Weekly Financial Markets from June 20 Th to 24 Th 2016 by Analysis & Research Department

Weekly Financial Markets From June 20 th to 24 th 2016 By Analysis & Research Department

Equity

Our reflexion:

BAM lowers inflation forecasts

Stock Market :

Trading volume continues to shrink

Stock to follow:

AMMC approves the merger Lafarge-Holcim in Morocco

Fixed Income

Bond Market

Decline in primary yield curve

Money Market

Increase in the RRR from 2% to 4%

International

Commodities

Precious metals benefit from risk aversion

Forex

Brexit materialized

A T T I J A R I Intermédiation

Stock market - (1/2) By Analysis & Research Department

Our reflexion: BAM lowers inflation forecasts

The Council of Bank Al-Maghrib decided to keep key rate unchanged at 2.25% during its last monetary policy meeting held on June 21 st , 2016 taking into account an upward revision of its inflation forecast for 2016 to 1.6 %. This upward revision is a result of a significant increase in volatile food prices. In addition, it should be noted that Bank Al-Maghrib anticipated a GDP growth rate of 1.2% in 2016 and 4.0% in 2017.

In addition, the Council of Bank Al-Maghrib decided to react to the bank liquidity improvement. The banking sector showed a slow growth of bank loans, i.e. 2.0% Y-o-Y at the end of April 2016 against 2.5% a year earlier. In this context, the Council raised the required reserve ratio from to 2 % to 5% as response to the improvement in bank liquidity. This additional reserve would be remunerated at 0.75% for dynamic financial institutions whose outstanding loans are higher than the sector average during Q2-2016.

Business news MASI 9.649,60 pts

√ Fishing activity up 15.0% at the end of May 2016 Week change -0,48%

YTD change 7,59% √ Morocco’s net hard currency reserves up 25.9% ADV CM Week (MAD million) 31,0 ADV BM Week (MAD million) 21,2 √ The Consumer Price Index up 0.5% during May 2016

Trading volume continues to shrink Evolution of the index vs. volume (MAD Mn) over a week

The MASI index closed the week in a negative territory, posting a weekly decrease of 0.48% to 9,603.16 points. Thus, th the market YTD performance stood at 7.59% as of June 24 , 9 649,6 106 2016. 9 603,2

Regarding the transactions flows, the wait-and-see attitude 32 35 37 39 continues to reign on the market. Indeed, the average daily 18 26 volume traded on the central market stood at only MAD 31.0 million this week against an annual average of 17-juin 20-juin 21-juin 22-juin 23-juin 24-juin MAD 92.1 million. In this context of low volumes,

Attijariwafa Bank, Maroc Telecom and Saham Assurances Central Market Block Market MASI captured more than the half of total trade, with respective volumes of MAD 34.7 million, MAD 32.0 million and MAD 21.6 million. Weekly sectoral performances

If the summer period is historically marked by sluggish Mining -8,2% activity, we expect a renewal of trading volumes enhanced by Building materials -1,9% the IPO of Marsa Maroc and the potential trade-offs which Bank -1,1% should follow. Tourism -1,0% Chemical -0,9% Concerning the most significant sectoral performances of this Telecoms -0,3% week, we note: Cement -0,2% Food processing -0,2% The mining sector posted the largest decrease of the week Refining - Finance companies 0,1% (-8.2%). This under performance is attributed to SMI and Insurance 0,4% Managem stocks which fell respectively by 18.5% and 2.9%. IT 0,4% Note that this technical decline included the ex dividend of Utilities 0,5% Real estate 0,7% MAD 220.0 for SMI and MAD 20.0 for Managem which occurred Distribution 0,9% rd on June 23 , 2016. Vehicles 2,0% Energy distribution 3,3% At the same time, the building materials sector displayed a weekly decline of 1.9%. This is mainly related to Aluminium du Maroc stock which decreased by 11.8%. In this context, it is should recalled that in a press release, Aluminium du Maroc has announced that it has been swindled following the change of bank details. Occurred during Q1-2016, this fact concerns bank transfers to a foreign supplier for an amount worth $ 5.06 million, i.e. nearly MAD 50 million.

