Weekly Letter. Market summary. Weekly performance. Company news. Key Performance Indicators. Highlights. Casablanca Tunis Abidjan Dakar Cotonou ...

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1 Weekly Letter Friday, November 24 th, 2017 Market summary Weekly performance Company news BMCE BANK: Issuance of a subordinated bond loan of MAD 400m BRASSERIES DU MAROC: A return to the soft drinks activity?...5 Key Performance Indicators Highlights The Casablanca Stock Exchange closed its last weekly session in a positive note with a MASI increasing by 0.08% to 12, points and a MADEX up by 0.11% to 10, points for y-t-d performances of +7.97% and +7.58% respectively; Moderately dynamic, the transactional volume amounted to MAD 140.3m, made up to an extent of 50.5% by the transactions on 69,300 ATTIJARIWAFA BANK stocks, 62,898 BCP securities and 10,826 CIMENTS DU MAROC shares (i.e. 0.1% stake); At the top of the list, RISMA led the way with a 3.42% improvement to MAD 142 for 1,491 traded shares, followed by COLORADO which increased by 2.83% to MAD for 13,136 exchanged shares (i.e. 0.1% stake); In contrast, MED PAPER dropped by 6.22% for the first time after six consecutive rising sessions to MAD for 35,548 traded shares (i.e. 1.4% of capital), while ZELLIDJA declined by 5.98% to MAD for 21 exchanged shares. Casablanca Tunis Abidjan Dakar Cotonou Our research is also available on Bloomberg, Thomson Reuters, Factset, S&P Capital IQ and Research Pool. Please refer to the important legal information at the end of the document and our website:

2 Market summary Floating MASI Daily perf Annual perf Floating MADEX Daily perf Annual perf FTSE CSE Morocco 15 Daily perf Annual perf FTSE CSE Morocco All Liquid Daily perf Annual perf Volume Central Market 12, pts +0.08% +7.97% 10, pts +0.11% +7.58% 11, pts -0.12% % 10, pts +0.18% +8.53% MAD m MAD m 100.0% OTC Market MAD 0.0 m 0.0% Market Capitalization MAD bn Ranking central volume Shares Volume % Total In MAD m Volume ATTIJARIWAFA BANK % BCP % CIMENTS DU MAROC % MAROC TELECOM % LABEL' VIE % MASI and MADEX since 24/11/2016 Base 100 MASI (Rebased) MADEX (Rebased) Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Top 5 sector indexes Indexes Points % Var YTD Tourism % % Holdings 5, % % Construction & Building materials 19, % -7.69% Food 30, % % IT 1, % % Ranking OTC volume Price per share Volume Shares Number of shares In MAD In MAD m Nil Biggest rises and falls Rising shares Price on Quantity P/E D/Y % Change Traded 2017E 2017E RISMA , % n/d n/d COLORADO , % 19.7x 5.0% EQDOM 1, % 13.7x 7.6% S2M % n/d n/d DELTA HOLDING % 14.6x 3.3% Falling shares Price on Quantity P/E D/Y % Change Traded 2017E 2017E MED PAPER , % n/d n/d ZELLIDJA % n/d n/d INVOLYS % n/d n/d TAQA MOROCCO % 19.3x 4.3% TOTAL MAROC 1, % 17.7x 3.4% NB: Changes are calculated in reference to the last transaction price. 2

