Africa, a continent with high potential

Africa a new trade and investments destination

Doha, December 2013

I. Africa, a land of opportunity

1. Demography

2. 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

1. Strategy and footprint

SOMMAIRE

Source: IMF, WB, UN

STRONG DEMOGRAPHIC GROWTH, POPULATION TO REPRESENT MORE THAN 20% OF WORLD POPULATION BY 2050

3,0%

2015f20102000

Strong demographic growth

Population (millions)

2005

Population to represent more than 20% of World population by 2050

GREAT GROWTH POTENTIAL: YOUNG POPULATION AND URBAN DEVELOPMENT

Strong urban population growth

40

Rural

60

2010

2015f

4852Rural

Urbain

Urbain

LIVING STANDARD IMPROVEMENT AND MIDDLE CLASS EXPANSION

SOURCE: World Bank

Life expectancy

Literacy rate (Subsaharan Africa)

In years

% of population older than 15

GDP per capita

Poverty (Subsaharan Africa)

PPP, US$

% of population with less than 1.25 US$/day

51.5%58.0%

47.5%

1981 1999 2008

23.0%

57.4%62.6%

1970 2000 2010

49.9

53.2

57.2

1980 2000 2010

1 016

1 900

3 060

1980 2000 2010

x3 +7

-4pts X2,7

1.5

2.8

3.1

3.7

4.5

5.1 *

8.6

Develope

d …

World

Latin America

Central Europe

Middle East

Africa

Emerging Asia

6

Acceleration of growth in Africa during the last decade…

1,9

2,3

4,6

6,0

4,0

STRONG GROWTH PERFORMANCE IN AFRICA SINCE 2000…

Source: Global Insight ; McKinsey Global analysis

… The second highest growth region worldwide

Source: McKinsey

Annual average GDP growth, 2000-2010GDP (USD Bn) CAGR (%)

6% at Dec. 2012

GDP growth in %

… GROWTH PERFORMANCE AND INFLATION IN AFRICA

5,2%

Inflation (%)

6,2%

Source: BAD

x% Average growth of GDP

• Strong economic growth, even past the 2008 global crisis

• Inflation under control, slightly trending lower for the past 5 years

EVOLUTION OF AFRICAN TRADE WITH THE REST OF THE WORLD

Source: BAD

Average annual growth

• Strong growth: averaged 16% in the 2005-2011 period•Still represents less than 5% of total world trade

6

Country Telecom Total

•Burkina Faso 1573

•Centrafrique 42

•Guinea Bissau 2

•Mali 460 460

•Niger 166

• Tchad 422

• Ivoiry Cost 21 1174

•Benin 59069 489

•Togo 780 572

•Cameroun 468

• Gabon 143 92

• Congo 735

• Guinea Equatorial 159322

•Senegal 31 2115260 398

Energy Transport

1

50

1 1 1

1

2 2(-)

1

1

1 1

2

1 1

1

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

773

85

(-)

(-)

(-)

(-)

(-)

(-)

(-)

50

573

1 148

166

1 352

42

468

235

735

481

422

INFRASTRUCTURE INVESTMENTS IN SUBSAHARAN AFRICA 2005-2011ZOOM: UEMOA, CEMAC

Volume #Projects Volume #Projects Volume #Projects Volume #Projects

1

2

3

6

1

3

1

1

1

4

1

2

2

1

Σ= 2016 Σ = 10 Σ=2 107 Σ = 10 Σ=2 867 Σ = 10 Σ=6 610 Σ= 30

in G$ US

UEMOA CEMAC

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

(-)

Source : World bank

Main political conflicts since 2000Main political conflicts during the 90’s

INCREASINGLY STABLE POLITICAL ENVIRONMENT SINCE 2000

• Fewer areas of political conflicts

• Several free and peaceful polls organized during the 2000’s

• Many forums for sub-regional dialogue set up in order to foster intra-African cooperation and conflict

management (ex: African Union, ECOWAS..)

