22 May 2007 18:25
Banque Marocaine Du Commerce Exteri22 May 2007 NOTICE OF BMCE BANK ANNUAL GENERAL SHAREHOLDERS' MEETING ON MONDAY, MAY 28 2007 AT 10:00 A.M Ladies and Gentlemen shareholders of BMCE Bank "Banque Marocaine du CommerceExterieur", a business corporation with a registered capital of 1,587,513,900MAD (Moroccan Dirhams), whose headquarters is at 140 Avenue Hassan II,Casablanca, and listed on the Trade Register under number 27.129, are called tothe Annual General Meeting, which will be held at the aforementionedheadquarters on: MONDAY, MAY 28, 2007 at 10:00 A.M to deliberate and take decisions regarding the items featured on the agendabelow: 1- Reading of the Management Report of the Board of Directors and the Auditors'reports; 2- Examination and approval of the balance sheets and profit and loss accountsas of December 31st , 2006; 3- Allocation of profits for the fiscal year 2006 and the setting up of a datefor the distribution of dividends; 4- Establishment of attendance allowances; 5- Statement on the accomplishment of the tasks set for the Auditors for thefiscal year 2006; 6- Approval of regulatory agreements; 7- Discharge given to the administrators for their management during the fiscalyear 2006; 8- Renewal of administrators' mandates; 9- New buyback program of the bank's own shares. 10- Powers; 11- Miscellaneous issues. The owners of bearer shares must submit declarations to the Bank's Headquarters,or arrange to have them sent by an authorized intermediary, stipulatingregistration of their shares on the accounts, five days prior to the GeneralMeeting, Holders of registered shares, previously listed on the accounts for at leastfive days prior to the Meeting, will be admitted upon presentation of theholders' identity or mandate. Holders of shares not yet registered on accounts are requested to do so bysubmitting them to BMCE Bank or an authorized financial intermediary. All shareholders are entitled to consult, in the Bank's headquarters, thedocuments whose communication is prescribed by the article 141 of law 17-95related to business corporations. All shareholders meeting the conditions set forth by Law 17/95 pertaining tobusiness corporations, may request registration of draft resolution on theagenda, provided that the said shareholder has submitted the request to theheadquarters, by means of a registered letter with an acknowledgement ofreceipt, 20 days, at least, prior to the date of the Meeting. The Board of Directors DRAFT-RESOLUTIONS SUBMITTED TO THE ANNUAL GENERAL MEETING OF MAY 28, 2007 FIRST RESOLUTION After having listened to the reading of the Management Report and the Auditors'Reports, the Annual General Meeting approves all the said documents in theirintegral form, and without any reservations, as well as the accounts for thefiscal year ending on December 31st , 2006, by noting that the individualaccounts and the balance sheets for activities in Morocco, BMCE Bank branchoffice in Paris, the Offshore Bank, along with the profit and loss accounts (CPCand ESG) related thereto, as closed on 31 December 2006, are a genuinereflection of the Bank's operations. The General Meeting approves the accountssubmitted thereto. SECOND RESOLUTION The Annual General Meeting has noted that the aggregated account for the fiscalyear 2006, is as follows: For activities in Morocco: 667,464,765.39 For the Paris branch office 47,756,413.77 value in MAD currency For the Offshore Bank 26,821,004.21 value in MAD currency NET INCOME OF 742,042,183.37 Therefore, the General Meeting has decided to allocate the earnings reported forthe fiscal year 2006, as follows: Net profits 742,042,183.37 Legal reserve 5% 37,102,109.17 Remaining 704,940,074.20 - First dividend of 6 % 95,250,834.00 Remaining 609,689,240.20 - Surplus dividend 19 % 301,627,641.00 Remaining 308,061,599.20 - Result from the previous year 7,276.16 Expenses, Paris office 2,884,235.97 Dividends on own shares 17,954,700.00 Remaining 328,907,811.33 Extraordinary reserve 328,900,000.00 Balance in MAD to be carried over 7,811.33 During the fiscal year 2006, the portfolio of subsidiaries and equity securitiesgenerated dividends worth 122.7 million MAD. Net provisions allowances on equity securities and the related added-value were10.6 million MAD and 126.3 million MAD, respectively. All these items have beenincluded in the results of the domestic activities. THIRD RESOLUTION Consequently, the Meeting establishes the dividend at 25 MAD per share, paymentof which, after mandatory withholdings, will be made on July 1st, 2007, at theheadquarters, 140, avenue Hassan II in Casablanca - BMCE Capital Titres. Thedividend will be paid by transfer of coupons made out to BMCE Bank, open in thebooks of MAROCLEAR. FOURTH RESOLUTION The Annual General Assembly sets the global amount for the attendance allowancesto be spread out among the Administrators for the fiscal year 2006, at 1,998,413MAD (one million nine hundred ninety-eight thousand four hundred thirteenDirhams) net of taxes, annually. FIFTH RESOLUTION The Annual General Meeting acknowledges the accomplishment by the Bank'sauditors, KPMG Maroc and ERNST & YOUNG, of their mission for the fiscal year2006, in compliance with the legal provisions spelled out by law 17-95pertaining to business corporations and the provisions of Article 35 of Dahirbearing law no. 1-93-147 dated July 6th, 1993, pursuant to the general report onoperations for the fiscal year 2006, and the operations provided for in Articles56 to 62 of law 17-95 for which a special report was submitted. The AnnualGeneral Meeting therefore approves the General Report. SIXTH RESOLUTION The Annual General Meeting, after hearing the reading of the Special Report ofthe Auditors on the conventions, as specified by Articles 56 and followings oflaw 1-05-178, dated February 14th, 2006 pertaining to business corporations, andArticle 26 of the by-laws, approves the conclusions of the said report as wellas the conventions mentioned therein. SEVENTH RESOLUTION The Annual General Meeting gives full and total discharge without reservation,to the Administrators for their management during the fiscal year ending onDecember 31st 2006. EIGHTH RESOLUTION The General Assembly having observed that the mandates of the administrators: - Mr. Othman BENJELLOUN; - Mr. David SURATGAR; - RMA-WATANYA have come to an end, has decided to renew their mandates, for another 6 yeas,i.e. until the completion of the General Meeting that will issue a pronouncementon the accounts of the fiscal year ending December 31st, 2012. NINTH RESOLUTION Having acknowledged the report on the Bank's buyback program of its own shareson the stock exchange, the General Meeting, exercising the right reservedthereto according to Article 281of law 17-95 pertaining to businesscorporations, authorizes BMCE Bank to buy back its own shares on the stockexchange for the regularization purpose of its shares on the market. TENTH RESOLUTION The General Meeting sets the buy back procedure to be followed by BMCE Bank forthe repurchase of its own shares on the stock exchange, as follows: - Shares concerned: BMCE shares - Maximum purchase and selling price: Under discussion with the CDVM - Minimum purchase and selling price: Under discussion with CDVM - Maximum number of share to be held: 1,500,000 shares, i.e. 9.45 % of the capital - Authorization time-frame: 18 months and hereby grants all the powers to the Chairman of the Board of Directors, andany other individuals appointed thereby, to carry out the buyback program, asauthorized herein, and to sell, transfer or hand over, by any method, all orpart of the shares thus acquired, in compliance with the legal and regulatoryprovisions applicable thereto. ELEVENTH RESOLUTION The Annual General Meeting grants permission to the bearer of an original, acopy or an extract of the minutes of this meeting, for the performance of anyformality provided for by the law concerning the deposit and publicationwherever it may be deemed necessary. BMCE BANK CONSOLIDATED AGGREGATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2006 AGGREGATED Balance sheet AS OF dECEMBE 31st, 2006 In Thousand MAD+----------------------------+-------------------+---------------------+|ASSETS | 2006 | 2005 |+----------------------------+-------------------+---------------------+|Cash, Central Banks, | 7,804,694| 6,981,390||Treasury, Giro Accounts | | |+----------------------------+-------------------+---------------------+|Loans to credit institutions| 14,359,786| 12,325,267||and equivalent | | |+----------------------------+-------------------+---------------------+|. Demand | 2,986,039| 2,502,298|+----------------------------+-------------------+---------------------+|. Time | 11,373,747| 9,822,969|+----------------------------+-------------------+---------------------+|Loans and advances to | 38,170,814| 30,271,440||customer | | |+----------------------------+-------------------+---------------------+|. Cash and consumer loans | 18,221,673| 15,799,207|+----------------------------+-------------------+---------------------+|. Equipment loans | 7,951,859| 6,329,948|+----------------------------+-------------------+---------------------+|. Mortgage loans | 7,603,648| 5,085,405|+----------------------------+-------------------+---------------------+|. Other loans | 4,393,634| 3,056,880|+----------------------------+-------------------+---------------------+|Advances acquired by | -| -||factoring | | |+----------------------------+-------------------+---------------------+|Transactions on marketable | 12,296,554| 13,293,484||securities | | |+----------------------------+-------------------+---------------------+|. Treasury bonds and | 2,877,665| 6,932,730||equivalent securities | | |+----------------------------+-------------------+---------------------+|. Other debt securities | 2,332,628| 3,640,674|+----------------------------+-------------------+---------------------+|. Title deeds | 7,086,261| 2,720,080|+----------------------------+-------------------+---------------------+|Other assets | 1,218,732| 1,365,975|+----------------------------+-------------------+---------------------+|Investment securities | -| -|+----------------------------+-------------------+---------------------+|. Treasury bonds and | -| -|| | | ||equivalent securities | | |+----------------------------+-------------------+---------------------+|. Other debt securities | -| -|+----------------------------+-------------------+---------------------+|Equity investments and | 2,375,667| 2,656,789||equivalent uses | | |+----------------------------+-------------------+---------------------+|Subordinated loans | -| -|+----------------------------+-------------------+---------------------+|Fixed assets leased and | -| -||rented | | |+----------------------------+-------------------+---------------------+|Intangible fixed assets | 95,395| 77,266|+----------------------------+-------------------+---------------------+|Tangible fixed assets | 1,383,297| 1,276,253|+----------------------------+-------------------+---------------------+|Total Assets | 77,704,939| 68,247,864|+----------------------------+-------------------+---------------------+ In Thousand MAD+---------------------------+------------------+--------------------+|LIABILITIES | 2006 | 2005 |+---------------------------+------------------+--------------------+|Central Banks, Treasury, | -| -||Giro accounts | | |+---------------------------+------------------+--------------------+|Liabilities to credit | 3,026,828| 3,821,794||institutions and equivalent| | |+---------------------------+------------------+--------------------+|. Demand | 548,176| 885,195|+---------------------------+------------------+--------------------+|. Time | 2,478,652| 2,936,599|+---------------------------+------------------+--------------------+|Customer Deposits | 65,360,178| 55,541,042|+---------------------------+------------------+--------------------+|. Demand deposits | 33,215,516| 27,063,516|+---------------------------+------------------+--------------------+|. Savings deposits | 10,763,858| 9,673,508|+---------------------------+------------------+--------------------+|. Time deposits | 17,532,877| 14,965,694|+---------------------------+------------------+--------------------+|. Other deposits | 3,847,927| 3,838,324|+---------------------------+------------------+--------------------+|Debt securities issues | -| -|+---------------------------+------------------+--------------------+|. Negotiable debt | -| -||securities | | |+---------------------------+------------------+--------------------+|. Bond loans | -| -|+---------------------------+------------------+--------------------+|. Other debt securities | -| -||issued | | |+---------------------------+------------------+--------------------+|Other liabilities | 1,587,250| 1,594,528|+---------------------------+------------------+--------------------+|Contingent liabilities | 44,466| 68,974|+---------------------------+------------------+--------------------+|Regulated provisions | 54,682| 54,682|+---------------------------+------------------+--------------------+|Subsidies, Assigned public | -| -||funds and special guarantee| | ||funds | | |+---------------------------+------------------+--------------------+|Subordinated debts | 1,020,368| 1,001,358|+---------------------------+------------------+--------------------+|Revaluation reserve | -| -|+---------------------------+------------------+--------------------+|Reserves and premiums | 4,260,765| 3,940,043||related to capital | | |+---------------------------+------------------+--------------------+|Capital | 1,587,514| 1,587,514|+---------------------------+------------------+--------------------+|Shareholders, unpaid-up | -| -||capital (-) | | |+---------------------------+------------------+--------------------+|Retained earnings (+/-) | 20,846| 3,550|+---------------------------+------------------+--------------------+|Net earnings being | -| -||appropriated (+/-) | | |+---------------------------+------------------+--------------------+|Net earnings for the year | 742,042| 634,379||(+/-) | | |+---------------------------+------------------+--------------------+|Total Liabilities | 77,704,939| 68,247,864|+---------------------------+------------------+--------------------+ OFF BALANCE SHEET AS OF DECEMBER 31 st, 2006 In Thousand MAD+----------------------------+---------------------+--------------------+| | 2006| 2005|+----------------------------+---------------------+--------------------+|Given commitments | 12,070,393| 14,516,476|+----------------------------+---------------------+--------------------+|Financing commitments on | | 415,246||behalf of credit | | || | | ||institutions and equivalent | | |+----------------------------+---------------------+--------------------+|Financing commitments on | 5,058,868| 7,361,389||behalf of customers | | |+----------------------------+---------------------+--------------------+|Guarantee commitments given | 2,075,608| 2,488,868||to credit institutions and | | ||equivalent | | |+----------------------------+---------------------+--------------------+|Guarantee commitments given | 4,935,917| 4,250,973||to customers | | |+----------------------------+---------------------+--------------------+|Securities repos purchased | | -|+----------------------------+---------------------+--------------------+|Other securities to be | | -||delivered | | |+----------------------------+---------------------+--------------------+|Received commitments | 2,188,209| 617,829|+----------------------------+---------------------+--------------------+|Financing commitments | -| -||received from credit | | || | | ||institutions and equivalent | | |+----------------------------+---------------------+--------------------+|Guarantee commitments | 2,156,362| 585,364||received from credit | | ||institutions and equivalent | | |+----------------------------+---------------------+--------------------+|Guarantee commitments | 31,847| 32,465||received from the state | | || | | ||and various guarantee bodies| | |+----------------------------+---------------------+--------------------+|Securities repos sold | -| -|+----------------------------+---------------------+--------------------+|Other securities to be | -| -||received | | |+----------------------------+---------------------+--------------------+ INCOME STATEMENT AS OF DECEMBER 31st , 2006 +----------------------------------------+--------------------------------+| | In Thousand MAD|+----------------------------------------+----------------+---------------+| | | |+----------------------------------------+----------------+---------------+|BANK OPERATING REVENUES | 4,376,561| 3,881,272|+----------------------------------------+----------------+---------------+|Interests and assimilated revenues on | 397,088| 297,100||transactions with credit institutions | | |+----------------------------------------+----------------+---------------+|Interests and assimilated revenues on | 2,088,154| 1,863,899||transaction with customers | | |+----------------------------------------+----------------+---------------+|Interests and assimilated revenues on | 271,194| 445,532||debt securities | | |+----------------------------------------+----------------+---------------+|Revenues on title deeds | 128,265| 130,208|+----------------------------------------+----------------+---------------+|Revenues from leased and rented fixed | -| -||assets | | |+----------------------------------------+----------------+---------------+|Fees on provided services | 454,611| 412,215|+----------------------------------------+----------------+---------------+|Other banking revenues | 1,037,249| 732,318|+----------------------------------------+----------------+---------------+|BANK OPERATING EXPENSES | 1,451,790| 1,313,874|+----------------------------------------+----------------+---------------+|Interests and assimilated expenses on | 212,721| 153,856||transactions with credit institutions | | |+----------------------------------------+----------------+---------------+|Interests and assimilated expenses on | 839,155| 791,284||transactions with customers | | |+----------------------------------------+----------------+---------------+|Interests and assimilated expenses on | -| -||debt securities | | |+----------------------------------------+----------------+---------------+|Expenses on leased and rented fixed | -| -||assets | | |+----------------------------------------+----------------+---------------+|Other banking expenses | 399,914| 368,734|+----------------------------------------+----------------+---------------+|NET BANKING INCOME | 2,924,771| 2,567,398|+----------------------------------------+----------------+---------------+|Non-banking operating revenues | 163,024| 