MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Overview

APPENDIX 1 CHANGE FROM ADJUSTED FINANCIAL INDICATORS TO PUBLISHED FINANCIAL INDICATORS Adjusted earnings from operations, Group share of adjusted net income, and adjusted cash flow from operations, are not strictly accounting measures and should be considered as additional information. They are a better indicator of the Group’s performance as they exclude non- recurring items.

FY 2017

FY 2016

(in MAD million) Adjusted EBITA

Morocco International

Group

Morocco International

Group

6,954

3,599

10,553

7,157

3,268

10,426

NON-RECURRING ITEMS: Real estate sales

+297

+297 -255

Restructuring costs PUBLISHED EBITA

-193

-49

-243

-255

6,760

3,550

10,310 5,871

6,902

3,565

10,468 5,622

4

Group share of adjusted net income

NON-RECURRING ITEMS: Real estate sales

+152 -176

Restructuring costs

-165

PUBLISHED NET EARNINGS – GROUPbSHARE

5,706

5,598

Adjusted CFFO

7,319

3,700

11,019

7,124

3,563

10,686

NON-RECURRING ITEMS: Real estate sales

+317

+317

Restructuring costs License payments PUBLISHED CFFO

-579

-41

-620 -639

-61

-578

-33

-33

6,679

3,081

9,761

7,124

3,847

10,970

115

MAROC TELECOM ____ 2017 Registration Document