AWB’s African footprint (excluding

Morocco)

10

Arab spring, late

2011- early 2012, on-

going political

transition

SIGNIFICANT PROGRESS IN « DOING BUSINESS » RANKINGS

Countries

Rank Doing

Business

2013

Evolution

2007 - 2013

• According to « Doing Business 2013 » published by the World Bank, out of the top 50 improvements in "doing

business“ between 2005 and 2012, 17 are sub-saharan African countries (34% vs. a normal share of 25%) :

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.

• Mauritius • 19th • +131

• Rwanda • 52th • +1064

• Botswana • 59th • -115

• Ghana • 64th • +306

• Zambia • 94th • +88

• Morocco • 97th • + 189

• Egypt • 109th • +5610

Case study : Morocco and Rwanda

Rwanda Morocco• Companies act helped

simplify new company

incorporation (2 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

• 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 (one-

stop shop)

• South Africa • 39th2 • -10

• Tunisia • 50th3 • +30

• Namibia • 87th7 • +45

11

Source : «Doing Business» reports

6 countries :

• Cameroon

• Congo

• Gabon

• Equatorial Guinea

• Central African Republic

• Chad

INITIATIVES FOR SUB-REGIONAL INTEGRATION HAVE ENABLED

COORDINATION OF POLITICAL AND MONETARY POLICIES

Members DescriptionCommunities

* Member countries of Southern African Customs Union (SACU)

Southern African

Development Community

(SADC)

15 countries :

• South Africa*

• Angola

• Botswana*

• Lesotho*

• Madagasgar

• Malawi

• Mauritius

• Mozambique

• Namibia*

• DRC

• Seychelles

• Swaziland*

• Tanzania

• Zambia

• Zimbabwe

- Created in 1992, headquartered in Gaborone (Botswana)

- Projects of custom union and free trade zone

- Monetary union under construction

• Mali

• Niger

• Senegal

• Togo

West African Economic and

Monetary Union

(WAEMU)

8 countries :

• Benin

• Burkina Faso

• Ivory Coast

• Republic of Guinea-

Bissau

- Created in 1994, 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

1

Economic Community of

Central African States

(ECCAS)

- Created in 1994, 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

2

East African Community

(EAC)

5 countries :

• Kenya

• Tanzania

• Uganda

• Rwanda

• Burundi

- Created in 2000, headquartered in Arusha (Tanzania)

- Customs union and common market

- Monetary union under construction

3

4

12

13SOURCE: World Bank, Investment funds website ; (1) Acquired by Abraaj in 2012

ManagersFDI towards African countries

USD Bn

AFRICA INCREASINGLY TARGETED BY INTERNATIONAL INVESTORS

Growing FDI towards Africa Several investment funds dedicated to Africa

Funds Main operations Invested amounts

• ECP Africa III

• Moroccan

Infrastructure

Fund

• Central Africa

Growth Sicar

• Emerging

Capital

Partners

• OSEAD Maroc Mining

(Morocco 2007)

• Almes (Morocco 2009)

• Finadev (Benin 2010)

• Nairobi Java House

(Kenya 2012)

• NA

• West Africa

Fund

• East Africa Fund

• Africa Health

Fund

• Aureos1 • Bank of Africa (Kenya

2006)

• Athi River Steel Plant

(Kenya 2006)

• Southey Holdings

(South Africa 2009)

• Amounts invested in

Africa: 571 USD m

• NA• Actis • Adesemi

Communications

• Afribrand Holdings

• Heritage Place (Nigeria)

• NA

• PAIP II• Kingdom

Zephyr

Africa

• First Hydrocarbon

(Nigeria)

• Consolidated Infra

Group (South Africa)

• Mixta Africa (Maghreb)

• Amounts invested in

Africa: 200 USD m

2.15.9 7.4

29.3

36.3

52.6

60.0

49.0

39.2

Mo

y. 1

980-

89

Mo

y. 1

990-

99

Mo

y. 2

000-

04

2005

2006

2007

2008

2009

2010

• Modern Africa

Fund

• Helios

Investment

Partners

• Shell Africa Downstream

Business (2011)

• Continental Outdoor

Media (South Africa

2009)

• Equity Bank (Kenya

2007)

• ~1 000 USD m (in

partnership)

• ~147 USD m

• ~179 USD m

x30

Decline of incoming FDIs in the aftermath of the international crisis, amount remain significant

13

14

GROWING INTEREST FROM EMERGING COUNTRIES ESPECIALLY CHINA

Trade between China and Africa

28%

26%

Chinese FDI towards Africa

USD Bn

USD Bn

10%

Suppliers Sectors Funding 1

USD mCountries

Source: National bureau of statistics of China, World Bank

Several infratructure projects are funded by China and

involving chinese suppliers

Top 10 infrastructure projects implemented by Chinese companies

CCECC Transportation 2 500Nigeria, DRC, Congo1

Sinohydro

Corp.

