EMIRATES TELECOMMUNICATIONS CORPORATIONS ETISALAT · Where this Presentation contains summaries of...

Etisalat Group

Investor Presentation

September 2015

Aspire Forward

Emirates Telecommunications Group Company PJSC and its subsidiaries (“Etisalat Group” 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. Key Company Highlights

2. Financial Overview

3. Appendix

1. Key Company Highlights

Etisalat Group

5

$36 Billion Market Cap

The most valuable Company of

UAE

The most valuable Telecom

Company in the MENA Region

18 Countries

Diversified portfolio

170 million aggregate subscribers

across our footprint

Revenue

The largest revenue for telco

Group in ME and Africa Region

EBITDA Margin

among the highest in the

industry

Credit Ratings

highest rated telco outside Asia

Key Company Highlights

6

Strong Relationship with

the UAE Government

Leading Telecom

Operator With Largest

Market Cap among

Middle East & Africa

Telcos

Strong FCF Profile with

Consistent History of

Returning Capital to

Shareholders

Diversified Operator

with Exposure to

Attractive and High

Growth Markets Across

Africa and Asia

Highly Rated Telco

(Aa3/AA-/A+) with Low

Leverage

1

3

4

5

2

Top Telecom Companies in ME & Africa

7

Top 10 GCC Companies(1)

Leading Telecom Operator in the Middle East and Africa

Source: Bloomberg Data as at 1 November 2015

(1) Ranking by Market Cap

1

Top 10 UAE Companies(1)

$36bn

$33bn

$21bn

$16bn

$10bn

$9bn

$7bn

$6bn

$6bn

$5bn

$3bn

$2bn

Etisalat Group

STC

MTN Group

Vodacom

Maroc Telecom

Turk Cell

Ooredoo

Du

Mobily

Zain Group

Vodafone Qatar

Asia Cell

$66bn

$36bn

$35bn

$33bn

$22bn

$20bn

$19bn

$18bn

$15bn

$12bn

SABIC

Etisalat Group

Qatar National Bank

STC

Al Rajhi Bank

Industries Qatar

Saudi Electricity

Kingdom Holding

FGB Bank

Emaar Proporties

$36bn

$17bn

$15bn

$13bn

$13bn

$12bn

$11bn

$10bn

$7bn

$5bn

Etisalat Group

DP World

FGB Bank

Emirates NBD

NBAD

Emaar Proporties

Emaar Malls

ADCB

DIB

Aldar Properties

8

H1 2015 Revenue (USD bn)(1)

Source: Bloomberg

1

H1 2015 EBITDA (USD bn)(1)

Top 10 Telecom Companies in Middle East and Africa

Leading Telecom Operator in the Middle East and Africa

0.6

0.8

0.9

1.0

1.0

1.2

1.7

2.6

2.7

3.7

Du

Zain Group

Maroc Tel

Turk Telecom

Turk Cell

Vodacom

Ooredoo

MTN Group

STC

Etisalat Group

1.7

1.9

1.9

2.4

2.7

3.5

4.4

5.8

6.6

7.1

Maroc Tel

Zain Group

Mobily

Turk Cell

Turk Telecom

Vodacom

Ooredoo

MTN Group

STC

Etisalat Group

Diversified Telecom Operator

9

Etisalat Misr, Egypt

Licence type Mobile & Internet

% Ownership 66%

Canar, Sudan

Licence type Fixed

% Ownership 92%

Etisalat, Afghanistan

Licence type Mobile

% Ownership 100%

(1) The 53% stake in Maroc Telecom is held by Etisalat Investment North Africa LLC (EINA), an indirect subsidiary of Etisalat in which Etisalat holds effective ownership of 91.3% and Abu Dhabi Fund for Development holds the remaining 8.7%.

(2) Maroc Telecom ownership.