3 Weekly Performance Market Indicators Floating Floating MASI MADEX CLOSING 12, pts 10, pts PREVIOUS DAY % % 1 WEEK % % 3 MONTHS % % YEAR-TO-DATE % % Main increases of MADEX shares Shares Closing Weekly Y-T-D Perf Perf MED PAPER % % MAGHREB OXYGENE % % TAQA MOROCCO % % HPS 1, % % NEXANS MAROC % % EQDOM 1, % % JET CONTRACTORS % % ENNAKL % % LESIEUR CRISTAL % % DELTA HOLDING % % Principal volumes for the week In MAD k Central OTC Total(MAD m) Market Market BMCE BANK 82, , ,436 ATTIJARIWAFA BANK 70, ,555 BCP 55, ,668 ADDOHA 49, ,160 MAROC TELECOM 43, ,736 MARSA MAROC 42, ,843 LESIEUR CRISTAL 37, ,313 CIMENTS DU MAROC 36, ,454 MANAGEM 28, ,046 COSUMAR 16, ,849 Volumes for the week 11/20/17 to 11/24/17 Retail Market vs. Institutionals Global Volume MAD 1,189.2 m Central Market MAD m 48.3% OTC Market MAD m 51.7% Main decreases of MADEX shares Shares Closing Weekly Y-T-D Perf Perf M2M GROUP % % RISMA % % CDM % % LYDEC % % BMCI % % ALLIANCES % % WAFA ASSURANCE 5, % % MICRODATA % % SALAFIN % % BCP % % Screening Top 5 least volatile stocks Shares Volatility Volatility 3 months 1 year MAROC TELECOM 7.0% 13.7% UNIMER 9.4% 18.9% CENTRALE DANONE 12.1% 29.4% AFRIC INDUSTRIES 12.5% 23.1% BMCE BANK 12.6% 18.3% Weekly schedule of coming coupon removals Shares Dividend (In MAD) Date of removal Nil - - Schedule of coming meetings Shares Type of meeting Date of meeting CMI OTC Nil /20/ /21/ /22/ /23/ /24/2017 3

4 Source: FactSet Company news BMCE BANK Banques Cours (MAD): 208 Date de cours : 24/11/2017 Reuters/Bloomberg BMCE.CS/BCE MC En (M MAD) e 2018e PNB consolidé 12, , ,540.5 Var % 9.9% 4.6% 7.0% RBE consolidé 5, , ,252.4 Var % 15.0% 3.4% 7.7% Coût du risque -1, , ,420.6 RNPG 2, , ,503.2 Var % 4.1% 9.8% 11.9% Coeff d'exploitation 56.8% 57.3% 57.0% ROE 11.2% 11.4% 11.8% P/E 19.7x 16.7x 14.9x P/B 2.2x 1.9x 1.8x D/Y 2.2% 2.5% 2.6% Cours Source : Société, estimations BMCE Capital Research Issuance of a subordinated bond loan of MAD 400m Fact: Obtaining the approval of the market regulator. Analysis: BMCE BANK obtained the approval of the market regulator on 11/21/2017 for the issuance of a MAD 400m subordinated bond loan. The characteristics of this operation are as follows: Table: Characteristics of the operation 240 vvdsvdvsdy sept. 14 déc. 14 mars 15 juin 15 sept. 15 déc. 15 mars 16 juin 16 sept. 16 déc. 16 mars 17 juin 17 sept. 17 déc. 17 Price (L) Short Avg (R) Source : AMMC Through this transaction, which subscription period runs from November 28 th to 30 th, 2017, BMCE Bank of Africa aims to achieve the following objectives: : Promote the strengthening of BMCE Bank's supplementary Tier 2 capital; Finance current operations relating to the activity of BMCE Bank; Finance the international development of BMCE Bank; And, support the growth strategy in Morocco, Europe and sub-saharan Africa. Analyste(s) : Khadija EL MOUSSILY k.elmoussily@bmcek.co.ma Ghita BENIDER g.benider@bmcek.co.ma

5 vvdsvdvsdy 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 s ep t. 14 déc. 14 mar s 15 juin 15 sept. 15 déc. 15 mars 16 juin 16 s ep t. 16 déc. 16 mar s 17 juin 17 sept. 17 dé c. 17 Source: FactSet Price Short Avg (Rebased) Company news BRASSERIES DU MAROC Accumulate Recommendation unchanged Price: MAD 2,779 Closing price as of: 11/23/2017 Target price: MAD 2,915 Target price unchanged Reuters/Bloomberg SBM.CS/SBM MC In (MAD m) e 2018e Sales 2, , ,793.4 Var % 5.9% 7.6% 8.2% Operating Income Var % 12.4% 9.7% 10.7% Operating margin 21.3% 21.7% 22.2% Net Profit Var % 23.8% 12.3% 11.3% Net margin 13.9% 14.3% 