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GIVING THE WORLD A VOICE

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

ORASCOM TELECOM HOLDING

First Quarter 2011


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

CONTENT

Highlights 3

CEO‟s Comment 4

Operational Performance 5

Main Financial Events 9

Financial Review 12

Financial Statements 18

Operational Overview 23


Orascom Telecom Holding Q1 – 2011 P a g e | 3

Orascom Telecom Holding First Quarter 2011 Results

Cairo, May18th, 2011: Orascom Telecom Holding (OTH) (Ticker: ORTE.CA, ORTEq.L, ORAT EY,

OTLD LI), announces its first quarter 2011 consolidated results.

Highlights

Total subscribers exceeded 104 million, an increase of 16% over the same period last year.

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”)

for a total cash consideration of US$ 1.2 billion. The financial figures for Q1 2010 have been

restated accordingly. Taking into consideration the 20% tax on capital gains in Tunisia and

its associated investment cost, OTH recognized a gain of US$ 754 million on the

transaction. As a result Net Income before minority interest for the first quarter of 2011

stood at US$ 822 million; displaying a sharp increase compared to the same period of the

previous year. Net income attributable to equity holders for the first quarter of 2011 was US$

813 million.

Revenues reached US$ 949 million1, increasing by 5% over the same period last year as a

result of strong growth in all GSM operations.

EBITDA reached US$ 437 million1, an increase of 11% compared to the same period last

year, demonstrating a solid performance across all the GSM subsidiaries.

Group EBITDA margin stood at 46%, an increase of 2% compared to Q1 2010. EBITDA

margins for the major subsidiaries were: Djezzy 59.4%, Mobilink 40.3% banglalink 35.7%, and

koryolink 87.6%.

Earnings per GDR reached US$ 0.78/GDR (based on a weighted average for the

outstanding GDRs of 1,046 million over 3M 2011)2.

Net Debt as of March 31, 2011 stood at US$ 3,078 million, a decrease of 23% compared to 31

December 2010; with a Net Debt/EBITDA of 1.9x.

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

2. The weighted average for the outstanding GDRs was 1, 045,864,753 as of March 31st, 2011.



“OTH still upholds its aim to develop further

growth through the opportunities offered by

the combination of its parent company,

WIND TELECOM, and VimpelCom Ltd.”

Khaled Bichara, Executive Chairman, commented on the results:

“The eventful year of 2010 has been

exceeded by a solid first quarter for

2011, meeting our expectations for

excellent performance despite the

difficulties we encountered in some

of our operating countries.

The political circumstances in Egypt

had a noticeable impact on the performance for

Mobinil, where the forced shut-down of voice and

data services for several days

led to declining ARPU and

usage. In addition, Orascom

Telecom Holding, which is

based in Cairo witnessed

business interruptions during

the period of unrest, and continues to remain

resilient and optimistic in light of the resulting

country-wide economic and political pressures.

The extreme situation in Algeria continues to

hinder the growth for Djezzy; restrictions on foreign

currency transfers, import bans and advertising

bans on government-owned television have been

countered to the extent possible by effective cost

management in the Algerian business unit.

Nevertheless, subscribers still witnessed an increase

capturing over 58% of the market in Algeria.

Revenues showed a 6% growth compared to the

first quarter of 2010, while EBITDA grew by 14%. Still,

the rising hostility within OTA‟s operating

environment maintains its grip on business growth

and development, as well as poses a threat to

operations, which OTA has made all best efforts to

curtail by the launch of 2 (albeit highly restricted)

promotions.

On a more positive note, the remaining operations

have displayed impressive growth for the quarter.

Our business in North Korea has surpassed the half

a million subscriber mark after 2 years of its launch.

The massive increase in koryolink‟s customer base

has translated into an equally tremendous growth

in revenues.

In keeping with the high subscriber growth trend,

our Bangladeshi operation not only increased its

customers by 42%

compared to the previous

year, but also showed

revenue growth of 27%

YoY.

Mobilink remains as the

market leader in Pakistan introducing new

innovative offers attracting customers and growing

its base by 4% compared to Q1 2010.

In Canada, WIND Mobile subscribers have

exceeded a quarter of a million by the end of the

first quarter of 2011, proving a testament to the

uptake of the operation‟s innovative plans and

offers by the Canadian customers.

The company focuses its efforts on developing its

operations to the fullest in order to fulfil its promise

to maximize shareholder value. With EPS now

reaching $0.78/GDR, a remarkable increase

compared to Q1 2010, OTH still upholds its aim to

develop further growth through the opportunities

offered by the combination of its parent

company, WIND TELECOM, and VimpelCom Ltd.”



Operational Performance

Subscribers

The first quarter of 2011 displayed steady growth of

Orascom Telecom‟s customer base reaching over

104 million subscribers amounting to a 16% increase

compared to Q1 2010. For comparative purposes,

subscriber base for Q1 2010 and YE 2010 have been

adjusted to reflect the sale of Tunisiana.

In Algeria, Djezzy customers increased 5% YoY

despite the overwhelming obstacles that Djezzy has

been encountering over the course of the past

year, including restrictions on SIM imports, foreign

currency transfer and advertising on government TV

channels. Djezzy managed to acquire new pre-paid

and post-paid customers despite these imposed

operational limitations, as well as new restrictions set

by the regulator concerning all operators, and

limiting their promotional activities.

Mobilink maintained its growth in customer base,

increasing by almost 4% compared to the previous

year, targeting new subscribers, with a focus on the

youth segment and mobile number portability

(MNP).

In keeping with the strong subscriber growth trend,

banglalink increased its subscribers by almost 42%

compared to Q1 2010, as a result of aggressive

acquisition policies coupled with customer retention

efforts.

Telecel Globe subscribers increased by 49%

compared to the same period last year, despite

increasing competition and price wars in its markets.

The subscribers of koryolink have surpassed half a

million, showing a tremendous increase compared

to Q1 2010.

Under the management contract of Alfa, customer

base has witnessed a 27% increase over the

previous year, maintaining steady growth well

above the 1 million subscriber mark.

Table 1: Total Subscribers

1. Including Zimbabwe.

2. After excluding Tunisiana subscribers in March 2010 and December 2010.

Subsidiary31 Mar.

2010

31 Dec.

2010

31 Mar.

2011

Inc/(dec)

Mar. 2010 vs.

Mar. 2011

Djezzy (Algeria) 14,790,372 15,087,393 15,509,202 4.9%

Mobilink (Pakistan) 31,572,181 31,794,292 32,706,945 3.6%

banglalink (Bangladesh) 14,219,447 19,327,005 20,126,537 41.5%

Telecel Globe 2,280,369 3,242,000 3,385,968 48.5%

koryolink (DPRK) 125,661 431,919 535,133 n.m.

Alfa (Lebanon) 1,088,626 1,342,385 1,379,034 26.7%

Total 64,076,656 71,224,994 73,642,819 14.9%

Operations accounted for under

the equity method

31 Mar.

2010

31 Dec.

2010

31 Mar.

2011

Inc/(dec)

Mar. 2010 vs.

