2007 Registration Document This Registration Document was filed on April 28, 2008, 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. TABLE OF CONTENTS HIGHLIGHTS 4 KEY FIGURES 6 1 PERSON RESPONSIBLE FOR THE REGISTRATION 5 FINANCIAL REPORT 146 ONSOLIDATED FINANCIAL DATA FOR YEARS DOCUMENT AND FOR THE AUDIT OF THE FINANCIAL 5.1 C ENDED DECEMBER 31,2007, 2006 AND 2005 148 STATEMENET 8 5.2 GENERAL OVERVIEW 150 1.1 PERSON RESPONSIBLE FOR THE 5.3 CONSOLIDATED INCOME STATEMENT 162 REGISTRATION DOCUMENT 10 5.4 CONSOLIDATED FINANCIAL STATEMENTS 186 1.2 CERTIFICATION OF THE 5.5 INDIVIDUAL FINANCIAL STATEMENTS 232 REGISTRATION DOCUMENT 10 5.6 MANAGEMENT REPORT 254 1.3 PERSONS RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS 10 6 CORPORATE GOVERNANCE 264 1.4 INFORMATION POLICY 11 6.1 MANAGEMENT AND SUPERVISORY BOARDS 266 2 INFORMATION RELATING TO THE 6.2 CORPORATE GOVERNANCE 274 TRANSACTION 12 6.3 INTERESTS OF THE CORPORATE EXECUTIVES 278 6.4 RELATED PARTY TRANSACTIONS 280 3 GENERAL INFORMATION REGARDING THE COMPANY AND ITS SHARE CAPITAL 14 7 RECENT DEVELOPMENTS AND OUTLOOK 284 3.1 GENERAL INFORMATION REGARDING 7.1 RECENT DEVELOPMENTS 286 THE COMPANY 16 7.2 MARKET OUTLOOK 287 3.2 GENERAL INFORMATION RELATIING TO THE COMPANY’S 7.3 OBJECTIVES 288 SHARE CAPITAL 36 3.3 TRADING OF THE COMPANY’S SHARES 40 3.4 DIVIDENDS AND DIVIDEND POLICY 42 TABLE OF CONCORDANCE 290 3.5 BREAKDOWN OF SHARE CAPITAL AND VOTING RIGHTS 46 2007 ANNUEL INFORMATION DOCUMENT 292 3.6 ASSET PLEDGES 51 4 INFORMATION CONCERNING COMPANY BUSINESS STATUTORY AUDITORS FEES 293 ACTIVITIES 52 ORDINARY GENERAL MEETING , APRIL 17, 2008 294 4.1 HISTORY 54 4.2 GENERAL PRESENTATION 55 GLOSSARY 296 4.3 MAROC TELECOM’S BUSINESS STRATEGY 58 4.4 BUSINESS ACTIVITIES IN MOROCCO 60 4.5 SUBSIDIARIES BUSINESS ACTIVITIES 106 4.6 RESEARCH AND DEVELOPMENT 113 4.7 SEASONALITY 113 4.8 REGULATORY FRAMEWORK AND POSSIBLE DEPENDENCIES 114 4.9 HUMAN RESOURCES 128 4.10 REAL PROPERTY 133 4.11 INTELLECTUAL PROPERTY 134 4.12 INSURANCE 136 4.13 LEGAL AND ARBITRATION PROCEEDINGS 138 4.14 RISK FACTORS 140 HIGHLIGHTS January 2007 • The ANRT approved Maroc Telecom’s technical and pricing offers for interconnection tariffs to fixed- line networks for 2007. February 2007 • Maroc Telecom acquired 51% of Gabon Telecom, via an international invitation to tender. • The Group launched a Blackberry offer. March 2007 • Maroc Telecom launched Mobisud, a new prepaid mobile offer at very attractive tariffs (MAD2 includ- ing tax/mn) for calls to all national fixed-line and mobile operators as well as Mobisud France mobiles. • Maroc Telecom cut prices at telestores and strengthened its partnerships with them. It also cut tariffs for calls made from public phones and lowered the price of national communications to all Maroc Tele- com Fixed-lines and other operators for calls from fixed-lines for all categories of customers. • Launch of MobileZone, the multi-media WAP portal, which offers prepaid and postpaid customers a variety of information and entertainment content intended for 2G and 3G mobiles. April 2007 • Maroc Telecom started to lay the Atlas Offshore submarine cable which will connect Asilah in Morocco to Marseilles in France. • The ANRT approved the technical and pricing offers for the termination of interconnection traffic on Ma- roc Telecom and Medi Telecom’ mobile networks. May 2007 • Mobisud Belgium, a new mobile operator and a wholly-owned subsidiary of Maroc Telecom launched its offers in the Belgian market on May 2, 2007. Mobisud uses Proximus’ radio network. Proximus is a subsidiary of Belgacom. June 2007 • The number portability is effective as of June 1, 2007. • Maroc Telecom launched mobile broadband Internet with the unlimited offer “Mobile”, based on 3G technology. July 2007 • The Government of Morocco sold a 4% stake in Maroc Telecom on the Casablanca stock exchange, on July 2, 2007. • In the framework of the universal service, Maroc Telecom launched the CDMA Internet offer in the equipped rural areas. • The TV via ADSL offer was enhanced further with the introduction of several national and international radios free of charge available for all TV via ADSL customers. 4 Maroc Telecom– 2007 Registration Document HIGHLIGHTS August 2007 • As from August 1, 2007, Maroc Telecom cut prices significantly on international roaming for all mobile calls towards or coming from Morocco. • As from on August 1, 2007, Maroc Telecom decreases appreciably the prices of the communications on the international roaming for all the mobile calls towards or coming from Morocco. September 2007 • On September 24, 2007, Maroc Telecom launched A-Ghany, the first service enabling customers to personalize their ring back tone. A-Ghany is available to all its mobile customers. October 2007 • Implementation of a share price stabilization contract in Casablanca and a liquidity contract in Paris. • Maroc Telecom is the first company to join the national anti-smoking program "Smoke free Colleges, High Schools and Companies". November 2007 • Maroc Telecom launched several new services: instant messaging service on mobiles (IAM Messen- ger), management of contacts on SIM/USIM cards (My address book), international MMS service, inter- national rate plane (1h, 3h and 5h to all international Fixed-line numbers). • Modification of international tariffs from Fixed-lines with fewer tariff zones and a price cut for calls from Fixed-line to international Fixed-line and Mobile numbers. • Further price cuts for 128 Kbp/s to 2 Mbp/s ADSL, and former ADSL clients’ bandwidth is automatically doubled. • Canal+ Essentiel was included in the Maroc Telecom TV offer. This new channel produced and broad- casted by the Canal+ group especially for Maghreb countries, is marketed as an option with all Maroc Telecom TV bouquets. December 2007 • MobileZone WAP portal accessible on all 2G and 3G compatible handsets. January 2008 • Maroc Telecom launched video-telephony in the main cities of the Kingdom for both postpaid and pre- paid customers • The monthly telephone subscription for residential customers and telestores was reviewed. February 2008 • Launch of unlimited numbers for international calls. • Maroc Telecom launched two new unlimited mobile broadband Internet offers “Mobile 1.8” and “Mobile 512”. • New price reductions for calls from fixed-lines to other international fixed-line and mobile numbers. • Phony International was launched: unlimited rate plan for calls to international fixed-line numbers. This offer is available for Phony classiques and Phony Liberté customers (with an upper limit of 30 hours per month). Maroc Telecom - 2007 Registration Document 5 KEY FIGURES 2005 2006 2007 Number of employees 12,360 11, 764 14,154 in thousands Mobile customers 8,702 11,806 15,342 Morocco 8,237 10,707 13,327 Mauritania 465 601 905 Burkina Faso - 244 564 Gabon - 241 386 France and Belgium - 12 160 Number of fixed-lines 1,381 1,425 1,471 Morocco 1,341 1,266 1,289 Mauritania 40 37 36 Burkina Faso - 99 122 Gabon - 22 24 Internet customers 254 402 502 Morocco 252 391 476 Mauritania 2 4 5 Burkina Faso - 7 12 Gabon - - 10 in IFRS (in million of Moroccan dirhams) Consolidated revenues 20, 542 22,615 27,532 Mobile* (gross) 13, 043 14,894 19,296 Fixed-lines and Internet* (gross) 9, 895 10,312 11,090 Consolidated earnings from operations before amortization 11, 664 13,152 15,659 Mobile* 7, 229 8,763 11,399 Fixed-lines and Internet* 4, 435 4,389 4,260 Consolidated earnings from operations 8, 678 10,043 12,234 Mobile* 5, 815 7,228 9,557 Fixed-lines and Internet* 2, 863 2,815 2,677 Consolidated net income (group share) 5, 809 6,739 8,033 Capital expenditure 3, 210 3,978 5,467 Mobile 1,771 2,445 3,279 Fixed-lines and Internet 1,439 1,533 2,188 6 Maroc Telecom– 2007 Registration Document KEY FIGURES 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in thousands Fixed-line 1,335 1,349 1,345 1,341 1,465 1,442 1,402 1,424 1,411 1,445 1,451 1,471 Maroc Telecom 1,335 1,349 1,345 1,341 1,336 1,310 1,267 1,266 1,271 1,280 1,279 1,289 Mauritel - - - - 36 36 37 37 39 36 38 36 Onatel - - - - - - - - 101 107 111 122 Gabon Telecom - - - - - - - - - 22 23 24 Internet access 122 159 196 252 306 335 352 395 436 458 473 502 Maroc Telecom 122 159 196 252 306 332 348 391 424 444 449 476 Mauritel - - - - - 3 4 4 5 5 5 5 Onatel - - - - - - - - 8 8 10 12 Gabon Telecom - - - - - - - - - 1 9 10 Mobile customers 6,709 7,188 8,041 8,237 9,067 9,442 11,054 11,320 12,491 13,247 14,516 15,342 Maroc Telecom 6,709 7,188 8,041 8,237 8,576 8,924 10,496 10,707 11,372 11,713 12,838 13,327 Mauritel - - - - 491 518 558 601 687 767 843 905 Onatel - - - - - - - - 411 463 460 564 Gabon Telecom - - - - - - - - - 263 320 386 Mobisud - - - - - - - 12 21 41 56 160 in IFRS (in million of Moroccan dirhams) Consolidated revenues 4,712 5,039 5,527 5,264 5,276 5,612 6,195 5,532 6,113 6,893 7,320 7,205 Mobile (gross) 2,902 3,211 3,616 3,315 3,342 3,736 4,221 3,595 4,162 4,726 5,259 5,148 Maroc Telecom 2,772 3,071 3,466 3,162 3,181 3,565 4,047 3,413 3,795 4,105 4,722 4,474 Mauritel 130 140 150 153 161 171 174 182 210 211 215 199 Onatel - - - - - - - - 151 177 161 229 Gabon Telecom - - - - - - - - - 223 146 213 Mobisud - - - - - - - - 6 10 15 32 Fixed-line and Internet (gross) 2,387 2,427 2,532 2,546 2,563 2,514 2,634 2,601 2,618 2,913 2,769 2,789 Maroc Telecom 2,306 2,345 2,450 2,458 2,483 2,435 2,561 2,524 2,326 2,401 2,377 2,347 Mauritel 81