EQUITY MARKET IPO fees When your company is listed on the Casablanca Stock Exchange, you will have to pay IPO fees of 0.10% ex. VAT. Subscribers will also have to pay these fees. Annual listing fees  Share capital at 31/12/Y-1 Parties concerned Annual fees (excl. VAT) Less than MAD100m   Issuer   MAD 5,000 MAD100-200m Issuer MAD 10 000 More than MAD100m   Issuer   MAD 15 000 BOND MARKET IPO fees IPO fees in the bond market are 0.05% ex. VAT, payable by the issuer and subscribers and are limited to a maximum MAD 10,000 ex. VAT for each party. Annual listing fees Once the bond is listed, the corporate issuer must pay annual listing fees as follows:  Amount due at 31/12/Y-1 Fees ex. VAT (*) Maximum per issuer ex. VAT Less than MAD100m   MAD 2,500   MAD 50,000 MAD100-500m MAD 7,500 MAD 50,000 More than MAD500m   MAD 15,000   MAD 50,000 (*) : VAT payable on trades at the Casablanca Stock Exchange has risen from 7% to 10% in accordance with Article 101 of the Finance Law Number 35-05 for 2006.