Africa, a continent with high potential. Africa a new trade and investments destination

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1 Africa, a continent with high potential Africa a new trade and investments destination Doha, December 03

2 SOMMAIRE I. Africa, a land of opportunity. Demography. A young population and urbanization 3. Improvement of the life conditions 4. Acceleration of the economic growth 5. Trade flows 6. Infrastructure investment II. Attijariwafa Bank. Strategy and footprint

STRONG DEMOGRAPHIC GROWTH, POPULATION TO

0% of World population by 050 Population

3 STRONG DEMOGRAPHIC GROWTH, POPULATION TO REPRESENT MORE THAN 0% OF WORLD POPULATION BY 050 Strong demographic growth Population to represent more than 0% of World population by 050 Population (millions) 3,0% f Source: IMF, WB, UN

4 GREAT GROWTH POTENTIAL: YOUNG POPULATION AND URBAN DEVELOPMENT Strong urban population growth Urbain Rural 05f Rural 5 48 Urbain

5 LIVING STANDARD IMPROVEMENT AND MIDDLE CLASS EXPANSION GDP per capita Life expectancy PPP, US$ In years x Poverty (Subsaharan Africa) Literacy rate (Subsaharan Africa) % of population with less than.5 US$/day % of population older than 5-4pts X,7 5.5% 58.0% 57.4% 47.5% 6.6% 3.0% SOURCE: World Bank

STRONG GROWTH PERFORMANCE IN AFRICA SINCE 000 Acceleration of growth in Africa during the last decade The second highest growth region worldwide GDP (USD Bn) CAGR (%) 4,0 Annual average GDP growth,

6 STRONG GROWTH PERFORMANCE IN AFRICA SINCE 000 Acceleration of growth in Africa during the last decade The second highest growth region worldwide GDP (USD Bn) CAGR (%) 4,0 Annual average GDP growth, Emerging Asia 8.6 6,0 Africa 5. *,9,3 4,6 Middle East Central Europe Latin America 3. World.8 Develope d.5 Source: Global Insight ; McKinsey Global analysis 6 Source: McKinsey 6% at Dec. 0

7 GROWTH PERFORMANCE AND INFLATION IN AFRICA GDP growth in % 5,% x% Average growth of GDP Strong economic growth, even past the 008 global crisis Inflation (%) 6,% Inflation under control, slightly trending lower for the past 5 years Source: BAD

8 EVOLUTION OF AFRICAN TRADE WITH THE REST OF THE WORLD Strong growth: averaged 6% in the period Still represents less than 5% of total world trade Average annual growth Source: BAD

9 INFRASTRUCTURE INVESTMENTS IN SUBSAHARAN AFRICA ZOOM: UEMOA, CEMAC in G$ US UEMOA Country Telecom Energy Transport Total Mali CEMAC Volume #Projects Volume #Projects Volume #Projects Volume #Projects Senegal Ivoiry Cost Guinea Bissau Burkina Faso Benin Niger Togo Centrafrique 4 4 Cameroun Gabon Congo Guinea Equatorial Tchad 4 4 Source : World bank Σ= 06 Σ = 0 Σ= 07 Σ = 0 Σ= 867 Σ = 0 Σ=6 60 Σ= 30 6

10 INCREASINGLY STABLE POLITICAL ENVIRONMENT SINCE 000 Main political conflicts during the 90 s Main political conflicts since 000 Arab spring, late 0- early 0, ongoing political transition AWB s African footprint (excluding Morocco) Fewer areas of political conflicts Several free and peaceful polls organized during the 000 s Many forums for sub-regional dialogue set up in order to foster intra-african cooperation and conflict management (ex: African Union, ECOWAS..) 0

11 SIGNIFICANT PROGRESS IN «DOING BUSINESS» RANKINGS Countries Rank Doing Business 03 Evolution Case study : Morocco and Rwanda Mauritius 9 th +3 South Africa 39 th -0 3 Tunisia 50 th Rwanda 5 th Botswana 59 th - 6 Ghana 64 th Namibia 87 th Zambia 94 th +8 9 Morocco 97 th Egypt 09 th +56 Source : «Doing Business» reports Rwanda Companies act helped simplify new company incorporation ( procedures and 3 days in order to start a company) and strengthen protection of minority shareholders Laws facilitating access to credit Simplification of crossborders trade: extension of border checkpoint opening hours and simplification of paperwork Simplification of construction licensing process Morocco Simplification of construction licensing process Reinforcement of minority shareholders protection and improvement of mandatory disclosure for listed companies Suppression of capital minimum requirement for limited liability companies (SARL) creation Leaner procedures for new company incorporation (onestop shop) According to «Doing Business 03» published by the World Bank, out of the top 50 improvements in "doing business between 005 and 0, 7 are sub-saharan African countries (34% vs. a normal share of 5%) : Rwanda, Burkina Faso, Mali, Sierra Leone, Ghana, Burundi, Republic of Guinea-Bissau, Senegal, Angola, Mauritius, Madagascar, Republic of Mozambique, Ivory Coast, Togo, Sao Tome and Principe, Niger and Nigeria.

