ORASCOM TELECOM HOLDING GIVING THE … Telecom Holding Fourth Quarter 2011 Results ... depreciation of local ... GIVING THE WORLD A VOICE

GIVING THE WORLD A VOICE

Orascom Telecom Holding YE – 2009 P a g e | 1

ORASCOM TELECOM HOLDING

Fourth Quarter 2011


Orascom Telecom Holding YE – 2009 P a g e | 2

CONTENT

Highlights 3

Chairman’s Comment 4

CEO’s Comment 5

Operational Performance 6

Main Financial Events 11

Financial Review 14

Financial Statements 20

Operational Overview 25


Orascom Telecom Holding 4Q – 2011 P a g e | 3

Orascom Telecom Holding Fourth Quarter 2011 Results

Cairo, March 12th, 2012: Orascom Telecom Holding (OTH) (Ticker: ORTE.CA, ORTEq.L, ORAT

EY, OTLD LI), announces its fourth quarter 2011 consolidated results demonstrating a 13% YoY

subscriber growth, a 2% YoY GSM revenue increase and a 4% YoY increase in GSM EBITDA.

The Demerger has already been reflected in the consolidated balance sheet as of

December 31, 2011, whilst, for income statement purposes, the results of operations have

been classified as discontinued operations.

Highlights

• Total subscribers exceeded 78 million, an increase of 13% over the same period last year,

after the exclusion of Alfa, Mobinil and koryolink subscribers for comparative purposes.

• Revenues reached US$ 896 million1, decreasing by 2% compared to 4Q 2010, as a result of

the liquidation of the handset business of “Ring” as well as unfavourable currency

movements. GSM revenues showed almost 2% growth for the quarter. Revenues for the full

year showed an increase of 2% compared to 31 December 2010.

• EBITDA reached US$ 346 million1, a decrease of 4% compared to the same period last

year, mainly driven by an increase in corporate contingent liability provisions at the OT

Holding level, in addition to unfavourable currency movements. GSM EBITDA increased by

4% YoY. EBITDA for the full year increased 10% compared to the previous year, driven by

strong GSM performance of 11%.

• Group EBITDA margin stood at 38.7%, stable over 4Q 2010. EBITDA margins for the major

subsidiaries were: Djezzy 58.6%, Mobilink 41.4%, and banglalink 19.2%.

• Net Income before minority interest for the quarter was negative for US$ 83 million1

compared to a loss of US$ 170 million recorded during the same period last year. The

improvement is due to a three-fold boost in operating income, which was adversely

impacted by the impairment of the company’s assets in Namibia the previous year. Net

income attributable to equity holders for the year 2011 was US$ 661 million1.

• Net Debt2 as of December 31, 2011 stood at US$ 3,022 million1, a decrease of over 25% compared

to 31 December 2010; with a Net Debt/EBITDA of 1.8x.

1. US$ financial figures in the Income Statement & Balance Sheet are according to the International Financial Reporting Standards (IFRS).

2. Net Debt is calculated as a sum of Short Term Debt, Long Term Debt, less Cash and Cash Equivalents.



“Our focus will be on executing our

operational strategy which will deliver an

increase in cash flows through driving

profitable growth, operational excellence

and capital efficiency.”

Jo Lunder, Chairman, commented on the results:

“Given the strategic importance

of Orascom Telecom Holding

after the successful merger

between VimpelCom Ltd. and

Wind

Telecom, I

am very

excited to

have been

appointed Chairman of the

company. Our focus will be

on executing our operational strategy which will

deliver an increase in cash flows through driving

profitable growth, operational excellence and

capital efficiency.

In my new capacity as Chairman of OTH, I look

forward to working closely with Ahmed Abou

Doma and the management team to deliver

maximum value to all our shareholders and

contribute to OTH’s

successful role as a major

player in the global

telecommunications

arena.”



“After an incredibly exciting year, Orascom

Telecom ends 2011 poised to capture the

growth momentum across its dynamic

markets.”

Ahmed Abou Doma, Chief Executive Officer, commented on the results:

“After an incredibly exciting year,

Orascom Telecom ends 2011

poised to capture the growth

momentum across its dynamic

markets. With our operators

showing impressive growth for the

fourth quarter of 2011, Orascom

Telecom now counts over 78 million customers, an

increase of almost 13% compared to the closing

base of 2010. While the

depreciation of local

currencies in Algeria, Pakistan,

Bangladesh and Burundi

impacted US dollar revenues

for the quarter, performance

indicators show expansion and development in

most of our operations. Additionally, EBITDA growth

surpassed revenue growth in most operations as a

result of our focus on driving profitable growth, as

well as our operational excellence and capital

efficiency programs.

In Algeria, OTA continues to lead the market with a

growth in subscribers of 10% over the course of

2011. While revenues were up by 3% in local

currency, EBITDA increased 18% YoY as a result of

Opex savings in 4Q 2011. Despite the healthy

margin, the Algerian unit continues to face severe

limitations, such as the ban on foreign currency

transfers, which challenges network expansion and

capacity needs.

In Pakistan, the subscriber base of over 34 million

has contributed to a healthy revenue growth of 4%

in local currency terms compared to the previous

year. Mobilink’s EBITDA increased 10% YoY, as a

result of lower sales costs,

leading to an improved

EBITDA margin for 4Q

2011.

In Bangladesh,

banglalink’s aggressive

focus on VAS has helped drive subscriber growth.

A 23% increase in subscribers was reflected by

nearly 17% revenue growth in local currency

compared to the same period last year.

Telecel Globe subscribers have exceeded 3

million, with high additions to the networks in

Burundi and Zimbabwe.

In Canada, WIND Mobile subscribers have

continued to grow, as a result of innovative

offerings and an expanded coverage across

Canada’s urban centers.”



Operational Performance

Subscribers

Orascom Telecom ended the year 2011 with a

subscriber base of over 78 million, showing an increase

of almost 13% compared to the previous year. For

comparative purposes, the subscriber figure for 2010

has been adjusted to reflect the demerger of Mobinil,

koryolink and Alfa, as well as the sale of Powercom Ltd

in Namibia.

Algeria’s subscribers increased 10% in comparison to

December 2010, as a result of controlling churn

alongside successful customer acquisitions.

In Pakistan, Mobilink’s subscriber base grew almost 8%

YoY after expanding its portfolio of location-based

promotions and focusing on high-quality acquisitions

by introducing new pre-paid and post-paid sales

promotions. In addition, reactivation promotions were

launched to help control churn, which culminated in

successful customer retention.

In Bangladesh the subscriber base showed an

impressive growth of 23% compared to the previous

year, driven by an aggressive acquisition strategy

following the SIM Tax reduction in June 2011, as well as

loyalty programs and reactivation promotions.

Telecel Globe subscribers showed an increase of 6% in

comparison to December 2010, as well as an

improvement in subscriber growth QoQ. The subscriber

growth is mostly driven by a surge in Burundi’s and

Zimbabwe’s customer bases, as a result of increased

penetration into rural areas, as well as improved sales

and distribution channels performance. It is also worth

noting the impressive growth in subscribers compared

to 3Q 2011, which was boosted by Zimbabwe’s

recapturing of subscribers after a dip in 1H 2011.

In Canada, WIND Mobile subscribers increased 73%

compared to the closing base of 2010.

Table 1: Total Subscribers1

1. For comparative purposes, the subscriber figures for 2010 and September 2011 have been adjusted to reflect the demerger of Mobinil, koryolink

and Alfa

2. Including Zimbabwe; after excluding Powercom Ltd (Namibia) subscribers in December 2010.

Subsidiary31 Dec

2010

30 Sept.

2011

31 Dec.

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010

Djezzy (Algeria) 15,087,393 16,288,615 16,595,233 10.0%

Mobilink (Pakistan) 31,794,292 33,415,696 34,213,552 7.6%

banglalink (Bangladesh) 19,327,005 22,139,953 23,753,552 22.9%

Telecel Globe 2,974,000 2,825,000 3,140,000 5.6%

Total 69,182,690 74,669,264 77,702,337 12.3%

Operations accounted for under

the equity method

31 Dec

2010

30 Sept.

2011

31 Dec.

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010

Wind Canada (Canada) 232,641 358,000 403,000 73.2%

Total 232,641 358,000 403,000 73.2%

Grand Total 69,415,331 75,027,264 78,105,337 12.5%

2



ARPU

In Algeria, ARPU for 4Q 2011 showed a decline of 7% in

US$ and local currency terms as compared to 4Q 2010.

The decrease is due to the penetration of lower

income segments within the customer base, in addition

to an accounting provision concerning the “Imtiyaz”

loyalty program.

In Pakistan, Mobilink’s ARPU decreased by 7% YoY in

US$ terms and by 4% in local currency terms amidst a

highly competitive environment. The decline is due to

the penetration of lower-end segments in the market

through location based promotions in most of the

major cities in Pakistan. It is worth noting that ARPU

levels were stable in comparison to the previous

quarter.

In Bangladesh, ARPU showed a decline in both US$

and local currency terms, decreasing 14% and 6%

respectively. Accelerated growth of subscribers in rural

and youth market segments led to some ARPU dilution,

while the continuing devaluation of the local currency

against the US$ also had an adverse impact on ARPU

for 4Q 2011.

In Canada, WIND Mobile experienced a 13% decline in

ARPU YoY, while showing stability compared to the

previous quarter.

Table 2: Blended Average Revenue Per User (ARPU)1

Table 3: Blended Average Revenue Per User (ARPU) (Local Currency)

1. After excluding Mobinil and koryolink subscribers from December 2010.

2. Global ARPU is calculated on a year to date basis, taking into account the weighted average subscribers for calculation.