262,163|+----------------------------------------+----------------+---------------+|Non-banking operating expenses | 10,310| 35,087|+----------------------------------------+----------------+---------------+|GENERAL OPERATING EXPENSES | 1,709,634| 1,534,603|+----------------------------------------+----------------+---------------+|Staff expenses | 830,921| 768,220|+----------------------------------------+----------------+---------------+|Tax expenses | 32,418| 28,971|+----------------------------------------+----------------+---------------+|External expenses | 696,261| 598,386|+----------------------------------------+----------------+---------------+|Other general operating expenses | 105| 6,589|+----------------------------------------+----------------+---------------+|Allowances for depreciation and | 149,929| 132,437||provisions for intangible and tangible | | ||fixed assets | | |+----------------------------------------+----------------+---------------+|ALLOWANCES FOR PROVISIONS AND LOAN | 769,506| 800,845||LOSSES | | |+----------------------------------------+----------------+---------------+|Allowances for non performing loans and | 496,716| 480,143||commitments | | |+----------------------------------------+----------------+---------------+|Loan losses | 218,781| 228,104|+----------------------------------------+----------------+---------------+|Other allowances for provisions | 54,009| 92,598|+----------------------------------------+----------------+---------------+|PROVISION WRITE-BACKS AND RECOVERY ON | 519,072| 437,598||AMORTISED DEBTS | | |+----------------------------------------+----------------+---------------+|Provision write-backs for non performing| 435,876| 330,963||loans and commitments | | |+----------------------------------------+----------------+---------------+|Recovery on amortised debts | 34,281| 37,418|+----------------------------------------+----------------+---------------+|Other provision write-backs | 48,915| 69,217|+----------------------------------------+----------------+---------------+|CURRENT INCOME | 1,117,417| 896,624|+----------------------------------------+----------------+---------------+|Non-current revenues | -| -|+----------------------------------------+----------------+---------------+|Non-current expenses | -| -|+----------------------------------------+----------------+---------------+|PRE-TAX EARNINGS | 1,117,417| 896,624|+----------------------------------------+----------------+---------------+|- Corporate tax | 375,375| 262,245|+----------------------------------------+----------------+---------------+|NET EARNINGS OF THE YEAR | 742,042| 634,379|+----------------------------------------+----------------+---------------+ MANAGEMENT BALANCES STATEMENT AS OF DECEMBER 31st, 2006 +---------------------------------------------+---------------------------+| | In Thousand MAD|+---------------------------------------------+-------------+-------------+| | | |+---------------------------------------------+-------------+-------------+|+ Interests and assimilated revenues | 2,961,514| 2,604,805|+---------------------------------------------+-------------+-------------+|- Interests and assimilated expenses | 1,050,627| 947,104|+---------------------------------------------+-------------+-------------+|INTEREST MARGIN | 1,640,887| 1,657,701|+---------------------------------------------+-------------+-------------+|+ Revenues from leased and rented fixed | -| -||assets | | |+---------------------------------------------+-------------+-------------+|- Expenses from leased and rented fixed | -| -||assets | | |+---------------------------------------------+-------------+-------------+|PROFIT FROM LEASING AND RENTING OPERATIONS | -| -|+---------------------------------------------+-------------+-------------+|+ Fees received | 552,536| 506,626|+---------------------------------------------+-------------+-------------+|- Fees paid | 66,338| 64,623|+---------------------------------------------+-------------+-------------+|MARGIN ON FEES | 486,198| 442,003|+---------------------------------------------+-------------+-------------+|+ Income from operations on transaction | -| -||securities | | |+---------------------------------------------+-------------+-------------+|+ Income from transactions on marketable | 673,566| 302,236||securities | | |+---------------------------------------------+-------------+-------------+|+ Income from exchange transactions | 101,861| 92,466|+---------------------------------------------+-------------+-------------+|+ Income from derivatives transactions | -8,176| 28,165|+---------------------------------------------+-------------+-------------+|INCOME FROM MARKET TRANSACTIONS | 767,251| 422,867|+---------------------------------------------+-------------+-------------+|+ Other miscellaneous equity investments | 129,137| 134,564|+---------------------------------------------+-------------+-------------+|- Other miscellaneous banking expenses | 98,702| 89,737|+---------------------------------------------+-------------+-------------+|NET BANKING INCOME | 2,924,771| 2,567,398|+---------------------------------------------+-------------+-------------+|+ Net income from equity investments | 110,477| 246,282|+---------------------------------------------+-------------+-------------+|+ Other non-banking operating revenues | 36,703| 31,196|+---------------------------------------------+-------------+-------------+|- Other non banking operating expenses | 5,065| 26,552|+---------------------------------------------+-------------+-------------+|- General operating expenses | 1,709,634| 1,534,603|+---------------------------------------------+-------------+-------------+|GROSS OPERATING INCOME | 1,357,252| 1,283,721|+---------------------------------------------+-------------+-------------+|+ Allowances for non performing loans | -245,341| -339,877|| | | ||And commitments (net of write-backs) | | |+---------------------------------------------+-------------+-------------+|+ Other allowances net of provision | 5,506| -47,220||write-backs | | |+---------------------------------------------+-------------+-------------+|CURRENT INCOME | 1,117,417| 896,624|+---------------------------------------------+-------------+-------------+|NON-CURRENT INCOME | -| -|+---------------------------------------------+-------------+-------------+|- Corporate tax | 375,375| 262,245|+---------------------------------------------+-------------+-------------+|NET EARNINGS FOR THE YEAR | 742,042| 634,379|+---------------------------------------------+-------------+-------------+ +-------------------------------------------+-------------+---------------+| | | |+-------------------------------------------+-------------+---------------+|+ NET EARNINGS FOR THE YEAR | 742,042| 634,379|+-------------------------------------------+-------------+---------------+|+ Allowances for depreciation and | 149,929| 132,437||provisions | | || | | ||For intangible and tangible fixed assets | | |+-------------------------------------------+-------------+---------------+|+ Allowances for provisions for equity | 13,776| 29,388||investments | | |+-------------------------------------------+-------------+---------------+|+ Allowances for provisions for general | | -||risks | | |+-------------------------------------------+-------------+---------------+|+ Allowances for regulated provisions | | -|+-------------------------------------------+-------------+---------------+|+ Non-current allowances | | -|+-------------------------------------------+-------------+---------------+|- Provisions write-backs | 3,176| 53,238|+-------------------------------------------+-------------+---------------+|- Capital gains on disposals of intangible | 4,792| 1,475||and | | || | | ||tangible fixed assets | | |+-------------------------------------------+-------------+---------------+|+ Capital losses on disposals of intangible| 21| 1,377||and | | || | | ||tangible fixed assets | | |+-------------------------------------------+-------------+---------------+|- Capital gains on disposals of equity | 126,321| 230,967||investments | | |+-------------------------------------------+-------------+---------------+|+ Capital losses on disposals of equity | 5,244| 8,535||investments | | |+-------------------------------------------+-------------+---------------+|- Write-backs of investment subsidies | -| -||received | | |+-------------------------------------------+-------------+---------------+|+ FINANCING CAPACITY | 776,723| 520,436|+-------------------------------------------+-------------+---------------+|- Dividends distributed | 299,548| 250,474|+-------------------------------------------+-------------+---------------+|+ CASH-FLOW | 477,175| 269,962|+-------------------------------------------+-------------+---------------+ AGGREGATED CASH FLOW STATEMENT AS OF DECEMBER 31st, 2006 In Thousand MAD+-----------------------------------------+------------------+------------------+| | 2006 | 2005 |+-----------------------------------------+------------------+------------------+|1. (+) Operating income received from | 4,057,458| 3,744,091||banking operations | | |+-----------------------------------------+------------------+------------------+|2. (+) Recovery of amortised debts | 34,281| 37,418|+-----------------------------------------+------------------+------------------+|3. (+) Non-banking revenues received | 209,816| 