GROUPEADDOHA

. DOU]A PROMOIION

Information Package Summary

COMMERCIAL PAPER ISSUE PROGRAM

The AMMC-approved prospectus comprises:

. The Securities Note;

t The Reference Document of Douia Promotion Groupe Âddoha registered by the AMMC on December5ù, 201.9 under reference No. E N/EN{ / 013 / 2A19.

PROGAAM IMPLEMENTATION DATE: ÀUGUST 19,20\lLATEST UPDÀTE OF THE COMMERCIAL PÀPER PROGRÂM: JANUÂRY 4, 2019

PROGRÀM CEILING: MAD 1,000,000,000

NOMINAL VALUE: MÀD 100,000

Financial Advisor and Global Coordinator

BMCE CAPIîALCONSËIL r

Placement Body

BMCE BANK OF AFRICA*.t tt'#,tl t\*,*é;j ) dl4 |

Approval of the Moroccan Capital Market Àuthority (AMMC)

In accordance with the provisions of the AMMC circular, issued pursuant to Aricle 18 of Dahir 1-95-3 of Shaban 24,7425 $anuaty 26, 1995) promulgating Law 35-94 on certain tradable debt securities, as amended and supplemented,this note conceflrs the commercial paper issue p{ogrâm by Douja Promotion Groupe Àddoha.

This Securities Note, registered by the ÀMMC oa December 9ù,20L9 under reference EN/EM/01a/2019 constitutesonly part of the program's information package.

The inforrnation package consisting of this note and the reference document recorded by the AMMC on December5th,2019 urder reference EN/EM/û13/201,9, has been approved by the ÀMMC on December 91h,2019 uaderreference Yl /E,lf/ 031 / 201.9.

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DISCLAIMER

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3:-Y9:"."in CaPitalrarket authority (ÀMMC) approved oa December 9ù,2019 under reference no.vl/E,l[/031/2019 an rnformation Paclsagp À. .o-*..Jal paper issue program by Douia promotion GroupeÀddoha.

The AMMC-approved fnformation package is available at ân), time at the headquarters of Douia promotionGroupe Àddoha and on its website htb:/Â&vw.gouneaddoha.com/fr/investisseurs-communication-financiere/.It is also available within il8 houm at iæ financial advisor.

The Information Package is available on the AMMC websire www.a*mc.ma.

This summary has'been trarrslated by Lissaniat under the ioint responsibility of the said translator and DouiaPromotion Groupe Âddoha- rn-the event of any discrepancy between the contents of this sumrnary and theAMMC-approved Information Package, only the approved infomrarion package will prevail.

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PART I: FRESENTATION OF THE OPERATIQN

I. Overall characteristics of the Operation

In accotda:ece with the provisions of Article 15 of Law No. 35-94 promulgated by Dahir No. 1-95-3 ofShabao 24, 7415 {anwary 26, 1,995) and Order No. 2560-95 of the Mioister of Finance and ForeignInvestments of October 9, 1995 oo Tradable Debt Securities (IDS), Douja Promotion Groupe Addohaissues interest-bearing commercial paper to the public in respect of a ilght of claim for a period notexceeding orre yeat.

This program, ceiled at MÂD 1,000,000,000, was authorized by the Board of Directors onJuiy 1,,201L,which granted full powers to the Chair^man of the Boatd of Directors to determine the terms and conditionsof the operation that he deems appropdate and necessary to complete the issue of commercial paper.

II. Objectives of the Operâtion

Douja Promotion Groupe Addoha wishes to catry out â cornmercial paper issue program in order to:

' Opti:rrize the cost of short-term financing by partially or totally replacing existing bank loans withcommercial paper;

. Diversi,ÿ fundirg soutces for better negotiation with frnancial partûers;

o Consolidate its image with institutional investors through increased visibility on the capital market.

III. Beneficiaries

Resident or non-resident natutal or legal persons.

IV. Identification of subscriberc

The placement body must eûsure that the subscriber belongs to ofle of the prcdefined categodes. Âs such,

it must obtain a copy of the document attesting to whethet the subscriber belongs to the category and attachit to the subscription fol:n.

Table 1 Subscriber identification documents

Associations

Minor children

UCITS under Moroccan law

Forcign lcgal entitiesl

Moroccan legal entities

Non-resident ând non Moroccan nahual persons

Resident and non-Moroccan naiural persons

Natural pcrsons resident in Morocco and Moroccânnationals abroad

Photocopy ofthe Articles ofAssociation and photocopy ofthe receipt ofdre file deposit

Photocopy of thc page of the family record book attcsting to thc chïd'sdarc oF birth

Photocopy of the approval decision attesting that it belongs to tlis category.r For Mutual Furds, the nmbu of the certificate of deposit at the court

registry;o For Investmcnt companies with vmiablc capital (SICÂVs), the

numbet of the comercial rcgister.

