT OUISLANE, LOT N°109, RÉSIDENCE ASSAWSAN MEKNÈS OUISSLANE 05 35 54 83 48 À 88 05 35 54 86 89 IMMEUBLE 9 AV ALLAL BEN ABDELLAH, RESIDENCE EL MEKNÈS PRINCIPALE 05 35 52 45 41 / 05 35 52 41 69 05 35 51 36 71 OUATANIYA MEKNÈS SIDI SAID RÉSIDENCE OUALILI, ROUTE DE RABAT, SIDI SAID 05 35 53 03 66 / 05 35 55 52 79 05 35 55 52 99 SEFROU 140, AV LAHCEN LYOUSSI, ROUTE EL MENEZEL 05 35 96 99 70 À 78 05 35 96 99 79 123, ANGLE BOULEVARDS MOHAMED V ET BIR SIDI KACEM 05 37 59 79 10 À 18 05 37 59 79 19 ANZARANE TAOUNATE CENTRE BOULEVARD MOHAMED V, RESIDENCE SOFIA 05 35 68 81 50 À 58 05 35 68 81 59 TAZA BD HASSAN II 05 35 67 11 08 / 09 05 35 67 11 07

SOUSS

BRANCH ADDRESS PHONE FAX AGADIR BENSERGAO QUARTIER RIAD AL WIFAQ BENSERGAO, LOT I 232 05 28 28 60 60 À 68 05 28 28 60 69 AGADIR BOUABID COMPLEXE BIN AL ASWAR, BAB SBAA 05 28 29 32 10 À 78 05 28 29 32 19 AGADIR DAKHLA N°30, AVENUE HASSAN 1ER, CITÉ DAKHLA 05 28 21 92 20 À 28 05 28 21 92 29 105 SLAOUI AV BIR ANZARANE, AKERKAOU AGADIR DCHEIRA 05 28 27 90 20 À 28 05 28 27 90 29 DCHEIRA, INEZGANE RÉSIDENCE ESSAADA, GH 7 IMM 40 HAY AGADIR ESSAADA 05 28 21 92 00 À 08 05 28 21 92 09 MOHAMMADI AGADIR HASSAN II RÉSIDENCE AL AMAL N°13, BOULEVARD HASSAN II 05 28 38 90 20 À 28 05 28 38 90 29 AGADIR HOUDA LOT 78 TYPE H, LOTISSEMENT AL HOUDA 05 28 32 90 70 À 78 05 28 32 90 79 AGADIR KETTANI AV GÉNÉRAL KETTANI 05 28 84 01 55 / 05 28 82 61 96 05 28 84 22 88 AGADIR MED V COMPLEXE FONDATION HASSAN, II BD MED V 05 28 84 17 97 / 05 28 84 24 48 05 28 84 18 28 AGADIR OUFELLA BOULEVARD MOHAMED V, IMMEUBLE PANORAMA I 05 28 29 63 20 À 28 05 28 29 32 49 ANG. BD CHEIKH SAÂDI ET RUE 29 FÉVRIER AGADIR TALBORJT 05 28 84 29 35 / 36 05 28 84 29 07 TALBORJT AGADIR AIT MELLOUL CENTRE LOT EL FARAH 2 BLOC 4, N° 104 05 28 30 92 70 À 78 05 28 30 92 79 BIOUGRA AVENUE HASSAN II, LOTISSEMENT TIRST LOT N°8 05 28 81 70 40 - 48 05 28 81 70 49 DAKHLA VILLE N°10 BOULEVARD AHMED BAHNINI 05 28 93 23 00 À 08 05 28 93 23 09 GUELMIM AV MED VI, PLACE BIR ANZARANE 05 28 77 90 20 - 28 05 28 77 90 29 INEZGANE BD MOHAMED V 05 28 83 30 93 / 05 28 83 49 93 05 28 83 40 90 INEZGANE 2 ANGLE RN1 & BD MED V, N°49-51 05 28 33 91 80 À 88 05 28 33 91 89 LAAYOUNE N° 18, AV MEKKA, BP 122 05 28 89 37 02 / 07 05 28 89 36 99 LOT N° 16, LOTISSEMENT AL WAHDA, BOULEVARD LAAYOUNE AL WIFAQ 05 28 99 92 45 À 53 05 28 99 92 54 MEKKA BD MOHAMED V, IMM TIZNITI, QUARTIER OULAD TAIMA 05 28 55 92 10 - 18 05 28 55 92 19 ADMINISTRATIF TANTAN HASSAN II TAN TAN, N°62 BOULEVARD HASSAN II 05 28 76 40 40 À 48 05 28 76 40 49 AV HASSAN II, QUARTIER M'HAITA, LOTISSEMENT TAROUDANT 05 28 55 91 20 À 28 05 28 55 91 29 AIT AZIZOU TIKIOUINE LOT N°A35, LOTISSEMENT ZAITOUNE - TIKIOUINE 05 28 28 91 00 À 08 05 28 28 91 09 TIZNIT ANG BD HASSAN II ET RUE DE LA MUNICIPALITÉ 05 28 86 09 43 / 47 05 28 86 09 23

