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2008 Registration Document This Registration Document was filed on April 24, 2009, pursuant to Article 212-13, of the Financial Market Authority’s Regulation. It may not be used in support of a financial transaction unless it is accompanied by a transaction note endorsed by the Financial Market Authority. SUMMARY HIGHLIGHTS 4 KEY FIGURES 6 1 PERSONS RESPONSIBLE FOR THE REGISTRATION 5 FINANCIAL REPORT 144 DOCUMENT AND FOR THE AUDIT OF THE FINANCIAL 5.1 CONSOLIDATED FINANCIAL DATA FOR THE LAST STATEMENTS 8 THREE YEARS 146 1.1 PERSON RESPONSIBLE FOR THE REGISTRATION 5.2 OVERVIEW 148 DOCUMENT 10 5.3 CONSOLIDATED INCOME STATEMENT 160 1.2 CERTIFICATION OF THE REGISTRATION DOCUMENT 10 5.4 CONSOLIDATED FINANCIAL STATEMENTS 184 1.3 PERSONS RESPONSIBLE FOR THE AUDIT OF THE 5.5 INDIVIDUAL FINANCIAL STATEMENTS 230 FINANCIAL STATEMENTS 10 1.4 INFORMATION POLICY 11 2 INFORMATION RELATING TO THE TRANSACTIONS 12 3 GENERAL INFORMATION REGARDING THE COMPANY 6 CORPORATE GOVERNANCE 252 AND ITS SHARE CAPITAL 14 6.1 MANAGEMENT AND SUPERVISORY BOARD 254 3.1 GENERAL INFORMATION 16 6.2 CORPORATE GOVERNANCE 262 3.2 GENERAL INFORMATION RELATING TO THE COMPANY’S 6.3 INTERESTS OF THE SENIOR EXECUTIVES 266 SHARE CAPITAL 38 6.4 RELATED PARTY TRANSACTIONS 268 3.3 TRADING OF THE COMPANY’S SHARES 42 3.4 DIVIDENDS AND DIVIDEND POLICY 44 3.5 BREAKDOWN OF SHARE CAPITAL AND VOTING RIGHTS 48 3.6 ASSET PLEDGES 53 4 INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES 54 7 RECENT DEVELOPMENT AND OUTLOOK 272 4.1 HISTORY 56 7.1 RECENT DEVELOPMENT 274 4.2 OVERVIEW OF THE GROUP’S OPERATIONS 57 7.2 MARKET OUTLOOK 275 4.3 MAROC TELECOM’S BUSINESS STRATEGY 60 7.3 OBJECTIVES 276 4.4 BUSINESS ACTIVITIES IN MOROCCO 62 4.5 DESCRIPTION OF SUBSIDIARIES’ OPERATIONS 104 TABLE OF CONCORDANCE 278 4.6 RESEARCH AND DEVELOPMENT 111 4.7 SEASONALITY 111 2008 ANNUAL INFORMATION DOCUMENT 280 4.8 REGULATORY ENVIRONMENT AND POSSIBLE DEPENDENCIES 112 STATUTORY AUDITORS FEES 281 4.9 HUMAN RESOURCES 126 4.10 REAL PROPERTY 131 GENERAL SHAREHOLDERS’ MEETING OF APRIL 23, 2009 282 4.11 INTELLECTUAL PROPERTY 132 4.12 INSURANCE 134 GLOSSARY 284 4.13 LEGAL AND ARBITRATION PROCEEDINGS 136 4.14 RISK FACTORS 138 HIGHLIGHTS January 2008 • Maroc Telecom launched video-telephony services in the main cities of the Kingdom for both postpaid and prepaid customers and also introduced “Optimis”, a new pricing plan for business customers. The monthly fixed-line rental fee was revised for residential customers and telestores. The Universal Service Management Board of the Moroc- can telecoms regulator ANRT approved the MAD1.2 billion budget for the Pacte program, which seeks to ensure universal access to telecommunications services, affording Maroc Telecom coverage of nearly 80% of the 9,263 towns and villages involved. • The completion of the merger between Mauritel SA and Mauritel Mobiles was accompanied by significant reductions in mobile service charges. February 2008 • Maroc Telecom launched an unlimited call plan for designated international numbers along with “Phony Interna- tional”, a new unlimited rate plan for calls to international fixed lines, and introduced further price cuts for calls from fixed lines to international fixed and mobile lines. • Mauritel launched the “AMI Mobile” service (news by SMS) and reduced ADSL subscription rates. • Onatel overhauled its pricing structure, with cuts of up to 78% for international calls, and strengthened its distribu- tion network with the establishment of 75 kiosks, notably in rural areas. March 2008 • Maroc Telecom launched two new unlimited mobile broadband Internet call plans, “Internet Mobile 1.8” and “Internet Mobile 512", and enhanced the Mobile Zone portal with new content. A “Call return” service was implemented for prepaid mobile customers. • Mauritel lowered its rates for CDMA Internet access and CDMA subscriptions and increased its Mobile subscription rates. • Onatel introduced the IN platform (for mobile and fixed lines) and launched new prepaid cards for fixed lines (“Phone Cash”) which are available in small amounts to meet the needs of low-income customers. April 2008 • As part of the Universal Service program, Maroc Telecom launched the “CDMA 1 Mbit/s Internet” service, a new unlimited Internet access offering which is marketed in rural areas covered by the CDMA network. A new ministerial order defined the terms for telecommunications services price promotions in Morocco. Maroc Telecom will be re- quired to notify the ANRT of all the price promotions it plans to introduce. ANRT approved the technical and pricing proposal for interconnection by capacity for calls to Maroc Telecom’s fixed-line network. The ANRT also set Wana’s mobile termination charge for the 2008-2009 period at a level different to that applying to Maroc Telecom and Meditel. Maroc Telecom and the ANRT signed an agreement on the Pacte program for 2008, covering the invest- ment by Maroc Telecom of MAD762 million for infrastructure for 1,500 towns and villages. • Mauritel reviewed its “On-net Mobile” call charges. May 2008 • Maroc Telecom lowered its postpaid international mobile rates for calls to international zone 1 and for calls made on leased Internet lines. • An agreement was signed by the Fondation Mohammed VI de Promotion des Œuvres Sociales de l’Education- Formation (Mohammed VI Foundation for the Promotion of Social Work, Education and Training), comprised of teachers, and a number of sponsors, including Maroc Telecom, under which its members benefit from subsidized rates for Internet access (Nafid@ program). • Gabon Telecom implemented a layoff plan involving 752 staff members, with approval from the Gabonese govern- ment. At the same time, it obtained a commitment for FCFA47 billion in financing from the Gabonese bank BGFI. • Onatel launched Internet services via the CDMA network (postpaid and prepaid), fixed-line/ADSL bundles and elec- tronic top-up services for fixed and mobile lines. The distribution network was extended through the agreement with Sonapost covering the distribution of fixed-line and mobile products. June 2008 • The “Mobile Zone” portal was enriched with the addition of new games and new BlackBerry options (“External BES” and “Full BES”). • Onatel introduced unlimited mobile call plans, free airtime, special rates for preferred customers and a new call plan aimed at the youth market (preferential rates and SMS bundles during off-peak hours). Onatel secured a EUR7.5 million loan with the International Finance Corporation to finance its expansion. • Gabon Telecom revised its pricing structure for subscription fees and call rates. 4 Registration Document 2008 - Maroc Telecom HIGHLIGHTS July 2008 • Maroc Telecom launched new unlimited options for business customers: Mobile Business Control and Mobile Busi- ness Class bundles. • Summer promotions were launched for triple-play bundles (fixed-line phone, IPTV and broadband Internet) and for ADSL subscriptions, and introduced a new rate for the “Canal+ Essentiel” option. • Mauritel launched a 1-hour “El Jawal” service, offering prepaid mobile customers one hour of airtime for MRO1990 (approximately MAD65). August 2008 • Onatel launched a project to bridge the digital divide, involving the provision of wireless Internet access using CDMA technology to over 45 rural communities in Burkina Faso by the end of 2008. • Mauritel launched the 1-hour “Liberté plan”, offering one hour of communication to all operators for MRO1990 (approximately MAD65). September 2008 • Maroc Telecom added two new channels (Canal+ Family and Canal+ Cinema) to its Canal+ option and introduced a price reduction. • Mauritel launched a “Phony” call plan, which provides unlimited calls to five numbers over one week for MRO1990 (approximately MAD65). • Gabon Telecom and Mauritel introduced layoff plans. The layoff plan implemented in Gabon involved over 750 Ga- bon Telecom employees. October 2008 • Maroc Telecom introduced a range of promotions (ADSL, Corporate Mobile, etc.) in its home market along with a MAD30 Jawal bundle (with MAD10 of free airtime). The pricing structure for Mobisud was overhauled. • Onatel secured a FCFA5 billion loan to finance its expansion, of which FCFA2 billion was allocated to its mobile subsidiary, Telmob. November 2008 • Maroc Telecom launched a new prepaid Internet mobile call plan, offering Internet access starting at MAD10/day. • Mr. Rachid Mechahouri was appointed to the Management Board of Maroc Telecom. December 2008 • In Morocco, a new call plan was launched, offering international calls at the same rate as domestic calls, ADSL rates were further reduced, with an entry-level rate starting at MAD99 (incl. tax), and Internet connection speed was doubled for existing customers. Maroc Telecom also cut international flat-rate call plan rates by 30%. • The Burkina Faso Government launched a public offer for the sale its 20% stake in Onatel. January 2009 • Maroc Telecom again reviewed its pricing terms, raising its monthly fixed-line subscription for prepaid capped phone plan customers while lowering prices on fixed-line international calls and bundles. Maroc Telecom launched a new offering for international calls over VPN. February 2009 • Success of Maroc Telecom’s bid to acquire a 51% stake in Sotelma in Mali. • Maroc Telecom further developed its innovative offerings with a new triple-play service, called the ”MT Box” (test phase) as well as the ”Pack Pro” call plan combining fixed-line, mobile and Internet (ADSL or 3G) services, along with a PC at a subsidized rate, and an exclusive TV service for mobile subscribers. March 2009 • Maroc Telecom provided extensive support for customers during the switchover of the telephone numbering system in Morocco, with a major communications campaign and the provision of a free service for updating call-lists. A number of different promotional campaigns were also launched (TV ADSL, 3G Internet modem starter kits, Infinifix, etc.). • Results of the bid for a 20% stake in Onatel were announced: 1.4 times oversubscribed. An IPO on the Abidjan Stock Exchange is planned before May 1, 2009.
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