Modcl of cntries in the commercial register or eqüvalent

N{odcl of entries in the commercial register

Photocopy of the pages of the pâssport containing the identity of theperson as well as the issue and expiry dates of the document

Photocopy ofthe residency card

Photocopy ofthe national identity card

I Foreign legal entities or equivalent attesting to belonging to the category or any means deemed acceptable bythe placement body.

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v. Characteristics of the securities to be issued

Natute of securities

Legal form

Issue ceiling

Maximum number of securities

Nominal value

Maturity

Vesting date

Rank

Intefest fâte

Interests

Coupon payment

Principle repâyment

Assirnilation clause

Tradability of securities

Guarantee

Tradable debt securities dematedalized by registration with the Central Custodian(Àdaroclear) md the zuthodzed afEliates

Bearer commercial paper

MAD 1,000,000,000

10,0û0 securities

MAD 100,000

From 10 days to 12 months

On the payment date

The rark is similar to aa ordinary debt contracted by the Company

Flat, determined for each issue based on matket conrlitions

Post counted

In fine, i"e. ât the mâtuity of each papet

In Êne, i.e. ât the mâtüiq/ of each paper

Commercàl paper issued is oot assimilated to semities of a preüous issue

No restdctions are imposed by the terms of the issue on the trâdâbility of ihecomercial paper issued. The securities are tradable over-the-cormter. Tradabiliry isensued by BMCE Bank of A&ica

The issue does not beaefit ftorrarry goatartee

VI. Subscriptionperiod

Whenever Douja Promotion Groupe Addoha manifests â cash requirement, BMCE Bank of Africa .rilloper the subscription pedod at least 72 hours prior to the diwidend date.

VII. Subscription terms and conditions

Beforehand, Douja Ptomotion Groupe Addoha undertakes to dtaw up a documeût detailing the terms andconditiofls of the issue and containing theinformation elements as defined in article 1.60 of circular no03/19telating to the AIIN{C's fi.ancial operatiorls and information. This document will be made available toinvestors prior to the opening of the subscription period.

BMCE Bank of Africa is required to collect ssf5-iption orders ftom investots, using fir-m and irrevocablesubscription forms, after the end of the sutrscription period, in accordance with the model attached hereto.These forms must be completed and signed by the subscribers.

Subscriptions will be accepted and registered, as and when confirmed in writing to BMCE Bank of Africa,until tle issue ceiling is reached.

All subscdptions §/ill be made in cash, regardless of tle category of subscribers:

. Subscriptions on behalf of minor children whose age is under or equal to 18 years old are authodzedonly if they are made by the father, mother, guardiân or legal iepteseotative of the rninot cbild. Theplâcement body must obtain a copy of the page of the family record book showing the date of birth ofthe minor child and attach it to the subscription form; in tlis case, the movements are recorded eitheron an âccomt opened in the name of the minor child or pn the securities or cash account opened in the

ûame of the fattrer, mother, guardian or legal represeûta{ve;

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Subscriptions on behalf of third paties are zuthortzed only if a po§/er of attomey duly signed andauthenticated by the principal is ptesented. The placement body is required to obtain a copy arrd attachit to the subscription form. The securities subscribed must also refer to a securities accolült in the nameof the third party cotcetfled, which may only be moved by tie latter, unless there is a pos/er of attorney;

A power of attorney for a subscription may under no circumstances allow the opening of an account forthe principal, and the opening of an account must be done in the presence of its holder in accordancewith the legal or regulatory prowisions in force;

All fotrrs must be signed by the subscriber or their representative. The placement body must erisure,prior to the acceptance of a subscdption, that the subsctiber has the flrrlatc:al capacity to honor t}leircommitments;

Investors rnl^y Place several orders with the placement body. Orders are cumulative. Subscribers'attention is drawn to the fact that all orders can be satisfied in whole or in pat depenriing on theavailability of secudties.

AJI subsctiFtion orders that do not comply with the above conditions will be nül and void.

,{11 subscription orders are i::revocable after the end of the subscription period.

It should be noted that the subscription ceiling is similar to the ceiling of the issue, aod consequently, thereis no threshold or ceiling for subscription.

VIII. Allocation methods

During 6r" tsf5cription petiod, allocations will be made ofl a "first-come-first-servedrr basis, taking intoaccount subscdptions received and quantities of availàble commercial paper. Thus, at the end of thesubscription period, the allocation of securities will be made.

The subscription petiod may be closed eady as soorr âs the placement of the entire issue has been completed.

IX. Order cancellation methods

All subsoiFtion orders:

r flot complying with the above conditions will be declared void;

. are i::revocable after the end of the subscription pedod.

Cancellation oç 5glsoiFtion ordets that do not meet the above conditions is caried out at the end of tlecollection of all subscription orders.

X. Subscdption payment methods

Paÿ"ment for subscriptions will be made by ttansmission, on the dividend vesting date, of delivery againstpayment orders (LCP À,f,{ROCLE-{R) by BMCE Bank of Africa, in its capacity as custodian of thesecudties. Secudties are payable in cash in a single payment.

