MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

GENERAL INFORMATION ABOUT THE COMPANY Information about the Company and corporate governance

exchange, in Morocco or abroad, shares of the Company in order to regularize prices and establish a liquidity contract backing this buyback programon the Casablanca Stock Exchange.The number of shares targeted by said liquidity contract may not under any circumstances exceed 300,000 shares, representing 20% of total number of shares covered by the buyback program. The characteristics of this buyback program are as follows: – program schedule: from Mayb9, 2017, to Novemberb8, 2018; – spread between buy and sell trades price: MADb92 – MADb191; – maximumpart of the share capital to be held, including the shares targeted by the liquidity contract: 0.17%, i.e., 1.5bmillion shares; – maximum amount allocated to the program: MADb286,500,000; – liquidity contract backing this buyback program, representing 20% of the program, or a maximum of 300,000 shares.

SHARE BUYBACK PROGRAM The current buyback program to regulate the market was approved by the Shareholders’ Meeting of Aprilb25, 2017, after the Company had obtained approval fromAMMC onAprilb7, 2017 under reference VI/EM/009/2017 for the Simplified Prospectus relating to said program. The Shareholders’ Meeting held on Aprilb25, 2017 resolved: – to revoke the buyback program on the stock exchange in order to regulate the market as authorized by the Ordinary Shareholders’ Meeting of Aprilb 26, 2016, which is expected to expire on Novemberb9, 2017; – to authorize the Management Board, as from this meeting, in accordance with the provisions of Articleb281 of the Companies Act, for a period of eighteenb months from Mayb 9, 2017 to Novemberb8, 2018 to purchase, in one or more stages on the stock

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The result of the share buyback program for the period extending from January 1 to Decemberb31, 2017 is as follows:

Casablanca – excl. liquidity pool

Casablanca – liquidity pool

Paris

Total

Number of shares bought

870,020

812,531

214,843

1,897,394

Average buy price

MADb137.28

MADb137.15 EURb12.36

-

Number of shares sold

829,020

731,281

106,245

1,666,546

Average sell price

MADb137.65

MADb137.67 EURb12.61

-

SHARES HELD AT DECEMBERb31, 2017

42,000

85,000 116,077

243,077

Under a contract signed on Octoberb17, 2014, Maroc Telecom commissioned Rothschildb& Cie Banque with the implementation of the following: – in Casablanca, a price regulation contract in accordance with the circular of Januaryb2012, for which an amount of MADb55bmillion has been allocated;

– in Paris, a liquidity contract in accordance with the Code of Ethics established by the French Association of Investment Firms (AFECEI). For the implementation of this contract, EURb5bmillion was allocated to the liquidity account.

The following table shows the summary of these contracts:

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

42,000 shares MADb27,869,726.23 85,000 shares MADb24,815,586.10 116,077 shares EURb3,616,882.00

1,000 shares MADb32,777,312.76 3,750 shares MADb35,019,587.96 7,479 shares EURb4,943,937.00

207,000 shares MADb8,547,584

Casablancab– excl. liquidity pool

145,000 shares MADb18,229,490.57

Casablancab– liquidity pool

17,742 shares EURb4,771,055

Parisb– liquidity account

Source: Rothschild & Cie Banque.

2.2.2.1.5 Changes in the Company’s share since incorporation The table below shows the main transactions in the share capital executed in the last threebyears:

Total number of shares 879,095,340 879,095,340 879,095,340

Nominal (in MAD)

Capital (in MAD)

Date

Transaction

Dec.b31, 2015 Dec.b31, 2016 Dec.b31, 2017

None None None

6 5,274,572,040 6 5,274,572,040 6 5,274,572,040

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MAROC TELECOM ____ 2017 Registration Document