MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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FINANCIAL REPORT Statutory financial statements

B9 — FINANCIAL COMMITMENTS GIVEN OR RECEIVED, EXCLUDING LEASING TRANSACTIONS

FINANCIAL YEAR BEGINNING ON 01/01/2017 AND ENDING ON 12/31/2017 (IN MAD THOUSAND)

Amounts financial year

Amounts previous financial year

Commitments given

Investments initiated but not yet completed: – investment agreement

1,753,693 3,642,404 3,642,404

6,235,037 2,013,525 6,235,037

– of which investments initiated

Guarantees via endorsement and signature from banks: – documentary credits – endorsements and guarantees

265,235 265,235 57,012 57,012

263,994 263,994 17,796 17,796

Rental commitmentb (a)

Guarantees issued by Etisalat regarding the financing of the operating companies: Replacement of the Etisalat Group companies by IAM in relation to the guarantees issued by those companies, as part of the day-to-day operations of the acquired companies. (€0.19 million at Decemberb31, 2017, and €4.5 million at Decemberb31, 2016) AT Niger bank guarantee – Commitment linked to the bank guarantee (€23,909,452), and commitment to pay the balance on first demand in the event that the amount on the IAM account is insufficient (LC dated 09/23/2016) Other Guarantees – Verification that the subsidiary is ensuring compliance with its commitments with the usual diligence Subsidiaries Concerned (AT CAR, AT CI, AT Niger, Etisalat Benin, and AT Togo) – Commitment to perform an accordion transaction via a capital increase and absorption of the losses carried forward. (Commitment fulfilled in 2017) Subsidiaries Concerned: AT CAR – Prior authorization commitment from the bank in the event of full or partial disposal. Subsidiaries Concerned: AT CAR and Etisalat Benin – Commitment to inform the bank beforehand in the event of full or partial disposal. Subsidiaries Concerned: AT IC and AT Niger – Ensure that the subsidiary maintains a satisfactory economic and financial position, which enables it to meet its commitments to its lenders. Subsidiaries Concerned: AT IC, AT Togo, and Etisalat Benin Swap agreement – Commitment involving the forward sale (on 11/20/2019) of €154 million in exchange for US$176 million as part of the swap agreements signed with ATW. Investment agreement – Commitment to create 150 direct and stable jobs within a period of 36 months. – Jobs created in 2016: 75 jobs; the commitment was completely fulfilled in 2017. TOTAL

2,096 2,096

44,310 44,310

268,288 268,288

255,281 255,281

4,235,035 6,816,418 (a) The terms of the site lease agreements range between 2 and 15 years, with tacit renewal. The amount indicated corresponds to one month’s notice in the event of termination. The terms of the transport equipment leases range between 4 and 5 years; the commitment corresponds to the compensation to be paid to the lease companies in the event of early termination of the agreement.

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MAROC TELECOM ____ 2017 Registration Document