Mar. 2011

Mobinil (Egypt) 26,121,394 30,224,888 30,358,000 16.2%

Wind Canada (Canada) 232,641 271,659 n.a.

Total 26,121,394 30,457,529 30,629,659 17.3%

Grand Total 90,198,050 101,682,523 104,272,478 15.6%2

1



ARPU

In Algeria, ARPU increased almost 2% due to the

voluntary disconnection of inactive customers from

the post-paid base as a backlog from 2010.

In Pakistan, in early March, a fire outbreak caused a

12-18 hour outage on Mobilink‟s network in

Islamabad. Despite the network outage, and in

addition to tariff cuts, Mobilink managed to mitigate

the situation with ARPU remaining stable compared

to Q1 2010 in US$ terms, while declining by only 2%

in local currency terms.

In Bangladesh, the aggressive subscriber acquisition

and penetration of lower segment customers

caused a dilution of 14% in ARPU.

The strong subscriber growth trend in North Korea

led to ARPU dilution of 40%.

Mobinil experienced an ARPU dilution over Q1 2010

due to a highly competitive environment which put

significant pressure on tariffs. In addition, Q1 2011

was heavily impacted by the prevalent political and

economic uncertainty following nation-wide

uprisings in January and February.

WIND Canada responded to competitive pressures

leading to a drop in tariffs, and consequently

decreasing ARPU compared to the previous

quarter.

The increase in Alfa‟s subscriber base had a dilutive

impact on ARPU in comparison to the same period

last year.

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

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

1. After excluding Tunisiana subscribers in March 2010 and December 2010.

2. ARPU expressed under OTH‟s definition may differ from Mobinil‟s disclosed ARPU. Please see Appendix for definition.

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

Subsidiary

31 Mar. 2010

US$

(3 months)

31 Dec.

2010

US$

(3 months)

31 Mar.

2011

US$

(3 months)

Inc/(dec)

Mar. 2011 vs.

Mar. 2010

Djezzy (Algeria) 9.2 9.7 9.4 1.8%

Mobilink (Pakistan) 2.8 2.9 2.8 (0.0%)

Mobinil (Egypt) 5.6 4.9 4.5 (19.6%)

banglalink (Bangladesh) 2.3 2.1 2.0 (14.3%)

koryolink (DPRK) 21.3 14.6 12.7 (40.5%)

Wind Canada (Canada) 30.0 27.4 n.a.

Alfa (Lebanon) 37.5 38.3 35.3 (5.9%)

Global ARPU (YTD) 4.7 4.5 4.3 (8.2%)

Global ARPU (3 months) 4.7 4.5 4.3 (8.2%)

Subsidiary

31 Mar.

2010

(3 months)

31 Dec.

2010

(3 months)

31 Mar.

2011

(3 months)

Inc/(dec)

Mar. 2011 vs.

Mar. 2010

Djezzy (Algeria) (DZD) 679.1 724.1 683.1 0.6%

Mobilink (Pakistan) (PKR) 239.6 244.6 234.9 (2.0%)

2

3



Market Share & Competition

Most of Orascom Telecom‟s operators are market

leaders, and maintain their secured positions in their

markets. banglalink remains at a favoured second

position in the Bangladeshi market.

Despite extreme conditions in Algeria, Djezzy

succeeded in regaining its share of the Algerian

telecommunications market, showing a slight

increase over the previous quarter thanks to active

churn management. Efforts remain obstructed by a

variety of severe challenges posed to Djezzy,

including restrictions on SIM imports, foreign currency

transfer and advertising on government TV channels.

Mobilink‟s market leadership was maintained. The

market share of active subscribers as measured

internally on traffic patterns stood at 39% as of

March 31, 2011.

banglalink still remains in second position in the

market in Bangladesh, however the operator

witnessed a slight decrease in market share as a

result of the halting of SIM Tax subsidies for Q1 2011,

causing an increase in SIM card prices.

4: Market Share & Competition Table

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 March 2011 had not been disclosed by the Pakistani Regulator prior to this release.

31 Dec

2010

31 Mar.

2011

Algeria Djezzy 57.6% 58.1% 1 AMN, Qtel

Pakistan Mobilink 31.4% n.a. 1 U-Fone, Paktel, Telenor,

Al Warid

Bangladesh banglalink 28.5% 27.6% 2 Grameen, Aktel, Citycell,

BTTB, Airtel

Country Brand nameMarket

Position

Names of additional

network operations

Market Share (%)

1 2

1



CAPEX

Total consolidated capital expenditures for the

three months to March 31st, 2011 declined by 47%

compared to the previous year.

Djezzy‟s CAPEX has declined 92% in comparison to

the same period last year, mostly due to the

wrongful 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.

In Pakistan, CAPEX was increased by 88% in order

to focus on network and IT development for

Mobilink in 2011.

banglalink‟s CAPEX decreased by 78% in

comparison to the company‟s aggressive rollout

plan for the same period last year.

The 31% decline in “Other” CAPEX compared to

the three months of 2010 is related to investments

in Telecel Globe, koryolink and our submarine

cables.

Table 5: Capital Expenditure of OTH Subsidiaries for the three months to March 31st

1. “Other” companies include CHEO, Intouch, Mena-Cable, OT Holding, Ring and Telecel Globe.

Country Service name

Total

US$ million

2010

Total

US$ million

2011

Inc/(dec)

Algeria Djezzy 48 4 (92%)

Pakistan Mobilink 24 45 88%

Bangladesh banglalink 59 13 (78%)

Other 42 29 (31%)

Total Consolidated 173 91 (47%)

Consolidated Capex/Sales 19.2% 9.6% (10%)

1



Main Financial Events

Orascom Telecom Algeria’s (“OTA”) Tax Appeal Process

In November 2009 Orascom Telecom Algeria (OTA) received a notice of reassessment from the Algerian Direction des

Grandes Entreprises (“DGE”) in respect of the tax years 2005, 2006 and 2007 (the “Reassessment”). In December 2009, OTA

filed an administrative appeal. To appeal, OTA was required to pay 20% of alleged taxes and penalties to be owed,

amounting to USD 120 million. The appeal was rejected.

In March 2010, OTA paid a further 20% of the remaining balance amounting to USD 110 million (including delay penalties),

to appeal to the Central Commission, which was rejected. OTA‟s administrative appeal in relation to the 2004 tax

reassessment had also been rejected.

In April, after exhausting all appeal available within internal forums at the Algerian tax authority, OTA then appealed to the

Administrative Court of Algiers to request:

- An injunction to immediately suspend the payment order received pursuant to the rejection of OTA‟s appeal to the tax

administration on April 1st, 2010, and

- The dismissal of the entire tax adjustment for the years 2004 through to 2007, on the merit of the case.

OTA paid the remaining balance of the principal amount of the authorities‟ tax reassessment claim for the years 2005-2007

equivalent to USD 597* million, excluding penalties which amount to USD 74 million from which USD 49 million were paid

and USD 25 million has been suspended until final ruling of the administrative court on merits in the case filed by OTA

pertaining to taxes and penalties related thereto. All amounts paid will be recoverable if OTA‟s case against the tax

authority is successful.

