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1 Morocco BMCE Capital Research Floating MASI (pts) 8, IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % Exchange rates, as of Wednesday, December 16 th, 2015 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY % WTI bbl % METALS Copper lb % Gold oz 1, % Silver oz % Lead t 1, % MINOR METALS Cobalt t 24, % AGRICULTURAL & LUMBER Coffee (Robusta) t Cocoa t (GBP) Cotton t (USc) Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Wednesday, December 16 th, , % 2, % % Floating MADEX (pts) 7, Daily perf % Annual perf % Volume (MAD m) 92.4 Market Cap. (MAD Bn) AFMA: A 14.2% satisfaction rate for demand; ITOCHU/TRACTAFRIC: Joint venture for the import, the assembly and the commercialization of ISUZU trucks in Morocco; SOUND OIL / OGIF / ENTREPOSE DRILLING MOROCCO: Finalization of the agreement for the purchase of stakes for the drilling of the Tendrara well. EXTERNAL TRADE: Relief of the funding by 19.7% YoY to MAD -140bn by the end of November 2015 A 6.8% increase of FDI revenues to MAD 33.9bn And, a 3.6% rise of Moroccan living abroad fund transfers to MAD 56.7bn; FORBES: Morocco progresses by 17 places in the best business environment ranking; STEEL INDUSTRY: Extension of the safeguard measure on reinforcing bars imports and wire rods for 3 years; FISH PRODUCTION: A 7.7% increase of landings to 1,104 kilotons at the end of October 2015 And, a 13.7% surge in revenues to MAD 5,268m during the same period; ELECTRICITY: A 2.5% rise in net energy to 28,742 GWH by the end of October 2015 And, a 1.9% increase in consumption to 24,527 GHW to date; INFRASTRUCTURE: Launch of tenders for 4 new ports (Nador, Kenitra Atlantique, Dakhla and Jorf Lasfar). Tunisia TUNINDEX (pts) 4, Daily perf. -0.2% Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 3.2 Market Cap. (TND Bn) 16.7 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX MASI MADEX TUNINDEX20 Please refer to important legal information at the end of the document and on our website: Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report)

2 West Africa HUMAN DEVELOPMENT INDEX: The Country loses 6 places in the ranking behind Algeria and Libya. BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf. +0.5% Annual perf % BRVM 10 (pts) Daily perf % Annual perf % Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7,270.9 ORANGE/MTN: The Companies have renewed their licenses to operate mobile telephone networks in CÔTE D IVOIRE; WAICA REINSURANCE CORPORATION: The West African reinsurer inaugurated a new office in ABIDJAN on December 9 th, 2015; BOA MALI: The bank s IPO starts today; WEST AFRICAN RESOURCES LTD: The Company discovered a high gold content area in Mankarga-1. Egypt SENEGAL: A 12.4% decrease in gold production in Q EGX 30 Index (pts) 6, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) EGX 30 EGX 100 Market Cap. (EGP Bn) SUEZ CANAL: Revenue drops to USD 408.4m in November 2015 from USD 449.2m in October

3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf % Volume (TZS m) 54.0 Market Cap. (TZS Bn) 20,643.1 Mauritius Semdex Index (pts) 1, Daily perf. -0.1% IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf % DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) 84.4 Market Cap. (MUR Bn) FDI: A 29% decrease to MUR 7.21bn at the end of September 2015, according to the Central Bank. 3

4 Kenya NSE Index (pts) 4, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf. +0.6% Annual perf % NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) 1,886.0 NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,055.0 ECONOMIC GROWTH: The IMF lowered its growth forecast for the Country in 2015 and 2016; SOLAR ENERGY: The Government concluded a partnership with SKYPOWER destined to distribute 2 millions of solar home equipment. Nigeria NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 26, Daily perf % Annual perf % Volume (NGN m) 2,008.9 IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 9,265.5 SFI / ALTEN S MIDDLE BAND SOLAR ONE LTD: Signing of a contract relating to the co-development of a 120 MW photovoltaic solar power plant 4

5 Ghana GSE Composite Index (pts) 1, IN GHANA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) 2,367.2 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 57.0 Rest of Africa SOUTH AFRICA: MOODY S downgraded the sovereign rating outlook of the Country to BAA2. Sources Press: L Economiste, La Vie Eco, Telquel, Les Ecos, Jeune Afrique, Finance News, La Nouvelle Tribune, Aujourd hui le Maroc, Le Matin, L Opinion. Web sites: InfoMédiaire, Ministry of Finance, Info Express, Centre Marocain de Conjoncture, Le 2 minutes, Agence Eco Fin, Trésorerie Générale du Royaume, Media24, Reuters, Bloomberg, L Economiste Maghrébin, Ventures Africa, Tunisie Numérique, Tunisie News, OANDA, Fin 24, Star Africa, Investir en Tunisie, BBC News Africa, Senenews, Bourse de Casablanca, BRVM, Office des Changes, Axis Bourse, Ministère de l Energie et des Mines, CDVM, le360. Softwares : Thomson Reuters, Six Financial Information. 5

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