MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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FINANCIAL REPORT Consolidated financial statements at 31 December 2015, 2016 and 2017

31.2 OTHER COMMITMENTS GIVEN AND RECEIVED AS PART OF THE CURRENT ACTIVITY

In 2016 An investment commitment of MAD 6,918 million, distributed as follows: – MAD 6,235 million for ITISSALAT AL MAGHRIB SA;

– MAD 256 million for Onatel; – MAD 187 million for AT Niger; – MAD 93 million for Gabon Telecom; – MAD 62 million for Etisalat Benin;

Commitments given Commitments given comprise the following: In 2017 An investment commitment of MAD 4,719 million, distributed as follows: – MAD 3,642 million for Maroc Telecom;

– MAD 60 million for Sotelma; – MAD 23 million for Mauritel; – MAD 2 million for AT RCA. Commitments through guarantees and endorsements issued to banks for MAD 1,297 million, which break down as follows: – MAD 519 million for ITISSALAT AL MAGHRIB SA; – MAD 285 million for AT Niger; – MAD 147 million for Etisalat Benin;

– MAD 336 million for AT Niger; – MAD 234 million for Onatel; – MAD 209 million for Gabon Telecom; – MAD 149 million for Etisalat Benin;

– MAD 120 million for Sotelma; – MAD 29 million for Mauritel; – MAD 1 million for AT RCA. Commitments through guarantees and endorsements issued to banks for MAD 1,532 million, which break down as follows:

– MAD 120 million for AT Togo; – MAD 82 million for Onatel; – MAD 81 million for Sotelma; – MAD 59 million for AT RCA; – MAD 3 million for Gabon Telecom; – MAD 1 million for Mauritel.

– MAD 569 million for AT Niger; – MAD 314 million for Sotelma; – MAD 265 million for ITISSALAT AL MAGHRIB SA;

Operating and finance lease commitments totaling MAD 65 million. Commitments for a long-term satellite lease in the amount of MAD 45 million. Other commitments for MAD 455 million, including: – MAD 214 million for Atlantique Telecom Côte d’Ivoire in respect of the network maintenance contract with Ericsson; – MAD 107 million for AT Niger in respect of the network maintenance contract with Ericsson; – MAD 49 million for Etisalat Benin in respect of the network maintenance contract with Ericsson; – MAD 17million for ATTogo in respect of the network maintenance contract with Ericsson; – reversal of Guarantees issued by Etisalat on the financing of the Atlantique subsidiaries (EURb4.15 million at 12/31/2016, i.e., MAD 44 million); – swap agreement: Commitment to the forward sale of EUR 120 million against USD 138 million under the swap agreement. In 2015 An investment commitment of MAD 3,574 million, which breaks down as follows: – MAD 2,556 million for ITISSALAT AL MAGHRIB SA; – MAD 13 million for Mauritel OPEX commitments; – MAD 9 million for Onatel OPEX commitments; – MAD 2 million for AT RCA OPEX commitments. Other commitments (ITISSALAT AL MAGHRIB SA):

– MAD 160 million for AT Benin; – MAD 105 million for AT Togo; – MAD 66 million for Onatel; – MAD 52 million for AT Central African Republic; – MAD 1 million for Mauritel. Simple lease commitments and financing for a total of 113 million dirhams. Commitments for a long-term satellite lease in the amount of MAD 44 million. Other commitments for MAD 219 million, including: – MAD 145 million for Atlantique Telecom Côte d’Ivoire in respect of the network maintenance contract with Ericsson; – MAD23million for ATNiger in respect of the networkmaintenance contract with Ericsson; – MAD 20 million for Mauritel OPEX commitments; – MAD 15million for ATTogo in respect of the network maintenance contract with Ericsson; – MAD 10 million for Onatel OPEX commitments; – MAD 3 million for Gabon Telecom OPEX commitments; – takeover of the guarantees given by Etisalat on the financing of theAtlantic subsidiaries (0.19million euros at 31/12/2017, or MAD 2.1 million); – commitment to forward sell €154 million against US$176 million under the forward buy and sell agreement. – MAD 2 million for AT RCA OPEX commitments. Other Commitments (ITISSALAT AL MAGHRIB SA):

– MAD 288 million for Onatel; – MAD 168 million for Sotelma;

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MAROC TELECOM ____ 2017 Registration Document