Week from 10/20/2014 to 10/24/2014  Market Summary  International Markets  Market and Sector News  2 2 3 At the international level China: growth slows in Q3, the lowest since 5 years  At the national level S & P: mixed on bank risk Business climate: the Morocco Improves Ranking Treasury: will raise 67.9 billion MAD ... The deficit lightens 34.7 billion MAD to September Compensation: arrears to petroleum based CPI : up slightly Morocco / Qatar: three new contracts Participatory Bank: Sprint Automotive: exports hoist WAFASALAF: seeking institutional Axa Credit: certified for all its activities in Morocco CGI : withdraws Stock Exchange CIMAR: Launches Thermo-Solar Park ENNAKL: September 2014 Quarterly Results  Fundamental Data  Technical Data 5 7 6 5 6 1 3 Market Summary INDEXES MARKET PERFORMANCE Performance Value Weekly 2014 MASI MADEX FTSE C SE 15 FTSE C SE All C api. (B illio ns o f M A D) Weekly evolution for Moroccan indexes vs. volume 10 221,38 8 368,58 1,21% 1,22% 12,15% 12,81% 9 687,11 8 828,49 505,11 2,01% 1,88% 1,32% 9,80% 13,75% 11,97% MARKET VOLUME OF THE WEEK In M illio ns o f M A D VOLUME % C entral Market 719,96 100,00% OTC Market 0,00 0,00% Global Market 719,96 100,0% 300 102 250 101 101 200 100 150 100 100 99 50 ADV* 143,99 0,00 143,99 99 0 98 10/20 10/21 10/22 CM vol ume O TC vol ume 10/23 M ASI 10/24 M AD EX * A verage Daily Vo lume A week in an upward trend for the Moroccan market. Indeed, both indicators showed a weekly change of +1.21% for MASI and +2.01% for the FTSE 15, bringing their annual performances respectively to +12.15 % and +9.80%. For its part, the market capitalization set at MAD 505.11 billion. The global trading volume of this week totalled MAD 719.96 millions traded on the Global Market. The Average Daily Volume (ADV), since the beginning of 2014, set at MAD 112 millions. miilions. millions. MAIN VOLUMES OF THE WEEK MAIN VARIATIONS OF THE WEEK VOLUME Shares Price % Chg ADV (TMAD) WAP Quantity % (MMAD) ZELLIDJA 375,00 20,97% 1 BCP 228,00 14,06% 59 712 MAGHREB OXYGENE CDM 158,00 565,00 8,44% 5,61% 3 0 MAGHREBAIL MICRODATA PRO MOPHARM ALLIANCES 700,90 139,15 733,90 360,00 - 4,64% - 4,95% - 5,30% - 9,08% 63 40,3 2 2 626 Central Market BCP ATTIJARIWAFA ADDOHA MAROC TELECOM OTC Market 0,00 218,11 340,66 46,74 117,05 0,00 #DIV/0! #DIV/0! 1 368 814 530 270 1 002 585 223 579 0 0,00 298,56 180,64 46,86 26,17 41,5% 25,1% 6,5% 3,6% 0,00 0,00 #DIV/0! #DIV/0! The upward trend of the market was supported by the increase of several values: ZELLIDJA (+20.97%), BCP (+14.06%), MAGHREB OXYGENE (+8.44%) and CDM (+5.61%).The transaction flow on the central market has been achieved primarily by the shares BCP, ATTIJARIWAFA BANK, ADDOHA, and MAROC TELECOM, which represented 76.70% of transactions of the week. International markets index CAC 40* DAX 30* DOW JONES 30* NASDAQ* HANG SENG NIKKEI INTERNA TIONAL INDEXES Daily Weekly Last % Change % Change 4 128,47 -0,70% -1,18% 8 998,66 -0,54% -0,01% 16 717,95 0,24% -1,20% 4 465,23 0,28% -0,07% 23 302,20 -0,13% -0,28% 15 291,64 0,00% -5,02% Annual % Change -3,90% -5,79% 0,85% 6,91% -0,02% -6,14% U.S. stocks waver between small gains and losses in choppy trading Friday, but stayed on track for big weekly gains. The Dow Jones rose by 0.24% while the Nasdaq increased by 0.28%. European stock markets are on track to break a three-day winning streak on Friday after news of a case of Ebola in New York City spurred nervousness among traders. The CAC40 was 0.70% lower. 2 3 Market and sector news At the international level: China: growth slows in Q3, the lowest since 5 years China recorded in the third quarter a sharp slowdown in growth, the lowest in more than five years, as Beijing combined efforts to rebalance its business model and "targeted" measures to support the activity. On July to September, growth in gross domestic product (GDP) Chinese stood at 7.3% - its lowest level since the first quarter of 2009 - after an increase of 7.5% in the second quarter, said Tuesday the National Bureau of statistics (NBS). At the national level: S & P: mixed on bank risk The latest assessment of the American rating agency, Standard & Poor's has been mixed on the Moroccan banking risk. On one hand, it considers the important and concentrated sector, which is positive to the extent that it contributes to the stability of the financial system as a whole. On the other, the agency points to the important needs of banks and cash in their strong dependence of the central bank. Of the 10 categories of rankings, Morocco ranks seventh with pats such as Russia, Turkey, Tunisia and Senegal. Business climate: the Morocco Improves Ranking Morocco passed from 12th to 6th place in the latest ranking of the Wall Street Journal on the business environment (Q3 2014). This index measures the interest in a country with decision makers internationally. Treasury: will raise 67.9 billion MAD The Treasury will raise 66.3 billion MAD in financial markets and among bilateral and multilateral donors to fund its spending in 2015 Budget amounts are up 3.5% from 2014. The institution has mobilized 42 billion MAD on the domestic market and 24.3 billion MAD outside. In addition, 1.6 billion MAD are programmed for donations and legacies. ... The deficit lightens 34.7 billion MAD to September At end-September 2014, the coverage rate of expenditure per ordinary revenue amounted to 95.5% against 92.1% a year earlier. 