PRESS RELEASE



Rabat, 23 July 2015

CONSOLIDATED RESULTS FOR H1 2015

Highlights

» Takeover of operations and consolidation in the Group's financial statements from

26 January 2015 of six new operators in Africa;

» With the acquisition of these new subsidiaries, the Group's customer bases reached

close to 51 million, up 32%;

» 13.9% increase in consolidated revenues;

» The Group's EBITDA margin remained high at 50.7% despite the dilutive effect of the consolidation of the new African subsidiaries;

» Continuation of the strong growth of the Fixed-line segment in Morocco (+9.0%)

driven by the increase in Fixed-line (+6.8%) and Broadband (+16%) customer bases;

» Solid performance in the International segment enhanced by the new African subsidiaries: revenues and EBITDA up 5.3% and 7.0%, respectively, on a like for like basis;

» Launch of 4G+ services in Morocco.

Maroc Telecom Group outlook for 2015 following the integration of the new African subsidiaries:

Stable revenues, on a like-for-like basis(1); Slight decline in EBITDA, on a like-for-like basis(1);

CAPEX of approximately 20% of revenues, excluding frequencies and licenses.

On the occasion of the publication of this press release, Mr. Abdeslam Ahizoune, Chairman of the

Management Board, stated:

"Maroc Telecom Group confirmed its solid results, again demonstrating its ability to withstand attempts leading to value destruction against a backdrop of fierce competition. The launch of 4G+ and the rapid growth of Optical Fiber confirm Maroc Telecom's history as an

innovation leader.

The successful operational consolidation of its new subsidiaries is supported by the launch of a major network densification and modernization program to encourage profitable, sustainable and robust growth."

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GROUP CONSOLIDATED RESULTS


IFRS in MAD million H1-2014 H1-2015 Change Change like-for-like(1)



Revenues 14,564 16,583 13.9% 0.0% EBITDA 8,034 8,413 4.7% -0.8% Margin (%) 55.2% 50.7% -4.4 pts -0.5 pt EBITA 5,460 5,351 -2,0% -2.6% Margin (%) 37.5% 32.3% -5.2 pts -0.9 pt Net income - Share of the Group 3,073 2,827 -8,0%

Margin (%) 21.1% 17.0% -4.1 pts -

CAPEX (2) 2,048 2,716 32.6% -



CAPEX / Revenues 14.1% 16.4% 2.3 pts - CFFO 5,091 4,706 -7.5% - Net Debt 9,564 15,125 +58.1% -

Net Debt / EBITDA 0.6x 0.9x - -

Customer base

The Group's customer base totaled nearly 51 million at 30 June 2015, up 32% year-on-year following the consolidation of six new African subsidiaries into the consolidated Group since
26 January 2015. International subsidiaries posted significant growth in their customer bases, with an overall increase of 8.6%, on a like-for-like basis.

Revenues

As of 30 June 2015, Maroc Telecom group had consolidated revenues(3) of
MAD 16, 583 million, up 13.9% compared to the first half of 2014, due to the consolidation of the six African subsidiaries into the consolidated Group. On a like-for-like basis(1) revenues were stable with a 2.0% decline of revenues in Morocco offset by a 5.3% increase in revenues of the international subsidiaries.

Earnings from operations before depreciation and amortization

In the first half of 2015, earnings from operations before depreciation and amortization (EBITDA) of the Maroc Telecom group amounted to MAD 8,413 million, up 4.7% (-0.8% on a like-for-like basis).This decrease on a like-for-like basis reflects the 4.1% decline in EBITDA in Morocco, which was partially offset by the 7.0% increase in EBITDA in the International subsidiaries.

Despite the dilutive effect of the consolidation of the new African subsidiaries, the Group's EBITDA margin remained high at 50.7%, reflecting a 4.4 points decline from the margin in the first half of 2014 (-0.5 point like-for-like).

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Earnings from operations

As of 30 June 2015, Maroc Telecom group had consolidated earnings from operations (4)
(EBITA) of MAD 5,351 million, down 2.0% from the first half of 2014 (-2.6% on a like-for-like basis). This decline was related primarily to the decline in EBITDA and the increase in depreciation and amortization expenses (+2.4% on a like-for-like basis).

Net income - Share of the Group

At end of June 2015, net income - share of the Group was down 8.0% compared to the first half of the last year, owing to the business decline in Morocco and costs related to the acquisition of new subsidiaries, despite the increase in the contribution of African subsidiaries, which was up by 12.4% on a like-for-like basis.

