THE KINGDOM OF MOROCCO

Publication of Offering Circular

27 May 2026

The following Offering Circular is available for viewing:

Offering Circular dated 22 May 2026 relating to €1,250,000,000 4.750% Notes due 2034 and €1,000,000,000 5.125% Notes due 2038 issued by The Kingdom of Morocco (the "Offering Circular").

To view the Offering Circular, please paste the following URL into the address bar of your browser
http://www.rns-pdf.londonstockexchange.com/rns/9293F_1-2026-5-27.pdf

THE ABOVE ANNOUNCEMENT IS A COMMUNICATION TO THE MARKET. NOTHING IN THIS ANNOUNCEMENT CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR A PROSPECTUS EQUIVALENT DOCUMENT.

THIS ANNOUNCEMENT HAS BEEN DELIVERED TO YOU ON THE BASIS THAT YOU ARE A PERSON INTO WHOSE POSSESSION THIS ANNOUNCEMENT 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 THIS ANNOUNCEMENT TO ANY OTHER PERSON. THE DISTRIBUTION OF THIS ANNOUNCEMENT IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION.