Week from 07/29/2013 to 08/02/2013 Market Summary 2 International Markets 2 Market and Sector News 3 At the international level - United States: Manufacturing activity rebounds At the national level - IMF: reconfirms Line Precautionary and Liquidity for Morocco - Financing: ABD grants a loan and two grants to Morocco - Foreign exchange reserves: 4 months and 11 days of imports - Bank credit: the ever growth slowdown - Industry: price index for production gained 0.4% - Energy: products imports fall - Inwi: 92% of Moroccan territory now covered - ONEE: a central of MAD 3 billion with Chinese - Alliances: launch of an urban center in Dakar - Attijariwafa Bank: gets $ 40 million to support SMEs - Lafarge Morocco: interim results - HPS: the conquest of Latin America - Wafa Assurance: interim results ... Waives its investment in Côte d'Ivoire … a turnover of 5 MMAD in a month for Attijari Insurance Fundamental Data 5 Technical Data 6 5 6 1 3 Market Summary MARKET PERFORMANCE Performance Weekly evolution for Moroccan indexes vs. volume INDEXES Value Weekly 2013 120 120 MASI 8 570,01 -1,02% -8,43% MADEX 6 953,76 -1,16% -8,67% 100 100 FTSE CSE 15 8 459,23 -1,38% -12,06% 80 80 FTSE CSE All 7 347,63 -1,02% -6,52% 60 60 Capi. (Billions of MAD) 414,11 -0,89% -7,00% 40 40 MARKET VOLUME OF THE WEEK 20 20 In Millions of MAD VOLUME % ADV* 0 0 Central Market 179,28 100,00% 44,82 OTC Market 0,00 0,00% 0,00 7/29 7/30 7/31 8/1 8/2 Global Market 179,28 100,0% 44,82 CM vol ume O TC vol ume M ASI M ADEX * Average Daily Volume A week in a negative trend for the Moroccan market. Indeed, both indicators showed a weekly change of -1.02% for MASI and -1.38% for the FTSE 15, bringing their annual performances respectively to -8.43% and -12.06%. For its part, the market capitalization set at MAD 414,11 billion. The global trading volume of this week totalled MAD 179,28 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of 2013, set at MAD 169 millions. MAIN VARIATIONS OF THE WEEK MAIN VOLUMES OF THE WEEK Shares Price % Chg ADV (TMAD) VOLUME WAP Quantity % TIMAR 383,70 5,99% 1 (MMAD) EQDOM 1 900,00 5,56% 5 Central Market M2M 225,00 5,51% 3 MAROC TELECOM 905,88 1 033 079 97,21 54,2% ZELLIDJA 337,00 5,28% 0 ATTIJARIWAFA 324,96 76 848 24,97 13,9% LABEL VIE 1 405,00 -5,96% 4 BCP 193,12 94 550 18,26 10,2% SCE 282,00 -6,00% 0,4 BMCE 194,95 55 264 10,77 6,0% NEXANS MAROC 134,60 -7,81% 9 OTC Market STROC INDUSTRIE 66,20 -11,14% 4 The down ward trend of the market was supported by the increase of several values: STROC INDUSTRIE (-11.14%), NEXANS MAROC (-7.81%), SCE (-6%) et LABEL VIE (-5.96%).The transaction flow has been achieved primarily by the shares MAROC TELECOM, ATTIJARIWAFA BANK, BCP, and bmce which represented 84.34% of transactions of the week. International markets INTERNATIONAL INDEXES Daily Weekly Annual index Last % Change % Change % Change CAC 40* 4 039,32 -0,08% 1,32% 10,94% DAX 30* 8 391,89 -0,22% 1,48% 10,24% DOW JONES 30* 15 569,74 -0,37% 0,20% 18,82% NASDAQ* 3 666,26 -0,26% 1,43% 21,42% HANG SENG 22 190,97 0,46% 1,56% -2,06% NIKKEI 14 466,16 3,29% 5,89% 39,16% U.S. stocks, Treasury yields and the dollar all fell after a weaker-than-expected reading on job growth blunted fears of an early pullback in Federal Reserve stimulus. The Dow Jones lost 0,37% and the Nasdaq was 0,26% lower. Asian stocks traded broadly higher Friday, paced by a record-setting session on Wall Street. The Hang Seng gained 0,46% while the Nikkei was 3,29% higher. 2 3 Market and sector news At the international level: United States: Manufacturing activity rebounds Growth in the U.S. manufacturing sector accelerated in July at its fastest pace in four months, driven by the recovery in new orders. According to the survey from Markit purchasing managers, the PMI rose to 53.2 in July, against 51.9 last month. At the national level : IMF: reconfirms Line Precautionary and Liquidity for Morocco Following the meeting of the Board of Directors of the International Monetary Fund (IMF), it reconfirmed July 31 LPL (Line Precautionary and Liquidity) during the second review of the program. This decision and comforts the reforms undertaken by the country. As a reminder, the TPA was approved 1 year ago (August 3, 2012) to $ 6.2 billion. Financing: ABD grants a loan and two grants to Morocco Afrcian Bank for Development has granted Morocco a loan totaling € 116 million in support of socio- economic and educational programs. This loan is intended