Electricity 2 242Ghana, Guinea, Sudan,

Togo2

ZTE Telecom 2 101Ghana, Kenya, DRC,

Mali

3

CGC Water &

Electricity

1 024Cameroon, Nigeria 4

CGXIG Transportation 1 000Nigeria 5

CGGC Electricity 1 000Nigeria 6

CMEC Transportation

& Telecom

721Sudan, Senegal,

Zimbabwe7

TEC Transportation 620Mauritania8

SEPC Corp. Electricity 512Sudan9

CATIC Electricity 500Zimbabwe10

(1) The total of Chinese fundings that concerns the projects implemented by each supplier

Attijariwafa Bank Strategy and footprint in Africa

Attijariwafa bank in a nutshell

• Date of creation : 1904

• Employees as of June 30th 2012 : 14 861 in 22 countries

• Network as of 30th 2012 : About 2 352 branches

• First market capitalisation of the Moroccan financial sector

• Total assets 2011 : 30.9 billion € / Total customer Loans 2011 : 20.8 billion €

• Total Deposits 2011 : 26.7 billion € / Total shareholders’ equity 2011 : 2.7 billion €

• Rating S&P (long term / short term / perspective) : BB / B / Stable

• Shareholding structure as of June 2012 :

- SNI Group : 46.98%

- Insurance companies : 17.47%

- Other institutional investors : 10.91%

- Santusa Holding : 5.33%

- Personnel : 4.98%

- Free float :14.33%

1st national banking network

2nd banking group in Africa

(excluding South Africa)

N°1 in terms of loans in Morocco

1st branches network in Morocco

N°1 in asset management and stock-related

transactions in the Maghreb

More than 6.0 million clients worldwide

2nd insurer in Africa

(excluding South Africa)

Operating in 22 countries :11 countries in Africa / 7 countries in Europe

ATTIJARIWAFA BANK, A PAN AFRICAN LEADING PLAYER

Market share (%)

26% 24% 14% 7% 5% 26%28% 15% 7% 5% 22%25% 16% 8% 7%

Leader in the Moroccan Market

2011 Loans (MADbn) 2011 Deposits (MADbn) 2010 Retail & Corporate Branches

1616

A WELL THOUGHT DEVELOPMENT STRATEGY…

« Country scan » : 23 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

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).

A regional expansion plan based on a well thought

strategy …

….and a systematic approach

1717

1818

… 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

Support investment

Project finance and PPP

Private Equity

Investment banking

Private banking

September 2005

License to open a subsidiary in

Sinegal granted

November 2005

Acquisition of a 54% stake in

Banque du Sud (Tunisie)

July 2006

Creation of

Attijariwafa bank

Senegal

December 2004

Merger of

BCM/WafabankJanuary 2007

Takeover of the Senegalo

Tunisienne Bank (67%)

March 2011

Acquisition of a

51% stake in SCB

Cameroon

Market shares Morocco* 22.6% 26.2%25.6%25.4% 25.6%25.0%21.6%

NBI Morocco - MMAD

Market capitalization (as of

31/12) - MMAD

NBI International - MMAD

2004 20112005 2006 2007 2008 2009 2010

April 2008

Acquisition of a 79% stake in

the CBAO (Senegal)

Presence in Guinea-Bissau

following the acquisition of

CBAO (through its

subsidiaries)

November 2008

Acquisition a 51% stake in the

BIM (Mali)

Merger of Attijari Bank

Senegal and CBAO

*Market shares : Customer loans**Nbr. of countries (except Morocco)

0 1 94 72Presence in Africa**10

December 2010

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 2009

Acquisition of Crédit du Congo and

Union Gabonaise de Banque ;

Acquisition of Société Ivoirienne de

Banque and Crédit du Sénégal.

