Annual Results 2012 - Maroc Telecom

Annual Results2012AnalystPresentationFebruary 21, 2013Résultats Annuels 2012

GroupPerformancesMoroccoBusinessReviewFinancialResultsOutlookSLOWER ECONOMIC GROWTH IN 201232.5 MPopulation (1)97.2 Bn $GDP (1)+1.3%Inflation (2)8.8%Unemployment rate (2)≈ 5,256 $Per capita income(PPP) (1)Source:(1) IMF, Oct. 2012(2) HCP at end 2012GDP Growth5,0%4,5%3,6%2,7%2010 2011 2012 2013eSource: Ministry of Finance• Slowdown in economic growth in2012• Return to sustained growth forecastfor 2013• Lower taxes: the contribution to thesolidarity fund falls to 2.0% of netincome in 2013 (vs. 2.5% en 2012)Annual Results 20123

* Source ANRT* Source ANRT adj.GroupPerformancesMoroccoBusinessReviewFinancialResultsOutlookA MATURE MOBILE MARKET THAT STILL HAS MOMENTUMA market still growingGood elasticity to price cuts102%32,0+14%114% 120%36,6+6.7% 39,01,1241,0+39%-34%57,00,73+32%-27%75,00,532010 2011 2012Mobile market(M clients)195%Penetration rate (%)Further growth potential for mobilepenetration rate2010 2011 2012Outgoing usage(min)Outgoing mobile per-minute rate(MAD)Significant growth margin in mobile usage(outgoing + incoming usage in min per month)163%127%120%113%Saudi Arabia UAE Tunisia Morocco EgyptSources: BMI, ANRT 2012340866170122Asia emerging Africa, Middle Europe MoroccomarketsEastSources: Maroc Telecom, Merrill Lynch Global Wireless Matrix Q4 2012Annual Results 20124

GroupPerformancesMoroccoBusinessReviewFinancialResultsOutlookREGULATORY ENVIRONMENT IN MOROCCO• Implementation as from January 1, 2013, of symmetrical voice MTRs between operatorsat a new unique rate of MAD 0.1399 (excl. tax).0.92320.74850.62380.66010.5390MTR (MAD/min)InwiMéditelMaroc Telecom0.46790.41520.33900.29430.25340.20660.22890.1399January 1,2011July 1,2011January 1,2012July 1,2012January 1,2013Until December 31, 2012, the MTR was calculated as the average of peak and off-peak MTRs.• Obligation of nondiscriminatory on-net / off-net rates for prepaid mobile calls• Obligation to identify mobile customers as from January 1, 2012, within 12 months, with an objective ofidentifying 25% of the unidentified customer base each quarter• First orders for unbundled lines expected in 2013Annual Results 20125

GroupPerformancesSUSTAINABLE ECONOMIC GROWTH IN COUNTRIES OFSUBSIDIARIESMoroccoBusinessReviewFinancialResultsOutlookReal GDP growthAverage inflationMauritania6.9%Mali4.5%4.1%4.8%4.1Bn$3.6M9.6Bn$16.3M4.0%3.7%Burkina Faso2.5%10.3Bn$1.4%17.4M2010 2011 2012e 2013eGabon• Subsidiaries benefit from sustained longtermeconomic growth• Inflation is under controlGDPPopulation16.8Bn$1.5MSource: World Bank, IMFAnnual Results 20126

GroupPerformancesSTRONG GROWTH IN INTERNATIONAL REVENUE BOOSTEDBY STEADY MOMENTUM OF CUSTOMER BASESGroupBusinessReviewFinancialResultsOutlookGrowth of customer bases(2012 vs. 2011 like for like in %)+39% +37%+29%Gabon Mali Burkina-Faso+30.4%+14.8%+13.5%+4.5%Mauritania GroupMoroccoGrowth of 13.5% in Group customer base, to33 million customers• Morocco (+849 000 customers): growth in customerbases: mobile postpaid, 18%; 3G internet, 40%; andADSL, 16%;• International (+3.1 million customers): 32% growth intotal mobile customer base.Revenue growth(2012 vs. 2011 like for like in %)+23.4%+19.3%+14.3%+17.7%+14.1%International revenue growth of 18%compensates for the slowdown in MoroccoGabon Mali Burkina-Faso-3.0% -7.4%Mauritania Group MoroccoGroup• Acceleration of revenue growth,• Impact of mobile price cuts and reduced MTRs inMorocco.Annual Results 20127

