KAMCO Research

Casablanca Stock Exchange Daily Briefing Wednesday, August 29, 2012 (the Report covers the 47 Stocks listed in the Main Market)

MASI Index Return v.s. Volume Jan-10 - Current) Sectors' Return & Valuation Multiples

13,600 7500 Market Cap.MTDP/EP/BYield 13,400 7000 13,200 (MAD Mln) % Chg (X) (X) (%) 13,000 6500 Stock Exchange 425,081 0.46% 14.36 3.08 4.32% 12,800 6000 Banking 146,937 0.39% 13.74 2.55 2.22% 12,600 5500 12,400 Beverages 6,233 10.53% 17.01 3.35 6.44% 12,200 5000 Chemicals 1,110 (14.46%) 9.43 1.08 7.77% 12,000 4500 Construction & Bldg. Material 51,213 (0.74%) 18.94 3.21 4.17% 11,800 4000 Distributors 8,226 (1.21%) 33.76 2.55 3.11% 11,600 Electrical & Electronic Equipment 543 (5.73%) 14.27 0.79 4.96% 3500 11,400 Food Producers & Processors 9,704 2.61% 15.14 2.38 1.60% MASI IndexMASI 11,200 3000 Holding Companies 3,353 2.08% 15.74 2.54 3.92% 11,000 2500 Insurance 18,787 1.00% 16.59 3.07 2.75% 10,800 2000 Investment & other Finance 5,650 7.04% 13.31 2.01 2.42%

10,600 Volume Traded('ooo shares) 10,400 1500 Leisures & Hotel 891 (2.79%) 14.61 1.06 0.00% Materials, Software & Computer 639 (3.59%) 7.89 0.86 0.00% 10,200 1000 10,000 Mining 19,399 (3.00%) 15.26 7.31 2.14% 500 9,800 Oil & Gas 10,935 5.13% 11.90 1.63 2.29% 9,600 0 Pharmaceutical Industry 724 (1.76%) 10.09 1.77 12.02% Real Estate 42,683 0.49% 30.98 2.60 2.29% Telecommunications 95,294 0.37% 10.67 6.96 9.76% 02.01.10 07.02.10 15.03.10 20.04.10 26.05.10 01.07.10 06.08.10 11.09.10 17.10.10 22.11.10 28.12.10 02.02.11 10.03.11 15.04.11 21.05.11 26.06.11 01.08.11 06.09.11 12.10.11 17.11.11 23.12.11 28.01.12 04.03.12 09.04.12 15.05.12 20.06.12 26.07.12 31.08.12 Transport 288 1.29% 12.88 1.12 9.57% Utilities 2,404 8.44% 9.38 1.70 7.49% Market Breadth 8 16 22 Forestry & Paper 68 (6.43%) NM 0.53 0.00%

Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector Top 10 Stocks by Market Capitalization Market Return, Volatility & Trading Indicators

Market Cap. P/E ROE* Closing DTD DTD MTD YTD-12 Market Return (MAD Mln) (X) (%) Value Chg % Chg % Chg % Chg MASI Index 9,893.81 3.4 0.03% 0.45% (10.28%) 1-Itissalat Al-Maghrib 95,294 10.67 65.3% MADEX Index 8,076.38 4.4 0.05% 0.42% (10.38%) 2- 65,570 14.91 18.2% Market Cap (MAD Mln) 425,081 0.32 0.08% 0.46% (11.78%) 3-Banque Centrale Populaire 31,096 8.22 35.6% 4-Banque Marocaine Du Commerce Exterieur 28,091 34.30 6.7% Benchmark Volatility YTD-12 30 Days 2012 30 Days 2011 5-Douja Prom Addoha 19,975 24.52 9.0% MASI Index 9.68% 8.79% 13.80% 6-CIE Generale Immobiliere 14,358 36.81 8.8% MADEX Index 10.03% 8.48% 14.08% 7-Ciments Du Maroc 12,025 13.42 15.2% 8- 11,911 22.69 44.9% Today's DTD DTD Average Daily Trading Indicators 9-Banque Morocaine Due Commerce Et De 11,353 10.06 15.6% Value Chg % Chg YTD-12 YTD-11 10-Wafa Assurances 10,577 12.74 27.2% Volume ('000 Shares) 112.00 (2,249.85) (95.3%) 482 468 Subtotal 300,251 13.33 24.6% Value Traded (MAD Mln) 31.47 (312.20) (90.8%) 49 59 *: ROE is based on 1H-11 net profit and equity figures as of 30-June-11

