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1 Morocco BMCE Capital Research Floating MASI (pts) 9, IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % Floating MADEX (pts) 7, Exchange rates, as of Wednesday, December 2 nd, 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 Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Wednesday, December 2 nd, , % Cocoa t (GBP) 2, % Cotton t (USc) % Daily perf. -0.4% Annual perf % Volume (MAD m) Market Cap. (MAD Bn) ATTIJARIWAFA BANK: Visa by the market regulator of the prospectus relating to the issuance of subordinated bonds totaling MAD 1bn; MAGHREB OXYGENE: Publication of a profit warning relative to the 2015 annual results. Tunisia FINANCE BILL: The parliament majority suggested to redevelop the scale of the income tax to MAD 36,000 (against MAD 30,000) and implement a 10% income tax for revenues from MAD 36,001 to MAD 50, And, the CGEM will establish new amendments including the progressivity of the corporate tax; WORLD BANK: A USD 200m loan for the financing and the development of a policy of transparency and accountability, Hakama II program; ECONOMY: Positive Conclusions of EULER HERMES about MOROCCO which demonstrated significant resilience despite the fact that it belongs to a region marked by political risk And, additional export opportunities in 2016 estimated at EUR 1bn (MAD 11.3bn) for Moroccan companies; ELECTRONIC BANKING: A 21.6% increase of domestic transactions by merchants affiliated to the Interbank Electronic Banking Center for a total amount of MAD 1.3bn in November 2015; ROAD INFRASTRUCTURE: Launch in 2016 of a new program for the realization of rural roads with a budget of MAD 28bn. TUNINDEX (pts) 4, Daily perf % Annual perf. -2.7% TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 3.8 Market Cap. (TND Bn) 16.8 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 BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % BRVM 10 (pts) Daily perf % Annual perf % Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7,550.0 IPO: BRVM is expecting as many as six initial public offerings (IPOs) in 2016, while BANK OF AFRICA MALI's stock market debut is on track for December 17 th, 2015, the stock exchange's chief executive officer said on Wednesday. Egypt EGX 30 Index (pts) 6, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf. +3.5% Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 TEDA GROUP: The Chinese group signs cooperation agreement with the Suez Canal Development Economic Authority; the agreement aims at attracting USD 4bn of investments; BMW/MERCEDES BENZ: Both Companies file a lawsuit against the Customs Authority over the latest implementation of guideline prices; EGYPTIAN NATURAL GAS COMPANY: The Company asks ALEXFERT to repay USD 16.8m of dues over changes to gas price. MONEY MARKET: EGYPT's central bank plans to inject dollar liquidity into the market this month and is planning an exceptional foreign exchange auction, the presidency said on Wednesday, the latest move to end a long-running currency crisis. 2

3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf % Volume (TZS m) 33,049.2 TANZANIA SHARE DSE Market Cap. (TZS Bn) 20,785.4 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) 4.2 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) 2,010.5 AGRICULTURE: The Kenya Tea Development Agency has signed a USD 55m syndicated loan to build seven small hydro-dams to cut reliance on the national grid and trim factory costs, the KTDA said on Thursday. Nigeria NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 27, Daily perf % Annual perf % Volume (NGN m) 3,061.1 IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 9,495.5 TELECOM: Nigerian telecoms authorities have reduced a USD 5.2bn fine in MTN GROUP to USD 3.4bn after the South African mobile phone Company lobbied for a lower penalty, MTN said on Thursday. 4

5 Ghana IN GHANA STOCK EXCHANGE Y-O-Y GSE Composite Index (pts) 1, Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) 4,297.2 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 57.2 Rest of Africa 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. Softwares : Thomson Reuters, Six Financial Information. 5

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