GroupPerformancesGroupBusinessReviewFinancialResultsOutlookSUCCESS OF INTERNATIONAL DEVELOPMENT STRATEGY% customerbase20102011 201228%35% 40%% Grouprevenues20102011 201218%20% 23%Annual Results 20128

GroupPerformancesBusinessReviewFinancialResultsOutlookCONTINUAL EFFORTS TO OPTIMIZE COSTS• Success of voluntary redundancy plans:− Morocco: 1,404 departures, i.e., 14.1% of total workforce− Mauritania: 51 departures, i.e., 13% of total workforce− Mali: 66 departures, i.e., 9% of total workforcefor a total cost of MAD 877 million• Voluntary reduction in handset subsidies in Morocco• Lower general and administrative costs• Optimized maintenance costs and energy consumptionAnnual Results 20129

GroupPerformances2012 RESULTS EXCEED PREVIOUSLY ANNOUNCEDOBJECTIVESGroupBusinessReviewFinancialResultsOutlookOperating margin (EBITA)* of more than 38%Target Reported> 38% 39.6% • High margin (43.2%) maintained inMorocco as a result of costoptimization• Strong international performance(+7.3 pts, to 25.6%) resulting frombusiness growth and cost controlCash flow from operations (CFFO)*stable at MAD 11.5 billionTarget Reported11.5 Bn 12.6 Bn • Morocco: CFFO down only slightly(-2.4%) as a result of carefulmanagement of WCR• International: CFFO multiplied by 4,the consequence of a sharp rise inEBITDA (+36% like for like) and lowerCAPEX (-17%)*excluding restructuringAnnual Results 201210

GroupPerformancesBusinessReviewFinancialResultsOutlookVERY ATTRACTIVE DIVIDEND YIELD MAINTAINEDProposed distributionof MAD 7.4 per share:100% of distributable earningsYield of 7.0%**Based on the share price at February 20, 2013 (MAD 106.40)Annual Results 201211

Annual Results2012GroupPerformancesBusinessReviewRésultats Annuels 2012

GroupPerformancesSTEADY FALL IN PRICES PARTLY COMPENSATED FOR BYHIGHER USAGEBusinessReviewMobile -MOROCCOFinancialResultsOutlookChange in per-minute rate-27% -29%-38% -42%Continued steep decline in Maroc Telecom tariffs:• Acceleration of price cuts in Q3 and Q4 becauseof increased number of promotional daysQ1-12 Q2-12 Q3-12 Q4-12Per-minute rate Annual change (%)Change in outgoing usage40% 40% 37%48%Continued strong growth in outgoing usage• Excellent elasticity, despite decline since Q3Q1-12 Q2-12 Q3-12 Q4-12Outgoing usage Annual change (%)Annual Results 201213

GroupPerformancesBusinessReviewMobile- MOROCCOFinancialResultsOutlookPROMOTIONS, THE KEY TO BOOSTING USAGEDouble/TriplePermanent TopupPromotion BonusSMS/MMSPromotionJawal Top-upCredit x5 & 6Promotion JawalTop-up Creditx5/x7Pass MAD 5& MAD 10Promotion JawalTop-up Credit x3& x5Promotion JawalTop-up Credit x4& 5PromotionThaniya Top-upCrédit x3Pass MAD 50PromotionRecharge ThaniyaCrédit x2Pass MAD 1002012Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.RebalancinginternationaltariffsOverhaul ofmobile rateplans: additionof 1H/2HOverhaul ofthematic rateplans: addition ofone hourOverhaul ofmobile rateplans: inclusionof free credit inprincipal planDoubledbandwidth for 3GPRP, from 3.6 to7.2 Mb/sBandwidthdoubledregularly for3G PoP,and newbandwidthof 14.4 Mb/sAnnual Results 201214

