A n n u al Report Annual Report 2008

Annual Report Annual Report 2008

Company name : Société d exploitation des ports - Marsa Maroc Date of establishment : December 1 st, 2006 Legal status : Public Limited Company with Executive and Supervisory Boards Share Capital : 733.956.000 MAD Registered Offi ce : 175 Bd Zerktouni 20 100 Casablanca Morocco President of the Executive Board : Mr Mohammed ABDELJALIL Business area : Terminals and ports operating within the framework of concessions Turnover : 2.980 Million MAD Staff : 2.204 Global traffi c : 41.3 Million tons Operated ports : Nador, Tangier, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laâyoune and Dakhla

President s word Presentation of Marsa Maroc Management Method Activity and Services Main terminals Table of contents Table of contents 4 7 9 10 12 Highlights Ports Business Marsa Maroc s Activity 15 16 17 A n n u a l R e p o r t 2 0 0 8 Strategy & Development Strategic Plan CAP 15 Development Projects Structuring Projects 21 22 24 25 2008 Results Consolidated Traffic, Financial and Budgetary Accounts Variation by Location Financial Statements 27 28 35 45 Appendices 53 Contacts 57

President s word President s word 6

In 2008, Marsa Maroc had set among its priorities to improve the quality of service at the port of Casablanca. Recorded in continuation of the «port of Casablanca roadmap» agreed between the government and the CGEM on December 14 th, 2007, an ambitious action plan has been implemented by the company. Thanks to the mobilization of its human resources, the investments made to enhance the port equipments and the reorganization of its operating processes, Marsa Maroc was able to meet the expectations of the port community which witnessed a marked improvement in operational performance of the container s terminals at the port of Casablanca. In terms of financial achievements, the 2008 turnover stood exceptionally at 3 billion Dirhams of which 340 million were transferred according to the subcontract in transition period so being a reprocessed turnover of about 2.6 billion Dirhams. This cyclical performance is due to the record level of trade combined with delayed start of competing terminals and maintaining in Tangier City of the TIR traffic whose transfer to Tanger Med will be delayed for one year over our forecasts. Also, we should expect a reduction of the turnover during the next two financial years with a gradual return to its normative level. Meanwhile, this year saw the launch of our business plan «CAP15» designed around fifteen strategic priority projects. The implementation of these projects, organized around the axis of growth, maintenance and modernization of existing activities, is based on strengthening the fundamentals of the company. Thus, Marsa Maroc has committed itself in a plan of revision of its human resources management policy in order to develop a culture of performance. Plans for strengthening the management control and risk management have been started as well. After a year full of achievements in 2008 and launch of structuring projects, we enter the year 2009 with the will to carry out our development projects and to persevere in the direction of continuous improvement of our quality of service. Have a good reading. Mr. Mohammed ABDELJALIL President of the Executive Board 5

Presentation of Marsa Maroc Presentation of Marsa Maroc Management Method Activity and Services Main terminals

Marsa Maroc Presentation of Marsa Maroc Ports Business Reform Marsa Maroc was established in December 2006 further to the dissolution of the former Office d Exploitation des Ports in the framework of the ports business reform. Thus, the law 15-02 on ports reform which came into force in December 2006 has deeply changed the functioning of the national ports sector with three main objectives: Clarification of roles and split of functions of authority and business operations; Introduction of competition between port operators; Unification of handling operations therefore ending breach of responsibility in the handling chain. In this new configuration, and in competition with other operators, Marsa Maroc takes in charge operating terminals and wharfs within the framework of concession contracts with the Agence Nationale des Ports which is entrusted with missions of authority, regulation and development of ports capacities. 8

Management Method Marsa Maroc was set up in December 2006, as a limited company with Executive and Supervisory Boards. The Supervisory Board, chaired by Mr Karim GHELLAB, Minister of Equipment and Transport, carries out continuous monitoring of the Company s management by the Executive Board and approves the major strategic orientations of the company. The Supervisory Board chaired by Mr Karim GHELLAB Executive Board, chaired by Mr Mohammed ABELJALIL, is the company s management body. It is vested with abilities to make commercial, technical, financial and social decisions. Mohammed ABDELJALIL President of the Executive Board El Mahjoub BAYRI Technical Director and Interim Development Director Mustapha SAHABI Finance Director Rachid HADI Operations Director in the Port of Casablanca Youssef BENNANI Human Resources and General Affairs Director 9

Marsa Maroc Presentation of Marsa Maroc Integrated Port Logistics Mission Marsa Maroc is assigned to the mission of creating value for its customers at each step of the port s logistics chain. Services Marsa Maroc offers to its customers, importers, exporters, shipowners, shipping agents, and freight-forwarders, a range of diversified services: Port operations: Main services: on board and dockside handling, warehousing, checking, weighing, loading and unloading containers and trailers. Other Services: stevedoring, loading and unloading trucks and other port logistical support services.. Maritime services: Piloting, towing, mooring as well as supplying water and electricity. e-services: The e-service «Marsa Conteneur» enables the customers an access to real-time information about the different stages of their containers transit. 10

A multi-location Implementation Marsa Maroc is present in the 10 major ports of the Kingdom. This diversity has vested it with the nature of a multi-services port operator taking in charge various kinds of traffic. Mohammedia Liquid bulks : hydrocarbons Tangier City Passengers Al Hoceima Passengers Casablanca Containers, Ro-Ro, conventional shipments and dry bulks Nador Ores, billets and Passengers Jorf Lasfar Dry bulks and hydrocarbons Safi Ores ROYAUME DU MAROC Agadir Containers, citrus and early fruits Laayoune Sand, containers, hydrocarbons and ores Dakhla Refrigerated containers and fish products 11

Marsa Maroc Presentation of Marsa Maroc Main terminals To meet the specific needs of each kind of traffic, Marsa Maroc provides its customers with specialized equipments and human resources. Containers terminal of the port of Casablanca Containers activity 620 m quay with a depth of 12 m. Equipped with 6 gantry cranes for containers and high capacity equipments, including straddle carriers with 3 levels of storage. Equipped with a universally renowned automated system of management, used in world largest terminals. Accomodates a capacity of 650 000 TEU each year. Commercial quay of the port of Jorf Lasfar Dry bulks activity 682 ml quay with a depth of 12.5 m. 5 berthing posts. Equipped with large capacity cranes: 38 and 40 tons. Main cargo handled: Petroleum coke, fertilizers and scrap metal. Oil handling terminal of the port of Mohammedia Liquid bulks activity 580 ml quay with a depth of 17 m, 2 berthing posts. A hosting capacity of 150,000 TPL vessels. Equipped with fire detection and sprinklers safety device based on the latest technology. More than 9 million tons of oil handled yearly. 12

