MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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RECENT DEVELOPMENTS AND GROWTH OUTLOOK Objectives

REPORT OF THE STATUTORY AUDITORS ON PROFIT FORECASTS

To the Chairman of the Board of Directors, In our capacity as Statutory auditors and in accordance with European Regulation (EC) 809/2004, we have prepared this report on Itissalat Al-Maghrib (IAM) S.A and its subsidiaries’s profit forecasts (Maroc Telecom Group), which may be found in part 5, Section 5.3, of this 2017 Registration Document. These forecasts and underlying significant assumptions were made under the responsibility of theManagement Board of Maroc Telecom Group, in accordance with the provisions of European Regulation (EC) 809/2004 and the relevant ESMA (CESR) recommendations on profit forecasts. Our responsibility, in accordance with the terms of annex I, item13.2, of European Regulation (EC) 809/2004, is to state our conclusions on the appropriateness of the preparation of such forecasts. We have performed our procedures which we considered necessary, in accordance with the professional Moroccan standards, applicable to the review of the financial forecasts. Our work consisted in an assessment of the preparation process for the profit forecast, as well as the procedures implemented to ensure that the accounting methods applied are consistent with those used for the preparation of the historical financial information of Maroc Telecom Group.

We also gathered all the relevant information and explanations that we deemed necessary to obtain reasonable assurance that the profit forecast has been properly compiled on the basis stated. It should be noted that, given the uncertain nature of forecasts, the actual figures are likely to be significantly different from those forecast and that we do not express a conclusion on the achievability of these figures. We conclude that: – this profit forecast has been properly compiled on the basis stated; – the accounting methods applied in the preparation of the profit forecast are consistent with the accounting principles adopted by Maroc Telecom Group. This report is issued for the sole purpose of filing the 2017 Registration Document with the AMF. As appropriate, this report may be used for any public offering, in France or any other European Union country, for which a prospectus containing this Registration Document has been registered with the AMF. It may not be used in any other purpose.

Casablanca, March 30, 2018 The Statutory auditors

Deloitte Audit

Abdelaziz Almechatt Abdelaziz Almechatt

Sakina Bensouda-Korachi

Partner

Partner

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MAROC TELECOM ____ 2017 Registration Document