STOCK EXCHANGE INVESTORS' PROFILE - CDVM

STOCK EXCHANGE INVESTORS’ PROFILE 4th QUARTER 2012

TRANSACTION VOLUME ON THE CENTRAL MARKET BREAKDOWN BY INVESTORS CATEGORY (Excluding contribution transactions, IPOs, public offerings and capital increases in cash) 4th quarter 2012 (in millions of Dirhams)

The overall stock market transactions’ level during the 4th quarter of 2012 have reached 13.421 billion Dirhams, recording an increase of 230% compared to the level recorded during the third quarter of the year. Nevertheless, total transactions during the financial year 2012 fell by 18% compared to 2011.

I-

Buying volume

The following is the breakdown of buying volume: ME

UCITS

FE

FP

MP

BN

TOTAL

Buying volume Q4 2012

8 733,62

2 972,81

1 098,87

12,57

386,97

217,03

13 421,88

Buying volume Q3 2012

1 636,18

1 023,76

951,62

14,90

336,40

100,94

4 063,80

434%

190%

15%

-16%

15%

115%

230%

FY 2012

17 607,70

7 716,46

5 271,55

57,34

1 813,59

466,90

32 933,55

FY 2011

18 465,00

11 086,06

5 781,87

189,39

4 164,80

456,13

40 143,25

-5%

-30%

-9%

-70%

-56%

2%

-18%

Q4 vs Q3 2012

2012 vs 2011

ME: Moroccan legal entities MP: Moroccan natural persons FE: Foreign legal entities FP: Foreign natural persons UCITS: Undertakings for Collective Investment in Transferable securities.

BN: Transactions via banking network Q: quarter of the year

FY: Financial Year

By analyzing the breakdown of buying volumes, we observe the following: With the exception of transactions made by individual foreigners (natural persons) who recorded a decrease of 16%, the rest of investors’ categories are following an upward trend compared to the last quarter. Buying volume made by Moroccan legal entities have recorded the largest increase during this quarter (+434%) compared to Q3 2012. Total buying transactions carried out by MEs during the financial year 2012 recorded a slight decrease (-5%) compared to the same period of the previous year. Buying volume recorded by UCITS shows, as well, a sharp increase during the last quarter of 2012 (+190%). Both foreign natural persons as well as foreign legal entities have reported the same increase (+15%) in buying volume during this quarter.

Breakdown of buying volume by investors’ category

II-

The share of transactions carried out by MEs is up by 25 points reaching 65% against 40% in Q3 2012.while UCITS went from 22% to 25% .On the other hand, the share of FEs (23% in Q3) declined by 15 points (8% in Q4). The share of domestic buying transactions (excluding network operations) increased during this quarter and represents 90% of total volume against 74% in Q3 2012. The share of transactions by institutional investors during Q4 2012 is up by 6 points compared to the last quarter, representing approximately 95% of the total amount of transactions.

III-

Sale volume

Sale transactions could be broken-down as follows: ME

UCITS

FE

FP

MP

Sale Q4 2012

8 580,24

2 886,50

707,67

28,83

654,44

564,20

13 421,88

Sale Q3 2012

1 419,34

1 454,81

538,91

14,76

372,76

263,22

4 063,80

505%

98%

31%

95%

76%

FY 2012

16 913,77

8 389,78

3973,39

75,32

2 300,71

1 280,59

32 933,56

FY 2011

17 171,31

11 499,91

4 562,39

245,73

5 436,66

1 227,35

40 143,35

2012 vs 2011

-1%

-27%

-13%

-69%

-58%

Q4 vs Q3 2012

ME: Moroccan legal entities MP: Moroccan natural persons FE: Foreign legal entities FP: Foreign natural persons UCITS: Undertakings for Collective Investment in Transferable securities.

BN: Transactions via banking network Q: quarter of the year

BN

TOTAL

114%

4%

230%

-18% FY: Financial Year

MEs have recorded a significant decrease in sales transactions (+505%) during this quarter compared to Q3. The sales transactions by the network (+114%), the FPs (+95%) and the UCITS (+98%) have also significantly increased during this quarter. Total sale volume during the financial year 2012, is down compared to the same period a year ago for all categories of investors, except network transactions which have recorded a 4% increase.