12 INITIATIVES FOR SUB-REGIONAL INTEGRATION HAVE ENABLED COORDINATION OF POLITICAL AND MONETARY POLICIES Communities Members Description West African Economic and Monetary Union (WAEMU) 8 countries : Benin Burkina Faso Ivory Coast Republic of Guinea- Bissau Mali Niger Senegal Togo - Created in 994, headquartered in Ouagadougou (Burkina Faso) - Main governance bodies : Authority of Heads of State and Government and council of finance ministers WAEMU commission Common Central Bank headquartered in Dakar - Common currency (XOF) and customs union Economic Community of Central African States (ECCAS) 6 countries : Cameroon Congo Gabon Equatorial Guinea Central African Republic Chad - Created in 994, headquartered in Bangui (Central African Republic) - Main governance bodies : Authority of Heads of State and Government and council of finance ministers ECCAS commission Common Central Bank headquartered in Yaoundé - Common currency (XAF) and customs union 3 East African Community (EAC) 5 countries : Kenya Tanzania Rwanda Burundi - Created in 000, headquartered in Arusha (Tanzania) - Customs union and common market - Monetary union under construction Uganda 4 Southern African Development Community (SADC) 5 countries : South Africa* Angola Botswana* Malawi Mauritius Mozambique Seychelles Swaziland* Tanzania - Created in 99, headquartered in Gaborone (Botswana) - Projects of custom union and free trade zone - Monetary union under construction Lesotho* Namibia* Zambia Madagasgar DRC Zimbabwe * Member countries of Southern African Customs Union (SACU)

13 AFRICA INCREASINGLY TARGETED BY INTERNATIONAL INVESTORS Moy Moy Moy Growing FDI towards Africa Several investment funds dedicated to Africa FDI towards African countries Managers Funds Main operations Invested amounts USD Bn Decline of incoming FDIs in the aftermath of the international crisis, amount remain significant Emerging Capital Partners ECP Africa III Moroccan Infrastructure Fund Central Africa Growth Sicar OSEAD Maroc Mining (Morocco 007) Almes (Morocco 009) Finadev (Benin 00) Nairobi Java House (Kenya 0) NA x Aureos West Africa Fund East Africa Fund Africa Health Fund Bank of Africa (Kenya 006) Athi River Steel Plant (Kenya 006) Southey Holdings (South Africa 009) Amounts invested in Africa: 57 USD m Actis NA Adesemi Communications Afribrand Holdings Heritage Place (Nigeria) NA Kingdom Zephyr Africa PAIP II First Hydrocarbon (Nigeria) Consolidated Infra Group (South Africa) Mixta Africa (Maghreb) Amounts invested in Africa: 00 USD m SOURCE: World Bank, Investment funds website ; () Acquired by Abraaj in 0 Helios Investment Partners Modern Africa Fund Shell Africa Downstream Business (0) Continental Outdoor Media (South Africa 009) Equity Bank (Kenya 007) ~ 000 USD m (in partnership) ~47 USD m ~79 USD m 3 3

GROWING INTEREST FROM EMERGING COUNTRIES ESPECIALLY CHINA Chinese FDI towards Africa USD Bn 0% Several infratructure projects are funded by China and involving chinese suppliers Top 0 infrastructure

Electricity Ghana, Guinea, Sudan, 4 Togo Trade between China and Africa USD Bn 6% 8% 3 4 5 6 7 8 9 ZTE Telecom Ghana, Kenya, DRC, 0 Mali CGC Water & Electricity Cameroon, Nigeria 04 CGXIG

14 GROWING INTEREST FROM EMERGING COUNTRIES ESPECIALLY CHINA Chinese FDI towards Africa USD Bn 0% Several infratructure projects are funded by China and involving chinese suppliers Top 0 infrastructure projects implemented by Chinese companies Suppliers Sectors Countries Funding USD m CCECC Transportation Nigeria, DRC, Congo 500 Sinohydro Corp. Electricity Ghana, Guinea, Sudan, 4 Togo Trade between China and Africa USD Bn 6% 8% ZTE Telecom Ghana, Kenya, DRC, 0 Mali CGC Water & Electricity Cameroon, Nigeria 04 CGXIG Transportation Nigeria 000 CGGC Electricity Nigeria 000 CMEC Transportation & Telecom Sudan, Senegal, Zimbabwe 7 TEC Transportation Mauritania 60 SEPC Corp. Electricity Sudan 5 0 CATIC Electricity Zimbabwe Source: National bureau of statistics of China, World Bank () The total of Chinese fundings that concerns the projects implemented by each supplier