14.7% ROE 20.8% 22.6% 23.3% ROCE 31.4% 29.8% 30.1% P/E 20.0x 21.5x 19.3x P/B 4.2x 4.9x 4.5x D/Y 4.0% 3.6% 4.0% Price 2, , ,779.0 Source: Company, BMCE Capital Research estimate A return to the soft drinks activity? Fact: Press article (CHALLENGE). FOOD & BEVERAGE Analysis: According to the business press, BRASSERIES DU MAROC is preparing its comeback in the Moroccan soft drinks market in 2018 after the 15-year non-competition clause with the COCA-COLA COMPANY (via the Spanish EQUATORIAL COCA-COLA BOTTLING COMPANY) comes to an end. If, on the merits, this assumption makes sense, given the Group's historical brand portfolio (JUDOR, YUKI, LA CIGOGNE), it does not seem appropriate to us under the current market conditions because of: The drop in demand and the possible rise in tax......that may induce a decline in profitability; And, the recent return of OULMES Group in the soft drink segment following its partnership with the Japanese company SUNTORY BEVERAGE & FOOD. Looking forward to future developments, we maintain our forecasts and prospects with a recommendation to accumulate the stock for a target price of MAD 2,915. Analyst(s): Sara MOUSSAID s.moussaid@bmcek.co.ma Hicham SAÂDANI h.saadani@bmcek.co.ma

6 Key performance indicators (1/2) SHARES Value on EPS P/E D/Y P/B Capitalization Quan tity of sh ares Perf /24/ E 2018E E 2018E E 2018E E 2018E in % MAD m TOTAL MARKET 7.97% x 19.4x 18.5x 4.0% 3.4% 3.6% 2.7x 2.8x 2.7x 100.0% 636,574 AGRI-BUSINESSES 24.8% x 19.0x 18.3x 3.6% 4.1% 4.2% 3.2x 3.8x 3.6x 7.1% 45,233 BRASSERIES DU MAROC 2, ,829, % x 21.3x 19.1x 4.8% 3.6% 4.0% 4.2x 4.8x 4.5x 17.2% 7,782 CARTIER SAADA ,265, % 1.3 n/d n/d 16.3x n/d n/d 4.8 % n/d n/d 1.0x n/d n/d 0.3% 136 CENTRALE DANONE ,420, % 6.3 n/d n/d 97.4x n/d n/d 1.4% n/d n/d 5.5x n/d n/d 15.7% 7,093 COSUMAR ,991, % x 17.9x 17.9x 3.8% 4.6% 4.6% 3.2x 3.7x 3.6x 42.4% 19,197 DARI COUSPATE 3, , % n/d n/d 15.0x n/d n/d 2.7% n/d n/d 4.1x n/d n/d 2.1% 955 LESIEUR CRISTAL ,631, % x 21.8x 20.5x 3.7% 2.9% 2.9% 2.3x 2.8x 2.7x 10.6% 4,780 OULMES 1, ,980, % x 17.5x 16.2x 5.2% 4.4% 4.7% 3.9x 4.3x 4.0x 7.4% 3,350 UNIMER ,413, % 9.9 n/d n/d 17.9x n/d n/d 1.7% n/d n/d 1.2 x n/d n/d 4.3% 1,940 INSURANCES 17.0% x 18.4x 16.9x 2.9% 2.6% 2.7% 2.3x 2.5x 2.3x 4.4% 28,067 ATLANTA ,190, % x 19.6x 17.4x 4.1% 3.1% 3.3% 2.0x 2.5x 2.4x 13.7% 3,852 SAHAM ASSURANCE 1, ,116, % x 16.0x 14.9x 3.5% 2.6% 2.6% 1.3x 1.6x 1.5x 22.7% 6,365 WAFA ASSURANCE 5, ,500, % x 19.2x 17.7x 2.6% 2.5% 2.5% 3.1x 3.1x 2.9x 63.6% 17,850 BANKS 9.4% x 18.6x 17.3x 2.8% 2.6% 2.8% 1.9x 1.9x 1.8x 33.9% 215,930 ATTIJARIWAFA BANK ,527, % x 19.0x 17.9x 2.9% 2.7% 2.9% 2.1x 2.3x 2.1x 45.5% 98,283 BCP ,254, % x 18.5x 17.5x 2.1% 2.1% 2.1% 1.8x 1.8x 1.7x 25.6% 55,223 BMCE BANK ,463, % x 16.7x 14.9x 2.2% 2.5% 2.6% 2.2x 1.9x 1.8x 17.3% 37,328 BMCI ,279, % x 20.7x 19.8x 8.2% 3.5% 3.6% 0.9x 1.3x 1.3x 5.2% 11,287 CDM ,881, % x 15.6x 17.0x 2.0% 2.0% 2.2% 1.2x 1.2x 1.2x 2.8% 5,985 CIH BANK ,608, % x 26.3x 19.5x 4.7% 5.1% 5.4% 1.6x 1.6x 1.6x 3.6% 7,823 CHEMISTRY 299.4% 16.6 n/d n/d 9.9x n/s n/s 3.1% n/s n/s 0.8x n/s n/s 0.2% 1,567 SNEP ,400, % 16.6 n/d n/d 9.9x n/d n/d 3.1% n/d n/d 0.8x n/d n/d 100.0% 1,567 CEMENTS AND METALLURGICAL -3.9% x 23.5x 22.3x 5.9% 