Cash Flow

In the first half of 2015, cash flow from operations (CFFO(5)) reached MAD 4,706 million, down
7.5% from the same period in 2014. This decline mainly reflects the payment of MAD910 million for the 4G license in Morocco and the upgrade of the associated spectrum. Excluding licenses and frequencies, Maroc Telecom's CFFO was up 10.3%, with the 62% increase of the CFFO from the International subsidiaries more than offsetting the 5.7% decline of the CFFO from Morocco.
At end of June 2015, the Maroc Telecom group's consolidated net debt(6) was MAD 15 billion, up 58% owing to a 12.7% increase in dividends paid to the shareholders of Maroc Telecom group entities and the EUR474 million acquisition of new subsidiaries from Etisalat on
26 January 2015. Despite these changes, net debt represents just 0.9 times the Group's annualized EBITDA.

Post-balance-sheet event

On July 2015, Mauritel renewed its 2G license for another 10 years for a fixed price of 10 billion Mauritanian Ouguiyas (301 million Moroccan Dirhams) and a variable annual charge amounting to 2.5% of 2G sales for the entire duration of the license.

Maroc Telecom Group outlook for 2015 following the integration of the new African subsidiaries

On the basis of the recent changes in the market, and excluding any exceptional events that
could impact the Group's business, Maroc Telecom in 2015 is projecting:
stable revenues, on a like-for-like basis(1);
a slight decline in EBITDA, on a like-for-like basis(1);

CAPEX of approximately 20% of revenues, excluding frequencies and licenses.

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OVERVIEW OF GROUP ACTIVITIES

Morocco


IFRS in MAD millions H1-2014 H1-2015 Change Revenues 10,652 10,442 -2.0% Mobile 7,748 7,157 -7.6%


Services 7,506 7,074 -5.8% Equipment 243 83 -65.7% Fixed-line 3,912 4,265 +9.0% o/w Fixed-line Data 982 1 082 +10.2% Elimination -1,008 -980

EBITDA 6,026 5,781 -4.1%

Margin(%) 56.6% 55.4% -1.2 pt



EBITA 4,234 3,961 -6.5% Margin (%) 39.7% 37.9% -1.8 pt CAPEX 1,310 1,993 +52.1% CAPEX / Revenues 12.3% 19.1% +6.8 pts CFFO 3,880 2,749 -29.1%

*Fixed-line data include Internet, ADSL TV, and Data services to businesses

In the first half of 2015, against a backdrop of sustained competition in Mobile, business in Morocco generated revenues of MAD 10,442 million, down 2.0%, impacted by a decrease in Mobile revenues (-7.6% y-o-y) in a market that continues to decline as a result of continued pressure on prices. This decrease was partially offset by the strong performance of Fixed-line and Internet activities, which grew by 9.0% year-on-year.
Earnings from operations before depreciation and amortisation (EBITDA) amounted to
MAD 5, 781 million, down 4.1% from the first half of 2014. EBITDA margin was down 1.2 pt to
55.4%, thanks to controlled interconnection costs and 1.1% decrease in operating costs.
Earnings from operations amounted to MAD3, 961 million, down 6.5% owing to the decline in
EBITDA and a 1.6% increase in depreciation charges. EBITA margin was down by 1.8 pts, to
37.9%.

In the first half of 2015, cash flow from operations in Morocco declined 29% to MAD 2, 749 million, following the payment of MAD910 million for the 4G license in Morocco and the upgrade of the associated spectrum. Excluding these items, the CFFO from business activities in Morocco was down 5.7%, reflecting the decrease in EBITDA and investments made for the launch of 4G.

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Mobile

Unit H1-2014 H1-2015 Change

Mobile

Customer base(7) (000) 18,163 18,080 -0.5%

Prepaid (000) 16,710 16,519 -1.1% Post-paid (000) 1,453 1,561 +7.4% o/w 3G Internet (000) 3,855 5,448 +41.3%

ARPU(8) (MAD/month) 66.9 63.5 -5.2%

Data as % of ARPU (9) (10) (%) 15.1% 18.8% +3.7 pts

As of 30 June 2015, Mobile customers (7) totalled over 18.0 million, a slight decline of 0.5% year-on-year. The 1.1% decline in the prepaid customer base due to the ban on the sale of pre-actived prepaid SIM cards imposed by the regulatory authorities was partially offset by the 7.4% increase in the number of post-paid customers taking advantage of enriched offers of calling time, SMS text and data across the entire plan range.
Mobile revenues were down 7.6% in the first half of 2015 to MAD 7, 157 million. Mobile services revenues were down 5.8% compared to the same period in 2014, owing to persistent competitive pressure, a continued decline in prepaid and post-paid prices, and a drop in inbound international calls to Morocco.
The combined ARPU(8) for the first six months of 2015 was MAD 63.5,down 5.2% compared to the same period in 2014
The boom in Data services continued to benefit Mobile revenues, representing around 19% of
ARPU in the first half of 2015, thanks to the year-on-year increase of 41% in the 3G Internet(11)

customer base.