These payments were made without prejudice to any rights OTH or OTA may have under: (1) the tax exemptions and

protections granted under an Investment Agreement dated 5 August 2001 signed by Algeria with OTH and Oratel

International Inc. (now a fully owned subsidiary of OTH) acting for and on behalf of OTA; (2) the 1997 Treaty for the Mutual

Promotion and Protection of Investments between Algeria and Egypt; and (3) Algerian law.

In September 2010, OTH announced that OTA received a preliminary tax notification from the DGE in respect of the years

2008 and 2009, in which the DGE preliminarily re-assessed taxes alleged to be owed by OTA in the amount of

approximately DZD 17 billion (approximately USD230 million). In December, OTA received the Final Tax Reassessment for

the aforementioned amount. In February, OTA paid the equivalent of USD 230 million to the Algerian tax authority under

protest, representing the settlement in full of the 2008-2009 Tax Reassessment.

OTH and OTA consider that the 2008-2009 Tax Reassessment is baseless, relying on the same arbitrary measures as the tax

claims made in relation to preceding years. Accordingly, OTA challenged the 2008-2009 Tax Reassessment with the tax

administration and the Algiers administrative court, however its challenge was rejected by the tax authority in May 2011.

This appeal should have entitled OTA to defer payment of 80% of the claim, subject only to the provision of financial

guarantees. However the Algerian tax authorities refused to consider any of the guarantees offered by OTA (including ful l

cash collateral) and OTA had no choice but to pay in full in order to avoid coercive enforcement action and/or risk

incurring additional penalties.

Without prejudice to their rights under the Investment Agreement, applicable bilateral investment treaty and applicable

laws, OTH and OTA intend to take all necessary legal steps to challenge the Reassessment.

* Based on an exchange rate of: USD 1 = DZD 73.6.

Orascom Telecom Holding Sells its 50% Shareholding in Tunisiana to Qatar Telecom

In November 2010, Orascom Telecom Holding S.A.E. (“OTH”) announced that it has entered into a share purchase

agreement with Qatar Telecom Q.S.C. (“Qtel”) by which OTH would sell its entire shareholding in Orascom Tunisia Holdings

(“OTuH”) and Carthage Consortium (“Carthage”), two companies through which OTH owns 50% of Orascom Telecom

Tunisie (“Tunisiana”).



In January 2011, OTH announced that it had completed the sale of its entire shareholding in OTuH and Carthage for a total

cash consideration of US$ 1.2 billion, corresponding to an enterprise value equal to 6.7 times Tunisiana‟s 2009 EBITDA and

generating over 40% annual return on OTH‟s investment in the business since 2003.

Proceeds will be used to strengthen OTH‟s liquidity position and support the development of higher-growth businesses.

OTH Lenders Support Further Financial Flexibility

In January 2011, Orascom Telecom Holding S.A.E. (“OTH”) announced that it has successfully obtained the support of its

Senior Secured Lenders for relief from representations, warranties, and covenants in the credit agreements as they relate to

Orascom Telecom Algeria (“OTA”), in order to provide the Group with greater flexibility while it assesses its alternative

options relating to OTA and enabling OTH to be in a position to negotiate effectively with the Algerian government to

procure the most favourable outcome relating to Algeria in order to protect its interest and that of its stakeholders.

Furthermore, part of the Orascom Telecom Tunisie (“Tunisiana”) disposal proceeds would be applied to prepay principal

maturities, eliminating debt repayment obligations until the second half of 2012. Consequently, the Group significantly

strengthened its liquidity position and financial flexibility.

OTH Extends its Management Contract of Alfa in Lebanon for Another Year

In March 2011, Orascom Telecom Holding S.A.E. (“OTH”) announced that it signed an extension to the management

contract of the Lebanese mobile telecommunications operator “Alfa” with the Republic of Lebanon for one year

commencing on February 1st, 2011.

The terms of the new contract remain the same as the previous one, whereby OTH receives a monthly sum of USD 2.5

Million in addition to 8.5% of total revenues. Out of these amounts OTH is liable to cover all the operational expenses (OPEX)

of the network and is entitled to keep the remainder as management fees. The Republic of Lebanon is fully responsible for

the CAPEX during the contract period.

The renewal of the contract will allow OTH to complete its plans for the future development of mobile phone services in

Lebanon, the most important of which is the deployment of the third generation "3G" services, the expansion of Alfa‟s

network coverage to new areas, and the promotion of spreading telecommunication services all over the country

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 and

Refinancing Plan

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.

Shareholders representing 63.44% of the Company‟s voting shares participated in the Ordinary General Assembly Meeting

and 63.44% at the Extraordinary General Assembly Meeting. The resolutions were approved by 99.99% of the voting shares

that participated in the Ordinary General Assembly Meeting and approximately 97% at the Extraordinary Assembly

Meeting.



Financial Review

Revenues

Total Consolidated Revenues increased 5% in

comparison to Q1 2010, driven by a solid

performance in GSM revenues, which were up by

9% YoY.

Djezzy‟s revenues saw an increase of 6% compared

to Q1 2010. The increase does not signify an

alleviation of the operational and financial burdens

currently facing the Algerian unit, but is mostly

attributed to the increase in subscribers over the

last year; in addition to a weak performance in Q1

2010 as a result of the riot events that occurred

following the football match in November 2009.

The revenues of Mobilink for the first quarter of 2011

showed a 1% increase compared to the same

period last year. Due to the devaluation of the

local currency against the US$, Mobilink‟s revenues

grew by 4% in local currency terms. The healthy

growth in revenues comes as a result of a growing

subscriber base, as well as successful uptake of VAS

bundles.

In Bangladesh, revenues of banglalink increased by

27% YoY thanks to strong subscriber growth and

acquisition promotions.

Telecel Globe saw a 2% increase in its revenues

compared to the same period last year. The

growth in revenues was slowed by competitive

pressures in Burundi.

koryolink's growing customer base resulted in

tremendous revenue growth in comparison to Q1

2010.

The 7% YoY increase in “Other” Telecom Services is

attributed to growth in subscribers of OT Lebanon

(Alfa Management Contract).

Table 6: Consolidated Revenues1

1. 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”). Q1 2010 figures are represented accordingly.

2. On July 13, 2010, the amended and restated shareholders‟ and settlement agreements concluded with France Telecom entered into force. Consequently, starting Q3 2010,

Mobinil is reflected through the equity method. Mobinil‟s financial figures for Q1 2010 are represented accordingly.

3. Other Telecom Services Companies include OT Lebanon and TWA in Q1 2010 and OT Lebanon, Mena Cable and TWA in Q1 2011.

4. As per IFRS rules, Internet Services‟ figures have not been represented in Q1 2010 and Q4 2010 to reflect the disposal of LINKdotNET and LINK Egypt in Q3 2010.

