Etisalat GroupCapital Markets Day

10 March 2016Yas Island, Abu Dhabi

Emirates Telecommunications Corporation and its subsidiaries (“Etisalat” or the “Company”) have prepared this presentation (“Presentation”) in good faith, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions or estimates, or other information contained in this Presentation.

The information contained in this Presentation is an overview, and should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

Where this Presentation contains summaries of documents, those summaries should not be relied upon and the actual documentation must be referred to for its full effect.

This Presentation includes certain “forward-looking statements”. Such forward looking statements are not guarantees of future performance and involve risks of uncertainties. Actual results may differ materially from these forward looking statements.

2

Disclaimer

Agenda

3

1. Business Overview – Hatem Dowidar, Acting CEO-Etisalat Group

2. Financial Overview – Serkan Okandan, CFO-Etisalat Group

3. Etisalat UAE Operations – Saleh Al Abdooli, CEO-Etisalat UAE

4. Mobily Operations – Ahmad Farroukh, CEO-Mobily

5. Etisalat Misr Operations – Hazem Metwally, CEO-Etisalat Misr

6. Closing Remarks - Hatem Dowidar, Acting CEO-Etisalat Group

1. Business Overview

Hatem DowidarActing Chief Executive OfficerEtisalat Group

5

Significant scale, profitability, cash generation and strong balance sheet ...

Key facts1)

Mobile Services Fixed-line Services Mobile & Fixed-line Services

(1) Key financials are for FY 2015 (FX rate of AED 3.674/USD) (2) On March 8th, 2016 Moody’s placed Etisalat Group under review

Etisalat Group Footprint

18 countries, 167m subs

Revenue: AED 51.7bn

EBITDA: AED 26.6 bn (51 % margin)

OFCF: AED 16.2 bn (31 % margin)

Net Profit: AED 8.3bn (16% margin)

DPS 80 fils (84% payout ratio)

SP&P: AA-, (Outlook : Stable)

Moody’s : Aa3, (Outlook: Stable (2))

Fitch: A+, (Outlook: stable)

Niger

Central African Republic

Gabon

Nigeria

TogoCote d’Ivoire

Benin

Sri Lanka

Saudi Arabia

UAE

Pakistan

Afghanistan

Egypt

Sudan

Morocco

Mauritania Mali

Burkina Faso

6

Key events during 2015...

Portfolio Optimization

Completed restructure of Atlantique Telecom under Maroc Telecom Group

Completed sale of 85% shareholding in Zantel

Completed towers sale and leaseback in Nigeria

Strategic Investment

Key network investments and build-up of digital and ICT capabilities in the UAE

Acquisition of 4G license and spectrum in Morocco and launched 4G+ services

Renewal of 2G license in Mauritania and Niger

Acquisition of 3G license and universal license in Niger and Ivory Coast respectively

Corporate Structure

Allowing Foreign and Institutional investors to own Etisalat’s share

Etisalat inclusion in the MSCI EM index effective from 1st December 2015

Etisalat inclusion in the FTSE EM index effective from close of business on Friday, 18 March 2016 (i.e. on Sunday, 20 March 2016)

7

Attractive returns to shareholders

Total Shareholder Return in USD1

(% USD, 1st Jan - 31st Dec 2015)

Note 1: Shareholder returns assume reinvestment of dividend proceeds in the stock

Source: Bloomberg, Etisalat Group Strategy analysis

Millicom

-21%-31%

Vimpelcom

-21%

Telenor

-14%

Airtel

-7%

Vodacom

-6%

Vodafone

-1%

Orange

2%

STC

11%

Etisalat

-52%

MTNOoredoo

71%

Zain

-37%

Market Capitalization(USD Bn, 31st Dec 2015)

2014 2015

23.6 38.1 36.5 44.6 86.7 14.6 19.3 25.2 5.8 5.8 5.0 6.6 15.6

8

The dynamics in the telecom industry are rapidly changing

Telecom Industry

Challenges

Intense competition and

price pressure

Spectrum availability &

pricing

Consumption pattern

exploding

ROI expectations for the

industry

Macroeconomic

environment

(Inflation, ForEx)

Regulatory & tax policies

Investment requirements

in hard currency

Competition dynamics is

changing - global

Industry Dynamics - High Level

9

In this context, Etisalat has the ambition to strengthen its status of leading digital telecom group

Sustainable Growth in Digital Age

Attention to efficiency –journey for operational transformation

Content, M2M,

IoT

Mobile Financial

Services

Leverage

Group’s scale

Evolving

operating model

Customer Lifecycle

Management

Innovative

Network technologiesEfficiency and

rationalization

of operations

B2B

Voice & DataSelected

adjacents

Lean operationsNext generation

operations

10

2016 Priorities

Progress with portfolio optimisation

Purse opportunities for Cost improvement

Defend value share and leadership position in Morocco and UAE

Operations with challenger position to grow faster than the market

Invest in spectrum and networks to support data growth

Develop digital and ICT capabilities

Increase focus on cash flow generation

2. Financial Overview

Serkan OkandanChief Financial OfficerEtisalat Group

Etisalat Group Financial Highlights

12

AED Million

Revenue

EBITDA

EBITDA Margin

Net profit

Net profit Margin

Capex

Capex/Revenue

Revenue growth driven by performance of domestic operations and full consolidation of Maroc Telecom

Margin improvement due to better revenue mix and cost control measures

Profit decline due to higher dep/amortization expenses,forex losses, finance costs and royalty charges

Higher capex spend due to domestic operations & licenses acquisition/renewal within MT Group operations

One-off impacted revenue and EBITDA growth

Like-for-like revenue growth is flat

Margin improvement due to better revenue mix and cost control measures

Higher profit due to lower amortization charges share of losses from associates.