in particular to finance the support for training and employment suitability for employment of graduates of higher education program. In addition, ABD has also provided two grants. The first donation in the amount of € 344,000 is to fund a technical assistance project for the identification of skills needs of the building and public works sector, while the second donation of € 335,200 is to support dialogue new constitutional roles of civil society. Foreign exchange reserves: 4 months and 11 days of imports Net international reserves to stabilize. According to Bank Al-Maghrib, they are maintained at more than 153 billion MAD. Therefore, they are 4 months and 11 days of imports of goods and services. Bank credit: the ever growth slowdown The slowdown in bank credit continues. In June 2013, the slowdown is reflected in its various components. Starting with the liquidity facilities that the growth rate fell from 9.4% to 1.7%. The financial loans, in turn, decreased by 7.1% against an increase of 4.6% a year earlier. The consumer credit, on their side, marked an increase of 5.8% against 14.1% and real estate loans of 6.4% instead of 7.7%. Industry: price index for production gained 0.4% The index of producer prices grew by 0.4% in the manufacturing sector during the month of June compared to the previous month according to the HCP. This result is explained by a 1.5% increase in the oil refining and 0.3% for the manufacture of equipment and metal working machines. Energy: products imports fall According to the last note of conditions, Directorate Of Treasury And External Finance (DTFE) reported a decline in imports of energy products by 14.8% at the end of May A decline is explained by a decrease of 27.5% of crude oil oil purchases under the influence of both the 5.7% decline in prices and 16.6% of the quantities imported. On other non-energy products, purchases of raw materials decreased by 19.3% and imports of consumer goods and food products recorded declines of 5.6% and 5.4% respectively. Inwi: 92% of Moroccan territory now covered The telecommunications operator Inwi operating on segments of fixed telephony, internet and mobile, argued that it now covers 92% of the national territory. With the completion of the project "Sahara" and covering the deep south of the Kingdom, Inwi strengthens its proximity to all Moroccans, regardless of their region and extends access to its network for the people of the Moroccan Sahara. 3 3 Market and sector news ONEE: a central of MAD 3 billion with Chinese The National Office of Electricity and drinking water (ONEE) and the Chinese company SEPCO III signed a contract to build a new power plant Jerada. The total project cost amounts to more than 3 billion MAD and will be funded mainly by the Chinese Exim Bank Bank. This project involves the construction of a new 318 MW thermal unit from coal on the site of the power plant in service Jerada, with a total output of 165 MW. Alliances: launch of an urban center in Dakar Alliances asserts its presence in Africa through the creation of an urban mega-hub in the Senegalese capital, Dakar. A partnership agreement was signed by Mohamed Alami Lazraq, CEO of Alliance Group and Khoudia Mbaye, Senegalese Minister of Urban Development and Housing, in the presence of his Moroccan counterpart, Nabil Benabdallah. Located on a strategic axis between Dakar and the airport, the city center is spread over an area of 375 ha with a budget of 4 billion MAD. The project will be divided into four phases over a period of 6 to 8 years. Attijariwafa Bank: gets $ 40 million to support SMEs The U.S. government is partnering with Citibank for the establishment of a loan of $ 40 million for the Attijariwafa Bank Group. This loan guaranteed by the U.S. Overseas Private Investment Corporation (OPIC) short of 8 years. This windfall will serve to support the financing of small and medium enterprises SMEs in Morocco as part of a risk-sharing agreement between Citibank and OPIC. Lafarge Morocco: interim results According to a statement of Lafarge, Lafarge Morocco recorded the first half of a decrease of 5.6% of revenue resulting from lower sales volume of 10.3% offset by other effects. HPS: the conquest of Latin America HPS has signed a major contract with Porto Rioco. It is a financial entity that acquires products specialist payment solutions to serve the banks and financial institutions.The new contract was signed for a period of 10 years.