308,883|+-----------------------------------------+------------------+------------------+|4. ( -) Banking operating expenses paid | 1,707,263| 1,682,419|+-----------------------------------------+------------------+------------------+|5. ( -) Non-banking operating expenses | 10,310| 35,087||paid | | |+-----------------------------------------+------------------+------------------+|6. ( -) General operating expenses paid | 1,606,497| 1,448,886|+-----------------------------------------+------------------+------------------+|7. ( -) Corporate tax paid | 375,375| 261,852|+-----------------------------------------+------------------+------------------+|I. NET CASH FLOWS FROM THE INCOME | 602,110| 662,418||STATEMENT | | |+-----------------------------------------+------------------+------------------+|Change in : | -| -|+-----------------------------------------+------------------+------------------+|8. ( + ) Loans to credit institutions and| -3,588,102| 181,526||equivalent | | |+-----------------------------------------+------------------+------------------+|9. ( + ) Loans to customers | -7,899,373| -3,844,636|+-----------------------------------------+------------------+------------------+|10. ( + ) Debt and marketable securities | 996,930| 1,546,593|+-----------------------------------------+------------------+------------------+|11. ( + ) Other assets | 160,758| -85,916|+-----------------------------------------+------------------+------------------+|12.( + ) Fixed assets leased and rented | -| -||out | | |+-----------------------------------------+------------------+------------------+|13.( + ) Liabilities to credit | 700,182| -448,837||institutions and equivalent | | |+-----------------------------------------+------------------+------------------+|14.( + ) Customer deposits | 9,813,051| 2,263,896|+-----------------------------------------+------------------+------------------+|15.( + ) Debt securities issued | -| -|+-----------------------------------------+------------------+------------------+|16.( + ) Other liabilities | -63,044| -78,112|+-----------------------------------------+------------------+------------------+|II. BALANCE OF CHANGES IN OPERATING | 120,402| -465,486||ASSETS AND LIABILITIES | | |+-----------------------------------------+------------------+------------------+|III. NET CASH FLOWS FROM OPERATING | 722,512| 196,932||ACTIVITIES ( I + II ) | | |+-----------------------------------------+------------------+------------------+|17. (+) Revenues from equity investments | 593,674| 1,333,234|+-----------------------------------------+------------------+------------------+|18. (+) Revenues from disposals of | 20,081| 30,288||intangible and tangible fixed assets | | |+-----------------------------------------+------------------+------------------+|19. (-) Acquisitions of equity | 209,868| 92,232||investments | | |+-----------------------------------------+------------------+------------------+|20. (-) Acquisitions of intangible and | 298,502| 255,365||tangible fixed assets | | |+-----------------------------------------+------------------+------------------+|21. (+) Interests received | 210,100| 22,682|+-----------------------------------------+------------------+------------------+|22. (+) Dividends received | 123,498| 124,422|+-----------------------------------------+------------------+------------------+|IV. NET CASH FLOWS FROM INVESTMENT | 438,983| 1,163,029||ACTIVITIES | | |+-----------------------------------------+------------------+------------------+|Change in: | -| -|+-----------------------------------------+------------------+------------------+|23. (+) Subsidies, public funds and | -| -||special guarantee funds received | | |+-----------------------------------------+------------------+------------------+|24. (+) Issue of subordinated debts | -| 500,000|+-----------------------------------------+------------------+------------------+|25. (+) Stock issues | -| -|+-----------------------------------------+------------------+------------------+|26. ( -) Repayment of shareholders equity| -| -||and equivalent | | |+-----------------------------------------+------------------+------------------+|27. ( -) Interests paid | 38,643| 19,434|+-----------------------------------------+------------------+------------------+|28. ( -) Dividends paid | 299,548| 250,474|+-----------------------------------------+------------------+------------------+|V. NET CASH FLOWS FROM FINANCING | -338,191| 230,092||ACTIVITIES | | |+-----------------------------------------+------------------+------------------+|VI. NET CHANGE IN CASH ( III + IV + V ) | 823,304| 1,590,053|+-----------------------------------------+------------------+------------------+|VII. CASH & CASH EQUIVALENT AT BEGINNING | 6,981,390| 5,391,337||OF YEAR | | |+-----------------------------------------+------------------+------------------+|VIII. CAH & CASH EQUIVALENT AT YEAR-END | 7,804,694| 6,981,390|+-----------------------------------------+------------------+------------------+ PRINCIPAL VALUATION METHODS APPLIED AS OF DECEMBER 31st, 2006 +--------------------------------------------------------------------------+|INDICATION OF VALUATION METHODS APPLIED BY BMCE BANK |+--------------------------------------------------------------------------+ Cf: Presentation of the rules and accounting policies DEROGATIONS TABLE AS OF DECEMBER 31st, 2006 +---------------------+----------------------+---------------------------------+|INDICATIONS OF |JUSTIFICATIONS OF |INFLUENCE OF DEROGATIONS ON ||DEROGATIONS |DEROGATIONS |ASSETS, FINANCIAL POSITION AND || | |PROFITS || | | |+---------------------+----------------------+---------------------------------+|Derogations to the | None |(*) ||main accounting | | ||policies | | |+---------------------+----------------------+---------------------------------+|Derogations to | None |(*) ||valuation methods | | |+---------------------+----------------------+---------------------------------+|Derogations to the | None |(*) ||rules of establishing| | ||and presenting | | ||financial statements | | || | | || | | |+---------------------+----------------------+---------------------------------+ (*) Compliance with the specific principles of the "Plan Comptable desEtablissements de Credits" (Credit Institution Accounting Standards) Cf : Accounting principles and valuation methods applied BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES AS OF DECEMBER 31st , 2006 In Thousand MAD+--------------+--------------+--------------+--------------+-------------+------------+| | Credit |Public issuer | Private | Total | Total || | institutions | | issuers | | || |and equivalent| | | 2006 | 2005 || | | | | | || | | | | | || | | |Financial Non | | || | | |financial | | |+--------------+--------------+--------------+--------------+-------------+------------+|QUOTED | 1,477,838 | 2,408,118 |6,285,952 - | 10,141,908 | 10,386,074 ||SECURITIES | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Treasury | - | 2,408,118 |- - | 2,408,118 | 6,495,901 ||bonds & | | | | | ||equivalent | | | | | ||securities | | | | | || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Bonds | 47,500 | - |- - | 47,500 | - || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Other debts | 600,029 | - |6,285,952 - | 600,029 | 1,170,093 ||securities | | | | | || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Title deeds | 800,309 | - |- - | 7,086,261 | 2,720,080 || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|UNQUOTED | 1,455,583 | 548,338 |- 97,346 | 2,101,247 | 2,828,923 ||SECURITIES | | | | | || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Treasury | - | 422,820 |- - | 422,820 | 357,440 ||bonds & | | | | | ||equivalent | | | | | ||securities | | | | | || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Bonds | - | 125,518 |- 97,346 | 222,864 | 1,120,676 || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Other debt | 1,455,563 | - |- - | 1,455,563 | 1,350,807 ||securities | | | | | || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|- Title deeds | - | - |- - | - | - || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|ACCRUED | 53,399 | - |- - | 53,399 | 78,487 ||INTEREST | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+|TOTAL | 2,956,800 | 2,956,456 |6,285,952 | 12,296,554 | 13,293,484 || | | | | | || | | | | | |+--------------+--------------+--------------+--------------+-------------+------------+ DETAIL OF OTHER ASSETS AS OF DECEMBER 31st, 2006 In Thousand MAD HEADING AMOUNTOPTIONAL INSTRUMENTS 76,551Miscellaneous transactions 3,226 Coupons receivableon securities (debit)Sums settled to be recovered 69,887from securities issuersOther settlement accounts 3,438 Premiums paid on exchange optionconcerning transactions on securitiesOTHER DEBTORS 469,341- Sums due by the state 262,978 Deductible VAT, advances corp Tax, TPPRF state and exchange loss receivable from the treasury- Sums due by provident 9,681companies- Receivable from staff 13,136 Advances to staff- Receivable for non-banking -services- Other debtors 183,546 Deposits and guarantees and Directors' sharesOTHER SECURITIES AND ASSETS 6,086- Other securities and 6,086 Stock of suppliesassetsCURRENCIES ADJUSTMENT 37,506ACOUNTSCURRENCIES AND SECURITIES 24,830DISCREPANCY ACCOUNTS (DEBIT)Potential losses on hedgingtransactions non settledDiffered losses on hedging 24,830transactions non settledDEFFERED EXPENSES 2,182 Capital increase and