Corporate profile : Marsa Maroc in brief ANNUAL REPORT ANNUaL REPORT Marsa Maroc is a multi-speciality port operator and the national

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3 4 Marsa Maroc in brief Corporate profile : Corporate name Date of establishment December 1 st, 2006 Société d exploitation des ports Marsa Maroc Marsa Maroc is a multi-speciality port operator and the national leader in ports operation with a significant presence in all the Kingdom s commercial ports. Legal status Limited Company with Board of Directors and Supervisory Board AUaL RPORT 2011 Registered capital MAD Headquarters 175, Bd Zerktouni Casablanca Morocco Chairman of Board of Directors Mohammed ABDLJALIL Sector of activity Terminals and ports operating within the framework of concessions Turnover million MAD (*) Staff collaborators (*) Global traffic 35.5 million tons (*) Location of terminals ador, Al Hoceima, Tangier, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laayoune, Dakhla Services offered Ship-related services (piloting, towing, mooring, victualing, etc) ; Goods related Since its creation by the end of 2006, Marsa Maroc started a development process going along with the dynamic of the logistics sector in Morocco. Driven by the service quality care and thanks to its qualified human resources and performant equipments, Marsa Maroc strives to offer services along with international standards in all its operated ports. Moreover, Marsa Maroc has the ambition to develop on the international market to become a reference port operator at the regional scale. The obtaining of the Container Terminal 4 concession in the port of Tanger Med II constitutes rightly a major first step in this direction. AUAL RPORT 2011 services (handling on board and on dockside, storing, checking, weighting, containers staffing and unstaffing, etc) ; Related services ( handling, goods staking, loading and unloading of trucks, etc) ; Real-time information (Marsa Container e-service). (*) To the end of

4 6 Table of Contents President s word 9 Presentation of Marsa Maroc 10 Management bodies 10 Marsa Maroc organization chart 11 Highlights of Development 14 Quality 18 Citizenship 20 AUaL RPORT Activity 22 Traffic achievements 24 Financial results 30 Financial Statements 34 Balance sheet (Assets) 36 Balance sheet (Liabilities) 37 Profit and loss account 38 Management accounts 40 Funds statement 41 AUAL RPORT 2011 Contacts 42 7

5 8 By the end of 2011, Marsa Maroc celebrated its fifth anniversary. Those 5 very rich years knew the realization of most projects set in the Company s strategic plan Mohammed Abdeljalil President of the xecutive Board President s Word AUaL RPORT 2011 By the end of 2011, Marsa Maroc celebrated its fifth anniversary. Those 5 very rich years knew the realization of most projects set in the Company s strategic plan. To cite just the most important achievements, there is the concession to operate a container terminal at the future port of Tanger Med II, which will bring the company to the rank of a regional port operator; the improvement of operational performance in operated terminals especially in the container activity; and the operation of new port facilities in the ports of Jorf Lasfar and Tanger Med I. The year 2011 came to a close with positive results as several projects were realized : We completed the construction works of the vertical storage space for cars at the port of Casablanca on time. With this new infrastructure, and in addition to our processing capacity that reaches 200,000 units annually, we can better meet the requirements of vehicles importers and exporters in terms of safety and service quality. At the port of Jorf Lasfar, Marsa Maroc uses a new high-capacity multipurpose terminal which constitutes, thanks to its many advantages, an adequate logistics solution for industries in the region. the establishment of a quality management system for Freight Forwarding at the port of Casablanca. Finally, there is our societal project For a better scooling through which we translate our civic engagement for the improvement of schooling conditions in rural areas. Thus, we are proud to have helped almost 20 children to have access to a day nursery equipped with educational materials. In terms of achievements, Marsa Maroc remains the market leader with a share of 48% of the national port traffic. As for our financial performance, our turnover stood at 1,952 million dirhams, which is in line with our expectations. Those many major achievements encourage us to overcome new challenges in 2012, while keeping our customers satisfaction and the continuous improvement of our quality of service at the heart of our concerns. AUAL RPORT 2011 We also continued our project of improving the quality of service, which we place at the center of our priorities, with the certification of our activity at the port of Tanger Med I, and 9