Ro-Ro terminal of the port of Casablanca Ro-Ro activity 3 ramps with a capacity of 100 tons. A storage capacity of 5800 units. Nearly 100,000 vehicles per year. Maritime stations of Tangier and Nador ports Passengers activity Tangier 5 car ferry berthing posts. 4 telescopic bridges for passengers. 2 maritime stations with a surface of 1,400 m 2 and 1,800 m 2 respectively. More than 1,300,000 passengers per year. Nador 680 ml quay, 4 berthing posts. 1 reception hall of 3500 m 2. 3 bridges for passengers. More than 400,000 passengers per year. 13

2008 Highlights 2 0 0 8 H i g h l i g h t s Ports business Marsa Maroc s activity

2008 Highlights 2008 Highlights Ports business Launching of construction work of a new container s terminal at the port of Casablanca. In November 2008, His Majesty King Mohammed VI launched the construction of the Containers Terminal 3 (TC3). With a capacity of 600,000 TEU, the new terminal has a quay length of 600 m with a depth between 12m and 14 m. Start of new activities at the port of Tanger Med. In March 2008, containers import/export traffic activity started at Containers Terminal 1, operated by APM Terminals Tangiers; In November 2008, the TIR activity was launched at the RO-RO terminal of Tanger Med. Implementation of Containers Terminal 2 at the port of Tanger Med Conceded to the Consortium formed by the operator Eurogate-Contship and the shipping companies MSC and CMA-CGM, the Containers Terminal 2 started operating in July 2008. 16

Marsa Maroc s Activities Projects and achievements Implementation of Marsa Maroc s strategic plan «CAP 15» by the launching of the first strategic projects: obtaining new concessions ; integrating Freight Forwarding (Port to Door) ; improving the quality of service and industrial performance ; developping partnerships with industrials. Launching of the project of a vertical storage space construction in the port of Casablanca. This car park will provide a capacity of 6.000 vehicles as well as value-added services. 17

2008 Highlights 2008 Highlights Improving performances Marsa Maroc achieved all the actions included in the roadmap for «containers waiting time reduction at the port of Casablanca». Thus, the period April-December 2008 registered a good performance in terms of operational indicators, such as: reducing the average vessels waiting time by 65% ; improving vessels daily productivity by 11% ; reducing trucks loading time by 36% ; increasing the number of daily delivered containers by 11%. Investments New equipments has been purchased to improve service quality and to support traffic growth. The main purchased equipments are : 24 straddle carriers for the ports of Casablanca and Agadir (178 MMAD) ; A tugboat for the port of Laâyoune (55 MMAD) ; Two mineral ore conveyors for the port of Laâyoune (3.8 MMAD). 18

27 forklifts including 2 for the port of Dakhla, the others for the port of Casablanca (31.5 MMAD); 5 loaders for the ports of Nador (2), Jorf Lasfar (1), Laâyoune (2) for an amount of (10 MMAD); 8 industrial tractors for the port of Casablanca (10.5 MMAD). 5 rail mounted cranes, 2 for the port of Casablanca, 2 for the port of Nador, 1 for the port of Jorf Lasfar (186 MMAD); 41 industrial tractors including 38 for the port of Casablanca and 3 for the port of Jorf Lasfar (65 MMAD); 15 forklifts including 10 for the port of Casablanca, 3 for Nador, 1 for Jorf Lasfar, 1 for Laâyoune (58.6 MMAD); 1 towboat for the port of Mohammedia (3.2 MMAD). The renovation and implementation of two oil delivery systems and the pipeline 24 connecting SAMIR to the port of Mohammedia, have reduced by half the average stay at berth of ships importing refined products (Oil Handling Terminal). 19

2008 Highlights 2008 Highlights e-services Launching of Marsa Maroc s website: www.marsamaroc.co.ma. This communication tool is particularly dedicated to customers and partners of Marsa Maroc; Launching of Marsa Conteneur e-service for customers of the port of Casablanca to get informed about their containers transit status (loading, unloading, receipt, exit). Citizenship In recognition of the civic action of the Company as part of Clean Beaches 2008 operation, the Mohammed VI Foundation for Environmental Protection has awarded the Commitment Trophy to Marsa Maroc. 20

Strategy & Development S t r a t e g y & D e v e l o p m e n t Strategic Plan CAP 15 Development projects Structuring projects

Strategy & Development Strategic plan CAP 15 Given the major changes experienced by the port business sector including the reform and liberalization of the sector as well as the start of activity of the port of Tanger Med, the strategy adopted by Marsa Maroc aims to maintain its market positions in order to preserve the financial equilibrium of the Company, while focusing on the priorities of growth. So, the strategic plan of Marsa Maroc «CAP 15» revolves around themes of growth and improvement of the present situation as well as a transverse axis of consolidating fundamentals of the company. Growth axis 1 Development of the container s strategic business Obtaining new concessions in Tangier and Casablanca areas. Diversification in surface logistics by the development of dry ports/logistics platforms. Improving the quality of service and operational performance. Growth axis 2 Partnerships with bulks and hydrocarbons industrials near the complex of Jorf Lasfar/Safi This requires Marsa Maroc to establish partnerships with major industrial companies in bulks and hydrocarbons for joint operations and / or development of port infrastructures dedicated to these kinds of traffic. 22

Improvement axis Maintaining and upgrading the other activities Car Carriers: improving the quality of service and the proposal of value-added services in the rapidly growing segment of vehicles traffic; Conversion of Tangier City port: defining Marsa Maroc s position within the framework of Tangier City port restructuration, including passengers and cruises activities; Conventional : commercial partnerships and improvement of the quality of service. The management of these strategic streams requires the consolidation by Marsa Maroc of its fundamentals by implementing an appropriate human resources management, recasting and improving procedures, setting up an effective management control, etc. 23

Strategy & Development Development projects Development of the container strategic business: Obtaining new concessions Marsa Maroc aims to operate new container terminals by obtaining concessions in national ports like Casablanca and Tanger Med or other regional ports (West of Africa). Modernization of car carriers activity: Construction of a multi-storey car park To support the growth of the automotive business, Marsa Maroc plans to build a vertical storage space at the vehicles terminal of the port of Casablanca. Designed in accordance with the best international standards, the terminal will require an investment of 130 million MAD and a completion period of almost 18 months. This building will have a three-storey car park, areas dedicated to value added services as well as delivery and reception areas. With a ground surface of 18,000 m 2, the building will have a storage area of 90,000 m 2 with a capacity of 5,000 to 6,000 cars. Its start up is scheduled for the end of 2011. Development of bulks activities: Capacities Expansion in the port of Jorf Lasfar Implementation of a new multipurpose terminal To meet the needs of an hinterland with an increasing number of industrial units, Marsa Maroc will operate the new multipurpose terminal by the end of 2009. This terminal will offer to the local industries large facilities such as a 320 meters long quay with a depth of 12.5m and an area of 9.5 ha. Implementation of a new oil handling terminal Marsa Maroc will implement, by the end of 2009, an oil handling terminal, «berth 8». With a depth of 15.6 m, this platform will be able to receive ships of large capacity. The quay s facilities meet the needs of the port s hinterland for hydrocarbons as well as serving other regions through cabotage. 24