XI. AMMC information commitment

Douja Promotion Gtoupe Àddoha undertakes to transmit to the ,{MMC the results of the issue (numberof secudties issued, amouflts subscribed and allocated by Wpe of investor, etc.) within 7 days of itscompletiofl.

XII. Financial intermediaries

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The f,nancial intermediaries involved in this commetcial

Advisor and Giobal Coordinator

Placement body

Securities account holder instirution

Central custodiat

BMCE Capital Conseil

BMCE Bârk ofAftica

BMCE Bank ofAfrica

Maroclan

63, Boulevard My Youssef, Casablanca

140, Boulevard Hassan II, Casablanca

140, Boulevard Hassan II, Casablanca

Route 1077 par route d'El Jadidr" 18 Cité

Lata - 2A2A0 Casablanca

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PART II: INFORMATION ON DOUJA PROMOTION GROUPE ADDOHA

I. Genetal information

Corporate name

Registered oflice

Phone

Fax

rJ/ebsite

Email

Legal form

Date of establishment

Lifetime

Share capital(as of November 30, 2019)

Financial year

Competent court in case oflitigation

Location oflegaldocuments

Corporate purpose

Registration number in thecommercial Register 52 045 - casatrlanca

The Company has the corporate name: "Douja Promodon Groupe Addoha S.4.". It also uses

the trade nme "Groupe Addoha".

Km 7, Route de Rabat, Àin Sebà, Casabianca

+2"12 5 22 67 99 A0

+272 5 22 35 17 63

m-ryouoerddoha.com

Limited company (L*d.) with a Board of Directors

April 18, 1988

99 years, unless eariy dissolutioa or extension ptovided for by the Articles ofÀssociation orby law

MAD 3,225,511,,180 diüded into 322,551 ,778 shæes of MÂD 10 each, all firlly paid and of thesame class.

FromJanuary 1 to December 31.

Commercial Court of Casablmca.

T'he corporate, accounting and legal documents whose communication is proüded for by lawmd the Àrticles of Association in favor of shareholders and third parties may be consulted atthe reg'istered off,ce of Douja Promotion Groupe Addoha, ât Km 7, Route de Rabag ÀinSebâa, Casablmca.

According to Article 5 of the Àrticles of Àssociation, the Company's direct putposc is to carryou! either for itsel( or in partnership , or for r drird party in Morocco or âr1y other comtry :

r ÀilrealestatedevelopmentoperationsasdefinedbyDahirNo. 1.85.100ofAugust17, 1985promulgating Law No. 15/85 establishing measwes to encourage reâl estatc i{rvestmentand, morc particularln

r The acquisition of any land built or aoq as well as aûy property located in Morocco;r 'Ihe exploitation and development of the said lands by means, in particular, of subdivision,

sewicing, developmenl equipment ald construction of residential comercial,professional industrial or other construction;

r The transformatioa of real estate, their sale in co-owaership batch-wise or per unit;r The drafting of deeds recording the transfer of any real estate properry;o The constitution and management of syndicates of any building in accordance with the

regulations goveming condominiums and any related operations, including the exercise ofthe role of the managing agent.

r Ànd more generally, âny property or real estate-related operatioas that may be directly orindirectly related to the company's purpose.

Douja Promotion Groupe Addoha is govemed by Moroccan law, law 17 95 relating to limitedliability companies as amended and supplemented as well as its articles of association.Ily virtue of its activity, it is governed by the foliowing Dahirs:

a

I

Law No. 25-90 promulgated by Dahir No. 7-92-7 of Jme 17, 1992 on subdivisions, housinggroups and parcels;

Law No. 17-95 promulgated by Dahir No. 1 96-124 of August 30, 1996 relating to iimitedcompanies as amended and completed by law 20-05 zLrdby law 78-12;Dahir of Âugust 12, 1.913 foming the Code of Obligations and Contracts, suppiementedby Law No. 44-00 of Oaober 3,2002 on the sale before completion;Law No. 18-û0 of Octobet 3,20A2 relating to the stâtus of co-ownership of burldàgs;Artrcle 19 of tÀe 1999-2O00 Finance Act establishing tax exemptions 1-or real estatedevelopers, as amended and supplemented byÂrticle 16a of the 2001 Finance Act;

o Article 92 of the 2010 Finmce Àct introducing fleu/ tax exemptions for real estatedeveiopers;

Ltacle 247 of the 2A72 Finance Àcq introducingdeveiopers;

Atticle 247 of the 2013 F'imce Àct, introducingdevelopers.