6 10 Presentation of Marsa Maroc Management bodies Supervisory Board : Mr Abdelaziz RABBAH Mr Younes TAZI Mr Abdelhak KHOUADRA Mr Hamid ZHAR Minister of quipment and Transport, Chairman of the Supervisory Board Vice President of the Supervisory Board Representative of the Ministry of conomy and Finance Secretary of the Supervisory Board Marsa Maroc organization chart Chairman of the xecutive Board Board of Directors : Development Direction Port Operations Managers (*) Tanger Med Project Direction Technical Direction AUaL RPORT 2011 l Mahjoub BAYRI Director and Tanger Med Project Manager Mohammed ABDLJALIL President of the xecutive Board Mustapha SAHABI Financial Manager Financial Direction Human Resources Direction Information Systems Direction Purchase and General Affairs Direction Legal Matters Direction AUAL RPORT 2011 Internal Audit Direction (*) A total of eight: ador, Tangier, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laayoune. Rachid HADI Operations Manager at the port of Casablanca Youssef BAI Development Manager 11

7 2011 Highlights 14 Quality 18 01Development Citizenship 20

8 14 Development Inauguration of a multi-purpose terminal at the port of Jorf Lasfar Completion of construction works of the vertical storage space for vehicles On the 22 nd of December 2011, his Majesty King Mohammed VI, may God assists him, inaugurated the new multi-purpose terminal of the port of Jorf Lasfar. This terminal that is in accordance with international standards, offers to customers an infrastructure, compound of a quay with a length of 310 meters, a depth of 12.5 meters and 9.3 hectares of land. Being the operator of this new terminal, Marsa Maroc was in charge of its installation and securitization in accordance with the provisions of the ISPS code via the installation of removable fences and access spaces for vehicles and pedestrians, as well as the lighting systems of all areas. Launched on the 29 th of March 2010, by His Majesty King Mohammed VI may God assists him, the construction works of the vertical storage space for vehicles were completed in December First of its kind in Morocco, this storage space is a part of the strategic plan of Marsa Maroc, that includes the improvement of service quality for car carriers. The purpose of the new storage space is to meet the needs of vehicles importers and exporters in terms of gains of time, capacity of accommodation and service quality. Built over 5 floors, the building has a surface area of m² and a storage area of m². It has a nominal storage capacity of vehicles and will enable handling some units per year. Through this structuring project, Marsa Maroc intends to follow the dynamism of vehicles imports and exports by the port of Casablanca. AUaL RPORT 2011 This new terminal constitutes an adequate solution for the port logistics operations of our clients thanks to its high capacity, its proximity to the industrial areas of Casablanca and the capacity of its equipment Moreover, and regarding equipment, Marsa Maroc has invested 55 million MAD including mainly the acquisition of mobile cranes with a capacity of 63 tons. Marsa Maroc takes out stakes in «Portnet» Marsa Maroc took out 10% in the capital of the company «Portnet», specialized in electronic data interchange (DI) whose registered capital is 6 million MAD. AUAL RPORT 2011 Rachid ABIOUH Operations Manager Portnet was created by the ational Agency of Ports (Agence ationale des Ports) in a context marked by of the port of Jorf Lasfar a sustained grouth of the national port traffic, the «Portnet» project consists of the development and the implementation of an information system for the national port community. Besides simplifying and dematerializing import and export procedures, this platform aims also to reduce transit time of cargo in ports. 15

9 16 Development Preparation of the operation of Container Terminal 4 in the port of Tanger Med II Within the framework of preparing the commissioning and operating of Container Terminal 4 (TC4) of the port of Tanger Med II, Marsa Maroc has strengthened the structure dedicated to this project. Thus, the Tanger Med II Direction has three departments covering the Technical, Operational and Commercial as well as the Financial and Human Resources functions. The purpose is to prepare the necessary resources to allow a smooth operation of TC4 in terms of human resources, equipment and operations, etc. Quality Certification of the bulk and general cargo terminal at the port of Tanger Med I At the end of June 2011, Marsa Maroc obtained the ISO 9001 certification, 2008 version, of its quality management system for the handling of bulk and general cargo traffics at the port of Tanger Med I. The year 2011 also knows the designation of consultants to participate in the completion of the different worksites, in particular the project financing, studies on port traffic and costs and assistance in project management. The bulk and general cargo terminal has been run by Marsa Maroc since October 2010 under the terms of a subcontract agreement entrusted by TMPA (Tanger Med Port Authority). AUaL RPORT 2011 Through the project of certification of our services at the port of Tanger Med I, we aim at answering all the requirements of our customers and improving their level of satisfaction via the establishment of clear processes meeting their expectations. AUAL RPORT 2011 Mounir SOUI Operations Manager at the port of Tangier 17

