Attijariwafa N : Results Presentation December 2016

Attijariwafa bank

As of 31 December 2016

Financial Communication

2017

2

Agenda

IFRS consolidated financial statements as of December 31, 2016 Regulatory ratios as of December 31, 2016

Attijariwafa bank share price performance

2015 2016E 2017F

North Africa WAEMU1 EMCCA 2

Incl. WAEMU1 6.3% 6.3% 6.5%

Central Africa 3.7% 3.9% 5.0%

Incl. EMCCA2 2.1% 1.0% 2.6%

4.4

6.0

6.1 6.3 6.36.3 6.5

4.7 3.8

2.8 3.5 3.3

1.7

East Africa 6.3% 6.4% 6.7%

South Africa 2.2% 1.9% 2.8%

1.3

0.3

1.4

2.1

1.0

2.6

• Economic growth in Africa: 3.7% in 2016E vs. 3.6% in 2015, driven mainly by domestic factors, including private consumption, public

  2011 2012 2013 2014 2015 2016E 2017F

  Inflation rate (%)

  WAEMU 1

  2

  infrastructure developement and private investment

  North Africa

• GDP growth of 3.3% in 2016E vs. 3.5% in 2015

  WAEMU(1)

• GDP growth of 6.3% in 2016E and inflation rate of 1.2% in 2016E vs.

  3.6

  2.7

  3.8

  2.8

  2.2

  2.7

  2.2

  EMCCA

  2.1

  2.8

  1.7

  1.0% in 2015

  EMCCA(2)

• GDP growth of 1.0% in 2016E vs. 2.1% in 2015 and inflation rate

1.3

-0.1

1.0

1.2

stable at 2.1% in 2016E

2011 2012 2013 2014 2015 2016E 2017F

1. WAEMU: Senegal, Burkina Faso, Mali, Ivory-Coast, Benin, Niger, Togo and Guinea-Bissau.

2. EMCCA: Cameroon, Congo, Gabon, Equatorial Guinea, Central African Republic and Chad

   Source : BAD, FMI 3

   - 2016 FY Results- Attijariwafa bank

   Macroeconomic environment in Morocco in 2016

   2015	2016E	2017F
   Real GDP growth	4.5%	1.1%	3.6%
   Agricultural GDP	13.0%	-9.8%	9.7%
   Non agricultural GDP	3.4%	2.7%	2.8%

   Main economic indicators

   Domestic Consumption

   (growth,%) 2.4% 2.6% 3.2%

   Inflation 1.6% 1.6% 1.0%

   Imports (Change,%) -3.0% 9.6% -

   Exports* (Change,%) 8.1% 2.9% -

   MLA** Remittances (Change,%) 0.3% 3.4% -

   FDI*** (Change,%) 9.2% -17.2% -

   Economic growth

   • GDP growth rate of 1.1% in 2016E mainly due to a lower cereal harvest (33.5 million quintals vs 115 million of quintals in 2015)

     - Non-agricultural growth : 2.7% in 2016E

   • Stable inflation rate at 1.6% in 2016E (1.0% in 2017F and 1.5% in 2018F)

   • Continued improvement of macro-economic environment:

     ₋ Significant increase of foreign currency reserves to reach

     6.9 months of imports in 2016 (4.1 months in 2012)

     ₋ Budget deficit to -4.0% of GDP in 2016E and -3.5% in 2017F in line with government target (-7.3% in 2012)

     ₋ Stabilization of the treasury debt (~64% of GDP)

     Monetary policy

     Current account

     Deficit/Surplus (% GDP) -2.0%

     Capital and Financial Transactions

     -3.7%1

     (-2.9 in 2016E) -

   • Decrease of central bank key interest rate by 25bps to

     2,25% (March 2016)

   • Increase of the mandatory reserve from 2% to 4% (June

   Account (% GDP) 6.0% 5.9%1 -

   Foreign currency reserves

   (months of imports) 6.7 6.9 -

   2016)

   (*) Goods and services including Tourism ; (**) Moroccan Living Abroad ;

   Budget deficit/surplus (% GDP) -4.3% -4.0% -3.5%

   Treasury debt (% GDP) 64.1% 64.8% 64.0%

   (***) Foreign Direct Investments

3. As of 30 September 2016

Source : Ministry of Finance, HCP, BAM, AWB Forecast

4

- 2016 FY Results- Attijariwafa bank