50% of these revenues were devoted to personnel costs, 16.3% to 12% compensation and expenses in debt interest. Compensation: arrears to petroleum based The government can not solve all arrears of oil companies on the Compensation Fund by the end of the year. Arrears fall to 7.54 billion USD to 21 billion in late 2014 against MAD. CPI : up slightly The index of consumer prices (CPI) edged up 0.1% in September 2014 compared with the previous month, according to the High Commission for Planning (HCP). This increase resulted from the rise of 0.5% in the index for non-food products and the decline of 0.3% of the food. Morocco / Qatar: three new contracts Qatar Development Bank (QDB) announced in October completion of three commercial contracts, worth a total of just over 250 MMAD between several companies in both countries, operating in various sectors such as plastics, the agricultural equipment and aluminum. These contracts were signed following a business meeting organized by the Qatari financial institution in late September in Casablanca. Participatory Bank: Sprint Bill on participatory banking has crossed the stage of the second chamber. The latter has unanimously adopted the legislation. The bill would make a simple return (formality) to the first room to be subsequently issued. 3 3 Market and sector news Automotive: exports hoist Exports of automotive end-September totaled 28.9 billion MAD, MAD 22bn against the same period last year, an increase of 31.3%. Despite difficult economic conditions, exports of textile and leather reached MAD 24.8 billion, up 1.8%. In turn, exports of electronics reached $ 6.3 billion against MAD MAD 5.2bn at the end of the first nine months of 2013, an increase of 22.2%. WAFASALAF: seeking institutional Wafasalaf obtained in October endorsed by the Securities Commission to launch its contingent of 200 MMAD of a 5-year maturity issue. A total of 2,000 bonds with a nominal value of 100 000 MAD to be issued. Subscriptions will be open from October 29 to 31 with its parent Attijariwafa Bank as an agent for the Offering. This operation will be exclusively reserved for qualified institutional. Axa Credit: certified for all its activities in Morocco Axa Credit is ISO 9001: 2008 certification, becoming one of the leading credit agencies certified for all the operations in Morocco consumption. This certification process consolidates Axa Credit up to market levels and reward the mobilization of teams who work daily to ensure optimal service to customers and partners. CGI : withdraws Stock Exchange The Board of Directors of the General Properties Company (CGI), which met on October 22 has validated the decision of the delisting of the shares of CGI trading on the Casablanca Stock Exchange. And after the meeting, the Council decided to proceed with the delisting of its equity capital to trading on the Casablanca Stock Exchange, and following the request of the Ministry of Economy and Finance, and the desire to influence the strategic direction of the company. Radiation concerns only the capital securities of CGI and does not concern his obligations will be maintained at the side of the Casablanca Stock Exchange. CIMAR: Launches Thermo-Solar Park Ciments du Morocco commissioned in October, the thermo-solar farm of its factory Ait Baha. It has a capacity of 5 MW with an investment of more than 33 MMAD. Over the period 2010-2015, Italcementi Group is investing in the renewable energy sector around 25 million, including $ 9 million for the wind farm of Laayoune, Safi 12 million and $ 3 million in Bha Ait Souss on the road between Agadir and Tafraoute. ENNAKL: September 2014 Quarterly Results The turnover of ENNAKL reached 199.2 MD 30/09/2014 up 5.13%. Net cash of the company stood at 31.41 MD at the end September 2014, down 34.59% justified primarily by (i) increasing regulations foreign suppliers during the same period going from amounting to 137.2 MTD in 2013 to 160.3 in 2014, and (ii) the payment of dividend for the year 2013 for a total of 12 MD. 4 3 Fundamental Data 5 3 Technical Data 6 3 Khadija Saimane [email protected] Mehdi Bensouda [email protected] Alae Yahya [email protected] 7 3 7 3