establishment feesLIAISON ACCOUNTS BETWEEN THE 149,865HEAD OFFICE, BRANCHES ANDAGENCIES IN MOROCCO (DEBIT)Accrued income and 131,376prepayment- Accrued income 126,488- Prepayment 4,888Transitory accounts 229,596Non performing loans onmiscellaneous transactionsProvisions for non 91,399performing loans onmiscellaneous transactionsTOTAL 1,218,732 LOANS TO CREDIT INSTITUTION AND EQUIVALENT AS OF DECEMEBR 31st, 2006 In Thousand MAD+--------------+----------+---------+------------+------------+----------+-------------+| Claims | Bank |Banks in |Other credit| Foreign |Total 2006| Total 2005 || |Al-Maghrib| Morocco |institutions| credit | | || | Treasury | | and |institutions| | || | and Giro | | equivalent | | | || | accounts | | in Morocco | | | |+--------------+----------+---------+------------+------------+----------+-------------+|ORDINARY | 6,873,431| 24,921| 481,750| 591,614| 7,971,716| 8,457,728||ACCOUNTS IN | | | | | | ||DEBIT | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|SECURITIES | | 322,921| | | 322,921| 300,173||RECEIVED AS | | | | | | ||PLEDGES | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|- Overnight | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|- Time | | 322,921| | | 322,921| 300,173|+--------------+----------+---------+------------+------------+----------+-------------+|SHORT-TERM | 1,230,000| 130,900| 2,433,105| 3,079,516| 6,883,521| 4,209,400||LOANS | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|- Overnight | 1,200,300| 130,900| 1,384,262| | 2,745,162| |+--------------+----------+---------+------------+------------+----------+-------------+|- Time | | | 1,058,843| 3,079,516| 4,138,359| |+--------------+----------+---------+------------+------------+----------+-------------+|FINANCIAL | | 709,464| 3,035,090| 317,785| 4,062,339| 3,410,940||LOANS | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|OTHER LOANS | 2,895,759| | | 7,850| 2,903,609| 2,921,744|+--------------+----------+---------+------------+------------+----------+-------------+|RECEIVABLES | 19,456| 918| | | 20,374| 6,672||ACCRUED | | | | | | ||INTEREST | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+|NON PERFORMING| | | | | | ||LOANS | | | | | | |+--------------+----------+---------+------------+------------+----------+-------------+| TOTAL |11,018,646|1,189,124| 5,959,945| 3,996,765|22,164,480| 19,306,657|+--------------+----------+---------+------------+------------+----------+-------------+ Comments: PL 480 of KMDH 2,895,759 is included in other loans heading. LOANS AND ADVANCES TO CUSTOMERS AS OF DECEMEBR 31st , 2006 In Thousand MAD+--------------------------------------------------------------------------------------+|Private sector |+-----------------+---------+-----------+-----------+-----------+----------+-----------+| | Public | Financial | Non | Other | Total | Total || | sector | companies | financial | customers | | || Claims | | | companies | | 2006 | 2005 |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|SHORT-TERM LOANS |2,074,888| 859,593| 11,328,549| 801,814|15,064,844| 13,552,574|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Deposits |1,807,152| 259,593| 5,378,417| 407,839| 7,853,001| 8,428,005||accounts in debit| | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Commercial | | | 1,614,625| | 1,614,625| 1,228,285||loans in Morocco | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Export loans | | | 595,581| | 595,581| 618,143|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Other cash | 267,736| 600,000| 3,739,926| 393,975| 5,001,637| 3,248,141||loans | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|CONSUMER LOANS | 1,138| | 37,194| 3,118,497| 3,156,829| 2,244,327|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|EQUIPMENT LOANS | 698,502| | 7,191,482| 61,875| 7,951,859| 6,296,808|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|MORTGAGE LOANS | 167,286| | 187,174| 7,249,188| 7,603,648| 5,091,568|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|OTHER LOANS | 21,843| 1,673,847| 2,084,354| 92,940| 3,872,984| 1,939,499|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|ADVANCES ACQUIRED| | | | | | 2,272,243||BY FACTORING | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|RECEIVABLE | | | 399| 15| 414| 79,858||ACCRUED INTEREST | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|NON PERFORMING | 5,378| 7,824| 224,843| 282,191| 520,236| 764,062||LOANS | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Substandard | | 8| 3,816| 42,984| 46,808| 3,719||loans | | | | | | |+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Doubtful loans | | 46| 18,323| 59,831| 78,200| 14,598|+-----------------+---------+-----------+-----------+-----------+----------+-----------+|- Loss Loans | 5,378| 7,770| 202,704| 179,376| 395,228| 745,745|+-----------------+---------+-----------+-----------+-----------+----------+-----------+| TOTAL |2,969,035| 2,541,264| 21,053,995| 11,606,520|38,170,814| 30,271,440|+-----------------+---------+-----------+-----------+-----------+----------+-----------+ EQUITY INVESTMENTS AS OF DECEMEBR 31st , 2006 +-----------------+-----------------+----------+-------------+---------+----------------+| Name of the | Sector of |Number of |Share Capital| Equity | Overall || issuing company | activity | shares | | holding | acquisition || | | | | as % | price |+-----------------+-----------------+----------+-------------+---------+----------------+|EQUITY HOLDINGS | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|RMA WATANYA | Insurance | 1,744,869|1,774,400,800| 10.00| 700,305,306.63|+-----------------+-----------------+----------+-------------+---------+----------------+|BANQUE DE | Foreign Credit | 102,926|3,759,560,000| 27.38| 102,204,980.82||DEVELOPPEMENT DU | institution | | CFA | | ||MALI | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|SOCIETE CASA |Financial company| 382,876| 114,862,500 | 33.33| 38,420,083.75||FINANCE MARKET | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|RISMA | Tourism | 219,312| 489,077,000 | 4.48| 34,881,710.00|+-----------------+-----------------+----------+-------------+---------+----------------+|CONGOLAISE DES | Foreign Credit | 100,000|4,000,000,000| 25.00| 16,990,025.00||BANQUES | Institution | | CFA | | |+-----------------+-----------------+----------+-------------+---------+----------------+|TANGER ZONE | Development | 135,000| 105,000,000 | 12.86| 13,500,00.00||FRANCHE | company | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|CENTRE MONETIQUE | Electronic | 110,000| 98,200,000 | 11.20| 11,000,000.00||INTERBANCAIRE | payment | | | | || | management | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|ACMAR | Insurance & | 100,000| 50,000,000 | 20.00| 10,001,000.00|| | Service | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|EMAT* | Holding company | 60,000| 30,000,000 | 20.00| 6,000,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MOROCCAN | Real estate | 56,500| 46,000,000 | 12.28| 5,650,000.00||INFORMATION |management techno| | | | ||TECHNO PARC CIE | park | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|GLOBAL NETWORK | Information | 26,500| 26,500,000 | 10.00| 2,650,000.00||SYSTEMS | processing | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|STE CONSEIL | Engineering | 36,668| 18,772,000 | 19.53| 2,000,000.00||INGENIERIE ET | bureau | | | | ||DEVELOPPEMENT | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+| STE | Development | 10,000| 60,429,000| 1.65| 1,000,000.00||D'AMENAGEMENT DU | company | | | | ||PARC INDUSTRIE | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|MARTKO (MAGHREB | Financial | 12,000| 600,000 USD | 20.00| 970,638.00||ARAB | institution | | | | ||TRADINGdegrees) | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|STE IPE | Publishing & | 4,000| 4,000,000 | 10.00| 400,000.00|| | printing | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|STE RECOURS | Debt collection | 3,750| 2,500,000 | 15.00| 375,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|EUROCHEQUE MAROC |Means of payment | 1,436| 5,000,000 | 28.72| 143,900.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MediCapital Bank | Foreign credit | 5,000,000| | 100.00| 82,956,000.00|| | institution | LS| | | |+-----------------+-----------------+----------+-------------+---------+----------------+|Equity holdings | | | | |1,029,448,644.20|+-----------------+-----------------+----------+-------------+---------+----------------+|SECURITIES OF | | | | | ||RELATED COMPANIES| | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE MADRID | Foreign credit | 262,500| 18,030,000 | 87.50| 190,383,188.62|| | institution | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+|MAGHREBAIL | Leasing | 368,862| 102,532,000 | 35.98| 137,009,763.63|+-----------------+-----------------+----------+-------------+---------+----------------+|STE SALAFIN | Consumer credit | 100,000| 103,000,000 | 97.09| 100,000,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE CAPITAL | Investment Bank | 100,000| 100,000,000 | 100.00| 100,000,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MAROC FACTORING | Factoring | 142,500| 15,000,000 | 95.00| 16,208,700.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MABANICOM | SCI | 10,000| 10,000,000 | 100.00| 29,700,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE CAPITAL | Stock Brokerage | 67,500| 10,000,000 | 67.50| 6,750,000.00||BOURSE | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE CAPITAL | Mutual fund | 50,000| 5,000,000 | 100.00| 6,442,928.1||GESTION | management | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|DOCUPRINT | Service company | 4,000| 4,000,000 | 100.00| 4,000,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE ASSURBANK | Insurance | 14,250| 1,500,000 | 95.00| 1,425,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|STE CONSUL TITRES| Mutual fund | 500| 1,000,000 | 50.00| 500,000.00|| | company | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|Equity | | | | | ||investments of | | | | | ||related companies| | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|SECURITIES OF THE| | | | | 592,419,580.26||PORTFOLIO | | | | | ||ACTIVTIES | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|E.S.F.G | Foreign credit | 707,000| 479,086,000 | 1.27| 153,559,892.47|| | institution | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+|E.S.I.H | Foreign credit | 467,250| 260,400,000 | 1.79| 152,915,585.16|| | institution | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FINAFUND USA | Investment Fund | 14,000| 81,525,000 | 17.50| 118,391,700.00|| | | | USD | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FINAFUND EUROPE | Investment Fund | 14,000| 40,000,000 | 17.50| 77,980,315.40|| | | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+|UBAE ARAB ITALIAN| Investment Fund | 48,220| 122,319,560 | 4.34| 73,801,824.86||BANK | | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+|PROPARCO | Multinational | 222,750| 142,560,000 | 2.50| 39,534,702.82|| | credit | | EUR | | || | institution | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FONDS ESPAGNOL | Investment Fund | 19,436|7,401,000 EUR| 2.63| 19,450,403.22|| | | | | | ||MARCO POLO | | | | | ||INVEST. S.C.R | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FONDS | Investment Fund | 3| 25,000,000 | 12,00| 18,193,868.68||D'INVESSTISSEMENT| | | USD | | ||CAPITAL MOROCCO | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|AFREXIM BANK | Foreign credit | 30| 146,601,000 | 0.20| 2,536,965.00||(African Import | institution | | USD | | ||Export) | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FONDS MONETAIRE | Financial | 54| 500,000,000 | 0.05| 2,536,965.00||ARABE (ARAB TRADE| institution | | USD | | ||FINANCING | | | | | ||PROGRAM) | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FONDS | Investment Fund | | | | 2,687,500.00||D'INVESTISSEMENT | | | | | ||DE L'ORIENTAL | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FIROGEST | Investment Fund | | | | 250,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|STE CIVILE FIN |Equity investment| 500| 100,000 | 50.00| 50,000.00||FUND | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|Securities of the| | | | | 661,889,722.61||portfolio | | | | | ||activities | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|OTHER EQUITY | | | | | ||INVESTMENT | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|STE NATIONALE DES| Road | 16,000|3,467,628,500| 0.22| 7,112,000.00||AUTOROUTES | infrastructure | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|LA CELLULOSE DU | Paper pulp | 52,864| 650,484,000 | 0.81| 3,393,433.00||MAROC | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|SMAEX | Insurance & | 16,900| 37,500,000 | 4.51| 1,690,000.00|| | service | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|FRUMAT | Agri-industry | 4,000| 13,000,000 | 3.08| 1,450,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|STE IMMOBILIERE | Real estate | 12,670| 19,005,000 | 6.67| 1,267,000.00||SIEGE GPBM | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|BANK AL AMAL | Credit | 9,710| 500,000,000 | 0.19| 971,000.00|| | institution | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|MAROCLEAR |Central custodian| 803| 20,000,000 | 4.02| 803,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|GECOTEX | Industry | 5,000| 10,000,000 | 5.00| 500,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|SOCIETE ALLICOM | Industry | | 20,000,000 | 2.50| 500,000.00||MAROC | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|DAR ADDAMANE |Guarantee bodies | 9,610| 75,000,000 | 0.64| 480,500.00|+-----------------+-----------------+----------+-------------+---------+----------------+|FONDS DE SOUTIEN | Support actions | 4,805| 500,000,000 | 0.05| 240,250.00||ACTIONS BBA | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|SINCOMAR | Agri-industry | 494| 37,440,000 | 0.13| 49,400.00|+-----------------+-----------------+----------+-------------+---------+----------------+|SWIFT | Service company | 23| 434,020,000 | 0.01| 24,027.46|| | | | EUR | | |+-----------------+-----------------+----------+-------------+---------+----------------+| CIE IMMOBILIERE | Real estate | 640| 20,000,000| 0.32| 8,500.00||FONCIERE | company | | | | ||MAROCAINE | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+| |Telecommunication| 2|8,333,368,000| 0.00| 200.00|+-----------------+-----------------+----------+-------------+---------+----------------+| |Means of payment | 3,634| | | 945,536.50|+-----------------+-----------------+----------+-------------+---------+----------------+|Other Equity | | | | | 19,434,846.96||Holdings | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+| | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+| | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|MEDITELECOM | | | | | 106,610,873.38|+-----------------+-----------------+----------+-------------+---------+----------------+|EMAT* | | | | | 5,000,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|Attachyid Wa Al | | | | | 2,728,612.50||Mabani | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+|BMCE CAPITAL | | | | | 5,800,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MAGHREBAIL | | | | | 2,500,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|MARTCO | | | | | 1,500,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|Siege G.P.B.M. | | | | | 1,446,419.00|+-----------------+-----------------+----------+-------------+---------+----------------+|ALLICOM MAROC | | | | | 552,000.00|+-----------------+-----------------+----------+-------------+---------+----------------+|Other assimilated| | | | | 126,137,905.48||uses | | | | | |+-----------------+-----------------+----------+-------------+---------+----------------+| Total | | | | |2,429,330,699.50|+-----------------+-----------------+----------+-------------+---------+----------------+ EQUITY INVESTMENTS AS OF DECEMEBR 31st , 2006 Extracts from the last financial Statements of the issuing company Name of the issuing Closing Net worth Net Provisions Net Book valuecompany date of the earning exerciseEQUITY HOLDINGSRMA WATANYA 700,305,306.63BANQUE DE DEVELOPPEMENT Dec 31st, 464,151.00 53,516.00 102,204,980.32DU MALI 2006SOCIETE CASA FINANCE Dec 31st, 142,575.00 19,153.00 38,420,083.75MARKET 2006RISMA 34,881,710.00CONGOLAISE DES BANQUES Dec 31st, 104,978.00 29,907.00 16,990,025.00 2006TANGER ZONE FRANCHE 13,500,000.00CENTRE MONETIQUE 11,000,000.00INTERBANCAIREACMAR Dec 31st, 49,476.00 6,076.00 10,0001,000.00 2006EMAT* 0.00 6,000,000.00MOROCCAN INFORMATION 5,650,000.00TECHNO PARC CIEGLOBAL NETWORK SYSTEMS 742,000.00 1,908,000.00STE CONSEIL INGENIERIE 2,000,000.00ET DEVELOPPEMENT STE D'AMENAGEMENT DU 1,000,000.00PARC INDUSTRIEMARTKO (MAGHREB ARAB 970,638.00 0.00TRADINGdegrees)STE IPE 400,000.00STE RECOURS Dec 31st, 7,178.00 1,213.00 375,000.00 2006EUROCHEQUE MAROC 143,900.00MediCapital Bank Dec 31st, 22,943.00 -47,797.00 82,956,000.00 2006Equity holdings 7,712,638.00 1,021,736,006.20 SECURITIES OF RELATEDCOMPANIESBMCE MADRID Dec 31st, 270,660.00 9,470.00 190,383,188.62 2006MAGHREBAIL Dec 31st, 380,928.00 47,547.00 137,0009,763.63 2006STE SALAFIN Dec 31st, 248,525.00 63,077.00 100,000,000.00 2006BMCE CAPITAL Dec 31st, 78,176.00 1,332.00 18,676,000.00 81,324,000.00 2006MAROC FACTORING Dec 31st, 88,753.00 10,631.00 16,208,700.00 2006MABANICOM Dec 31st, 21,429.00 1,431.00 7,279,270.73 22,420,729.27 2006BMCE CAPITAL BOURSE Dec 31st, 66,441.00 21,153.00 6,750,000.00 2006BMCE CAPITAL GESTION Dec 31st, 34,091.00 26,438.00 6,442,928.01 2006DOCUPRINT 4,000,000.00BMCE ASSURBANK 1,425,000.00STE CONSUL TITRES 500,000.00Equity investments of 26,455,270.73 565,964,309.53related companiesSECURITIES OF THEPORTFOLIO ACTIVTIESE.S.F.G 153,559,892.47E.S.I.H 152,915,585.16FINAFUND USA 118,391,700.00FINAFUND EUROPE 77,980,315.40UBAE ARAB ITALIAN BANK 73,801,824.86PROPARCO 39,534,702.82FONDS ESPAGNOL 13,275,867.00 6,174,536.22 MARCO POLO INVEST.S.C.R FONDS D'INVESSTISSEMENT 18,193,868.68CAPITAL MOROCCOAFREXIM BANK (African 2,536,965.00Import Export)FONDS MONETAIRE ARABE 2,536,965.00(ARAB TRADE FINANCINGPROGRAM)FONDS D'INVESTISSEMENT 2,687,500.00DE L'ORIENTALFIROGEST 250,000.00STE CIVILE FIN FUND 50,000.00Securities of the 13,275,867.00 648,613,855.61portfolio activitiesOTHER EQUITY INVESTMENTSTE NATIONALE DES 2,218,433.00 4,893,567.00AUTOROUTESLA CELLULOSE DU MAROC 3,393,433.00SMAEX 1,690,000.00FRUMAT 1,450,000.00STE IMMOBILIERE SIEGE 1,267,000.00GPBMBANK AL AMAL 971,000.00MAROCLEAR 803,000.00GECOTEX 500,000.00SOCIETE ALLICOM MAROC 500,000.00DAR ADDAMANE 480,500.00FONDS DE SOUTIEN ACTIONS 240,250.00BBASINCOMAR 48,400.00SWIFT 24,027.46 CIE IMMOBILIERE 8,500.00FONCIERE MAROCAINE 200.00 945,536.50Other equity holdings 4,168,433.00 15,266,413 MEDITELECOM 106,610,873.38EMAT* 5,000,000.00Attachyid Wa Al Mabani 2,728,612.50BMCE CAPITAL 5,800,000.00MAGHREBAIL 2,500,000.00MARTCO 1,500,000.00Siege G.P.B.M. 1,446,419.60ALLICOM MAROC 552,000.00Other assimilated uses 2,052,000.00 124,085,905.48 Total 53,664,208.73 2,375,666.77 TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMEBR 31st , 2006 In Thousand MAD+----------------------+-------------+-------------+-------------+--------------+| |Gross amount |Acquisitions |Disposals or |Gross amount || |at the |of the year |withdrawals |at the end of ||FIXED ASSETS |beginning of | |of the year |the year || |the year | | | || | | | | |+----------------------+-------------+-------------+-------------+--------------+|INTANGIBLE FIXED | 135,629| 41,000| 250| 176,379||ASSETS | | | | |+----------------------+-------------+-------------+-------------+--------------+|- Leasehold rights | 28,458| 216| 250| 28,424|+----------------------+-------------+-------------+-------------+--------------+|- Investments in | | | | ||research & development| | | | |+----------------------+-------------+-------------+-------------+--------------+|- Other operating | 107,171| 40,784| | 147,955||intangible fixed | | | | ||assets | | | | |+----------------------+-------------+-------------+-------------+--------------+|- Non-operating | | | | ||intangible fixed | | | | ||assets | | | | |+----------------------+-------------+-------------+-------------+--------------+|TANGIBLE FIXED ASSETS | 2,812,164| 261,255| 34,813| 3,038,606|+----------------------+-------------+-------------+-------------+--------------+|- OPERATING BUILDING | 709,501| 40,347| 11,616| 738,232|+----------------------+-------------+-------------+-------------+--------------+|. Operating land | 103,743| 28,265| 11,254| 120,754|+----------------------+-------------+-------------+-------------+--------------+|. Operating building, | 605,758| 12,082| 362| 617,478||offices | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Operating buildings,| | | | ||staff | | | | || | | | | ||housing | | | | |+----------------------+-------------+-------------+-------------+--------------+|- OPERATING FURNITURE | 1,012,375| 47,379| 6,377| 1,053,377||& EQUIPMENT | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Operating office | 232,178| 13,246| | 245,424||furniture | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Operating office | 163,880| 7,601| 1,807| 169,674||equipment | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Computer equipment | 564,733| 17,858| | 582,591|+----------------------+-------------+-------------+-------------+--------------+|. Operating vehicles | 15,597| 636| 4,570| 11,663|+----------------------+-------------+-------------+-------------+--------------+|. Other operating | 35,987| 8,038| | 44,025||equipment | | | | |+----------------------+-------------+-------------+-------------+--------------+|- OTHER OPERATING | 800,688| 81,529| | 882,217||TANGIBLE FIXED ASSETS | | | | |+----------------------+-------------+-------------+-------------+--------------+|- NON OPERATING | 289,600| 92,000| 16,820| 364,750||TANGIBLE FIXED ASSETS | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Non-operating land | 87,097| 24,285| 1,616| 109,766|+----------------------+-------------+-------------+-------------+--------------+|. Non-operating | 99,674| 59,663| 15,204| 144,133||buildings | | | | |+----------------------+-------------+-------------+-------------+--------------+|. Non-operating | 25,550| 2,602| | 28,152||furniture andequipment| | | | |+----------------------+-------------+-------------+-------------+--------------+|. Other non-operating | 77,279| 5,450| | 82,729|| | | | | ||tangible fixed assets | | | | |+----------------------+-------------+-------------+-------------+--------------+|TOTAL | 2,947,793| 302,255| 35,063| 3,214,985|+----------------------+-------------+-------------+-------------+--------------+ TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMEBR 31st , 2006 In Thousand MAD+-----------------------+------------------------------------+---------+---------+| |Depreciation and /or provisions | |Net || | | |amount at|| | | |the end || | | |of the ||FIXED ASSETS |Depreciation Allowances Provisions |Total |year || | | | || |and/or for the year on | | || | | | || |provisions withdrawn | | || | | | || |At beg of year assets | | || | | | |+-----------------------+-------------+-------------+--------+---------+---------+|INTANGIBLE FIXED ASSETS|58,363 |22,621 | |80,984 |95,395 |+-----------------------+-------------+-------------+--------+---------+---------+|- Leasehold rights | | | | |28,424 |+-----------------------+-------------+-------------+--------+---------+---------+|- Investments in | | | | | ||research & development | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|- Other operating |58,363 |22,621 | |80,984 |66,971 ||intangible fixed assets| | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|- Non-operating | | | | | ||intangible fixed assets| | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|TANGIBLE FIXED ASSETS |1,535,911 |127,308 |7,910 |1,655,309|1,383,297|+-----------------------+-------------+-------------+--------+---------+---------+|- OPERATING BUILDING |148,344 |18,905 |79 |167,170 |571,062 |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating land | | | | |120,754 |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating building, |148,344 |18,905 |79 |167,170 |450,308 ||offices | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating buildings, | | | | | ||staff | | | | | || | | | | | ||housing | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|- OPERATING FURNITURE &|805,919 |58,482 |6,156 |858,245 |195,132 ||EQUIPMENT | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating office |173,240 |12,755 |1,807 |184,208 |61,216 ||furniture | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating office |138,219 |6,046 | |144,265 |25,409 ||equipment | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Computer equipment |449,380 |33,481 | |482,861 |99,730 |+-----------------------+-------------+-------------+--------+---------+---------+|. Operating vehicles |13,055 |982 |4,349 |9,688 |1,975 |+-----------------------+-------------+-------------+--------+---------+---------+|. Other operating |32,025 |5,198 | |37,223 |6,802 ||equipment | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|- OTHER OPERATING |528,415 |37,630 | |566,045 |316,172 ||TANGIBLE FIXED ASSETS | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|- NON OPERATING |52,233 |12,291 |1,675 |63,849 |300,931 ||TANGIBLE FIXED ASSETS | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Non-operating land | | | | |109,766 |+-----------------------+-------------+-------------+--------+---------+---------+|. Non-operating |32,202 |6,866 |1,675 |37,393 |106,740 || | | | | | ||buildings | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Non-operating |13,522 |2,215 | |15,737 |12,415 || | | | | | ||furniture and equipment| | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|. Other non-operating |7,509 |3,210 | |10,719 |72,010 || | | | | | ||tangible fixed assets | | | | | |+-----------------------+-------------+-------------+--------+---------+---------+|TOTAL |1,594,274 |149,929 |7,910 |1,736,293|1,478,692|+-----------------------+-------------+-------------+--------+---------+---------+ DISPOASAL OF TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMBER 31st , 2006 In Thousand MAD+--------------+--------+-------------+--------+---------+--------+----------+| | |Accumulated | | | | || | |depreciation | | | | ||Fixed assets | Gross |for |Net Book|Disposal |Capital |Capital ||sold | |Amortization |Value |revenues |Gain on |Loss on || | Book |and/or | | |disposal|disposal || | |provisions | | | | || | Value | | | | | || | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|A- Disposal | 7,879| | 7,879| | | ||operations | | | | | | ||with the group| | | | | | || | | | | | | || | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|A-1 Regulating| 11,616| 79| 11,536| | | ||operations | | | | | | ||with the group| | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Total 1 | 19,495| 79| 19,415| | | |+--------------+--------+-------------+--------+---------+--------+----------+|Leasehold | 250| | 250| 400| 150| ||rights | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Operating | 1,302| 1,302| | 178| 178| ||office | | | | | | ||equipments | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Operating | 505| 505| | 18| 18| ||safe-deposit | | | | | | ||boxes | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Vehicles | 4,506| 4,285| 221| 472| 272| 21||"cars" | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Vehicles | 65| 65| | 2| 2| ||"cycles" | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Non operating | 8,941| 1,675| 7,266| 11,437| 4,172| ||buildings | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Total 2 | 15,568| 7,832| 7,737| 12,507| 4,792| 21|+--------------+--------+-------------+--------+---------+--------+----------+|B- Disposal | | | | | | ||operations | | | | | | ||outside the | | | | | | ||group | | | | | | |+--------------+--------+-------------+--------+---------+--------+----------+|Total (1+2) | 35,063| 7,911| 27,152| 12,507| 4,792| 21|+--------------+--------+-------------+--------+---------+--------+----------+ LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENTAS OF DECEMBER 31st , 2006 In Thousand MAD CREDIT INSTITUTIONS AND Credit Total Total EQUIVALENT IN MOROCCO institutions 2006 2005 abroad