Stock market - (2/2) By Analysis & Research Department

Stock to follow... Evolution of Lafarge stock vs. Volumes

AMMC approves the merger Lafarge-Holcim in Morocco 1 800 The AMMC has approved, on June 24 th 2016, an information prospectus related to Lafarge Ciments capital increase through a merger with Holcim Maroc. This operation which is reserved to Holcim Maroc current 1 626 shareholders, involves the issuance of 5,9 millions new shares at a unit price of MAD 1,539.17, based upon a parity of 1.20 Lafarge Ciments share for 1 Holcim Maroc share. This transaction with an amount of 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 16 16 16 16 16 16 16 16 MAD 9.1 billion follows the merger scenario established in 2015 and is / / / / / / / / / / / / / / / / / / / / / / / / / 01 01 02 03 03 04 05 06 06 07 08 09 09 10 11 12 12 01 02 02 03 04 05 05 06 rd / / / / / / / / / / / / / / / / / / / / / / / / /

expected to be realized during the 3 quarter of this year. In this context, 02 26 16 09 30 20 12 02 23 14 06 01 22 16 09 01 22 18 08 29 21 11 02 23 13 the exchange date is scheduled on July 13 th , 2016. Volume Price Thus, this operation would enable the newly formed Group to rank among Stock 3M 6M 12M 24M the top 5 of the largest market capitalizations on the Casablanca Stock Exchange. LAC +0.5% +16.7% -1.9% +29.6% MASI +0.7% +8.2% +0.2% +4.3%

Bond Market By Analysis & Research Department

Decline in primary yield curve The final session auction of June remains has witnessed a decline in investors' yield requirements. Indeed, the 13, 52 week and 2 year maturities were down 7.0, 3.2 and 2.3 bps respectively. On the secondary market side, the trend remained mixed between short-medium and long terms. Investors thus remain on a wait and see attitude and prefer to observe bond yields evolution following the decision of Bank Al Maghrib to keep steady its key rate and raise its required reserve ratio from 2% to 4% currently.

After this session, the aggregate amount subscribed by the Treasury during the month of June stood at 4.2 MAD billion below the forecast. The latter are established between MAD 6.0 billion and MAD 6.5 billion or a monthly implementation rate of 64.0%.

Regarding the characteristics of the session, the Treasury has been active only on short and medium terms by making a lift of MAD 1.0 billion while demand declined slightly to MAD 5.9 billion.

Primary Market Maturity Rate (w) Rate (w-1) Spread

4,99% 13w 1,61% 1,68%- 7,0 4,42% 26w 1,71% 1,71% - 4,03% 4,92% 52w 1,84% 1,87%- 3,2 3,63% 3,48% 3,12% 2y 2,02% 2,05%- 2,3 3,20% 2,71% 2,74% 5y 2,29% 2,29% - 2,53% 2,51% 2,55% 2,29% 10y 2,74% 2,74% - 2,02% 15y 3,20% 3,20% - 1,84% 1,61% 1,71% 20y 3,48% 3,48% - 30y 4,92% 4,92% - 13w 26w 52w 2y 5y 10y 15y 20y

31/12/2015 21/06/2016

Secondary Market Maturity Rate (w) Rate (w-1) Spread

13w 1,68% 1,68% - 4,36% 26w 1,71% 1,71% - 3,92% 52w 1,85% 1,86%- 1,3 3,54% 3,52% 3,10% 3,25% 2y 2,01% 2,02%- 1,5 2,77% 2,82% 2,61% 5y 2,37% 2,37%- 0,6 2,48% 2,51% 2,37% 10y 2,82% 2,87%- 5,3 2,01% 1,85% 15y 3,25% 3,16% 9,2 1,68% 1,71% 20y 3,52% 3,52% 0,0

13w 26w 52w 2y 5y 10y 15y 20y

31/12/2015 21/06/2016

Treasury payment term 2016 (MAD Bn) Offered and retained amounts 2015 (MAD Mn) SoumissionsOffered SouscriptionsRetained Maturity Offered Retained %

73,2 13w 40,0 2,7 7% 26w 23,7 1,2 5% 52w 34,0 4,6 13% 40,0 34,0 2y 73,2 5,6 8% 29,8 27,9 23,7 5y 29,8 6,9 23% 16,2 11,0 6,9 6,9 10y 27,9 4,9 18% 4,6 5,6 4,9 3,2 3,7 0,0 2,7 1,2 1,0 15y 11,0 3,2 29% TCT 13 w 26 w 52 w 2y 5y 10 y 15 y 20 y 30 y 20y 16,2 3,7 22% 30y 6,9 1,0 15%

Money Market By Analysis & Research Department

Increase in the RRR from 2% to 4%

The end of the required reserve period has shown a large surplus of over MAD 24.0 billion. This reflects the continued improvement in foreign exchange reserves inducing a drop in the liquidity needs of the banking system, falling from MAD 18.2 billion by the end of December 2015 to MAD 2.4 billion by the end of May 2016. In this context, BAM decided during its last Council of 21 June, to increase the RRR from 2% to 5% and to remunerate the additional compulsory reserve to 0.75% for banks making efforts in loan distribution. Moreover, taking into account an inflation forecast in line with the price stability target, the Central Bank found that the current level of the policy rate at 2.25% remains perfectly appropriate.

