MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

CONTENTS

1

MESSAGE FROM THE MANAGEMENT BOARD’S CHAIRMAN 2 CORPORATE GOVERNANCE 3 MAROC TELECOM IN BRIEF 4 HIGHLIGHTS 2017 6

KEY FIGURES, GROUP STRATEGY AND RISK FACTORS

11 12 14 16

1.1b 2017 key figures 1.2b Group strategy

1.3b Risk factors

2

GENERAL INFORMATION ABOUT THE COMPANY

23

2.1b Person responsible for the Registration Document and for the audit of the financial statements 2.2b Information about the Company andbcorporate governance

24

26

3

DESCRIPTION OF THE GROUP, BUSINESS ACTIVITIES, LEGAL AND ARBITRATION PROCEEDINGS

61 62 70 103

3.1b Description of the Group

3.2b Business activities

3.3b Legal and arbitration proceedings

4

FINANCIAL REPORT

105 106 109

4.1b Consolidated results of the past threebyears

4.2b Overview

4.3b Consolidated financial statements

atb31bDecemberb2015, 2016 and 2017

120 166

4.4b Statutory financial statements

5

RECENT DEVELOPMENTS AND GROWTH OUTLOOK 5.1b Recent developments

197 198 198 199

5.2b Market outlook 5.3b Objectives

6

NOTES

203 204 207 207 208 210

Cross-reference table

Financial information reported in 2017

Statutory auditors’ fees

Ordinary Shareholders’ Meeting ofbAprilb24,b2018

Glossary