3.7% 3.7% 4.0x 4.2x 4.0x 12.0% 76,253 AFRIC INDUSTRIES , % 18.5 n/d n/d 18.9x n/d n/d 4.3% n/d n/d 2.5x n/d n/d 0.1% 84 ALUM DU MAROC 1, , % x 10.2x 9.7x 6.7% 6.3% 6.3% 1.5x 1.5x 1.5x 0.8% 592 CIMENTS DU MAROC 1, ,436, % n/s 25.7x 25.2x 5.0% 3.5% 3.4% 3.5x 4.7x 4.6x 32.8% 24,974 COLORADO ,088, % x 19.7x 18.6x 7.9% 5.0% 5.0% 1.9 x 3.0x 3.0x 1.4% 1,037 JET CONTRACTORS ,400, % 13.4 n/d n/d 12.2x n/d n/d 2.4% n/d n/d 0.9x n/d n/d 1.2% 883 LAFARGEHOLCIM MAROC 1, ,431, % x 21.9x 20.8x 6.3% 4.0% 4.1% 5.0x 4.5x 4.4x 59.9% 45,667 SONASID ,900, % n/s 73.7x 42.3x 0.0% 0.0% 0.0% 0.8x 1.6x 1.5x 4.0% 3,014 BROKERAGE 16.0% 84.1 n/d n/d 13.2x n/s n/s 7.2% 0.0% 0.0% 8.4x n/s n/s 0.2% 1,540 AFMA ,000, % 60.3 n/d n/d 13.6x n/d n/d 6.7% 0.0% 0.0% 11.8x n/d n/d 63.6% 980 AGMA LAHLOU 2, , % n/d n/d 12.5x n/s n/s 8.1% 0.0% 0.0% 5.7x n/s n/s 36.4% 560 FOOD DISTRIBUTION 45.7% x 29.0x 25.3x 2.3% 1.8% 1.8% 2.5x 3.4x 3.2x 0.8% 4,968 LABEL' VIE 1, ,838, % x 29.0x 25.3x 2.3% 1.8% 1.8% 2.5x 3.4x 3.2x 100.0% 4,968 SPECIALIZED DISTRIBUTION -4.3% x 19.5x 17.3x 4.7% 3.9% 3.9% 2.7x 2.8x 2.6x 1.4% 9,081 AUTO HALL ,245, % x 26.5x 24.0x 5.5% 3.7% 3.1% 3.0x 2.8x 2.7x 51.9% 4,716 AUTO NEJMA 2, ,023, % x 15.7x 13.1x 3.8% 3.8% 4.6% 2.6x 2.8x 2.5x 25.2% 2,290 ENNAKL ,000, % x 13.6x 12.4x 4.5% 4.6% 5.1% 3.2x 2.7x 2.5x 17.1% 1,552 FENIE BROSSETTE ,438, % -7.3 n/d n/d n/s n/d n/d 0.0% n/d n/d 0.5x n/d n/d 2.6% 235 SRM , % 33.7 n/d n/d 8.2x n/d n/d 3.6 % n/d n/d 0.6x n/d n/d 1.0% 92 STOKVIS ,195, % -1.7 n/d n/d n/s n/d n/d 0.0% n/d n/d 3.7x n/d n/d 2.2% 197 ELECTRICITY 17.4% x 19.3x 18.2x 4.7% 4.3% 4.4% 3.6x 4.0x 3.8x 3.4% 21,607 TAQA MOROCCO ,588, % x 19.3x 18.2x 4.7% 4.3% 4.4% 3.6x 4.0x 3.8x 100.0% 21,607 GAS 29.3% x 17.8x 16.8x 4.0% 3.5% 3.7% 5.3x 6.1x 5.3x 4.1% 26,282 AFRIQUIA GAZ 2, ,437, % x 18.0x 16.9x 4.0% 3.7% 3.9% 4.1x 4.1x 3.7x 37.3% 9,814 MAGHREB OXYGENE , % 13.0 n/d n/d 8.2x n/d n/d 3.8 % n/d n/d 0.4x n/d n/d 0.4% 116 TOTAL MAROC 1, ,960, % x 17.7x 16.7x 4.0% 3.4% 3.6% 8.0x 8.7x 7.1x 62.2% 16,352 6

7 Key performance indicators (2/2) Value on EPS P/E D/Y P/B Capit al ization SHARES Quantity of shares Perf /24/ E 2018E E 2018E E 2018E E 2018E in % MAD m HOLDING 16.3% x 14.6x 13.7x 4.1% 3.3% 3.5% 1.5x 1.6x 1.5x 0.5% 3,035 DELTA HOLDING ,600, % x 14.6x 13.7x 4.1% 3.3% 3.5% 1.5x 1.6x 1.5x 96.5% 2,930 ZELLIDJA , % 0.3 n/d n/d n/s n/d n/d n/d n/d n/d n/d n/d n/d 3.5% 105 HOTELS AND LEISURE 20.5% 6.4 n/d n/d 18.5x n/s n/s 0.0% n/s n/s 1.2x n/s n/s 0.3% 2,034 RISMA ,326, % 6.4 n/d n/d 18.5x n/d n/d 0.0% n/d n/d 1.2x n/d n/d 100.0% 2,034 REAL ESTATE 2.0% x 11.8x 10.7x 4.3% 5.1% 5.3% 1.2x 1.1x 1.1x 3.2% 20,455 ADDOHA ,557, % x 11.9x 11.3x 5.6% 6.6% 6.8% 1.2x 1.1x 1.1x 62.3% 12,741 ALLIANCES ,648, % x 22.3x 12.0x 0.0% 0.0% 0.0% 0.7x 1.9x 1.8x 16.1% 3,287 BALIMA ,744, % 5.8 n/d n/d 17.1x n/d n/d 4.4% n/d n/d 1.6x n/d n/d 0.8% 167 RDS ,208, % x 8.5x 8.4x 1.8% 4.7% 4.7% 1.3x 1.0x 0.9x 20.8% 4,260 INDUSTRIAL SERVICES 6.8% n/d n/d n/s n/s n/s 1.9% n/s n/s 3.7x n/s n/s 0.1% 391 DELATTRE LEVIVIER ,250, % 9.4 n/d n/d 20.1x n/d n/d 2.9% n/d n/d 1.0x n/d n/d 60.8% 237 MED PAPER ,582, % n/d n/d n/s n/d n/d 0.0% n/d n/d -2.3x n/d n/d 22.9% 90 STROC INDUSTRIE ,248, % n/d n/d n/s n/d n/d 0.0% n/d n/d -0.5x