Às a public company and an issuer of comerciaj pâper, the Company is subjectprovisions ofthe following terts:

a

a

Dahir No. 1-76-151, of Dhu al-Qaada 21, L437 (Àugust 25, 2016) promulgating law no. 19-14 relating to the stock exchaoge, stockbrokers and financial iavestment advisers;

General Regulations of thc Stock Exchange approvcd by Order No.2X)8-19 o{tirle Ministerof the Economy and Finance of )rty 3,2019;Dahir no. 1-12-55 of S*fat 14, 1434 (I)ecember 28,2012) promulgating latt no. 44-12telating to the public offering and information required &om legal entities and organizationsmaking public offerings;Dalrir no. 1 96-246 ofJanuary 9, 1997 promulgating law no. 35-96 relating to the creationof a centrai custodian a:rd the establishment of a general regime for the book entry of certainsecuides, amended and supplemented by law no. 43-02;

Geaeral regulations of the centtal custodixr approved by Order N o.932-98 of the Ministctof Economy md Finance of Apdl 1.6, 1998 and amended by Order No. 1961-01 of theMinister of Ecrnomy, Finance, Privatizatioa md Tourism of October 30, 2001 and byOrdet No. 77-05 of March 7l ,2A05;General regulations of the AMMC as approved by Order No. 2169-16 of the Minister ofEconomy and Finance ofltly 14,2016;Dahir no. 1 04-21 of Apnl 21, 2004 promulgating lzw no.26 03 relating to public offers onthe Moroccm stock market as mended and supplemented by 1aw 46-O6;

Dahir No. 1,-13-21 of Jmadal 1,1434 Srtmch 13, 2013) prom,,lg,ting Law No. 43-1,2 rx.t

the AMMC;AMMC circular No. 03/19 oa F'iaancial Operations and Infomation;Dahli 1-95-03 of Jar:ruty 26,'1995 promulgating law No. 35-94 on certair tràdable debrsecuritics.

flew tax exemptions for real

new tâx exempliols for real

cstate

estâte

to the

Applicable laws andregulations

II. Brief description of the Activity

Douja Promotion Groupe Addoha's activity consists of the implementation of economic afld luxury housingprogtâms, the core business of which is the economic housing segment.

As of end-2018, Douia Promotion Groupe Àddoha's cumulâtive proiects, including the activity of itssubsidiaties in the economic, intermediate 21d high stâflding segments in Morocco, §/ere as follows:

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Figure 1 Cumulative achievements for all segments combined (in units / Morocco)

ECompleted In Progress Not vet stâraed

As of Decembet 31,,2018, the programs completed, in progress and fl.ot yet started by Groupe Âddoha, allsegments combined in Nlorocco, total 445,909 units, disttibuted as follows:

' Folly completed dwelliags: 257,368 units;

' Dwellings under construction: 127,044 uaits;

' Dwellings not yet started: 61,497 l;nits

In addition, Douja Promotion Groupe Âddoha's cumulative projects, including the activity of its subsidiariesin the economic, intermediate and high standing segmeots in Sub-Saharan Àfrica, are as follows:

Figure 2 Cumulative achievements for all segrnents .o*b)r"d (in units / Sub-saharan Africa)

Completed Nôt yet started Total

EIn Frogrcss

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As of December 31, 2018, the progrffns completed2, in progress and not yet started by Groupe Âddoha, allsegmeflts combined irr Sub-Saharan Àfrica, total18,429 units, broken down as follows:

' F.rlly completed dwellings: 149 units;

' Dwellings under construction: 8,332 units;

. p$/sllings not yet stafied: 9,948 units.

The gaph below shows the achievements of Douja Promotion Gtoupe Addoha and its subsidiaries in theeconomic segrneflt as well as the programs not yet started and ire progress as of December 31, 2018(excluding units in sub-Saharan Âfrica):

Figure 3 Cumulative achievernents for the economic segment in Morocco as of 12131/2018 (in units)

ECompleted In Progress Not vet started

Ia the economic segment in Motocco, Addoha group has completed 216,7 50 urrits and is rn the process ofcompletioû of a sedes of real estate projects tota1ing94,351 rrnits. Other ptojects not yet stârted âfe expectedto include 36,379 units in the future.

The achievements of Douia Promotion Groupe Âddoha and its subsidiaries (exclurling units in sub-Saharan

Âfrica) in the intermediate segment as well as the programs not yet started and io progress ate shown in thefollowing graph:

Figure 4 Cumulative achievemcnts for the intemediate segment in Morocco as at12/31/2018 (in units)

Completed In Progress Not vet stârted

2 Only countries where corstuction is in progress, namely Côte d'Ivoire, Senegal and Guine4 tre taken into account

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Âs illustrated in the graph abovg as of Decemb eî 3'1,, 2018, the intennediate segment units completed inMotocco totaled 26,921 housi.g units. Other progmms are in progress aûd covü 16,370 units.

In additi.on, intermediate real estate projects will have to be launched and would cover approxim ately 20,633units.

The graph below shows the achievements, progrrrns rot yet statted and in prcgress of Douja PromotionGroupe Addoha and its subsidiaries in the high standing segment:

Figure 5 Cumulative achievements for the high standing segrnent in Morocco as atlî2/31/2018 (in units)

In Progress Not yet started

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Às of Decembet 31, 2018, Groupe Addoha frr1ly completed and matkeæd 1,3,697 units in the high staadingsegment in Morocco. In additioo, the high st2nding prcgrams currently in progress include 16,323 units.The ptograms rot yet started by the gtoup include 4J85 units.