Maroc Telecom, Morocco

Licence type Mobile, Fixed & Internet

% Ownership(1) 53%

Mauritel, Mauritania


% Ownership(2) 41%

PTCL, Pakistan


% Ownership 23%

Etisalat Lanka, Sri Lanka

Licence type Mobile

% Ownership 100%

Thuraya, UAE

Licence type Satellite telecommunication

% Ownership 28%

Network coverage

140 countries

Etisalat, UAE


% Ownership 100%

Etihad Etisalat (Mobily),Saudi Arabia

Licence type Mobile & Internet

% Ownership 27%

Gabon Telecom, Gabon


% Ownership(2) 51%

Onatel, Burkina Faso


% Ownership(2) 51%

Atlantique Telecom, Moov – West Africa

Licence type Mobile

% Ownership(2) 100%

Sotelma, Mali


% Ownership(2) 51%

EMTS, Etisalat Nigeria

Licence type Mobile

% Ownership 40%

Maroc Telecom(4)

Other Africa

Middle East

Asia

2

16%

18%

14%

2013 2014 9M'15

9.6

(3.7)(5.6)

2013 2014 9M'15

Strong Financial Profile and Consistent Track Record of Shareholder Remuneration

10

Strong Cash

Flow

Generation,

Consistent

Reinvestment

and Robust

Balance Sheet

Operating Cash Flows (AED bn) Capex / Revenue (%) Net Cash/(Debt) Position (AED bn)

Consistent

History of

Attractive

Shareholder

Returns

Dividend Payout Ratio (%)

3

13.0

17.2

11.6

2013 2014 9M'15

78.2%

62.2%

93.7%

2013 2014 H1'15

5.54 5.54

3.48

0.70 0.700.40

2013 2014 H1'15

Dividend (AED bn) DPS

6.0% 6.1% 6.0%

2013 2014 H1'15(1)

1. Annualized dividend yield stock price is based on actual payment date of 18 August 2015

Dividend (AED bn) & DPS (AED Dividend Yield (%)

Highest Rated Telco outside Asia with Strong Balance Sheet and Lowest Leverage Among Peers

11

MEA Telco Ratings and Total Debt / EBITDA Etisalat’s Credit Rating

A+/Stable

AA-/Stable

Aa3/Stable

Net Cash (Net Debt) / EBITDA

Source: Company filings, Bloomberg

4

0.51x

-.16x-0.19x

2013 2014 9M'15

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

4

2

6

-2

8

12

14

16

yyy

Ooredoo, A-

STC, A+

Etisalat, AA-xxx

Ratings

Debt/EBITDA

Bharti, BBB-

MTN, BBB-

Batelco, BB+

AA-

AA-

Strong Relationship with the UAE Government

12

5

Access to-Government support, as highlighted by the recent Maroc Telecom acquisition

Established by the UAE Federal Government Decree No. 78 in 1976

Majority owned (60% by the UAE Federal Government

7 out of 11 Members of the Board of Directors, including the Chairman, are appointed by the UAE Government

Important contributor tothe UAE Federal budget

Strong link to the UAE Government recognized by Ratings Agencies

Corporate Update

13

Most Recent

Development

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

Allowing Foreign and Institutional investors to own Etisalat’s share

Completed sale of Atlantique Telecom

Completed sale of 85% shareholding in Zantel

Completed towers sale and leaseback in Nigeria

Infrastructure sharing in the UAE

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

services

Renewal of 2G license in Mauritania

completed the tap issuance of US$400 million notes under its US$7bn

GMTN Program;

Credit Ratings Agencies Standards & Poor’s, Moodys and Fitch affirmed

Etisalat high credit rating at AA-/Aa3/A+ with stable outlook

2. Financial Overview

Etisalat Group

15

9M 2015 Highlights

9M 2015AED Million

Revenue

% in Total

EBITDA

EBITDA Margin

Capex

Capex/Revenue

UAEYoY%

21,868 +9%

56% -1pp

12,393 +8%

57% 0pp

2,256 +40%

10% +2pp

Int’lYoY%

16,913 +13%

43% +1pp

7,387 +8%

44% 0pp

3,098 -31%

10% -12pp

Consolidated

YoY%

39,066 +11%

100%

20,038 +8%

51% +1pp

5,378 -13%

14% -4pp

Robust revenue growth led by strong performance of UAE operations and consolidation of Maroc Telecom

― Strong revenue growth in UAE

― Int’l performance benefited from consolidation of Marc Telecom

Steady improvement in EBITDA level in absolute terms and in EBITDA margin

Capex decline attributed to higher capex spend on 3G/2G license acquisition/renewal in Pakistan in 2014