Subsidiary

Represented

31 March.

2010

US$ (000)

31 March

2011

US$ (000)

Inc/

(dec)

Q4 - 2010

(3 months)

US$ (000)

Q1 - 2011

(3 months)

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 412,524 438,585 6.3% 452,915 438,585 (3.2%)

Mobilink (Pakistan) 272,262 275,383 1.1% 280,869 275,383 (2.0%)

banglalink (Bangladesh) 99,653 126,210 26.6% 122,284 126,210 3.2%

Telecel Globe (Africa) 24,172 24,646 2.0% 25,007 24,646 (1.4%)

koryolink (North Korea) 9,029 25,761 185.3% 24,757 25,761 4.1%

Total GSM 817,640 890,585 8.9% 905,833 890,585 (1.7%)

Telecom Services

Ring 35,054 23,040 (34.3%) 37,506 23,040 (38.6%)

Other 25,113 26,875 7.0% 27,912 26,875 (3.7%)

Total Telecom Services 60,167 49,915 (17.0%) 65,419 49,915 (23.7%)

Internet Services 23,767 8,748 (63.2%) 8,780 8,748 (0.4%)

Total Consolidated 901,574 949,249 5.3% 980,031 949,249 (3.1%)

3

2

4 4



Total GSM Revenues

Consolidated revenues for the first quarter of 2011

showed a 3% decline compared to Q4 2010, mostly

impacted by a 2% drop in GSM revenues QoQ.

It is worth noting that the decline in revenues from

Q4 2010 to Q1 2011 is mainly due to seasonal

factors as Q1 is traditionally the weaker quarter.

Consequently, operations in Algeria and Pakistan

witnessed seasonal declines in their revenues,

dropping 3% and 2% respectively. With regards to

Mobilink, revenues in local currency terms

remained stable as a result of the devaluation of

the PKR against the US$.

A 3% increase in banglalink‟s revenues for Q1 2011

compared to the previous quarter was achieved in

light of higher pre-paid revenues.

Despite aggressive competitive pressures in Burundi

leading to tariff reductions, in addition to QoQ

seasonal effects, Telecel Globe‟s revenues

decreased by only 1% compared to Q4 2010.

Revenues for koryolink increased 4% in comparison

to Q4 2010 as a result of subscriber growth. The

increase in revenues was slightly curtailed by lower

ARPU and usage.

Table 7: Proforma Consolidated Revenues (Local Currency)1

1. Un-audited Figures.

Represented 31 March.2010

US$ (000)

31 March2011

US$ (000)

413 439

272275

100126

2425

926

koryolink (North Korea)

Telecel Globe (Africa)

banglalink (Bangladesh)

Mobilink (Pakistan)

Djezzy (Algeria)

818891

31 Mar.

2010

31 Mar.

2011

Inc/

(dec)Q4 - 2010 Q1 - 2011

Inc/

(dec)

(3 months) (3 months)

GSM

Djezzy (Algeria) (DZD bn) 30.4 32.0 5.3% 32.8 32.0 (2.6%)

Mobilink (Pakistan) (PKR bn) 23.1 24.0 3.9% 23.9 24.0 0.2%

Subsidiary

9%



EBITDA

Consolidated EBITDA increased by 11% compared to

the same period last year, positively impacted by

strong GSM EBITDA growth of 14.5% YoY.

The Algerian unit witnessed a 14% increase in EBITDA

in comparison to Q1 2010, mostly resulting from

higher revenues and reversal of bad debt provisions.

Mobilink‟s EBITDA showed an increase of 5% in US$

terms, corresponding to 11% in local currency terms,

as a result of higher revenues in addition to lower

interconnect costs.

In Bangladesh, the EBITDA of banglalink increased

6% YoY, attributed to increased revenues even

though marketing expenses increased due to high

subscribers‟ growth and SIM tax costs.

Telecel Globe‟s EBITDA increased 19% compared to

the same period last year as a result of subscriber

growth and OPEX savings. Following the same

pattern of increased subscribers and lower OPEX, the

EBITDA of koryolink showed significant growth in

comparison to Q1 2010.

Table 8: Consolidated EBITDA1, 2

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

2. 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”). Q1 2010 figures are represented accordingly.

3. On July 13, 2010, the amended and restated shareholders‟ and settlement agreements concluded with France Telecom entered into force. Consequently, starting Q3 2010,

Mobinil is reflected through the equity method. Mobinil‟s financial figures for Q1 2010 are represented accordingly.

4. Other Telecom Services Companies include: C.A.T., MedCable, Mena Cable, OT Lebanon, TWA, and OTWIMAX.


6. Other non operating companies include: OTH, OTV, OIIH, OTI Malta, Cortex, Eurasia, FPPL, 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.

Subsidiary

Represented

31 March.

2010

US$ (000)

31 March

2011

US$ (000)

Inc/

(dec)

Q4 - 2010

(3 months)

US$ (000)

Q1 - 2011

(3 months)

US$ (000)

Inc/

(dec)

GSM

Djezzy (Algeria) 229,415 260,639 13.6% 241,357 260,639 8.0%

Mobilink (Pakistan) 105,772 111,009 5.0% 111,223 111,009 (0.2%)

banglalink (Bangladesh) 42,592 45,048 5.8% 30,772 45,048 46.4%

Telecel Globe (Africa) 3,612 4,285 18.6% 6,643 4,285 (35.5%)

koryolink (North Korea) 5,849 22,562 n.m. 31,611 22,562 (28.6%)

Total GSM 387,239 443,542 14.5% 421,605 443,542 5.2%

Telecom Services

Ring 6,298 (3,937) n.m. (6,383) (3,937) 38.3%

Other 5,484 4,480 (18.3%) 4,246 4,480 5.5%

Total Telecom Services 11,781 543 (95.4%) (2,137) 543 n.m.

Internet Services 4,243 808 (81.0%) 2,293 808 (64.8%)

OT Holding & Other (10,389) (8,292) 20.2% (19,518) (8,292) 57.5%

Total Consolidated 392,875 436,600 11.1% 402,243 436,600 8.5%

4

6

3

3

5

5



Total GSM EBITDA

Consolidated EBITDA increased by almost 9%

compared to the previous quarter, with GSM EBITDA

illustrating a 5% increase QoQ.

In Algeria, EBITDA increased by 8% QoQ, mainly as a

result of a VAT provision related to the 2008-09 tax

claim booked in Q4 2010 amounting to

approximately US$ 34 million.

In Pakistan, the EBITDA of Mobilink remained stable

QoQ in US$ terms, while EBITDA in local currency

terms showed an increase of 6% compared to the

previous quarter. The increase is a result of lower

OPEX.

The EBITDA of banglalink showed an increase of 46%

compared to the previous quarter which is

attributable to the removal of SIM Tax subsidies for

Q1 2011 and dealer commission savings.

Telecel Globe‟s EBITDA declined by almost 36% as a

result of both strong competitive pressure in Burundi

and heightened socio-political tension arising from

elections in the Central Republic of Africa (CAR),

causing a country-wide economic slowdown.

Moreover, increased international incoming traffic in

CAR led to higher taxes.

koryolink's EBITDA showed a 29% drop QoQ due to a

reversal of several provisions that were undertaken in

Q4 2010.