Subsidiary

31 Dec 2010

US$

(3 months)

30 Sept

2011

US$

(3 months)

31 Dec

2011

US$

(3 months)

Inc/(dec)

Dec 2011 vs.

Dec 2010

Djezzy (Algeria) 9.7 9.9 9.0 (7.2%)

Mobilink (Pakistan) 2.9 2.7 2.7 (6.9%)

banglalink (Bangladesh) 2.1 1.9 1.8 (14.3%)

Wind Canada (Canada) 30.0 25.9 26.0 (13.3%)

Global ARPU (YTD) 4.2 4.2 4.1 (2.8%)

Global ARPU (3 months) 4.2 4.2 4.1 (2.8%)

Subsidiary

31 Dec

2010

(3 months)

30 Sept

2011

(3 months)

31 Dec

2011

(3 months)

Inc/(dec)

Dec 2011 vs.

Dec 2010

Djezzy (Algeria) (DZD) 724.1 714.9 673.1 (7.0%)

Mobilink (Pakistan) (PKR) 244.6 235.6 234.9 (4.0%)

banglalink (Bangladesh) (BDT) 148.9 147.1 140.3 (5.8%)

2



Market Share & Competition

During the fourth quarter of 2011, Orascom Telecom

continued to lead in its core operating markets, with

the exception of Bangladesh where banglalink

continues to maintain its second largest market

share position.

In Algeria, market share declined by 2.2 p.p. in

comparison to 3Q 2011 as a result of aggressive

competitive pressures surrounding channel

acquisitions, and the ongoing adverse operating

conditions resulting from the ban on foreign

currency transfers and other Government actions,

which have restricted the import of essential

equipment, and the undertaking of critical network

maintenance.

In Pakistan, the market share of Mobilink dropped

0.2 p.p. as measured on internal traffic patterns, as a

result of the continued market-wide focus on MNP

and aggressive competitive pressures.

In Bangladesh, banglalink witnessed an increase in

market share of 0.7 p.p. as a result of its successful

customer acquisition strategy.

Table 4: Market Share & Competition

1. Market share, as announced by the national Regulator is based on information disclosed by the other operators which use different subscriber

recognition policies.

2. Market share for December 2011 had not been disclosed by the Pakistani Regulator prior to this release.

30 Sept

2011

31 Dec

2011

Algeria Djezzy 57.7% 55.5% 1 AMN, Qtel

Pakistan Mobilink 30.3% n.a. 1 U-Fone, Paktel, Telenor,

Al Warid

Bangladesh banglalink 27.2% 27.9% 2 Grameen, Aktel, Citycell,

BTTB, Airtel

Country Brand nameMarket

Position

Names of additional

netw ork operations

Market Share (%)

1 2

1



CAPEX

Total consolidated capital expenditures for 4Q 2011

showed a 24% increase compared to the previous

year, in line with strategic investment plans.

In Algeria, CAPEX declined 41% in comparison to

4Q 2010, as a result of the ongoing ban on foreign

currency transfers preventing the payment of

essential suppliers, as well as the importing of

equipment critical to network maintenance and

necessary expansion.

In Pakistan, CAPEX increased 129% YoY due to the

continued focus on network and IT development

for Mobilink.

In Bangladesh, CAPEX decreased 16% in

comparison to the aggressive network roll-out plan

of the previous year. It is worth noting that the 2G

license renewal fee was booked as accrued

(accounting) CAPEX since the company received

the title for the license while the payment will be

made in instalments. From a cash flow perspective,

however, the actual amount paid in Q4 was

US$118 million and the remaining part of

approximately US$138 million is deferred.

“Other” CAPEX increased by 112% compared to

the same period last year. The increase is mainly

due to investments made in Telecel Globe for the

purpose of network expansion and 3G.

Table 5: Capital Expenditure of OTH Subsidiaries1

1. CAPEX figures excluding license fees.

2. “Other” companies include OT Holding, Ring and Telecel Globe.

Subsidiary 4Q 2010 4Q 2011 Inc/(dec)

Total

US$ million

2010

Total

US$ million

2011

Inc/(dec)

Djezzy (Algeria) 35 21 (41%) 90 40 (56%)

Mobilink (Pakistan) 48 110 129% 143 261 83%

banglalink (Bangladesh) 82 69 (16%) 235 161 (32%)

Other 6 13 112% 27 28 2%

Total Consolidated 172 213 24% 495 490 (1%)

Consolidated Capex/Sales 18.7% 23.8% 5 p.p. 13.9% 13.5% (0.4) p.p.

2



Main Financial Events

VimpelCom combines with WIND TELECOM to create new global telecom group

In October 2010, WIND TELECOM S.p.A (WIND TELECOM), the parent company of Orascom Telecom Holding S.A.E. (“OTH”)

announced that it signed an agreement with VimpelCom Ltd. (“VimpelCom”) to combine the two groups creating the

world’s sixth largest mobile telecommunications carrier by subscribers. In March 2011, WIND TELECOM announced that the

shareholders of VimpelCom Ltd. voted in their Special General Meeting in favor of the combination with WIND TELECOM.

On April 15th, 2011, VimpelCom and WIND TELECOM announced the closing of the transaction that combines the two

entities to create a new global telecom group.

Over 97% of The Voting Shares that Participated in OTH’s OGM/EGM Approve Demerger,

Refinancing Plan and Internal Reorganization

On April 14th, 2011, Orascom Telecom Holding S.A.E. (“OTH” or the “Company”) announced that the Company’s

shareholders overwhelmingly approved all of the items on the agenda of the Ordinary and Extraordinary General

Assembly Meetings, paving the way to implement the Company’s refinancing plan and the demerger of the Company

into two separate entities, Orascom Telecom Holding S.A.E. and Orascom Telecom Media and Technology Holding S.A.E.,

in connection with the “VimpelCom-WIND TELECOM” transaction.

Shareholders approved the following significant resolutions, among others:

1. the approval of a refinancing plan to refinance the Company’s outstanding secured and high yield debt together with

certain derivative transactions in an amount of approximately US$2.7BN.

2. an increase in OTH’s authorized share capital to EGP 14BN (with the issued and paid-in capital remaining unchanged).

3. the approval of the planned demerger from OTH of Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”),

a company to be formed at the time of the demerger. OTMT will hold certain assets of OTH that are not intended to form

part of the VimpelCom-WIND TELECOM group going forward, including OTH’s interests in Egyptian Company for Mobile

Services (“ECMS”), CHEO Technology Joint Venture company (“koryolink”) in North Korea, Orascom Telecom Ventures

S.A.E. (formerly Intouch Communication Services S.A.E.), as well as other investments in the media and technology sectors,

including undersea cable assets.

On June 29th, 2011, the Company informed its shareholders that the Egyptian authorities requested, as part of their

verifications and in the best interest of OTH’s shareholders, that a committee reviews some underlying accounting

documents that will serve as a basis for the Demerger. This additional step has created some delays in the implementation

of the Demerger.

In September 2011, GAFI issued its report introducing certain adjustments to the demerger accounts that principally entail

applying retroactively impairments recorded by OTH in its December 31, 2010 financial statements, with an impact of

EGP1,279 million on the September 30, 2010 pro-forma accounts thus increasing the impairment of OTH’s investments in

one of its subsidiaries, OTA , by EGP356 million, fully provisioning the withholding tax balance amounting to EGP9 million.

As a result of these changes, the basis of the split has been revised, and the new split ratio determined between OTH and

OTMT based on their NAV contribution according to the “GAFI” recommended adjusted financials is 58% and 42%

respectively. The nominal value per share of OTH and OTMT shall be EGP0.58 and EGP0.42 respectively. Each OTH

shareholder will still receive one OTMT share for each share of OTH held as of record date (subject to applicable legal

restrictions), while the number of shares for OTH and OTMT remain the same.

On October 23rd, 2011, the Company’s shareholders approved all of the items on the agenda at its EGM, paving the way

to implement the Company’s demerger into two separate entities, OTH and OTMT. The shareholders also approved

authorizing the Chairman of the Company to change the internal ownership structure of OTH’s stake in each of Mobinil

and ECMS, in order to preserve the continuation of the control of the Sawiris Family over such assets, as an interim measure

until the completion of the demerger procedures, as per the demerger plan and as contemplated by the Interim Control

Agreement previously approved by the Extraordinary General Meeting of the Company held on April 14, 2011.



Shareholders representing 60.90% of the Company’s voting shares participated in the Extraordinary General Assembly

Meeting. The resolutions were approved by 99.99% of the voting shares that participated or were duly represented in the

Extraordinary Assembly Meeting.

Orascom Telecom Announces Appointment of New Chief Executive Officer

On May 16th, 2011, Orascom Telecom Holding S.A.E. (“OTH” or the “Company”) announced that the Board of Directors

appointed Mr. Ahmed Abou Doma to the position of Chief Executive Officer reporting to Mr. Khaled Bichara, who is

nominated to the position of Executive Chairman (subject to board and general assembly approval and appointment) to

ensure the smooth transition of the company within the newly formed VimpelCom merged entity, while overlooking the

company’s continued implementation of its strategy.

In his new capacity as President and Chief Operating Officer of VimpelCom Ltd. (“VimpelCom”), the company created

through the combination of VimpelCom Ltd. and WIND TELECOM S.p.A., Mr. Khaled Bichara, will also be focused on

executing VimpelCom synergy roadmap and achieving the targets for technology procurement and commercial

development, a key benefit resulting from the merger to OTH and its minority shareholders.