Higher capex spend due to domestic operations and new licenses acquisition/renewal in CDI and Niger

Q4 2015 GrowthYoY%

12,671 -4%

6,488 +19%

51% +10pp

2,604 +10%

21% +3pp

4,931 +79%

39% +18PP

FY2015 GrowthYoY%

51,737 +7%

26,526 +14%

51% +3pp

8,263 -4%

16% -2pp

10,309 +16%

20% +2pp

(1) Financial figures are restated to exclude the impact of discontinued operations (Zantel & Canar)

FY2015 Highlights4Q2015 Highlights

2015 Actual Against Guidance:

13

Revenue Growth %

EBITDA Margin%

CAPEX / Revenue %

~ 9%

~ 50%

~ 15%

Financial KPI Guidance 2015 Main Reasons

6.7%

51.3%

19.9%

Actual 2015

Overall slow-down in revenue growth

Further currency devaluation of MAD and EGP

impacted revenue in AED (>1 pp)

One-time adjustments impacting revenue (~1 pp)

More favorable revenue mix in Q4’15

Faster closure of projects before year-end

License acquisitions/renewal in CDI & Niger in

Dec (~1 pp)

Capitalization of network projects (~4 pp)

Etisalat Group Financial Highlights

14(1) Financial figures are restated to exclude the impact of discontinued operations (Zantel & Canar)

56%

24%9%

8%

3%

61%

24% 6%5%

4%

Revenue Breakdown FY 2015 (AED m) EBITDA Breakdown FY 2015 (AED m)

UAE +6%

MT Group +52%

Egypt -6%

Pakistan -10%

UAE +9%

MT Group +42%

Egypt -4%

Pakistan +2%

YoY Growth YoY Growth

+7% +14%

51.7bn

26.5bn

(LC +2%)

(LC -9%)

(LC +2%)

(LC +4%)

Represents others

Int’l Operations Financial Highlights FY 2015

15(1) Financial figures are restated to exclude the impact of discontinued operations (Zantel & Canar)

Revenue (AED m)/EBITDA (AED m) /EBITDA Margin (%)

YoY Growthin AEDMaroc Telecom Group

Revenue +52%12,316

EBITDA +42%6,308

EBITDA Margin -4pp51%

Etisalat Misr

Pakistan

Revenue -10%4,236

EBITDA +2%1,292

EBITDA Margin +4pp30%

FY 2015

YoYGrowth in AEDFY 2015

Revenue & EBITDA (AED m) /EBITDA Margin (%) / YoY Growth %

13,182

21,107

22,344

4,035

8,306

9,571

FY'13 FY'14 FY'15

Revenue EBITDA

31%39% 43%

55%

20%

19%

Growth in MAD

-9%

+4%

+4pp

YoYgrowth in

PKR

Revenue -6%4,544

EBITDA -4%1,692

EBITDA Margin +1pp+37%

YoYGrowth in AEDFY 2015

+2%

+2%

+1pp

YoYgrowth in

PKR

+75%

+61%

-4pp

UAE55%

Int'l44%

Others1%

Domestic vs. Int’l

13,204

12,671 (72)

162

(47 ) (109 )

(466 )

Q4'14 UAE MT Group Egypt Pakistan Others Q4'15

Group Revenue

16Note: “Others revenues” consist of domestic non-telecom operations, other international operations, management fees, etc.

In Q4’15 consolidated revenue declined Y/Y by 4% attributed to one-off adjustments; on a like for like it is flat.

Revenues from international consolidated operations declined by 1%, resulting in 44% contribution to Group revenues, an improvement of 1 point compared to Q4’14

― Growth in MT group driven by int’l operations

― Revenue growth in Egypt in local currency

― Revenue growth in Pakistan negatively impacted by increased competition in international and mobile revenue

― Others reflect the consolidation of Atlantique Groups’ operations under Maroc Telecom

Highlights

Revenue (AED m) and YoY growth (%) Sources of Revenue growth – Q4’15 vs Q4’14 (AED m)

Revenue by Cluster (Q4’15)

International

13,204 12,989 12,671

48,509 51,737

35%

-1% -4%

26%

7%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

Revenue YoY growth %

MT55%

Egypt22%

Pakistan18%

Others5%

UAE60% Int'l

34%

Others6%

MT66%

Egypt18%

Pakistan12%

Others4%

Group EBITDA

17

In Q4’15 Consolidated EBITDA increased Y/Y by 19% to AED 6.5 bn

EBITDA in the UAE positively impacted by lower cost of sales and reduced operating costs.

EBITDA of consolidated international operations increased Y/Y by 10%, resulting in 34% contribution to Group EBITDA, a contraction of 2 points compared to Q4’14

― Maroc Telecom and Egypt impacted by currency depreciation; maintained growth in local currency

― Pakistan benefited from one-off related to Voluntarily Separation Scheme implemented in Q4 2014.

5,4536,653 6,488

23,21226,526

41%

51%51%

48%51%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

EBITDA EBITDA Margin

Highlights

EBITDA (AED m) & EBITDA Margin Sources of EBITDA growth – Q4’15 vs Q4’14 (AED m)

EBITDA by Cluster (Q4’15)

Domestic vs. Int’l International

5,453

6,487 355

(26) (11 )

245 471

Q4'14 UAE MT Group Egypt Pakistan Others Q4'15

Note: “Others EBITDA” consist of domestic non-telecom operations, other international operations, management fees, etc.

Group CAPEX

18

2,7491,927

4,931

8,914

10,309

21%

15%

39%

18% 20%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

CAPEX CAPEX/Revenue

CAPEX (AED m) & CAPEX/Revenue Ratio (%)

In Q4’15 Consolidated Capex increased Y/Y by 79% resulting in

Capex/ Revenue ratio of 39%. This increase was driven by:

― Higher capital spend in the UAE operations due to

capitalization of network projects and focus on network

modernization, digital and ICT capabilities

― License Renewal / Acquisition in Ivory Coast & Niger

― Lower capex spending in Pakistan

― Lower capex spend in Afghanistan and reclassifying

Atlantique operations under MT Group

HighlightsCAPEX by Cluster (Q4’15)

Domestic vs. Int’l International

14%

Sources of Capex growth – Q4’15 vs Q4’14 (AED m)

2,749

4,931

1,777 7373

(77) (258)

Q4'14 UAE MT Group Egypt Pakistan Others Q4'15

UAE54%

Int'l46% MT

67%

Egypt15%

Pakistan16%

Others2%

18%

Net cash position (AED m) FY’14 FY’15

Operating 17,209 20,425

Investing (24,102) (9,339)

Financing 9,162 (8,387)

Net change in cash 2,268 2,967

Effect of FX rate changes 834 (9)

Reclassified as held for sales (9) (78)

Ending cash balance 18,543 21,422

Group Balance Sheet & Cash Flows

19

Balance Sheet (AED m) Dec-14 Dec-15

Cash & Cash Equivalent (1) 18,543 21,422

Total Assets 128,178 128,265

Total Debt (1) 22,229 22,080

Net Cash / (Debt) (3,686) (658)