III. Shareholding structure

As of end-Septembet 2019, DPGA's shareholding stnrctuie was as follows:

Table 2 Shareholding sructure as of end-September 2019

ECompleted Total

Sefrioui family

,\ I r. /l ri,.t.; .1 e f) i o ri)lr. -\Io*tit Ben.rykti

]Iit.t Ali,t Jeliioui

)[i:.t Retlt So.jioui

)lr. )[rilik Sl)iuti

18244t793

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i )t;it

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Tmury shæ held by the Crmpany 2723 024

RCÀR m4n866

14..tr*" gsflâdâ Sorrnni

Mn Philippe Faure

Mr. Jecn-Rmé Fourtou

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Dqui4 lromqlty G1ogpe Addoha

Mr.Âztedineettani -

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Orber,shrrebs.lder fiGÿ,+{yù

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The org*nizationcbart ofDouja Promotioo GroupeÂddoha, as of November30,2019,is as follorvs:

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As of Octobet 3L,2019, the legal otgantzatton chart of Groupe Âddoha is as follows:

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ADDOH A

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IFulttonsotidation îiii.î Equitymethodûutsideconsolidatipn scope {XX%l x ot interÉst and Êûntrol

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Part III: Financial data

I. Balance sheet

Goodwill

Intangible assets

Property, plant æd equipment

Investmert properties

Eqüty-âccouûted sestities

Othcr fimcial æsets

Delerred tu assets

Other non-curent æsets

Inyentories md nct outstanding

Net customer receivables

Other net curent receimbles

(Jther frnancial æsets

Cæh ard cæh equivaleats

3 400

705 278

173 5',14

479 852

6206

246 818

0

542

3 467

709 315

173 574

180 129

'25 994

3"10 4L+

0.088

542

2 493

722 750

522 453

166 419

z5 5t I

388 668

6

0.0% 542 542 0.0%

-28.1o/o 2 +93 1730 30.6'fo

7-9\Yo 722750 689 045 -4.79k

201.10h 522453 479821 -8.2Yo

-7.60,/a "166 479 153 174 ,8.0%

-1.8% 25517 20817 -18.4%

25.20k 1 180 318 1 098 368 182.60/o

6718.20 (t '166 2674.2û

'15277 213 16702653 16 008 035

7 756256 7 4+5285 7 086 832

2515 415 3 602123 4 430 32,8

836 866 896 208 862692

4.2',\,

-4,89/o

23.0',h

î.4

-3.70Â

16 008 035 15 680 687 2_00k

4 533 122 3 957 173 -44.20/o

4 430 328 4530 456 2.30/o

fl.4

862 6W 636 536 -26.20k

Shæ capita.l 3 225 57'1 322\5'77

Shæe issue and merpgr premims 3 034 &72 3034812

Reseres +266082 4266082

Results 1 009 164 1 009 1(r4

Curency translation differences 1 896 1 896

Slrareholders' equitl - group slrare tl537 525 11537 525

Minority reseres 625 043 1 093 936

Minority result 112 560 91,996

Shareholders' equity - minoritv share 737 603 1 185 932

0-0% 3225511 3225577 0.0"/o

0.0% 3 ù34 872 3 034 812 0.00,'0

5.70/0 3136 422 3 447 324 -23.3.'/"

-24.30k 163 909 376 583 -50_7'Yo

3.1.k 7 954 2829 44.8Yo

-A.Y% l0 162 668 l0 081 i19 -12.4ok

1.8% 932965 1 032862 -7.2!/o

7'1.3'Yo '102352 32813 -67.9ok

2.5o/; 1 035 317 | 065 735 -12.3D/o

1 225 571

3 0348"12

I 485 238

7æ 949

1 954

tl 511 {8+

"t '113 531

702 352

1 215 888

191 735

2 636'700

4 2{J8 789

5 663 304

-9.8%

128.0%

>100%

102.3o/ù

-49.Zo/n

20.60Â

't"t.6yo

-4.7o/o

4 392 6t1

2t3

26 5',11

369 568

-40 937

2 $6140

420878.)

5 663 304

Non-crment Enmcial debts

Nofl-arrent pfovisiôûs

Other non-curyeût liabilities

Deferred tar liabiüties

Curent provisions

Current finarcial debts

Trade payables

Other current liabilities

4 828 680 4 868 566 4392602

93 93 273

'12 231 26 577

181 177 1A27"t1 169 568

772550 377 446

2 181 882 2185697

32?0862 3117267

460û432 5940172

4 467 733 7.7%

601 181.9ÿ',o

26 571 0.0\'/o

354 335 -4.71'/o

191321 0.8%

7 879 704 -28.70,'o

3 +94"t3L 17.0"k

5 685 864 0.4Yo

utsfi.*tiS'r'ru,L.rili! !i.

