MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

5

RECENT DEVELOPMENTS AND GROWTH OUTLOOK Recent developments

5.1 _ Recent developments

ORDINARY SHAREHOLDERS’ MEETING OF APRIL 24, 2018 Itissalat Al-Maghrib, a Moroccan public limited company with Management and Supervisory Boards and share capital of MADb5,274,572,040, whose headquarters are in Rabat, Avenue Annakhil, Hay Riad, and which is registered under number 48 947 in the Rabat Trade andCompanies Register, hereby invites shareholders to its headquarters on Aprilb24, 2018 at 3bpm for an Ordinary General Shareholders’ Meeting convened to deliberate on the following agenda: 1. Approval of the reports and summary annual financial statements for the fiscalbyear ended Decemberb31, 2017. 2. Approval of the consolidated financial statements forbthebfiscalbyear ended Decemberb31, 2017. 3. Approval of the related-party agreements reviewed inbthe Statutory auditors’ special report. 4. Allocation of 2017 earningsb– Dividend. 5. Ratification of the appointment of Abdelouafi Laftit to the Supervisory Board. 6. Repeal of the current share buyback program and authority to be granted to the Management Board to again trade in the Company’s shares and the establishment of a liquidity contract on the Casablanca stock market. 7. Powers to complete legal formalities.

LEGAL PROCEEDING The company received a summons from the Commercial Court of Rabat on March 20, 2018 concerning a complaint filed by Wana Corporate. The first hearing before the Commercial Court of Rabat will take place on April 2nd. The company will take all measures to defend its rights. WANA DISPUTE On June 9, 2017, ANRT sent Maroc Telecom a referral from Wana for anticompetitive practices regarding the implementation of unbundling. On March 23, 2018, Maroc Telecom received the reply to its initial response sent on August 7, 2017. The period allowed for responding to this reply is one month.

5.2 _ Market outlook

The comments relating to market outlook contain forward-looking statements and information relating to Company expectations. Forward-looking statements involve risks and uncertainties inherent to forecasts and are based solely on assessments undertaken as of the date on which such statements are made. Because of the significant number of factors involved, including those listed in

Sectionb3.4, the Company warns investors that actual results could differ materially from expectations. The telecommunications market in Morocco offers significant potential for growth because of the following favorable economic and social factors, and the generalized use of information and communication technologies.

198

MAROC TELECOM ____ 2017 Registration Document