Total Equity 60,283 59,375

Investment Grade Credit Ratings

Maintained healthy liquidity position

Low net debt to EBITDA level

Better operating cash flow due to better profitability

Maintained strong credit ratings with stable outlook from the

three credit ratings agencies

(1) Balances as of 31 December 2014 & 2015 excludes discontinued operations

(2) On March 8th, 2016 Moody’s placed Etisalat Group under review

A+/Stable

AA-/Stable

Aa3/Stable (2)

Highlights

4,200

2,246

4,131

11,503

2016 2017 2-5 years > 5 years

Debt Profile: Diversified debt portfolio

20

Borrowings (1) by Currency FY’15

Debt (1) by Source FY’15 (AED m)

Borrowings (1) by Operation FY’15 (AED m)

Repayment (1) Schedule

(1) Debt balance as of 31 December 2015 excludes borrowing from discontinued operations

USD28%

Euro44%

MAD12%

Others16%

15,169

3,563

2,0401,022

286

Group MT Group Egypt Pakistan Sri Lanka

14,609

6,566

273 632

Bonds Bank Borrowings vendor Financing Others

Cash Dividends (AED m)

Group Dividends: Proposed dividend for 2015 of AED 80 fils per share

21

Dividend Payout Ratio (%)Dividend Yield (1)

Dividends Per Share (AED)

5,5355,535

(1) Dividend yield is based on share price as of 18 August 2015 and 08 March 2016

Proposed dividends are subject to the shareholders approval on the AGM scheduled on March 27th, 2016

5,5356,957

1,977 2,767 2,767

3,479

3,558 2,767 2,767

3,479

2012 2013 2014 2015

0.7 0.7 0.7

0.8

2012 2013 2014 2015

7.3%

5.8%6.1%

5.1%

2012 2013 2014 2015

81.2% 78.2%

64.3%

84.2%

2012 2013 2014 2015

22

Country by Country Financial Review

UAE: Sustained strong revenue growth and profitability

23

Q4’14 Q3’15 Q4’15QoQ

GrowthYoY

GrowthFY’14 FY’15

YoYGrowth

Subs(1) (m) 11.0 11.6 11.6 0% +6% 11.0 11.6 +6%

Revenue (AED m) 6,978 7,168 6,906 -4% -1% 27,095 28,774 +6%

EBITDA (AED m) 3,531 4,138 3,886 -6% +10% 14,957 16,279 +9%

EBITDA Margin 51% 58% 56% -1pp +6pp 55% 57% +1pp

Net Profit 2,239 1,825 1,828 0% -18% 7,309 7,325 0%

Net Profit Margin 32% 25% 26% +1pp -6pp 27% 25% -2pp

CAPEX 908 737 2,685 +264% +196% 2,524 4,941 +96%

CAPEX/Revenue 13% 10% 39% +29pp +25pp 9% 17% +8pp

Subscriber growth Y/Y driven by mobile and eLife segments

Revenue impacted by one-off adjustments in fourth quarter; on a like-for-like basis Q4 Y/Y & Q/Q growth is +6% and +3%, respectively.

― FY 2015 revenue growth is +8% on a like-for-like basis

Strong revenue growth Y/Y attributed to growth in bundled propositions (voice & data) to Consumer & Enterprise segments, higher handset sales.

EBITDA level impacted by one-off adjustments in the fourth quarter; on a like-for-like basis Q4 Y/Y & Q/Q growth is +19% and +2%, respectively.

― FY 2015 EBITDA growth is 11% on a like-for-like basis

Maintained healthy EBITDA margin at 56-57% level

Lower Y/Y net profit in Q4 due to higher depreciation expenses, forex losses and higher royalty charges

― FY 2015 net profit iY/Y growth is flat

Increase in capital spending due to capitalization of network projects, network modernization and focus on digital and ICT capabilities

(1) Subscriber numbers calculated as aggregate number of GSM, fixed, fixed broadband and eLife lines generating revenue during the last 90 days.

Highlights

1.51 1.71 1.77

7.53 7.94 7.91

115 117 110

Q4'14 Q3'15 Q4'15

Postpaid Prepaid Blended ARPU

UAE: Sustained growth in eLife and mobile subscribers

24

0.97 0.90 0.87

137 125122

Q4'14 Q3'15 Q4'15

Fixed ARPL

(1) Mobile ARPU (“Average Revenue Per User”) calculated as total mobile voice, data and roaming revenues divided by the average mobile subscribers.(2) ARPL (“Average Revenue Per Line”) calculated as fixed line revenues divided by the average fixed subscribers.(3) Fixed broadband subscriber numbers calculated as total of residential DSL (Al-Shamil), corporate DSL (Business One) and E-Life subscribers.

Mobile Subs (m) & ARPU(1) (AED)

Fixed Broadband(3) Subs (m)

Fixed Subs (m) & ARPL(2) (AED)

eLife Subs – Double & Triple-Play (m)

0.78 0.84 0.87

380 398 407

Q4'14 Q3'15 Q4'15

E-Life (2P & 3P) ARPL

0.98 1.04 1.06

496 498 498

Q4'14 Q3'15 Q4'15

Fixed BB ARPL

Historical subsidiaries

62%

New subsidiaries

38%Morocco

56%

Int'l41%

Others-3%

Maroc Telecom: Growth driven by int’l subsidiariesMorocco, Benin, Burkina Faso, CAR, CDI, Gabon, Mali, Mauritania and Togo

25

Subscribers (m) Revenue (AED m) (1) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

40.2

50.7 50.8

Q4'14 Q3'15 Q4'15

2,907 3,206 3,069

12,728 12,316

53% 51% 48%54% 51%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

Revenue EBITDA %

Domestic vs. Int’l

Revenue Breakdown Q4’15

Int’l

760 775

1,497

1,995

3,298

16%

27%26% 24%

47%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

CAPEX CAPEX/Revenue

19%

Domestic vs. Int’l

Capex Breakdown Q4’15

Int’l

Morocco41%

Int'l59%

Historical subsidiaries

29%

New subsidiaries

71%

31%

337

176

340

1,029

880

26%15%

27%

21% 19%

Q4'14 Q3'15 Q3'15 FY'14 FY'15

CAPEX CAPEX/Revenue

Egypt: Improved profitability in local currency

26

Total Subscribers (1) (m) Revenue (AED m) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

1,293 1,138 1,246

4,844 4,544

31%

44%

32% 36% 37%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

Revenue EBITDA %

Subscriber growth impacted by regulator mandated subscriber registration exercise

Revenue growth Y/Y impacted by currency depreciation

― Maintained revenue growth in local currency: 5% in Q4 and 2% for the full year

Revenue growth is mainly attributed to continued upward trend in data revenue

Margins slightly better Y/Y due to higher revenue that was partially offset by higher network & billing costs, interconnection and

termination costs.

