ANNEXES TO TAX DECLARATION

CORPORATE TAX
(Standard accounting model )

Period : 01/01/2008 to 31/12/2008

Company name

Trade tax Id

Corporate Tax Id

Adress
CASABLANCA

CASABLANCA ON 19/03/2009
Signature

BOX RESERVED FOR ADMINISTRATION

REGISTRATION NUMBER OF THE DECLARATION:………………………

Date : ……………………………………….

Signature

NB: Tables 1 to 14 are in line with statements provided by Law No. 9.88 on the obligations
traders accounting promulgated by Dahir No. 1.92.138 of Jumada II 1413 (15.12.1992
 BALANCE SHEET - ASSETS

ASSETS 2008
DEPRECIATION
GROSS
AND PROVISION
CAPITALISED EXPENSES (A) - -
.Preliminary expenses
F .Prepaid expenses to be amortized over several years
I .Bond discounts
X INTANGIBLE ASSETS (B) - -
E .Research & Development costs
D .Patents, brands, rights and other similary assets
.Goodwill
.Other intangible assets
TANGIBLE ASSETS (C) - -
.Land
.Buildings
.Plant and machinery
.Vehicles
.Furniture and fittings
A .Other tangible assets
S .Tangible assets in progress
S FINANCIAL ASSETS (D) - -
E .Loan receivables
T .Other receivables
S .Equity investments
.Other Investments and securities
UNREALIZED EXCHANGE LOSSES (E)
.Decrease of receivables
.Increase of debt

TOTAL I (A+B+C+D+E) - -

C INVENTORIES (F) - -
U .Merchandise
R .Raw materials and consumables
R .Products in process
E .Intermediate and residual goods
N .Finished goods
T SHORT TERM RECEIVABLES (G) - -
.Supplier's receivables, prepaids
.Accounts receivable
A .Staff
S .Tax receivable
S .Shareholder's accounts
E .Other receivables
T . Pre-payments
S MARKETABLE SECURITIES (H)
UNREALIZED EXCHANGE LOSSES (I)
(Current items)

TOTAL II (F+G+H+I) - -

C CASH AND BANKS

A .Checks and equivalent
S .Banks
H .Petty cash

TOTAL III -
TOTAL ASSETS ( I+II+III) - -

-1-
 2007

NET

- -
-

- -

-
-
-
-
-
-
- -
-
-
-
-

- -

- -
-
-
-
-
-
- -
-
-
-
-
-
-
-
-
-
-
-
- -
-
- -
-
-
-
-
- -
- -
 BALANCE SHEET - Liabilities and Stockholder's Equity

LIABILITIES

E SHAREHOLDER'S EQUITY

Q .Capital

U minus: capital subscribed and not paid-in

I including paid up capital as follows:

T .Capital and merger premium

Y .Revaluation difference

.Legal reserve

& .Investment reserve

.Other reserves

L .Retained earnings

O .Non allocated income

N .Net income of the year

G TOTAL OF EQUITY (A)

T ASSIMILATED EQUITY (B)

E .Investment subsidies

R .Regulated provisions

I LONG TERM DEBT (C)

A .Debenture bonds

B .Other long term debt

I PROVISIONS FOR CONTINGENCIES AND LOSSES (D)

L .Provisions for contingencies

I .Provisions for losses

T UNREALIZED EXCHANGE GAINS (E)

I .Increase of nonperforming assets

E .Decrease of financing debts

S TOTAL I (A+B+C+D+E)

CURRENT LIABILITIES (F)

C
U .Accounts payable and auxiliary accounts
R .Accounts payable; prepaids
R .Staff
E .Social security agencies
N .Tax payable
T .Shareholder's accounts

.Other payables
L .Accruals and deferrals
I OTHER PROVISIONS FOR CONTINGENCIES (G)
A UNREALIZED EXCHANGE GAINS (H)
B (Current items)

TOTAL II (F+G+H)