In these circumstances, and following the decision of BAM immediately bringing the required reserve ratio to 4%, the required reserve is increased from MAD 9.0 to MAD 18.0 billion. The banking liquidity level is expected to decline by MAD 9.0 billion justifying a resumption of weekly injections of the institution. Indeed, during its last tender, BAM has served MAD 11.0 billion through its 7-day advances.

BAM interventions– Amounts (MAD Mn) Interbank rate and volume (MAD Mn)

Valeur Value PaymentTombées term Demandé requested Servi offered Échéance Term

23-juin-16 0 11 210 11 000 30-juin-16 2,00% 2,11% 2,12% 2,00% 2,00% 2,00%

07-janv-16 2 800 2 800 500 05-janv-17 1 916

1 344 1 371 09-juil-15 2 800 2 800 2 800 07-juil-16 1 156 713 08-oct-15 2 500 5 000 2 500 06-oct-16 269 14-avr-16 5 000 2 500 2 500 13-avr-17 17-juin 20-juin 21-juin 22-juin 23-juin 24-juin

Treasury investment on the money market (MAD Mn) Key rate of BAM

3,75% 3,50% 3,25% 3,25% Règlement Date Type VolumeAmounts Taux rate Échéance Term 3,00% 2,75% 23-juin-16 PP 1 000 1,70% 24-juin-16 2,50% 2,25% 23-juin-16 PP 1 000 1,71% 24-juin-16 24-juin-16 PP 4 000 1,73% 29-juin-16 24-juin-16 PP 500 1,70% 27-juin-16

mars -02 dec 08 sept -08 mars -09 mars -12 sept -14 déc -14 mars -16

Monetary reserve (MAD Mn) Monetary reserve ratio

15,0% Date Balance Average Average Term Date Solde Moy. Const RequirementsMoy Req. eqart cumulé 12,0% 10,0% 20/06/2016 9 095,8 10 134,5 9 169,0 - 73,2 8,0% 21/06/2016 8 829,6 10 086,2 9 169,0 - 339,4 6,0%

22/06/2016 9 021,7 10 048,2 9 169,0 - 147,3 4,0% 4,0% 2,0%

janv -08 janv -09 juil 09 sept -09 avr -10 sept -12 mars -14 juin -16

International Market By Analysis & Research Department

Commodities: Precious metals benefit from risk aversion

Precious metals have greatly benefited from the announcement of PETROLECrude Oil Brexit. Indeed, the high volatility of markets and the exacerbation of WTI BRENT risk aversion have guided investors towards safe havens. Under these conditions, Gold rises by 1.3% to $ 1,315.5 / oz and Silver by 1.4% to 140 $ 17.7 / oz this week.

110

Unité Spot Var 1W Var 1M Var YTD 80 Energie

PétroleWTI WTI $/bbl 47,6 -0,7% -3,9% 28,6% 50 PétroleBRENT Brent $/bbl 48,4 -1,5% -2,7% 29,9% 20 Métaux et Minéraux juin-11 juin-12 juin-13 juin-14 juin-15 juin-16 OrGOLD $/Oz 1315,5 1,3% 7,4% 23,9%

ArgentSILVER $/Oz 17,7 1,4% 8,8% 28,0% Gold

ZincZINC $/MT 2015,8 2,0% 10,1% 24,0% 1950 PlombLEAD $/MT 1707,0 1,1% 4,6% -5,0%

CuivreCOPPER $/MT 211,6 2,9% 0,4% -1,6% 1700 Denrées alimentaires & autres 1450 CacaoCOCOA $/MT 3023,0 -1,4% 2,9% -5,5%

CaféCOFFEE $/lb 137,2 -4,0% 11,2% 3,5% 1200

HuileSOYBEAN de OIL soja $/lb 31,7 -2,9% -1,1% 1,3% 950 GainesSOYBEAN de soja $/bu 1078,5 -6,1% 2,3% 22,2%

MAIZMais $/MT 175,3 -3,3% -0,1% -1,0% 700 juin-11 juin-12 juin-13 juin-14 juin-15 juin-16 BléWHEAT $/bu 465,0 -6,0% -2,6% -5,5% EUR/USD CotonCOTTON $/lb 64,4 -2,3% 3,0% -0,5% EUR/USD

1,60 Forex : Brexit materialized 1,50 A shock wave in financial markets this week. The implementation of the exit of Britain from the European Union with 52.0% of the polls, 1,40 caused panic among European stock markets. Such a scenario was however dismissed in light of recent unfavorable polls related to 1,30 Brexit. In the wake of the announcement, GBP crumbles 11.0%, its lowest level in 30 years and the CAC 40 is down by more than 10.0%. 1,20 Moreover, the Bank of England will, according to market participants, 1,10 ease monetary policy by reducing the rate to zero and by increasing its

asset purchases to £ 250 billion. 1,00 juin -11 juin -12 juin -13 juin -14 juin -15 juin -16