GroupPerformancesBusinessReviewMobile -MOROCCOFinancialResultsOutlookSOLID GROWTH IN CUSTOMER BASEMobile customer base (thousands)46.9% 45.8% -1.1 pts17 126 17 855 +4.3%1 1991 019+17.7%16 10616 65623,3% 20,8% *2011 2012Prepaid Postpaid Total churn+3.4%Change11/12Market share* Excluding the impact of nonrecurrent termination of inactive customers.In 2012, return to strong growth in mobilecustomer base:• Customer base growth driven by prepaid(+550,000 customers)• High growth rate maintained in 3G internetcustomer base (+40.3%), due to the gain of 1.0 ptsof market share to 47,2%ARPU (MAD)87.378.69,6% 11,1%-10.0%-17.1%-7.8%• Strong impact of lower MTRs on incomingARPU• Limited decline of outgoing ARPU, despiteexpanded customer base and price cuts, as aresult of increased voice and data usages2011 2012 Change11/12Outgoing Incoming Data ARPU (% ARPU)Annual Results 201215

GroupPerformancesBusinessReviewMobile -MOROCCOFinancialResultsOutlookGROSS MARGIN IMPROVEDMobile revenue (MAD millions)Gross MarginServicesEquipment18 935753-7.7%17 477Gross margin+1.4 pts498-34%18 18216 979-6.6%2011 2012Change11/122011 2012• Fewer handset purchases• Decline in commissions• Lower interconnexion costsAnnual Results 201216

GroupPerformancesGROWTH OF FIXED-LINE CUSTOMER BASE DRIVEN BYBROADBAND INTERNETBusinessReviewFixed line and InternetMOROCCOFinancialResultsOutlookFixed-line customer bases(‘000)+2.3%1 241 1 2692011 2012591ADSL customer bases*(‘000)+15.6%683• Growth of fixed-line customer base, particularlythe residential segment (+8.4%) driven by:• success of broadband internet offers (+16%)• incoming international call traffic• despite the downturn of public-telephonysegment, seriously threatened by mobile• Strong growth of ADSL customer base thanks to:• success of Double Play plan• expansion of sales offerings2011 2012*Includes narrowband access and leased lines.Annual Results 201217

GroupPerformancesGROWTH OF CUSTOMER BASE THROUGH CONTINUALENHANCEMENT OF SALES OFFERINGSBusinessReviewFixed line and InternetMOROCCOFinancialResultsOutlookUp to 58% reduction in fixedto-mobileratesPromotion 1H Al Manzilto mobiles (January to April)Reduction of fixed-line rates: 2 min = MAD 1 tofixed lines and mobiles in Morocco and to majorinternational destinations: France, UK, US, etc.Promotion Phony tout temps offered for free for 1month to Phony W&WE customersOverhaul of Phony fixed-linerate plans•additional free hours to mobiles inMorocco•free unlimited fixed-line calls 24/7Rate cuts for calls from telestores to mobiles inMorocco, at MAD 1 per minute2012Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.ADSL bandwidth doubled forthe same pricePromotion MT DUO:MAD 100 call credit offeredfor freePromotion MT DUO:MAD 100 call credit offeredfor freePromo MT DUO:-50% off the firstthree bills (3months)Promotion MT DUO:-50% off the first threebills (3 months)Annual Results 201218

GroupPerformancesDATA GROWTH AND NET IMPROVEMENT OF GROSSMARGINBusinessReviewFixed line and InternetMOROCCOFinancialResultsOutlookFixed-line and internet revenues(MAD millions)7 4321 695Voice-10.3%Data6 669Gross marginGross margin+2.5 pts1 757+3.6%5 7374 912-14.4%2011 2012Change11/122011 2012• Near-total closing of public-telephony segment, the main source of decline in voice (-86% over three years)• Rapid development of data (26.3% of fixed-line and internet revenues) and of international wholesale (multipliedtimes seven over three years)• Improvement of gross margin related to decline in voice usage and to lower MTRs.Annual Results 201219