Bank Al- Banks in Other credit Morocco institutions Maghrib, and Treasury equivalent in Morocco and giro current accountORDINARY CREDIT - 33,520 167,891 161,636 362,747 809,736ACCOUNTS SECURITIES - - 1,221,668PLEDGED- overnight -- time 1,221,668CASH BORROWING 79,492 84,871 1,331,229 409,746 1,905,338 1,068,694- overnight 84,871 84,871 -- time 79,492 1,331,229 409,746 1,820,467 1,068,694FINANCIAL 111,365 115,502 55,159 329,833 611,659 622,446BORROWINGOTHER DEBTS 19,453 100,969 2,527 424 123,373 93,293PAYABLE ACCRUED 6,320 6,010 11,381 23,711 5,957INTERESTS TOTAL 216,830 340,872 1,556,806 912,520 3,026,828 3,821,794 CUSTOMER DEPOSITSAS OF DECEMBER 31st , 2006 In Thousand MAD DEPOSITS Private sector Total Total 2006 2005 Public Financial Non-financial Other sector companies companies companies DEMAND CREDIT ACCOUNTS 1,501,967 1,739,013 8,083,384 21,891,152 33,215,516 26,874,502 SAVINGS ACCOUNTS 10,763,858 10,763,858 9,673,508 TIME DEPOSITS 2,349,535 2,599,900 4,445,715 7,893,877 17,289,027 13,424,614 OTHER CREDIT ACCOUNTS ( * ) 2,908,301 448,538 266,465 224,623 3,847,927 5,431,210 PAYABLE ACCRUED INTERESTS 24,255 19,100 49,200 151,295 243,850 137,208 TOTAL 6,784,058 4,806,551 12,844,764 40,924,805 65,360,178 55,541,042 ( * ) Including PL 480 for MAD 2 895 759 DETAIL OF OTHER LIABILITIES AS OF DECEMBER 31st , 2006 In Thousand MAD+--------------------------------------------------+---------------------------+| LIABILITIES | Amount || | || | 2006 |+--------------------------------------------------+---------------------------+|OPTIONAL INSTRUMENTS SOLD | 6,740|| | |+--------------------------------------------------+---------------------------+|MISCELLANEOUS TRANSACTIONS ON SECURITIES | 253,973|+--------------------------------------------------+---------------------------+|OTHER CREDITORS | 744,505|+--------------------------------------------------+---------------------------+|State debt | 556,427|+--------------------------------------------------+---------------------------+|Social security and provident societies debts | 41,869|+--------------------------------------------------+---------------------------+|Staff debt | 90,670|+--------------------------------------------------+---------------------------+|Shareholders and partners debt | 5,344|+--------------------------------------------------+---------------------------+|Supply of goods and services | |+--------------------------------------------------+---------------------------+|Other creditors | 40,195|+--------------------------------------------------+---------------------------+|ACCRUAL ACCOUNTS | 582,302|+--------------------------------------------------+---------------------------+|Adjustment accounts of off-balance sheet | ||transactions | |+--------------------------------------------------+---------------------------+|Currencies and securities differential accounts | 111,574|+--------------------------------------------------+---------------------------+|Profit on hedging instruments | -|+--------------------------------------------------+---------------------------+|Liaison accounts between the head office, branches| ||and Moroccan agencies | || | 15,839|+--------------------------------------------------+---------------------------+|Expenses payable and prepaid income | 116,104|+--------------------------------------------------+---------------------------+|Other accruals | 338,785|+--------------------------------------------------+---------------------------+|TOTAL | 1,587,250|+--------------------------------------------------+---------------------------+ P R O V I S I O N S FROM JANUARY 1ST TO DECEMBER 31st , 2006 In Thousand MAD PROVISIONS Amount Allowances Write-backs Other Amount changes 2005 2006PROVISIONS, DEDUCTED 2,102,220 509,901 323,434 -131,570 2,157,117 FROM ASSETS, ON:Loans to creditinstitutions and equivalentLoans and advances to 1,952,737 495,752 251,107 -119,438 2,077,944 customersDoubtful interest 25,130 373 25,503Marketable securities 27,037 27,031 6Equity investments and 97,316 13,776 45,296 -12,132 53,664 equivalent assetsLeased and rented fixed assetsOther assetsPROVISIONS RECORDED 123,656 18,037 42,545 99,148 UNDER LIABILITIESProvisions for risks of 29,950 1,328 30,918 - fulfilment commitmentsProvisions for exchange 27,090 9,709 11,627 25,172 risks ( 1 )Provisions for general 4,983 4,983risks ( 1 )Provisions forretirement Pensions and othersimilar obligationsOther contingent 7,311 7,000 14,311liabilitiesRegulated provisions 54,682 54,682Provisions havingsupported t taxes in 1999TOTAL 2,225,876 527,938 365,979 -131,570 2,256,265 SUBORDINATED DEBTS AS OF DECEMBER 31st , 2006 In Thousand MAD Total AFFILIATES FY 2006 FY 2005 Credit Financial Non Other Institutions Companies Financial affiliates Companies Subordinated 1,000,000 20,000 145,000 1,000,000 1,000,000 Debt 316,000 Accrued interests 20,368 1,358 SHAREHOLDERS' EQUITY FROM JANUARY 1st TO DECEMBER 31st , 2006 In Thousand MAD SHAREHOLDERS' EQUITY Amount 2005 Appropriation Other Amount 2006 of profit changesRevaluation reserve 290,323 31,719 322,042Legal reserve 3,053,502 288,700 303 3,342,505Other reserves 596,218 596,218Issuance, merger and 1,587,514 1,587,514contribution premiumsCapitalCalled-up capitalUncalled capitalInvestment certificatesAllowance fundShareholders. Unpaid-up capitalRetained earnings (+/-) 3,550 17,296 20,846Net earning being appropriated(+/-)Net earning for fiscal 2005 (+/ 634,379-)Sub-Total 6,165,486 337,715 303 5,869,125Assignment of provisions forgeneral risks /reservesNet earning for fiscal 2005 (+/ 742,042-)TOTAL 6,165,486 337,715 303 6,611,167 FINANCING AND GUARANTEE COMMITMENTS AS OF DECEMBER 31st, 2006 In Thousand MAD 2006 2005FINANCING AND GUARANTEE COMMITMENTS GIVEN 12,070,393 14,516,476 Financing commitments on behalf of credit - 415,246institutions and equivalentImport letters of creditPayment acceptances or commitmentsOpening of confirmed creditSubstitution commitments on issuing of securitiesIrrevocable leasing commitmentsOther financing commitments given 415,246Financing commitments on behalf of customers 5,058,868 7,361,389Import letters of credit 3,245,270 5,915,775Payment acceptances or commitments 628,751 578,948Opening of confirmed creditSubstitution commitments on issuing of securitiesIrrevocable leasing commitmentsOther financing commitments given 1,1184,847 866,666Guarantee commitments for credit institutions and 2,075,608 2,488,868equivalentConfirmed export letters of credit 154,384 520,450Payment acceptances or commitments 65,553 119,737Credit guarantee givenOther security, endorsements and guarantees given 1,855,671 1,848,681Non performing commitmentsGuarantee commitments for customers 4,935,917 4,250,973Credit guarantees givenSecurity and guarantees given on the behalf of the 3,140,453 3,011,924public administrationOther security and guarantees given 1,795,464 1,239,049Non performing commitmentsFINANCING AND GUARANTEE COMMITMENTS RECEIVED 2,188,209 617,829Financing commitments received from creditinstitutions and equivalentOpening of confirmed creditSubstitution commitments on issuing of securitiesOther financing commitments receivedGuarantee commitments received from credit 2,156,362 585,384institutions and equivalentCredit guarantees 1,036,720 531,102Other guarantees received 1,119,642 54,262Guarantee commitments received from the State and 31,847 32,465other guaranteeCredit guarantee 31,847 32,465Other guarantees received FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES AS OF DECEMBER 31st, 2006 In Thousand MAD Hedging 2005 Other transactions Paris transactions Branch 2006 2005Forward Exchange Transactions 6,527,744 5,671,807 88,436 757,650Currency to be received 1,456,512 390,058 70,950 622,734Currency to be delivered 2,945,787 2,595,510 17,486 134,916Dirhams to be received 1,901,233 2,383,129Dirhams to be delivered 224,212 302,910 Of which financial currencyswaps Commitments on derivatives 2,146,169 52,716 875,301 1,338,862Commitments on regulated 875,301 1,338,862interest rate marketsCommitments on OTC interest rate 50,000marketsCommitments on regulatedexchange rate marketsCommitments on OTC exchange rate 2,146,169 2,716marketsCommitments on regulated marketsfor other instrumentsCommitments on OTC markets forother instruments SECURITIES AND SURETIES RECEIVED AND GIVEN AS GUARANTEES AS OF DECEMBER 31st, 2006 In Thousand MADSecurities and sureties Net book Assets or off-balance Amounts of the received as guarantees value sheet headings loans or recording loans or signature commitments given commitments given coveredTreasury bonds and 1,973,868 Treasury bonds 1,973,868equivalent securities received as pledgesOther securitiesMortgagesOther real securitiesand sureties TOTAL 1,973,868 1,973,868 Securities and sureties Net book Liabilities or Amounts of the given as guarantees value off-balance sheet loans or headings recording signature loans or commitments commitments received received coveredTreasury bonds and Treasury bonds givenequivalent securities as pledgesOther securities Bills given as pledgesMortgagesOther real securitiesand sureties TOTAL - - BREAKDOWN OF USES AND RESOURCES ACCORDING TO RESIDUAL PERIOD AS OF DECEMBER 31st, 2006 In Thousand MAD +---------------------------+-----------+-----------+-----------+------------+------------+-----------+| |D< 1 month | |3months |1year 5years |TOTAL || | | | | | | || | |1month
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