10 18 Quality stablishment of a quality management system for Freight Forwarding at the port of Casablanca Operations direction at the port of Casablanca has set up a quality management system for the Freight Citizenship SoCITAL Project «For a better schooling» Forwarding activity in order to better know and master all the processes involved. This action will be followed by a certification audit in Conscious about its corporate responsibility, Marsa Maroc has implemented a social project in partnership with the Association Amis des coles» (Friends of Schools), with the objective of improving the conditions of schooling in the rural environment. The project named «For a better schooling», consists Study on the establishment of reference procedures of contributing to the collective effort entailing the creation of a school environment both pleasant and attractive with the aim of reducing the rate of school dropout in rural areas. Construction of 25 drinking water fountains in schools Marsa Maroc has launched a structuring project aiming the setting up of a Quality Management System For the first year, Marsa Maroc decided to help rural schools in the region of Tata with the aim of improving (QMS) in accordance with the standards of ISO 9001, 2008 version. the hygienic conditions of students. AUaL RPORT 2011 Managed by the internal audit direction, this project is run by a specialized firm in the establishment of reference procedures. It aims at the formalization of Marsa Maroc s processes in order to ensure the achievement of objectives and the coverage of process risks, the harmonization and consistency of our procedures and practices as well as the capitalization on the experience and its integration into the system of quality management. The final objective of this project is assuredly the strengthening of the client orientation Abdellah ACHIR Internal Audit Manager The choice of Tata is justified by the rate of school dropout in this region, which is more than twice that of the national average. In the field, Marsa Maroc contributes through the financing of the provision of 25 drinking water fountains in 25 schools enabling more than students to learn in better conditions of hygiene. Construction of a day-nursery Marsa Maroc funded the building of a day-nursery at Oursstek (a village near Oukaimeden). For the first AUAL RPORT 2011 year of is existence, this center will accommodate 17 children and will also host literacy courses offered to village women. 19

11 20 Citizenship Award of Blue flag for clean beaches operation Marsa Maroc, and for the second time in a row, was awarded the blue flag for its citizen commitment to the «Clean Beaches» operation. It rewards the actions carried out by Marsa Maroc in cleaning up and animating the «Ain Diab xtension» beach. quipment has been provided by the team of Marsa Maroc at the port of Casablanca in order to beautify rest spaces as well as for security and recreational activities for people visiting this beach during the summer. AUaL RPORT 2011 AUAL RPORT

12 2011 Activity achievements 24 Financial results 30 02Traffic

13 24 Traffic activities Market share of Marsa Maroc in national traffic Traffic handled by Marsa Maroc In 2011, Marsa Maroc handled in its various terminals nearly 48% of national port traffic while preserving its leadership in the majority of segments, in particular that of domestic container traffic with a market share of more than 63%. Global traffic : In 2011 Marsa Maroc handled a global traffic of 35.3 million tons, a volume in stagnation compared to the previous year in spite of the international context marked by the economic crisis. Activity segment traffic : The traffic achievements show, on one hand, a rise in solid and liquid bulks and new vehicles traffics and on the other hand, a drop in conventional and container segments. Marsa Maroc s market share in the Container ational Traffic The liquid bulks segment registered a volume of nearly 15.4 million tons registering a slight rise of 3% explainable by the rise in hydrocarbons import in the port of Mohammedia. 8% Operations Direction at the Port of Casablanca AUaL RPORT % 29% 12% Operations Direction at the Port of Agadir Somaport Tanger Med volution of liquid bulks traffic by product in tons AUAL RPORT

