MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

1

KEY FIGURES, GROUP STRATEGY AND RISK FACTORS Risk factors

1.3.3 MARKET RISKS

In accordance with its cash-management policy, Maroc Telecom does not invest in stocks, equity UCITS or derivatives. Maroc Telecom invests its cash with financial institutions, either in sight deposits or term deposits. The counterparty exposure limits for each financial institution are approved by the Management Board. For market risks (foreign exchange and interest rate risks), see Sectionb4.2.3, “Qualitative and quantitative information on market

risk.” For liquidity risk, see Noteb32 to the consolidated financial statements, “Risk Management.” Interest-rate risk management and an analysis of the sensitivity of the Group’s position to interest rate fluctuations are presented in Noteb32 to the consolidated financial statements, “RiskManagement.”

20

MAROC TELECOM ____ 2017 Registration Document