n/d n/d 16.3% 64 INDUSTRIAL TRANSPORTATION 28.0% x 21.4x 21.8x 6.8% 2.3% 2.3% 3.2x 4.5x 4.1x 1.9% 12,071 CTM ,225, % 56.8 n/d n/d 10.7x n/d n/d 7.4% n/d n/d 2.4x n/d n/d 8.0% 960 MARSA MAROC ,395, % x 21.4x 21.8x 6.8% 2.3% 2.3% 3.4x 4.5x 4.1x 91.5% 11,046 TIMAR , % 7.7 n/d n/d 40.8x n/d n/d 0.0% n/d n/d 1.0x n/d n/d 0.5% 65 INFORMATION TECHNOLOGY 55.4% x n/s n/s 5.6% n/s n/s 1.5x n/s n/s 0.5% 2,989 DISWAY ,885, % x 11.5x 10.0x 6.4% 6.0% 6.4% 1.1x 1.2x 1.1x 26.5% 792 HPS 1, , % x 17.8x 15.0x 4.5% 2.3% 2.7% 2.2x 4.1x 3.5x 39.7% 1,186 IB MAROC , % -8.8 n/d n/d n/s n/d n/d 0.0% n/d n/d 0.7x n/d n/d 1.8% 54 INVOLYS , % 19.8 n/d n/d 5.1x n/d n/d 0.0% n/d n/d 0.5x n/d n/d 1.8% 55 M2M GROUP , % 12.0 n/d n/d 25.8x n/d n/d 0.0% n/d n/d 1.5x n/d n/d 8.6% 258 MICRODATA ,680, % 23.8 n/d n/d 6.3x n/d n/d 11.0% n/d n/d 2.4x n/d n/d 14.2% 425 S2M , % 21.5 n/d n/d 9.9x n/d n/d 6.8% n/d n/d 2.3x n/d n/d 7.3% 219 ELECTRICS & ELECTRONICS 1.4% 7.5 n/d n/d 19.7x n/s n/s 2.7% n/s n/s 0.5x n/s n/s 0.1% 337 NEXANS MAROC ,243, % 7.5 n/d n/d 19.7x n/d n/d 2.7% n/d n/d 0.5x n/d n/d 100.0% 337 MINING 61.3% x 20.9x 26.5x 3.2% 2.4% 2.3% 2.8x 3.5x 3.4x 4.0% 25,590 MANAGEM 1, ,991, % x 22.2x 35.5x 2.1% 1.7% 1.4% 2.5x 3.4x 3.3x 68.1% 17,435 MINIERE TOUISSIT 1, ,681, % x 15.8x 14.8x 3.6% 3.2% 3.4% 3.7x 3.8x 3.3x 10.2% 2,619 REBAB COMPANY , % n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d 0.1% 25 SM IMITER 3, ,645, % x 19.9x 18.6x 5.4% 4.3% 4.6% 3.2x 3.8x 3.6x 21.5% 5,511 TELECOM -2.3% x 21.8x 21.2x 4.5% 4.6% 4.7% 8.1x 7.9x 7.8x 19.2% 121,974 MAROC TELECOM ,095, % x 21.8x 21.2x 4.5% 4.6% 4.7% 8.1x 7.9x 7.8x 100.0% 121,974 OIL #DIV/0! n/d n/d n/d n/s n/s n/s n/s n/s n/s n/s n/s n/s 0.2% 1,521 SAMIR ,899, % n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d 100.0% 1,521 PHARMACEUTICAL 18.8% x 16.5x 14.3x 7.5% 4.5% 4.7% 3.3x 4.0x 3.6x 0.6% 3,964 PROMOPHARM 1, ,000, % x 20.0x 17.9x 12.2% 5.0% 5.6% 3.8x 6.3x 6.1x 39.2% 1,552 SOTHEMA 1, ,800, % x 14.8x 12.7x 4.7% 4.1% 4.1% 3.1x 3.2x 2.9x 60.8% 2,412 UTILITIES 11.1% x 17.2x 16.4x 4.2% 4.0% 4.3% 2.4x 2.5x 2.4x 0.8% 4,801 LYDEC ,000, % x 17.2x 16.4x 4.2% 4.0% 4.3% 2.4x 2.5x 2.4x 100.0% 4,801 FINANCIAL SERVICES 9.4% x n/s n/s 6.4% n/s n/s 1.5x n/s n/s 1.1% 6,882 DIAC SALAF ,053, % n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d n/d 0.4% 28 EQDOM 1, ,670, % x 13.7x 14.6x 8.5% 7.6% 7.8% 1.1x 1.3x 1.3x 27.9% 1,921 MAGHREBAIL ,384, % 89.3 n/d n/d 10.4x n/d n/d 5.1% n/d n/d 1.1x n/d n/d 18.1% 1,246 MAROC LEASING ,776, % 21.7 n/d n/d 17.9x n/d n/d 4.1% n/d n/d 1.3x n/d n/d 15.7% 1,083 SALAFIN ,394, % 57.8 n/d n/d 14.3x n/d n/d 7.0% n/d n/d 3.1x n/d n/d 30.6% 2,107 TASLIF ,472, % 1.8 n/d n/d 15.8x n/d n/d 6.1% n/d n/d 1.7x n/d n/d 7.2% 498 S: Suspended n/s = Not significant n/a = Not available Source: Companies, BMCE Capital Research 7