Table 9: Proforma Consolidated EBITDA (Local Currency)1

1. Un-audited Figures.

Represented 31 March.2010

US$ (000)

31 March2011

US$ (000)

229261

106

111

43

454

4

6

23

koryolink (North Korea)

Telecel Globe (Africa)

banglalink (Bangladesh)

Mobilink (Pakistan)

Djezzy (Algeria)

387443

31 Mar.

2010

31 Mar.

2011

Inc/

(dec)Q4 - 2010 Q1 - 2011

Inc/

(dec)

(3 months) (3 months)

GSM

Djezzy (Algeria) (DZD bn) 17.0 19.0 11.8% 17.3 19.0 9.8%

Mobilink (Pakistan) (PKR bn) 9.0 10.0 11.1% 9.4 10.0 6.0%

Subsidiary

14.5

%



EBITDA MARGIN

The EBITDA margin for the group stood at 46%

representing a 2% increase over the same period

last year.

Djezzy‟s margin increased by 4% compared to Q1

2010 as a result of efficient cost management in

order to counter the adverse effect of the

continued hurdles and restrictions which the

operation is facing.

The EBITDA margin of Mobilink displayed a 1.5%

increase in comparison to the same period last year

mainly attributed to cost control efforts.

The increase in banglalink‟s subscriber base resulted

in higher marketing and SIM tax costs, leading to a

decrease of 7% in the EBITDA margin YoY.

Telecel Globe witnessed a 2% increase in its margin

for Q1 2011 in comparison to Q1 2010 due to cost

management.

The EBITDA margin of koryolink grew 23% mainly as a

result of higher subscriber figures and revenues.

Table 10: Consolidated EBITDA Margin


Subsidiary

Represented

31 March.

2010

US$ (000)

31 March

2011

US$ (000)

Change

Q4 - 2010

(3 months)

US$ (000)

Q1 - 2011

(3 months)

US$ (000)

Change

GSM

Djezzy (Algeria) 55.6% 59.4% 3.8% 53.3% 59.4% 6.1%

Mobilink (Pakistan) 38.8% 40.3% 1.5% 39.6% 40.3% 0.7%

banglalink (Bangladesh) 42.7% 35.7% (7.0%) 25.2% 35.7% 10.5%

Telecel Globe (Africa) 14.9% 17.4% 2.4% 26.6% 17.4% (9.2%)

koryolink (North Korea) 64.8% 87.6% 22.8% 127.7% 87.6% (40.1%)

Total GSM 47.4% 49.8% 2.4% 46.5% 49.8% 3.3%

Total Telecom Services 19.6% 1.1% (18.5%) (3.3%) 1.1% 4.4%

Internet Services 17.9% 9.2% (8.6%) 26.1% 9.2% (16.9%)

EBITDA Margin 43.6% 46.0% 2.4% 41.0% 46.0% 5.0%

1

1



Foreign Exchange Rates

Table 11: 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 the first quarter of

2011 stood at US$ 822 million. Net income attributable to

equity holders for the first quarter of 2011 was US$ 813

million.

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”) for a total cash consideration of US$ 1.2

billion. The financial figures for Q1 2010 have been

restated accordingly. Taking into consideration the 20%

tax on capital gains in Tunisia and its associated investment

cost, OTH recognized a gain of US$ 754 million on the

transaction.

The proceeds of the sale were used to strengthen OTH‟s

liquidity position, consequently leading to a Net Debt of US$

3,078 million, a decrease of 23% compared to 31

December 2010.

EPS in the 3 months ended March 31, 2011 stood at US$

0.78/GDR.

% Chg 3

% Chg 3

Currency Mar. 10 Dec. 10 Mar. 11 Mar. 11 vs Mar. 11 vs

Mar. 10 Dec. 10

Egyptian Pound/USD

Income Statement 5.5043 5.6359 5.8763 6.3 4.1

Balance Sheet 5.5260 5.8057 5.9625 7.3 2.6

Algerian Dinar/USD

Income Statement 73.5749 73.9910 73.0075 (0.8) (1.3)

Balance Sheet 73.7159 74.2862 72.0652 (2.3) (3.1)

Pakistan Rupee/USD


Balance Sheet 84.2733 85.6721 85.2594 1.2 (0.5)

Bangladeshi Taka/USD


Balance Sheet 69.6800 70.5983 72.6649 4.1 2.8

Canadian Dollar/USD

Income Statement 0.9734 1.0297 0.9857 1.2 (4.5)

Balance Sheet 0.9954 0.9970 0.9703 (2.6) (2.8)

1

2

1

2

1

2

1

2

1

2


Orascom Telecom Holding Q1– 2011 P a g e | 18

Table 12: Income Statement in IFRS/US$

1- Management Presentation developed from IFRS financials.

2- Mainly due to the impairment of Telecel Globe‟s investment in Namibia.

3- Mainly due to the unrealised FX loss from mark to market value of the US$ denominated debt at OTH of US$ 3.5 billion as a result of the depreciation of the Egyptian Pound during Q4

2010.

4- Due to the impairment of Orabank, a financial receivable related to North Korea.

5- Due to the impairment of deferred taxes associated with the impairment of Telecel Globe‟s investment in Namibia

6- Q1 2010 figures include the equity consolidation of Mobinil as per the amended and restated shareholders‟ and settlement agreements concluded with France Telecom which entered

into force on July 13, 2010.

7- 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”).

8- Equates to Net Income after Minority Interest.

9- Based on a weighted average for the outstanding number of GDRs of 1, 045,864,753 GDRs as of 31 March 2011. The weighted average for the outstanding number of GDRs for Q1 2010

and Q4 2010 is 920,681,875 GDRs and1,015,240,054 GDRs respectively.

Represented

31 March.

2010

31 March

2011

Inc/

(dec)Q4 - 2010 Q1 - 2011

Inc/

(dec)

US$ (000) US$ (000)(3 months)

US$ (000)

(3 months)

US$ (000)

Revenues 901,574 949,249 5% 980,031 949,249 (3%)

Other Income 9,220 9,058 6,722 9,058

Total Expense (517,919) (521,706) (584,510) (521,706)

EBITDA 392,875 436,600 11% 402,243 436,600 9%

Depreciation & Amortization (185,388) (194,802) (236,226) (194,802)

Impairment of Non Current Assets (3,747) (1,009) (79,936) (1,009)

Gain (Loss) on Disposal of Non Current

Assets(190) (1,268) 1,475 (1,268)

Operating Income 203,551 239,522 18% 87,557 239,522 174%

Financial Expense (133,536) (113,937) (101,186) (113,937)

Financial Income 16,514 21,008 (1,845) 21,008

Foreign Exchange Gain (Loss) 6,940 32,928 8,913 32,928

Net Financing Cost (110,082) (60,001) (94,118) (60,001)

Share of Profit (Loss) of Associates (33,692) (41,167) (36,071) (41,167)

Impairment of Financial Assets - (9,448) (48,129) (9,448)

Profit Before Tax 59,777 128,906 116% (90,761) 128,906 n.m.

Income Tax (44,755) (61,564) (84,617) (61,564)

Profit from Continuing Operations 15,022 67,342 n.m. (175,378) 67,342 n.m.

Gains or losses from discontinued

operations43,137 754,419 5,845 754,419

Profit for the Period 58,158 821,761 n.m. (169,533) 821,761 n.m.

Attributable to:

Equity Holders of the Parent 48,806 812,755 n.m. (178,834) 812,755 n.m.

Earnings Per Share (US$/GDR) 0.05 0.78 n.m. (0.17) 0.78 n.m.

Minority Interest 9,352 9,006 9,301 9,006

Net Income 58,158 821,761 n.m. (169,533) 821,761 n.m.

2

1

5

7 6

3

8

4

9



Table 13: Balance Sheet in IFRS/US$

1- 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”). Q1 2010 figures are represented accordingly.

2- 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 March

2011

US$ (000) US$ (000)

Assets

Property and Equipment (net) 3,763,337 3,675,560

Intangible Assets 1,486,654 1,469,014

Investment in Associates 1,029,288 935,586

Other Non-Current Assets 1,104,785 1,304,427

Total Non-Current Assets 7,384,063 7,384,587

Cash and Cash Equivalents 824,080 773,962

Trade Receivables 258,819 269,082

Assets Held for Sale 422,601

Other Current Assets 1,090,906 1,401,407

Total Current Assets 2,596,406 2,444,451

Total Assets 9,980,469 9,829,037

Equity Attributable to Equity Holders of the Company 2,724,843 3,575,775

Minority Share 76,354 90,146

Total Equity 2,801,198 3,665,921

Liabilities

Long Term Debt 3,859,425 3,181,218

Other Non-Current Liabilities 354,223 377,226

Total Non-Current Liabilities 4,213,648 3,558,444

Short Term Debt 973,449 670,351

Trade Payables 811,438 777,132

Other Current Liabilities 1,180,737 1,157,189

Total Current Liabilities 2,965,624 2,604,672

Total Liabilities 7,179,271 6,163,116

Total Liabilities & Shareholder’s Equity 9,980,469 9,829,037

Net Debt 4,008,793 3,077,607

2

1



Table 14: Cash Flow Statement in IFRS/US$

1- a) 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”). Q1 2010 figures are represented accordingly.

b) Q1 2010 figures include the equity consolidation of Mobinil as per the amended and restated shareholders‟ and settlement agreements

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

IFRS/US$ IFRS/US$

Represented

31 March

2010

31 March

2011

US$ (000) US$ (000)

Cash Flows from Operating Activities

Profit for the Period 15,022 67,342

Depreciation, Amortization & Impairment of Non-Current Assets 189,134 195,811

Income Tax Expense 44,755 61,564

Net Financial Charges 110,082 60,001

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

Method33,692 41,167

Impairment of Financial Assets - 9,448

Other 9,224 2,663

Changes in Assets Carried as Working Capital (107,383) (312,702)

Changes in Other Liabilities Carried as Working Capital (26,803) (755)

Income Tax Paid (92,365) (62,172)

Interest Expense Paid (152,023) (58,071)

Net Cash Generated by Operating Activities 23,335 4,296

Cash Flows from Investing Activities

Cash Outflow for Investments in Property & Equipment, Intangible

Assets, and Financial Assets & Consolidated Subsidiaries(218,334) (245,136)

Proceeds from Disposal of Property & Equipment, Subsidiaries and

Financial Assets15,277 27,815

Advances & Loans made to Associates & other parties (109,992) (84,234)

Dividends & Interest Received 4,801 59,607

Net Cash Used in Investing Activities (308,248) (241,948)

Cash Flows from Financing Activities

Proceeds from loans, banks' facilities and bonds 80,979 86,305

Payments for loans, banks' facilities and bonds (587,479) (1,068,704)

Net Payments from financial liabilities - (20,638)

Net Change in Cash Collateral (2,780) 19

Dividend Payments - -

Payments for Treasury Shares (653) -

Capital injection 790,802 -

Change in non-controlling interest - -

Net Cash generated by Financing Activities 280,869 (1,003,018)

Discontinued operations

Net cash generated by operating activities 35,422 -

Net cash (used in) generated by investing activities (97,849) 1,176,058

Net cash (used in) generated by f inancing activities 34,723 -

Net cash generated from discontinued operations (27,704) 1,176,058

Net Increase in Cash & Cash Equivalents (31,748) (64,612)

Cash included in Assets Held for Sale (5,867) -

Effect of Exchange Rate Changes on Cash & Cash Equivalents (9,357) 14,494

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

Cash & Cash Equivalents at the End of the Period 712,574 773,962

1



Table 15: 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 5,229,323,765 as of 31 March 2011. The weighted average for

the outstanding number of ordinary shares for Q1 2010 and Q4 2010 is 4,603,409,374 and 5,229,323,765 respectively.

Represented

31 March.

2010

31 March

2011

Inc/

(dec)Q4 - 2010 Q1 - 2011

Inc/

(dec)

LE (000) LE (000)(3 months)

LE (000)

(3 months)

LE (000)

Revenues 4,962,562 5,578,047 12% 5,562,524 5,578,047 0%

Other Income 50,749 52,946 38,238 52,946

Total Expense (2,871,390) (3,071,546) (3,308,495) (3,071,546)

EBITDA 2,141,921 2,559,447 19% 2,292,267 2,559,447 12%

Depreciation & Amortization (1,018,931) (1,143,435) (1,337,730) (1,143,435)

Other (21,625) (13,335) (442,377) (13,335)

Operating Income 1,101,366 1,402,677 27% 512,160 1,402,677 174%

Financial Expense (731,259) (665,936) (572,345) (665,936)

Financial Income 90,897 123,445 (10,562) 123,445

Foreign Exchange Gain (Loss) 38,199 193,495 49,030 193,495

Net Financing Cost (602,163) (348,996) (533,877) (348,996)

Share of Profit (Loss) of Associates (185,451) (158,040) (105,469) (158,040)

Impairment of Financial Assets (55,519) (55,519)

Profit Before Tax 313,752 840,122 168% (398,438) 840,122 n.m.

Income Tax (246,348) (365,790) (486,313) (365,790)

Profit from Continuing Operations 67,404 474,332 n.m. (884,751) 474,332 n.m.

Gains or losses from discontinued

operations319,903 4,450,587 15,494 4,450,587

Profit for the Period 387,307 4,924,919 n.m. (869,257) 4,924,919 n.m.

Attributable to:

Equity Holders of the Parent 316,149 4,871,995 n.m. (922,404) 4,871,995 n.m.

Earnings Per Share (EGP/Share) 0.07 0.93 n.m. (0.18) 0.93 n.m.

Minority Interest 71,158 52,924 53,147 52,924

Net Income 387,307 4,924,919 n.m. (869,257) 4,924,919 n.m.