Spot Var 1W Var 1M Var YTD EUR/MAD Change USD 11,6 EURUSD 1,1117 -1,4% 0,3% -2,3% GBPUSD 1,3679 -4,7% 7,4% 7,7% 11,4 JPYUSD 0,0098 1,9% -7,3% -15,0%

Change MAD 11,2 EURMAD 10,9 -1,4% 0,3% -2,3% USDMAD 9,8 -4,7% 7,4% 7,7% 11,0 JPYMAD 9,6 1,9% -7,3% -15,0% 10,8

10,6 juin -11 juin -12 juin -13 juin -14 juin -15 juin -16

Stock market By Analysis & Research Department

Appendices

• Barometer of economy

• Our stock universe

• 2015 Financial figures

• FY 2015 dividends

Stock market By Analysis & Research Department

Barometer of economy

Indicator Period Data period Data of the previous period Change Prices Index Consumer Prices Index Apr. 2016 116,5 114,7 1,6% Industrial Production Index Q3 2015 101,2 102,7 -1,5% Consumer Confidence Index Q1 2016 71,6 73,7 - 2,1 pts

Production GDP (in volume) Q4 2015 4,5% 2,6% + 1,9 pts Crop GDP (in volume) Q4 2015 12,8% -2,2% + 15,0 pts Non Crop GDP (in volume) Q4 2015 1,9% 2,5% - 0,6 pt

Labor market Unemployment rate Q1-2016 10,0% 9,1% - 0,2 pt Occupied Working Population (in thousands) Q1-2016 10 513,0 10 500,0 0,1%

Public finance Current revenue Q1-2016 60 805,0 59 924,0 1,5% Current expenditures Q1-2016 59 883,0 57 833,0 3,5% Current balance Q1-2016 922,0 2 091,0 -1 169,0

Sheet balance Imports (MAD Mn) Jan-Apr 2016 137 638,0 132 164,0 4,1% Exports (MAD Mn) Jan-Apr 2016 108 598,0 103 980,0 4,4% Trade deficit (MAD Mn) Jan-Apr 2016 -29 040,0 -28 184,0 -856,0 Coverage rate Jan-Apr 2016 78,9% 78,7% + 0,2 pt

Moroccan living abroad and travels receipts Workers remittances (MAD Mn) Jan-Apr 2016 19 417,0 18 667,0 4,0% Travel receipts (MAD Mn) Jan-Apr 2016 16 936,0 15 889,0 6,6% FDI and private loans (MAD Mn) Jan-Apr 2016 10 433,0 11 388,0 -8,4%

Sectoral indicators

Banks * M3 Apr. 2016 1 136,6 1 080,5 5,2% * Bank loans Apr. 2016 769,2 753,9 2,0% * Mortage loans Apr. 2016 241,8 238,8 1,3% * Consumer loans Apr. 2016 47,3 45,2 4,6% * Equipment loans Apr. 2016 148,4 142,7 4,0%

Telecommunications * Penetration rate of Mobile phone Q1 2016 124,3% 128,2% - 3,9 pts * Penetration rate of Fixed phone Q1 2016 6,4% 7,1% - 0,7 pt

Industry * The producer index of mining industries Apr. 2016 101,5 101,7 -0,2% * The producer index of manufacturing industries Apr. 2016 100,2 100,2 0,0% * The production and distribution index of electricity Apr. 2016 111,0 111,0 0,0% * The production and distribution index water Apr. 2016 119,0 119,0 0,0% * Cement sales (in tons) Jan-Apr 2016 6 421 451 6 174 472 4,0% * Vehicles sales Jan-Apr 2016 67 297 51 452,0 30,8%

Tourism * Nights spent Jan-Apr 2016 5 698 759,0 5 757 969,0 -1,0% * Tourists arrivals Jan-Apr 2016 2 745 512,0 2 767 246,0 -0,8% * Rooms occupation rate Jan-Apr 2016 37,0% 40,0% - 3,0 pts

Real estate * Real estate Prices Index Q1 2016 -2,0% 0,2% - 1,8 pts Apartments Q1 2016 -4,8% 0,2% - 5,0 pts Villas Q1 2016 2,7% -1,6% + 4,3 pts Houses Q1 2016 -0,2% -1,0% + 0,8 pts