Capex spending focused on network expansion

Highlights

95 93 94

23% 24% 24%

Q4'14 Q3'15 Q4'15

Subscribers Market Share

(1) Subscribers and market share data as per statistic published by the Ministry of Information and Technology

26.3

22.8 24.0

Q4'14 Q3'15 Q4'15

1,101 1,040 991

4,719 4,236

3%

28% 28%

27%30%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

Revenue EBITDA %

438

218 362

2,965

1,028 40%

21%37%

63%

24%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

CAPEX CAPEX/Revenue

Pakistan: Turnaround in net mobile subscriber growth

27

Subscribers (m) Revenue (AED m) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

Subscriber growth Y/Y impacted by regulatory mandated biometric verification measures;

― partial recovery of lost SIM during Q4’15

Revenue growth Y/Y impacted by subscriber loss in mobile segment, price competition in international and mobile segments

― Maintained growth in data services due to an increase in broadband revenue driven by growth in DSL and EVO.

EBITDA margin improved Y/Y due to lower staff costs and network costs

Capex spending is lower than prior year that includes 3G/2G license acquisition and renewal and rollout of 3G network.

Highlights

29%33% 32%

21.1

23.5

22.2

Q4'14 Q3'15 Q4'15

1,114 1,057 1,106

4,343 4,230

16%12%

32%

15%18%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

Revenue EBITDA %

462

545

395

1,480

1,114

42%52%

36%

34%

26%

Q4'14 Q3'15 Q4'15 FY'14 FY'15

CAPEX CAPEX/Revenue

Nigeria: Slow down in subscriber growth due to compliance with regulatory requirements

28

Subscribers (m) Revenue (AED m) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

Subscriber growth in Q4 is impacted by strict compliance with the regulatory mandated registration process

Strong revenue growth in local currency of 15% in Q4’15 and 17% on annual basis

Improvement in EBITDA level as well as higher revenue growth trend

Higher EBITDA level Y/Y due to higher revenue, resulting in higher EBITDA margin

Lower capex spend due to the tower sales and leaseback transaction

Highlights

24%16%

2016 Outlook:

29

Revenue Growth

EBITDA Margin

CAPEX / Revenue Ratio

Low single digit

around 48% - 50%

around 18%

Financial ObjectiveOutlook 2016

[in AED]

(1) Assuming monthly average forex rates against AED during the year 2016 stay the same as in 2015.

stable

Outlook 2016[with constant currencies(1)]

3. Etisalat UAE Operations

Saleh Abdulla AlabdooliChief Executive OfficerEtisalat UAE

Agenda

31

Financial Review

Commercial & Operational Review

Summary & Outlook

Introduction

Etisalat UAE’s 2015 Strategy was a growth strategy with focus on Excellence as a natural evolution of a successful turnaround

32

The leading integrated operator in UAETarget

position

Str

ate

gy

Pil

lars

Strategic Goals

Be the best experience provider in the UAE

Deliver attractive returns to shareholders while investing in the company’s long-term future

Support UAE development agenda and continue to be

socially responsible

Lead in core

businessWin in ICT

Deliver an excellent customer

experience

Preferred brand

InnovationEmployer of choice

1 2 3 4 5 6

We cascaded such strategy into every organizational block & delivered a well earned, premeditated success that was manifested in solid financial & operational results

33

The leading integrated operator in UAE

All Segments, All Services, All Aspects of Life…

Target positio

n

5 Y

ear

Str

ate

gy

P

illa

rs

Strategic

Goals

Be the best experience provider in the

UAE

Deliver attractive returns to

shareholders while investing in the

company’s long-term future

Support UAE development agenda and

continue to be socially responsible

Lead in

core

businessWin in ICT

Deliver an

excellent

customer

experience

Preferred

brand InnovationEmployer

of choice

1 2 3 4 5 6

Pil

lars

20

15 s

trate

gy p

rog

ram

s

Lead in core business

Win in ICTDeliver an

excellent CEPreferred

brandInnovation

1 2 3 4 5

Network transformation

IT-as-an-enabler

Outsourcing strategy

E2E supply chain optimization

New digital services

Design E2E customer journey

e-life transforma

tion

e-life transforma

tion

Multi-channel transformation

CCC transformat

ion

Business segment transformation

Right people

Design culture

Quality enhancement

Roaming experience

Roaming experience

11

12

13

15

1

3

6

8

10

7

14

4

16

17

Employer of choice

6

Re-position brand

2

Stimulate innovation

Manage regulatory landscape9

5

Majority of programs

Impact the CE

Enhance customer

communicationReview and fix all communication messages sent to customers, and ensure compliance with regulation requirements

Clear complaints backlogClear backlog complaints & ensure resolution of new complaints are within the pre-defined timelines

Reduce billing complaintsUpgrade all System and Application components related to Billing Processing to ensure the timely delivery of Bills and Content Accuracy

Development of frontline

staffAddress all frontline staff requirements, and equip them with required training, capabilities and empowerment to support Customers’ requirements

Resolve top 5 complaints

root causesAttend to the Top 5 Complaints received from Customers, analyze and fix their root causes to ensure customer satisfaction

Structured communication

plan / advocatesAddress Communication on various Social Media channels, aiming to raise awareness, and proactively attend their issues and complaints

First Call Resolution for all

channelsEquip all frontline staff with the required tools to address customers’ issues accurately from the first time

Simplify Order InterfaceSimplify the Sales Screens for various Mobile Product and Service aiming to reducing the “Waiting and Service” Time for the customers

Billing Credit & CollectionReview and fix the Billing and Dunning cycles for Enterprise, and SMB accounts to enhance their Customer Experience and speed the collection process

2015 Strategy: “Growth with focused

excellence”

Unparalleled focus on differentiators that will drive future growth, and above all

Excellence in Customer Experience

2015 Programs & Special assignments

2015 Customer Experience Transformation

2015 Full Year Highlights

34

• Strong delivery of results across key financial metrics

o +6% revenue growth, driven by growth across all segments and major business lines

o +9% EBITDA growth, driven by strong top-line performance and disciplined cost management

o Strong Net Profit margin performance at 25.5%.