14 26 Traffic activities The solid bulks segment reported more than 11 million tons, a rise of 13% thanks to the good performance in cereals traffic which registered a substantial rise of 100%, and to coal and petcoke traffic that increased by 18%. The conventional traffic segment knew a drop of 5% settling at 2.9 million tons. The main traffics volution of solid bulks traffic by product in tons behind this drop were sheet metal coils, wood and billets. volution of main conventional traffics in tons The container traffic segment registered a decrease of 13% with a handled volume of TUs (Twenty foot equivalent) explainable by the effect of competition in the port of Casablanca and by AUaL RPORT 2011 the decline in citrus fruits, early vegetables and frozen fish traffics in the port of Agadir. volution of the containerized traffic by port in TU The new vehicles and engines segment amounted to more than units handled at the port of Casablanca where they registered a rise of 39% compared to the previous year. volution of new vehicles and engines traffic in units AUAL RPORT

15 28 Traffic activities The passengers traffic segment amounted to 2.24 million passengers including cruisers registering a decline of 27%. traffic by port : In 2011, except the port of Tangier where almost the totality of traffic was transferred to the port of Tanger volution of passenger traffic by port Med, all the facilities operated by Marsa Maroc saw their activity rising or stagnating compared to the previous year. Traffic volution by port in thousand tons AUaL RPORT 2011 AUAL RPORT

16 30 Financial performance Turnover evolution Breakdown of 2011 turnover by port The turnover reported by Marsa Maroc in 2011 reached million MAD vs million MAD in 2010, a drop of 117 million MAD and of 6%. TITIS CPOD MPOD APOD JLPOD POD SPOD LPOD TPOD DPOD Others TOTAL TUROVR (In million of MAD) Compared to the initial forecasts, turnover for 2011 was down by 3%. The drop registered against 2010 is explainable by two major factors ; The definitive transfer of the totality of the traffic of the port of Tangier city to the port of Tanger Med ; The drop in market share of Marsa Maroc at the port of Casablanca due to competition of the 2 nd operator. 9% 8% 5% 4% 3% 2% 1% 57% CPOD MPOD APOD JLPOD POD SPOD LPOD TPOD DPOD Others Turnover volution in millions of MAD % AUaL RPORT 2011 Breakdown of turnover 2011 by services provided 8% 2% AUAL RPORT 2011 (*) Forecast 90% Handling services Ship-related services Other services 31

17 32 Financial performance volution of operating expenses volution of operating results and net profit in millions of MAD At the end of December 2011, operating expenses amounted to Million MAD against Million MAD reported over the same period in 2010, a decrease of 1% under the effect of the drop in level of purchases (-2%), other external expenses (-15%) in addition to taxes and duties (-14%). Operating profit et income The operating expenses also fell by 6% compared to the forecasts for volution of operating expenses in millions of MAD (*) Forecast 2011 capital budget performance : AUaL RPORT volution of income (*) Forecast At the end of December 2011, the operating income amounted to 426 million MAD vs. 549 million MAD Compared to the budget set aside for 2011 amounting to 509 million MAD, at the end of 2011 commitments reached a total of 181 million MAD, a rate of 36%. Studies & Financial interest Infrastructures quipments AUAL RPORT 2011 reported for the same period in 2010, a decline of 22%. As for the net income in financial year 2011, it fell from 410 million MAD at the end of December 2010 to 210 million MAD at the end of 2011, a drop of 50%. 33

18 Financial Statements sheet (Assets) 36 sheet (Liabilities) 37 Profit and loss account 38 Management accounts 40 03Balance Funds statement 41

