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Printmgr File Maroc Telecom 113,900,183 Ordinary Shares This is an initial offering of the ordinary shares of Maroc Telecom, a Moroccan société anonyme. This international offering of ordinary shares to institutional investors is part of the global offering by the Kingdom of Morocco of 113,900,183 ordinary shares of Maroc Telecom, representing 13.0% of the capital stock in Maroc Telecom. The global offering also includes a public offering in Morocco of 74,729,050 ordinary shares, including to retail investors. The Moroccan public offering also includes an offering by the Kingdom of Morocco of 4,256,822 ordinary shares to certain current and former employees of Maroc Telecom. Maroc Telecom will not receive any of the proceeds from the ordinary shares sold by the Kingdom of Morocco. There is currently no market for the ordinary shares. The ordinary shares have been approved for listing on the Casablanca Stock Exchange and on the Premier Marché of Euronext Paris S.A. Investing in our ordinary shares involves risks. See “Risk factors” beginning on page 9. Offering Price MAD 68.25 (€6.16) per ordinary share The offering price in euro has been determined using the dirham / euro exchange rate published by Bank Al Maghrib on December 10, 2004 (MAD 11.0848 per 1 euro). The Kingdom of Morocco has granted the stabilisation manager for the Joint Global Coordinators an option to purchase up to 17,085,023 additional ordinary shares at the initial offering price for purposes of covering short positions arising from stabilization transactions, including any over-allotments of ordinary shares in the global offering. The ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and are being offered only (i) in the United States to qualified institutional buyers under Rule 144A under the Securities Act and (ii) outside the United States in compliance with Regulation S under the Securities Act. Prospective purchasers are hereby notified that sellers of the ordinary shares may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of certain restrictions on resale or transfer of the ordinary shares in certain countries, see “Transfer restrictions” beginning on page 150. The ordinary shares are expected to be delivered to purchasers on or about December 16, 2004 through the facilities of Maroclear and Euroclear France S.A. Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers BNP PARIBAS Merrill Lynch International Attijari Finances Offering Memorandum dated December 10, 2004 TABLE OF CONTENTS Summary of the Offering Memorandum ................................................................... 4 The Global Offering ....................................................................................... 6 Summary Financial Data .................................................................................. 8 Risk Factors ............................................................................................... 9 Dividends and Dividend Policy ............................................................................ 15 Capitalization ............................................................................................. 16 Management’s Discussion and Analysis of Financial Condition and Results of Operations ................. 17 Business .................................................................................................. 46 Outlook and Recent Developments ........................................................................ 85 Regulation ................................................................................................ 90 Management .............................................................................................. 99 Related-Party Transactions ................................................................................ 110 Description of Shares and Corporate Structure ............................................................. 111 Principal and Selling Shareholders ......................................................................... 130 Kingdom of Morocco ..................................................................................... 138 Taxation .................................................................................................. 142 Plan of Distribution ....................................................................................... 148 Transfer Restrictions ...................................................................................... 150 Legal Matters ............................................................................................. 153 Independent Auditors ..................................................................................... 153 Limitation of Enforcement of Civil Liabilities ............................................................. 153 Index to Financial Information ............................................................................ F-1 [THIS PAGE INTENTIONALLY LEFT BLANK] IMPORTANT INFORMATION ABOUT THIS OFFERING MEMORANDUM This offering memorandum has been prepared by Maroc Telecom solely for use in connection with the proposed offering of the ordinary shares described in this offering memorandum. This offering memorandum is personal to each offeree and does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire the shares. Distribution of this offering memorandum to any person other than the prospective investor and any person retained to advise such prospective investor with respect to its purchase is unauthorized, and any disclosure of any of its contents, without the prior consent of Maroc Telecom, is prohibited. Each prospective investor, by accepting delivery of this offering memorandum, agrees to the foregoing and agrees to make no photocopies of this offering memorandum or any documents referred to in this offering memorandum. Notwithstanding anything in this offering memorandum to the contrary, each prospective investor (and each employee, representative or other agent of the prospective investor) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any offering and all materials of any kind (including opinions or other tax analyses) that are provided to the prospective investor relating to such U.S. tax treatment and U.S. tax structure, other than any information for which non-disclosure is reasonably necessary in order to comply with applicable securities laws. The Joint Global Coordinators make no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this offering memorandum. Nothing contained in this offering memorandum is, or shall be relied upon as, a promise or representation by the Joint Global Coordinators as to past or future events. The distribution of this offering memorandum and the offering and sale of the shares in certain jurisdictions may be restricted by law. Maroc Telecom and the Joint Global Coordinators require persons into whose possession this offering memorandum comes to inform themselves about and to observe any such restrictions. For a description of certain restrictions on the offering and sale of the shares, see “Transfer restrictions”. This offering memorandum does not constitute an offer of, or an invitation to purchase, any of the ordinary shares in any jurisdiction in which such offer or invitation would be unlawful. In making an investment decision, prospective investors must rely on their own examination of Maroc Telecom and the terms of the offering, including the merits and risks involved. Prospective investors should not construe any information in this offering memorandum as legal, business or tax advice. Each prospective investor should consult its own advisors as needed to make its investment decision and to determine whether it is legally permitted to purchase the shares under applicable legal investment or similar laws or regulations. You should rely only on the information contained in this offering memorandum. Maroc Telecom has not, and the initial purchasers have not, authorized any person to provide you with additional or different information except as contemplated in the preceding paragraph. If anyone provides you with additional, different of inconsistent information, you should not rely on it. You should not assume that the information contained in this offering memorandum is accurate as of any date other than the date on the front cover of this offering memorandum. In connection with the global offering, Merrill Lynch International (or persons acting on its behalf) may over-allot ordinary shares (up to the maximum amount permitted by Commission Regulation (EC) No. 2273/2003 implementing Directive 2003/6/EC of the European Parliament and the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments) or effect transactions with a view to supporting the price of the ordinary shares at a level higher than that which might otherwise prevail. However, there is no assurance that Merrill Lynch International, acting as stabilisation manager (or persons acting on its behalf), will undertake any stabilisation action. Any stabilisation action may begin at any time after the commencement of trading in the ordinary shares on Euronext Paris S.A. and, if begun, may be ended at any time, but it must
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