1 CASABLANCA STOCK EXCHANGE FACTS AND FIGURES

2 CONTENTS INTRODUCTION I. THE ORGANISATION OF CSE II. THE MAIN INDICATORS III. THE MAJOR TRENDS CONCLUSION

3 INTRODUCTION

4 MOROCCAN ECONOMY2005 Economic growth1.8% Inflation1% GDP$ 49 bn Debt$ 35 bn Debt / GDP71% External Debt / GDP25% Trade Balance- $ 9 bn

5 THE ORGANISATION OF CASABLANCA STOCK EXCHANGE

6 THE ORGANISATION OF CASABLANCA STOCK EXCHANGE The Key Points : o Market reform in 1993 : concession of the stock exchange to a private enterprise with a status of a limited company, called Bourse de Casablanca S.A. o The capital of Bourse de Casablanca is equally held by the brokerage houses. o Staff : 60 employees.

7 The Mission of Bourse de Casablanca S.A : o Drive securities trading system. o Publish and disseminate market data. o Provide services to issuers, i.e listing of their securities and execution of their financial operations. o Record members’ trades, with a clearing system ensuring final settlement. o Supervise members’ compliance with financial and ethical requirements, through a deep monitoring. THE ORGANISATION OF CASABLANCA STOCK EXCHANGE

8 The Backbone of our Organisation : o An order-driven market. o Shares and bonds are traded through ‘’Central’’ and ‘’Block’’ markets. o The trading system is entirely electronic (NSC). o Three methods of pricing : Fixing, Multifixing and Continuous. o Settlement of transactions at T + 3, on the basis of simultaneous payment against delivery. THE ORGANISATION OF CASABLANCA STOCK EXCHANGE

9 The Protection of the Investors : o CDVM as a control authority monitoring the daily trading. o A customer guarantee fund. o A final settlement guarantee. o A compulsory statement for every threshold level broken. THE ORGANISATION OF CASABLANCA STOCK EXCHANGE

10 THE ORGANISATION OF CASABLANCA STOCK EXCHANGE How to be listed in CSE for Shares CRITERIA1 st Segment2 nd Segment3 rd Segment Minimum Issue$ 8.2 m$ 2.7 m$ 1.08 m Audited financial statements3 years2 years1 year Minimum Shares

11 THE ORGANISATION OF CASABLANCA STOCK EXCHANGE How to be listed in CSE for Bonds CRITERIA AMOUNT Minimum Issue$ 2.2 m Audited financial statements2 years

12 THE MAIN INDICATORS

13 THE MAIN INDICATORS Number of Listed Companies Market Capitalisation $ 10.5 bn$ 13.7 bn$ 24.1bn$ 27.4 bn Traded Value $ 2.5 bn$ 6.3 bn$ 8.5 bn$ 16.1 bn Main Index - MASI Average PER e15.8 e 30/12/2005 : 1$=9.22 Dhs

14 MOROCCAN ALL SHARES INDEX (MASI) 1994 – 2005 THE MAIN INDICATORS Pts Year

15 Pts Month THE MAIN INDICATORS MASI MONTHLY EVOLUTION January 2005-January 2006

16 TRADED VALUE 2005 THE MAIN INDICATORS

17 MARKET CAPITALISATION THE MAIN INDICATORS Year bn $

18 THE MAIN INDICATORS o A position to be improved among the emerging markets, when we compare Morocco to other countries in the region (market capitalisation 2005) : o Morocco : $ 27.4 bn o Tunisia : $ 2.8 bn o Jordan : $ 38.1 bn o Lebanon : $ 4.9 bn o Saudi Arabia : $ bn o Egypt : $ 79.7 bn

19 THE MAIN INDICATORS TRADING FEES INVOICED BY CSE Year %

20 THE MAJOR TRENDS

21 1. New Listed Companies in 2004/2005 : BANQUE CENTRALE POPULAIRE (July 2004) THE MAJOR TRENDS MAROC TELECOM (December 2004) SOTHEMA (February 2005) DARI (July 2005) LYDEC (July 2005)

22 o RISMA : tourism o COMANAV : shipping o IMTC: shipping o AL WATANIYA-RMA : insurance o MEDITEL : telecommunications o ATLANTA-SANAD : insurance THE MAJOR TRENDS 2.Companies expected to be listed in :

23 o New governance and compliance rules. o A new Strategic Plan , called Future 2006, focused on : o New listings. o Increase of turnover ratio. o Futures. o An new calculation of the index based on the free-float since December 1, THE MAJOR TRENDS 3.Main Actions in 2004 and 2005 :

24 o New Markets since January 3, 2005 : o 3 Markets for Shares (Blue Chips, Mid Caps, Small Caps). o 1 Market for Bonds. o 1 Market for Funds. o New Trading Hours : 9 AM – 3.30 PM (since February 1, 2005). THE MAJOR TRENDS 3. Main Actions in 2004 and 2005 :

25 CONCLUSION

26 CSE : A GROWING MARKETPLACE o A big political stability. o A good macro-economic framework. o Up to Date Regulations. o A significant growth in 2003, 2004 and CONCLUSION

27 THANK YOU