C BANK OVERDRAFT

A .Discounted bills

S .Treasury loans

H .Bank loans and overdrafts

TOTAL III
TOTAL LIABILITIES ( I+II+III)

-2-
es and Stockholder's Equity

2008 2007

- -

- -

- -
 -

- -

- -

-2-
 INCOME STATEMENT

TRANSACTIONS

2008 Previous years

1 2

I OPERATING REVENUES

.Sale of goods (as found)

.Sale of goods and services

.Net Sales -
O .Changes in inventory

P .Fixed assets produced by the company for itself

E .Operating subsidies received

R .Other operating revenues

A .Operating recoveries; expense transfers

T TOTAL I - -

I II OPERATING EXPENSES - -
N .Purchase of goods sold

G .Consumed purchase of raw materials and supplies

.Other external expenses

.Taxes (except corporate taxes)

.Payroll expenses

.Other operating expenses

.Operating allowances

TOTAL II - -
III OPERATING INCOME (I-II)

IV FINANCIAL REVENUES -
.Revenues from equity shares & financial securities

F .Gain on exchange

I .Interests & other financial revenues

N .Financial recoveries; expense transfers

A TOTAL IV -
N V FINANCIAL EXPENSES - -
C .Interest expenses

I .Loss on exchange

A .Other financial expenses

L .Financial allowances

TOTAL V -
VI FINANCIAL INCOME (IV-V)

VII CURRENT INCOME (III+VI)

VIII NON CURRENT REVENUES -

N .Proceeds on disposal of fixed assets
O .Received subsidies

N .Recoveries of investment subsidies

.Other non current revenues

C .Non current recoveries; expense transfers

U TOTAL VIII -
R IX NON CURRENT EXPENSES -
R .Net book value of disposed assets

E .Granted subsidies

N .Other non current expenses

T .Non current allowances

TOTAL IX -
X NON CURRENT INCOME (VIII-IX)
XI INCOME BEFORE CORPORATE TAXES (VII+X)
XII CORPORATE INCOME TAXES
XIII NET INCOME (XI-XII)

XIV TOTAL REVENUES (I+IV+VIII)

XV TOTAL EXPENSES (II+V+IX+XII)

XVI NET INCOME (total revenues - total expenses)

-3-
 TOTAL

2008 2007

3=1+2 4

- -
-
-
-
-
-
- -
- -
-
-
-
-
-
-
-
- -
- -
- -
-
-
-
-
- -
- -
-
-
-
-
- -
- -
- -
-
-
-
-
-
-
-
- -
-
-
-
-
- -
- -
- -
-
- -
-
- -
- -
- -
 switch from book net income
to fiscal net income
Statement 3

Title Amount
I. NET BOOK INCOME
. Net profit
. Net loss

II. TAX REINSTATEMENTS

1. Current
EXCESS / CAR RENTAL CHARGES DG
Translation adjustment - liabilities
Charges relating to previous year
2. Non current

III. TAX DEDUCTIONS

1. Current

2. Non current
Penalty
Total -
IV. GROSS TAX INCOME
. Gross profit if T1 > T2 (A)
. Gross fiscal deficit if T2 > T1 (B)
V.ALLOCATED LOSS CARRIED FORWARD (C) (1)
. Financial year n-4
. Financial year n-3
. Financial year n-2
. Financial year n-1
TOTAL V (C)
VI. FISCAL NET INCOME
. Net fiscal benefit ( A - C )
or
. Net fiscal deficit ( B )
VII. CUMULATION OF LOSS TO CARRY FORWARD

VIII.CUMULATION OF CAPITAL COST ALLOWANCE TO CARRY FORWARD

. Financial year n-4

. Financial year n-3
. Financial year n-2
. Financial year n-1
. Financial year n -
TOTAL VIII
(1) Within the limit of the amount of the gross fisca benefit (A).
Up to Dec. 31 2008
Amount

-
 Statement of intangible assets other than financial
Statement 4
Financial year from De
Increase Decrease
Type Gross amount at start of year
Acquisition Self-produced Transfer Assets transfer Withdrawal
I-Valueless security