• Consolidation of the growth turnaround journey which started in 2013

o Cumulative revenue growth of +27% in three years, CAGR +8%

• Strong delivery of cash-flow driving healthy ROI on capital investments

o Focus on data, ICT and Digital services delivering growth and ensuring return on LTE, FTTH and Digital infrastructure investments

Financial Performance

• Strong performance of the subscriber base evolution both in mobile and fixed businesses

o +7.0% YoY growth of mobile subs to 9.7 million. Growth captured through optimal market share gains, based on segmented offers and approaches, including the launch of New Visitor Pack targeting Tourists to UAE sold through various entry points.

o +12.0% YoY increase of eLife FTTH services subscriptions

• Positive development of customer value across all services with adoption of segmented offers/bundles

o Strong uptake of a new generation of “all inclusive” Postpaid plans driving Prepaid migrations, adoption of data services, and enhancing customer lifetime value to Etisalat.

o eLife boosted by new content-rich bundles

o Successful introduction of Business Quick Start package targeting SMB segment

Strategic Progress

Agenda

35

Financial Review

Commercial & Operational Review

Summary & Outlook

Introduction

Key operational and financial highlights of 2015

36

Q4’14 Q3’15 Q4’15QoQ

GrowthYoY

GrowthFY’14 FY’15

YoYGrowth

Subs(1) (m) 11.0 11.6 11.6 +0% +6% 11.0 11.6 +6%

Revenue (AED m) 6,978 7,168 6,906 -4% -1% 27,095 28,774 +6%

EBITDA (AED m) 3,531 4,138 3,886 -6% +10% 14,957 16,279 +9%

EBITDA Margin 51% 58% 56% -1pp +6pp 55% 57% +1pp

Net Profit 2,239 1,825 1,828 +0% -18% 7,309 7,325 +0%

Net Profit Margin 32% 25% 26% +1pp -6pp 27% 25% -2pp

Maintained strong subscriber growth in mobile and e-Life segments;

Revenue growth mainly attributed to growth in mobile, fixed broadband and ICT solutions

- Revenue growth Q/Q and vs. Q4’14 was impacted by certain one-offs. Normalized revenue growth is +3% and +6%

respectively;

- Normalized FY’15 revenue growth before one-offs is +8%;

Higher EBITDA level Y/Y on account of revenue growth and lower costs, resulting in better EBITDA margin;

Strong Net Profit margin performance in 2015 at 25.5%.

Highlights

(1) Subscriber numbers calculated as aggregate number of GSM, fixed, fixed broadband and eLife lines generating revenue during the last 90 days.

2015 is another successful year for Etisalat UAE, with YoYgrowth in revenue of 6% and EBITDA of 9%

37

Sustained mobile revenue growth with strong growth in subscribers and data services;

Strong fixed revenue growth through improved eLife content offerings;

Revenue diversification into adjacent and solutions oriented services continues at a strong pace resulting to increased ICT & Digital revenues.

RevenuesAED Billion

2015

28.827.1

2014

+6%

EBITDA growth and margin expansion was the result of strong top line growth coupled with successful cost optimization efforts.

EBITDAAED Billion

Strong Net Profit margin performance at 25.5%.

Net ProfitAED Billions

+9%

56.6%55.2%

2014

16.3

15.0

2015

% of Revenues

7.3

20152014

+0.2%

25.5%27.0%

7.3

% of Revenues

A robust growth trend continues since our turn around journey began in 2013

38

+9%

+6%

+9%

24.3

2011 2012

28.8

-5%-1%

2015

24.8

2014

23.0

2013

27.1

2010

22.7

Etisalat UAE Net RevenuesAED Billion

Positive growth across all segments and services driven by data services and segmented offerings

39

35%

Consumer

52%

2014

13%

Business Carrier & Wholesale

2015 2015Mobile

45%

Fixed2014 Wholesale & Others

28%

27%

Net Revenue Growth per Segment Net Revenue Growth per Business LineAED Billion AED Billion

Agenda

40

Financial Review

Commercial & Operational Review

Summary & Outlook

Introduction

Mobile business growth is being sustained by a healthy subscriber growth and tangible market share gains…

41

Active Mobile SubscribersMillion

Mobile Market SharePercentage

Performance

Priorities

7.1

2012

8.4

2013

9.0

2014

9.7

2015

+7.1%

+1.3 p.p.

52.3%

53.8%

55.6%

2013

55.2%

20142012 2015

+1.6 p.p.

+0.4 p.p.

Strong mobile subscriber growth (+7.1% YoY), despite the already very high penetration rate

Growth captured though optimal market share gains, based on segmented offers, and reinforcement of our distribution and retail presence

Significant development on prepaid engagement levels with the “Deal of the Day” and price perception campaigns

Adoption of “all inclusive” postpaid plans continues to drive prepaid migrations and adoption of data services

Strong improvement in Customer Experience (lower reported customer effort) and adoption of digital channels (e.g., app)

Continue to leverage on the segmented approach, to capture incremental growth while minimising price erosion

Optimise the portfolio value-for-money balance, by tapping into smart re-pricing opportunities

Continue to drive the migrations of customers to ARPU enhancing offers

Increase penetration and monetisation of data services, while adjusting the devices portfolio to the current industry context

.. in addition to value growth, driven by postpaid strong growth & the increased monetisation/engagement of the its base

42

Postpaid Mobile SubscribersMillion. Active 90 days

Prepaid Mobile SubscribersMillion. Active 90 days

20142013 2015

+17.4%

2012

20132012

+5.1%

2014 2015

Data & ICT continue to be key focus areas, with new offers being decisive to monetise the huge traffic growth & ensure LTE ROI…

43

Mobile Data as % of Mobile RevenuesPercentage

Mobile Data TrafficAverage daily traffic. TB/day

2014 2015

+2.0 p.p.

