Publication semestrielle...(Sosipo and Mass Céréales) had 6% market share by the end of June 2017; • OCP, Taqa Morocco, (industrial companies) etc. handle their own traffic on

Communication financière

Publication semestrielle

Octobre 2016

Investor Presentation

36,1 millions

of tons

Traffic (2017)

60% Moroccan state

30% free float

10% pool of 3 investors

Shareholder structure

Mad 2 554 mn

USD 278 mn

Consolidated turnover

(2017)

> 2 350

Employees (2017)

Mad 599 mn

USD 65 mn

Consolidated Net Income

(2017)

Mad 1 143 mn

USD 125 mn

Consolidated EBITDA

(2017)

Company at a glance : the leading port operator in Morocco

2

Morocco: a Growing Gateway Market

Company overview : the leading port operator in Morocco

Sound Financials

Growth opportunities

3

25 25 28 31

22 23 26

30 8 10

13

14 11 8

6

6

6 6 6

6

4 4

5

5

3 2 3

3

3 3

3 3

84.2 81.3

90.3

97.2

2014 2015 2016 2017

46% 44% 42% 39%

27% 27% 27% 30%

8% 10% 11% 10%

7% 7% 6% 6%

5% 6% 5% 5%

7% 5% 7% 6% 1% 1% 2%

2014 2015 2016 S1 2017


Evolution of traffic per port(1)

Evolution of port operators market shares (1) (2)

Source : ANP Marsa Maroc

76% of national traffic

Casablanca

Jorf Lasfar

Mohammedia

Safi Agadir

Laayoune

Tanger Med

Nador

• The traffic generated by maritime trade has seen an average growth of 4.9% p.a. since 2014, reaching 97.2 MT in 2017;

• In 2015, the traffic decreased by 3.4% following the shutdown of Moroccan refinery activities in August 2015;

Marsa Maroc

OCP

Tanger Med

Somaport

Taqa Morocco

Mass Céréales and Sosipo Hydrocarb Jorf

• Marsa Maroc had a market share of 42% by the end of 2016 and 39% by the end of June 2017. This fall is explained by a recovery in the phosphate products operated directly by the national leader in this sector, OCP.

• OCP operates close to a third of the traffic, mainly in the ports of Casablanca and Jorf Lasfar;

• The Tanger Med operators have close to 10% of the national market share;

• Operators in the grains sector (Sosipo and Mass Céréales) had 6% market share by the end of June 2017;

• OCP, Taqa Morocco, (industrial companies) etc. handle their own traffic on dedicated terminals without resorting to port operators .

(1) Excluding transhipment

(2) this chart can not be updated at the end of 2017 because of a change in the publication of national statistics by the port authority

In million of tons

4



Sound Financials


5

Business model of Marsa Maroc

Ships Dock Storage Truck unloading /

loading

Entry /

exit of the port

Import flows

Export flows

Maritime services (towing,

steering, boatage, etc.)

1

2

Handling (loading/unloading vessels and transfer of cargo

to storage area.)

Storage and Truck loading/

unloading

Other services : services to ships, weighing, etc.

3

92% of

turnover *

1% of

turnover *

7% of

turnover *

GATEWAY

Concession

agreements

Clients / suppliers

Third parties

Financing

contracts,

subcontracts, etc.

Business

contracts

• 9 ports via the concession contract with the ANP

• 1 terminal (TC3 Casablanca) conceded by the ANP

• 1 terminal (TC3 Tanger Med) conceded by TMPA

• 1 terminal (Quai Nord Agadir) conceded by ANP to a subsidiary controlled by Marsa Maroc (51%)

Port authorities

(*) 2017

6

Marsa Maroc has 30-year

concessions for the main

ports in the country,

renewable for an

additional 20 years

2009 2006

Signature and start of the concession contract including the following ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al Hoceima, Laâyoune et Dakhla

2013 2019

Start of the concession contract

Commissioning of terminal TC3, port of Tanger Med 2

2016

Signature of the concession for the Terminal Nord, port of Agadir(2) and start of the concession contrat and the operation

1) In 24 march 2016, an amendment to Tanger Med 2 contract was signed, thus changing the concession perimeter.