5 1145 637

7 415

8 793

10 967

13 255

14 667

7% 9% 14% 15%22%

A PROPERLY PERFORMED STRATEGIC DEVELOPMENT PLAN …

26.0%

15 882

24%

67.6

78.5

52.149.7

59.4

44.4

23.918.3

1919

2

Tunisia

Mali

Senegal

Mauritania

Morocco

Ivory

Coast Cameroon

GabonCongo

Burkina

Faso

UNIQUE, LARGE AND DIVERSIFIED PAN-AFRICAN NETWORK

Source: Company information based on Dec-2011 data

Note: NBI contribution to 2011 to consolidated Group NBI; USD/MAD FX average for 2011: 8.09; market shares as of Sep-2011 but for Morocco (Dec-2011)

1. Including specialised subsidiaries in Morocco.

Mauritania

Attijari Bank Mauritanie

Year of entry: 2010

Loan market share: 5% (#9)

Branches: 2

NBI: n.m.

Net income: n.m.

Morocco 1

Attijariwafa Bank

Year of entry: NA

Loan market share: 26% (#1)

Branches: 1,590

NBI: USD1,508m

Net income: USD474m

Tunisia

Attijari Bank

Year of entry: 2005

Loan market share: 8% (#7)

Branches: 179

NBI: USD134m

Net income: USD24m

Senegal

CBAO & Crédit du Sénégal

Year of entry: 2005

Loan market share:

CBAO: 17%(#2)/CdS: 5%(#8)

(#1 overall)

Branches: 164

NBI: USD108m

Net income: USD16m

Ivory Coast

Société Ivoirienne deBanque

Year of entry: 2009

Loan market share: 10% (#5)

Branches: 306

NBI: USD54m

Net income: USD13m

Mali

BIM

Year of entry: 2008

Loan market share: 12% (#2)

Branches: 79

NBI: USD38m

Net income: USD2m

Cameroon

SCB

Year of entry: 2011

Loan market share: 12% (#4)

Branches: 21

NBI: USD42m

Net income: USD4m

Congo

Crédit du Congo

Year of entry: 2009

Loan Market share: 14% (#3)

Branches: 14

NBI: USD34m

Net income: USD10m

Gabon

Union Gabonaise de Banque

Year of entry: 2008

Loan market share: 16% (#3)

Branches: 10

NBI: USD53m

Net income: USD8m

North Africa

West Africa

Central Africa

Guinea

Bissau

% % of International NBI contribution

11%

7%

9%11%

23%

n.a.

28%

8%

n.a.

n.m.

AWB African Footprint Overview of Main International Operations

6New acquisitions in 2013: Togo and Niger

8.2

1.3

AWB UBA ECOBANK BOA BGFI

17.2

4.9 4.5

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

26%

8%22%

10% 15% 14% 11% 11%

Morocco Tunisia Senegal Ivory Coast Gabon Congo Mali Cameroon

A Major African Player in Terms of Total Assets… …With a Leading Platform in North, Western and Central

Africa…

Source: Total Assets in $bn (2011 Data with the exception of BoA(2010) – Annual reports, press)

Note: 1NGN: 0.0062 USD (source:forexticket.fr); USD/MAD FX average for 2011: 8.047306

(1) Number of countries of presence in Africa. 2011 figures (except for BoA – 2010)

(2) Assets outside domestic activities

… And Leading Positions in its Key Markets

Source: Attijariwafa bank

Note: Dec-2011data

Rank of AWB

1st 4th5th1st 3rd 4th3rd6th

Mark

et

Share

(in C

usto

mer

Loans)

African footprint1

11 19 32 14 9

AWB Other players

Tota

l A

ssets

($bn)

AN ATTRACTIVE PAN AFRICAN FOOTPRINT WITH DOMINANT POSITION ACROSS FRENCH SPEAKING AFRICAN COUNTRIES

6th

Source: Jeune Afrique HS n°25

Note: Total Assets in $bn (2010 data with the exception of Libyan banks that are as at

December 2009)