8 System of recommendations BMCE Capital Research uses an absolute system of recommendation. The recommendation for each stock is made according to the total return, which is the potential for increase (dividend payout and share buybacks included) within 12 months. BMCE Capital Research uses 5 recommendations: Buy, Accumulate, Hold, Reduce and Sell. In specific cases, for a short period, analysts can choose to suspend their opinion, in which case they use Suspended or Not monitored, terms which are defined below. Definition of the various recommendations Buy: the stock should generate a total gain of more than 20% within 12 months; Accumulate: the stock should generate a total gain ranging from 10% to 20% within 12 months; Hold: the stock should generate a total gain ranging from 0% to 10% within 12 months; Reduce: the stock should record a total drop ranging from 0% to -10% within 12 months; Sell: the stock should record a total drop of more than -10% within 12 months; Suspended / No recommendation: For ethical reasons, a capital transaction (takeover bid, exchange offer or other) or change of analyst. Not monitored: this is used for companies at the time of their IPO or initiating coverage report. Sell Lighten Hold Accumlate Buy -10% 0% +10% +20% This recommendation system is given as an indication. Analysts may diverge in case of an erratic or punctual price evolution on the stock market of a certain value. Thus, the change in recommendation is not systematic and can intervene, in some cases, only after an observation period allowing to confirm the trend of the share on the stock exchange. Methods of valuation This document may refer to the following methods of valuation: DCF: The discounted cashflow method determines the present value of the cashflows that the company will generate in the future. This method is based on estimates established using a certain number of assumptions. We take as the discount rate the weighted average cost of capital, which represents the cost of the company s debt and the cost of stockholders equity estimated by the analysis, weighted for the proportion of each in the company s financing. Sum of parts: This method values the company s different activities separately, on the basis of methods appropriate to each of them and then adds them up. Stock market comparisons: This method compares the company s ratios with those of a sample of companies in the same business or with a similar profile (the comparables ). The average of the sample gives a valuation reference. The analyst then applies a downside or an upside depending on their view of the company (growth prospects, level of returns, etc.). Anglo-Saxon: The Anglo-Saxon method determines the present value of post-acquisition net economic benefits which should be generated by the company in the future taking account of the minimum solvability ratio. 8

9 Headquarters: 63, Boulevard Moulay Youssef, Casablanca Morocco Phone: Fax: / Casablanca trade register No License No. 3/26 by the approval of the Ministry of Finance Contact information: Mr. Mohamed BENJELLOUN Trader Phone: / m.benjelloun@bmcek.co.ma Headquarters: Tour BMCE, Rond-Point Hassan II, Casablanca - Morocco Offices: 63, Boulevard Moulay Youssef, Casablanca Morocco Phone: Fax: Casablanca trade register No Disclaimer This document was prepared by BMCE Capital Research and published in accordance with current procedures. The content of this document comes from various reliable written sources but, in the event of damage resulting from the use of this information, is not binding on BMCE Capital Research, nor