In accordance with the provisions of Decree No 2-02-556 of 24 February 2003, as amended and supplemented, the Moroccan Securities Ethics Council (CDVM) discloses publicly the transactions conducted during the month of may 2012 by the companies which obtained approval from General Meetings to initiate a stock buy-back program, in order to adjust their share price.

These transactions were carried out by the said companies either directly, or via their subsidiaries or controlled companies.

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