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Fixed-line and Internet

Unit H1-2014 H1-2015 Change

Fixed-line

Fixed lines (000) 1,444 1,543 +6.8%

Broadband access(12) (000) 923 1,068 +15.7%

The Fixed-line customer base reached 1.5 million lines at end-June 2015, up 6.8%, driven by the Residential segment whose base grew by 9.9%. The DSL customer base, meanwhile, grew by 16% to 1.1 million subscriptions.
Fixed-line and Internet activities in Morocco generated revenues of MAD 4,265 million during the first half of 2015, up 9.0% year-on-year. This performance was the result of sustained growth of the Fixed-line and Broadband customer bases and the development of the wholesale business into Africa.

Fixed-line Data revenues continued to rise (up 10.2% year-on-year to MAD 1,082 million), supported by the growth of DSL (+16%) and VPN IP customers (+9.6%).

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International segment

Financial indicators

Since 26 January 2015, the date on which the subsidiaries' acquisition was finalised, the International segment include the new subsidiaries in the Ivory Coast, Benin, Togo, Gabon, Niger and the Central African Republic, as well as Prestige Telecom, which provides IT services to those entities.

IFRS in MAD millions H1-2014 H1-2015 Change Change like-for-like(1)

Revenues 4,210 6,556 +55.7% +5.3%

o/w Mobile services 3,456 5,836 +68.9% +7.7%

EBITDA 2,008 2 632 +31,1% +7.0%

Margin(%) 47.7% 40.1% -7.6 pts +1.0 pt

EBITA 1,226 1,391 +13.5% +10.4%

Margin (%) 29.1% 21.2% -7.9 pts +1.4 pt

CAPEX 738 723 -5.5% -

CAPEX/ Revenues 17.5% 11.0% -6.5 pts -

CFFO 1,211 1,957 +61.5% -

In the first half of 2015, the Group's International segment activities generated revenues of MAD 6,556 million, up 56% owing to the expansion of the consolidated Group, and 5.3% on a like-for-like basis. This positive performance was due to the sustained growth of 7.9% in revenues generated by the historical subsidiaries, (+8.2% at constant exchange rates) and to the gradual turnaround of the newly acquired subsidiaries, whose revenues increased
0.4% at constant exchange rates. By country, notable performances include the sustained strong growth in Benin and in Gabon Telecom, and the fast-paced growth in Burkina Faso, supported by the expanded offering and the improved quality of network services.
Over the same period, earnings from operations before depreciation and amortisation (EBITDA) totalled MAD 2,632 million, up 31%. On a like-for-like basis, EBITDA rose 7.0%, thanks to the increase in the gross margin, attributable to reduced call termination rates in Gabon and Togo, and a limited increase in operating costs. Consolidation of the new African subsidiaries had a dilutive impact on the EBITDA margin, which declined 7.6 points to 40.1%. On a like-for-like basis, the EBITDA margin was up 1.0 point.
Earnings from operations (EBITA) amounted to MAD 1,391 million, up 13.5% (up 10.4% on a like-for-like basis). The dilutive effect from the consolidation of the six African subsidiaries led to a 7.9 points decline in the operating margin, which stood at 21.2%. On a like-for-like

basis, the operating margin improved by 1.4 point.

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Cash flow from operations (CFFO) in the International segment rose 62% year-on-year, to MAD 1,957 million. This performance was mainly due to the 31% increase in the CFFO of the historical subsidiaries and the positive contribution of the new subsidiaries, whose significant capital expenditure will start materialising in the second half of 2015.

Operational indicators

Mobile

Unit H1-2014 H1-2015 Change at constant exchange rate(13)

Customer base(7) (000)

Mauritania 1,877 2,133 +13.6% Burkina Faso 5,394 6,381 +18.3% Gabon Telecom 1,083 1,038 -4.2% Mali 9,164 9,554 +4.2% Ivory Cost - 4,431 +6.4% Benin - 2,996 +12.2% Togo - 2,008 +11.9% Moov Gabon - 421 -14.0% Niger - 647 +5.5% Central Africain Republic - 143 +8.2%

ARPU(8) (MAD/month)