Strong revenue growth with Y/Y revenue growth of

17% mainly attributed to strong performance of UAE

and consolidation of Maroc Telecom Group

Revenue growth in the UAE is mainly due to strong

post-paid & eLife customer acquisition coupled with

strong data revenue performance and handset sales

Revenue from international operations increased Y/Y by

13% and contributed 43% of consolidated revenues an

improvement of 1 points compared to 9M’14:

― Positive contribution from consolidation of

Maroc Telecom Group of 9 months in 9M’15

compared to 5 months in 9M’14

― Negative contribution from Egypt and Pakistan

due to currency depreciation, increased

competition and imposed regulatory measures

in the mobile segment

Int'l43%

UAE56%

Others1%

Group Revenue

16

Revenue (AED m) and YoY growth (%) 9M 2015 Highlights

Geographical Split of Revenue (9M’15)

Egypt20%

Pakistan19%

MT Group (1)

55%

Others7%

Domestic vs. Int’l International

(1) Maroc Group countries are Morocco, Benin, Burkina Faso, Central African Republic, Cote d’Ivoire, Gabon, Mali, Mauritania, Niger and Togo

32,946

38,853

48,767

35,30439,066

22%

11%

2%

18%

26%

FY'12 FY'13 FY'14 9M'14 9M'15

Revenue YoY growth %

Group EBITDA

17

Consolidated EBITDA increased by 13% with margin

improvement to 51%

EBITDA of UAE operations grew by 8% due to higher

revenue and better cost measures

EBITDA of consolidated international operations increased by

20% resulting in 37% contribution to Group EBITDA, an

improvement of 2 points compared to 9M’14

― Consolidation of Maroc Telecom improved EBITDA of

Int’l operations;

― Egypt impacted by higher network cost and currency

depreciation; and

― Pakistan impacted by decline in international incoming

traffic and price pressure in the mobile segment

EBITDA Margin improved to 51% mainly due to higher

EBITDA in the UAE and consolidation of Maroc Telecom

Group

EBITDA (AED m) & EBITDA Margin 9M 2015 Highlights

Geographical Split of EBITDA (9M’15)

Egypt18%

Others4%

Pakistan14%

MT Group (1)

65%

Inter-National

37%

UAE62%

Others1%


16,85518,901

23,365

17,75920,038

50% 51%51% 49% 48%

FY'12 FY'13 FY'14 9M'14 9M'15

EBITDA EBITDA Margin


Group CAPEX

18

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

Capex decreased Y/Y by 13% mainly attributed to

higher capex spend on 3G license acquisition and 2G

license renewal in Pakistan in H1’14

― On a like for like capex increased by 7%;

― Capex/Revenue ratio flat at 13%

Capital spending in the UAE increased by 40% focusing

on network modernization and enhancing eLife product

portfolio and ICT capabilities

Capital expenditure in international operations declined

by 31% and contributed 58% of consolidated capex in

9M’15:

― Higher capex spend in Maroc Telecom Group

due to 4G license acquisition in Morocco and 2G

license renewal in Mauritania;

― Lower capex spend in Pakistan due to 3G license

acquisition and 2G license renewal in H1’14

9M 2015 Highlights

Geographical Split of CAPEX (9M’15)

MT Group 58%

Pakistan22%

Egypt17%

Int’l58%

UAE42%


Others3%

(2)

4,164

6,334

8,914

6,1655,378

17%14%13%

16%18%

FY'12 FY'13 FY'14 9M'14 9M'15

CAPEX CAPEX/Revenue

13% 13%14%


Group Balance Sheet, Cash Flows and Debt Profile

19

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

Cash & Cash Equivalent 18,543 18,350

Total Assets 128,835 125,530

Total Debt 22,229 23,325

Net Cash / (Debt) (3,686) (4,975)

Total Equity 60,402 56,623

Borrowings by Operation 9M’15 (AED m)

Borrowings by Operation 9M’15 (AED m)Net cash position (AED m) 9M ‘14 9M ‘15

Operating 10,783 11,566

Investing (21,454) (5,212)

Financing 10,453 (6,742)

Net change in cash (218) (388)

Effect of FX rate changes 623 282

Reclassified as held for sales (10) (86)

Ending cash balance 15,854 18,445

15,433

4,460

2,135 1,015

283

Group MT Egypt Pakistan Sri Lanka

14,873

7,752

313 387

Bonds Bank Borrowings Vendor Financing Others

20

Country by Country Financial Review

UAE: Continued strong operational & financial performance

21

9M 2015 Highlights

Solid operational performance

― 11.6 million subscribers (+7%)

