Corporate governance

Management Board

Abdeslam Ahizoune Chairman of the Management Board & Chief Executive Officer

Larbi Guedira Arnaud Castille

Managing Director Services Managing Director Administration & Finance & Chief Financial Officer

Janie Letrot Rachid Mechahouri

Managing Director Regulation, Managing Director Communication & Networks & Systems International Development

• Maroc Telecom also includes eight regional divisions reporting to the Chairman of the Management Board.

Supervisory Board

Chairman Salaheddine MEZOUAR Minister of Economy and Finances Vice-Chairman Jean Bernard LEVY Chairman of the Management Board of & CEO Chakib BENMOUSSA Minister of Interior Director of State-owned companies and Privatization, Ministry of Economy and Finances Abdelaziz TALBI Chairman of the permanent board of the National Accounting Council Jean René FOURTOU Chairman of the Supervisory Board of Vivendi Philippe CAPRON CFO and member of the Management Board of Vivendi Jacques ESPINASSE Company Director Chief Executive Officer of SFR and member of the Frank ESSER Management Board of Vivendi Régis TURRINI Senior Executive Vice President of Strategy and Development of Vivendi CONTACT Information: tel 212 (0)5 37 71 45 23 • fax 212 (0)5 37 71 45 24 Investor relations: tel: 212 (0)5 37 71 58 23 • email: [email protected] Website: www.iam.ma

Itissalat Al-Maghrib, a Moroccan société anonyme with a Management and Supervisory Board and capital of MAD 5,274,572,040 – TR 48 947 – Registered office: Avenue Annakhil Hay Ryad, . Maroc Telecom in brief

as at December 31, 2008 A full-service telecoms group operating in six countries

With more than 19 million customers, consolidated revenues of MAD 29 billion and annual capital expenditure of around MAD 6 billion in 2008, Maroc Telecom is a key player in the rapidly expanding sector in Morocco and . The group holds 51% stakes in the incumbent operators, , Onatel and Gabon Telecom. In Europe, Maroc Telecom is present in and Belgium through the mobile virtual network operator, Mobisud.

Privatized in 2001, Maroc Telecom is listed on the Casablanca and Paris stock exchanges. Its main shareholders are the Vivendi group (53%) and the Kingdom of Morocco (30%).

BELGIUM Mobisud Belgique: 100 % Mobisud France: 66% FRANCE

Casanet: 100% Medi1sat: 37% MOROCCO

Mauritel: 51.5% MAURITANIA

Onatel: 51% BURKINA FASO

Gabon Telecom: 51% GABON

KEY DATES

Maroc Telecom is partially privatized and Vivendi acquires a strategic 35% 2001 stake in the company Acquisition of a 54% stake in Mauritel, the incumbent Mauritanian operator

Signature of a collective bargaining agreement between management and employee representatives 2004 Initial public offering of 14.9% of the capital on the Casablanca and Paris stock exchanges Maroc Telecom achieves ISO 9001:2000 certification for its entire operations

2005 Vivendi increases its stake in Maroc Telecom from 35% to 51%

2006 Acquisition of 51% stake in ONATEL, Burkina Faso’s incumbent operator

2007 Acquisition of a 51% stake in Gabon Telecom, Gabon’s incumbent operator

ISO 27001: 2005 certification for information security standards 2008 Maroc Telecom launches new 3G services: video and prepaid mobile internet Innovative solutions for everyone

Domestic market leader As the leading full-service operator, Maroc Telecom provides high-quality coverage of almost the entire national territory. It offers comprehensive solutions to individuals and corporate customers for mobile and fixed-line telephony, internet and IPTV. In 2008, its consolidated net revenues totaled MAD 25,738 million, up 6.6%.

• An extensive direct and indirect distribution network, with more than 55,000 sales outlets. • A highly qualified workforce, focused on customer satisfaction. Mobile telephony • A clear market leader with a 63.4% market share and 14.5 million clients • Video telephony, BlackBerry®, Mobile TV, content services (games, news, sports, weather), unlimited calls, international phone calls at national calls rates

Fixed-line telephony • Nearly 1.3 million fixed lines for voice communication, data transmission and Internet • Unlimited offers for individuals and corporate customers • Infinifix and “Phony” international (unlimited communication to fixed lines) Internet • 482,000 Internet subscribers of which 99% are ADSL subscribers, 30,000 broadband Mobile 3G+ customers and more than 10,000 IPTV customers, at year-end 2008 • Service improvements and promotional offerings for IPTV • Preferential ADSL and 3G mobile rates for 10,000 school teachers (Nafid@ program) • Unlimited CDMA internet access in rural areas A leading player in Africa Mauritel • MAD 1,086 million net revenues • A mobile customer base of 1.14 million customers (up 26.1%) • Introduction of CDMA has helped fuel a 36.1% increase in fixed-line penetration (49,000 fixed lines) • Increased Internet penetration with more than 9,000 points of access.

Onatel • MAD 1,467 million net revenues • A 73.2% increase in the mobile customer base (977,000 clients) thanks to extended network coverage • Fixed-line penetration increases to 145,000 lines (up 18.9%) • 17,000 Internet subscribers, up 42%

Gabon Telecom • MAD 1,187 million net revenues • Mobile penetration increases by 15.8% to around 447,000 clients thanks to sales promotions • A 37.5% increase in fixed-line penetration to 33,000 lines • 14,000 Internet subscribers, up 40% A leading full-service operator Mobile telephony Fixed telephony Internet Leader with a 63.4% market Leader of fixed-line share telephony 67% of global internet Position (1) 97% market share in market Coverage of almost the entire corporate segment population 15% penetration rate in 98% of ADSL market consumer segment Clients/ 14,456 million clients 482,000 of which 98% are 1,299 million lines ADSL subscribers (public (1) 96% prepaid customers subscribers telephony excluded) Gross MAD 21,160 million or MAD 11,354 million or 66% of gross revenues Revenues (2) 34% of gross revenues

(1) : Domestic market (2) : Consolidated data Key figures

Total workforce: 11,093

Consolidated revenues

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Consolidated earnings from operations

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Consolidated net income (group share)

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In MAD million – Consolidated financial data prepared in accordance with IFRS