Mauritania 62,9 71.0 +12.8% Burkina Faso 32,1 28.6 -10.9% Gabon Telecom 82,1 85.4 +4.1% Mali 21,0 19.7 -6.4% Ivory Cost - 34.1 +1.2% Benin - 37.5 -3.2% Togo - 35.5 +2.9% Moov Gabon - 82.2 +64.4% Niger - 52.5 +3.5% Central Africain Republic - 34.1 -8.0%

Fixed-line

Customer base (000)

Mauritania 43 44 +3.2% Burkina Faso 86 79 -7.4% Gabon Telecom 20 18 -8.9% Mali 120 134 +11.5%

Broadband Access

Customer base (12) (000)

Mauritania 8 9 +18.5% Burkina Faso 18 15 -14.4% Gabon Telecom 11 10 -8.4%


Mali 53 56 +6.7%

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Notes :

(1) The comparable basis illustrates the effects of the consolidation of the 6 newly acquired subsidiaries as if it actually occurred on January 26, 2014, and the fact that a constant MAD/Mauritanian Ouguiya/CFA franc exchange rate was maintained.

(2) CAPEX corresponds to the acquisitions of tangible and intangible assets accounted for over the period.

(3) Mauritel, Onatel, Gabon Telecom, Sotelma and Casanet are consolidated in the accounts of Maroc Telecom, as well as the new African subsidiaries in Ivory Coast, Benin, Togo, Gabon, Niger, the Central African Republic and Prestige Telecom, which provides IT services to the new subsidiaries, from January 26, 2015, the acquisition

date.

(4) EBITA corresponds to operating earnings before amortization of the intangible assets related to business combinations, impairment of goodwill and other intangible assets related to financial investing operations and operations with shareholders (except when they are directly recognized as shareholders' equity).

(5) CFFO includes net cash flows from operations before taxes, as presented in the cash flow statement, as well as dividends from equity affiliates and unconsolidated holdings. It also includes net industrial investments, which correspond to net cash withdrawals related to acquisitions and disposals of tangible and intangible assets.

(6) Borrowings and other current and noncurrent liabilities less cash and cash equivalents, including cash held in

escrow for bank loans.

(7) The active customer base comprises prepaid customers who have issued or received a voice call (paid or free of charge) or received SMS/MMS or who have used data services during the past three months, and Postpaid customers whose accounts were not terminated.

(8) ARPU is defined as revenues (generated by inbound and outbound calls and by data services) net of

promotional offers, excluding roaming and equipment sales, divided by the average customer base for the period. In this instance, blended ARPU combines both prepaid and postpaid segments.

(9) Mobile-data revenues include revenues from all non-voice services billed (SMS, MMS, mobile internet, etc.), including the value of 3G-internet access and SMS included in all Maroc Telecom postpaid rate plans and Jawal

Pass.

(10) 2014 data were restated in Q1 2015, following a change in the valuation method of bundled prepaid offers, which is now based on consumed traffic instead of granted traffic.

(11) The active-customer base for mobile 3G internet includes holders of a postpaid subscription agreement (with

or without a voice offer) and holders of a prepaid internet subscription who have made at least one top -up during the past three months or whose top-up is still valid, and who have used the service during this period.

(12) The broadband customer base includes ADSL access and leased lines in Morocco, and also includes the

CDMA base for the historical subsidiaries.

(13) Maintaining a constant exchange rate between the MAD, the Mauritanian ouguiya and the CFA Franc.

Important notice:

Forward-looking statements. This press release contains forward-looking statements and information relating to the financial position, operational results, strategy and prospects of Maroc Telecom, as well as the impact of certain transactions. Even though Maroc Telecom believes that these forward-looking statements are based on reasonable assumptions, they do not amount to guarantees regarding the company's future performance. The actual results may turn out to be very different from the forward-looking statements due to a certain number of known and unknown risks and uncertainties, most of which are beyond our control, including the risks described in the public documents that Maroc Telecom has filed with the Moroccan Securities Regulatory Authority (www.cdvm.gov.ma), and with the French Financial Markets Authority (www.amf-france.org),which are also available in French on our website (www.iam.ma). This press release contains forward-looking information that can only be assessed on the day when it is published. Maroc Telecom makes no undertaking to supplement, update, or amend these forward-looking statements as the result of new information or of a future event, or due to any other reason, subject to the applicable regulations, including Articles III.2.31 et seq. of the Moroccan Securities Regulatory Authority's Circular, and 223-1 et seq. of the French Financial Markets Authority's General Regulations.

Maroc Telecom is an international telecommunications operator in Morocco and a leader in all its business sectors: Fixed Line, Mobile and Internet. It has expanded internationally and is now present in 10 countries. Maroc Telecom has been listed on the Casablanca and Paris stock exchanges since December 2004, its major shareholders are Société de Participation dans les Télécommunications (SPT)* (53%) and the Royal Kingdom of Morocco (30%).