Stock market By Analysis & Research Department

Our stock universe

Stock/Index on PRICE EARNING PRICE TO BOOK Capitalization (KDH) Performance DIVIDEND YIELD ROE (%) 06/24/2016 RATIO RATIO

Weekly YTD 15R 15R 15R 15R TELECOM 106 546 355,2 -0,29% 8,55% 19,0 6,9 5,3% 36,5% IAM 106 546 355,2 121,2 -0,29% 8,55% 19,0 6,9 5,3% 36,5%

FOOD PROCESSING 29 351 335,7 -0,18% -8,70% 10,6 3,9 3,8% 12,8% SBM 4 555 741,3 1 610,0 0,00% -19,50% 17,3 2,9 5,7% 16,6% CENTRALE DANONE 8 323 512,0 883,6 0,00% -26,37% N.S. 7,7 1,2% 4,9% COSUMAR 7 921 097,7 189,0 1,07% 10,85% 12,3 2,0 5,7% 16,1% LESIEUR CRISTAL 3 453 938,8 125,0 -3,10% 9,65% 17,3 2,2 4,0% 12,7%

INSURANCE 19 687 714,0 0,39% 4,26% 15,3 2,6 4,4% 17,6% WAFA ASSURANCE 12 250 000,0 3 500,0 0,86% 7,03% 15,3 2,5 4,6% 16,3% ATLANTA 2 857 240,0 47,5 1,00% -6,00% 20,5 2,0 3,2% 9,9% SAHAM ASSURANCE 4 116 874,0 1 000,0 -1,86% 3,73% 12,1 1,3 4,0% 10,6%

BANKS 168 719 363,9 -1,11% 0,78% 16,1 1,8 3,0% 10,5% ATTIJARIWAFA BANK 69 199 256,8 340,0 -3,16% 0,62% 15,4 1,9 3,2% 12,2% BMCE BANK 37 866 775,3 211,0 0,48% -1,40% 19,4 2,2 2,4% 11,5% BMCI 8 312 833,0 626,0 1,13% -2,19% 16,6 1,0 4,8% 5,8% BCP 41 362 694,2 227,0 -0,20% 5,56% 16,5 1,5 2,5% 8,8% CDM 4 740 405,4 443,9 5,69% -13,91% N.S. 1,1 1,8% 1,9% CIH 7 237 399,1 272,0 -0,91% 4,07% 14,9 1,5 5,1% 10,7%

BUILDING MATERIALS 5 240 749,7 -1,92% -1,55% 7,1 1,1 5,7% 10,6% SONASID 1 631 760,0 418,4 -1,81% -0,38% N.S. 0,8 0,0% N.S. ALM 397 691,7 853,5 -11,76% -28,10% 9,6 1,0 10,5% 10,9% DELTA HOLDING 1 979 760,0 22,6 -1,57% 14,14% 10,8 1,2 5,3% 11,5%

CEMENT 59 720 703,5 -0,22% 15,81% 20,5 5,3 4,7% 25,2% CIMAR 16 890 124,7 1 170,0 -3,31% 14,15% 15,7 2,7 4,7% 17,2% HOLCIM 11 124 138,7 2 249,0 2,00% 30,76% 21,8 5,9 4,6% 27,1% LAFARGE 31 706 440,1 1 815,0 0,72% 12,18% 22,7 6,5 4,7% 28,8%

AUTOMOBILES 8 382 565,4 2,00% 14,28% 19,0 2,9 3,9% 16,8% AUTO-HALL 5 165 902,0 104,9 3,05% 9,38% 23,3 3,1 3,3% 13,1%

MINING 12 753 494,3 -8,23% 4,94% 25,3 2,3 6,1% 12,2% MANAGEM 6 980 760,4 762,2 -2,90% 10,62% 34,1 2,0 2,6% 6,0% CMT 1 765 294,7 1 050,0 -1,32% 7,14% 9,2 2,6 12,9% 28,8% SMI 4 007 439,2 2 436,0 -18,53% -4,47% 17,1 2,7 9,0% 15,7%

ENERGY DISTRIBUTION 13 998 427,5 3,31% 7,67% 20,1 5,5 5,3% 26,2% TOTAL 6 666 240,0 744,0 0,54% 34,01% 23,1 7,7 5,6% 33,2% AFRIQUIA GAZ 7 332 187,5 2 133,0 5,96% -8,65% 17,4 3,5 4,9% 19,9%

REAL ESTATE 12 867 673,2 0,70% 52,61% 12,6 1,1 5,4% 2,8% ADDOHA 12 095 891,9 37,5 1,35% 58,09% 14,2 1,1 6,0% 7,5% RES DAR SAADA 4 717 593,0 180,0 -1,37% 40,63% 10,5 1,3 3,8% 12,0% ALLIANCES 771 781,3 61,2 3,52% 49,22% N.S. 0,5 0,0% N.S.

