Timar SA is a Morocco-based company principally engaged in the transportation and logistics services. The Company’s services include road, aerial and marine transportation. In addition, it provides storage and distribution services, as well as storage under customs control and others. The Company has an agency in Mohamed V airport in Casablanca that supplies its clients with freight services, imports and exports to the main airports. It is also a member of Maghreb Transport Organization (MTO) and specializes in the international transportation within such countries as Morocco, France, Spain, Portugal, Italy, Senegal and Turkey, among others. As of December 31, 2010, Company’s subsidiaries included Timar International and TIMAR Tanger Mediterranee. The Company carries out marine transportation activities through TIMAR Tanger Mediterranee, which was created in December 2010.