IV-

Breakdown of sales by category of investors

The share of sales by MEs fell by more than half during this quarter to record 5% against 13% in Q3 2012. Sales transactions carried out by MEs represent 64% of total sale volume , and are up by 29 points compared to the last quarter Moreover, the share of sales transactions made by UCITS represents 22% of the overall amount, down by 14 points compared to Q3, 2012. The share of domestic sales transactions (excluding those carried out by the banking network) represents 90% of total sale volume, recording a 10 points increase compared to Q3 2012. The share of sales by institutional investors represents 91% of the total sale volume, recording a 7 points decrease compared to Q3 2012.

V-

Conclusion

• The analysis of investors’ behavior in the central market during the 4th quarter of 2012 shows that Moroccan and foreign entities, as well as UCITS have been positioned as buyers during this d quarter while the rest of investors’ categories were positioned as sellers.

• On the other hand, in the block market, foreign legal entities have been positioned as buyer whereas MEs and UCITS were sellers.

+434%

In Millions of Dhs

In Millions of Dhs

Comparison of Buying volume Q3 vs Q4 2012- CM 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 -

+190% +15% -16% ME

UCITS

FE

FP

+15% +115% MP

Comparison of sales Q3 vs Q4 2012 - CM

10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 -

+505%

+98% +31% +76% +95% ME

BN

UCITS

Sale Q3 2012

FE

FP

MP

+114% BN

Sale Q4 2012

Purchase Q3 2012

Breakdown of Buying volume by investors category Q4 2012 - CM

8%

Breakdown of sales by investors category Q4 2012- CM

3% 2%

5%

4%

5% ME 22%

UCITS

65%

ME 22%

64%

UCITS

FE

FE

FP

FP

MP

MP

BN

BN

TRANSACTION VOLUME ON THE BLOCK TRADE MARKET BREAKDOWN BY INVESTORS CATEGORY 4th QUARTER 2012 (In millions of Dhs) ME

UCITS

FE

Buying Volume Q4 2012

4 590,76

542,40

460,00

5 593,15

Buying Volume Q3 2012

4 318,27

369,26

9,45

4 696,98

6%

47%

100%

19%

FY 2012

12820,52

2244,64

1772,28

16837,43

FY 2011

16678,11

2140,62

912,80

22,00

19753,54

-23%

5%

100%

-100%

-15%

Q4 vs Q3 2012

2012 vs 2011

FP

FE

Sale Q4 2012

5 093,97

476,40

22,78

Sale Q3 2012

4 237,76

459,22

4 696,98

20%

4%

24%

FY 2012

14 137,31

2 674,89

25,23

FY 2011

14 262,38

3 127,76

1 699,65

-1%

-14%

-99%

ME: Moroccan entities FE: Foreign entities

MP: Moroccan persons FP: Foreign persons

BN

TOTAL

UCITS

2012 vs 2011

MP

BN

ME

Q4 vs Q3 2012

FP

MP

TOTAL

5 593,15

16 837,43 -

663,74

-100%

-

19 753,54

-15%

BN: Operations via banking network FY: Financial Year UCITS: Undertakings for Collective Investment in Transferable securities.

Comparison of buying volume Q4 vs Q3 2012 - BM

Comparison of sales Q4 vs Q3 2012 - BM 6 000

In Millions of Dhs

In Millions of Dhs

6 000

+6% 4 000

2 000

+47%

+20% 4 000

2 000

+4%

+100%

-

ME

UCITS

FE

Purchase Q3 2012

FP

MP

BN

ME

Purchase Q4 2012

Sale Q3 2012

Breakdown of Buying volume by investors category Q4 2012 BM 10%

8%

UCITS

FE

FP

MP

BN

Sale Q4 2012

Breakdown of sales by investors category Q4 2012-BM

0% 0% 0%

9%

ME ME

UCITS

UCITS

FE 82%

NB: The data included in this disclosure are taken from the data provided by the market participants.

91%