19 36 Financial Statements BALAC SHT (ASSTS) Financial Year from 01/01/2011 to 31/12/2011 BALAC SHT (LIABILITIS) Financial Year from 01/01/2011 to 31/12/2011 ASSTS GROSS FIACIAL YAR DPRCIATIOS AD PROVISIOS T 31/12/2011 PRVIOUS FIACIAL YAR T 31/12/2010 LIABILITIS FIACIAL YAR 31/12/2011 PRVIOUS FIACIAL YAR 31/12/2010 SHARHOLDRS QUITY , ,26 DFRRD XPSS RCORDD AS ASST (A) Personal funds or registered capital , ,00 ITAGIBL FIXD ASSTS (B) , , , ,39 Shareholders, uncalled subscribed Other intangible fixed assets , , , ,39 Share premiums, merger premiums, TAGIBL FIXD ASSTS (C) , , , ,00 Revaluation adjustment Lands , , , ,34 Reserve , ,55 AUaL RPORT 2011 F I X D A S S T S C U R R T A S S T S C AS H P O SI T I O Buildings , , , ,09 Technical fittings, material and equipment , , , ,71 transportation equipment , , , ,38 Furniture, office equipment and various facilities , , , ,55 Other tangible fixed assets , , , ,38 Tangible fixed assets in process , , ,55 CAPITAL ASSTS (D) , , , ,17 Fixed advances , , , ,02 Other financial claims , , , ,15 quity securities , , ,00 ASST TRASLATIO ADJUSTMT () ,18 Increase in financing debts ,18 TOTAL I (A+B+C+D+) , , , ,74 STOCKS (F) , , , ,34 Supplies , , , ,84 Work in process inventory , , ,50 FLOATIG ASST RCIVABLS (G) , , , ,35 Advances to suppliers, Advances and payments on account , , ,19 Trade account receivable and related accounts , , , ,70 Staff , , ,96 Government , , ,73 Current accounts - Other receivables , , , ,60 Accruals , , ,17 SCURITIS AD IVSTMT SCURITIS (H) , , ,82 TOTAL II (F+G+H+I) , , , ,51 CASH RSOURCS - ASST , , , ,76 Uncashed cheques and instruments , , , ,41 Banks, TG and CP , , ,28 Cash, imprests and sums at disposal , , ,07 TOTAL III , , , ,76 GRAD TOTAL I + II + III , , , ,01 P R M A T F I A C M T C U R R T L I A B I L I T I S C AS H P O SI T I O Other reserves (2) , ,41 Balance carried forward , ,12 Incomes pending allocation (2) Income of the Financial Year (2) , ,18 SHARHOLDRS QUITY TOTAL (A) , ,26 QUIVALT SHARHOLDRS QUITY (B) , ,02 Amortization expense , ,02 FIACIG DBTS (C) , ,50 Debenture loans Other financing debts , ,50 PRMAT PROVISIOS FOR RISK XPOSURS AD XPSS (D) , ,32 Provisions for risk exposures , ,07 Provisions for expenses , ,25 COVRSIO RAT ADJUSTMT (F) ,05 - Decrease in financing debts ,05 TOTAL I (A+B+C+D) , ,10 DBTS OF TH FLOATIG LIABILITY (F) , ,67 Trade accounts payable and related accounts , ,18 Advances and payments on account from customers , ,01 Staff , ,38 Social institutions , ,16 Government , ,02 Current accounts 232,64 178,20 Other creditors , ,74 Accruals , ,98 Translation Adjustments Liabilities (H) , ,49 TOTAL II (F + G + H) , ,16 CASH RSOURCS - LIABILITY , ,75 Banks (credit balances) , ,75 TOTAL III , ,75 GRAD TOTAL I + II + III , ,01 (1) Debit personal funds (2) Beneficiary (+) In the red (-) AUAL RPORT

