MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

GOODWILL VARIATION TABLE

Beginning of period

Translation adjustment Reclassification

Change in scope of consolidation End of period

(in MAD million)

Impairment

2015

6,796

0

-57

0

1,701

8,440

Mauritel

137

0

137

Onatel

1,838

1,838

Gabon Telecom

142

142

Sotelma Casanet

4,674

-60

4,613

5

5

3

1,701

1,704 8,360

Filiales Moov (a)

2016

8,440

0

-113

33

0

Mauritel

137

-1

137

Onatel

1,838

1,838

4

Gabon Telecom

142

-9

508

641

Sotelma Casanet

4,613

-81

4,532

5

5

1,704 8,360

-22

33

-508

1,206 8,695

Filiales Moov (a)

2017

336

0

0

0

Mauritel

137

0

136

Onatel

1,838

1,838

Gabon Telecom

641

27

668

Sotelma Casanet

4,532

244

4,776

5

5

Filiales Moov (a) 1,271 (a) In accordance with IFRSb3, the financial statements at 31bDecemberb2015 (goodwill and trade accounts payable) have been restated for the impact of the final purchase price allocation for Moov subsidiaries. 1,206 65

NOTE 4 — OTHER INTANGIBLE ASSETS

(in MAD million)

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Software

1,674 4,289 1,522 7,485

1,411 4,588 1,379 7,378

1,603 4,258 1,262 7,123

Telecom license

Other intangible assets

NET TOTAL

The “telecom licenses” item includes the following licenses: – the 2G licenses for Mauritel, Onatel, Gabon Telecom, Sotelma, Etisalat Benin, AT Togo and AT Niger; – the 3G licenses for Ittisalat Al Maghrib SA, Mauritel, Onatel, Gabon Telecom, Sotelma, Etisalat Benin, AT Togo, AT Niger and AT RCA; – the global Mobile licenses for AT RCA and Etisalat Bénin;

– the global license for AT CDI; – the 4G licenses for Ittisalat Al Maghrib SA, Gabon Telecom and Etisalat Bénin. “Other intangible non-current assets” primarily includes patents, trademarks, and assets reflecting business combinations such as customer bases identified whenmeasuring the goodwill of acquired subsidiaries.

137

MAROC TELECOM ____ 2017 Registration Document