Today's Top Movers and Most Active Stocks YTD-2012 Top Movers and Most Active Stocks

Price Daily Price Volume YTD-12 Best Return Performers YTD Best Return Performers (MAD) Return (MAD) (Shrs) Return Lyonnaise des Eaux de Casablanca 300.50 6.00% Diac Salaf 60.12 79,333 79.46% Credit EQDOM (SOC D'EQUIP DOM ET MN) 1,890.00 3.90% ENNAKL Automobiles 57.40 2,598,473 45.32% Miniere Touissit 1,719.00 3.87% Label Vie 1,500.00 162,514 8.70% Banque Marocaine Du Commerce Exterieur 176.95 2.79% Credit EQDOM (SOC D'EQUIP DOM ET MN) 1,890.00 19,238 7.82% Label Vie 1,500.00 1.63% Lesieur Cristal 107.00 197,202 7.00%

Price Daily Price Volume YTD-12 Worst Return Performers YTD Worst Return Performers (MAD) Return (MAD) (Shrs) Return Maghreb Oxygene 225.60 (6.00%) Med Paper 26.48 466,469 (44.35%) Societe Nationale d'Electrolyse et de Petrochimie 180.00 (5.26%) Societe de Promotion Pharmaceutique du Maghreb 724.00 75,435 (37.32%) Societe Nationale de Siderurgie 1,439.00 (2.57%) Societe Nationale d'Electrolyse et de Petrochimie 180.00 97,554 (36.17%) Wafa Assurances 3,022.00 (2.42%) Marocaine de l Industrie du Raffinage 471.15 425,448 (35.46%) Marocaine de l Industrie du Raffinage 471.15 (1.12%) Disway 215.60 85,142 (32.63%)

Price Volume Price Volume YTD-12 Most Active Stocks By Volume YTD Most Active Stocks by Volume (MAD) (Shrs) (MAD) ('000 Shrs) Return Label Vie 1,500.00 33,000 Itissalat Al-Maghrib 108.40 20,853 (20.06%) Douja Prom Addoha 70.46 32,127 Douja Prom Addoha 70.46 19,652 0.80% Itissalat Al-Maghrib 108.40 18,749 Banque Marocaine Du Commerce Exterieur 176.95 7,675 (17.12%) Banque Centrale Populaire 199.00 12,765 Attijariwafa Bank 339.75 7,547 (2.96%) Attijariwafa Bank 339.75 2,908 Banque Centrale Populaire 199.00 6,226 0.25% Source: Investment Research Dept. - KAMCO YTD-12 Return: accounts in addition to the chg in price the cash & share dividends announced during the year. Casablanca Stock Exchange (the Report covers the 47 Stocks listed on the Main Market) KAMCO Research

DTD Point DTD % MTD % YTD-12 Index Value Change Change Change %Change 29-Aug-12 MASI Index ▲ 9,893.81 3.41 0.03% 0.45% (10.28%) YTD Avg. Reuters YTD Volume Closing DTD % Today's Vol Current Mkt Current Mkt Dividend 52 Weeks 52 Weeks Company Name Daily Vol. P/E (X) P/B (X) Ticker (Shrs) Price (MAD) Change (Shrs) Cap (Mln. MAD) Cap (Mln. USD) Yield High (MAD) Low (MAD) (Shrs)

