The NSC V900 (New Listing System Version 900) electronic quote-driven trading system is an automated platform for managing stock market trading sessions. Developed by ATOS EURONEXT, it is also used by several other stock exchanges such as Euronext, Dubai, Muscat, Malaysia, Tunisia, Amman, Teheran and Luxembourg. NSC V900 enables stock market orders to be routed automatically and transaction to be made according to predetermined market rules. All securities listed on the Casablanca Stock Exchange are traded using the electronic trading system via trading terminals which are made available to brokerage firms. The stock market orders submitted by brokerage firms are automatically ranked according to two rules of priority : Priority with respect to price, first Then, priority with respect to the time of receipt of the order. TRADING OF SECURITIES BY AUCTION Trading by auction involves the matching of all orders entered beforehand into the electronic quote-driven trading system by brokerage firms so that, as the case may be, a single price is established for each security. As a function of a security’s liquidity, several auctions may occur during a single session (multi-auction). The following is an example of a session in which securities are traded by auction (with two auctions):

TRADING OF SECURITIES ON A CONTINUOUS BASIS   The trading of securities on a continuous basis involves the matching of all orders as they are handled by the electronic quote-driven trading system so that, as the case may be, an instantaneous price is established for each security. DETERMINING QUOTATION METHODS FOR LISTED SECURITIES Quotation methods for equities The quotation method for each security is determined by the Casablanca Stock Exchange as a function of the following criteria : Average trading volume per session ; Average number of securities traded per session ; Frequency with which the security has traded ; Average number of contracts recorded per session ; Free-float capitalisation. The quotation method for securities is revised at least on a half-yearly basis and published in the Official Bulletin. Please see Notice Number 167/08 for the criteria and terms adopted. Any change in the quotation method for a transferable security is published in the Official Bulletin at least five business days before it takes effect. Method for quotation of debt securities Debt securities are quoted as a percentage of their nominal value and ex-coupon or as a monetary price on the decision of the Casablanca Stock Exchange. Due to the low liquidity of debt securities, they are traded by auction. Method for quotation of secondary lines The Casablanca Stock Exchange determines the quotation method for secondary lines as a function of their liquidity. A secondary line is defined as any security which is derived from any principal line of trading which constitutes a security of reference. Bonus and subscription rights are quoted by auction. The quotation methods for equities traded as secondary lines are determined on the same terms as for equities, described above.