Weather Capital Special Purpose 1 (the majority shareholder of the Company) has also decided to recommend the

election of the following board candidates to the General Assembly of the Company following the expiry of the term of

the existing board members: Khaled Bichara, Ahmed Abou Doma, Aldo Mareuse, Alexander Shalaby, Emad Farid,

Mohamed Shaker, Henk Van Dalen, Jeffery McGhie and Ragy Soliman. The General Assembly took place on May 17, 2011.

Orascom Telecom Holding Announces The Sale of Powercom (Pty) Limited Orascom

On June 2nd, 2011, Orascom Telecom Holding S.A.E. (“OTH” or the “Company”) announced that its fully owned subsidiary

Telecel Globe (“Telecel”) finalized an agreement to sell Powercom (Pty) Limited (“Powercom”), Telecel’s subsidiary in

Namibia, to Investec and Nedbank. The consideration for the sale consists of all liabilities of Powercom of around US$60

Million.

Successful Refinancing of OTH’s Capital Structure

The Refinancing Plan disclosed to shareholders during the AGM dated April 14th, 2011 was successfully completed in June

2011 which resulted in the obligations of OTH under debt agreements with banks or financial institutions being fully

refinanced by VimpelCom (USD 2.7bn).

The Refinancing Plan entailed the purchase by VimpelCom in full of the interests of the creditors under the Senior Credit

Facility, and the interest of the holder of the Equity Linked Notes followed by the redemption of the High Yield Notes and

the termination and close out the hedging transactions.

Orascom Telecom Bangladesh Receives Its 2G License Renewal Guidelines

In September 2011, Orascom Telecom Holding S.A.E. (“OTH”) announced that its Bangladeshi subsidiary Orascom Telecom

Bangladesh (“OTB”) has received the final 2G license renewal guidelines. According to the terms and conditions outlined

by the Bangladesh Telecommunication Regulatory Commission (“BTRC”) within the received guidelines, OTB is to pay

approximately BDT 19.8 Billion (equivalent to approximately US$ 263 Million*) over three years as spectrum and license

renewal fees. In addition, according to the received guidelines, the validity of the license renewal is for 15 years.

* Based on an exchange rate of: US$ 1 = BDT 75.13



Orascom Telecom Announces Appointment of New Chief Financial Officer

In October 2011, Orascom Telecom Holding S.A.E. (“OTH”) announced that the Company appointed Mr. Khalid Ellaicy to

the position of Chief Financial Officer reporting to Mr. Ahmed Abou Doma. Effective 17 October 2011, Mr. Ellaicy

succeeded Mr. Aldo Mareuse who joined OTH as Group Chief Financial Officer in 2002.

Orascom Telecom Announces Stepping Down of Executive Chairman and Appointment of

New Chairman

In November 2011, Orascom Telecom Holding S.A.E. (“OTH”) announced that Khaled Bichara, Executive Chairman,

submitted his resignation from his position as Executive Chairman and Board of Directors Member, effective by the end of

December 2011.

In January 2012, the Board of Directors elected Mr. Jo Lunder to the position of Chairman replacing Mr. Khaled Bichara.

The appointment will be submitted in the next General Assembly for ratification. In his new capacity as Chairman of

Orascom Telecom Holding, Mr. Lunder will focus on executing a strategy to increase cash flows through driving profitable

growth, operational excellence and capital efficiency.

Orascom Telecom Completes Demerger

Under the terms of the VimpelCom transaction, VimpelCom, Weather II and OTH agreed on a demerger plan (the

Demerger”) pursuant to which the Company’s investments in certain telecom, media and technology assets (the “Spin-Off

Assets”), which were not intended to form part of the VimpelCom business going forward, would be transferred to a new

company, Orascom Telecom Media and Technology Holding S.A.E. (“OTMT”). The Demerger was performed in

accordance with the guidelines of the Egyptian Financial Supervisory Authority and in particular decree no. 124 of 2010

and was completed in December 2011. The split of OTH shares by the way of the Demerger resulted in OTH shareholders

holding the same percentage interest in OTMT as they held in the Company. The Demerger plan was initially approved in a

shareholders meeting dated 14 April 2011 and subsequently on 23 October 2011. Approval from the Egyptian Financial

Supervisory Authority was received in December 2011.

As a result of the Demerger, during November and December 2011, ownership of the following Spin-Off Assets were

transferred from the Company to OTMT:

28.755% ownership stake in Mobinil for Telecommunications S.A.E.;

20.00% ownership stake in the Egyptian Company for Mobile Services;

75% ownership in CHEO Technology Joint Venture Company, together with all other assets and businesses located in North

Korea;

95% ownership in Orabank NK;

100% directly and indirectly held ownership stake in Middle East and North Africa for Sea Cables;

51% ownership of Trans World Associate (Private) Limited (Pakistan);

100% ownership of Med Cable Limited (UK);

99.99% ownership stake in Intouch Communications Services S.A.E. (aka OT Ventures Internet portals and other ventures in

Egypt including Link Development, ARPU+ and LINKonLine); and

1% ownership stake in ARPU for Telecommunications Services S.A.E.

The Demerger was performed based on the book value of the Spin-Off Assets, taking into consideration the terms and

conditions of a separation agreement entered into between the relevant parties, which requires among others, OTH to



reimburse OTMT for certain revenue items pertaining to the Spin-Off Assets. The effect of the Demerger was a reduction of

total equity of US$ 1,610 million, including a reduction of US$ 433 million in share capital.

The Demerger was effected through a reduction in the issued capital of the Company. In particular, the nominal value of

the Company’s shares was reduced from L.E. 1 to L.E. 0.58.

As the Demerger took place before the balance sheet date, the Demerger, including the transfer of the Spin-Off Assets

has already been reflected in the consolidated balance sheet as of 31 December 2011, whilst for income statement

purposes, the results of operations relating to the Spin –Off Assets have been classified as “discontinued operations” in 2010

and 2011.



Financial Review

Revenues

Total Consolidated Revenues for 4Q 2011 declined

by 2% compared to the previous year, as a result of

modest growth in GSM revenues countered by the

liquidation of the handset business of “Ring”, as well

as local currency devaluation against the US$ in

OTH’s main operating countries. For the full year,

consolidated revenues improved by 2%, driven by

nearly 6% increase in GSM revenues.

In Algeria, revenues remained stable for the quarter

showing 1% growth in comparison to 4Q 2010. In

local currency terms, revenues increased 3% YoY,

mostly driven by the growth in OTA’s subscriber

base.

In Pakistan, revenues increased 1.5% in US$ terms,

impacted by currency devaluation. In local

currency terms, revenues were up 4% in 4Q 2011

compared to the previous year, mainly due to an

increase in subscribers, steady VAS uptake, as well

as higher administrative fees on scratch cards.

In Bangladesh, the ongoing devaluation of the

local currency against the US$ was responsible for

the difference in revenue growth in US$ vs. local

currency, up 5% and 16.5% respectively for the

quarter. The growth in revenues is attributable to

tariff revisions, aggressive competitive moves, and

a strong focus on VAS, which contributed to solid

additions to the subscriber base of banglalink.

Telecel Globe revenues declined by 5% in

comparison to 4Q 2010 as a result of the sale of the

operation in Namibia, in addition to currency

devaluation in Burundi. On a comparable basis,

excluding the sale of Powercom Ltd. in Namibia,

revenues display an increase of 8.6% YoY.

Table 6: Consolidated Revenues YoY

1. 2010 figures have been represented to reflect the completion of the demerger process.

2. As per IFRS rules, Telecel Globe figures have not been represented in 2010 and H1 2011to reflect the disposal of Powercom Ltd. in 2Q 2011.

Subsidiary

Represented

4Q - 2010

(3 months)

US$ (000)

4Q - 2011

(3 months)

US$ (000)

Inc/

(dec)

Represented

31 Dec

2010

US$ (000)

31 Dec

2011

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 452,911 457,085 0.9% 1,746,566 1,859,804 6.5%

Mobilink (Pakistan) 280,863 285,175 1.5% 1,107,067 1,133,704 2.4%

banglalink (Bangladesh) 122,285 128,278 4.9% 456,984 511,291 11.9%

Telecel Globe (Africa) 25,007 23,743 (5.1%) 101,830 93,683 (8.0%)

Total GSM 881,068 894,282 1.5% 3,412,447 3,598,482 5.5%

Telecom Services

Ring 37,121 1,432 (96.1%) 152,278 37,096 (75.6%)

Total Telecom Services 37,121 1,432 (96.1%) 152,278 37,096 (75.6%)

Total Consolidated 918,188 895,714 (2.4%) 3,564,725 3,635,578 2.0%

1

1

2



Table 7: Consolidated Revenues QoQ

Total consolidated revenues for 4Q 2011

decreased 3% compared to 3Q 2011, mostly

impacted by a drop in GSM revenues for the

quarter.

In Algeria, revenues declined 6% in US$ terms and

4% in local currency terms. The decrease is a result

of an accounting provision concerning the

“Imtiyaz” loyalty program.

In Pakistan, revenues increased 1% in US$ terms and

2% in local currency terms, in line with subscriber

usage and VAS growth.

In Bangladesh, revenues increased 3% in local

currency terms, mostly due to tariff revisions, VAS

and MFS offerings, as well as additions to the

subscriber base. Revenues were partially slowed by

disconnection regulations concerning the post-

paid base.

Telecel Globe revenues grew by 11% compared to

the previous quarter, driven by increases in the

ARPU of CAR, as well as a significant subscriber

increase in Burundi for 4Q 2011.

