2017 ANNUAL RESULTS Financial analysts presentation HIGHLIGHTS - PowerPoint PPT Presentation

2017 ANNUAL RESULTS Financial analysts presentation

HIGHLIGHTS

HIGHLIGHTS Return to growth Improved Group Highlights of consolidated Sustained growth in profitability: EBITDA revenues in Q4, up Group share of margin up +3.3% + 1.2 pts to 49.1% adjusted net income Business at constant exchange rates +4.4% Review Accelerated rollout of Financial Very strong performance Review Surge in Fixed-Line and 4G+ in Morocco by the new subsidiaries with Internet business in Morocco 93% population coverage + 12% revenue growth +8.9% revenue growth in Q4 78% growth in mobile data Outlook at constant exchange rates traffic Appendices 3

MACRO: MACROECONOMIC ENVIRONMENT MOROCCO INTERNATIONAL 3.2% 4.6% 3.4% Highlights 5.7% 5.5% 5.5% Business Review 2016 2017 2018 2016 2017 2018 Financial GDP Real GDP growth GDP Real GDP growth Review Outlook Gradual deregulation of the dirham, Exchange risk under control thanks to with limited impact on its exchange rate the CFA franc being tied to the Euro — — Appendices Inflation under control Sustained economic growth — Inflation overall under control 4 Sources: Ministry of the Economy and of Finance Sources: IMF Data – October 2017

OPERATING AND FINANCING ACTIVITIES GROWTH IN CONSOLIDATED GROUP CUSTOMER BASE GROWTH REVENUES AT CONSTANT EXCHANGE RATES (Million) (%) 56.9 +5.5% 54.0 Highlights +3.3% +5.1% 35.4 +8.0% 32.8 +2.6% +2.2% Business Review -0.2% -1.9% -2.2% -2.8% 21.3 21.6 +1.7% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Financial 2016 2017 Review Morocco International Outlook Sharp increase (5.5%) in the Group’s customer Return to growth of consolidated revenues in Q4 — base to nearly 57 million customers — Return to revenue growth in Morocco Appendices Growth of the customer base while pursuing the process of (+2.7%) thanks to Internet activities — identifying customers in all countries — Revenues of new subsidiaries up 14.5% Sustained 16% growth in customer bases of new at constant exchange rates subsidiaries 5

SUCCESS OF INTERNATIONAL DEVELOPMENT STRATEGY 2015 2016 2017 Morocco International Highlights % Group customer base 61% 62% 59% Business Review Financial % Group revenues 41% 43% 45% Review Outlook 33% 35% 37% % EBITDA Appendices 6

REGULATORY HIGHLIGHTS IN MOROCCO Liberalization of VoIP since November 2016 — Highlights ANRT reintroduces 20% asymmetry in Mobile call termination rates against Maroc Telecom January 1, 2013 March 1, 2017 Inwi MAD 0.1399/min MAD 0.1399/min Orange Maroc MAD 0.1399/min Business 20% Review Maroc Telecom MAD 0.1169/min AT SUBSIDIARIES Financial Review Continuing pressure by authorities for Service Quality and customers Identification — Universal license granted to Gabon Telecom and 3G frequencies to AT Centrafrique Outlook — Mobile call termination rates reduced in Mauritania, Ivory Coast and Benin — Appendices 3 rd operator launched in Mali wich benefited from asymmetric call terminations — Sector contributions and taxes falling in Niger, Gabon and Benin, and rising in Mali and Ivory Coast 7

2017 ANNUAL RESULTS ABOVE ANNOUNCED GUIDANCE OUTLOOK FY 2017 ACHIEVEMENTS Highlights published in July 2017 At constant scope and exchange rates Business Slight decrease in revenues -0.9% Review after the impact of regulatory measures Financial Review +1.5% Stable EBITDA Outlook CAPEX approximately 23% 22.9% Appendices of revenues, excluding frequencies, licenses 8

DIVIDEND UP 1.9% IN LINE WITH RESULTS’ GROWTH Highlights Proposal 100% of to distribute Net Business Review MAD 6.48 / share Profit Financial Review Outlook REPRESENTING A YIELD OF 4,4%* Appendices *Based on the share price on February 16, 2018 (MAD 147.05). 9

BUSINESS REVIEW

MOROCCO – MOBILE REVENUE GROWTH IN OUTGOING SERVICES (%) +5.6% Highlights +4.4% +2.1% +1.3% +1.1% Business Review -1.0% -6.1% -6.5% Financial Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Review Outlook Sustained revenue growth in outgoing services thanks to the surge in Mobile Internet revenue (+53% year-on-year) — Appendices In Q4 2017, noticeable slowdown in the impact of VoIP liberalization since November 2016 11