SOUTH

BRANCH ADDRESS PHONE FAX BENI MELLAL ANGLE BD MED V & AV HASSAN II 05 23 48 11 15 / 05 22 48 36 15 05 23 48 11 14 BENI MELLAL AV DES 29, BOULEVARD DES FAR, QUARTIER AMRIA 05 23 42 52 00 À 08 05 23 42 52 09 FAR BENI MELLAL EL ARSA 94-96, BV MOHAMED V 05 23 42 50 07 - 15 05 23 42 50 16 ESSAOUIRA 1 NO 01 BD EL MASSIRA 05 24 47 52 24 / 05 24 47 63 34 05 24 47 68 22 ESSAOUIRA COMPLEXE COMMERCIALE BIN AL ASWAR 05 24 47 92 50 À 58 05 24 47 92 59 PRINCIPALE FKIH BEN SALEH 126, AVENUE HASSAN II 05 23 53 60 51 À 60 05 23 53 60 59 ANGLE RUE OUBAD MEJJATI ET RUE FATEMA EL KASBA TADLA 05 23 44 60 40 À 48 05 23 44 60 49 FIHRIA KELÂA SRAGHNA BOULEVARD MOHAMMED V, N°198 BIS 05 24 22 91 30 À 38 05 24 22 91 39 KHOURIBGA 32, BOULEVARD DE MARRAKECH 05 23 49 21 13 / 19 05 23 49 20 99 KHOURIBGA BD MED ANGLE BD MED VI ET RUE ABDELKHALEK TORRES 05 23 58 21 70 - 78 05 23 58 21 79 VI KHOURIBGA CENTRE 19, RUE DE LA MOSQUÉE 05 23 58 20 70 - 78 05 23 58 20 79 MARRAKECH LOTISSEMENT RATMA, BOULEVARD DE PALESTINE 05 24 31 20 05 / 06 05 24 31 20 11 DAOUDIATE MARRAKECH RESIDENCE FATIMA ZAHRA QUARTIER MASSIRA 1D 05 24 39 31 10 À 18 05 24 39 31 19 KOUTOUBIA A COTE DU PONT MARRAKECH ABRAJ ENSEMBLE RESIDENTIEL BORJ ZAITOUNE, GH13, 05 24 42 52 80 À 88 05 24 42 52 89 ZAITOUN LOT 13,14,15 MARRAKECH N°25-26, AVENUE PRINCE MOULAY ABDELLAH 05 24 42 55 30 - 38 05 24 42 55 39 MOULAY ABDELLAH MARRAKECH EL AZZOUZIA, OPERATION BAB MARRAKECH 05 24 42 48 60 À 68 05 24 42 48 69 AZZOUZIA MAGASIN N°7 MARRAKECH BAB KISSARIAT ZRIKEM, RUE BAB AGNAOU 05 24 42 70 47 / 48 05 24 42 70 49 AGNAOU MARRAKECH 183, BD MED V 05 24 44 88 30 / 05 24 44 69 34 05 24 44 88 31 GUELIZCENTRAL MARRAKECH 8, AVENUE HASSAN II, GUELIZ 05 24 43 72 65 / 69 05 24 43 75 29 HASSAN II 167, LOTISSEMENT IZDIHAR, RÉSIDENCE LA MARRAKECH IZDIHAR 05 24 33 81 80 - 88 05 24 33 81 89 COLLINE MARRAKECH MASSIRA HAY EL MASSIRA, LOT N°13 05 24 49 92 20 À 28 05 24 49 92 29 ABRAJ ALKOUTOUBIA, GH 14, LOT N°11,12 ET 13 MARRAKECH MHAMID 05 24 36 81 40 À 48 05 24 36 81 49 MHAMID 09 MARRAKECH ANG BD ABDELKRIM KHATTABI ET RUE DERAA 05 24 43 03 20 / 05 24 43 12 45 05 24 43 68 91 GUELIZ REGENT IMM MIRAMASS II MARRAKECH COMPLEXE IBN TACHEFINE, BOULEVARD PRINCE 05 24 45 97 70 À 78 05 24 45 97 79 RTE DE SAFI MOULAY ABDELLAH, IMMEUBLE A OUARZAZATE 19, BOULEVARD MED V 05 24 89 98 20 À 28 05 24 89 98 29 OUED ZEM AVENUE MOHAMED V 05 23 52 20 40 À 48 05 23 52 20 49 SAFI 28, AV MOHAMED BEN ABDELLAH 05 24 62 52 62 / 05 24 62 52 27 05 24 62 70 79 SAFI EL MASSIRA BOULEVARD EL MASSIRA, QUARTIER JERIFATE 05 24 61 94 40 - 48 05 24 61 94 49 N°220 - 222, HAY EL AMANE, AV DES FAR SOUK SOUK SEBT 05 23 47 50 20 À 28 05 23 47 50 29 SEBT OULAD NEMMA

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