.Preliminary fees
.Expenses to allocate
.Redemption premiums

S/Total I - - - - - -

II-Intangible assets

.Intangible assets for research and development

.Patents , trademarks,
.Goodwill
.Other intangible assets

S/Total II - - - - - -

III- Tangible assets

.Land
.Buildings
.Machinery & equipment
.Transportation equipment
. Furniture, office equipment
, Other tangible assets
.Current tangible assets
 S/Total III - - - - - -
OVERALL TOTAL - - - - - -
 Financial year from Dec. 01 2008 to Dec. 31 2008
ase
Gross amount at end of year
Transfer

- -
-
-
-
-
-
-
-

- -
-
-
-
-
-
-
-
-
-
-
-
- -
- -
 Management Balances Statement
Statement 5
Financial year from Jan. 01, 2008 au Dec. 31, /2008
I. Statement of income formation
Financial year Prec.financial year
1 Sales of goods (as they are)
2 - Resold purchases
I = GROSS PROFIT ON SALES AS IS
II + OUTPUT OF THE FINANCIAL YEAR : (3+4+5)
3 *Sales of goods and service products
4 * Change in product inventories
5 * Fixed assets raised by the company for itself
III - CONSUMPTION FOR THE BUSINESS YEAR : (6+7)
6 * Consumed purchases of materials and supplies
7 *Other external expenses
IV = ADDED VALUE ( I + II - III)
8 + Subsidies for operations
9 - Taxes
10 - Personnel charges
V = GROSS BALANCE OPERATIONS
or GROSS SHORTAGE OF OPERATIONS
11 + Others operating incomes
12 - Other operating expenses
13 + operating excesses
14 - Operating allowances
VI = NET BALANCE IN OPERATIONS ( + or - )
VII +/- FINANCIAL BALANCE
VIII = CURRENT BALANCE ( + or- )
IX +/- NON CURRENT BALANCE
15 - Tax on balances

X = NET BALANCE OF THE FINANCIAL YEAR ( + or - ) -

II. FUNDS FROM OPERATIONS - SELF-FINANCING

1 Net Balance of the financial year:

* Profit+
* Loss - -
2 + Operating allowances (1) -
3 + Financial allowances (1)
4 + Non current allowances (1)
5 - Operating excesses (2)
6 - Financial excesses (2)
7 - Non current excesses (2) (3)
8 - Proceeds from disposed of fixed assets
9 + Net valus of depreciation of disposed of fixed assets
I = FUNDS FROM OPERATIONS -
10 - Profit distribution
II = SELF-FINANCING -

(1) Excluding allowances relating to the cash circulating assets and liabilities
(2) Excluding excesses relating to the cash circulating assets and liabilities
(3)Including excess investment subsidies
 Item details of Income and Expense statements
Statement 6
From Jan 01, 2008 to Dec. 31, 2008
-1-
Previous financial
Item Financial year year
OPERATING INCOME

711 . Sales of goods

. Sales of goods in Morocco
. Sales of goods abroad
.Rest of Item of the sales of goods
Total

712 . Sales of produced goods and services

. Sales of goods in Morocco
. Sales of goods abroad
. Sales of services in Morocco
.Sales of services abroad
. Royalties on patents, trademarks, rights
. Rest of item (Sundry products)
Total

713 . Inventory change

. Change in produced goods inventory (+/-)
.Change in produced services inventory (+/-)
. Change in current products inventory (+/-)
Total -

718 .Other operating incomes

. Director's fee received
. Rest of item (sundry products)
Total

719 . Operating excesses; expense transfers

. Excesses
. Transfers
Total -

INTEREST INCOME

738 . Interests and other interest incomes

. Interests and similar incomes
. Incomes of loans related to equity security
Net proceeds from
investment security
. Rest of item: intérêts & other fin. inc.
Total - -