.

.;;,;; i ;U

l'"* l' iâ;n ' u oo ""

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Goodwill

Intangibie assets

Property, plant and eqüpment

Investmmt properties

Eqüty-accomted securities

Other financial assets

Deferred tax assets

Other mm-curent assets

lnvcntories and net outstanding

Nct customer rcccivablcs

Other net n1trmt receivabl{rs

Other financial assets

Cash md cash equivalents

542

1.13A

689 045

479 821

753 114

20 811

1 098 368

1.66

15 680 687

3957 173

4 ÿA 456

0

636 536

542

1 363

692796

485 157

1,47 209

21 913

963 920

747

t5 1.26 407

3 969 207

+ -)-lt /f.)

0

569 441

0.0"k

-21.20k

0.5"k

7.1o/o

-3.90/o

5.3o/o

-12-20k

11.90Â

-3.5'/o

0.3o/o

-3.9o/o

na-10.5o/n

Share capital

Share issue and merger premiums

lteserues

Results

Currency t{anslâtiofl differelces

Shareholderst equit-v - group shareMinoriq, rese«es

Minority result

Shareholders' equitv - minority share

Non current financial debts

Non-mrent provisions

Employees' benefits

Other non-curent liabilities

Deferred tax liabilities

Current provisions

Curent finaocial debts

Trade payabies

Other mrrmt liabilities

3 225 571

3 034 872

3 441 324

J/O lôJ

2829

10 081 119

1. O32862

32 873

1 865 735

4 461 133

601

t)

26 51.1.

J5+ JJ)

793 327

1.879 704

3 494 73L

5 685 864

3 225 571

3 034 81.2

3 736 029

340 465

231

t0 33G 640

1 473 719

81.673

t155 392

4 380 403

60 315

221

54 090

323 165

195 439

1 682 001

3"155 415

4 986 713

0.0%

0.0%

8.60/o

-9.60/o

2.5%

4.0%

148.50h

8.4o/o

-1.90/o

9943.80k

n-ù

144.00k

-8.8%

1.10/o

10.50k

-9.Jo/o

12.3%

- ^ ^";i;.r].,],.n ,,t

ï-j"q:;i;t::,";i.3r,,.,1,ÜLl;"'ii",;U%

1à.\;;i'e*ti'l I"Gstr'

l

I} r'trir Iirl*ritil;tr {-i r+ irp'.: r\rl É.riii*

II. Income Statement

i ; r{i : rtlt ;t :1 rt,* F :l t i<;r:.I, :"j i-i r: ; :;lr. r1

Tmovs

Other opecting incme

7"116'230

1 647 063

7 437748 5976504

-7 749923 -816 453

-m.40k 4462378 -31.3%

53.3Vo -884 960 -8.4ok

Income from ordimry actiüties 5 469 1æ 5 681 825 5 100 05r -10.x/o 3 rn 358 -37,7%

Comrmed prehæes of maærials md goods

P*onnel expmses

Txes æd duties

Depræiadon, mortizatioo and openting provisiom

Oth« operatiog incorc md expenses

-3 395928 -3 645 659 -3 555 245

-264980 -273265 241227

-17 965 -77 626 -29 562

-.t6 038 -47 6% -44556

-281 805 -289363 -220636

-ZSYI -2250 643 -36.70Â

-17.78/a -»{r 804 -6.0ok

67.7yo -39 223 32.7ÿo

-6.6Yo 151 814 D.z

23.80/" -180 176 18.3%

Cunent operatirg expenses -4 m0 715 4273 (t{rz -4091 2m 4.30k -2545031 37_8a/î

Sale of assets

Qüff a6a-1sçrrring opemtiag income md expetrses

0

721 056

0

178 800

864

t225L7

n_a

-31.syo

17 662 1249.8o/o

-46343 t.L

Other operatirg income and expeme

Cost of net finmcial debt

Othufinmcial incme

Other finmcial expenses

tzt056

-453 850 -460566

372721 373918

-5 082 -4 805

178 800 123387 -31.0% -34 681

-412657 -0.80/0

332279 -1.60h

131 845 -9.5yo

415973

JJ / OJf

u57m

-9.70k

-9.7Yo

fl.4

Financial income ][36211 -91 453 674l0 -23.80/,51 41i

Pptax income of consolidâted companies 1503»6 1495570 t199657 -19.8o/o 649 059 45.q/,

Co4roate income tx

Defmd tax

-341 002

-19 086

-360 866

-9 038

-227 657

-92096

-36.ÿ/o

919.æ/o

-734273 4'1.00/n

94025 2.7o/o

Net iacome of comolidated compmies t143208 1125666 879911 -21.80 420821 -52.2%

Shæ in the income of equity-æcôuoted compmies -27 484 -24775 -13 650 44.9o/o -11 365 76.70/o