15 Attijariwafa Bank Strategy and footprint in Africa

ATTIJARIWAFA BANK, A PAN AFRICAN LEADING PLAYER Attijariwafa bank in a nutshell Date of creation : 904 Employees as of June 30 th 0 : 4 86 in countries Network as of 30 th 0 : About 35 branches First

7 billion Rating S&P (long term / short term / perspective) : BB / B / Stable Shareholding structure as of June 0 : - SNI Group : 46.98% - Insurance companies : 7.

16 ATTIJARIWAFA BANK, A PAN AFRICAN LEADING PLAYER Attijariwafa bank in a nutshell Date of creation : 904 Employees as of June 30 th 0 : 4 86 in countries Network as of 30 th 0 : About 35 branches First market capitalisation of the Moroccan financial sector Total assets 0 : 30.9 billion / Total customer Loans 0 : 0.8 billion Total Deposits 0 : 6.7 billion / Total shareholders equity 0 :.7 billion Rating S&P (long term / short term / perspective) : BB / B / Stable Shareholding structure as of June 0 : - SNI Group : 46.98% - Insurance companies : 7.47% - Other institutional investors : 0.9% - Santusa Holding : 5.33% - Personnel : 4.98% - Free float :4.33% More than 6.0 million clients worldwide Operating in countries : countries in Africa / 7 countries in Europe st national banking network nd banking group in Africa (excluding South Africa) N in terms of loans in Morocco st branches network in Morocco N in asset management and stock-related transactions in the Maghreb nd insurer in Africa (excluding South Africa) Leader in the Moroccan Market 0 Loans (MADbn) 0 Deposits (MADbn) 00 Retail & Corporate Branches Market share (%) 6% 4% 4% 7% 5% 8% 6% 5% 7% 5% 5% % 6% 8% 7% 6

17 A WELL THOUGHT DEVELOPMENT STRATEGY A regional expansion plan based on a well thought strategy.and a systematic approach Consolidate the strong position in the increasingly mature Moroccan market Reach new high growth markets Activate optimal synergies through - Duplication and adaptation of the Moroccan successful business model in new environments - Implementation of operating business lines in other branches networks (ex: insurance, consumer credits, investment banking ) - Costs mutualization and sharing of best practices Support Moroccan and regional corporate clients in their regional expansion and business development (trade & investment). «Country scan» : 3 countries covered in 3 geographic areas : Maghreb, Western & Central Africa - Countries attractiveness:. Economic indicators. Stability of the political and social environment. Size of the banking market - Banking market attractiveness. Revenues & margins. Competition. Regulation - AWB s ability to penetrate the markets Selection of acquisition opportunities Majority control of every acquisition in order to activate relevant synergies Act as a significant player in every country of presence A pragmatic approach in order to adopt the Best Practices in every acquisition Clear governance rules Business synergies plan in every acquisition 7

SUPPORTED BY A GLOBAL VISION Develop Retail banking in every country of presence as a global banking player Positioning AWB as a universal bank, addressing the needs of large groups and multinational

18 SUPPORTED BY A GLOBAL VISION Develop Retail banking in every country of presence as a global banking player Positioning AWB as a universal bank, addressing the needs of large groups and multinational companies, as well as SMEs and retail Low income banking, insurance, financial services, Migrant banking through AWB Europe Develop the economic regional integration Development of Trade finance Cooperation with international institutions Support european companies in stimulating their trade and investments towards Africa, through AWB Europe Long term commitment and sustained investments in every country of presence Extension banking network Recruitments Training Project finance and PPP Support investment Private Equity Investment banking Private banking 8