Table 8: Proforma Consolidated Revenues (Local Currency)1

1. Un-audited Figures.

Subsidiary

Represented

3Q - 2011

(3 months)

US$ (000)

4Q - 2011

(3 months)

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 486,671 457,085 (6.1%)

Mobilink (Pakistan) 281,490 285,175 1.3%

banglalink (Bangladesh) 129,306 128,278 (0.8%)

Telecel Globe (Africa) 21,340 23,743 11.3%

Total GSM 918,807 894,282 (2.7%)

Telecom Services

Ring 6,644 1,432 (78.4%)

Total Telecom Services 6,644 1,432 (78.4%)

Total Consolidated 925,451 895,714 (3.2%)

4Q - 2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

3Q - 2011

(3 months)

Inc/

(dec)

31 Dec

2010

31 Dec.

2011

Inc/

(dec)

GSM

Djezzy (Algeria) (DZD bn) 32.8 33.9 3.1% 35.4 (4.3%) 129.2 135.6 5.0%

Mobilink (Pakistan) (PKR bn) 23.9 25.0 4.3% 24.5 2.0% 94.3 97.9 3.8%

banglalink (Bangladesh)(BDT bn) 8.5 9.9 16.5% 9.6 2.9% 31.8 37.9 19.0%

Subsidiary



EBITDA

Consolidated EBITDA for 4Q 2011 decreased 4% YoY,

mainly driven by an increase in corporate

contingent liability provisions at the OT Holding level,

in addition to unfavourable currency movements.

GSM EBITDA increased by 4% YoY. On a year-to-date

basis, consolidated EBITDA increased over 10%, as a

result of the operational excellence program, which

helped boost GSM EBITDA by nearly 11%.

In Algeria, EBITDA increased 11% in US$ terms while

showing an 18% increase in local currency terms, as

a result of currency devaluation against the US$. The

increase is mainly attributable to OPEX savings

coupled with strong top line performance in the

quarter.

In Pakistan, EBITDA was impacted by currency

devaluation, leading to a 6% increase in US$ terms,

while increasing 10% in local currency. EBITDA was

positively impacted by higher revenues, and

declining cost of sales, such as lower interconnect

and SIM card costs.

In Bangladesh, EBITDA in local currency declined 4%

as a result of rising SIM tax subsidies related to strong

customer acquisitions. In US$ terms, EBITDA declined

by 20% as a result of the devaluation of the local

currency against the US$.

Telecel Globe’s EBITDA experienced a significant

decline compared to 4Q 2010 due to retroactive tax

adjustments in CAR, in addition to an exceptional tax

assessment and a bad debt provision in Burundi.

Table 9: Consolidated EBITDA1, 2

YoY

1. EBITDA excludes management fees which were previously treated as a cost in each subsidiary and as a revenue for the Holding.

2. 2010 figures have been represented to reflect the completion of the demerger process.

3. As per IFRS rules, Telecel Globe figures have not been represented in 2010 and H1 2011 to reflect the disposal of Powercom Ltd. in 2Q 2011.

4. Other Telecom Services Companies include: C.A.T. and OTWIMAX.

5. Other non operating companies include: OTH, C.C., OTUH, OTV, OIH, OTI Malta, OTN, OIIH, Cortex, Eurasia, FPPL, ITCL, IWCPL, Moga, Oratel, OT Finance, Swyer, OT Holding

Canada, OT Asia, Oscar, OT ESOP, OT Services Europe, TMGL, Pioneers, OT Wireless Europe, TIL and TILSA.

6. Mainly driven by an increase in corporate contingent liability provisions at the OT Holding level.

Subsidiary

Represented

4Q - 2010

(3 months)

US$ (000)

4Q - 2011

(3 months)

US$ (000)

Inc/

(dec)

Represented

31 Dec

2010

US$ (000)

31 Dec

2011

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 241,355 267,660 10.9% 982,167 1,100,663 12.1%

Mobilink (Pakistan) 111,221 118,186 6.3% 438,071 463,406 5.8%

banglalink (Bangladesh) 30,772 24,670 (19.8%) 127,686 168,630 32.1%

Telecel Globe (Africa) 6,643 (5,291) n.m. 23,505 7,776 (66.9%)

Total GSM 389,991 405,225 3.9% 1,571,428 1,740,475 10.8%

Telecom Services

Ring (9,878) 6,790 n.m. (6,885) (3,167) 54.0%

Other (88) (1) 98.3% (204) (40) 80.6%

Total Telecom Services (9,966) 6,789 n.m. (7,090) (3,207) 54.8%

OT Holding & Other (19,307) (65,569) n.m. (69,255) (90,525) (30.7%)

Total Consolidated 360,718 346,444 (4.0%) 1,495,084 1,646,743 10.1%

4

5

3

6



Table 10: Consolidated EBITDA QoQ

Consolidated EBITDA for 4Q 2011 decreased by 23%

compared to the previous quarter, heavily impacted

by the 11.5% drop in GSM EBITDA caused by local

currency devaluation in our main operating

countries, as well as an increase in corporate

contingent liability provisions at the OT Holding level.

In Algeria, the 8% decrease in EBITDA is a result of the

devaluation of the local currency against the US$,

while in local currency terms OTA’s EBITDA

decreased almost 4%, as a result of lower revenues

for the quarter.

In Pakistan, EBITDA increased despite pressures on

the local currency, growing nearly 2% in US$ terms

and 4% in local currency terms. The increase is mostly

attributable to higher revenues and lower cost of

sales.

Due to further local currency devaluation against the

US$, banglalink’s EBITDA dropped 44% QoQ in US$

terms, while in local currency terms it decreased 36%

QoQ. The decline was mainly due to an adjustment

in SIM tax subsidy allocation.

Telecel Globe’s EBITDA showed a substantial decline

QoQ, as a result of the retroactive tax in CAR, in

addition to a bad debt provision and tax

reassessment in Burundi.

Table 11: Proforma Consolidated EBITDA (Local Currency)1

1. Un-audited Figures.

Subsidiary

Represented

3Q - 2011

(3 months)

US$ (000)

4Q - 2011

(3 months)

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 289,763 267,660 (7.6%)

Mobilink (Pakistan) 116,456 118,186 1.5%

banglalink (Bangladesh) 44,401 24,670 (44.4%)

Telecel Globe (Africa) 7,009 (5,291) n.m.

Total GSM 457,629 405,225 (11.5%)

Telecom Services

Ring (1,281) 6,790 n.m.

Other (1.00) (1.47) (47.2%)

Total Telecom Services (1,282) 6,789 n.m.

OT Holding & Other (8,173) (65,569) n.m.

Total Consolidated 448,174 346,444 (22.7%)

4Q - 2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

3Q - 2011

(3 months)

Inc/

(dec)

31 Dec

2010

31 Dec.

2011

Inc/

(dec)

GSM

Djezzy (Algeria) (DZD bn) 17.1 20.1 18.1% 20.9 (3.6%) 72.5 80.4 10.9%

Mobilink (Pakistan) (PKR bn) 9.5 10.4 10.1% 10.0 4.0% 37.3 40.0 7.2%

banglalink (Bangladesh)(BDT bn) 2.13 2.05 (3.6%) 3.2 (35.8%) 8.9 12.5 40.5%

Subsidiary



EBITDA MARGIN

The Consolidated EBITDA margin for the fourth

quarter of 2011 stood at 38.7% showing relative

stability compared to the same period last year.

In Algeria, Djezzy’s margin increased by 5.3 p.p.

compared to 4Q 2010, as a result of the improved

EBITDA level for this quarter countering the

limitations imposed upon the operation by the

Algerian government.

In Pakistan, the EBITDA margin of Mobilink showed

an increase of 1.8 p.p. as a result of healthy revenue

growth and a solid EBITDA for the quarter.

In Bangladesh, banglalink’s EBITDA margin

decreased by 6.0 p.p. compared to the same

period last year as a result of higher SIM tax costs

related to subscriber acquisitions.

Telecel Globe’s EBITDA margin decreased 48.9 p.p. in

comparison to 4Q 2010, mainly due to declining

EBITDA levels.

Table 12: Consolidated EBITDA Margin

1. As per IFRS rules, Telecel Globe figures have not been represented in 2010 and H1 2011to reflect the disposal of Powercom Ltd. in 2Q 2011.

Subsidiary

Represented

4Q - 2010

(3 months)

US$ (000)

4Q - 2011

(3 months)

US$ (000)

Change

Represented

31 Dec

2010

US$ (000)

31 Dec

2011

US$ (000)

Change

GSM

Djezzy (Algeria) 53.3% 58.6% 5.3 56.2% 59.2% 3.0

Mobilink (Pakistan) 39.6% 41.4% 1.8 39.6% 40.9% 1.3

banglalink (Bangladesh) 25.2% 19.2% (6.0) 27.9% 33.0% 5.1

Telecel Globe (Africa) 26.6% (22.3%) (48.9) 23.1% 8.3% (14.8)

Total GSM 44.3% 45.3% 1.0 46.0% 48.4% 2.4

Total Telecom Services (26.8%) 474.1% 500.9 (4.7%) (8.6%) (4.0)

EBITDA Margin 39.3% 38.7% (0.6) 41.9% 45.3% 3.4

1



Foreign Exchange Rates

Table 13: Foreign Exchange Rates used in the Income Statement & Balance Sheet

1- Represents the average monthly exchange rate from the start of the year until the end of the period.

2- Represents the spot exchange rate at the end of the period.