Robust revenue growth led by strong performance of

fixed and mobile broadband

Stable EBITDA margin

UAE Market Facts

19M Total

Subscribers

200%Mobile

Penetration

Financial Performance

AEDMillion

FY’14 YoY% 9M’15 YoY%

Revenue 27,095 +9% 21,868 +9%

EBITDA 14,957 +6% 12,393 +8%

EBITDA % 55% -2pp 57% 0pp

Profit 7,309 +20% 5,496 +8%

Capex 2,524 +25% 2,256 +40%

~ 90%FTTH

Coverage

~ 90%LTE

Coverage

> +80%Smartphone Penetration

Etisalat UAE financial Performance: Steady growth

22

EBITDA (AED bn) / EBITDA %Revenue (AED bn) / YoY Growth (%)

Free Cash Flow (1) (AED bn)Net Profit (AED bn) / YoY Growth (%)

(1) Free Cash Flow represents EBITDA less Capex

10.1 10.7

11.4 12.4

60% 58% 57% 57%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

9M'12 9M'13 9M'14 9M'15

EBITDA EBITDA %

16.9 18.5

20.1 21.9

-4%

9% 9% 9%

-10%

-5%

0%

5%

10%

15%

20%

0.0

5.0

10.0

15.0

20.0

25.0

9M'12 9M'13 9M'14 9M'15

Revenue YoY %

4.5 4.6 5.1

5.5

26% 25% 25% 25%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

9M'12 9M'13 9M'14 9M'15

Profit Profit %

8.8

9.2

9.8

10.1

9M'12 9M'13 9M'14 9M'15

FCF

UAE market performance: Growing market & value share

23

Total UAE Market Revenue (AEDm)Total UAE Market Subscriber (000)

Value ShareMarket Share

15,812

18,024 18,775

19,343

13%14%

4%3%

0%

5%

10%

15%

20%

25%

30%

5,000

7,000

9,000

11,000

13,000

15,000

17,000

19,000

21,000

FY'12 FY'13 FY'14 9M'15

Total Market YoY %

32,588 35,561

39,331

31,057

3%

9%11%

9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

FY'12 FY'13 FY'14 9M'15

Revenue YoY %

56.8% 57.7% 58.5% 59.9%

43.2% 42.3% 41.5% 40.1%

FY'12 FY'13 FY'14 9M'15

Etisalat DU

69.8% 69.6% 68.9% 70.4%

30.2% 30.4% 31.1% 29.6%

FY'12 FY'13 FY'14 9M'15

Etisalat Du

Competitive Landscape: The leading telecom operator

24

Fixed Market ShareMobile Market Share

Fixed Value ShareMobile Value Share

52.3%53.9%

55.2%57.0%

47.7%46.1%

44.8%

43.0%

FY'12 FY'13 FY'14 9M'15

Etisalat DU

83.0% 83.8% 81.7% 80.7%

17.0% 16.2% 18.3% 19.3%

FY'12 FY'13 FY'14 9M'15

Etisalat Du

60.1%63.6% 63.1% 65.5%

39.9%36.4% 36.9% 34.5%

FY'12 FY'13 FY'14 9M'15

Etisalat Du

82.9%87.2% 86.5% 86.1%

17.1%12.8% 13.5% 13.9%

FY'12 FY'13 FY'14 9M'15

Etisalat DU

+ 4.7pp

-3.5pp

-0.5pp

+1.3pp -0.8

pp-2.1pp

-3.2pp

+ 3.2pp

UAE: Subscriber growth in high quality segments

25

(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)

1.42 1.68 1.71

7.45 7.69 7.94

119116 117

Q3'14 Q2'15 Q3'15

Postpaid Prepaid Blended ARPU

1.01 0.93 0.90

127 133

125

Q3'14 Q2'15 Q3'15

Fixed ARPL

0.75 0.82 0.84

386 404 398

Q3'14 Q2'15 Q3'15

E-Life (2P & 3P) ARPL

0.96 1.03 1.04

493 499 498

Q3'14 Q2'15 Q3'15

Fixed BB ARPL

MoroccoBurkina

FasoGabon Mali Mauritania

Newly Acquired(2)

