Investor presentation

April 2020

Communication financière Publication semestrielle

Octobre 2016 Company at a glance : the leading port operator in

37.9 million Mad 2 909 mn of tons EUR 262 mn

Consolidated turnover Traffic (2019) (2019)

37% market Mad 1 361 mn share EUR 123 mn

Market share Consolidated EBITDA (2019)

60% Moroccan state Mad 671 mn 30% free float 10% pool of 3 investors EUR 61 mn

Consolidated Net Income Shareholder structure (2019)

2 Business model of Marsa Maroc

GATEWAY Ships Dock Storage Truck unloading / Entry / loading exit of the port Import flows

Export flows

1 Maritime services (towing, 7% of steering, boatage, etc.) turnover *

2 Handling (loading/unloading vessels and transfer of cargo Storage and Truck loading/ to storage area.) unloading 92% of turnover *

3

Other services : services to ships, weighing, etc. 1% of turnover *

Financing contracts, Concession Port authorities subcontracts, etc. agreements Third parties

• 9 ports via the concession contract with the ANP Business • 1 terminal (TC3 ) conceded by the contracts ANP • 1 terminal (TC3 Tanger Med) conceded by TMPA • 1 terminal (Quai Nord ) conceded by ANP Clients / suppliers to a subsidiary controlled by Marsa Maroc (51%)

(*) 2018

3 Key Investment Drivers

Morocco: a growing Gateway market An experienced Marsa Maroc, a team and a leading port solid corporate operator in governance Morocco

Operational performance Identified meeting the growth drivers highest for the future standards

a yield value with an Sound financial attractive situation dividend policy

4 Morocco: a Growing Gateway Market

Company overview : the leading port operator in Morocco

Sound Financials

Growth opportunities

5 Global national traffic

Evolution of global national traffic (*) Growing rate per traffic

In thousands of tons Growth rate CAGR 16-19 : +4.5% Traffic 18/19 Liquid bulks +2.6% +3.3% 103 +2.1% +7.7% 97 100 (ton) 90 Containers +3.6% (EVP)

Solid bulks 3.2% (ton)

General cargo +13.5% 2016 2017 2018 2019 (tonnage) Ro-Ro +9.3% (Unit) Traffic split by categories

% of overall traffic in tons 2018 2019

Ro RO General Cargo Ro RO General Cargo containers 1% 4% containers 1% 4% 14% 1% 4% 1% 4% 14% 14% 14%

Liquid bulk 58% Liquid bulk 21% 23% 21% 60% 21% Solid bulk Solid bulk 60% 60%

Source : ANP /TMPA * Excluding transhipment traffic in Med 6 Main component of each traffic

Coal and coke Phosphates rock Sulphur Fertilizer Grains

+2 389 KT -1 553 KT +1100 KT +392 KT +321KT

+26.7% -13.9% +4.2% +4.8% Bulks +19.9% 11 344 6 634 9 639 6 661 6 982 11 181 5 534 9 247 +1 646KT 8 955 9 628 3.2%

2018 2019 2018 2019 2018 2019 2018 2019 2018 2019

Hydrocarbs Ammonia Phosphate Acid Oils Liquid bulks +227 KT +179 KT +139 KT +6 kT +12.5% + 379 KT +2.2% 1 616 +3.7% +0.9% 1 436 3 780 3 919 10 268 10 495 663 669 +2.1%

2018 2019 2018 2019 2018 2019 2018 2019 Containers* TIR In thousand of EVP +3.6% +9.3% In thousand of unit 1 410 1 460 Other traffics 326 786 357 231

Source : ANP, TMPA 2018 2019 2018 2019 7 * Excluding Transhipment trafic in Tanger Med National traffic breakdown by port

2018 2019

Others Nador Others Nador Agadir 4% Agadir 3% 3% 3% 5% 5% Jorf Lasfar Safi Safi 6% 6% 32% 34% Mohammedia 5% Mohammedia 5%

15% 14% Tanger MED Tanger MED

30% 29%

Casablanca Casablanca

* Laayoune, Dakhla, Tanger ville, Tan Tan. Source : ANP, TMPA 8 Morocco: a Growing Gateway Market

Company overview : the leading port operator in Morocco

Sound Financials

Growth opportunities

9 Concessions time line of Marsa Maroc

Signature and start of the concession contract including the following ports: Casablanca, Signature of the concession for Mohammedia, Jorf Lasfar, Agadir, the Terminal Nord, port of Safi, Nador, Al Hoceima, Laâyoune Agadir(2) and start of the et Dakhla Signature of the concession contrat and the concession contract Signature of the operation Commissioning of for the TC3, port of concession contract terminal TC3, port of Casablanca for the port of Tanger Med 2 Tanger Med II (1) Start of the concession Marsa Maroc has 30-year contract concessions for the main ports in the country, 2016 renewable for an 2006 2009 2013 2019 additional 20 years Commissioning of terminal TC3, port of Casablanca

2042 2044 2046 2056

New concessions to be secured End period of TC3 concession End period of TC3 contract, port of concession Casablanca contract, Tanger Med II(3) as well as End period of the concession Terminal Nord, contract including the following port of Agadir ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al 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 Hoceima, Laâyoune et Dakhla (51%), SOMATIME, MANUSOUSS and INTERNAVI 3) Includes a 20-year renewal option (under the same conditions)

10 Presentation of the scope of the concessions of Marsa Maroc

Tanger Med I Hoceima Nador Mohammedia

Casablanca

JorfLasfar

Safi

Agadir

Contribution of the ports to Marsa Maroc’s traffic

Laâyoune In % - 2019 figures Other 5% Miscellaneous Nador 8% Petroleum products Safi 9% Casablanca 38% Containers Agadir Ro-ro ships 12%

Minerals Dakhla Jorf lasfar Mohammedia 14% 15%

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).