20 38 Financial Statements PROFIT AD LOSS ACCOUT (xcluding Tax) Financial Year from 01/01/2011 to 31/12/2011 PROFIT AD LOSS ACCOUT (xcluding Tax) Financial Year from 01/01/2011 to 31/12/2011 OPRATIOS TOTALS OF TH TOTALS OF TH OPRATIOS TOTALS OF TH TOTALS OF TH PROFIT AD LOSS ACCOUT Financial Year A PRVIOUS Financial Year B Financial Year /12/2011 C = A + B PRVIOUS Financial Year 31/12/2010 D PROFIT AD LOSS ACCOUT Financial Year A PRVIOUS Financial Year B Financial Year /12/2011 C = A + B PRVIOUS Financial Year 31/12/2010 D I. OPRATIG ICOM , , ,13 IX. O CURRT XPSS , , , ,12 et worth of transfered fixed assets depreciation , , ,91 Other non current expenses , , , ,38 on current depreciation and estimated expenses , , ,83 TOTAL IX , , , ,12 X. O CURRT ICOM (VIIIX) , , , ,29 XI. ICOM BFOR TAXS (VII+X) , , , ,40 XII. ICOM TAXS(*) , , ,22 XIII. T ICOM (XI - XII) , , , ,18 XIV. ICOM TOTAL (I + IV + VIII) , , , ,55 XV. XPS TOTAL (II + V + IX + XII) , , , ,37 XVI T ICOM (Income total - xpense total) , , , ,18 O P R A T I G I C O M Sales of assets and services produced , , ,43 Operating recovery: transfers of expenses , , ,70 TOTAL I , , ,13 II. OPRATIG COSTS , , , ,38 Consumed purchases of materials and supplies (1) , , , ,09 Other external expenses , , , ,57 Duties and taxes , , ,86 Payroll , , , ,58 Other operating costs - - Operating expenses ,46 0, , ,28 TOTAL II , , , ,38 O C U R R T III. OPRATIG RSULTS (I - II) , , , ,75 IV. FIACIAL ICOM , , ,59 Income of investments and other long-term investments , , ,00 1) Inventory change : final inventory - initial inventory ; increase (+) decrease (-) 2) Consumed or resold purchases : purchases - inventory change Foreign exchange loss , , ,77 AUaL RPORT 2011 F I A C I G Interest income and other financial income , , ,94 Financial reversals: transfers of expenses , , ,88 TOTAL IV , , ,59 V. FIACIAL XPSS , , ,65 Interest expenses , , ,85 xchange loss , , ,86 Other financial expenses , , ,76 Financial expenses , , ,18 TOTAL V , , ,65 AUAL RPORT 2011 VI. FIACIAL ICOM (IV-V) , , ,94 O C U R R T VII. CURRT ICOM (III - VI) , , , ,69 VIII. O CURRT ICOM , , , ,83 Disposals income , , ,00 Other non current income , , , ,92 on current reversals: transfers of expenses , , ,91 TOTAL VIII , , , ,83 39