0

50

100

150

200

250+117%

May-15

Sep-15

Jul-15

Apr-15

Mar-15

Nov-15

Feb-15

Jan-15

Aug-15

Dec-15

Jun-15

Oct-15

3G 4G2G

.. in addition to the fact that verticals in digital solutions and ICT are the new sources of growth in our industry

44

Key Areas & Industries in Digital & ICT

Enterprise Revenue

12%ICT

Our focus on ICT and digital enablement is progressively delivering new products in the market

45

M2M, IoT & Digital Marketing

Cloud Computing & Advanced Managed Services

Future Communications & Cloud Services

Devices continue to be a driver for the adoption of data, & our portfolio is constantly updated to reflect recent trends & demand

46

NON-EXHAUSTIVE

Data revenues growth is also supported by a remarkable evolution of eLife bundles & advanced solutions for business customers

47

eLife SubscribersMillion

Managed Services Links Delivered in 2015Number of links

Performance

Priorities

2013

+69%

+12.8%

2012 20152014

+410%

Sep-15

Oct-15

Nov-15

Dec-15

May-15

Feb-15

Jul-15

Apr-15

Aug-15

Mar-15

Jan-15

Jun-15

Strong growth of eLife bundles (+13% YoY), reinforcing the UAE as the #1 market in fibre adoption

Continued adoption of 3Play and improvement of ARPU driven by the revamp of offerings (new content bundles and 2x speed upgrade)

Sharper focus on the SMB opportunity with all-in-one solutions and ramping up of demand for managed services and other advanced ICT solutions

Continue to expand in terms of ARPU enhancement by continue to push 3Play and the upgrade/up-sell of premium content and higher broadband tiers

Maintain strong development cycle for ICT solutions and other innovations in the digital space, in line with Etisalat vision of a digital converged player

In eLife, the focus on content-rich bundles and the extension of the entertainment ecosystem is driving sustained growth

48

Etisalat continued to modernize its mobile network to improve services quality & efficiency with more planned investments in 2016

49

8K+ Total Cumulative Mobile Modernized Sites

5K+ Total Mobile Modernized sites in 2015

2K+ Total Cumulative New sites

93% LTE Coverage in populated areas

Hence placing us amongst the top world Mobile Broadband providers

50

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Do

wn

load t

hro

ugh

pu

t perc

en

tage >

10

Mbps

Download throughput percentage > 1 Mbps

Iran Op2

UK Op1

Oman Op2 Oman Op1

Turkey Op2

Turkey Op1

Hong Kong Op1

Germany Op1

Japan Op2

USA Op1

France Op2

France Op1Japn Op1

du

Singapore Op1

China Op1Etisalat UAE

Saudi Arabia Op 2

Source: OOKLA (Ericsson)The Horizontal Axis shows the percentage of throughput provided to customers who are on packages that are 1 Mbps or higher (i.e. majority of the customers)The Vertical Axis shows the percentage of throughput provided to customers who are on packages that are more than 10 Mbps, which is a subset of the horizontal axis

While in fixed, we are maintaining the number one worldwide leading position in in FTTH network penetration

51

1.64 MHome Pass Coverage

across all UAE86.4%FTTH nationwide

coverage

Agenda

52

Financial Review

Commercial & Operational Review

Summary & Outlook

Introduction

Moving forward, we foresee our market is transforming into a digital future – shaped by six major forces…

53

UAE Vision 2021

1

Customers going digital2

Core will still drive value3

Technology revolution 6

More open competition5

DigitalFuture

4

Growth in digital economy

.. but at the same time, we face strong immediate challenges

54

Market

Challenges

Disruptive competition

New OTT and Digital

Economy player

entry

14

NRI = Network Readiness Index (as part of UAE Vision 2021 Ambition and Goals)

Regulatory impact

e.g. Bitstream,

NRI2), GCC roaming

& infrastructure sharing

23

Economic

slow-down

Effecting spending

in the UAE

Strong WiFi usage

Threatening core

revenues e.g. data

and roaming

In line with the market evolution, we have set a bold, new vision for Etisalat UAE which is supported by revised corporate strategy with refined goals, new values & strategic imperatives

55

ETISALAT UAE VISION STATEMENT

The digital future will:

- re-shape the lives of consumers,

- accelerate the economic growth of businesses, and

- enhance the competitiveness of the country

Etisalat will drive this digital future to empower societies thus inspiring everyone to fully maximize their true potential.

Drive the Digital Futureto empower societies

Key messages and 2016 strategic outlook

56

Strong delivery of results in 2015:

– YoY growth in revenue of 6% and of 9% in EBITDA

– Focused commercial activities and investments in both mobile and fixed networks

In 2016, we will pave the way for a digital future as the market leader and UAE’s main telecom & ICT enabler, we will:

– Continue to lead in core business despite market liberalization, as we strongly believe such act will bring more opportunities to etisalat than threats

– Leverage our best of breed network to enable UAE’s digital and ICT agenda, in addition to delivering an excellent Customer, which will mandate more investments and adoption of new and emergent technologies

– Foster innovation and invest more in smart platforms and big data

– And we will continue to enhance operational efficiency and building capability, to become more agile and to continue to be the employer of choice

Q&A

57

4. Mobily Operations

Ahmad FarroukhChief Executive OfficerMobily

6,400

-1,576

2,246

13,995

3,400

-1,090

2,941

14,423

Key operational and financial highlights of 2015

59

Revenue Net Results CapexEBITDA

2014

2015

-47%

+31%

+31%

+3%

Overview of the Telecom market

60

Market trends

• Developed market with a penetration rate around 170%

• Shrinking voice service and increasing Data

• Expected single digit growth

• Technologically advanced

Competitive dynamics

• Market with 3 players

• Market share (revenue)

• STC 72%* - STC has a dominant position

• mobily 19%* -mobily is the challenger

• Zain 9%*

• 2 MNVOs entered the market

Regulatory environment

• Highly Regulated.

• new market changing regulations

• Interconnection fees

• Biometric fingerprint

* Company’s estimates based on disclosed information

Management focus during 2015 / Key developments

61

Stabilizing the company after the challenging situation during 2014:

• Restatement of 2014 and Q1-2015 financials.

• Managed and concluded the CMA investigation.

• Change of leadership.

• Managing the transformation period.

• Rebuilding the trust with the stakeholders.