Structuring projects Human resources: towards a culture of performance Since its establishment, Marsa Maroc has committed itself to develop and deploy a new human resources policy according to its strategic plans. Thanks to its scope, the structural redesign of our human resources policy will upgrade the human resources management. It will become more dynamic, fair and appreciative of the participation, initiative and performance individually as well as collectively. It aims to help employees to prepare their career plans, enhance their motivation and have them joining the dynamic of the company. The study, which was started late November 2007, focused on the main levers of modern human resources management, such as the Management by Objectives, Workforce Planning, Wage and Staff Policies. Management control: for a better guidance In 2008, Marsa Maroc initiated a project for the development of management control with the following objectives: Guiding activities and measuring company s performance based on relevant dashboards. Readjustment and improvement of the current budgeting method to make it evolve from a control spending device to a budget guiding system. Structuring the «management control» within the company and encompassing both its human and organizational aspects. Risk Management: towards quality insurance In order to provide the structure with an operational tool to manage and prepare the quality insurance certification, a project is currently under way, in order to rebuild the procedural repository. Achieving this project is fundamental to the Company s strategy. It covers both operational and functional procedures. In this context, a study of operational risks related to the container s activity at the port of Casablanca was performed. This study provided a map of the process and then enabled to identify, analyze and prioritize the risks linked to the container traffic process. According to their level of mitigation and potential severity, the risks are prioritized in order to identify a list of major hazards with adequate action plans. This pilot project will be reapplied to the other activities of the Company across all operational locations. 25

2008 Results 2008 Results Consolidated Results of Traffi c, Financial and Budgetary. Variation by Location Financial Statements KEY FIGURES 2.200 Employees 3 656 920 41 Billion Dirhams of turnover Million Dirhams of Net Income Thousand TEU handled Million Tons of cargo handled

Traffic Achievements Traffic Achievements Overall traffic Million of tons 50-1,2% 40 +0,5% 30 20-6,5% 10 0 Total Import Total Export Global trafic 2007 2008 In 2008 Marsa Maroc has carried out across its 10 ports a global traffi c of 41.3 million tons compared to 41.81 million tons in 2007. Its market share in the national ports traffi c reaches 62%. tons of cargo 41Million handled Container TEU 1 000 000 +12,6% 2008 was characterized by the following major 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 +11,3% +13,9% trends: Continued growth of containerized traffi c with an increase of 13% compared to 2007. At the port of Agadir, this traffi c increased by 43% which is explained by the switch of citrus and early fruits traffi c from the TIR and conventional methods to the container method and the reinforcement of 0 Total Import Total Export Global trafic the container carriers shipping lines. 2007 2008 TEU 1 000 000 900 000 800 000 700 000 600 000 500 000 +12,4% +12,6% With 793 257 TEU*, Marsa Maroc s facilities at the port of Casablanca contributed with 86% to the global container traffi c handled by Marsa Maroc. The port of Tangier s traffi c fell by 50% because 400 000 300 000 200 000 100 000-49,5% +43% of the transfer of the container s traffi c from Tangier City port to Tangier Med port. 0 Casablanca Tangier Agadir Total * TEU: Twenty-foot Equivalent Unit. 2007 2008 28

Véhicules New vehicles neufs traffic Units 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 +21% 2007 2008 Sustained growth of vehicles traffi c approaching the level of 100,000 units with 99,896 vehicles handled in 2008 and an increase of 21%. The export-bound vehicles fl ow effectively started in 2008 with 6,124 units against 352 units in 2007. TIR Traffic Units 200 000 180 000 160 000 +0,8% Slight increase of the TIR traffi c (0.8%) thanks to the import of goods, equipments and industrial 140 000 products. 120 000 100 000 +1,8% -0,4% 80 000 60 000 40 000 20 000 0 Total inflow total outflow Global traffic 2007 2008 Main bulks traffic Million tons 13 12 11 10 9 8 7-2,1% The traffi c of hydrocarbons slightly decreased by 2.1%, this trend is mostly due to the decline of imports of crude oil (-12%) and fuel versus an increased traffi c of refi ned products and liquefi ed gas. 6 5 4 3 2-11,2% +0,7% About 11% decrease of grain traffi c because of the decline of grains import through the port of 1 0 Grains Coal & Pet Coke Hydrocarbons Casablanca. 2007 2008 29

Traffic Achievements Traffic Achievements Marsa Maroc s traffic by port (in tons) 14 592 266 9 449 144 4 272 462 Mohammedia 3 541 127 Casablanca 2 822 713 Jorf Lasfar Tangier Nador 2 693 950 Safi 2 359 231 1 475 383 Agadir 112 482 Laâyoune Dakhla 30

Réalisations Financial Results financières Turnover in MMAD KMAD 4 000 000 3 000 000 2 000 000 1 000 000 0 2007 2008 P2009 P2010 Turnover excluding subcontracts Subcontracts turnover Marsa Maroc achieved a turnover of nearly 3 billion MAD of which 340 million MAD correspond to operations on ships board processed and transferred to the private operator under a subcontract covering the transition period for the reform implementation in the port of Casablanca agreed with the Agence Nationale des Ports. Excluding these outsourced items, the turnover achieved by the own means of the company is 2.6 billion MAD in increase of 18% compared to 2.2 billion MAD in 2007. Despite the effects of the global fi nancial crisis and its impact on the national economy causing a decline in port s activity, the projected turnover for 2009 is approximately 2.4 billion DH of which 200 million MAD correspond to «on board» operations. With the start up of new private operators at the port of Casablanca, after the end of the transition period in September 2009 and the transfer of the roll on-roll off activity and the majority of the passengers activity from the port of Tangier City towards the port of Tanger Med expected during 2010, the turnover will be brought back to a normative level of about 1.8 billion DH. Operating charges KMAD 3 000 000 2 000 000 1 000 000 0 2007 2008 P2009 P2010 Subcontracts charges Charges excluding subcontracts Operating charges are 2 billion MAD which 340 million MAD due to the subcontracting of operations on ships board at the port of Casablanca. Excluding these subcontracts expenses, operating charges are 1.7 billion MAD versus 1.3 billion MAD in 2007. They will be reduced to a level of 1.6 billion MAD in 2009. 31