OPERATING EXPENSES
 611 .Purchased goods resold
. Purchase of goods
. Change in goods inventory (+/-)
Total
612 . Consumed materials and supplies
. Purchase of raw material
. Change in raw materials inventory(+/-)
. Purchases of consumable materials, supplies
and packing mater.
. Change in raw materials , supplies and packing mater.
inventory (+/-)
.Purchases of non stored materials and supplies
. Acquisition of works, analyses and services
Total -
613/614 . Other external expenses
. Rents and rental expenses
. Royalties on leaseholds
. Upkeep and repairs
. Insurance premium
. Remuneration of the non company staff
. Remuneration of intermediaries & fees
. Royalties on patents, trademarks and rights
. Transportation
. Business trips and receptions
. Rest of item: external expenses
Total - -
617 ,Personnel expenses
.Personnel remunerations
. Social expenses
. Rest of item: personnel expenses ,
Total -
618 . Other operating expenses,
. Director's fee
. Losses on bad debts
. Rest of item: other operating expenses
Total
FINANCIAL EXPENSES
638 . Other financial expenses
. Net expenses on transfer of investment
security
. Rest of item: other financial expenses
Total
NON CURRENT EXPENSES
658 . Other non-current expenses
. Penalties on transactions and forfeits
. Tax reminder (other than profits)
. Penalties and tax fines
. Loans becoming bad debts
. Rest of item : non-current expenses
Total -
 MODELE DE L'ETAT B10: TABLEAU DES BIENS EN CREDIT-BAIL
LEASEHELD PROPERTIES STATEMENT L
Statement 7

Type of contract (1)

Type of Place of Full name or trade name and Date of Annual amount Amount of the rent Ordinary lease (Number of period)
rented property situation address of the owner the lease of the rent included in the
contract the financial year costs
1 2 3 4 5 6 7 8
0 0 0 0 - - 0 0

0 0 0 0 - - 0 0

NONE
0 0 0
0 0
0 0 0 0 - - 0 0
0 0 0 0 0
0 0
0 0 0 0 - - 0 0
0 0 0
0 0
0 0 0 0 - - 0 0
0 0 0 0
0 0 0
0 0 0 0 - - 0 0
0 0 0 0 - - 0 0
0 0 0 0 - - 0 0
0 0 0 0 - - 0 0
0 0
0 0 0 - - 0 0
0 0
TOTAL - -

(1) Check the appropriate column,

In case the owners number is more than fiftheen , enclose other statements similar to this one

- 20 -
 Statement of depreciations
Statement 8
Financial year from Jan. 01, 2008 to Dec. 31, 2008
Cumulation at start of Depreciation on Cumulation of depreciation
TYPE year Provision for year 2 immobilization output 3 end of year 4=1+2-3
INTANGIBLE ASSETS IN VALUELESS STOCK
.Preliminary fees
.Expenses to allocate
.Redemption premium of bonds

S/Total - - - -

INTANGIBLE ASSETS
.Intangible assets for research and development
.Patents , trademarks, rights and similar assets
.Goodwill
.Other intangible assets

S/Total - - -

TANGIBLE ASSETS
, Land
. Building
.Machinery & equipment
.Transportation equipment
. Furniture, office equipment and sundry developments
, Other tangible assets

S/Total - - - -
OVERALL TOTAL - - - -
 MODELE DE L'ETAT B5 : TABLEAU DES PROVISIONS
PROVISIONS STATEMENT
Statement 9

Type Amount PROVSIONS EXCESS Amount

at start of at end of
financial year of operation financial non current of operation financial non current financial year
1. Provisions for fixed assets
depreciation

2. Regulated provisions

3. Durable provisions
for risks
and charges

SUB TOTAL (A) - - - - -

-
4. Provisions for -
current assets -
depreciation
(non cash)

5. Other provisions -
for risks
& charges -
-
6. Provisions forr -
depreciation of - - - -
cash accounts -
SUB TOTAL (B) - - - - - - - -
TOTAL (A+B) - - - - - - - -