11 Overall handled traffic : a leader in Morocco

2016-2019 CAGR: +1.4% In thousand tons

+3.8 % 37 879 +1.1% -0.6% 36 478 36 306 36 078

2016 2017 2018 2019

2018 traffic by nature 2019 traffic by nature

TIR & TIR & vehicules vehicules 1%2% 1% 1% 22% Containers 24% Dry bulk and Containers 25% 27% Dry bulk and general cargo 24% general cargo

48% 48% 26% 25% Liquid bulk 49% Liquid bulk 50%

12 Key driver change in bulk traffics

Trafic evolution Key drivers change

In thousand tons • Increase of 1.7% in the volume of solid bulk thanks to 15 563 15 299 the exceptional coal traffic in the ports of Safi and +1.7% Jorf Lasfar (+890 KT) to supply the new Safiec power station. Dry bulk • This increase has offset a drop in clinker export traffic (-822 KT) due to its lack of competitiveness vs international trade.

2018 2019

2 702 13.2% • Increase in the traffic of steel products (+377 KT) thanks to commercial incentives. 2 387 General cargo

2018 2019

• Growth of liquid bulk traffic mainly due to an +3.2% 9 352 9 651 increase in gasoil traffic (+616 KT) following :  the commitments of gas companies for the constitution of a safety stock of 60 days vs 30 Liquid bulk days previously  the improvement of MM market share at the port of Jorf Lasfar. 2018 2019

13 Key driver change in containers

In thousand TEUs 2016-2019 CAGR: +6.2%

1 200 80% +5.9% 982 1 000 927 75% 832 +11.4% 819 +1.5 % 178 800 208 70% 67% 192 203 66% 64% 600 65% 62%

400 794 60% 718 624 629

200 55%

0 50% 2016 2017 2018 2019

Casablanca Agadir PDM Marsa Maroc

• Traffic in Marsa Maroc’s terminals in the Port of Casablanca grew by nearly 11% in 2019 thanks to the increase of the port's traffic (+5%) and to the improvement of Marsa Maroc's market share at 73% (+4 points) ; • Marsa Maroc has a national market share of 67% (+1 point) ; • Decrease in the traffic of Agadir by 14% following the decline recorded in the export of citrus fruits and veggies after the bad weather conditions which caused a drop in production.

14 Morocco: a Growing Gateway Market

Company overview : the leading port operator in Morocco

Sound Financials

Growth opportunities

15 Evolution of revenue

2016-2019 CAGR: +4.3% Breakdown of turnover by port *

+5,9% 2 909 2018 2019 Variation -0,5% +7,6% 2 748 2 567 2 554 Casablanca 53% 53%

Agadir 16% 15%

Jorf Lasfar 9% 10%

Mohammedia 6% 6% 2016 2017 2018 2019 Nador 6% 6% Revenue grew by 6% in 2019 : • This increase is mainly driven by container segment Safi 4% 5% (MAD +69 millions) following the growth in volume ; Laayoune 3% 2% • The increase from bulk general cargo thanks in particular to traffics of coal and steel products. Tanger 2% 2%

Dakhla 1% 1%

* Including subsidiaries 16 Evolution of consolidated operating expenses

Operating expenses

In MAD mn 2.0% 1984 2024

2018 2019

Purchases and external expenses Staff cost Depreciation and operating provisions

0.7% -1.7% 5.7% 824 699 704 484 476

780

2018 2019 2018 2019 2018 2019

17 Sound Financials

EBITDA Operating income

In MAD mn In MAD mn 1 500 1 361 80% 75% 1 300 1 249 +9.0% 1 000 +13.7% 937 50% 70% 900 824 45% 1 100 65% 800 40% 60% 700 900 35% 55% 600 700 30% 50% 500 32% 30% 25% 500 45% 400 47% 45% 40% 300 20% 300 35% 200 15% 100 30% 100 10% 2018 2019 2018 2019

EBE EBE/CA Résultat d'exploitation REX/CA Net income

In MAD mn 700 671 65% +20.8% 600 556 55%

500 45% 400 35% 300 25% 200 23% 100 20% 15%

0 5% 2018 2019

Résultat Net RN/CA 18 Investments plan

Investments per categories In MAD mn

Investissements 2018 2019 Equipments 360 186 Infrastrctures 50 112 Studies 20 13 Financial participation 7 290 Total 436 601

Investments per companies

SMA In MAD mn MAD 23 mn

4% TC3PC 7% Mad 43 mn

Financial injection in Marsa Maroc Tanger Alliance MAD 535 mn MAD mn 282

89%

19 Sound Financials

Financial structure Breakdown of net debt

In MAD mn In MAD mn 2 588 2 309

976 696 447 185 188 215

2018 2019 2018 2019

Total shareholders equity Net debt

-973 -928 Cash Investment securities Corporate debt Dividends Dividend per share

In MAD mn In MAD

900 400% 785 10,7 800 350% 683 712 700 644 598 300% 2,7 600 8,0 483 250% 500 200% 400 150% 9,7 300 122% 9,3 141% 8 200 119% 100% 100 50% 0 0% 2017 2018 2019 2017 2018 2019

Net Income Dividend Pay out ratio Ordinary dividend Extraordinary dividend

20 Q & A

19