MOROCCO – MOBILE MOBILE BASE MOBILE REVENUE (000) (MAD million) -5.5% +0.9% 14,115 18,533 13,335 18,375 Highlights 1,767 1,729 +2.2% -23.8% 16,645 16,766 0.7% +1.9% Business Review 2016 2017 2016 2017 Financial Prepaid Postpaid Outgoing services revenues Incoming services revenues Equipment Review ARPU (MAD/month) Growth in mobile customer base Growth in Postpaid Mobile customer base which represents Outlook -5.0% more than 9% of the customer base — Decline in incoming revenues Appendices Resulting from the liberalization of VoIP since November 2016 61.1 58.0 and the reintroduction of the asymmetry in call terminations since March 1, 2017 12 2016 2017

MOROCCO – CONTINUING SURGE IN MOBILE DATA MOBILE INTERNET BASE (000) DATA TRAFFIC Penetration 51% 43% Rate* +20.9% 9,481 Highlights 1,501 +4.7% 7,844 +78% 1,434 16.6% Business 7,981 +24.5% Review 6,410 Of which 40% 4G traffic 24% Financial 2016 2017 2016 2017 Review Prepaid Postpaid DATA REVENUES Outlook Mobile Internet very popular +53% Data penetration up to 51% Increase in data usage, thanks to 4G customers who consume Appendices 2.3x more than 3G customers — Maroc Telecom consolidates its leading position in Mobile Internet with 45.5% of market shares at end-December 2017 13 2016 2017 * Calculation based on Maroc Telecom total customer base

MOROCCO – FIXED-LINE AND INTERNET STRONG GROWTH OF DATA REVENUES FIXED-LINE AND INTERNET REVENUE DATA REVENUE GROWTH (MAD million) (%) Focus on +1.5% 8,962 8,829 Highlights Data +1.1% 2,261 2,237 revenue +13.6% 2,427 2,664 +9.8% +11.3% +9.5% +9.5% +8,8% +1.7% +7.1% Business +4.5% +4.1% Review 4,165 -3.1% 4,037 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2016 2017 Financial Voice (including transit) Data* Intra-LL Maroc Telecom Review FIXED-LINE & ADSL CUSTOMER BASE** (000) 2 000 S uccess of Double Play offers’ enrichment Outlook 1 500 — +5.2% Popularity of FTTH offers 1 000 Appendices 1 725 1 640 +9.8% 1 363 1 241 500 0 2016 2017 14 *Fixed-line data includes Internet, ADSL TV, and Data services to Fixed-Line ADSL businesses; ** Includes low-speed and leased connections.

INTERNATIONAL CONTINUES TO DEMONSTRATE SUSTAINED GROWTH REVENUE GROWTH MOBILE CUSTOMER BASE AT CONSTANT EXCHANGE RATES (000) (MAD million) Highlights 34,967 +12.7% 32,370 +8.0% +9.2% 18,073 +1.7% 17,778 +5.0% +4.8% +4.7% Business +2.4% +0.6% Review 16,894 +15.8% 14,593 -0.7% Financial 2016 2017 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 New subsidiaries Historical subsidiaries Review Outlook Solid revenue growth (+5,0% in 2017) — In Q4, acceleration of growth in the new subsidiaries (Ivory Coast and Benin in particular) Appendices and stabilization in historical subsidiaries 15

MOROCCO - NETWORK MODERNIZATION CAPEX (excluding frequencies & licenses) COVERAGE (MAD million) (as % of population) CAPEX/ 22.1% 18.4% 2016 2017 REVENUES Highlights +15.9% 4,528 3,905 1 025 2G 99.5% 99.5% 734 Business 2,224 1,972 3G 87% 96% Review 1,279 1,200 4G 73% 93% 2016 2017 Financial Review Very-High-Speed Fixed-Line Very-High-Speed Mobile Other Continuing investment in broadband confirming Maroc Telecom's position as the leading 4G+ operator in Morocco Outlook — Activation of 900 MHz frequency on 3G, allowing the improvement of Indoor and Outdoor coverage — Appendices Strong growth in Fixed and Mobile data traffic — Extension of the residential Fiber Optic access network to support the growing number of Fiber customers 16

INTERNATIONAL – ACCELERATING INVESTMENT TO SUPPORT THE GROWTH OF SUBSIDIARIES CAPEX (excluding licenses) CHANGE IN RADIO SITES (MAD million) CAPEX/ 20.8% 22.2% REVENUES Highlights +6.1% +9.3% 3,487 5,967 5,623 3,189 -4.2% 1,651 Business 1,723 2,704 +7.0% 2,526 Review 1,835 3,263 +5.4% 3,097 +25.2% 1,466 Financial Review 2016 2017 2016 2017 New subsidiaries Historical subsidiaries Outlook Moov Benin 4G network launched, and 3G in Niger - 3G license allocated to Central African Republic — Appendices Extensions and densification of Radio coverage supported by infrastructure upgrades — Rollout and upgrade of urban and interurban optical transmission networks to support the growth of Data and Voice usage 17

Financial Review