*SPT is a Moroccan law company controlled by Etisalat

Contacts

Investor Relations


relations.investisseurs@iam.ma

Press Relations

relations.presse@iam.ma

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Consolidated financial statements

ASSETS (in MAD million) 12/31/2014 06/30/2015

Goodwill 6,796 8,573

Other intangible assets 2,958 5,192

Property, plant, and equipment 25,135 28,018

Non-current financial assets 293 342

Deferred tax assets 104 203

Non-current assets 35,286 42,327

Inventories 400 483

Trade receivables and other 8,713 11,486

Short-term financial assets 112 189

Cash and cash equivalents 1,259 1,652

Assets held for sale 55 55

Current assets 10,539 13,865

TOTAL ASSETS 45,824 56,192

SHAREHOLDERS' EQUITY AND LIABILITIES (in MAD million) 12/31/2014 06/30/2015

Share capital 5,275 5,275

Retained earnings 4,760 4,305

Consolidated income for the financial year 5,850 2,827

Equity attributable to equity holders of the parent 15,884 12,407

Non-controlling interest 4,278 3,806

Total shareholders' equity 20,163 16,213

Non-current provisions 366 457

Borrowings and other long-term financial liabilities 325 4,008

Deferred tax liabilities 203 139

Other non-current liabilities 0 0

Non-current liabilities 893 4 ,604

Trade payables 17,429 21,253

Current tax liabilities 461 522

Current provisions 572 794

Borrowings and other short-term financial liabilities 6,307 12,806

Current liabilities 24,768 35,375

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 45,824 56,192

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Comprehensive income statement

(In MAD million) 06/30/2014 06/30/2015

Revenues 14,564 16,583

Cost of sales -2,251 -2,943

Payroll costs -1,402 -1,620

Taxes and duties -825 -1,076

Other operating income and expense -1,951 -2,490

Net depreciation, amortization, and provisions -2,674 -3,103

Earnings from operations 5,460 5,352

Other income and expense from ordinary activities -19 -18

Earnings from continuing operations 5,441 5,333

Income from cash and cash equivalents 5 9

Gross borrowing costs -152 -178

Net borrowing costs -148 -169

Other financial income and expense -7 -147

Net financial income and expense -155 -316

Income tax -1,810 -1,724

Net income 3,477 3,294

Translation gain or loss from foreign activities -34 -93

Other income and expenses 4 0

Total comprehensive income for the period 3,446 3 201

Net Income 3,477 3,294

Attributable to equity holders of the parent 3,073 2,827

Non-controlling interests 404 467

Earnings per share 06/30/2014 06/30/2015

Net income - Share of the Group (in MAD million) 3,073 2,827

Number of shares as at Jun 30 879,095,340 879,095,340

Earnings per share (in MAD) 3.5 3.2 Diluted earnings per share (in MAD) 3.5 3.2

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Consolidated cash flow statement

(In MAD million) 06/30/2014 06/30/2015

Earnings from operations 5,460 5,352

Depreciation, amortization and other non-cash movements 2,674 3,101

Gross cash from operating activities 8,134 8,453

Other components in the net change in working capital -427 -203

Net cash flow from operating activities before tax 7,706 8,250

Income tax paid -1,844 -1,644

Net cash from operating activities (a) 5,863 6,606

Purchases of property, plant and equipment and intangible assets -2,607 -3,554

Increase in financial investments -25 -1,729

Disposals of property, plant and equipment and intangible assets 0 1

Decrease in financial investments 1 4

Dividend income received from non-consolidated investments 3 3

Net cash used in investing activities (b) -2,627 -5,274

Dividends paid to shareholders -5,037 -5,793

Dividends paid to minority shareholders by subsidiaries -765 -748

Changes in equity 0 0

Change in Equity (c) -5,801 -6,541

Proceeds from borrowings and increase in other long-term financial liabilities 172 1,341

Proceeds from borrowings and increase in other short-term financial

0 0

liabilities

Payments on borrowings and decrease in other short-term financial liabilities 2,239 4,608

Change in net current accounts 0 0

Net interest paid (cash only) -148 -172

Other cash income or expense used in financing activities -3 -154

Changes in borrowings and other financial liabilities (d) 2,261 5,622

Net cash used in financing activities (e)= (c)+(d) -3,541 -919

Effect of foreign exchange rate changes (f) 5 -21


Total cash flows (a)+(b)+(e)+(f) -300 392

Cash and cash equivalents - Beginning of the period 1,084 1,259

Cash and cash equivalents - End of the period 785 1,652

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