GroupPerformancesBusines ReviewInternationalSTRONG BUSINESS GROWTH DRIVEN BY CUSTOMER-BASE GROWTH AND INCREASED MARKET SHAREFinancialResultsOutlookMauritaniaBurkina FasoMobile customer base (‘000) Revenues (MADMobile customer Parc (‘000) base (‘000)millions)Revenues (MADmillions)62%58%+15,2%2 0131 7471 202+12,6% (1)1 37546%42%+30,3% 3 8722 97158%1 733+21,0% (1)2 067Gabon2011 201222%Customer baseMarket share32%2011 2012Source: Dataxis, Q3 2012 vs. end 2011 data+46,1%532 7771 047+25,1% (1)1 291Mali2011 2012Customer baseMarket share40% 41%+37,6% 645%023440%3762011 2012Source: Dataxis, Q3 2012 vs. end 2011 dataMobile customer base (‘000) Revenues (MADMobile customer base (‘000) Revenues (MADmillions)millions)+15,7% (1)2 4222 123Annual Results 20122011 2012Customer baseMarket share2011 2012Source: Dataxis, Q3 2012 vs. end 2011 data(1) Change like for like202011 2012Customer baseMarket share2011 2012Source: market data at end 2012

Annual Results2012GroupPerformancesBusinessReviewFinancialResultsRésultats Annuels 2012

GroupPerformancesBusinessReviewFinancialResultsOutlookGROUP PROFITABILITY IMPROVESIn MAD millions 2011 2012Change11/12 like for likeRevenues 30,837 29,849 -3.0%EBITDA 16,996 16,703 -1.6%% Revenues 55.1% 56.0% +0.8 ptsEBITA (1) 12,375 11,835 -4.3%% Revenues 40.1% 39.6% -0.5 ptsCFFO (1) 11,647 12,635 +8.5%CFFO/EBITDA 68.5% 75.6% +7.1 pts(1) Before restructuringAnnual Results 201222

Group revenuesMAD millionsGroupPerformancesBusinessReviewFinancialResultsOutlookREVENUE GROWING IN SUBSIDIAIRIES30 8376 066Morocco- 1852+172MauritaniaInternational: +1 050+334 +244BurkinaFasoGabon+299Mali∆Intercompany29 849-36 7 079-3.0%+17.7%InternationalMorocco25 03023 178-7.4%2011 2012Change (1)11-12(1) Change like for like.Annual Results 201223

EBITDAMAD millionsEBITDA margin (%)HIGH MARGINS MAINTAINED THROUGH CAREFUL COSTMANAGEMENT4 666GroupPerformancesBusinessReviewFinancialResultsOutlookInternationalMorocco16 996-1 144+85116 7032 439∆ EBITDA∆ EBITDA329014 557 Maroc Telecom International13 414-1.6%+36.0%-7.9%20112012Change (1)11-1261,9%Morocco58,2% 57,9%58,8%Group55,1% 56,0%International46,5%42,9%40,2%2010 2011 2012(1) Change like for like(2) Reported 2012Annual Results 201224OperatorsMT EBITDA margin vs. comparables2012eMaroc Telecom (2) 56.0%Etisalat 52.0%Qtel 46.1%MTN 43.5%Vodacom 35.6%Telefonica 34.1%France Telecom (2) 31.7%Deutsche Telekom 31.1%Vodafone 29.9%Source: Factset, Feb. 20, 2012

Net earnings,Group shareMAD millionsGroup EBITAMAD millionsGroupPerformancesEBITA AND NET INCOME AFFECTED BY RESTRUCTURING CHARGESAND BY EXCEPTIONAL CONTRIBUTION TO MOROCCAN STATEBusinessReviewFinancialResultsOutlookInternationalMorocco12 3751 113-293∆ EBITDA-242∆ depreciation andamortizationEBITAbefore restructuring11 835 -4,3% -8771 815Restructuringcharges10 9571 738-11.4%+57.3%11 26210 0209 219-18.1%8 1232011 20122012before restructuring-540∆ EBITA-87∆ financialresultNet earnings,Group sharebefore restructuringand exceptionalcontribution7 496-7.7%-587Restructuringcharges-204Exceptionalcontribution toMoroccan state6 705Change (1)11-12-17.4%2011 20122012before restructuring(1) Change like for likeAnnual Results 201225Change (1)11-12