Financial Results Financial Results OPERATING INCOME KMAD 1 500 000 1 000 000 500 000 0 2007 2008 P2009 P2010 Operating income Operating income In 2008, Marsa Maroc achieved exceptional financial performances with an operating income of 978 million MAD and a net income of 656 million MAD. With the start up of competitors and the transfer of activity from the port of Tangier City to the port of Tanger Med scheduled for April 2010, operating income in 2010 will stand at roughly 300 million MAD. Turnover Contribution by port (KMAD) Ports 2 008 Casablanca 1 970 578 Jorf-lasfar 105 257 Safi 92 274 Agadir 171 529 Laayoune 48 324 Dakhla 10 682 Nador 118 324 Tangier 287 439 Mohammedia 169 499 Casablanca 65% Jorf Lasfar 4% Safi 3% Agadir 6% Laayoune 1,6% Dakhla 0,4% Nador 4% Tangier 10% Mohammedia 6% Turnover Contribution by business activity (MMAD) Handling services : 2 761 Ship servicing : 164 Other products : 55 92,65% 5,50% 1,85% 32

Balance Sheet 2007 2008 Capital 2 119 250 Current liabilities 1 064 405 Fixed Assets 1 307 970 Current Assets 1 818 259 Treasury 57 426 Capital 2 649 715 Current liabilities 1 077 753 Fixed Assets 1 491 843 Current Assets 2 162 036 Treasury 73 589 In thousands of MAD 33

Capital budget Capital budget The 2007-2009 capital budget, approved by the Supervisory Board of Marsa Maroc on January 29 th, 2008 meeting covered a total of 2,276 million MAD divided as follows: Facilities : 1.366 MMAD including 647 MMAD for 2008 Infrastructures : 758 MMAD including 492 MMAD for 2008 Studies : 70 MMAD including 38 MMAD for 2008 Other : 82 MMAD including 82 MMAD for 2008 Commitments for 2008 The main projects undertaken for equipments are : Supply and maintenance of straddle carriers at the ports of Casablanca and Agadir: 112 MMAD; Supply and maintenance of 2 rail mounted cranes and their accessories at the port of Jorf Lasfar: 70 MMAD; Supply and maintenance of straddle tractors and trailers at the ports of Casablanca and Agadir: 59 MMAD; Supply and maintenance of containers forklift at the port of Casablanca: 42 MMAD; Supply and maintenance of forklifts for empty containers: 16 MMAD; Supply of high capacity forklifts to the ports of Casablanca and Agadir: 13 MMAD. 34

Results Réalisations by port par port Nador: exceptional infrastructure for the Oriental gateway Overall traffi c : 2,693,950 tons Staff : 128 Main traffi c : ore, billets and passengers. Turnover : 118,341,000 MAD Operating income : 32,606,000 MAD Global Traffic Soon to be connected to the national railway network, the commercial mole operated by Marsa Maroc at the port of Nador handled more than 2.7 million tons of goods for the regional industries in 2008. The traffi c growth of about 11.5% is mainly due to higher exports of ores and billets. Evolution of the main products traffic Passengers Thousand tons 3 000 2 500 2 000 1 500 1 000 500 0 552 460 313 434 268 292 215 284 Billets Coal Coke oil Barytine 2694 2416 Total Infl ow: 376 106 Outfl ow: 417 849 Vehicles : 183 796-1,6% +3,5% -3% 2007 2008 35

Results by port Results by port Tangier: a non stop service for a high frequency traffic Overall traffi c: 4,272,462 tons Staff: 162 Main traffi cs: Passengers, Ro-Ro Turnover: 287,439,000 MAD Operating income: 154,780,000 MAD Global Traffic In 2008, the traffi c handled by Marsa Maroc at the port of Tangier has experienced a slight decline of 0.9%. The year 2008 was characterized by the start of the TIR and container traffi cs at the port of Tanger Med. Evolution of the Main products traffic Passengers Thousand tons 5 000 4 000 3 000 2 000 1 000 0 4 310 4 272 3 687 3 811 188 219 326 189 Grains Container TIR Total Infl ow: 1 434 101 Outfl ow: 1 371 520 Vehicles: 73 837-4% -1% +5% 2007 2008 36

Mohammedia: leader for hydrocarbons Overall traffi c : 9, 449,144 tons Staff: 128 Main Activity: Liquid bulks Turnover : 169, 499,000 MAD Operating income : 73, 740,000 MAD Global Traffic In 2008, the traffi c handled by Marsa Maroc at the port of Mohammedia reached nearly 9.5 million tons, which is a decrease of 1.2% compared to 2007. This decline is mostly due to a decrease of fuel exportations and an increased traffi c of refi ned products and liquefi ed gas, including diesel and LPG 350. Evolution of the main products traffic Thousand tons 12 000 10 000 8 000 6 000 4 000 2 000 0 6256 5535 Crude oil Liquid gases Refined products 2007 1035 1031 2008 2579 2786 9986 9449 Total 37

Results by port Results by port Casablanca: an organization that measures up to the country s fi rst port Overall traffi c: 14,592,266 tons Staff: 1069 Major traffi c: containers, dry bulks, Ro-Ro Turnover: 1,970,758,000 MAD Operating income: 722,408,000 MAD Global Traffic The traffi c handled by Marsa Maroc at the port of Casablanca stood at nearly 14.6 million tons, a slight decrease of 2.3% compared to 2007. However, 2008 was characterized by the sustained growth of several activities, namely that of containers, TIR and new vehicles. Global traffic evolution Evolution of the main products traffic Thousand tons 16 000 14 000 12 000 10 000 11 783 12 199 14 257 14 592 Thousand tons 3 500 3 000 2 500 3 170 2 590 8 000 6 000 4 000 2 000 2 477 2 393 2 000 1 500 1 000 500 1 460 1 464 686 737 720 739 0 Import Export Total 2007 0 2008 Grains at dockside Steel Products Wood and by-products Sugar Container s traffic evolution Roll-on/Roll-off traffic evolution TEU 800 000 780 000 760 000 793 257 Units 140 000 135 000 136 042 740 000 130 000 720 000 700 000 705 505 125 000 120 000 119 392 680 000 115 000 38 660 000 2007 2008 110 000 2007 2008