Strategic Initiative 2016

62

• Boost Data Profitability

• Harmonies data efficiency

• Increase Value Share in Mobile Data

• Increase network efficiency

• Product & Pricing Revamp

• Postpaid & Prepaid (Consumer Unit & Business Unit)

• Enterprise unit Product & Pricing Revamp

• Data Center Services Revamp

• Cloud Services Revamp

• Fixed Services (basic, advanced and int’l) Enhancement

• Develop the SME strategy.

• Deploy Mega projects (helath, smart cities)

• Leverage Customer Experience

Key Propositions

Strategic Initiative 2016

63

• Stimulate FTTH uptake in coverage areas

• Enhance sales, systems & execution capabilities

• Enhance Operational Excellence (i.e. Processes and Systems)

Monetize

FTTH

• Implement effective CAPEX governance

• Improve network CAPEX planning

Rationalize CAPEX

• Network / IT Optimization & Simplification

• Improve OPEX Management

• Seek operational efficiency across the company

• Standardize and increase disclosure

• Optimize Structure

• Digitize Operations (customer & internal facing)

Improve Efficiency

Strategic Initiative 2016

64

• Build people capabilities

• Effective Leadership Development

• Engage Staff

• Employee Engagement Activities

• Retain talents and critical staff

• Enhance Retention Plans & reward systems.

Engage and Retain

Mobily Network Infrastructure

65

Commercial

Data Centers (DC)

Saudi National

Fiber Network

8 Rings

Fiber 12,600 Kms

Metro Network

FTTH Network

Wireless Network

Sites

2G 9,301

3G 8,071

4G 6,754

Internet GWTechnical

Buildings (TB)

Fiber 24,086 Km

Mobile network coverage

66

99.42 97

78

67

2G 3G 4G FDD 4GE TDDPopulation Coverage

Tech No. of SitesPopulation

Coverage %

2G 10,167 99.42

3G 9,021 97

4G FDD 2,714 78

4GE TDD 5,215 67

Fiber network coverage

67

• Over 24,000 Km of Metropolitan & FTTH Fiber Network to support the

(BB) over different cities.

• Saudi National Fiber Network (SNFN) covers over 19,000 Km of fiber

connecting with different cities.

Way forward

68

Back to basics

Implement a culture of

operational excellence.

Rebuild trust with investors and creditors

69Mobily’s Investor Relations

Q&A

5. Etisalat Misr Operations

Hazem MetwallyChief Executive OfficerEtisalat Misr

71

The Egyptian market over the past several years proved to be challenging, yet still holding some positive promise for the future

… However, the long term bears some good promise

Suez canal axis development project that aims for expanding the Suez Canal region’s role as a global, industrial, and logistics center and announced potential investments would play a role in regaining the trust in Economic recovery

The discovery of the new Natural Gas field announced in August 2015, would help Egypt to self sustain it’s demand

Egypt’s Credit rating in 2015 has witnessed an upward trend due to ongoing commitment to fiscal & economic reform:

• Moody's |at B3 from Caa1 with a stable outlook

• S&P | at B- stable outlook

Egypt ranks #1 in Population among Arab countries (With ~50% of the population less than 23 years of age) while holding GDP ~311Bn USD

Spectrum scarcity

Challenging market conditions with fierce competition

Two International competitors with a government fixed incumbent

Government is stabilizing political environment with Parliamentary Elections in Oct/Nov 2015

Currency Devaluation by ~9% during 2015, affected by low net international reserve current balance of ~USD16.5 bn

72

The Egyptian market over the past several years proved to be challenging, yet still holding positive promise for the future 2/2

Egypt’s economic indicators

GDP real growth rate%

% CAGR (2015 – ’20)

Population and unemploymentMillions, %

Inflation rate%

GDP growth nearly doubling with real growth after suffering a decline from 2011 to 2014 as a reflection of witnessed political andeconomic reforms

Population is growing at 2% per year, while, unemployment percentage is declining by 1% per year as a direct impact for potential economic growthaspirations

’20

5.0%

’19

+4%

2.2%

’17

2.1%

5.0%

’16

4.5%4.2%

2013 ’18

4.3%

’15’14

4.7%

’14

99

2013 ’18

13.4%

86

12.4%

12.9%

101

8.8%

88 9492

10.9%

’15 ’16

13.2% 9.8%

9790

’19

11.7%

’17

-7%

’20

Population

Unemplyment rate

Sources: Central Bank of Egypt| CAPMAS for Historical dataIMF-Oct 15: for future data

9.8%

10.4%

’18

9.2%

10.1%

’15

10.5%9.7%

’16 ’20’17’14

6.3%

2013

7.4%

’19

-9%

• In the short-term, inflation pressureimpacting our OpEx negatively during 2016

• Inflation rate has a positive outlook in the long-term and expected to decrease at a CAGR of ~9% to reach 6.3% in ‘20

B

A

73

The regulator places more market controls and aiming to enhance data reliability

Regulator is aiming to control the market … EM is working on managing those pressures

Etisalat Misr is in need for spectrum to cater for data future growth. Hence, we are currently negotiating with the regulator for acquiring additional spectrum

Regulatory newly imposed regulations:

Gray termination control

New activation sales process

Prepaid Customer data information cleansing

Absence of proper control on the government’s incumbent (Telecom Egypt) monopolistic practices (for the fixed infrastructure and int’l terminations)

Lack of enforced interconnection agreement among market players

Ambiguity in the regulator’s plan The Regulatory authority (NTRA) trying to attract more

investment in the Telecom sector through license offerings; 4G license, is expected late 2016, early 2017 4th mobile license (Telecom Egypt)

LTE is on the regulator’sagenda, late 2016 early 2017

Acquiring additional spectrum being negotiated with the regulator

Potential 4th

mobile license to be offered to Telecom Egypt

74

The Egyptian market still holds growth opportunities; however competition increasing efforts to regain momentum

Opportunity areas

Telecom to sustain strong growth (~6% p.a.) outpacing overall GDP and many other industries

With ~50% of the population less than 23 years of age, The Youth remains to be Etisalat’s heartland

Data traffic explosion requiresmore carriers with 4G launch on horizon, limited fiber and only ~20% DSL penetration

Enterprise and High Value Market with the Economic growth, further opportunity lies ahead in these segments

Showing commitment to the Market; massive Investment in CapEx over 2 years to modernize and extend coverage

