MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Statutory financial statements

STATUTORY AUDITORS’ GENERAL REPORT YEARS ENDED DECEMBER 31, 2017

involves implementing procedures in order to gather information about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’judgment, including the assessment of risk that the financial statements could contain material misstatements. In assessing such risk, the auditors take into consideration the entity’s current internal controls relating to the preparation and presentation of the financial statements, in order to define audit procedures that fit the circumstances, but not for the purpose of stating an opinion on the effectiveness of the internal control.An audit also involves evaluating the appropriateness of the accounting policies used, the soundness of the accounting estimates made by management, and the overall presentation of the financial statements. We believe that the information gathered is sufficient and appropriate to provide a basis for our audit opinion. OPINION ON THE FINANCIAL STATEMENTS In our opinion, the financial statements referred to in the first paragraph above give a true and fair view of ITISSALAT ALMAGHRIB (IAM) SAs assets, liabilities, and financial position at 31bDecemberb2017, and of its operations for thebyear then ended, in accordance with the accounting principles generally accepted in Morocco. SPECIFIC CONTROLS AND INFORMATION We have also performed the specific verifications required by law. In particular, we ensured that the information contained in the Management Board’s report to the Shareholders was consistent with the Company’s financial statements.

To shareholders of Itissalat Al Maghrib “IAM” SA Avenue Annakhil, Hay Riad Rabat, Maroc

In accordance with the terms of our appointment by the General Meeting, we have audited the accompanying financial statements of Itissalat Al-Maghrib (IAM) SA, including the statement of financial position, the statement of comprehensive income, the statement of operating data, the statement of cash flows, and the additional disclosures, concerning theb year ended 31b Decemberb 2017. These financial statements show shareholders’equity and reserves of MADb15,363,637 thousand and net profit of MADb5,699,461 thousand. MANAGEMENT’S RESPONSIBILITY Management is responsible for preparing these financial statements to give a true and fair view of the Company, in accordance with the accounting standards generally accepted in Morocco. This responsibility includes planning, implementing, and monitoring internal controls relating to the preparation and presentation of financial statements that are free of material misstatement, and selecting accounting estimates that are appropriate to the circumstances. AUDITORS’RESPONSIBILITY Our responsibility is to render an opinion on these financial statements on the basis of our audit. We have conducted our audit in accordance with the audit standards applicable inMorocco.These standards require us to comply with a Code of Ethics and to plan and perform the audit in order to obtain reasonable assurance that the financial statements are free from material misstatement. An audit

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Februaryb16, 2018 The Statutory Auditors

Deloitte Audit

Abdelaziz Almechatt Abdelaziz Almechatt Partner

Sakina Bensouda-korachi Partner

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MAROC TELECOM ____ 2017 Registration Document