2) New subsidiary of Terminal Nord of the Port of Agadir : Signature by the consortium composed of Marsa Maroc

(51%), SOMATIME, MANUSOUSS and INTERNAVI

3) Includes a 20-year renewal option (under the same conditions)

Signature of the concession contract for the TC3, port of Casablanca

End period of the concession contract including the following ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al Hoceima, Laâyoune et Dakhla

2044 2042 2046

End period of TC3 concession contract, port of Casablanca

2056

New concessions

to be secured

Signature of the concession contract for the port of Tanger Med II (1)

Commissioning of terminal TC3, port of Casablanca

End period of TC3 concession contract, Tanger Med II(3) as well as Terminal Nord, port of Agadir

Concessions time line of Marsa Maroc

7

Mohammédia 16%

Casablanca 38%

Jorf Lasfar 14%

Agadir 12%

Safi 7%

Nador 7%

Other ports 6%

A presence in 11 ports through:

• 9 ports granted via a concession contract with the ANP

• Two sub-contracting contracts in Tanger Med I (bulk and general terminal for TMPA) and in Tanger Ville (assistance to

passengers, cruise passengers, and accompanied vehicles for the Société de Gestion du Port de Tanger Ville, the managing

company of the Port of Tanger Ville).

In % - 2017 figures

Contribution of the ports to Marsa Maroc’s traffic

Casablanca

Agadir

Tanger Med I

Dakhla

Mohammedia

Jorf Lasfar

Safi

Nador

Laâyoune

Minerals

Miscellaneous

Petroleum

products

Containers

Ro-ro ships

Hoceima

Casablanca

Agadir

Tanger Med I

Dakhla

Mohammedia

Jorf Lasfar

Safi

Nador

Laâyoune

Hoceima

Presentation of the scope of the concessions of Marsa Maroc

8

533 537 625 629

160 170

192 203

62% 62% 64% 62%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

100

200

300

400

500

600

700

800

900

2014 2015 2016 2017

Casablanca Agadir Market share

15 186 11 742 10 232 9 973

13 780

13 057 14 444 14 729

2 835

3 287 3 422 2 730

2014 2015 2016 2017

Liquid bulk Dry bulk Conventional

38 366 35 159 36 306 36 078

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

2014 2015 2016 2017

Evolution of the overall traffic handled by Marsa Maroc Evolution of container traffic handled by Marsa Maroc

Evolution of bulk traffic Evolution of TIR and vehicle traffic

In thousand tons

693 707

819

31 801 28 086 28 082

In thousand tons

97

123 126

114

In thousand TEUs

In number of units 2014-2017 dry bulk CAGR : +2.2%

2014-2017 liquid bulk CAGR: -13.1%

2014-2017 conventional CAGR: -1.3%

2014-2017 CAGR: -2.0% 2014-2017 CAGR: +6.3%

A leader position in Morocco

2014-2017 CAGR: 5.6%

9

27 432

832

-0.6%

In 2015, liquid bulk

traffic decreased by

23% following the

shutdown of SAMIR’s

activity in August

2015, which also

explains the 8.4%

decline in the overall

traffic handled by

Marsa Maroc in 2015.

90

116 119 106

7

7 7

8

2014 2015 2016 2017

Vehicles & trucks TIR

In 2017, Marsa Maroc

achieved nearly the

same level of traffic

as that achieved in

2016.

Impact of the national port development project on estimated Marsa Maroc’s traffics

Tanger ville

Casablanca

Nador

Jorf Lasfar LPG

Safi

Nador West Med

Mohammedia

Kenitra Atlantique

Jorf Lasfar

Tanger Med II

Agadir

Safi Grand

Vrac

Dakhla

Casablanca

Agadir

Tanger Med I & II

Mohammedia

Jorf LasfarSafi

Nador

Laâyoune

TanTan

Al Hoceima

Refined oil products

Refined oil products

Cereals

Cattle Feed

Cars (Peugeot Citroën)

Sulfur ;

Conventional Bulks

Coal

Coal

Oil products

Existing port

Port extension

New port

The port Capacities

reconfiguration as it is planned

by the 2030 national port

strategy adopted by the

Ministry of Equipment,

Transport and logistics should

involve the construction of new

terminals and port complexes.

Hence, these new additional

capacities could impact

partially or totally by handling

the Marsa Maroc historical

traffic in the new facilities

(new LPG and chemical

terminal at the port of

Mohammedia, new ports of

Safi, Nador West Med and

Kenitra, etc.).

The opening of new port infrastructures will lead to a new distribution of import/export traffics between the ports and

will involve a risk of migration of some traffics currently handled in Marsa Maroc terminals, towards new infrastructure.