19 A PROPERLY PERFORMED STRATEGIC DEVELOPMENT PLAN Market shares Morocco*.6%.6% 5.0% 5.4% 5.6% 5.6% 6.% 6.0% Presence in Africa ** NBI Morocco - MMAD NBI International - MMAD Market capitalization (as of 3/) - MMAD % 9% 4% 5% % 4% *Market shares : Customer loans **Nbr. of countries (except Morocco) December 004 Merger of BCM/Wafabank July 006 Creation of Attijariwafa bank Senegal September 005 License to open a subsidiary in Sinegal granted November 005 Acquisition of a 54% stake in Banque du Sud (Tunisie) January 007 Takeover of the Senegalo Tunisienne Bank (67%) April 008 Acquisition of a 79% stake in the CBAO (Senegal) Presence in Guinea-Bissau following the acquisition of CBAO (through its subsidiaries) November 008 Acquisition a 5% stake in the BIM (Mali) Merger of Attijari Bank Senegal and CBAO March 0 Acquisition of a 5% stake in SCB Cameroon December 00 Acquisition, by a consortium of AWB (67%) and Banque Populaire (33%), of a 80% stake of BNP Paribas Mauritania Creation by CBAO Attijariwafa bank of a branch in Burkina Faso. September, December 009 Acquisition of Crédit du Congo and Union Gabonaise de Banque ; Acquisition of Société Ivoirienne de Banque and Crédit du Sénégal. 9

20 UNIQUE, LARGE AND DIVERSIFIED PAN-AFRICAN NETWORK AWB African Footprint Overview of Main International Operations Morocco Tunisia 8% Morocco Attijariwafa Bank Year of entry: NA Loan market share: 6% (#) Branches:,590 NBI: USD,508m Net income: USD474m Tunisia Attijari Bank Year of entry: 005 Loan market share: 8% (#7) Branches: 79 NBI: USD34m Net income: USD4m Mauritania Attijari Bank Mauritanie Year of entry: 00 Loan market share: 5% (#9) Branches: NBI: n.m. Net income: n.m. Mauritania Senegal n.m. Guinea 3% Bissau n.a. Mali Burkina Faso Ivory Coast % 8% n.a. Cameroon 9% Congo Gabon 7% % Senegal CBAO & Crédit du Sénégal Year of entry: 005 Loan market share: CBAO: 7%(#)/CdS: 5%(#8) (# overall) Branches: 64 NBI: USD08m Net income: USD6m Ivory Coast Société Ivoirienne debanque Year of entry: 009 Loan market share: 0% (#5) Branches: 306 NBI: USD54m Net income: USD3m Mali BIM Year of entry: 008 Loan market share: % (#) Branches: 79 NBI: USD38m Net income: USDm North Africa West Africa Central Africa Cameroon SCB Year of entry: 0 Loan market share: % (#4) Branches: NBI: USD4m Net income: USD4m Congo Crédit du Congo Year of entry: 009 Loan Market share: 4% (#3) Branches: 4 NBI: USD34m Net income: USD0m Gabon Union Gabonaise de Banque Year of entry: 008 Loan market share: 6% (#3) Branches: 0 NBI: USD53m Net income: USD8m % % of International NBI contribution Source: Company information based on Dec-0 data Note: NBI contribution to 0 to consolidated Group NBI; USD/MAD FX average for 0: 8.09; market shares as of Sep-0 but for Morocco (Dec-0). Including specialised subsidiaries in Morocco. New acquisitions in 03: Togo and Niger 6

21 AN ATTRACTIVE PAN AFRICAN FOOTPRINT WITH DOMINANT POSITION ACROSS FRENCH SPEAKING AFRICAN COUNTRIES Market Share (in Customer Loans) Total Assets ($bn) A Major African Player in Terms of Total Assets With a Leading Platform in North, Western and Central Africa Standard Bank Group Absa Firstrand Banking Group Nedbank African footprint National Bank of Egypt Attijariwafa Bank BEA th Bank Misr Gumhouria Bank AWB UBA ECOBANK BOA BGFI Crédit Populaire du Maroc 5.4 Source: Jeune Afrique HS n 5 Note: Total Assets in $bn (00 data with the exception of Libyan banks that are as at December 009) And Leading Positions in its Key Markets Source: Total Assets in $bn (0 Data with the exception of BoA(00) Annual reports, press) Note: NGN: USD (source:forexticket.fr); USD/MAD FX average for 0: () Number of countries of presence in Africa. 0 figures (except for BoA 00) () Assets outside domestic activities Rank of AWB st 6 th st 5 th 3 rd 3 rd 4 th 4 th 6% 8% % 0% 5% 4% % % Morocco Tunisia Senegal Ivory Coast Gabon Congo Mali Cameroon Source: Attijariwafa bank Note: Dec-0data AWB Other players

