Morning Brief - April 2nd 2024

FINANCIAL MARKET HEADLINES
| MOROCCO | DARI COUSPATE | Net income up 77% in 2023

| MOROCCO | S2M | Net income up 12% in 2023

| MOROCCO | TIMAR | Results of the Mandatory Buy-out Offer
The results of the Mandatory Buy-out Offer relating to the shares of Timar at the initiative of Finançière Clasquin Euromed are as
follows:
- Number of shares targeted by the Offer: 12,486;
- As a % of the capital: 4.15%;
- Number of presented shares: 5,361;
- As a % of the capital: 1.78%;
- Number of shares’ providers: 33;
- Participation rate: 42.94%.

| MOROCCO | DELTA HOLDING | The Group sold its stake in ISOSIGN
In a press release, Delta holding announces that its subsidiary DHE located in France has signed an agreement with a European
group for the sale of its entire stake (53.5%) in the company ISOSIGN. With its subsidiary STI, it contributed 7% (MAD 228 Mn) to
the consolidated revenue of Delta Holding Group in 2023.
ISOSIGN and STI are fully consolidated, the percentage interest in each being 27.29%. The finalization of the sale transaction
should take place during the second quarter of 2024.

ECONOMIC HEADLINES

| MOROCCO | GDP | A growth rate of 4.1% in Q4 2023
According to HCP, the growth rate of the Moroccan economy stood at 4.1% in Q4 2023 compared to 0.7% a year earlier. This re-sults from the 5.8% increase in crop activities and a 4.1% in non-crop activities.

| MOROCCO | BANKING LOANS | An increase of 6% at the end of February 2024
At the end of February 2024, the net outstanding bank loans amounted to MAD 1,089.1 Bn, down 0.1% compared to January 2024 and up 5.7% year-on-year. Mortgage loans (MAD 302.1 Bn), equipment loans (MAD 199.2 Bn) and consumer loans (MAD 57.9 Bn) show respective increases of 0.6%, 10.8% and 0.5% while treasury loans (MAD 244.9 Bn) fell by 2.4% compared to the same period of the previous year. Finally, non-profitable loans stood at MAD 95.1 Bn, i.e. an increase of 6.0%.

| MOROCCO | VEHICLES | Sales down 3% in Q1 2024
In March 2024, sales of new cars in Morocco amounted to 12,831 units, down 5.8% compared to the same period of the previous year. In this context, cumulative sales in Q1 2024 show a decline of 3.1% to 35,680 units. In more detail, sales of passenger vehi-cles fell by 6.0% to 31,741 while those of light commercial vehicles increased by 28.8% to 3,939 units.

| BENIN | GDP | A growth rate of 6.4% in Q4 2023
According to the National Institute of Statistics and Demography (INStaD), the growth rate of the Beninese economy stood at 6.4% y-o-y in Q4 2023. This growth results from the dynamic observed at the level of the three sectors: primary (+5.3%), second-ary (+8.7%) and tertiary (+6.2%).

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