▼ Attijariwafa Bank ATW.CS 7,547,198 45,465 339.75 (0.04%) 2,908 65,570 8,156 14.91 2.71 2.35% 388.00 308.00 ▲ Banque Centrale Populaire BCP.CS 6,226,352 37,508 199.00 0.25% 12,765 31,096 3,868 8.22 2.93 1.70% 407.50 188.00 ▲ Banque Marocaine Du Commerce Exterieur BMCE.CS 7,674,931 46,235 176.95 2.79% 1,501 28,091 3,494 34.30 2.30 1.70% 230.00 159.10 ═ Banque Morocaine Du Commerce Et De L'Industries BMCI.CS 497,789 2,999 855.00 0.00% - 11,353 1,412 10.06 1.57 2.92% 929.00 715.00 ═ Credit Du Maroc CDM.CS 30,597 184 603.00 0.00% - 5,369 668 16.32 1.82 4.66% 830.00 601.00 ═ Credit Immobilier Et Hotelier CIH.CS 502,781 3,029 239.30 0.00% - 5,458 679 23.44 16.38 2.51% 299.90 192.70 ▲ Banking Sector 22,479,648 135,420 0.56% 17,174 146,937 18,276 13.74 2.55 2.22% ═ Brasseries Du Maroc SBM.CS 2,759 17 1,900.00 0.00% - 5,368 668 20.73 4.07 5.26% 2,230.00 1,566.00 ═ Les Eaux Minerales D Oulmes OULM.CS 101,387 611 437.00 0.00% - 865 108 8.06 1.60 13.73% 720.00 380.00 ═ Beverages sector 104,146 627 0.00% - 6,233 775 17.01 3.35 6.44% ═ Colorado COL.CS 151,541 913 55.00 0.00% - 495 62 8.19 1.78 8.18% 85.98 54.04 ▼ Maghreb Oxygene OXYG.CS 21,774 131 225.60 (6.00%) - 183 23 11.81 0.88 7.98% 266.95 175.05 ▼ Societe Nationale D'Electrolse Et De Petrochimie SNP.CS 97,554 588 180.00 (5.26%) 1,628 432 54 10.35 0.80 7.22% 354.95 153.00 ▼ Chemicals sector 270,869 1,632 (3.12%) 1,628 1,110 138 9.43 1.08 7.77% ═ Ciments Du Maroc SCM.CS 140,346 845 833.00 0.00% - 12,025 1,496 13.42 2.04 3.60% 1,140.00 806.00 ═ Holcim (Maroc) HOL.CS 98,227 592 1,751.00 0.00% - 7,372 917 14.79 3.76 7.48% 2,270.00 1,680.00 ▼ Lafarge Ciments LAC.CS 276,124 1,663 1,500.00 (0.99%) 1,000 26,204 3,259 19.35 4.42 4.40% 1,770.00 1,376.00 ▼ Societe Nationale De Siderurgie SOND.CS 66,693 402 1,439.00 (2.57%) 323 5,612 698 NM 2.60 0.00% 2,049.00 1,326.00 ▼ Construction and Building Materials sector 581,390 3,502 (0.79%) 1,323 51,213 6,370 18.94 3.21 4.17% ═ Auto Hall AUTO.CS 494,267 2,978 57.58 0.00% 300 2,718 338 15.03 1.71 6.08% 84.90 52.84 ═ Fenie Brossette FBR.CS 699,093 4,211 243.00 0.00% - 350 43 16.16 0.96 6.17% 350.00 216.00 ▲ Label Vie LBV.CS 162,514 979 1,500.00 1.63% 33,000 3,436 427 NM 3.87 2.00% 1,630.00 1,180.00 ▼ ENNAKL Automobiles NAKL.CS 2,598,473 15,653 57.40 (0.14%) 551 1,722 214 20.42 4.54 0.00% 67.40 33.68 ▲ Distributors Sector 3,954,347 23,821 0.64% 33,851 8,226 1,023 33.76 2.55 3.11% ═ Nexans Maroc NEX.CS 10,356 62 241.85 0.00% - 543 67 14.27 0.79 4.96% 318.50 220.00 ═ Electircal & Electronic Equipment sector 10,356 62 0.00% - 543 67 14.27 0.79 4.96% ═ Comp Suc Maroc Et De Raff CSMR.CS 64,875 391 1,610.00 0.00% - 6,748 839 11.63 2.41 0.05% 1,897.00 1,506.00 ▼ Lesieur Cristal SA LESU.CS 197,202 1,188 107.00 (0.88%) 1 2,957 368 48.59 2.32 5.14% 114.45 96.02 ▼ Food producers & Processors Sector 262,077 1,579 (0.27%) 1 9,704 1,207 15.14 2.38 1.60% ▼ Delta Holding DHO.CS 6,014,933 36,235 38.28 (0.21%) 2,860 3,353 417 15.74 2.54 3.92% 93.00 35.82 ▼ Holding Companies 6,014,933 36,235 (0.21%) 2,860 3,353 417 15.74 2.54 3.92% ═ Compagnie D'Assurances Et De Reassurances Atlanta ATL.CS 818,585 4,931 58.50 0.00% 220 3,521 438 16.05 2.86 5.13% 71.70 50.00 ═ CNIA SAADA Assurance CNIA.CS 73,002 440 1,139.00 0.00% - 4,689 583 56.46 2.55 1.93% 1,260.00 1,044.00 ▼ Wafa Assurances WASS.CS 