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1 Morocco BMCE Capital Research Floating MASI (pts) 8, IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf % Exchange rates, as of Friday, December 18 th, 2015 Currency CMDTY Price Day ch. Brent Crude Oil bbl Exchange rates USD ENERGY EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Friday, December 18 th, % WTI bbl % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf % Volume (MAD m) Market Cap. (MAD Bn) BCP: The bank has been granted a EUR 100m loan from the EBRD to grant loans to exporting SMEs operating in Offshore Zones; RISMA: Release of a profit warning on its 2015 results: A MAD 179m decrease of the 2015 Net Income-Group Share forecast to nearly MAD -103m compared to the Net Income-Group Share published on the 2014 notice Essentially impacted by the activity contraction, the provision on accounting irregularities and the postponement of property cessions; CIH BANK: Signing of a partnership agreement with CDG and QATAR INTERNATIONAL ISLAMIC BANK for the creation of a subsidiary dedicated to participatory banking activity; BANK OF CHINA: Inauguration of its commercial representation head in the CFC expected in the next weeks. PUBLIC FINANCES: Relief of the deficit to MAD -41.6bn at the end of November 2015, i.e. a 21.3% decrease compared to November 2014; WORLD BANK: A USD 300m loan agreement destined to contribute to the funding of the country s green growth strategy. Tunisia MASI MADEX METALS Copper lb % Gold oz 1, % Silver oz % Lead t 1, % MINOR METALS Cobalt t 24, % TUNINDEX (pts) 4, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % IN TUNIS STOCK EXCHANGE Y-O-Y AGRICULTURAL & LUMBER Coffee (Robusta) t Cocoa t (GBP) Cotton t (USc) 1, % 2, % % Annual perf % Volume (TND m) 3.6 Market Cap. (TND Bn) 16.9 TUNINDEX TUNINDEX20 BANQUE ZITOUNA: Issuance of CHAHADET ZITOUNA 2015 participation securities amounting to TND 40m without initial public offering. TUNIS STOCK ECHANGE: Decrease of the rates related to the negotiation fees and the rate for common services fees. 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 BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % BRVM 10 (pts) Daily perf % Annual perf. +3.8% Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7, BOA MALI: 340,000 new shares underwritten at a preferential price of XOF 19,000; CRRH-WAEMU: A XOF 18.3bn bond issuance for all the countries of WAEMU at a rate of 5.85%. Egypt ECOWAS BANK OF INVESTMENT AND DEVELOPMENT: Approval of two projects in TOGO and CÔTE D IVOIRE which amount to XOF 10,650bn; WEST AFRICAN BANK OF DEVELOPMENT: The Bank intends to grant XOF 1,523.3bn mid-term and long-term loans over period after the approval of its accounts; CÔTE D IVOIRE: Signing of a XOF 16.4bn agreement between AGRONOMIX and SELFGLOBE for the realization of a tomato processing and a cocoa drying plants; SENEGAL: A 5.8% increase of the GDP in Q Session of Sunday, December 20 th, 2015 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) Market Cap. (EGP Bn) EGX 30 EGX 100 2

3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf. -1.7% Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf. -3.5% Volume (TZS m) 11,118.5 Market Cap. (TZS Bn) 20,186.5 Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf % DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) 41.2 Market Cap. (MUR Bn)

4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,047.5 Nigeria NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 26, Daily perf % Annual perf % Volume (NGN m) 3,031.7 IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 9,124.1 NIGERIAN NATIONAL PETROLEUM CORPORATION: The Company will expand supply of petrol to the hinterlands using the facilities of major marketers and depot owners; UNITED BANK FOR AFRICA: Fitch Ratings has upgraded the bank s viability rating from B- to B. 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. +0.0% Annual perf % Volume (GHS m) 1,131.0 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 57.0 MTN: The Company won the bid on 4G license, launched by the National Communications Authority. Rest of Africa CAMEROON: The ISLAMIC BANK OF DEVELOPMENT has granted a XOF 48.5bn to the country destined to improve the agricultural industry. 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.ma. Softwares : Thomson Reuters, Six Financial Information. 5

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