Population (m) 33.5 17.9 1.60 16.3 3.7 65.4

GDP per Capita ($)(4) 3,045 631 9,343 673 1,347 2,148

GDP Growth (%) 4.4 5.0 4.4 5.6 5.5 5.7

Penetration Rate (%)

M127/F 5 72 120 136 101 73

ARPU ($) 6.5 3.0 11.1 2.7 6.3 5.6

Number of Players 3 3 4 2 3Between 2 and

5

Country Position 1 1 3 2 1 2-4

Started to consolidate the results of Atlantique Telecom Group

from 26 January, 2015

Strong subscriber acquisition driven by Int’l operations

Revenue growth impacted by currency depreciation ― Y/Y growth in local currency of 17% mostly due to the

consolidation of Atlantique Telecom

Maintained healthy EBITDA margin at 52% level

Increase in capital spending due to 4G license acquisition in

Morocco and 2G License renewal in Mauritania

Maroc Telecom: Increased footprint into 5 new markets & sign of recovery in MoroccoMorocco, Benin, Burkina Faso, CAR, Gabon, Ivory Coast, Mali, Mauritania, Niger and Togo

26

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

9M 2015 Highlights

32.9

37.2 40.2 39.4

50.7

FY'12 FY'13 FY'14 9M'14 9M'15

Macro and Market Snapshot (9M’15) (3)(4)

12,686 12,477 12,728

9,610 9,247

56% 52%56% 57% 54%

FY'12 FY'13 FY'14 9M'14 9M'15

Revenue EBITDA %

2,339 2,159

1,995

871

1,800

17% 19%18% 17% 16%

FY'12 FY'13 FY'14 9M'14 9M'15

CAPEX CAPEX/Revenue

(1) Revenue figures in AED for FY”12, FY’13, FY’14, & 9M1’14 are not comparable to 9M’15 due to differences in accounting policies

(2) Newly Acquired Operations are in Benin, CAR, CDI, Gabon, Niger and Togo

(3) Source: World Bank and GSMA Intelligence

(4) Based on latest available statistics

15%

Subscriber growth impacted by regulatory imposed control over indirect

distribution channel

Revenue growth Y/Y impacted by currency depreciation and slow-down

in subscriber acquisition

― Maintained growth in local currency

EBITDA impacted by higher network costs and utility/electricity expenses

Capex/Revenue Ratio declined to 17% with capital spending mainly

focussed on network expansion and capacity

Egypt: Performance impacted by regulatory measures and currency depreciation

27

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

9M 2015 Highlights

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

(2) Source: IMF, Business Monitor International


Macro and Market Snapshot (9M 2015) (1) (3)

Population (m) 86.7

GDP per Capita($) 3,304

GDP Growth (%) 2.2

Penetration Rate (%) 113

ARPU ($) 3.3

Number of Players (Mobile)

3

Country Position 3

97 100 95 95 95

FY'12 FY'13 FY'14 9M'14 9M'15

5,075 4,742 4,844

3,551 3,298

39% 39%39% 36% 37%

FY'12 FY'13 FY'14 9M'14 9M'15

Revenue EBITDA %

1,174 1,229 1,229

692

540

19% 16%23% 26% 26%

FY'12 FY'13 FY'14 9M'14 9M'15

CAPEX CAPEX/Revenue

27.6 28.2

26.3 26.7

22.8

FY'12 FY'13 FY'14 9M'14 9M'15

Pakistan: Intense regulatory and competitive environment in the mobile segment

28


Subscriber growth impacted by regulatory mandated biometric

verification measures

― DSL and EVO subscribers grew Y/Y by 8% each

Revenue growth impacted by adverse competitive environment in the

mobile segment and lower international incoming traffic

EBITDA margin declined to 31% due to lower revenue coupled with

higher interconnection & termination costs

Decline in capital spending due to the high capex spend on 3G

license acquisition and 2G license renewal during H1’14

9M 2015 Highlights Macro and Market Snapshot (9M 2015) (1) (2)