Net income fmm ongoiag opemtiom t1:21724 I 100 891 ffi261 -2l.3Yo 4$ 456 -52.7v"

Net income of discontinued operations n.a

Consolidated net income 11217',24 1100 891 ffi261 -21.3?/, q9 456 -52.70Â

Mnority intuests -172 56{l -9't 721; -102352 77.6Yo -32873 -67.9%

NIGS,/TO 14.7/6 13.6% t2vÀ 4.7pæ 9.3% -i.6pæ

Bæic income per shæ (n MÂD)

Diluted iræme per shæe (inMÂD)

3.16

3.76

3.1.6

3.76

2.39

2.39

-24.4o/o

-24.40k

1.18

1.18

-50.6%

-5O.60/o

. .;,,t,, i )t:;)+\ \.!,! )i: I

,ii i r.:.i::ll,l ! t.l i{: ll j

i:I lt ri," i r'i i;ii, .,1'r.! i{,:l

Tmover

Other operatingincome

2 562 465

-62A 857

2 562 465

42û 857

2476 837

-757 368

-21.30k

-21,.00k

Income from ordinary activities 1 941 609 1941609 rxï 463 -54.ïVo

Consumed purchases of materials ând goods

Persomel expenses

Txes and duties

Depteciation, amortization and operating provisioos

Other operating income and expeflses

-1254270

-1.1.8 772

-14 976

75 636

-103 673

-1 254210

-1,'j.8 772

-1,4 976

63 638

-103 673

-841 768

-n0n6

-13 397

179 720

42322

-32.90h

-1,5.60/0

-10.5"k

182.40k

-39.9%

Current operating expeûses -1 475 995 -1427 993 -837 973 -4L.3o/o

Sale ofassets

Other non-recurring operating income and expenses

0

28 263

0

28263

0

26 776

1LA

-7.4o/o

Other operating income and expenses 28263 28263 26 t76 -7.4o/o

Cost of net furarcial debt

Other finmcial incme

Other financial expenses

-279 215

21.6 1.43

58 513

-21,9 21.5

216 1.43

122 367

-189 313

174 585

L47 558

1.3.6'k

-1,9.2o/o

20.6"/0

Financial income 55 441 t79 295 ,^3.28n0 L1,30Â

Pre-tax income of consolidated companies 549 317 66tft4 586 497 -1L30Â

Corporate income tax

Deferred tax

-87 438

41919

-81 438

:76 595

-50 106

-108 348

42.tok

-41..5V"

Net income of consolidated compâ[ies 419gffi 4ÿ7 147 42Â 043 -7i-90Â

Share in the incorne of equity accounted compaaies 4 651 4 651 -5 905 -26.90k

Net income from ongoing operations 415 309 4924X) 4721i8 -14.3o/o

Net income of discontinued operations fr.z.

Consolidated net income 475 309 49249o 4»,1i8 -14.30Â

Minodty interests -41.404 -37 954 -87 613 -1.1.5.20k

NIGS//TO 14.6% 17 7% ,6-90À 4.8 pts

Basic income per share (in MAD)

Diluted income per share (in MAD)

1.17

1,.17

1.42

1.42

1.06

1.06

i

--§iB'*u9$, aËà*t t "to'

'

Part IV: Risks

L lssuer-relateelrisks

The soaring price of land is a risk noted in recent years because of population grovÿth and the facütation ofaccess to credit. Flowever, tlris risk is mitigated by the government's desire to create 15 new cities by 2020that will provide additional laûd irl urban ateas, which will tend to dampen the surge in prices

The increase in land prices is Jikely to have a negative impact on the profit margin.

In response to this risk, Douja Promotion Groupe Addoha has adopted the following meâsrres:

" Establishment of parkrerships with public bodies under which the latter undertake 1o 66§ilize land andtransfer it to the Company;

. Decision to extend its field of intervention through the implementation of several prograrns inCasablatca, but also in Tangier, Agadir, Marrakech, Rabat-Salé, Fez, Tamesna and several countries inSub-Saharan Afttca (Guinea, Côte d'Ivoire, Cameroon, Senegal and Chad);

' Diversi,Ëcation of its programs by also engaging in medium-standing housing projects rrot subject to a

price cap by t-he Administration

It should also be noted that the public authorities are continuing their desire to extend the urban perimeterof several cities in the Kingdom, parriculady in Casablanca.

The absence of baniers to entry and the favorable profit prospects offered by the sector have had, andcontinue to have, the effect of atftac':ngmaûy operâtors to the real estate market. The multiplication ofboth oational and international operators could have a double effect:

. An erosion of margins, as a tesult of increasiogly intense competition;

' Ar increase in the cost of land in certain ateas where tlere is strong demand from prcpety developers.

A decrease in domestic or foreign demand (due to poor intemational conditions) would have a negativeimpact on the health of the sector in general, and on business volume.

In term5 of the social housing defrcit, the Ministry of Housing, in 2018, has set itself the objective of furtherreducing the imbalance to 200,000 units by 2021,

In addition, priot to the start of majot teal estate projects, Douja Promotion Groupe Addoha conducts arelevatt market study upstream i-n order to eflsure the commercial success of the project on tÀe one handand to choose an appropdate positioning on the other hand.

Finally, one of the key elements of the sttategy adopted by Douja Promotion Groupe Addoha consists infavodng so-called liquid ptoducts in its potfolio, such as intetrnediate housing products, as part of a riskdiversification strategy.

Notwithstanding the fact that the measures established by the 2010 Finance Law relating to the consrructionof social housing are guaraûteed until 2020, the evolution of tax regulations could have a negative influenceon the real estâte market and consequently influence the financial situation of operators in the sector.

ulsî*TlLff.^ ",fl I Til:',lr "' . .: ,iir'r ' - ô

'\,is',:'' :t?- iry,'/ u^''"0-1 ":.:aüùr\ ré'-

In order to provide its customers with a quality product, Douja Promotion Groupe Àddoha solicits its

historical paltfleïs to suppolt it in the rc:iizalJion of all its projects. These partners are selected on tle basis

of their technical qualifications and teferences in the construction market in ordet to best meet the proiect

specifications of the vadous DPGÀ subsidiaries in terms of both quality and tutnaround times.

The trust relationship established between DPGÂ and its partners allows it to face the tisk of unavailabüty

of subcontractors due to competition

I significant incr:ease in lendirg ïates âpplied to loans taken out by buyers would be a limiting factor forhousehold housing demand.

This would therefore have a relatively signihcant potential impact on Douja Ptomotion Grcupe Addoha's

turnover and more particularly on the tuû1over generated by the economic housing segmeût.

To mitigate this rish it should be noted that Douja Promotion Groupe Addoha systematically signs

agïeemeflts ril/ith its banking partners so that future buyers of its products can beaefit from loans at attractive

râtes.

This dsk also impacts the Company's ability to boffov/ and pay intetest. To meet these challenges, the Group

has set up a tigorous monito.irg of its outstanding financial debts, making it possible to anticipate payment

of its future installments in an appropriate manreer and to take apptopràte measures accordingly.

It should be aoted that Douja Promotion Groupe Addoha launched the Cash Generation Plan in 2015,

which aims to reduce the Group's overall debt and transform assets i:rto cash, thereby reducing its exposure

to this risk. The PÂC 2O2O (cashpnonty) takes over ftom the CGP §/ith a strateg1r that remains in line with

the ptevious plan.

The development of the Douja Promotion Groupe Âddoha necessarily involves extefllal ânancing needs.

The Group is financed through its equity, credit lines and customer advances'

The difficulties experienced by the real estate sector and its impact on DPGA's business and financial

positioo could have a negative impact on the Company's abüty to continue to obtain flnancing on favorable

terns, if these difficulties are flot overcome.

II" Risks related to the proposed securities

Liquidity risk

Subscribers to Douja Promotion Groupe Âddoha's commetcial p apet miay be exposed to a liquidity rGk ofthe secudty on the secondary private debt market. Indeed, depending on market conditions Gq"idrty,changes in the ÿeld curve, etc.), the liquidity of these debt secudties may be temporady affected.

Intetest tate risk

The commercial paper issue program covered by this note is scheduled to be carried o:ot at ^

fixed rate.

Thus, the value of the securities could rise ot falt depending on the evolution of the reference yield curve

of the secondary treasury bill market published by Bank Al Maghrib-

^." *.ïil.* ,lt t

f 1üï';':'t,-;rrt'1';, ..iu"'t':î. . : lij 't.l:'i,o"" t§i'-,

"'1].i*'ts "-

Dr:uie lrrrn'ri+tir.xr Gnr*i'rr: Àrirlo!r* illfr:rr:rarjt*r Firckag,: Sum:nrary

Risk related to addirional irrdebtedness

The issuer may subsequently issue otler debt ranking at or above the commercial paper covered by thisnote. Such issues would reduce the tecovetable amount by the holders of these securities in the event ofliquidation of ttre issuer.

Risk of aon-pa)rmert (

The commercàl papet coveted by this note is debt securities that are not subiect to repâymert guarantees.Consequentln any investot is subject to the risk of non-repayment ia tle event of Addoha s defàdt.

à It should be noted that these commercial paper arc inteoded to finance tle curreat operatioos of DpGÂovet a maximum pedod of one yea4 arid consequently the tisks inherent tlerein are deemed to be lowercompared to those ælated to long-term pdÿate debt instruments.

DISCLAIMER

the aforàmentioned information is onry " [àrt ôi trrË Information Package rppror,.a uy the MàroccanCapital Market Àuthority (AMMC) on December 9tb,2079 under reference rq". Vrlnrvr/dzt/zOtg.AMMC recommends reading the complete Inforrnation Package made available to the public in French.

-§§F#.-§$§"