NIT 1 553 804,3 0,45% 16,05% 8,9 1,6 6,8% 15,9% HPS 394 015,4 560,0 3,70% 14,52% 9,9 1,9 4,5% 19,5% M2M Group 174 899,8 270,0 0,00% 11,11% 8,7 1,3 5,2% 15,4%

FINANCE COMPANIES 6 705 068,4 0,07% 3,94% 16,8 1,9 6,4% 11,4% EQDOM 1 740 400,5 1 042,0 0,00% 11,24% 11,1 1,1 8,6% 10,2%

TOURISM 900 209,8 -0,96% -1,65% N.S. 1,2 0,0% N.S RISMA 900 209,8 113,1 -0,96% -1,65% N.S. 1,2 0,0% N.S.

Utilities 19 104 186,7 0,55% 13,25% 24,3 2,9 4,7% 18,7% TAQA MOROCCO 15 261 786,7 647,0 0,94% 13,31% 26,9 3,1 4,6% 19,7%

MASI 482 085 564,7 9 603,2 -0,48% 7,59% 17,0 3,7 4,3% 19,0% * Sectoral indices are inclusive of all stocks representing the sector

Stock market By Analysis & Research Department

2015 Financial figures

Turnover EBIT Net Income (Group Share) MAD million 2015 2014 Change 2015 2014 Change 2015 2014 Change Maroc Telecom 34 134 29 144 17,1% 10 340 10 266 0,7% 5 595 5 850 -4,4% SBM 2 265 2 257 0,4% 454 358 26,7% 263 249 5,6% Centrale Danone 6 745 7 043 -4,2% 299 203 47,4% 53 41 29,3% Cosumar 6 970 6 046 15,3% 1 156 1 002 15,4% 642 640 0,3% Lesieur Cristal 3 985 3 819 4,3% 303 255 18,8% 200 195 2,6% Oulmès 1 516 1 350 12,2% 241 210 15,1% 145 117 23,7% Unimer 1 550 3 725 -58,4% 144 171 -15,8% 161 40 298,0% Dari Couspate 525 441 18,9% 54 34 56,9% 38 24 57,1% Wafa Assurance 6 407 6 079 5,4% 983 1 047 -6,1% 800 839 -4,7% Atlanta 3 891 3 716 4,7% 147 240 -38,5% 139 174 -19,9% AFMA 178 160 11,6% 78 76 2,8% 55 53 3,9% Agma Lahlou-Tazi 105 113 -7,1% 49 58 -16,3% 38 45 -15,1% Saham Assurance 3 773 3 680 2,5% 422 453 -6,9% 340 341 -0,3% Attijariwafa bank 18 997 19 450 -2,3% 7 969 7 907 0,8% 4 502 4 355 3,4% BMCE 11 817 11 497 2,8% 3 444 3 225 6,8% 1 956 1 944 0,6% BMCI 3 198 3 273 -2,3% 804 705 14,1% 501 364 37,4% BCP 15 341 14 747 4,0% 4 586 4 850 -5,4% 2 511 2 195 14,4% CDM 2 096 2 090 0,3% 135 388 -65,2% 82 238 -65,6% CIH 1 790 1 701 5,3% 686 741 -7,4% 520 482 7,7% Sonasid 3 529 4 254 -17,0% -29 209 -237,5 Mn -62 128 -189,7 Mn ALM 775 720 7,5% 70 75 -6,1% 41 48 -13,1% Delta Holding 2 666 2 416 10,4% 340 318 7,1% 184 154 19,1% Colorado 536 552 -2,9% 86 80 8,2% 53 47 11,0% Fenie Brossette 614 549 11,8% -10 -30 +20 Mn -46 -13 +33,5 Mn Stroc Industrie 375 658 -43,0% -51 43 -93,7 Mn -87 19 -105,8 Mn Jet Contractors 754 644 17,2% 97 87 11,1% 34 39 -14,5% Cimar 3 740 3 454 8,3% 1 177 1 024 14,8% 1 078 802 34,4% Holcim 3 227 3 296 -2,1% 888 946 -6,2% 510 604 -15,6% Lafarge 5 188 4 935 5,1% 2 185 2 046 6,8% 1 399 1 313 6,5% Auto Hall 4 402 3 397 29,6% 348 333 4,4% 221 220 0,5% Auto Nejma 1 386 1 191 16,4% 150 128 17,2% 103 87 18,3% Ennakl 1 694 1 496 13,2% 202 130 55,3% 178 121 47,7% Managem 4 317 3 840 12,4% 610 446 36,7% 205 182 12,6% CMT 462 440 5,0% 223 196 13,8% 192 170 13,2% SMI 1 039 972 6,8% 288 249 15,7% 234 246 -4,9% Addoha 7 105 7 036 1,0% 1 219 1 332 -8,5% 853 1 012 -15,8% Alliances 944 2 932 -67,8% -1 209 -496 -712,5 Mn -1 824 -969 -855,3 Mn RDS 1 746 1 812 -3,6% 515 490 5,1% 450 406 10,7% IB Maroc 190 215 -11,6% -1 4 -5,0 Mn -19 1 -20,0 Mn Involys 53 56 -4,3% 10 9 13,8% 7 6 24,4% HPS 354 283 25,0% 48 31 52,1% 40 32 24,4% Disway 1 646 1 439 14,3% 79 59 34,4% 61 40 53,9% M2M 192 164 16,7% 65 34 92,6% 20 15 38,5% Microdata 364 317 15,1% 34 44 -22,4% 23 28 -18,1% S2M 186 189 -1,4% 34 28 22,5% 17 16 6,0% AXA Credit 129 124 4,7% -19 23 -41,7 Mn -20 20 -41,1 Mn Eqdom 582 595 -2,3% 240 218 10,3% 157 142 10,2% Maghrebail 159 240 -33,8% 102 115 -11,0% 64 72 -11,1% Maroc Leasing 296 268 10,8% 120 119 1,1% 59 56 4,3% Salafin 355 309 14,7% 200 167 20,1% 125 106 18,5% Taslif 102 104 -1,8% 36 32 10,2% 24 32 -23,4% Afriquia Gaz 3 402 3 598 -5,4% 661 595 11,1% 421 405 3,9% Total Maroc 8 327 10 961 -24,0% 533 432 23,4% 289 319 -9,3% Taqa Morocco 8 888 7 411 19,9% 2 666 2 205 20,9% 966 799 20,9% Label Vie 6 732 6 310 6,7% 263 170 54,7% 108 81 33,1% Lydec 6 934 6 827 1,6% 484 481 0,5% 277 283 -2,0% Maghreb Oxygène 222 216 2,9% 13 18 -25,6% 6 9 -29,6% SNEP 667 755 -11,7% -11 8 -18,5 Mn -49 -13 -36,3 Mn Sothema 1 155 1 119 3,2% 167 164 1,8% 117 92 27,2% Promopharm 533 475 12,2% 136 110 23,6% 97 78 24,1% Risma 1 474 1 557 -5,3% 148 251 -40,9% -71 6 -77,4 Mn CTM 577 550 4,9% 58 47 23,4% 51 39 30,8% Timar 236 236 0,0% 7 10 -29,5% -14 2 -15,9 Mn DLM 1 036 747 38,8% 56 80 -29,9% 13 18 -26,6% Afric Industries 45 44 4,0% 9 9 2,7% 7 7 -3,6% Market excluding deficit 209 640 201 407 4,1% 46 823 45 322 3,3% 27 295 26 322 3,7%