on BMCE Capital and nor on BMCE Capital Bourse, including in the case of lack of due care or negligence. BMCE Capital Research has established an organizational structure and procedures (or Chinese wall) designed to guarantee the independence of the financial analysts and the priority of customers interests. A black-out period is stipulated, running from the date of the beginning of drafting of the research memorandum until 3 months after its publication, during which time the financial analysts refrain from trading on their own account in shares in relation with the issuers and sectors they are monitoring. The information contained in this document and any opinion expressed in it do not under any circumstances encourage investment in the financial markets in general and in the Stock Exchange in particular. It is only given for information purposes and cannot be considered in any way as advice. In particular, any revenue from securities referred to in this analysis may fluctuate and the prices of securities may rise or fall. Investors may thus get back less than their initial investment and past performance is no guide to future performance. Currency exchange rates can have a negative effect on the value, price or revenues of the securities mentioned in this document. In addition, foreign investors who hold securities assume a foreign currency risk. This document was drawn up for clients and prospects of BMCE Capital and BMCE Capital Bourse. This document is intended for investors aware of the risks related to financial markets. If any individual should come into possession of this document, they should not make any investment decision solely on the basis of this document and should consult their own advisors. Investors should seek financial advice to ensure that the investment strategies examined or recommended in this document are appropriate and should understand that the opinions on the future prospects may not materialize. BMCE Capital Research, BMCE Capital and BMCE Capital Bourse individually and jointly decline any responsibility in terms of this document and give no guarantee as to the achievement of the targets and recommendations given herein, nor the accuracy or dependability of the information it contains. The information and explanations reproduced herein and the content are the exclusive property of BMCE Capital Research. It is strictly forbidden to copy, modify, reproduce, re-publish, distribute, display or pass on the content to an entity established under private law or public law, for profit or non-profit purposes, irrespective of the medium or means of communication and the good or bad faith of the entity performing any of the above-mentioned actions. The content is for individual, strictly personal use. It may not be used for any commercial purpose or end. There are no exceptions to these rules unless the entity duly considered to be the owner of the intellectual property rights of this content (BMCE Capital Research) so agrees. Any breach of these rules exposes the entity responsible for the breach to the relevant penal sanctions and the legal action necessary for the restoration of the rights of the authors and their compensation. Any disputes concerning these rules shall come under the jurisdiction of the courts of Casablanca. 9