- 15 -
 Statement of increase or decrease in value on transfers, or
withdrawal of intangible assets
Statement 10
Financial year from Dec. 01, 2008 to Dec. 31, 2008
Date of transfer or
withdrawal Principal account Gross amount Cumulated depreciation Net value of depreciation Proceeds of the transfer Increase in value Decrease in value

TOTAL
NONE
 SHAREHOLDINGS STATEMENT
Statement 11
Trade name Sector shareholder Price of global Net book Summary of the last fin. statement of the issuing products transcribed in
company inc. & ex. st. of year
of the issuing company of activity Capital by % acquisition value Closing date Net financial situation Net income
1 2 3 4 5 6 7 8 9
0 0 0 0 0 0 0 0 0 0.00
0
0
0 0 0 0 0 0 0 0 0 0

0
0 0 0 0 0 0 0 0 0 0

NONE
0

TOTAL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 MODELE DE L'ETAT B 14 : DETAIL DE LA TAXE SUR LA VALEUR AJOUTEE

DETAILS ON VALUE ADDED TAX

Statement 12 Up to Dec. 31, 2008

TYPE Balance at start of year Accounting operations of the year Declaration of the VAT of the year Balance at end of financial year
1 2 3 (1+2-3=4)
A. Invoiced VAT - -
- -
B. Recoverable VAT
- -
.on expenses
.on intangible assets
-
C. VAT due or credit of -
VAT= (A-B)

- 25 -
 Statement of allotment of the registered capital
Capital Amount: ………………;;; MAD
Statement 13 Up to Dec. 31, 2008
Number of bonds Capital amount
Nominal value of
Full names or corporate names of the main partners(1) Address Previous financial Present financial each share
year year Subscribed Called up
1 2 3 4 5 6 7

(1) When the number of partners is less than or equal to 10 , the company must state
all participants in capital
In the other cases , only the 10 main partners may be stated
in their decreasing order of importance,
 Up to Dec. 31, 2008
Capital amount

Paid-up
8
 STATEMENT OF THE APPROPRIATION OF INCOME DURING THE FINANCIAL YEAR

Statement 14
Up to Dec. 31, /2008
AMOUNT AMOUNT
A. SOURCE OF INCOMES TO BE APPROPRIATED B. INCOME APPROPRIATIONS

(Decision of June 29, 2007) . Legal reserve

.Balance brought forward . Other reserves

. Net incomes to be appropriated .bonus percentage of profits

. Net income of the financial year . Dividends

.Deductions on reserves . Other appropriations

. Other deductions . Balance brought forward

TOTAL A - TOTAL B -

TOTAL A = TOTAL B
 STATE FOR THE CALCULATION OF TAX BY COMPANIES BENIFITS OF
MEASURES TO ENCOURAGE INVESTMENT

Statement 15
Up to Dec. 31, /2008
DETAILS ALL INCOMES ALL TAXABLE ALL INCOMES RELATING TO
INCOMES TAXABLE NUMERATOR

1 2 3 4
SALES
1 TAXABLE SALES
2 Exempt Sales 100 %
3 Exempt Sales 50 % (1)
Subdivision and property development
4 Taxable sales and rent
5 excluded sales and rent 100 %
6 excluded sales and rent 50 % (2)
Services
7 Taxable
8 Exempt 100 %
9 Exempt 50 % (1)
10 Ancillary products, financial products, gifts and donations
11 Equipment Grants
12 Grants balance
12a Taxable
12b Exempt 100 %
12c Exempt 50 % (1)
13 sub total
14 Overall net profits after deduction of the sales-weighted
15 Other incomes
16 Total général (lignes 13 + 14 + 15)
1) Include in these cases half the amount in column 3 - the same line
(2) Include in these cases half the amount in column 2 - line
Statement. 16

STATE THE AMORTISATION RELATING TO FIXED ASSETS

Detail: see Global

annexesAmount:
sheets number 12

Should establish as many annexes notes that there are groups of elements and depreciable nature in the

Fact sheet No.: 1 Depreciation of the exerice ranging from the 01 / 01 / 2008 to 31 / 12 / 2008
Concerned assets: 2111 / fees of appointment
Value to amortize Derived depreciation g