1

2



Table 16: 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 March

2011

LE (000) LE (000)

Assets

Property and Equipment (net) 21,710,070 21,778,049

Intangible Assets 8,584,912 8,711,685

Other Non-Current Assets 8,558,597 9,603,559

Total Non-Current Assets 38,853,579 40,093,293

Cash and Cash Equivalents 4,784,360 4,614,750

Trade Receivables 1,502,624 1,604,404

Assets Held for Sale 2,430,567 -

Other Current Assets 6,332,816 8,359,667

Total Current Assets 15,050,367 14,578,821

Total Assets 53,903,946 54,672,114

Equity Attributable to Equity Holders of the Company 12,246,749 17,844,032

Minority Share 458,581 552,772

Total Equity 12,705,330 18,396,804

Liabilities

Long Term Debt 22,314,854 18,877,084

Other Non-Current Liabilities 1,735,569 1,932,254

Total Non-Current Liabilities 24,050,423 20,809,338

Short Term Debt 5,639,775 3,985,475

Trade Payables 4,710,968 4,633,651

Other Current Liabilities 6,797,450 6,846,846

Total Current Liabilities 17,148,193 15,465,973

Total Liabilities 41,198,616 36,275,310

Total Liabilities & Shareholder’s Equity 53,903,946 54,672,114

Net Debt 23,170,269 18,247,809 2



Presence in Countries with Favourable Dynamics:

OTH serves a population of 517 million* with an average penetration of 51%

Note: Sovereign Ratings shown are Moody‟s/S&P.

Population Figures from CIA Factbook (est. March 2011).

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

*excluding Canada and Lebanon

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

PAKISTAN

Population: 184 million

GDP Growth: 4.2%

GDP/Capita PPP ($): 2,500

Pop. Under 15 years: 37%

Sovereign Rating: CCC

Mobile Penetration: 56%

EGYPT

Population: 80.5 million

GDP Growth: 4.7%



Sovereign Rating: BB


BANGLADESH


GDP Growth: 6%



Sovereign Rating: NR


NORTH KOREA


GDP Growth: 3.7%

GDP/Capita (PPP) ($): 1,900



Mobile Penetration: 2% BURUNDI


GDP Growth: 3.5%




CENTRAL AFRICA REPUBLIC


GDP Growth: 1.7%

Pop. Under 15 years3: 41%



NAMIBIA


GDP Growth: -0.8%


Sovereign Rating: BBB


ALGERIA


GDP Growth: 4.1%





CANADA


GDP Growth:-2.5%



Sovereign Rating: AAA


ZIMBABWE


GDP Growth: -1.3%

Pop. Under 15 years3: 44%





Operational Overview

Djezzy – Algeria

Financial Data Operational Data

During the first quarter of 2011, Orascom Telecom

Algerie (OTA) continued to face various challenges due

to unfair and arbitrary actions from a number of

government authorities. The Bank of Algeria‟s

detrimental and unfounded decision issued in Q2 2010,

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.

Despite the challenges described above which are

having an increasingly harmful effect as time goes by,

OTA succeeded in managing a very challenging first

quarter of 2011 in the face of extreme adverse

conditions, closing with 15.5m subscribers, maintaining its

leadership position with 58% market share, controlling

the largest distribution across all 48 Wilayas and

operating the largest network with 7,527 BTS by the end

of the quarter.

From a regulatory perspective, during Q1 2011, new

promotional rules were introduced by the Algerian

telecommunications regulator (ARPT), concerning the

duration of pre-paid promotions, which has been

reduced from one month to fifteen days, and with

respect to the required time period between pre-paid

promotions within any given month.

In this new regulatory context, OTA launched two main

promotions during the first quarter of 2011. These

promotions were necessarily restricted by the network

limitations which have resulted from the Bank of

Algeria‟s injunction and its expected potential evolution.

Promotions included a recharge bonus for the “Allo”

pre-paid products and a 50% reduction on subscription

fees and first monthly fees for post-paid products. VAS

activity distinguished itself in the marketplace through

the launch of the Arabic version of “Scoop”, the OTA

information service. OTA continues to be subjected to

the arbitrary ban from advertising on the national public

TV and continues to seek to mitigate the effects of this

ban through advertising on other regional TV channels

like Nessma and MBC, as well as on the internet and

through continuously changing its media mix to ensure

awareness of new launches while maintaining the

emotional bond with its customer base.

On the sales side, OTA continued to sell 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 sales

(“POS”). During Q1 2011 OTA focused on expanding the

network of POS selling post-paid from 87 (owned shops)

March

2010

March

2011

Inc/

(dec)

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010


Subscribers 14,790,372 15,087,393 15,509,202 4.9%

Revenues (US$ 000) 412,524 438,585 6.3%

Revenues (DZD bn) 30.4 32.0 5.3% Market Share 59.1% 57.6% 58.1% (1.0%)

EBITDA (US$ 000) 229,415 260,639 13.6%ARPU (US$)

(3 months)9.2 9.7 9.4 1.8%

EBITDA (DZD bn) 17.00 19.00 11.8%ARPU (DZD)

(3 months)679 724 683 0.6%

EBITDA Margin 55.6% 59.4% 3.8% MOU (YTD) 267 280 284 6.3%

Capex (US$ m) 48 4 (92%) Churn (3 months) 6.4% 5.7% 4.7% (1.7%)



to 600 (through authorized POS) in order to increase

post-paid gross adds.

Despite the extremely challenging conditions described

above, the overall customer base increased by 5% to

reach 15.5m customers by the end of Q1 2011. OTA also

managed 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 from 6.4% in Q1 2010 to 4.7% in Q1

2011.

By carefully monitoring the value of customers being

acquired and not launching value destroying

promotions, OTA's ARPU saw a very slight increase in Q1

2011 compared to Q1 2010. OTA‟s revenue evolution

along Q1 2011 followed a parallel trend to the actions

undertaken by OTA to mitigate operational handicaps.

Revenues for Q1 2011 showed an increase of 6% over

the same period of 2010, in line with the recovery trend

seen in previous quarters. EBITDA increased by 14% and

EBITDA margin by 4% compared to 2010. Capex

dropped by 92% YoY, mostly due to the wrongful 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 the aforementioned 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.

Mobilink closed the first quarter of 2011 with revenues of

US$ 275 million. Revenue increased by 4% in local

currency terms when compared to same period in 2010.

The subscriber base also exhibited a 4% increase

compared to Q1 2010 closing at 32.7 million. EBITDA

improved by 5% in US$ terms, and by 11% in PKR

compared to last year.

The cellular industry remained very active throughout Q1

2011 with a lot of focus on regional offers by all

operators. Mobile Number Portability (MNP) also

remained as a major area of focus by the industry.

Moreover, the key highlight of the first quarter was the

ICC Cricket World Cup and all operators rolled out offers

to attract customers‟ attention during the world-cup

matches.

Mobilink continued rolling out new offers targeting

various subscriber segments as well as different usage

needs. Location based offers were launched in several

cities during the quarter in order to specifically target

areas with lower market shares through offering free

calling at night and discounted rates during daytime. A

variety of voice and VAS products were also launched

to increase customer engagement and attachment. In

addition to the new product launches, Mobilink

maintained focus on new subscriber acquisition through

both sales and MNP with the objective of increasing the

subscriber base and maintaining its health.