201.0

107.8

98.3

91.6

51.2

36.6

32.0

30.6

26.1

25.4

Standard Bank Group

Absa

Firstrand Banking Group

Nedbank

National Bank of Egypt

Attijariwafa Bank

BEA

Bank Misr

Gumhouria Bank

Crédit Populaire du Maroc

42.7

12.0

22SOURCE: World Bank

Fund Managers

AFRICA, A NEW FRONTIER FOR INTERNATIONAL INVESTORS …

A growing interest of private equity funds

Funds Main transactions Amounts

• ECP Africa III

• Moroccan

Infrastructure

Fund

• Central Africa

Growth Sicar

• Emerging

Capital

Partners

• OSEAD Maroc Mining

(Morocco 2007)

• Almes (Morocco 2009)

• Finadev (Benin 2010)

• Nairobi Java House

(Kenya 2012)

• n/a

• West Africa

Fund

• East Africa Fund

• Africa Health

Fund

• Aureos • Bank of Africa (Kenya

2006)

• Athi River Steel Plant

(Kenya 2006)

• Southey Holdings

(South Africa 2009)

• Total : 571 USD m

• n/d• Actis • Adesemi

Communications

• Afribrand Holdings

• Heritage Place (Nigeria)

• n/a

• PAIP II• Kingdom

Zephyr

Africa

• First Hydrocarbon

(Nigeria)

• Consolidated Infra

Group (South Africa)

• Mixta Africa (Maghreb)

• Total : 200 USD m

• Modern Africa

Fund

• Helios

Investment

Partners

• Shell Africa Downstream

Business (2011)

• Continental Outdoor

Media (South Africa

2009)

• Equity Bank (Kenya

2007)

• ~1 000 USD m

• ~147 USD m

• ~179 USD m

Bn USD

Growing FDI inflows towards Africa

2.15.9 7.4

29.3

36.3

52.6

60.0

49.0

39.2

Mo

y. 1

980-

89

Mo

y. 1

990-

99

Mo

y. 2

000-

04

2005

2006

2007

2008

2009

2010

x30

22

CASE STUDY

REGIONAL EXPANSION OF MOROCCAN COMPANIES IN AFRICASub-Saharan footprint of Moroccan companies Moroccan FDI outflows towards sub-Saharan Africa (USD m)

Mali

Senegal

Mauritania

Morocco

Ivory Coast Cameroon

GabonCongo

Burkina FasoGuinea

Centrafrican

Rep.

Main Moroccan companies operating in sub-Saharan Africa

Equatorial Guinea

2008 2009 2010

248

321

495

41%

xxx CAGR 08-10

51% 73% 87%

Share in total Moroccan FDI outflows xxx

Democratic Republic of

Congo

Gambia

Sierra Leone

Chad

Benin

KenyaUganda

Madagascar

Niger

TanzaniaBurundi

Ghana

Sudan

Angola

Togo

Source : Moroccan press

1,8% 1,5%

CAGR 05-11

1,04% 3,14%

Trade between morocco and sub-Saharan Africa* (USD m)

*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

Moroccan ImportsMoroccan exports

% of total

Moroccan

imports /

exports

Tunisia

2323

385

437

264

637

2005 2011

Global services for investors through complementary business lines

ATTIJARIWAFA BANK, PARTNERSHIP WITH INVESTORS

Financing/

Trade finance

• Leadership acquired through its

long experience in financing

SMEs and large companies

investments ;

• Effective financing of major

projects in Morocco;

Project finance

• Large experience in financing

complex projects (Project finance)

and structuring banking

syndicates in Morocco and

abroad

Investment banking

• Support investment through a comprehensive and integrated range

of products and services: specialized subsidiaries, investment banking,

private equity ...

Private Equity Capital markets,

offshore

• Ability to support the effort by

investment maturities and

appropriate pricing formulas.

• Global capital markets supports

• Offshore solutions through

Attijari International Bank

Attijari Finances Corp. Attijari Invest

Segment Subsidiary Subsidiary Segment

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

A leading player :

Project Finance ;

Assets financing ;

Acquisition financing;

Financing corporate

investment ;

Financing structured real

estate projects.

2424

Thank you for your attention