10 NOTICE TO US INVESTORS This report was prepared, approved by BMCE CAPITAL RESEARCH S.A. and published and distributed by its affiliate BMCE CAPITAL BOURSE S.A. Both companies are located outside of the United States ( non-us Group Companies ). This report is distributed in the U.S. by LXM LLP USA, a U.S. registered broker dealer, on behalf of BMCE CAPITAL RESEARCH S.A. and BMCE CAPITAL BOURSE S.A. only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934 (the Exchange Act )) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in this report must be effected through LXM LLP USA. Neither the report nor any analyst who prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. ( FINRA ) or other regulatory requirements pertaining to research reports or research analysts. No non-us Group Companies are registered as broker-dealers under the Exchange Act or are members of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization. Analyst Certification. Each of the analysts identified in this report certifies, with respect to the companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. Please bear in mind that (i) BMCE CAPITAL RESEARCH S.A. is the employer of the research analyst(s) responsible for the content of this report and (ii) research analysts preparing this report are resident outside the United States and are not associated persons of any US regulated broker-dealer and that therefore the analyst(s) is/are not subject to supervision by a US broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. Important US Regulatory Disclosures on Subject Companies. This material was produced by Analysis BMCE CAPITAL RESEARCH S.A. solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by LXM LLP USA and elsewhere in the world by BMCE CAPITAL RESEARCH S.A. or an authorized affiliate of BMCE CAPITAL RESEARCH S.A., including BMCE CAPITAL BOURSE S.A. This document does not constitute an offer of, or an invitation by or on behalf of BMCE CAPITAL RESEARCH S.A. or its affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which BMCE CAPITAL RESEARCH S.A. or its Affiliates consider to be reliable. None of BMCE CAPITAL RESEARCH S.A. or BMCE CAPITAL BOURSE S.A. accept any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions. LXM LLP USA assumes responsibility for the research reports content in regards to research distributed in the U.S. LXM LLP USA or its affiliates has not managed or co-managed a public offering of securities for the subject company in the past 12 months, has not received compensation for investment banking services from the subject company in the past 12 months, does not expect to receive and does not intend to seek compensation for investment banking services from the subject company in the next 3 months. LXM LLP USA has never owned any class of equity securities of the subject company. There are not any other actual, material conflicts of interest of LXM LLP USA at the time of the publication of this research report. As of the publication of this report LXM LLP USA, does not make a market in the subject securities. 10