3- Appreciation / (Depreciation) of USD vs. Local Currency.

Net Income

Net Income before minority interest for 4Q 2011 was

negative for US$ 83 million, improving 51% compared

to the previous year. While Net Income attributable to

equity holders of the parent declined by 11% for the

full year, it is worth noting that profit from continuing

operations was up 81%. The decline is a result of the

non-recurring extraordinary gains related to the sale

of operations in Tunisia in 2010.

Net Income for 2010 was adversely impacted by the

impairment of the company’s assets in Namibia. As a

result, Net Income for 4Q 2011 showed an increase

compared to the previous year, boosted by a strong

operating income, which increased three-fold

compared to 4Q 2010. The Net Income in 4Q 2011

was impacted by an increase in unrealized FX losses

in Bangladesh and in OT Holding, driven by currency

devaluations vs. the US$, in relation to certain loans

and payables in foreign currencies; this was partially

compensated by FX gains in relation to financial

receivables from Wind Canada as a result of the

appreciation of the Canadian dollar.

Net Income for the full year of 2011 stood at US$701

million with an EPS of US$ 0.63 per GDR.

% Chg 3

% Chg 3

Currency Dec. 2010 Sept. 2011 Dec. 2011Dec 2011

vs

Dec 2011

vs

Dec. 2010 Sept. 2011

Egyptian Pound/USD

Income Statement 5.6359 5.9306 5.9449 5.5 0.2

Balance Sheet 5.8057 5.9658 6.0308 3.9 1.1

Algerian Dinar/USD

Income Statement 73.9910 72.5542 72.9327 (1.4) 0.5

Balance Sheet 74.2862 74.1680 75.3273 1.4 1.6

Pakistan Rupee/USD


Balance Sheet 85.1836 87.4806 89.9467 5.6 2.8

Bangladeshi Taka/USD


Balance Sheet 70.5983 75.1685 81.8348 15.9 8.9

Canadian Dollar/USD

Income Statement 1.0297 0.9778 0.9886 (4.0) 1.1

Balance Sheet 0.9970 1.0446 1.0213 2.4 (2.2)

1

2

1

2

1

2

1

2

1

2


Orascom Telecom Holding 4Q– 2011 P a g e | 20

Table 14: Income Statement in IFRS/US$

1- Management Presentation developed from IFRS financials.

2- Due to the impairment of Telecel Globe’s investment in Namibia and the impairment of MedCable in Algeria.

3- Due to the disposal of Powercom Ltd (Namibia).

4- Due to the resettlement of the intercompany loan to Globalive Wireless Corp. Canada

5- Mainly unrealized FX losses due to devaluation of BDT and EGP vs. US$; partially offset by the appreciation of CAD.

6- a) 2010 figures include the accounting treatment of Mobinil as a discontinued operation as a result of the amended and restated shareholders’ and settlement

agreements concluded with France Telecom which entered into force on July 13, 2010.

b) On 4 January 2011, OTH sold its entire shareholding in Orascom Tunisia Holding and Carthage Consortium through which OTH owned 50% of Orascom Telecom

Tunisia (“OTT”). As a result the proportionate consolidation of OTT during Q4 2010 was no longer applicable under IFRS as it renders the entity an investment held for sale,

and consequently a discontinued operation under IFRS rules. Figures for 2010 have been restated to reflect the accounting treatment of OTT.

7- Equates to Net Income after Minority Interest.

8- Based on a weighted average for the outstanding number of GDRs of 1,046,278,130 GDRs for 4Q 2011. The weighted average for the outstanding number of GDRs for

4Q 2010, FY 2010 and FY 2011 is 1,046,501,539 GDRs, 1,015,240,054 GDRs and 1,046,175,604 GDRs respectively.

Represented Represented

4Q - 2010 4Q - 2011 31 Dec. 2010 31 Dec. 2011

(3 months)

US$ (000)

(3 months) US$

(000)

Inc/

(dec) US$ (000) US$ (000)

Inc/

(dec)

Revenues 918,188 895,714 (2%) 3,564,725 3,635,578 2%

Other Income 7,693 9,279 29,363 30,252

Total Expense (565,434) (558,502) (2,099,166) (2,019,087)

Net unusual Items 272 (46) 161 (0)

EBITDA 360,718 346,444 (4%) 1,495,084 1,646,743 10%

Depreciation & Amortization (231,762) (191,354) (777,740) (773,472)

Impairment of Non Current Assets (78,048) (6,522) (96,154) (10,026)

Gain (Loss) on Disposal of Non Current

Assets81 (360) (149) 58,085

Operating Income 50,989 148,208 191% 621,040 921,331 48%

Financial Expense (95,909) (92,408) (456,558) (535,732)

Financial Income (2,207) 19,215 53,664 79,625

Foreign Exchange Gain (Loss) 10,768 (50,494) (74,051) (150,359)

Net Financing Cost (87,348) (123,687) (476,944) (606,466)

Share of Profit (Loss) of Associates (40,543) (51,696) (142,562) (135,280)

Impairment of Financial Recievables (18,142) (21,888) (18,142) (21,888)

Profit Before Tax (95,044) (49,063) 48% (16,608) 157,696 n.m.

Income Tax (78,129) (65,830) (225,350) (202,960)

Profit from Continuing Operations (173,173) (114,894) 34% (241,958) (45,264) 81%

Gains or losses from discontinued operations 3,597 31,977 1,023,406 746,169

Profit for the Period (169,576) (82,916) 51% 781,448 700,905 (10%)

Attributable to:

Equity Holders of the Parent (178,877) (91,275) 49% 743,095 661,489 (11%)

Earnings Per Share (US$/GDR) (0.19) (0.09) 52% 0.73 0.63 (14%)

Minority Interest 9,301 8,359 38,353 39,416

Net Income (169,576) (82,916) 51% 781,448 700,905 (10%)

2

1

4

5

3

7

2

8

6



Table 15: Balance Sheet in IFRS/US$

1- Net Debt is calculated as a sum of Short Term Debt, Long Term Debt, less Cash and Cash Equivalents.

IFRS/US$ IFRS/US$

31 December

2010

31 December

2011

US$ (000) US$ (000)

Assets

Property and Equipment (net) 3,763,359 2,901,831

Intangible Assets 1,486,662 1,557,590

Investment in Associates 1,029,294 -

Other Non-Current Assets 1,104,740 1,089,077

Total Non-Current Assets 7,384,055 5,548,498

Cash and Cash Equivalents 824,085 1,013,543

Trade Receivables 258,820 255,188

Assets Held for Sale 422,604 -

Other Current Assets 1,090,912 1,428,272

Total Current Assets 2,596,421 2,697,003

Total Assets 9,980,476 8,245,501

Equity Attributable to Equity Holders of the Company 2,726,524 1,884,511

Minority Share 74,639 63,166

Total Equity 2,801,163 1,947,677

Liabilities

Long Term Debt 3,859,447 3,492,164

Other Non-Current Liabilities 354,225 420,628

Total Non-Current Liabilities 4,213,672 3,912,792

Short Term Debt 973,454 543,826

Trade Payables 811,443 738,289

Other Current Liabilities 1,180,744 1,102,917

Total Current Liabilities 2,965,641 2,385,032

Total Liabilities 7,179,313 6,297,824

Total Liabilities & Shareholder’s Equity 9,980,476 8,245,501

Net Debt 4,008,816 3,022,447 1



Table 16: Cash Flow Statement in IFRS/US$

IFRS/Represented IFRS

December 31, 2010 December 31, 2011

US$ (000) US$ (000)

Cash Flows from Operating Activities

Profit for the Period (241,958) (45,264)

Depreciation, Amortization & Impairment of Non-Current Assets 873,894 783,498

Income Tax Expense 225,350 202,960

Net Financial Charges 476,783 606,466

Share of Loss (Profit) of Associates Accounted for Using the Equity

Method142,562 135,280

Impairment of Financial Assets 18,142 21,888

Other 58,170 (7,567)

Changes in Assets Carried as Working Capital (574,009) (187,731)

Changes in Other Liabilities Carried as Working Capital 17,574 (53,007)

Income Tax Paid (300,686) (199,393)

Interest Expense Paid (351,990) (217,029)

Net Cash Generated by Operating Activities 343,832 1,040,101

Cash Flows from Investing Activities

Cash Outf low for Investments in Property & Equipment, Intangible

Assets, and Financial Assets & Consolidated Subsidiaries(503,022) (648,061)

Net (Payments) for Current Financial Assets - -

Proceeds from Disposal of Property & Equipment, Subsidiaries and

Financial Assets38,374 26,713

Advances & Loans made to Associates & other parties (300,348) (202,886)

Dividends & Interest Received 18,101 14,940

Net Cash Used in Investing Activities (746,895) (809,294)

Cash Flows from Financing Activities

Proceeds from loans, banks' facilities and bonds 332,320 874,508

Payments for loans, banks' facilities and bonds (855,108) (1,619,030)

Net Proceeds (Payments) from Current Financial Liabilities - -

Advances & Loans made to Associates & Other Parties - -

Net Payments from financial liabilities (14,290) 1,800

Net Change in Cash Collateral (668) (129,195)

Dividend Payments - -

Payments for Treasury Shares (460) -

Capital injection 765,233 -

Change in non-controlling interest - -

Net Cash generated by Financing Activities 227,027 (871,917)

Discontinued operations

Net cash generated by operating activities 202,935 90,242

Net cash (used in) generated by investing activities 61,389 1,044,128

Net cash (used in) generated by f inancing activities 30,884 (9,025)

Net cash generated from discontinued operations 295,208 1,125,345

Net Increase in Cash & Cash Equivalents 119,172 484,235

Cash included in Assets Held for Sale (44,559) (262,657)

Effect of Exchange Rate Changes on Cash & Cash Equivalents (10,079) (32,115)

Cash & Cash Equivalents at the Beginning of the Period 759,546 824,080

Cash & Cash Equivalents at the End of the Period 824,080 1,013,543



Table 17: Income Statement in EAS/Egyptian Pounds

1- Management Presentation developed from EAS financials.

