FINANCIAL MARKET HEADLINES
| MOROCCO | ALLIANCES | A loss of MAD -437 Mn in 2020

| MOROCCO | SRM | Net income down 27% in 2020

| MOROCCO | RISMA | A loss of MAD -303 Mn in 2020

ECONOMIC HEADLINES
| MOROCCO | INFLATION | The inflation rate would settle at 1.2% in Q2 2021

According to HCP, the inflation rate is expected to settle at 1.2% in Q2 2021 against 0.1% in Q1 2021. This would be driven by the 2% increase in the non-food products’ prices against +0.9% a quarter earlier.

| NIGER | INFLATION | Prices up 4.7% y-o-y in February 2021
According to the National Institute of Statistics, the Harmonized Consumer Prices Index of Niger rose by 1.2% in February 2021, compared to the previous month. Year-on-year, the inflation rate stands at +4.7% above the community convergence threshold of 3.0% set by WAEMU.

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