MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

Other commitments received (ITISSALAT AL MAGHRIB SA): – Forward purchase commitment of $ 176 million versus € 154 million under the Forward Purchase and Sale. – Agreement Commitment by the Moroccan government to social welfare. – Investment agreement: — Exemption of the customs duties on the imports relating to the investments. In 2016 Guarantees received for MAD 1,233 million at 31bDecemberb2016 versus MAD 1,295 million to 31bDecemberb2015, distributed as follows: – MAD 754million for ITISSALATALMAGHRIB SA, for endorsements and bonds; – MAD 153 million for Etisalat Benin, deposits received; – MAD 84 million for Mauritel, deposits received; – MAD 69 million for AT Cote d’Ivoire, deposits received; – MAD 50 million for Onatel, guarantees received; – MAD 37 million for AT RCA guarantees received; – MAD 32 million for Gabon Telecom, guarantees received; – swap agreement: Commitment to the forward purchase of USD 138 million against EUR 120 million under the currency hedging agreement; – commitment by the Moroccan government to social welfare; – investment agreement: — exemption of the customs duties on the imports relating to thebinvestments. 2015 Guarantees received for 1,295million dirhams at 31bDecemberb2015 versus 1,187 million dirhams to 31bDecemberb2014, as follows: – MADb916 million for ITISSALAT AL MAGHRIB SA, for guarantees; – MADb100 million for Mauritel, guarantees received; – MADb23 million for Onatel, guarantees received; – MADb46 million for Sotelma, guarantees received; – MADb72 million for AT Côte d’Ivoire, guarantees received; – MADb104 million for Etisalat Benin, guarantees received; – MADb11 million for AT Togo, guarantees received; – MADb24 million for AT Niger, guarantees received. Other commitments received (Maroc Telecom): – SWAP Agreement: Commitment to the forward purchase of USD 138 million against EUR 120 million under the currency hedging agreement; – commitment by the Moroccan government to social welfare; – investment Agreement: — exemption of the customs duties on the imports relating to the investments. – MAD 29 million for AT Niger, deposits received; – MAD 15 million for Sotelma, deposits received; – MAD 11 million for AT Togo, deposits received. Other commitments received (Maroc Telecom):

– MAD 158 million for Gabon Telecom; – MAD 154 million for AT Niger; – MAD 94 million for Mauritel; – MAD 91 million for AT RCA; – MAD 65 million for Etisalat Benin. Commitments through guarantees and endorsements issued to banks for MAD 700 million, which break down as follows: – MAD 263 million for ITISSALAT AL MAGHRIB SA; – MAD 155 million for Sotelma; – MAD 107 million for Etisalat Benin; Operating and finance lease commitments totaling MADb75 million. Commitments for a long-term satellite lease in the amount of MADb48 million. Various commitments for MADb490 million, including: – MAD 129 million for Etisalat Benin in respect of the network maintenance contract with Ericsson; – MAD 88 million for Mauritel OPEX commitments; – MADb72million for ATNiger in respect of the networkmaintenance contract with Ericsson; – MADb64 million for Atlantique TelecomCôte d’Ivoire in respect of the network maintenance contract with Ericsson; – MAD 19million for ATTogo in respect of the network maintenance contract with Ericsson; – MAD 10 million for Onatel OPEX commitments. Other commitments (ITISSALAT AL MAGHRIB SA): – reversal of Guarantees issued by Etisalat on the financing of opcos (EURb9.82 million at 12/31/2015, i.e., MAD 106 million); – SWAP agreement: Commitment to the forward sale of EUR 120 million against USD 138 million under the SWAP agreement. Commitments received Commitments received comprise the following: In 2017 Guarantees received for MAD 1,289 million at 31bDecemberb2017 versus MAD 1,233 million to 31bDecemberb2016, distributed as follows: – MAD 679million for ITISSALATALMAGHRIB SA, for endorsements and bonds; – MAD 242 million for AT Niger, guarantees received; – MAD 89 million for Mauritel, deposits received; – MAD 86 million for Etisalat Benin, deposits received; – MAD 61 million for AT Cote d’Ivoire, deposits received; – MAD 58 million for Sotelma, guarantees received; – MAD 40 million for Onatel, deposits received; – MAD 34 million for Gabon Telecom, guarantees received. – MAD 95 million for AT Togo; – MAD 44 million for Onatel; – MAD 27 million for Mauritel; – MAD 8 million for Gabon Telecom; – MAD 1 million for AT Niger.

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MAROC TELECOM ____ 2017 Registration Document