MAD millionsCAPEX/Revenues (%)GroupPerformancesBusinessReviewFinancialResultsOutlookGRADUAL REDUCTION OF CAPEXGROUP CAPEX (1)5 793-7.0%5 3851 911 1 5923 882 3 7922011 2012Morocco International-16.7%-2.3%Change11-12InternationalGroupMorocco40,9%31,5%20,7% 18,8%22,5%18,0%16,2% 15,5% 16,4%2010 2011 2012• Morocco: excellent management of CAPEX, despite investments in Fixed & Mobile networks upgrade(MSAN, SingleRAN ...)• International: significant reduction of CAPEX after the completion of major programs for mobile coverage(1) CAPEX correspond to property, plant, equipment and intangible assets acquisitions recognized over the periodAnnual Results 201226

CFFOMAD millionsEBITDA vs. CFFOMAD millionsCFFO (3) in % ofGroupPerformancesBusinessReviewFinancialResultsOutlookGROWTH OF CFFO AND EBITDA CONVERSION RATEInternationalMorocco11 64742111 22612 6351 68010 955+8.5%x4.0-2.4%-80011 8341 63510 199+1.6%x3.9-9.1%20112012 Changebefore restructuring 11-12Restructuring20122012Change (1)11-12EBITDACFFO (2)CFFO (2) /EBITDA16 996 16 70311 64712 63576%69%20112012EBITDA 2012 eEtisalatMaroc Telecom (2,4)VodacomMTNQtelFrance Telecom (4)TelefonicaVodafoneDeutsche Telekom80,7%75,6%65,9%63,3%60,3%57,8%56,8%52,6%52,3% Source: Factset, Feb. 20, 2012(1) Change like for like(2) CFFO before restructuringAnnual Results 2012(3) For Maroc Telecom, CFFO = EBITDA – CAPEX – ∆BFR; for comparables, EBITDA – CAPEX(4) Reported 201227

NET DEBTMAD millionsGroupPerformancesBusinessReviewFinancialResultsOutlookVERY LOW CONSOLIDATED DEBTCFFO+12 635Restructuring-800Interestexpense- 363Taxes paid- 3 028Dividends tominorities- 480DividendsTo shareholders20112012-8 137- 6 8620.4xOther-76- 7 1110.4xNet debt /EBITDAAnnual Results 201228

Annual Results2012GroupPerformancesBusinessReviewFinancialResultsOutlookRésultats Annuels 2012

GroupPerformancesBusinessReviewFinancialResultsOutlookOUTLOOK FOR 2013Trends for 2013Morocco• Continual increase in usage• Slight rise in capital expenditureInternational• Revenue growth in all countries• Cost optimization• Net decline in capital expenditureOutlook for 2013EBITDA margin maintained at a substantial level of approximately 56%Slight growth in “EBITDA − CAPEX” (1,2)(1) CAPEX correspond to property, plant, equipment and intangible assets acquisitions recognized over the period(2) Excluding potential acquisition of spectrum and licensesAnnual Results 201230

Annual Results2012GroupPerformancesBusinessReviewFinancialResultsOutlookAnnexesRésultats Annuels 2012

MAROC TELECOM GROUP’SCONSOLIDATED INCOME STATEMENTAnnexesMAD millions 2011 2012 Change like for likeREVENUES 30,837 29,849 -3.0%EBITDA 16,996 16,703 -1.6%Margin (%) 55.1% 56.0% +0.8 ptsEBITA before restructuring 12,375 11,835 -4.3%Marge (%) 40.1% 39.6% -0.5 ptsEBITA 12,375 10,957 -11.4%NET EARNINGS, GROUP SHAREbefore restructuring8,123 7,496 -7.7%Margin (%) 26.3% 25.1% -1.2 ptsNET EARNINGS, GROUP SHARE 8,123 6,705 -17.4%Margin (%) 26.3% 22.5% -3.9 ptsAnnual Results 201232

MAROC TELECOM GROUP’SCONSOLIDATED STATEMENT OF CASH FLOWSAnnexesMAD millions 2011 2012 Change like for likeEBITDA 16,996 16,703 -1.6%Margin (%) 55.1% 56.0% +0.8 ptsCAPEX 5,793 5,385 -7,0%CAPEX/Revenues (%) 18.8% 18.0% -0.7 ptsCFFO before restructuring 11,647 12,635 +8,5%CFFO/EBITDA (%) 68.5% 75.6% +7.1 ptsCFFO 11,647 11,834 +1.6%NET DEBT 6,862 7,111 +3.6%Net debt / EBITDA 0.4x 0.4x -Annual Results 201233

AnnexesMoroccoMAD millions 2011 2012 ChangeRevenues 25,030 23,178 -7.4%Mobile 18,935 17,477 -7.7%Services 18,182 16 979 -6.6%Equipment 753 498 -33.8%Fixe 7,432 6,669 -10.3%Fixed-line data* 1,695 1,757 3.6%Elimination -1,337 -968EBITDA 14,557 13,414 -7.9%Margin (%) 58.2% 57.9% -0.3 ptsEBITA before restructuring 11,262 10,020 -11.0%Margin (%) 45.0% 43.2% -1.8 ptsEBITA 11,262 9,219 -18.1%CAPEX 3,882 3,792 -2.3%CAPEX / Revenues 15.5% 16.4% 0.9 ptsCFFO before restructuring11,226 10,955 -2.4%CFFO 11,226 10,199 -9.1%Net debt 5,592 6,059 8.3%Net debt / EBITDA 0.38 x 0.45 x -* Fixed-line data include internet, ADSL TV, and data services to businesses.Annual Results 201234

AnnexesMoroccoPopulationGDPPer-capitaincome (PPP)Inflation32.5 million$ 97.2 billion in 2012e≈ $ 5 256+1.3% (source HCP)Mobile 2011 2012 ChangeCustomer base (‘000) 17 126 17 855 +4.3%ARPU (MAD) 87.3 78.6 -10.0%Market share 46.85% 45.77% -1.08 ptsPenetration rate 113.6% 120.0% +6.4 ptsNb of operators 3 3 -Fixid lineSource: IMF, World Economic Outlook Database, October 2012,.Customer base (‘000) 1 241 1 269 2.3%Market share* 97.6% 90.2% -7.4 ptsPenetration rate* 4% 4% -Nb of operators 3 3 -InternetCustomer base (‘000) 591 683 15.6%Source: ANRT Q4 12* Data excluding restricted mobility restated by Maroc TelecomAnnual Results 201235

AnnexesInternationalMAD millions 2011 2012 Change Change like for likeRevenues 6,066 7,079 16.7% 17.7%Mauritania 1,202 1,375 14.3% 12.6%Mobile services 1,033 1,257 21.7% 19.9%Burkina Faso 1,733 2,067 19.3% 21.0%Mobile services* 1,401 1,694 20.9% 22.6%Gabon 1,047 1,291 23.4% 25.1%Mobile services* 510 688 34.8% 36.7%Mali 2,123 2,422 14.1% 15.7%Mobile services 1,767 2,055 16.3% 17.9%Elimination -39 -76EBITDA 2,439 3,290 34.9% 36.0%Margin (%) 40,2% 46,4% +6.2 pts +6.2 ptsEBITA before restructuring 1,113 1,815 63.1% 64.3%Marge (%) 18,3% 25,6% +7.3 pts +7.3 ptsEBITA 1,113 1,738 56.2% 57.3%CAPEX 1,911 1,592 -16.7% -CAPEX / Revenues 31,5% 22,5% -9.0 pts -CFFO before restructuring 421 1,680 x4.0 -CFFO 421 1,635 x3.9 -Net debt 1,270 1,052 -17.1% -Net debt / EBITDA 0,5 x 0,32 x -*Mobile infrastructure rental revenues from Onatel and Gabon Telecom were accounted for under mobile service revenue in 2012, but not prior to thatyear. Annual Therefore Results data 2012 for 2010 and 2011 have been restated in order to facilitate 36 comparison.