54,917 331 3,022.00 (2.42%) 1 10,577 1,316 12.74 3.47 2.32% 4,020.00 2,955.00 ▼ Insurance Sector 946,504 5,702 (1.38%) 221 18,787 2,337 16.59 3.07 2.75% YTD Avg. Reuters YTD Volume Closing DTD % Today's Vol Current Mkt Current Mkt Dividend 52 Weeks 52 Weeks Company Name Daily Vol. P/E (X) P/B (X) Ticker (Shrs) Price (MAD) Change (Shrs) Cap (Mln. MAD) Cap (Mln. USD) Yield High (MAD) Low (MAD) (Shrs) ═ Diac Salaf DIAC.CS 79,333 478 60.12 0.00% - 63 8 3.50 1.07 0.00% 104.00 29.18 ▲ Credit Eqdom (Soc D'equip Dom Et MN) EQDM.CS 19,238 116 1,890.00 3.90% 157 3,157 393 12.97 2.24 0.00% 1,890.00 1,546.00 ═ Maroc Leasing MLE.CS 16,629 100 405.05 0.00% - 1,125 140 17.94 1.52 4.94% 500.00 320.75 ▼ Salafin SLF.CS 46,766 282 545.00 (0.91%) 220 1,305 162 12.99 2.19 6.24% 645.00 470.00 ▲ Investment & Financial Institutions Sector 161,966 976 1.92% 377 5,650 703 13.31 2.01 2.42% ▼ Risma RIS.CS 271,787 1,637 143.00 (0.69%) 30 891 111 14.61 1.06 0.00% 228.80 143.00 ▼ Leisure and Hotels Sector 271,787 1,637 (0.69%) 30 891 111 14.61 1.06 0.00% ═ Disway MAT.CS 85,142 482 215.60 0.00% - 407 51 NM 2.36 0.00% 413.00 210.00 ▼ Hightech Payment Systems SA HPS.CS 80,022 513 329.75 (0.08%) 2 232 29 3.02 0.41 0.00% 495.00 260.00 ▼ Materials, Software & Computer Services 165,164 995 (0.03%) 2 639 79 7.89 0.86 0.00% ▼ Managem MNG.CS 682,282 4,110 1,400.00 (0.36%) 1,747 11,911 1,481 22.69 10.19 0.86% 1,870.00 1,052.00 ▲ Miniere Touissit CMT.CS 129,359 779 1,719.00 3.87% 5 2,553 318 7.79 4.53 5.82% 2,340.00 1,652.00 ═ Societe Metallurgique D'imiter SMI.CS 116,001 699 3,000.00 0.00% - 4,935 614 11.78 5.36 3.33% 4,650.00 2,830.00 ▲ Mining Sector 927,642 5,588 0.27% 1,752 19,399 2,413 15.26 7.31 2.14% ═ Afriquia Gaz AGAZ1.CS 70,454 424 1,550.00 0.00% - 5,328 663 15.72 3.07 4.71% 1,890.00 1,453.00 ▼ Marocaine De L Industrie Du Raffinage SAMI.CS 425,448 2,563 471.15 (1.12%) 241 5,607 697 9.66 1.13 0.00% 860.00 440.00 ▼ Oil & Gas Sector 495,902 2,987 (0.58%) 241 10,935 1,360 11.90 1.63 2.29% ═ Societe De Promotion Pharmaceutique Du Maghreb PRO.CS 75,435 454 724.00 0.00% - 724 90 10.09 1.77 6.22% 1,175.00 603.00 ═ Pharmaceutical Industry 75,435 454 0.00% - 724 90 10.09 1.77 12.02% ▲ Alliances Developpement Immobilier ADI.CS 1,353,295 8,152 690.00 0.58% 525 8,349 1,038 48.20 2.90 1.16% 745.00 610.00 ═ CIE Generale Immobiliere CGI.CS 862,609 5,196 780.00 0.00% 238 14,358 1,786 36.81 3.24 2.18% 1,339.00 680.00 ▲ Douja Prom Addoha ADH.CS 19,651,898 118,385 70.46 0.06% 32,127 19,975 2,485 24.52 2.20 2.84% 94.50 61.04 ▲ Real Estate Sector 21,867,802 131,734 0.14% 32,890 42,683 5,309 30.98 2.60 2.29% ▼ Itissalat Al-Maghrib IAM.CS 20,853,065 125,621 108.40 (0.09%) 18,749 95,294 11,852 10.67 6.96 9.76% 148.00 105.00 ▼ Telecommunications Sector 20,853,065 125,621 (0.09%) 18,749 95,294 11,852 10.67 6.96 9.76% ═ Compagnie De Transport Au Maroc CTM.CS 8,639 52 235.10 0.00% - 288 36 12.88 1.12 9.57% 300.00 229.95 ═ Transport Sector 8,639 52 0.00% - 288 36 12.88 1.12 9.57% ▲ Lyonnaise Des Eaux De Casablanca LYD.CS 109,123 657 300.50 6.00% 3 2,404 299 9.38 1.70 7.49% 378.00 270.00 ▲ Utilities Sector 109,123 657 6.00% 3 2,404 299 9.38 1.70 7.49% ▼ Med Paper PAP.CS 466,469 2,810 26.48 (0.08%) 897 68 9 NM 0.53 0.00% 52.00 22.00 ▼ Forestry & Paper 466,469 2,810 (0.08%) 897 68 9 NM 0.53 0.00%