Jorf Lasfar: a prospective challenger Overall traffi c: 3,541,127 tons Staff : 64 Main traffi cs: Dry bulks and liquid bulks Turnover: 105,257,000 MAD Operating income: 53,521,000 MAD Global Traffic Marsa Maroc facilities at the port of Jorf Lasfar handled nearly 3.6 million tons of oil, scrap metal, petroleum coke and other dry bulks. In 2008, and in order to attract new customers at the port of Jorf Lasfar, Marsa Maroc initiated new services, such as stevedoring. Evolution of the main products traffic Thousand tons 3 500 3 000 2 500 2 000 1 500 1 000 500 0 976 1154 408 500 392 424 263 410 Grains Coke oil Fertilizers Diesel 3 541 3 198 Total 2007 2008 39

Results by port Results by port Safi: large capacities for the ore region Overall traffi c: 2,359,231 tons Staff : 106 Principal Activity: Dry bulks Turnover: 92,274,000 MAD Operating income: 14,574,000 MAD Global Traffic At the port of Safi, Marsa Maroc s facilities handled nearly 2.4 million tons of cargo, registering a decrease of 7%. 2008 was characterized by a decrease of ore exports from the port of Safi because of the little content of zinc, copper and lead deposits Evolution of the main products traffic Thousand tons 3 000 2 500 2 000 1 500 1 000 500 0 2543 2359 1493 1208 227 223 222 176 Sulphur Barytine Gypsum Total 2007 2008 40

Agadir: the commercial port of the south Overall traffic: 2,822,713 tons Staff : 171 Main trades: Containers Turnover: 171,529,000 MAD Operating income: MAD 43,843,000 Global Traffic At the port of Agadir, Marsa Maroc handled more than 2.8 million tons of cargo, registering an increase of 8.8% compared to 2007. The major products that contributed to this performance are: citrus and early fruits, fi sh (frozen and canned), and wood. 2008 was characterized by the start of the Ro-Ro traffi c in the port of Agadir. Evolution of the main products traffic Thousand tons 3 000 2 500 2 000 1 500 1 000 500 0 379 505 Citrus & early fruits 2007 2574 2823 51 122 178 144 Canned fish Frozen Fish Total 2008 41

Results by port Results by port Laayoune: growing capacities for an expanding region Overall traffi c: 1,475,383 tons Staff : 64 Main trades: dry bulks Turnover: 48,324,000 MAD Operating income: 10,684,000 MAD Global Traffic At the port of Laâyoune, Marsa Maroc s facilities handled nearly 1.5 million tons of goods. The traffi cs that contributed to this performance are mainly sand, hydrocarbons and clinker. Evolution of the main products traffic Thousand tons 2 000 1 500 1 000 500 0 1095 717 376 471 32 28 27 37 Sand Oil Pelagic fish Fish Meal 1 740 1 475 Total 2007 2008 42

Dakhla: a modern port Overall traffi c: 112,482 tons Staff : 21 Main trades: fi shery products, liquid bulks Turnover: 10,682,000 MAD Trafic Global 2008 knew a decline in traffi c for Marsa Maroc at the port of Dakhla. Thus the handled traffi c declined by 14% to reach a total of 112,482 tons. Evolution of the main products traffic Thousand tons 150 100 87 86 131 112 50 39 21 0 Frozen Fish Hydrocarbons Total 2007 2008 43

2008 Résultts Financial Statements Assets Liabilities Profi t and Loss Account Business Operations Financing Statement

FINANCIAL STATEMENTS ASSETS FINANCIAL YEAR 01/01/2008 TO 31/12/2008 F I X E D A S S E T S C U R R E N T A S S E T S CASH NONCASH ASSETS (A) ASSETS GROSS AMOUNT DEPRECIATION & PROVISIONS NET 2008 AMOUNT PREVIOUS YEAR NET 2007 INTANGIBLE FIXED ASSETS (B) 52 358 368,47 13 778 685,03 38 579 683,44 37 085 476,57 Other intangible assets 52 358 368,47 13 778 685,03 38 579 683,44 37 085 476,57 TANGIBLE FIXED ASSETS (C) 1 792 529 355,91 525 181 823,94 1 267 347 531,97 1 073 444 607,05 Lands 80 535 975,60 16 655 279,82 63 880 695,78 61 524 631,46 Construction 230 221 268,51 50 581 499,64 179 639 768,87 126 704 109,56 Plant, machinery and equipment 1 295 635 171,69 427 858 262,29 867 776 909,40 757 123 973,91 Transportation Equipment 19 970 537,48 8 282 749,13 11 687 788,35 9 348 243,11 Furniture & offi ce equipment 50 952 540,83 21 280 877,22 29 671 663,61 26 176 856,95 Other tangible assets 1 398 140,21 523 155,84 874 984,37 685 658,05 Current tangible assets 113 815 721,59 113 815 721,59 91 881 134,01 FINANCIAL FIXED ASSETS (D) 186 308 858,48 2 831 949,55 183 476 908,93 192 950 487,02 Long term Loans 178 725 215,33 2 791 949,55 175 933 265,78 185 444 168,87 Other receivable accounts 1 468 743,15 40 000,00 1 428 743,15 1 391 418,15 Equities stake 6 114 900,00 6 114 900,00 6 114 900,00 ASSETS ADJUSTMENTS (E) 2 439 161,03 2 439 161,03 4 489 720,06 Increase of fi nancing debt 2 439 161,03 2 439 161,03 4 489 720,06 TOTAL I (A+B+C+D+E) 2 033 635 743,89 541 792 458,52 1 491 843 285,37 1 307 970 290,70 INVENTORIES (F) 128 938 976,43 5 973 991,37 122 964 985,06 105 840 338,23 Materials and supplies 109 134 715,93 5 973 991,37 103 160 724,56 85 927 735,30 Work in progress 19 804 260,50 19 804 260,50 19 912 602,93 ACCOUNTS RECEIVABLE (G) 568 180 718,98 39 430 233,08 528 750 485,90 469 393 951,29 Supplier receivable, advances and deposits 436 480,00 436 480,00 436 480,00 Customer and related accounts 353 015 019,03 29 787 863,72 323 227 155,31 295 709 827,95 Staff 1 118 254,36 1 118 254,36 1 239 177,98 State 115 201 610,61 115 201 610,61 90 963 635,01 Shareholder accounts Other receivables 88 613 443,61 9 642 369,36 78 971 074,25 63 515 688,56 Accrued assets 9 795 911,37 9 795 911,37 17 529 141,79 EQUITIES AND SECURITIES (H) 1 510 320 148,73 1 510 320 148,73 1 243 024 655,91 TOTAL II (F+G+H+I) 2 207 439 844,14 45 404 224,45 2 162 035 619,69 1 818 258 945,43 CASH - ASSETS 397 208 248,07 26 101,10 397 182 146,97 516 764 849,00 Check and drafts to be cashed 1 387 976,65 26 101,10 1 361 875,55 1 881 568,12 Bank and giro accounts 395 188 087,65 0,00 395 188 087,65 514 304 033,14 Cash, credits and advance deposits 632 183,77 0,00 632 183,77 579 247,74 TOTAL III 397 208 248,07 26 101,10 397 182 146,97 516 764 849,00 TOTAL I + II + III 4 638 283 836,10 587 222 784,07 4 051 061 052,03 3 642 994 085,13 (HT): non-cash.