"Date of
entry" Book value Previous
1" Price of after Depreciation
aquisition réevaluation Rate duration
2 3 4 5 6

Totaux 7,888,167.00 0.00 3,155,266.80

"this is the re-evaluation of the elements year which is their da"

2 / The acquisition price is equal to the cost price decreased, where applicable, the open VAT right to deduction which the amount must be colu
3 / In the table corresponding to the exercise of the revaluation, the previous depreciation are to 0 (zero).
4 / Indicate the duration of use in years.
5 / To include in this column all useful explanations regarding the justification for aggravated, rates for example hardware for quick use in the am
 Up To 31 / 12 / 2008

ING TO FIXED ASSETS

ts number 12 DHS

ements and depreciable nature in the same rate taux

from the 01 / 01 / 2008 to 31 / 12 / 2008

111 / fees of appointment
Derived depreciation g

Amort. regular or Total Depreciation

accelerated at the end of year 8
execution
Comments
7 9

ht to deduction which the amount must be column 9.

tes for example hardware for quick use in the amort

 STATEMENT OF CAPITAL GAINS FOUND IN THE EVENT OF MERGER

Statement 17
Up to Dec. 31, /2008
Fraction of
gains Cumulative of Balance of none
DETAILS Input Accounting Defered and relating to Reported imputed Observations
value net value found previous Gains Gains
gain years
(cumul) (2)
1 Land (1)
2 Constructions
3 Mat & Equipents
4 Transport
5 Fixtures Installations N O N E
6 marks, rights and similar values
7 Other depreciable items
8 Shares
9 Fonds de commerce
10 Other none depreciable items
TOTAL
(1) Tax-deferred until the date of cession
(2) Fractions corresponding to the normal allocation of the gain recorded during the merger increased if any of répliquât
of the gain related to the item sold during the year
 STATE OF INTERESTS loans from members and third parties
OTHER BODIES OF THE BANK OR CREDIT

Statement 17
Up to Dec. 31, /2008
NAME Adress ID number Amount Date Loan Interest Global Reimbursement Reimbursement
or loan Loan period Rate financial Previous years Actaul year
Tax Id number charges Observations

(months)
Principal Interest Principal Principal

A.Partners

B.Third N O N E

TOTAL - - - -
 TABLE OF RENTALS AND LEASES OTHER THAN CREDIT BAIL

Statement 17
Up to Dec. 31, /2008

CONTRACT TYPE

Issue date of Annual Amount of Accounted amount of

nature of the leased Location name and address of owner
contarct contract the year
Regular
Nth Period
Bail

TOTAL -
 DETAILED STATUS OF STOCKS
Statement 20
Up to Dec. 31, /2008
FINAL STOCK INITIAL STOCK Variation
STOCKS GROSS Provision GROSS Provision of stock
AMOUNT For Net amount AMOUNT For Net amount Value (+ or
depreciation depreciation -)
7=6-3
I. Stocks Supply
- Goods and products for resale in the state - - - - -
* Immovables 1
* Movable 2
- materials for the production and processing
- Primary materials - - - - - 3
- consumed material - - - - 4
- Spare parts - 5
- Fuels, lubricants for vehicles 6
- Packaging - - - - -
* recoverable 7
* saled 8
* lost - - - - 9
Total Stocks supply - - - - - - - 10
II. Stock ongoing production of goods and services
- products under process - - - 11
- studies et researches under process - - - - - 12
- Works under process - - - - - 13
- Services under process - - - - - 14
Total Stocks of itms under process - - - - - - - 15
III. Stock Finished products
- Finished products - - - - - - - 16
- Finished goods 17
Total Stock Finished products - - - - - - - 18
IV. Stock Residual products
- Waste - - - - - 19
- Scrap - - - - - 20
-Materials recovery - - - - - 21
Total Stock Residual products - - - - - - - 22
Global Total 23
(Ligne 10 + 15 + 18 + 22) - - - - - - -