2- Based on a weighted average for the outstanding number of ordinary shares of 5,230,878,022 for 4Q11. The weighted average for the

outstanding number of ordinary shares for 4Q10, 2010 and 2011 is 5,076,200,270; 5,232,507,695 and 5,231,390,650 respectively.

Represented

4Q-2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

Represented

31 Dec

2010

31 Dec

2011

Inc/

(dec)

LE (000) LE (000) LE (000) LE (000)

Revenues 3,731,234 5,363,890 44% 20,090,371 21,613,060 8%

Other Income 43,759 55,458 165,489 179,844

Total Expense (2,466,480) (3,234,520) (11,839,852) (12,018,608)

EBITDA 1,308,513 2,184,828 67% 8,416,008 9,774,295 16%

Depreciation & Amortization (1,071,449) (1,145,492) (4,380,659) (4,594,293)

Other (439,046) (40,085) (542,426) 285,878

Operating Income (201,982) 999,251 n.m. 3,492,922 5,465,880 56%

Financial Expense (633,838) (555,742) (2,660,994) (3,170,905)

Financial Income (18,848) 115,090 302,447 473,358

Foreign Exchange Gain (Loss) 68,449 (302,829) (417,327) (893,868)

Net Financing Cost (584,237) (743,481) (2,775,874) (3,591,415)

Share of Profit (Loss) of Associates (246,803) (308,514) (803,465) (804,225)

Impairment of Financial Recievables (102) (130,121) (102) (130,121)

Profit Before Tax (1,033,124) (182,865) 82% (86,518) 940,119 n.m.

Income Tax (264,839) (393,304) (1,293,231) (1,206,572)

Profit from Continuing Operations (1,297,962) (576,169) 56% (1,379,749) (266,453) 81%

Gains or losses from discontinued operations 427,055 88,629 2,505,889 4,689,321

Profit for the Period (870,907) (487,540) 44% 1,126,140 4,422,867 n.m.

Attributable to:

Equity Holders of the Parent (924,337) (537,664) 42% 881,709 4,188,431 n.m.

Earnings Per Share (EGP/Share) (0.18) (0.10) 44% 0.17 0.80 n.m.

Minority Interest 53,430 50,124 244,431 234,436

Net Income (870,907) (487,540) 44% 1,126,140 4,422,867 n.m.

1

2



Table 18: Balance Sheet in EAS/Egyptian Pounds1

1- Management presentation developed from EAS financials.

2- Net Debt is calculated as a sum of Short Term Debt, Long Term Debt, less Cash and Cash Equivalents.

EAS/LE EAS/LE

31 December

2010

31 December

2011

LE (000) LE (000)

Assets

Property and Equipment (net) 21,710,070 17,367,279

Intangible Assets 8,584,912 9,347,975

Other Non-Current Assets 8,558,597 6,590,484

Total Non-Current Assets 38,853,579 33,305,738

Cash and Cash Equivalents 4,784,360 6,112,496

Trade Receivables 1,502,624 1,538,994

Assets Held for Sale 2,430,567 -

Other Current Assets 6,332,816 8,617,426

Total Current Assets 15,050,367 16,268,916

Total Assets 53,903,946 49,574,654

Equity Attributable to Equity Holders of the Company 12,246,749 11,359,381

Minority Share 458,581 380,942

Total Equity 12,705,330 11,740,323

Liabilities

Long Term Debt 22,314,854 20,972,669

Other Non-Current Liabilities 1,735,569 2,536,315

Total Non-Current Liabilities 24,050,423 23,508,983

Short Term Debt 5,639,775 3,269,496

Trade Payables 4,710,968 4,452,491

Other Current Liabilities 6,797,450 6,603,362

Total Current Liabilities 17,148,193 14,325,348

Total Liabilities 41,198,616 37,834,332

Total Liabilities & Shareholder’s Equity 53,903,946 49,574,654

Net Debt 23,170,269 18,129,668 2



Presence in Countries with Favourable Dynamics:

OTH serves a population of 415 million* with an average penetration of 48%

Population Figures from CIA Factbook (est. July 2012).

Mobile Penetration is based on December 31, 2011 subscriber figures & market share

*excluding Canada

Operations owned by Orascom Telecom (OTH has 65% indirect equity ownership in Globalive Canada but a minority voting stake)

PAKISTAN

Population: 190 million

GDP Growth: 2.4%

GDP/Capita PPP ($): 2,800

Pop. Under 15 years: 35%

Mobile Penetration: 58%

BANGLADESH


GDP Growth: 6.3%




BURUNDI


GDP Growth: 4.2%



CENTRAL AFRICA REPUBLIC


GDP Growth: 4.1%

Pop. Under 15 years3: 41%


ALGERIA


GDP Growth: 2.9%




CANADA


GDP Growth: 2.2%




ZIMBABWE


GDP Growth: 6%

Pop. Under 15 years3: 42%




Operational Overview

Djezzy – Algeria

Financial Data Operational Data

During the last quarter of 2011, Orascom Telecom

Algerie (OTA) continued to face a number of

challenges. The Bank of Algeria’s detrimental decision

issued in 2Q 2010, which is being challenged by OTA,

instructing the banks not to process any overseas foreign

currency transfer by OTA, is having devastating effects

on OTA’s network and reputation. For example, it is

preventing the importation of goods which are

necessary for maintenance purposes and for network

capacity expansion. This factor continues to exert

significant pressure on the network especially in terms of

quality, capacity and expansion. This factor is also

prejudicing international roaming agreements and

jeopardizing the possibility of launching any new

products which would ultimately require new

technological platforms. Despite these major obstacles

OTA is seeking to serve its customers with the best

possible network quality.

During 4Q 2011, OTA has continued to reinforce its

brand leadership through several initiatives. OTA

launched a new initiative called “Prodiges” aiming to

promote young Algerian talents active in all disciplines

(music, cinema, writing, sport, dance, entrepreneurship,

etc). This project will last 50 weeks, will involve famous

Algerian ambassadors (like Yasmina Khadra), has a

dedicated web site (www.djezzy.tv) and is broadcasted

on radio, billboard and press. OTA has also launched a

leadership campaign (Being number one) reinforcing

OTA’s leadership on network, products and customer

relationship.

On the sales side, OTA continued to market its mobile

telecommunication services through indirect channels

(distributors) and through the 87 owned “Djezzy”

branded shops. The nine exclusive national distributors

cover all the 48 Wilayas and are distributing OTA’s

products through 19,000 authorized points of sale

(“POS”). During 4Q 2011, OTA continued to focus on

expanding the network of POS selling post-paid from 87

(owned shops) in 1Q 2011 to +5,200 in 4Q 2011 (through

authorized POS) in order to increase post-paid gross

adds. OTA has branded 1,000 authorized points of sale

(“POS”) in order to reinforce its presence and expand its

87 owned “Djezzy” shops network.

Despite the extremely challenging conditions described

above, the overall customer base increased by 10% to

reach 16.6 million customers by the end of December

2011. OTA managed to maintain its leadership position in

terms of market share of gross adds, controlling the

largest distribution across all 48 Wilayas and operating

the largest network with 7,552 BTS by the end of the

quarter. Customer base and market share would have

been significantly further improved without the

detrimental effect of the adverse Governmental action

against OTA.

OTA also continued to control churn through the

continued enhancement of the “Imtyaz” loyalty

program with a special focus on high value customers.

Churn rate for 3 months dropped to historically low levels

from 5.7% in 4Q 2010 to 5.5% in 4Q 2011.

4Q - 2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

Dec

2010

Sept

2011

Dec

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010


Subscribers 15,087,393 16,288,615 16,595,233 10.0%

Revenues (US$ 000) 452,911 457,085 0.9%

Revenues (DZD bn) 32.84 33.86 3.1% Market Share 57.6% 57.7% 55.5% (2.1%)

EBITDA (US$ 000) 241,355 267,660 10.9%ARPU (US$)

(3 months)9.7 9.9 9.0 (7.2%)

EBITDA (DZD bn) 17.05 20.14 18.1%ARPU (DZD)

(3 months)724 715 673 (7.0%)

EBITDA Margin 53.3% 58.6% 5.3 MOU (3 months) 288 286 278 (3.5%)

Capex (US$ m) 35 21 (41%) Churn (3 months) 5.7% 5.5% 5.5% -0.2



OTA’s revenue evolution in the second half of 2011

followed a parallel trend to the actions undertaken by

OTA to mitigate operational handicaps. Revenues for

4Q 2011 showed a positive increase of 3% over the same

period of 2010, from DZD 32.8bn to DZD 33.9bn in line

with the recovery trend seen in previous quarters. By

carefully monitoring the value of customers being

acquired and not launching value destructive

promotions, OTA's EBITDA value (in DZD) increased by

18% and EBITDA margin increased by 5.3 p.p. compared

to 2010. Capex dropped from US$35m to US$ 21m mostly

due to the ban on overseas foreign currency transfers by

OTA, which is preventing the payment of essential

suppliers and creditors, the import of essential

equipment, and the undertaking of critical network

maintenance. The inability to carry out those

maintenance and expansion works and to secure

essential goods and services for the network represent a

key source of high operational uncertainty for the

months to come.