LIABILITIES FINANCIAL YEAR 01/01/2008 TO 31/12/2008 LIABILITIES YEAR 2008 PREVIOUS YEAR 2007 EQUITY 1 662 948 544,07 1 105 924 639,07 Share capital or personal (1) 733 956 000,00 733 956 000,00 Less: shareholders, unpaid-up capital Discount, merger, contribution premium P E R M A N E N T F I N A N C I N G Revaluation Regulatory reserve 17 260 151,25 30 000,00 Other reserves (2) Carried forward 255 624 427,82 27 335 613,89 Net profi t pending assignment (2) Net profi t for the year (2) 656 107 965,00 344 603 025,18 TOTAL EQUITY (A) 1 662 948 544,07 1 105 924 639,07 RELATED EQUITY (B) 270 740 406,32 233 298 200,90 Regulated Provisions 270 740 406,32 233 298 200,90 DEBT FINANCING (C) 358 338 284,48 531 172 998,18 Mandatory Borrowings 146 000 000,00 292 000 000,00 Other fi nancial debts 212 338 284,48 239 172 998,18 LONG TERM PROVISIONS FOR LIABILITIES AND CHARGES (D) 357 688 246,92 248 854 784,88 Contingency and loss provisions 150 169 828,30 120 121 164,70 Provisions for charges 207 518 418,62 128 733 620,18 TOTAL I (A+B+C+D) 2 649 715 481,79 2 119 250 623,03 DETTES DU PASSIF CIRCULANT (F) 1 077 754 141,94 1 064 404 772,05 C U R R E N T L I A B I L I T I E S ( 3 ) CASH Payable Trade accounts payable 471 095 336,30 448 016 026,40 Customers accounts, advances and deposits 24 203 099,34 22 975 452,32 Staff 83 442 387,58 48 032 457,30 Social security 45 915 460,95 42 962 230,28 State 223 486 482,33 316 708 050,63 Shareholders accounts 48,60 0,00 Other creditors 223 817 706,75 174 979 397,04 Accrued liabilities 5 793 620,09 10 731 158,08 TOTAL II (F + G + H) 1 077 754 141,94 1 064 404 772,05 CASH - LIABILITIES 323 591 428,30 459 338 690,05 Banks (credit balance) 323 591 428,30 459 338 690,05 TOTAL III 323 591 428,30 459 338 690,05 (1) Staff receivable equity - (2) Increase (+) Decrease (-) - (3) (HT): Non-cash. TOTAL I + II + III 4 051 061 052,03 3 642 994 085,13

FINANCIAL STATEMENTS PROFIT AND LOSS STATEMENT FINANCIAL YEAR 01/01/2008 to 31/12/2008 PROFIT AND LOSS ACCOUNTS OPERATIONS TOTAL TOTAL FINANCIAL YEAR 2008 PREVIOUS YEARS 2008 2007 A B C = A + B D I. OPERATING REVENUES 3 018 779 336,72 1 037 369,87 3 019 816 706,59 2 573 820 528,41 * Sales of produced goods and services turnovers 2 979 200 853,80 1 037 369,87 2 980 238 223,67 2 556 192 669,85 * Operating Adjustments: transfer of charges 39 578 482,92 39 578 482,92 17 627 858,56 O P E R A T I N G TOTAL I 3 018 779 336,72 1 037 369,87 3 019 816 706,59 2 573 820 528,41 II. OPERATING EXPENSES 2 032 192 506,57 9 613 641,94 2 041 806 148,51 1 648 532 472,42 * Purchase (2) of materials and supplies 515 028 339,68 376 280,92 515 404 620,60 477 815 662,53 * Other external expenses 520 320 257,64 8 156 736,46 528 476 994,10 373 143 947,22 * Taxes and duties 48 957 721,88 953 835,80 49 911 557,68 42 868 049,17 * Staff expenses 506 552 254,88 126 305,46 506 678 560,34 436 563 886,00 * Other operating expenses * Operating Depreciation 441 333 932,49 483,30 441 334 415,79 318 140 927,50 TOTAL II 2 032 192 506,57 9 613 641,94 2 041 806 148,51 1 648 532 472,42 III. OPERATING PROFIT (I - II) 986 586 830,15-8 576 272,07 978 010 558,08 925 288 055,99 IV. FINANCIAL INCOME 64 607 611,15 0,00 64 607 611,15 35 219 519,79 * Income from securities and other fi xed assets 750 000,00 750 000,00 * Foreign exchange gain 208 238,68 208 238,68 23 449,07 F I N A N C I N G * Interest and other fi nancial income 60 578 891,53 60 578 891,53 35 196 070,72 * Financial adjustements: transfer of charges 3 070 480,94 3 070 480,94 TOTAL IV 64 607 611,15 0,00 64 607 611,15 35 219 519,79 V. FINANCIAL EXPENSES 23 747 248,74 3 382,38 23 750 631,12 38 233 161,81 * Interest charges 22 993 346,41 3 382,38 22 996 728,79 31 451 032,12 * Foreign exchange loss 723 797,47 723 797,47 186 716,79 * Other fi nancial charges 30 104,86 30 104,86 * Financial provision 6 595 412,90 TOTAL V 23 747 248,74 3 382,38 23 750 631,12 38 233 161,81 VI. FINANCIAL RESULTS (IV - V) 40 860 362,41-3 382,38 40 856 980,03-3 013 642,02 VII. CURRENT RESULTS (III - VI) 1 027 447 192,56-8 579 654,45 1 018 867 538,11 922 274 413,97 VIII. NON-CURRENT REVENUES 33 273 927,18 72 918,91 33 346 846,09 25 128 304,12 * Income from disposal of fi xed assets 5 796 789,00 5 796 789,00 3 054 024,01 N O N C U R R E N T * Other non-current assets 8 555 678,77 72 918,91 8 628 597,68 22 074 280,11 * Non-current adjustments: transfer of charges 18 921 459,41 18 921 459,41 TOTAL VIII 33 273 927,18 72 918,91 33 346 846,09 25 128 304,12 IX. NON-CURRENT EXPENSES 70 711 068,19 1 324 093,94 72 035 162,13 329 049 993,99 * Net depreciation value of disposed fi xed assets 368 530,95 368 530,95 59 745,42 * Other non-current expenses 22 103 872,41 1 324 093,94 23 427 966,35 25 708 196,47 * Non-current allowances for depreciation and provisions 48 238 664,83 48 238 664,83 303 282 052,10 TOTAL IX 70 711 068,19 1 324 093,94 72 035 162,13 329 049 993,99 X. Non-operating PROFIT (VIIIX) -37 437 141,01-1 251 175,03-38 688 316,04-303 921 689,87 XI. PROFIT BEFORE INCOME TAX (VII+X) 990 010 051,55-9 830 829,48 980 179 222,07 618 352 724,10 XII. INCOME TAX (*) 324 071 257,07 0,00 324 071 257,07 273 749 698,92 XIII. NET PROFIT (XI - XII) 665 938 794,48-9 830 829,48 656 107 965,00 344 603 025,18 XIV. TOTAL REVENUES (I + IV + VIII) 3 116 660 875,05 1 110 288,78 3 117 771 163,83 2 634 168 352,32 XV. TOTAL EXPENSES (II + V + IX + XII) 2 450 722 080,57 10 941 118,26 2 461 663 198,83 2 289 565 327,14 XVI - NET PROFIT (total revenues - total charges) 665 938 794,48-9 830 829,48 656 107 965,00 344 603 025,18