▲ Total Market 80,027,264 482,092 0.08% 111,999 425,081 52,871 14.36 3.08 4.32%

Source: Casablanca Stock Exchange Website & Reuters. NM: Not Meaningful. NA: Not Available. Trailing P/E is calculated on the earnings for 1H-11 and current prices. Trailing P/B is based on 30-June-2011 equity and current prices. Current Yield for individual stocks is based on the year end 2010 DPS & current prices. Valuation multiples for companies that have not yet disclosed their financials for 1H-11 are still based on the earnings for the FY-10 and equity as of 31-Dec-2010, and Dividend Yield is calculated based on FY-09 cash dividend. DTD: daily change. MTD: Begining of Current Month to Date YTD: Begining of Year to Date. MAD:. DTD % change for individual stocks is based on the change in closing prices as being provided by the Casablanca Stock Exchange. DTD % change in sectors and total market is based on the daily change in market capitalization (market capitalization is calculated based on closing price and current number of share capital) which might not conform with the benchmark return. M.Cap in USD calculated using exchange rate 1 MAD=0.1199 USD.

This document has been compiled and issued by KIPCO Asset Management Co. KSCC (KAMCO), which has obtained the information from sources it believes to be reliable, but KAMCO makes no guarantee as to either its accuracy or completeness and has not carried out an independent verification. KAMCO accepts no responsibility or liability for losses or damages incurred as a result of opinions formed and decisions made based on information presented in this report. This document is not an offer to sell or solicitation to buy any securities. The opinions and estimates expressed herein are those of the issuer.

Investment Research Dept., Email: [email protected], P.O.Box 28873,Safat 13149 Kuwait, Tel: (965) 1852626 or (965) 22336600, Fax: (965) 22492395, http://www.kamconline.com © KIPCO Asset Management Co. KSCC 2012