Stock market By Analysis & Research Department

FY 2015 dividends

Stock DPS 2015 DPS 2014 Change Date of payment Ex-dividend Date GM Date Addoha 2,25 2,0 13% 28/09/2016 28/06/2016 AFMA 52,0 51,7 1% 18/07/2016 04/07/2016 16/06/2016 Afric Industries 20,0 20,0 - 30/06/2016 21/06/2016 16/05/2016 Afriquia Gaz 105,0 105,0 - 19/04/2016 08/04/2016 25/03/2016 Agma Lahlou-Tazi 205,0 225,0 -9% 15/06/2016 06/06/2016 23/05/2016 Alliances 0,0 0,0 - 30/06/2016 ALM 80,00 90,0 - 04/07/2016 23/06/2016 31/05/2016 Atlanta 1,5 1,5 - 06/06/2016 26/05/2016 03/05/2016 Attijariwafa bank 11,0 10,0 10% 01/07/2016 22/06/2016 28/04/2016 3,5 3,5 - 24/06/2016 Auto Hall 2,5 (Extraordinary) 31/05/2016 15/06/2016 31/05/2016 Auto Nejma 60,0 50,0 20% 28/06/2016 17/06/2016 31/05/2016 AXA Credit 0,0 22,0 - 15/06/2016 Balima 4,4 4,2 5% 27/06/2016 BCP 5,8 5,3 8% 11/07/2016 27/06/2016 23/05/2016 BMCE 5,0 4,4 14% 13/07/2016 29/06/2016 BMCI 30,0 30,0 - 22/06/2016 13/06/2016 27/05/2016 Cartier Saada 1,0 0,6 28/09/2016 CDM 8,0 22,0 -64% 23/06/2016 14/06/2016 15/04/2016 Centrale Danone 10,5 0,0 - 15/07/2016 10/06/2016 14,0 - CIH 14,0 2,0 (Extraordinary) 11/07/2016 27/06/2016 20/04/2016 55,0 50,0 Cimar 28 (Extraordinary) 10% 04/07/2016 23/06/2016 29/03/2016 83,0 Dh 27/06/2016 CMT 135,0 134,0 1% 52,0 Dh 26/09/2016 16/06/2016 01/06/2016 3,0 3,0 - Colorado 27/05/2016 18/05/2016 02/05/2016 1,25 (Extraordinary) 2,5 (Extraordinary) -50% Cosumar 10,8 10,3 5% 15/07/2016 01/07/2016 27/05/2016 32,0 32,0 - CTM 11 (Extraordinary) 01/09/2016 21/06/2016 Dari Couspate 65,0 55,0 18% 25/07/2016 21/06/2016 Delta Holding 1,2 1,5 -20% 11/07/2016 27/06/2016 31/05/2016 Disway 20,0 16,0 25% 15/07/2016 01/07/2016 11/05/2016 DLM 5,5 5,0 10% 15/09/2016 01/09/2016 06/05/2016 Ennakl 3,1 2,6 19% 27/06/2016 19/05/2016 60,0 60,0 - Eqdom 15/06/2016 06/06/2016 19/05/2016 30 (Extraordinary) 25 (Extraordinary) 20% Fenie Brossette 0,0 0,0 - 10/06/2016 Holcim 103,0 121,0 -15% 15/06/2016 06/06/2016 24/06/2016 HPS 25,0 17,0 47% 01/07/2016 27/06/2016 IB Maroc 0,0 0,0 - Involys 8,0 8,0 - 28/07/2016 29/06/2016 Jet Contractors 5,0 8,0 -38% 29/04/2016 Label Vie 31,4 31,4 - 28/06/2016 66,0 66,0 - Lafarge 26/05/2016 17/05/2016 27/04/2016 20,0 17,5 14% Lesieur Cristal 5,0 5,2 -4% 04/07/2016 23/06/2016 09/06/2016 Lydec 24,5 24,5 - 15/07/2016 07/06/2016 M2M 12,0 12,0 - 21/06/2016 Maghreb Oxygène 4,0 4,0 - 19/04/2016 08/04/2016 25/03/2016 Maghrebail 46,0 50,0 -8% 12/07/2016 28/06/2016 27/04/2016 Managem 20,0 25,0 -20% 01/07/2016 22/06/2016 27/05/2016 Maroc Leasing 16,0 15,0 7% 21/07/2016 12/07/2016 15/04/2016 Maroc Telecom 6,4 6,9 -7% 02/06/2016 24/05/2016 26/04/2016 Med Paper 0,0 0,0 - 26/05/2016 Microdata 12,5 12,5 - 27/07/2016 22/06/2016 Nexans 7,0 7,0 - 25/07/2016 30/06/2016 Oulmès 60,0 50,0 20% 06/06/2016 26/05/2016 05/06/2016 Promopharm 169,0 80,0 111% 31/05/2016 20/05/2016 25/04/2016 RDS 6,9 6,4 8% 03/06/2016 Rebab Company 0,0 2,5 - 26/05/2016 Risma 0,0 2,5 - 30/06/2016 S2M 18,5 18,0 3% 28/09/2016 28/06/2016 Saham Assurance 40,0 36,0 11% 17/05/2016 Salafin 57,0 44,0 30% 20/06/2016 09/06/2016 31/05/2016 SBM 92,0 46,0 100% 23/05/2016 12/05/2016 25/04/2016 SMI 220,0 200,0 10% 01/07/2016 22/06/2016 27/05/2016 SNEP 0,0 0,0 - 21/06/2016 Sonasid 0,0 41,0 - 24/06/2016 Sothema 48,0 40,0 20% 04/07/2016 23/06/2016 11/05/2016 SRM 20,0 0,0 - 17/06/2016 Stockvis 0,0 0,5 - 26/05/2016 Stroc Industrie 0,0 0,0 - Taqa Morocco 30,0 22,0 36% 21/07/2016 12/07/2016 12/04/2016 Taslif 1,0 1,0 - 19/09/2016 05/09/2016 15/04/2016 Timar 0,0 8,0 - Total Maroc 42,0 34,6 21% 27/06/2016 16/06/2016 25/05/2016 Unimer 3,0 3,0 - 114,0 97,0 18% Wafa Assurance 46 (Extraordinary) 142 (Extraordinary) -68% 01/06/2016 23/05/2016 12/04/2016

Weekly Financial Markets By Analysis & Research Department

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