BUSINESS OPERATING STATEMENT PERIOD OF 01/01/2008 to 31/12/2008 I. RESULTS FORMATION TABLE 2008 FINANCIAL YEAR 2007 PREVIOUS YEAR I + TOTAL ANNUAL PRODUCTION: (1+2+3) 2 980 238 223,67 2 556 192 669,85 1 Sales of goods and services 2 980 238 223,67 2 556 192 669,85 2 Variation of stocks 3 Fixed assets produced for use by the company II - TOTAL ANNUAL EXPENSES: (4+5) 1 043 881 614,70 850 959 609,75 4 Purchases of materials and supplies 515 404 620,60 477 815 662,53 5 Other external expenses 528 476 994,10 373 143 947,22 III = VALUE ADDED (I -II ) 1 936 356 608,97 1 705 233 060,10 6 + Operating subsidies 7 - Tax & fees 49 911 557,68 42 868 049,17 8 - Staff expenses 506 678 560,34 436 563 886,00 IV = GROSS OPERATING PROFIT 1 379 766 490,95 1 225 801 124,93 9 + Other operating income 10 - Other operating expenses 11 + Operating write-back : transfer of charges 39 578 482,92 17 627 858,56 12 - Operating provision 441 334 415,79 318 140 927,50 V = OPERATING PROFIT (+ or -) 978 010 558,08 925 288 055,99 VI + - FINANCIAL RESULTS 40 856 980,03-3 013 642,02 VII = CURRENT PROFIT (+ or -) 1 018 867 538,11 922 274 413,97 VIII + - NON-CURRENT PROFIT -38 688 316,04-303 921 689,87 13 - Income tax 324 071 257,07 273 749 698,92 IX = NET PROFIT FOR THE YEAR (+ or -) 656 107 965,00 344 603 025,18 II. CASHFLOW 1 Net profi t 656 107 965,00 344 603 025,18 2 + Operating provisions (1) 417 927 533,37 310 196 103,27 3 + Finance provisions (1) 6 595 412,90 4 + Non-current provisions (1) 48 238 664,83 303 282 052,10 5 - Operating write-back (2) 34 397 965,89 14 818 245,05 6 - Finance write-back (2) 3 070 480,94 7 - Non-current write-back (2) (3) 18 921 459,41 8 - Income from disposals of fi xed assets 5 796 789,00 3 054 024,01 9 + Depreciation net value of disposed fi xed assets 368 530,95 59 745,42 I CASHFLOW 1 060 455 998,91 946 864 069,81 10 Dividends distributed 99 084 060,00 0,00 II NET CASHFLOW 961 371 938,91 946 864 069,81 (1) Except provisions for current assets and liabilities to cash (2) Except write-backs on assets and liabilities (3) Including write-backs on investment subsidies NOTA : The CAF calculation can also be made from the E.B.E

FINANCIAL STATEMENTS FINANCING STATEMENT FOR THE YEAR INVESTMENT FUNDS INTEGRATED THE CURRENT ASSETS YEAR END 31/12/2008 CATEGORY FINANCIAL YEAR 2008 (a) EPREVIOUS YEAR 2007 (b) EXPENSES ( c) VARIATION (a - b) RESOURCES (d) Permanent Financing 2 649 715 481,79 2 119 250 623,03 530 464 858,76 Minus fi xed asset 1 491 843 285,37 1 307 970 290,70 183 872 994,67 = WORKING CAPITAL (A) CURRENT (1-2) 1 157 872 196,42 811 280 332,33 346 591 864,09 Current Assets 2 162 035 619,69 1 818 258 945,43 343 776 674,26 Minus Current Liabilities 1 077 753 141,94 1 064 404 772,05 13 348 369,89 = CAPITAL REQUIREMENTS (B) GLOBAL (4-5) 1 084 282 477,75 753 854 173,38 330 428 304,37 NET CASH ACCOUNT (ASSETS LIABILITIES) = A - B 73 589 718,67 57 426 158,95 16 163 559,72 CATEGORY FINANCIAL YEAR 2008 PREVIOUS YEAR 2007 EXPENSES (a) RESOURCES (b) EXPENSES (a) RESOURCES (b) I. INVESTMENT CAPITAL FOR THE YEAR (FLOW) 1 004 209 686,39 1 718 977 058,48 CASHFLOW (A) 961 371 938,91 946 864 069,81 - Investment Cash fl ow 1 060 455 998,91 946 864 069,81 - Dividends distributed 99 084 060,00 DISPOSALS AND WITHDRAWALS OF FIXED ASSETS (B) 42 837 747,48 38 456 988,67 - Disposal of intangible fi xed assets - Disposal of tangible fi xed assets 5 796 789,00 3 054 024,01 - Disposal of fi nancial fi xed assets - Recovery from long term debts 37 040 958,48 35 402 964,66 - Withdrawal of tangible fi xed assets INCREASE IN EQUITY AND RELATED INVESTMENTS (C ) 733 656 000,00 - Stock issue 733 656 000,00 - Investment subsidy OTHER FINANCING CAPITAL INCREASE OF FINANCING DEBT (D) (net of redemption premiums) TOTAL 1: INVESTMENT CAPITAL 1 004 209 686,39 1 718 977 058,48 II. INVESTMENT ACTIVITIES FOR THE YEAR (FLOW) 657 617 822,30 390 763 410,76 ACQUISITION AND INVESTMENT INCREASE (E ) 486 833 667,63 220 938 988,61 Acquisitions of intangible assets 8 855 765,08 5 220 385,13 Acquisition of tangible fi xed assets 451 430 444,17 201 323 185,87 Acquisition of fi nancial assets Increase in long term receivables 26 547 458,38 14 395 417,61 REPAYMENT OF SHAREHOLDERS EQUITY (F) REPAYMENT OF FINANCING DEBT (G) 170 784 154,67 169 824 422,15 NONCASH INVESTMENT (H) TOTAL II - INVESTMENT ACTIVITIES (E + F + G + H) 657 617 822,30 390 763 410,76 III. CHANGE IN GLOBAL BUDGET FINANCING 330 428 304,37 1 274 329 493,12 IV. NET CHANGE OF THE CASH ACCOUNT 16 163 559,72 53 884 154,60 TOTAL 1 004 209 686,39 1 004 209 686,39 1 718 977 058,48 1 718 977 058,48