21 40 Financial Statements CASH FLOW STATMT Financial Year from 01/01/2011 to 31/12/2011 Financial Year Financial Year VARIATIOS (a-b) AUaL RPORT 2011 MAAGMT ACCOUT (MA) Financial Year from 01/01/2011 to 31/12/2011 TOTALS OF TH Financial year 2011 TOTALS OF TH Financial year 2010 I. MAAGMT ACCOUTS RAALYSIS FORM (MARF) I + PRODUCTIO OF TH FIACIAL YAR: (1+2+3) , ,43 1 Purchases of produced goods and services , ,43 2 Inventory changes 3 Fixed assets produced by the company for itslef II - COSUMPTIO OF TH FIACIAL YAR: (4+5) , ,66 4 Consumed purchases of materials and supplies , ,09 5 Other external expenses , ,57 III = VALU ADDD (I -II) , , Operating grants 7 - Duties & taxes , , Payroll , ,58 IV = arnings before interest, taxes, depreciation & amortization (BITDA) , , Other operating incomes 10 - Other operating expenses 11 + Operating reversals: transfers , , Operating expenses , ,28 V = OPRATIG RSULTS (+ ou -) , ,75 VI + - FIACIAL ICOM , ,94 VII = CURRT ICOM (+ OU -) , ,69 VIII + - O CURRT ICOM , , Income taxes , ,22 IX = T ICOM OF TH FIACIAL YAR (+ ou -) , ,18 II. SLF-FIACIG CAPACITY / SLF-FIACIG 1 et income of the Financial year , , Operating expenses (1) , , Financial expenses (1) , , on current expenses (1) , , Operating reversals (2) , , Financial reversals (2) , , on current reversals (2) (3) , , Disposals income , , et worth of transfered fixed assets depreciation , ,91 I CASH FLOWS FROM OPRATIG ACTIVITIS , ,45 10 Distribution of earnings , ,00 II SLF-FIACIG , ,45 (1) xcluding the expenses relating to the treasury floating assets and liabilities OTA : The Self-financing Capacity can also be calculated based on earnings before interests, taxes, dépreciation and amortization (2) xcluding the reversals relating to the treasury floating assets and liabilities (3) Including reversals on investment grants A S S T S 31/12//2011 (a) 31/12/2010 (b) APPROPRIATIOS ( c) RSOURCS (d) Permanent financing , , ,13 Minus fixed asset , , ,74 = WORKIG CAPITAL (A) FUCTIOAL (1-2) , , ,87 Floating assets , , ,30 Minus floating assets , , ,25 = FIACIG RQUIRMT (B) GLOBAL (4-5) , , ,55 T CASH (ASST - LIABILITY) = A - B , , ,32 A S S T S APPROPRIATIOS (a) Financial Year RSOURCS (b) APPROPRIATIOS ( a) PRVIOUS Financial Year RSOURCS (b) I. PRMAT RSOURCS OF TH FIACIAL YAR (FLOW) , ,74 SLF-FIACIG (A) , ,45 Funds from operations , ,45 Disribution of earnings , ,00 DISPOSLAS AD DCRAS OF CAPITAL ASSTS (B) , ,29 Disposals of intangible assets Disposals of tangible assets , ,00 Disposals of capital assets onperforming assets recovery , ,29 Intangible assets withdrawal , ,00 ICRAS I CAPITALS AD QUIVALTS (C) Increase in capital, contributions Capital grants OTHR RSOURCS ICRAS I FIACIG DBTS (D) (net of redemption premiums TOTAL 1 : PRMAT RSOURCS , ,74 II. PRMAT APPROPRIATIOS OF TH FIACIAL YAR (FLOW) , ,74 ACQUISITIO AD ICRAS OF FIXD ASSTS (') , ,90 Acquisitions of intangible assets , ,78 Acquisition of tangible assets , ,42 Acquisitions of capital assets Increase in nonperforming debt , ,70 RDMPTIO OF CAPITAL (F) RDMPTIO OF FIACIG DBTS (G) , ,84 APPROPRIATIOS AS DFRRD CHARGS (H) TOTAL II - PRMAT APPROPRIATIOS ( + F + G + H) , ,74 III. VARIATIO I TH GLOBAL FIACIG RQUIRMT (G.F.R) , ,66 IV. VARIATIO I CASH FLOW , ,66 GRAD TOTAL , , , ,40 AUAL RPORT

22 Contacts 04

23 44 COTACTS Head quarter 175, Bd. Zerktouni Casablanca - Maroc Jorf Lasfar km 22 Route d l Jadida - B.P Plateau Rl Jadida Tél. : Fax : Tél. : / /13 - Fax : r_abinouh@marsamaroc.co.ma Development Direction Tél. : Fax : y_bennani@marsamaroc.co.ma Safi B.P 8 fond de Mer - Safi Tél. : / Fax : Ports ador : B.P. BB Béni-nsar - ADOR Tél. : (6LG) - Fax : h_oubaha@marsamaroc.co.ma Agadir Agadir : B.P. 36 Agadir Port Tél. : Fax : k_mansour@marsamaroc.co.ma Al Hoceima : B.P. BB Béni-nsar - ADOR AUaL RPORT 2011 Tél. : Fax : h_oubaha@marsamaroc.co.ma Tanger : Port de Commerce - B.P Tanger Tél. : à 45 - Fax : m_sennouni@marsamaroc.co.ma Mohammedia : Port de Commerce - B-P 98 - Mohammedia Tél. : Fax : Laâyoune Dakhla B.P. 48 lmersa Tél. : Fax : bouassam@marsamaroc.co.ma ouveau Port de Dakhla - B.P Dakhla Tél. : / Fax : n_boumezzough@marsamaroc.co.ma AUAL RPORT 2011 s_asbaai@marsamaroc.co.ma Casablanca : Port des Al Mohades - Casablanca Tél. : (15 LG) - Fax : r_hadi@marsamaroc.co.ma 45

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25 Head Quarter 175, Bd Zerktouni Casablanca - Maroc Tél.: Fax :