GROWTH OF MOBILE MARKETS IN COUNTRIES OFSUBSIDIARIESAnnexesMauritaniaBurkina Faso+13.9%84%93%2 943 3 351Mobile customerbase (‘000)Mobile penetration rate(%)41%6 859+20.1%48%8 236Mobile customerbase (‘000)Mobile penetration rate(%)Q3-2011 Q3-2012GabonSource: Dataxis, Q3 2012 vs. Q3 2011 dataMaliQ3-2011 Q3-2012Source: Dataxis, Q3 2012 vs. Q3 2011 data143%+16.2% +31%164%2 167 2 518Mobile customerbase (‘000)Mobile penetration rate(%)68%10 81989%14 605Mobile customerbase (‘000)Mobile penetration rate(%)Q3-2011 Q3-2012Q4-2011 Q4-2012Source: Dataxis, Q3 2012 vs. Q3 2011 dataSource: market data at end 2012Annual Results 201237

AnnexesMauritaniaPopulationGDPPer-capitaincome (PPP)3.6 million$ 4.1 billion+5.3% in 2012e$ 2 099 in 2012eMobile 2011 2012Change likefor likeCustomer base (‘000) 1 747 2 013 15.2%ARPU (MAD) 47.1 53.3 13.1%Market share* 58.4% 61.5% +3.1 ptsInflation +5.9%1 MAD =1 MAD = 34.3 MROappreciation 1.5% vs.2011Source: IMF, World Economic Outlook Database, October 2012.Penetration rate* 84.5% 92.9% 8.4 ptsNb of operators 3 3 -Fixed lineCustomer base (‘000) 41 41 0.2%Market share* 50.0% 48.6% -1.4 ptsPenetration rate* 2.3% 2.6% +0.3 ptsNb of operators 2 2 -InternetCustomer base (‘000) 7 7 2.5%*Source: Dataxis, Q3 2012 vs end-2011 dataAnnual Results 201238

AnnexesBurkina FasoPopulationGDPPer-capitaincome (PPP)17.4 million$ 10.3 billion+7.0% in 2012e$ 1 384 in 2012eMobile 2011 2012Change likefor likeCustomer base (‘000) 2 971 3 872 30.3%ARPU (MAD) 40.7 39.5 -3.1%Market share* 41.7% 46.0% +4.3 ptsInflation +3.0%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October 2012.Penetration rate* 42.0% 47.7% +5.7 ptsNb of operators 3 3 -Fixed lineCustomer base (‘000) 142 141 -0.1%Market share* 100% 100% -Penetration rate* 0.8% 0.8% -Nb of operators 1 1 -InternetCustomer base (‘000) 31 30 -3.6%*Source: Dataxis, Q3 2012 vs end-2011 dataAnnual Results 201239

AnnexesGabonPopulationGDPPer-capitalincome (PPP)1.54 million$ 16,8 billion+6.1% in 2012e$ 17 339 in 2012eMobile 2011 2012Change likefor likeCustomer base (‘000) 532 777 46.1%ARPU (MAD) 97,8 79.2 -17.8%Market share* 22.5% 31.9% +9.4 ptsInflation +2.3%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October 2012.Penetration rate* 156% 164%t +8.0 ptsNb of operators 4 4 -Fixed lineCustomer base (‘000) 22 18 -19.9%Market share* 100% 100% -Penetration rate* 1.4% 1.2% -0.2 ptsNb of operators 1 1 -InternetCustomer base (‘000) 24 8 -66.8%*Source: Dataxis, Q3 2012 vs end-2011 dataAnnual Results 201240

AnnexesMaliPopulationGDPPer-capitaincome (PPP)16.3 million$ 9.6 billion-4.5% in 2012e$ 1,062 in 2012eMobile 2011 2012Change likefor likeCustomer base (‘000) 4,376 6,023 37.6%ARPU (MAD) 45.3 33.2 -26.8%Market share* 40.4% 41.2% +0.8 ptsInflation +7.2%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October 2012.Penetration rate* 68.3% 89.6% +21.3 ptsNb of operators 2 3 -Fixed lineCustomer base (‘000) 94 98 4.8%Market share* 100% 100% -Penetration rate* 0.6% 0.6% -Nb of operators 1 1 -InternetCustomer base (‘000) 37 45 20.5%Source: market data at end 2012*Dataxis: Q3 2012 vs. end 2011 dataAnnual Results 201241

Résultats Annuels 2012Annual Results2012