Appendices Appendices

Appendices Million of tons Appendices Overall traffic 50 40 +0,5% 30-1,2% 20 10-6,5% 0 Total Imports Total Exports Overall Traffic 2007 2008 Structure of the Handled Traffic 2008 vs 2007 Total Trend by packaging mode Traffic breakdown by packaging mode by the end of Dec 2008 Million of tons 16 14 12 10 8 6 4 2 0-9% -2% +9% +6% +4% Dry bulks Liquid Bulks Containers RO-RO Conventional shipments 2007 2008 17% 12% 30% 11% 30% Containers (6 950 807) Dry Bulks (12 213 569) RO-RO (4 765 656) Liquid Bulks (12 970 156) Conventional shipments (in Tons) (4 418 570) 54

Traffic by location Traffic breakdown by port Traffic Breakdown by port at December-end 2008 Million of tons 16 14 12 10 8 6 4 2 0 +11,5% Nador -2,3% +10% Tangier Mohamedia Casablanca Jorf Lasfar -15,2% Safi Agadir Laayoune Dakhla Agadir 7% Safi 6% Jorf Lasfar 9% Casablanca 35% Laayoune 4% Dakhla 0,3% Nador 6% Tangier 10% Mohammedia 23% 2007 2008 Main traffic CONTAINER Evolution of container traffic Evolution of container traffic by port TEU 1 000 000 +12,6% TEU 1 000 000 +12,6% 900 000 800 000 900 000 800 000 +12,4% 700 000 700 000 600 000 500 000 +11,3% +13,9% 600 000 500 000 400 000 400 000 300 000 300 000 200 000 100 000 200 000 100 000-49,5% +43% 0 Total Import Total Export Global traffic 0 Casablanca Tangier Agadir Total 2007 2008 2007 2008 55

Main traffic Main traffic RO-RO TIR Traffic Units 200 000 +0,8% New vehicles Traffic Units 100 000 +21% 180 000 90 000 160 000 80 000 140 000 70 000 120 000 100 000 +1,8% -0,4% 60 000 50 000 80 000 40 000 60 000 30 000 40 000 20 000 20 000 10 000 0 Total Inflow Total Outflow Global Traffic 0 2007 2008 2007 2008 PASSENGERS BULKS Evolution of passengers by port Major bulks cargo trend Passengers 4 000 000 3 500 000 3 000 000 2 500 000-2,68% -2% Millions of tons 13 12 11 10 9 8-2,1% 2 000 000 7 6 1 500 000 1 000 000 500 000 +1,4% +19,4% +19,07% 5 4 3 2 1-11,2% +0,7% 0 Nador Tangier Casablanca Agadir Total 2007 2008 0 Grains 2007 Coal & Pet Coke 2008 Hydrocarbons 56

Contacts Contacts 17

Marsa Maroc contacts Contacts Head Office: 175, Bd Zerktouni - 20 100 Casablanca - Morocco Tel: 0522 232 324 - Fax: 0522 232 335 www.marsamaroc.co.ma Sales & Marketing Direction: Tel: 0522 258 258 - Fax: 0522 995 217 e-mail: h_mzerma@marsamaroc.co.ma Ports: 58 Nador : Al Hoceima : Tangier : Mohammedia : Casablanca : Jorf Lasfar : Safi : Agadir : Laayoune : Dakhla : P.O Box 88 Béni-Ensar - Nador Tel: 0536 60 85 18 (6 LG) - Fax: 0536 60 85 31 - h_oubaha@marsamaroc.co.ma P.O Box 88 Béni-Ensar - Nador Tel: 0661 91 57 49 - Fax: 0536 98 48 62 - h_oubaha@marsamaroc.co.ma Port de Tanger - P.O Box 305 - Tangier Tel: 0539 93 60 40 à 45 - Fax: 0539 93 15 05 - m_sennouni@marsamaroc.co.ma Port de Commerce - P.O Box 98 - Mohammedia Tel: 0523 32 40 80 - Fax: 0523 32 40 75 - s_asbaai@marsamaroc.co.ma Port des Al Mohades - Casablanca Tel: 0522 31 71 11 (15 LG) - Fax: 0522 31 58 95 - r_hadi@marsamaroc.co.ma Km 22 Route d El Jadida - P.O Box 407 - Plateau El Jadida Tel: 0523 34 54 54 / 0523 34 51 06/13 - Fax: 0523 34 51 12 - r_abinouh@marsamaroc.co.ma P.O Box 8 - Fond de Mer - Safi Tel: 0524 46 22 56 / 0524 46 23 90 - Fax: 0524 46 48 28 - l_oujja@marsamaroc.co.ma P.O Box 36 - Agadir Port Tel: 0528 84 37 00 - Fax: 0528 84 28 25 - k_mansour@marsamaroc.co.ma P.O Box 48 - Elmersa Tel: 0528 99 88 88 - Fax: 0528 99 80 65 - bouassam@marsamaroc.co.ma Nouveau Port de Dakhla - P.O Box 335 - Dakhla Tel: 0528 89 88 17 / 18-0528 89 71 76 - Fax: 0528 89 88 25 - bouassam@marsamaroc.co.ma

175, Bd Zerktouni - 20 100 Casablanca - Morocco Tel: 0522 232 324 - Fax: 0522 232 335 - www.marsamaroc.co.ma