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Important Notice This Prospectus Is Available Only: (1) to Qualified Institutional Buyers (As Defined Below) Or (2) Outside of the United States

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Important Notice This Prospectus Is Available Only: (1) to Qualified Institutional Buyers (As Defined Below) Or (2) Outside of the United States IMPORTANT NOTICE THIS PROSPECTUS IS AVAILABLE ONLY: (1) TO QUALIFIED INSTITUTIONAL BUYERS (AS DEFINED BELOW) OR (2) OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the prospectus (the “Prospectus”) following this notice, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from the Issuer or the Joint Lead Managers (each, as defined in the Prospectus) as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES DESCRIBED IN THE PROSPECTUS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTIONS OF THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”)) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE PROSPECTUS MAY ONLY BE COMMUNICATED TO PERSONS IN THE UNITED KINGDOM IN CIRCUMSTANCES WHERE SECTION 21(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 DOES NOT APPLY. THE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. IN PARTICULAR, IT MAY NOT BE FORWARDED TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS TRANSMISSION IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED HEREIN. Confirmation of your representation: In order to be eligible to view the Prospectus or make an investment decision with respect to the securities being offered, prospective investors must be either: (1) qualified institutional buyers (“QIBs”) (within the meaning of Rule 144A under the Securities Act) or (2) outside the United States. This Prospectus is being sent to you at your request and by accepting the email and accessing the Prospectus, you shall be deemed to have represented to the Issuer and the Joint Lead Managers that (1) you and any customers you represent are either (a) QIBs or (b) outside the United States, (2) unless you are a QIB, the electronic mail address that you gave the sender of this transmission and to which this transmission has been delivered is not located in the United States, (3) you are a person who is permitted under applicable law and regulation to receive the Prospectus and (4) you consent to delivery of the Prospectus and any amendments or supplements thereto by electronic transmission. You are reminded that the Prospectus has been delivered to you on the basis that you are a person into whose possession the Prospectus may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Prospectus to anyother person. Recipients of this Prospectus who intend to subscribe for or purchase securities are reminded that any subscription or purchase may only be made on the basis of the information contained in the final prospectus in respect of the securities described in the Prospectus. MiFID II Product Governance: Solely for the purposes of each manufacturer’s product approval process, the target market (for MiFID II product governance purposes) is eligible counterparties and professional clients only (all distribution channels). The Prospectus does not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If the laws or regulation of a jurisdiction require that an offering of securities described herein be made by a licensed broker or dealer and any Joint Lead Manager or any affiliate of any Joint Lead Manager is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such Joint Lead Manager or such affiliate on behalf of the Issuer or holders of the applicable securities in such jurisdiction. The Prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither the Issuer, the Joint Lead Managers nor any person who controls them nor any director, officer, employee nor agent of them or affiliate or any such person accepts any liability or responsibility whatsoever in respect of any difference between the Prospectus distributed to you in electronic format and the hard copy version available to you on request from the Issuer and the Joint Lead Managers. Please ensure that your copy of the Prospectus is complete. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail transmission is at your own risk, and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. اﻟﻤﻤﻠﻜﺔ اﻟﻤﻐﺮﺑﯿﺔ THE KINGDOM OF MOROCCO €1,000,000,000 1.50% Notes due 2031 Issue price: 98.916% The €1,000,000,000 1.50% Notes due 2031 (the “Notes”) to be issued by the Kingdom of Morocco (the “Issuer”, the “Kingdom” or “Morocco”), will mature on 27 November 2031 and, unless previously purchased and cancelled, will be redeemed at their principal amount on that date. See “Terms and Conditions of the Notes—5. Redemption, Purchase and Cancellation”. The Notes will bear interest from and including 27 November 2019 (the “Issue Date”) at a rate of 1.50% per annum (the Rate of Interest”) and will be payable annually in arrear on 27 November in each year (each, an “Interest Payment Date”). The first payment of interest in respect of the Notes will be made on 27 November 2020. Payments on the Notes will be made in Euros without deduction for, or on account of, any Moroccan withholding taxes, unless the withholding is required by law, in which case the Issuer will pay additional amounts in respect of such taxes, subject to certain exceptions as set forth in “Terms and Conditions of the Notes—7. Taxation” and “Taxation”. AN INVESTMENT IN THE NOTES INVOLVES CERTAIN RISKS. SEE “RISK FACTORS” The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any U.S. state securities laws and are being offered and sold in the United States only to qualified institutional buyers (“QIBs”) (as defined in Rule 144A under the Securities Act pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Prospective purchasers that are QIBs are hereby notified that the seller of Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A (such Notes so offered and sold, the “Rule 144A Notes”). In addition, Notes are being offered outside the United States in reliance on Regulation S under the Securities Act (“Regulation S”, such Notes so offered and sold, the “Regulation S Notes”). Transfers of Notes are subject to the restrictions described under “Transfer Restrictions”. This prospectus (the “Prospectus”) has been approved by the Commission de Surveillance du Secteur Financier (the “CSSF”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”). This Prospectus constitutes a prospectus for the purposes of the Prospectus Regulation and has been drawn up in accordance with Article 6(3) of the Prospectus Regulation. The CSSF only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or the quality of the Notes that are the subject of this Prospectus and investors should make their own assessment as to the suitability of investing in the Notes. The CSSF gives no undertaking as to the economic and financial soundness of the transaction or the quality or solvency of the Issuer. Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to trading on the Luxembourg Stock Exchange’s Regulated Market (the “Market”) and to be listed on the Official List of the Luxembourg Stock Exchange (the “Official List”). References in this Prospectus to the Notes being “listed” (and all related references) shall mean that the Notes have been admitted to the Official List and have been admitted to trading on the Market. The Market is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (as amended, “MiFID II”). There is no assurance that a trading market in the Notes will develop or be maintained. The Issuer also intends to apply for the Notes to be listed and admitted to trading on the regulated market of the London Stock Exchange plc, together with an admission to trading on the Market of the Luxembourg Stock Exchange. See “Notification to Competent Authority in Other EEA Member States”. This Prospectus is valid for 12 months from its date.
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