10

A new governance structure

3 Core investors

(institutional)

President of the

Supervisory Board

The initial public offering in july 2016 has allow Marsa Maroc to strengthen its governance whilst providing a strong signal to the market

regarding the Moroccan State’s will to strengthen the Company’s governance. Hence, the new structure of the Supervisory Board include 12

board members :


Transport and Logistics

Ministry of Economy

and Finance


Transport and Logistics

A shareholders’

agreement has been

concluded between

the Government

and the 3 leading

institutional

investors.

Independent Board

Members *

• Pension funds ;

• MAD 111 bn assets

under

management**

• Pension funds ;

• MAD 98 bn assets

under

management**

• ≠1 Insurance company

in morocco ;

• MAD 31 assets under

management **

• USD 1.9 bn market

Capitalization (28th

march 2018)

(*) not apppointed yet at this stage

(**) end of June 2016

11



Sound Financials


1 822 1 981 2 314 2 345

158 151

182 182

42 38

70 26

2014 2015 2016 2017

Handling services Services to vessels Others services

Turnover EBITDA

Operating income

Sound Financials

2014-2017 CAGR: +8.1%

2014-2017 CAGR: +15.1%

2014-2017 CAGR: +8.9% 2016 was characterized by a

significant improvement in the

company’s performance,

thanks to a growth in turnover

driven by containers and

cereals traffics.

In 2017, Marsa Maroc achieved

the same turnover as in 2016.

The operating income decreased

by 8.3% in 2017 because of the

launch of new concessions at

the end of 2016 (Ramp up

period).

In MAD mn In MAD mn

In MAD mn

13

2 023 2 168

2 567 +18%

-0.5% 2 554

886

1 010

1 155 1 143

44% 44%

47% 45%

30%

35%

40%

45%

50%

55%

60%

0

200

400

600

800

1000

1200

1400

2014 2015 2016 2017

EBITDA Margin (%)

499

622

830 761

25%

29%

32% 30%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

0

100

200

300

400

500

600

700

800

900

2014 2015 2016 2017

Operating income Margin (%)

The net income stands at 599 millions following the increase of the non current income. It reached MAD 115 million in 2017 (vs 28 million in 2016) as a result of the following exceptional items:

• the reversal of provision of MAD 197 million following a change in employer contributions to the mutual insurance (MODEP) ;

• The tax audit that the company was subjected and that was settled in 2017 with the payment of an mount of MAD 88,7 million.

329

375

580 599

16% 17%

23% 23%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

0

100

200

300

400

500

600

700

2014 2015 2016 2017

Net Income Margin (%)

Net income

2014-2017 CAGR: +22.1%

Sound Financials

Investissements 2016 2017

Equipments 183 463

Infrastrctures 120 64

Studies 7 19

Others 72 0

Total 383 546

Investments plan

In MAD mn Investments per categories

56%

15%

29%

Marsa Maroc

310

TC3PC

84

SMA

158

Investments per companies

In MAD mn

Financial structure Breakdown of net debt

Sound Financials

Dividends

In MAD mn

In MAD mn

14

2 539 2 250

744

360

2016 2017

Total shareholder equity Net debt (excess of cash)

207 187

1 171 1 139

-633

-966

2016 2017

Cash Investment securities Corporate debt

488

740

644

882

587

785

181%

79%

122%

0%

50%

100%

150%

200%

250%

300%

350%

400%

0

100

200

300

400

500

600

700

800

900

1 000

2015 2016 2017

Net Income Dividend Pay out ratio

The Management board

proposes to submit the

distribution of a dividend of

MAD 10.7 per share,

including MAD 8.0 as an

ordinary dividend and

MAD 2.7 as an extraordinary

dividend.



Sound Financials


A growth strategic plan

Conditions for success and change management

• Concessions currently

under development

• Secure new concessions

and authorizations

• Concessions and

authorizations in Africa

• Hinterland logistics and

related activities

Leading port operator in

Morocco

Contribution to

enhancement of logistics in

Morocco

Performance and agility

Sales approach • Operational Performance

• Strategic management

• Communication and change

management

• Organizational effectiveness and HR

• Institutional governance

1

2

3 4

5 6

7 9

8 10

Strong international

presence, particularly in

Africa

The business plan does not take

into account the

implementation of the

Company's development

strategy including securing new

port concessions in Morocco

and in the African continent.

16

Q & A

19

Documents

Publication semestrielle...(Sosipo and Mass Céréales) had 6% market share by the end of June 2017; • OCP, Taqa Morocco, (industrial companies) etc. handle their own traffic on