22 AFRICA, A NEW FRONTIER FOR INTERNATIONAL INVESTORS Moy Moy Moy Growing FDI inflows towards Africa A growing interest of private equity funds Fund Managers Funds Main transactions Amounts Bn USD x Emerging Capital Partners Aureos ECP Africa III Moroccan Infrastructure Fund Central Africa Growth Sicar West Africa Fund East Africa Fund Africa Health Fund OSEAD Maroc Mining (Morocco 007) Almes (Morocco 009) Finadev (Benin 00) Nairobi Java House (Kenya 0) Bank of Africa (Kenya 006) Athi River Steel Plant (Kenya 006) Southey Holdings (South Africa 009) n/a Total : 57 USD m Actis n/d Adesemi Communications Afribrand Holdings Heritage Place (Nigeria) n/a Kingdom Zephyr Africa PAIP II First Hydrocarbon (Nigeria) Consolidated Infra Group (South Africa) Mixta Africa (Maghreb) Total : 00 USD m SOURCE: World Bank Helios Investment Partners Modern Africa Fund Shell Africa Downstream Business (0) Continental Outdoor Media (South Africa 009) Equity Bank (Kenya 007) ~ 000 USD m ~47 USD m ~79 USD m

CASE STUDY REGIONAL EXPANSION OF MOROCCAN

Moroccan companies Moroccan FDI outflows towards

Moroccan FDI outflows xxx CAGR 08-0 Morocco

Gambia Guinea Sierra Leone Ghana Mali Burkina

Uganda Kenya Tanzania Burundi 3 48 008 009 00

Africa* (USD m) Madagascar % of total Moroccan

Imports,04% 3,4% 637 CAGR 05- Main Moroccan

64 Source : Moroccan press 005 0 *Includes only

Ivory Coast, Centrafrican Republic, Democratic

23 CASE STUDY REGIONAL EXPANSION OF MOROCCAN COMPANIES IN AFRICA Sub-Saharan footprint of Moroccan companies Moroccan FDI outflows towards sub-saharan Africa (USD m) xxx Share in total Moroccan FDI outflows xxx CAGR 08-0 Morocco Tunisia 5% 73% 87% 495 4% Mauritania Senegal Gambia Guinea Sierra Leone Ghana Mali Burkina Faso Ivory Coast Benin Togo Equatorial Guinea Niger Chad Centrafrican Cameroon Rep. Gabon Congo Democratic Republic of Congo Sudan Uganda Kenya Tanzania Burundi Angola Trade between morocco and sub-saharan Africa* (USD m) Madagascar % of total Moroccan imports / exports Moroccan exports,8%,5% Moroccan Imports,04% 3,4% 637 CAGR 05- Main Moroccan companies operating in sub-saharan Africa Source : Moroccan press *Includes only South Africa, Nigeria, Equatorial Guinea, Gabon, Ivory Coast, Centrafrican Republic, Democratic Republic of Congo, Cameroon, Guinea, Senegal, Togo, Ghana, Madagascar, Mali, Benin, Burkina Faso, Kenya, Tanzania, Congo 3

24 ATTIJARIWAFA BANK, PARTNERSHIP WITH INVESTORS Global services for investors through complementary business lines Financing/ Trade finance Project finance Investment banking Private Equity Capital markets, offshore Leadership acquired through its long experience in financing SMEs and large companies investments ; Effective financing of major projects in Morocco; Large experience in financing complex projects (Project finance) and structuring banking syndicates in Morocco and abroad Support investment through a comprehensive and integrated range of products and services: specialized subsidiaries, investment banking, private equity... Ability to support the effort by investment maturities and appropriate pricing formulas. Global capital markets supports Offshore solutions through Attijari International Bank Segment Subsidiary Subsidiary Segment Attijari Finances Corp. Attijari Invest A leading player : Project Finance ; Assets financing ; Acquisition financing; Financing investment ; corporate Financing structured real estate projects. Recognized leader in M&A and debt/equity origination ; Significant advisory experience in : Privatisations ; Infrastructures ; M&A transactions. The strategy of the investment bank is to duplicate its valuable experience and leadership in Africa. The opening of offices in Tunis and Dakar reflects this commitment. Recognized player in the Moroccan Private Equity market, Attijari Invest manages several funds mainly including : Agram Invest ; Moroccan Infrastructure Fund; Igrane H Partners ; Foncière Emergence ; Maroc Numeric Fund ; 3P Fund Leadership in all segments of the capital market : Foreign exchange ; Commodities Interest rate instruments Derivatives/Forex 4

25 Thank you for your attention

Regional outlook Sub-Saharan Africa 24/11/2015. Share commodities in good exports. Share commodities in goods imports

Regional outlook Sub-Saharan Africa 24/11/2015. Share commodities in good exports. Share commodities in goods imports Table 1: Economic structure indicators Number of Inhabitants (m.) Size of the economy (in USD bn.) Size of the economy (% of world GDP) Share commodities in good exports Share commodities in goods imports