Massive Advertising campaigns in 12 months (15 TVCs, 22 Celebrities + 5 Music Bands)

Competition positioning

Orange increased ownership in Mobinil with new branding to “Orange”, in March 2016

Pressuring to become an integrated telecom operator

75

Competitive landscape

Orange, launched 1998

VFE,Launched 1998

Operator

32% 10.8b 30.6% 31%

37% 14.6b 41.7% 44%

31% 9.7b 27.7% 37%

Etisalat,Launched 2007

RevenueEGP bn

Market Share, %

EBITDA Margin, %

Value Share, %

2015 figures

SOURCE: Operator Quarterly/Annual Releases, revenues based on standalone results

1 VFE revenue including one-off adjustment in Q1’15 of ~EGP793 mn

76

Story of success…. successfully capturing ~80% of total market revenue growth while narrowing the revenue gap with the competition

Etisalat achieved its 2015 ambitious targets,

30.9

2014

4.0

2013

22.3

33.1

9.7

2009

8.5

2010

23.0

23.6

26.9

2011

9.5

6.4

7.5

2012 22.3

2008

9.1 32.1

29.2

28.8

22.8

21.7

21.4 1.8 23.2

24.62015 34.4

8%

15%

26%

28%

29%

22%

28%

Etisalat revenueshare, %

EtisalatRest of market

CAGR 2% 27%

28%

Egypt mobile telecom revenues, EGP Billions

10.0 9.7

2015

10.8

2008

1.8

+8.2+1.0

Mobile revenue gap vs. OrangeEGP Billions Closed Gap

87%

+4.1

2008

+9.5

2015

1.8

13.9

11.4 9.7

Mobile revenue gap vs. VFE1,EGP Billions

57%

SOURCE: Operator Quarterly/Annual Releases, revenues based on standalone results

1 VFE revenue excluding one-off adjustment in Q1’15 of ~EGP793 mn

77

Etisalat Misr operating model proved successful to drive remarkable performance

EM operates in one of the most competitive market in the MENA region, EM succeeded in capturing ~ 31% of market subscribers

EM revenues boost YOY through 1) data revenues as a main driver for growthshowing growing contribution trend of 20% and 25% in 2014 and 2015 respectively; 2) efficient pricing strategy, EM acquired ~ 28% of total telecom mobile market revenues that reached EGP ~35 bn in 2015

EM ARPU improved YOY moving from EGP ~21.5 in 2014 to EGP ~24 in 2015 narrowing the gap with the Egyptian market ARPU of EGP ~26, (prepaid segment remains the main driver for the Egyptian telecom market).

Etisalat Misr market position

Despite the witnessed increase in network costs, higher inflation rates, and the competitiveness of the market , EM succeeded to achieve EBITDA margin of ~37% in 2015.

EM managed its CapEx spending efficiently during 2015 with an investments of EGP ~ 1.9 bn.`

Operational KPIs

EM balanced its operations between maintaining strong market position, achieve it’s target profits and dividends yield to shareholders

EM started distributing dividends of EGP 350 mn on 2014 profits and expected to increase the distributed amount to EGP 400 mn on 2015 profits subject to AGM approval

Profitability

78

Business driven network focuses on customer centricity

2G/3G population coverageNetwork coverage

Network investment

First to launch 3G network in the Egyptian market in

2007

Launched HSPA+ network in Egypt in 2009

Only mobile operator in Egypt owning Fiber backbone and

International gateway

1st advancedNetwork

Sites 7000

LTE readiness

Sites including ~ 6000 3G sites

99%

Investment in Infra structure in 9 years~EGP13 Bn

Ready to deploy the 1st LTE network in Egypt in

2017 subject to licensing4G

Delivered through a focused customer centric strategy

79

Etisalat has built it's strong market equity and a flexible operational model to cater for changes

Etisalat is perceived as the Young, Fresh, Advanced, Innovative,

and trustworthy brand for the Egyptian consumer with unique

market leading propositions

With ~ 7000 sites (from which ~6000 are 3G) and an

advanced IP backbone, Etisalat has built a strong network

servicing ~30m subs / 10m broadband customers, and

~200TB every day! All of this despite scarce spectrum, lack of

fuel, and frequent security challenges

A foundation of systems / analytics, from top notch billing

systems to IN, Enterprise applications, CRM, geo-marketing and

data mining capabilities, to unlock a tremendous opportunity in a

country with limited “business” data

1

2

Efficient organization delivering ~ 28% market value share

and ~37% EBITDA margin.

Number 2 in EBITDA and profitability

4

Young talented ambitious individuals eager to be the best mobile

operator in Egypt5

3

80

Etisalat Misr 2016 focus and beyond

To be delivered through a focused Strategy in the upcoming 5 Years

Network leadership, readiness for LTE, Cost effectiveproduct development and channel management…all while maintaining the focus on Customer Profitability

Transforming Operational model

Continue to reward shareholders with dividends distribution, EGP 350mn for 2014 profits and EGP 400mn for 2015 profits with an ambitious plan to increase YOY. Improvecosts structure and Smart investment to sustain networkposition

Managing Shareholder Value

Continue to invest in human capital whilst reviewing processes / activities to streamline organization and go-to-market

Agile Organization

Creating Distinct Propositions and Customer Experience

Differentiate through unique and innovative proposition and deep focus on customer demand across all touch points

Continue lobbying with Regulator & Government stakeholders for favorable outcome on issues related to spectrum, licenses and pricing

Engaging with External Environment

81

High hopes and aspirations for the future

Aspirations

Remain the fastest growing Egyptian operator, surpassing the EGP 13 Billion revenue mark within 5 years building on data revenues as the growth engine with aspiration to contribute to28% in 2016 and 40% from total revenue by 2020

Develop Enterprise Business Revenue to reach ~1.5Bn EGP through 5 years while building our capability to provide ICT services

Be the leading operator of choice and maintain Leadership on Customer Satisfaction2

1

4

5

3Increasing shareholders value by focusing on profitability accompanied by progressive dividends distribution

Be the number 2 player, in Consumer & Enterprise, and narrow the gap with number 1 player

82

Q&A

6. Closing Remarks

Hatem DowidarActing Chief Executive OfficerEtisalat Group

84

Etisalat Group Investor RelationsEmail: ir@etisalat.ae

Website: www.etisalat.com/en/ir/index.jspr