IPO Monitor

Status

Exchange

Sector

Country of Incorporation

Shares Offered

Offer Size

Percentage Offered

Issue Price

Total Equity Value

-Type I: Employees of Alliances Développement Immobilier and its subsidiaries: can subscribe up to 24 times their monthly salary: 55,000 shares or 1.9% of the offering.
-Type II: Foreign and Moroccan applicants in addition to Foreign and Moroccan legal entities not included in Type IV, V and VI, giving orders to less or equal to 365 Shares: 874,500 shares or 30% of the offering.
-Type III: Foreign and Moroccan Applicants in addition to Foreign and Moroccan legal entities not included in Type IV, V and VI, giving orders to more than 7,300 Shares and less or equal to 29,200 Shares: 236,500 shares or 8.1% of the offering.
-Type IV: Moroccan legal entities investing in securities, which have been operating for at least 1 year on the date of 01-Apr-08, giving orders to less or equal to 73,000 Shares: 204,050 shares or 7% of the offering.
-Type V: Foreign legal entities investing in stocks, which have been operating for at least 1 year on the date of 01-Apr-08, giving orders to less or equal to 145,000 Shares: 524,700 shares or 18% of the offering.
-Type VI: Moroccan and foreign legal entities (Insurance and reinsurance companies, pension and retirement institutions, banks, and the CDG) giving orders to less or equal to 291,500 shares, in addition to mutual funds giving orders to less or equal to 145,750 Shares: 1,020,250 shares or 35% of the offering.

Share price: MAD 685; MAD 100 Par Value + MAD 585 Premium

The offer consists of 1,815,000 existing shares and 1,100,000 new shares.

In case of high oversubscription, the lead manager, in agreement with Casablanca stock exchange, has the right to close the subscription period on 03-Jul-08 instead of 07-Jul-08 the official closing date.

Subscription results:
Type I was oversubscribed 1.21 times.
Type II was oversubscribed 5.88 times
Type III was oversubscribed 83.33 times.
Type IV was oversubscribed 18.94 times.
Type V was oversubscribed 4.12 times.
Type VI was oversubscribed 52.63 times.

Open Date

Closing Date

Allocation Date

Distribution Date

Listing Date

Lead Manager

Attijari Finances Corporation

Financial Advisor

Attijari Finances Corporation

Legal Advisor

FIDUMACO

Lead receiving bank: Attijari Intermediation

Receiving banks: Attijariwafa Bank, Banque Populaire, Upline Securities, Safabourse, Dar Tawfir, Artbourse