Maroclear in brief Key figures Milestones The new platform : an overview Prospects 2

Unique Central Securities Depository in Morocco Started operation : July 1997 Centralization of custody of all eligible securities Full dematerialization 3

Scope of business : Equities, Government debt, Debentures, Money-market instruments and Mutual funds « Omnibus accounts model » : accounts held exclusively in the name of sub-custodians (banks, broker-dealers and issuers) : no direct interaction with beneficial owners N.N.A (ISO 6166 compliant) 4

Exchange and OTC settle DVP Cash accounts held at CB MCL sends cash instructions to CB CB reports back to MCL before debit/credit of securities accounts Settlement cycle :. Exchange :T+3. OTC : T+0 5

Total outstanding under custody : 1200 Billion MAD Equities : 50 % Govies : 25 % Mutuals : 17 % Money Market Instruments : 8 % Number of trades settled daily : Value of trades settled : 30 Billion MAD 6

Number of issues : 993. Equities : 86. Govies : 170. Mutuals : 323. MMI : 414 7

Participants : 150. Broker-dealers : 17. Banks : 15. Issuers : 113 (Indirect for most of them). Others : 5 8

Number of trades : Value of trades settled : 28 Billion MAD. Exchange : 1 Billion. Off-Exchange : 27 Billion (NB : Repos = 80%) 9

1997 Inception 1998 Demat of listed securities 1999 Admission of Govies 2000 Admission of mutual funds 2001 Proprietary network 2002 DVP All segments 10

2006 Securities museum 2007 Enhancement of DR site 2008 Launching of the new platform project 2009 Data encryption 2010 New platform goes live 11

Four-tier Architecture (4 layers) : 1-User interface & presentation layer (Multibrowser) 2-Application layer (Business logic) 3-Communication service layer (Swift & others) 4-Database layer (2 DB : operation & reporting) Redundancy is key Business continuity - All critical devices are duplicated (servers, routers, switches) and under close monitoring 12

hot stand-by on main site (HACMP cluster providing high availability in case of failover) Periodic synchronization between main and DR Synchronous replication mechanism between Production and DR is considered 13

High performance and high availability network (Dedicated leased lines+VPN SSL) All flows, incoming and outgoing, encrypted Enhanced safety (RSA authentication) On-line monitoring solution implemented lately 14

Clear separation between Exchange and OTC Single batch settlement for Exchange trades Real-time gross settlement for OTC Interface dedicated to Repos One single instruction covering both legs of repos Additional functions : collateral swap, termination… Real-time monitoring of all instructions status 15

Ability to cope with high volume spikes Flexible and upgradable JEE based core-application Long-term AMC with high profile provider 16

Conducted mid-2011 To be performed regularly Valuable source of insights Interesting approach to sound out users needs and stay tuned in with their expectations 17

Overall positive perception of users in terms of functions, performances, reliability and business continuity (85/100 rating) Users highly value : 1-the benefits of real-time settlement for OTC 2-the flexibility of the interface (Files/creens) 3-the on-line monitoring of all settlement processes 18

As expected, users demand various enhancements : 1-Corporate actions 2-Clients details Besides, they request additional services such as 1-SLB 2- More STP … 19

Overall risk rating upgraded from A- to A in March 2011 risk evaluation review Ratings given range from A- (low risk) to A+ (very low risk) Rating upgrade expected soon Clarifications to be provided Improvement measures under way…. 20

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