Population (m) 186.3

GDP per Capita ($) 1,243

GDP Growth (%) 4.1

Penetration Rate (%) Mobile 64 / Fixed 3

ARPU ($) 1.9

Number of Players (Mobile/ Fixed) 5

Country Position Fixed 1 / Mobile 4



4,653 4,761 4,719

3,618

3,245

34% 31%28%

35%

27%

FY'12 FY'13 FY'14 9M'14 9M'15

Revenue EBITDA %

1,094 1,392

2,965

2,527

666

70%

21%24%

29%

63%

FY'12 FY'13 FY'14 9M'14 9M'15

CAPEX CAPEX/Revenue

33%32%

30%

Nigeria: Solid execution despite macro economic pressures

29


Maintained strong subscriber growth leveraging better quality

network

Revenue growth Y/Y impacted by currency devaluation

― Strong revenue growth in local currency driven by improved

commercial activities & new products

EBITDA margin stable despite tower rental impact

Capital/ revenue ratio reduced to 23% level with capital spending

focused on supporting growth in subscription and traffic

9M 2015 Highlights Macro and Market Snapshot (9M 2015) (1) (2)

Population (m) 174.0

GDP per Capita ($) 1,343

GDP Growth (%) 6.31

Penetration Rate (%) 81%

ARPU ($) 8.4

Number of Players 4

Country Position 3

14.9

17.0

21.1 19.9

23.5

FY'12 FY'13 FY'14 9M'14 9M'15



2,957 3,341

4,343

3,230 3,123

15% 14%6%

1%

15%

FY'12 FY'13 FY'14 9M'14 9M'15

Revenue EBITDA %

1,533 1,487 1,480

1,018

719

32%23%

52%45%

34%

FY'12 FY'13 FY'14 9M'14 9M'15

CAPEX CAPEX/Revenue

9M 2015 Actual Against Guidance: Improving full year guidance with better margin and cashflow generation

30

Revenue Growth %

EBITDA Margin%

CAPEX / Revenue Ratio

8% - 10%

47% - 48%

17% - 18%

11%

51%

14%

Financial Objective Guidance 2015 Actual 9M 2015

~ 9%

~ 50%

~ 15%

Revised Guidance 2015

3. Appendix

Etisalat Group

32

Etisalat Group Consolidated

FY’12 FY’13 FY’14FY’13–’14

YoYGrowth

9M’14 9M’15H1’14–’15

YoYGrowth

Subs (m) (1) 139 148 169 +14% 180 170 -6%

Revenue (AED m) 32,946 38,853 48,767 +26% 35,304 39,066 +11%

EBITDA (AED m) 16,855 18,901 23,365 +24% 17,759 20,038 +13%

EBITDA Margin 51% 49% 48% -1pp 50% 51% +1pp

Net Profit 6,742 7,078 8,892 +26% 6,240 5,659 -9%

Net Profit Margin 20% 18% 18% 0pp 18% 14% -3pp

EPS (AED) 0.85 0.90 1.12 +26% 0.72 0.65 -9%

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

Etisalat UAE FY’12 FY’13 FY’14FY’13-14Growth

9M’14 9M’15YoY

Growth

Subs(1) (m) 9.0 10.4 11.0 +6% 10.8 11.6 +7%

Revenue (AED m) 22,747 24,763 27,095 +9% 20,117 21,868 +9%

EBITDA (AED m) 13,456 14,047 14,957 +6% 11,425 12,393 +8%

EBITDA Margin 59% 57% 55% -2pp 57% 57% 0pp

Net Profit 5,907 6,094 7,309 +20% 5,070 5,496 +8%

Net Profit Margin 26% 25% 27% +2pp 25% 25% 0pp

CAPEX 1,795 2,014 2,524 +25% 1,616 2,256 +40%

CAPEX/Revenue 8% 8% 9% +1pp 8% 10% +2pp

Currency Trend:

33

7.86.1 6.9 7.1 7.8

6.06.2

6.9 7.27.8

FY'11 FY'12 FY'13 FY'14 9M'15

Average EoP

8.1 8.6 8.4 8.49.8

8.6 8.5 8.2 9.19.7

FY'11 FY'12 FY'13 FY'14 9M'15

Average EoP

USD / MAD USD / EGP

USD / PKR USD / NGN

86.3 93.3 101.5 101.1 102.8

89.497.3

105.6 101.1 104.5

FY'11 FY'12 FY'13 FY'14 9M'15

Average EoP

155.9 158.8 159.2 165.2198.8

162.3 156.2 160.3183.5

199.3

FY'11 FY'12 FY'13 FY'14 9M'15

Average EoP

34

Etisalat Investor RelationsEmail: [email protected]

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

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