Mobilink – Pakistan


* Market share, as announced by the Pakistani Regulator is based on information disclosed by the other operators which use different subscriber recognition policies.

The Pakistani mobile market remained very competitive

in the period, with all the operators introducing multiple

campaigns with heavy media support. Mobilink kept its

product portfolio competitive through introducing new

products as well as investing in various platform

capacities to address the growing demand of services

from its existing and potential subscribers.

Mobilink increased its total closing subscriber base by

7.6% during 2011 by adding 2.4 million subscribers. In

local currency, the year over year revenue growth was

at 4% while EBITDA increased by 10% YoY.

Mobilink maintained its focus on high quality subscriber

acquisitions by introducing new sales promotions for

both pre-paid and post-paid customers in the last

quarter of 2011. Moreover, Mobilink’s regional offers

portfolio was expanded to cover additional cities, in line

with the growing industry trend of acquisition focused on

specific regions on the back of location based

aggressive pricing offers.

Mobilink’s youth portfolio continued to grow. In the

fourth quarter of 2011 ‘Such Baat Offer’ was launched

on Jazba, Mobilink’s youth tariff, enabling subscribers to

make hour long calls at a discounted rate. In addition to

that, a limited time offer was launched to mark the

celebration of Jazba’s first anniversary.

Building on its tradition of offering the latest handsets to

its customers, Mobilink further expanded its portfolio of

handsets and devices enabling its subscribers to choose

the device that would best suit their professional and

personal communications needs. The new handset

offerings in Q4 included ‘Blackberry® Bold 9900’, HTC

Radar; Pakistan’s first Windows® OS 7.5 smart phone and

HTC Explorer; an affordable Android 2.3 OS smart phone.

Customers buying these handsets were also offered free

internet for three months.

Remaining competitive in the international calling arena

continued to be one of Mobilink’s areas of focus. In

addition to the attractive international offers to Canada

and the UK that were launched in Q3, a new IDD offer

for Saudi Arabia was introduced in Q4, offering a

discounted call rate during the festivals of Eid and Hajj.

The passion for cricket runs deep in Pakistan and Jazz

decided to be an integral part of this passion by

becoming the title sponsor of international series

between Pakistan and Bangladesh. During this series a

thematic TVC was launched from the Jazz platform

featuring a popular cricket star.

4Q - 2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

Dec

2010

Sept

2011

Dec

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010


Subscribers 31,794,292 33,415,696 34,213,552 7.6%

Revenues (US$ 000) 280,863 285,175 1.5%

Revenues (PKR bn) 23.94 24.98 4.3% Market Share 31.4% 30.3% n.a. n.a.

EBITDA (US$ 000) 111,221 118,186 6.3%ARPU (US$)

(3 months)2.9 2.7 2.7 (6.9%)

EBITDA (PKR bn) 9.47 10.43 10.1%ARPU (PKR)

(3 months)245 236 235 (4.0%)

EBITDA Margin 39.6% 41.4% 1.8 MOU (3 months) 221 197 209 (5.4%)

Capex (US$ m) 48 110 129% Churn (3 months) 8.2% 8.8% 7.2% -1

*



banglalink – Bangladesh


* Market share, as announced by the Regulator in Bangladesh is based on information disclosed by the other operators which use different subscriber recognition policies.

banglalink has surpassed the 20 million subscriber mark

this year having reached 23.8 million customers as of

December 31st, 2011, up 23% YoY. The company

maintained a selective acquisition strategy from

February till June in anticipation of SIM tax reduction,

which was effective in June – Government reduced SIM

tax by Tk. 194. banglalink started aggressive acquisition

from the end of 2Q 2011. As a result, the market share at

the end of 2011 increased to 27.9%.

banglalink’s revenue has grown by 5% compared to

2010. The 4Q 2011 revenue was BDT 9.9 billion showing a

16.5% increase in comparison with 4Q 2010.

EBITDA in 4Q 2011 was US$ 25 million which is 20% lower

than the same period last year. EBITDA margin dropped

to 19.2% compared to 25.2% in previous year, due to SIM

tax subsidy as the company had aggressive acquisition

during 4Q 2011. Capital expenditure in 2011 was US$ 69

million, a 16% decline compared to 4Q 2010.

In 4Q 2011, banglalink enriched its portfolio with the per

second tariff and the new version of its post-paid tariff

“inspire”. In an effort to increase revenue and to face

the currency devaluation, banglalink started several

revenue enhancement initiatives coupled with targeted

promotions along with the usual loyalty programs,

handset bundles, bonus on usage, and reactivation

promotions. banglalink is maintaining the leadership

position in VAS services in terms of breadth of offer. In 4Q

2011, banglalink launched new services such as ‘job

alert’, ‘matrimony alert’ and foreign employment info-

service and added to its mobile financial services the

mobile based insurance premium collection in

collaboration with Jiban Bima Corporation.

banglalink Mobile Cash service won the mBillionth South

Asia Award 2011 in the category m-Business and

Commerce/Banking. BPO (Bangladesh Post Office)’s

EMTS service which runs with banglalink support has won

the mBillionth award in the same category this year. BPO

has also been nominated for The UN’s World Summit

Award (WSA) for the same service which is another

prestigious global award. AIS (Agriculture Information

Services – a Government body under Ministry of

Agriculture of Bangladesh) got the nomination for

mBillionth award for the ‘Mobile based Agriculture

Information Service’ where banglalink is the partner of

the project. The service has won National Digital

Innovation Award 2011. ‘Banglalink Krishi Bazaar’ (agro

market service) has achieved World Communication

Award 2011 in the category of Best New Consumer

Service.

The Government of Bangladesh has reduced SIM Tax by

Tk.194 in the national budget declared in June 2011. The

Government has finalized the 2G license renewal

guideline for 4 major operators in November 2011.

banglalink, along with 3 other renewing operators,

submitted an application with necessary fees for

renewal of which 49% have been paid and rest is

4Q - 2010

(3 months)

4Q - 2011

(3 months)

Inc/

(dec)

Dec

2010

Sept

2011

Dec

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010


Subscribers 19,327,005 22,139,953 23,753,552 22.9%

Revenues (US$ 000) 122,285 128,278 4.9%

Revenues (BDT bn) 8.5 9.9 16.5% Market Share 28.5% 27.2% 27.9% (0.6%)

EBITDA (US$ 000) 30,772 24,670 (19.8%)ARPU (US$)

(3 months)2.1 1.9 1.8 (14.3%)

EBITDA (BDT bn) 2.13 2.05 (3.6%)ARPU (BDT)

(3 months)149 147 140 (5.8%)

EBITDA Margin 25.2% 19.2% (6.0) MOU (3 months) 221 214 207 (6.3%)

Capex (US$ m) 82 69 (16%)

Churn (3 months) 4.6% 4.2% 5.4% 0.8

*



payable in 3 installments each being 17%. Under the

guideline, banglalink has to pay approximately US$ 256

million for a 15 years license. Bangladesh Bank, the

central bank of the country, has published the guideline

for mobile financial services and approved all types of

mobile based financial services, but MNOs are required

to get approval through a bank.

The unilateral directive from regulator to stop building

and leasing FON from Nov 2011 has been postponed till

the NTTN (National Telecom Transmission Network)

licensees are ready to provide service to the ISPs.

banglalink with other operators are pursuing to withdraw

this directive. On the other hand, the Government, as

part of its vision of Digital Bangladesh by 2021, has taken

up aggressive data infrastructure projects of 1500 km

fiber cable and additional international bandwidth of

145 Gbps.

The regulator, BTRC, has formulated guideline to issue

more IGW, IIG, submarine cable, ICX and satellite

licenses in 2011. The government has also issued 6

licenses for international terrestrial cable (ITCs) to local

entities. MNOs were barred from getting a license for

ITC. The regulator also decided that all of the five PSTN

operators who were forced to shut down would get

back their licenses and two operators already received

them. The government has given permission to state

owned operator Teletalk for pilot launch of 3G service,

which is to be launched by June 2012. The 3G license

awarding process is likely to happen in 2012, with the 3G

Spectrum auction tentatively planned in June 2012.

There will be separate guidelines for SMP and MNP as

has been mentioned in the 2G renewal guidelines. MNP

is also expected to be introduced sometime later this

year, but SMP timeline has no visibility till now.



Equity Method

WIND Mobile– Canada

Globalive Wireless Management Corp. (“Company” or

“GWMC”), a Canadian wireless operation jointly owned

by AAL Holdings Corporation and Orascom Telecom

operating under the brand name WIND Mobile,

celebrated its second year of operations in the

Canadian market.

Following WIND’s re-launching its “WIND Mobile” brand

targeting the “Value Plus” customer segment in Canada

during Q3, WIND successfully executed on its new post-

paid strategy by extending its handset program (“TAB”)

to a new TAB+ program. This new program includes

larger subsidies and a broader range of high-end

Android, Blackberry and Windows 7 handsets; this has

directly expanded WIND’s target market to overlap

more directly with the incumbents Canadian operators

across all their brands, including in their higher value

customer segments (and thus lower churn, higher ARPU,

better credit quality and higher lifetime value

customers). The effect has been positive, as greater

than 50% of WIND Canada’s gross additions in Q4 2011

were post-paid sales. WIND had post-paid net additions

of 41,000 in Q4 2011.

WIND continued to play a significant role in shaping the

pre-paid market in Canada during Q4 2011 as the most

competitive quarter on record, pre-paid net additions

for the Canadian incumbent operators collectively

remained negative. Although WIND had positive pre-

paid net additions in Q4 2011, WIND elected not to

follow unreasonably aggressive pricing waves adopted

by low end market entrants proven to have no financial

feasibility and in fact unsustainable in the mid-term for

the high dormancy and churn rates coupled by

significantly lower ARPU and negative lifetime value of

such customers. WIND’s commitment to the pre-paid

market in Canada continued, but reflected a conscious

and disciplined mandate not to match competition

purely on lower prices.

WIND grew its distribution materially, ending 2011 with

211 WIND Mobile-branded locations and a total of 453

points of sale.

WIND has successfully completed a series of changes

during the second half of 2011 to accommodate the

above strategic shifts, in a reaffirmation of its

commitment to being Canada’s fourth national

operator. Management replacements or additions

included Chief Executive Officer, Chief Operating

Officer, Chief Technical Officer, Chief Marketing Officer,

Chief Regulatory Officer and head of Customer Care.

WIND management focused heavily on retooling

its network rollout processes and approach with a clear

goal to speed up site deployment, quality, and data

speed by upgrading the network to HSPA+. Accordingly

WIND has successfully increased its coverage to over

12.7 million people (representing 37% of Canada’s total

populace and 47% of the licensed populace) with more

than 1,060 sites on Air. Geographical expansion in

Ontario included St. Catharines, Welland, Niagara Falls,

London, Kitchener, Waterloo, Guelph and Cambridge,

Alberta in Fort Saskatchewan and British Columbia in

Abbotsford. This also reflected WIND continuing

commitment to lower density communities.

Two major announcements from the Canadian

Government are expected in Q1 2012. The first

concerns its policy regarding an upcoming auction

(expected to take place in H1 2013) of 700MHz

spectrum. Most critically, the government will answer

whether that policy will include a set-aside of one of the

two key useable blocks of such spectrum from the three

large incumbent operators. WIND Canada, strongly

supported by independent consumer advocacy groups,

has been actively lobbying for such a set-aside (since it

is expected the Incumbent operators, which operate as

a cozy oligopoly, would, in either in an open auction or

Dec

2010

Sept

2011

Dec

2011

Inc/(dec)

Dec 2011 vs.

Dec 2010

Operational Data

Subscribers 232,641 358,000 403,000 73.2%

ARPU (US$)(3 months) 30.0 25.9 26.0 (13.3%)

ARPU (CAD)(3 months) 29.0 27.1 26.4 (9.0%)



in an auction with a cap, ensure by overbidding that no-

one but one of them acquired the key blocks of useable

spectrum).

Secondly, the government is expected to announce its

long-awaited decision whether to lift (for at least

companies other than the three large incumbent

operators) the existing restrictions on non-Canadian

ownership and control of telecommunications

companies operating in Canada. WIND Canada has, in

line with global standards and the conclusions and

recommendations of three key multi-party policy reports

over the last decade, been actively lobbying for the

removal of these antiquated and unnecessary foreign

ownership restrictions, which serve no policy objective

and which act purely as a barrier to the much-needed

capital required to build out and operate as a facilities-

based competitor to the incumbent operators in

Canada.



Table 19: Ownership Structure & Consolidation Methods

1. Mobinil is a holding company which controls 51% of ECMS, the mobile operator. Mobinil is also the brand name used by ECMS.

2. Direct and Indirect stake through Moga Holding Ltd. and Oratel.

3. OT Ventures owns 100% of Sheba Telecom which operates under the trade name banglalink.

4. Direct and Indirect stake through International Telecommunications Consortium Limited (ITCL).

5. OIH owns 100% of Orascom Telecom Iraq which sold Iraqna in December 2007.

6. Holding company for OTH’s Share in Globalive which has been accounted for under the equity method.

2010 2011 2010 2011

GSM Operations

Mobinil (Egypt) 28.75% 28.75% Equity Method Demerged

Egyptian Co. for Mobile Services 20.00% 20.00% Equity Method Demerged

IWCPL (Pakistan) 100.00% 100.00% Full Consolidation Full Consolidation

Orascom Telecom Algeria 96.81% 96.81% Full Consolidation Full Consolidation

Telecel (Africa) 100.00% 100.00% Full Consolidation Full Consolidation

Orascom Telecom Tunisia 50.00% Divested Proportionate Consolidation Divested

Telecel Globe 94.00% 100.00% Full Consolidation Full Consolidation

OT Ventures 100.00% 100.00% Full Consolidation Full Consolidation

CHEO 75.00% 75.00% Full Consolidation Demerged

Internet Service

Intouch 100.00% 100.00% Full Consolidation Demerged

Non GSM Operations

Ring 99.00% 99.00% Full Consolidation Full Consolidation

OTCS 100.00% 100.00% Full Consolidation Full Consolidation

OT ESOP 100.00% 100.00% Full Consolidation Full Consolidation

OT Services Europe 100.00% 100.00% Full Consolidation Full Consolidation

MedCable 100.00% 100.00% Full Consolidation Demerged

Mena Cable 100.00% 100.00% Full Consolidation Demerged

Moga Holding 100.00% 100.00% Full Consolidation Full Consolidation

Oratel 100.00% 100.00% Full Consolidation Full Consolidation

C.A.T. 50.00% 50.00% Proportionate Consolidation Proportionate Consolidation

OT Wireless Europe 100.00% 100.00% Full Consolidation Full Consolidation

OT WIMAX 100.00% 100.00% Full Consolidation Divested

TWA 51.00% 51.00% Full Consolidation Demerged

OIIH 100.00% 100.00% Full Consolidation Demerged

OT Holding 100.00% 100.00% Full Consolidation Full Consolidation

FPPL 100.00% 100.00% Full Consolidation Full Consolidation

MinMax Ventures 100.00% 100.00% Full Consolidation Full Consolidation

OIH 100.00% 100.00% Full Consolidation Full Consolidation

OTFCSA 100.00% 100.00% Full Consolidation Full Consolidation

OT Holding Canada 100.00% 100.00% Full Consolidation Full Consolidation

ITCL 50.00% 50.00% Proportionate Consolidation Proportionate Consolidation

SAWLTD 100.00% 100.00% Full Consolidation Full Consolidation

OT_OSCAR 100.00% 100.00% Full Consolidation Full Consolidation

OTLB 100.00% 100.00% Full Consolidation Demerged

TMGL 100.00% 100.00% Full Consolidation Full Consolidation

OTO 100.00% 100.00% Full Consolidation Full Consolidation

C.C 100.00% 100.00% Full Consolidation Divested

OTUH 100.00% 0.00% Full Consolidation Divested

Waselabank 100.00% 100.00% Full Consolidation Full Consolidation

CORTEX 100.00% 100.00% Full Consolidation Full Consolidation

Subsidiary

Ownership

December 31

Consolidation Method

December 31

2

1

3

4

5

6



Appendix

Glossary

ARPU (Average Revenue per User): Average monthly recurrent revenue per customer (excluding visitors roaming revenue and connection fee). This includes airtime revenue (national and international), as well as, monthly subscription fee, SMS, GPRS & data revenue. Quarterly

ARPU is calculated as an average of the last three months.

Capex: Tangible & Intangible fixed assets additions during the reporting period, includes work in progress, network, IT, and other tangible and intangible fixed assets additions but excludes license fees.

Churn: Disconnection rate. This is calculated as the number of disconnections during a month divided by the average customer base for that month.

Churn Rule: A subscriber is considered churned (removed from the subscriber base) if he exceeds the 90 days from the end of the validity period without recharging. It is worth noting that the validity period is a function of the scratch denomination. In cases where scratch cards

have open validity, the subscriber is considered churned in case he has not made a single billable event in the last 90 days (i.e. outgoing or

incoming call or sms, wap session…). Open cards validity is applied for OTA, Mobilink, Mobinil and banglalink so far. A koryolink customer is

considered churn if he/she does not recharge within four months after the validity of the scratch card.

MOU (Minutes of Usage): Average airtime minutes per customer per month. This includes billable national & international outgoing traffic originated by subscribers (on-net, to land line & to other operators). Also, this includes incoming traffic to subscribers from land line or other

operators.

OTH’s Market Share Calculation Method: The market share is calculated through the data warehouse of OTH’s subsidiaries. The number of SIM cards of competitors that appeared in the call detail record of each of OTH’s subsidiaries is collected. This reflects the number of subscribers of the competition. However, OTH deducts the number of SIM cards that did not appear in the call detail records for the last 90

days to account for churn. The same is applied to OTH subsidiaries. This method is used to calculate the market shares of Djezzy and Mobinil

only. In Pakistan and Bangladesh, Market share as announced by the Regulators is based on disclosed information by the other operators

which may use different subscriber recognition policy.

For more information: Investor Relations

Orascom Telecom Holding S.A.E.

Nile City Towers – South Tower - 27th Floor – Ramlet Beaulac

Tel: +202 2461 5050 / 51 Fax: +202 2461 5055 / 54

Email: [email protected] Website: www.orascomtelecom.com

This presentation contains statements that could be construed as forward looking. These statements appear in a number of places in this presentation and include statements regarding

the intent, belief or current expectations of the subscriber base, estimates regarding future growth in the different business lines and the global business, market share, financial results

and other aspects of the activity and situation relating to the company.

Such forward looking statements are no guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking

statements as a result of various factors.

You are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation, which is not intended to reflect Orascom

Telecom’s business or acquisition strategy or the occurrence of unanticipated events.

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