Understanding the importance of the youth segment in

Pakistan, Jazba, the youth package launched by

Mobilink in December 2010, remained in focus

throughout the quarter in order to increase its level of

attachment. Jazba theme song centered on Cricket

World Cup and starring members of the Pakistani Cricket

team was launched during the time of the World Cup

and has succeeded in gaining popularity as the

Pakistani team progressed and reached the semi-final.

Valentine offer was also launched in order to associate

this Youth centric occasion with Jazba. At the end of

March, a stop-the-clock offer was launched for Jazba

customers as well.

On the Jazz front, several promotions were launched in

Q1 in order to improve the brand‟s appeal and increase

subscriber engagement. Super Sunday promotion was

launched offering subscribers 150 On-Net minutes to be

used on Sundays in return of PKR 20. The Gold Coin offer

was launched to boost the existing daily Hybrid Bundle

(offering minutes and SMS). The offer made it possible for

daily Hybrid Bundle subscribers to win a gold coin

everyday through a lucky draw which resulted in an

increase in bundle subscriptions while generating

incremental revenue and attachment from the

subscriber base.

Mobilink also focused on International Direct Dialing

(IDD) through back to back offers in Q1 starting with the

launch of an offer targeting the destinations of USA,

Canada and UK (Landline) and then with a World Cup

offer targeting the World Cup host nations of India,

Bangladesh and Sri Lanka. The offers helped engaging

IDD customers and offered them attractive call rates to

these destinations. Mobilink‟s International Roaming

footprint was also increased through offering discounted

rates to subscribers while roaming in Sri Lanka during the

World Cup.

March

2010

March

2011

Inc/

(dec)

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010


Subscribers 31,572,181 31,794,292 32,706,945 3.6%

Revenues (US$ 000) 272,262 275,383 1.1%

Revenues (PKR bn) 23.1 24.0 3.9% Market Share 31.6% 31.4% n.a. n.a.

EBITDA (US$ 000) 105,772 111,009 5.0%ARPU (US$)

(3 months)2.8 2.9 2.8 (0.0%)

EBITDA (PKR bn) 9.00 10.00 11.1%ARPU (PKR)

(3 months)240 245 235 (2.0%)

EBITDA Margin 38.8% 40.3% 1.5% MOU (YTD) 203 206 206 1.7%

Capex (US$ m) 24 45 88% Churn (3 months) 5.2% 8.2% 6.4% 1.2%

*



Mobilink entered into the Mobile Financial Services

arena with the launch of its utility bill payment service.

The service brings convenience and ease, not only to

Mobilink‟s customers, but also to non-Mobilink and non-

mobile customers who can avail this service through

Mobilink Customer Care centers, Mobilink Franchises

and selected retailers.

Promotions of varying facet were rolled out on the VAS

front. The success story of SMS Khazana (SMS quiz)

continued with the launch of the fifth version in Q1 2011.

A number of World Cup related services such as Live

Commentary and Fantasy League were launched to

captivate customers during the time of the World Cup.

Mobilink also introduced new versions of Blackberry

handsets along with the Motorola Flip out in Q1. Other

innovative services like Mobilink Stockpro, Jazz Apni Call

and Jazz Football Club were introduced to engage

customers as well.

During March, Mobilink faced an unfortunate fire

eruption in its Islamabad MSC on March 6th, 2011 which

caused network outage of 12-18 hours in the areas

being fed by the MSC.



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.

In Q1 2011, banglalink touched another important

milestone by reaching a subscriber base of 20 million. At

the end of Q1 2011, subscriber base stood at 20.1 million,

a 42% increase compared to the same quarter last year.

This achievement was made possible through

aggressive acquisition and strong customer retention

policies. Market share at the end of Q1 2011 was 27.6%

solidifying its position in the industry.

banglalink‟s revenue performance has been impressive

with US$126 million revenue in Q1 2011 which is an

increase of 27% compared to Q1 2010.

banglalink achieved an EBITDA of US$ 45 million in Q1

representing a 6% increase compared to the previous

year. EBITDA margin decreased to 36% in Q1 2011

compared to a margin of 43% in last year. On a

quarterly basis, EBITDA margin increased due to higher

revenue and lower subsidy in subscriber acquisition cost

in the form of SIM tax. Capital expenditure in Q1 2011

was US$ 13 million.

In Q1 2011, banglalink continued to launch attractive

services and offers to the market, such as a daily

subscription-based tariff offer where customers can

enjoy a discounted flat tariff offer throughout the day for

minimal subscription fee. banglalink has launched

several mobile internet data plan & branded data

modem offers in order to consolidate its position in the

mobile internet space. banglalink continues to pioneer

the launching of innovative services to digitize the

agriculture sector which is the biggest community in the

country. banglalink has recently launched Krishi (agri)

Bazaar which is an IVR based service through which

sellers and buyers will be able to upload or search the

details of their desired Agro products, prices, and sellers‟

or buyers‟ locations.

March

2010

March

2011

Inc/

(dec)

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010


Subscribers 14,219,447 19,327,005 20,126,537 41.5%

Revenues (US$ 000) 99,653 126,210 26.6%

EBITDA (US$ 000) 42,592 45,048 5.8% Market Share 25.9% 28.5% 27.6% 1.7%

EBITDA Margin 42.7% 35.7% (7.0%)

Capex (US$ m) 59 13 (78%)ARPU (US$)

(3 months)2.3 2.1 2.0 (14.3%)

ARPU (BDT)

(3 months)161 149 148 (8.3%)

MOU (YTD) 233 230 205 (12.0%)

Churn (3 months) 2.3% 4.6% 3.8% 1.5%

*



koryolink – Democratic People's Republic of Korea


* Based on the official exchange rate between the US$ and the North Korean Won (KPW) of KPW 135 as sourced by Bloomberg.

Since its launch back in December 2008, koryolink has

been focusing on maximizing the size of its subscriber

base. In Q1 2011, koryolink has successfully reached and

crossed the half million subscriber mark closing the

quarter with an ending base of over 535 thousand

subscribers. Such growth represents an over 420%

increase compared to the ending base of Q1 2010.

Throughout the first quarter, koryolink continued to focus

its efforts on two main areas; boosting subscriber growth

and maximizing foreign currency revenues. This was

done using a three-pronged approach which involved

offering innovative products and services to the market,

maintaining a strong sales presence across major cities

and expanding network coverage to cover a larger

percentage of the Korean population.

In February 2011, koryolink introduced an innovative

offering targeting all Korean customers called the “Euro

Packs”. The “Euro Packs” are basically recharge cards

that subscribers can buy in Euros and in return, such

scratch cards offer them free voice & VAS in the off-

peak period. The main objective behind launching such

an offering was to boost koryolink‟s Euro revenue. The

“Euro Packs” sales trend has seen a steady increase

since launch which proves the right compatibility and

wide acceptance of the offering in the Korean market.

In January 2011, and for the first time in the DPRK,

koryolink offered the Multimedia Messaging Service

(MMS) to its subscribers. This represented the latest

addition to koryolink‟s VAS portfolio. The service was

received positively from subscribers and continues to

exhibit a healthy growth rate to date.

In its efforts to better serve existing subscribers and reach

out to potential customers, koryolink has maintained a

wide distribution network consisting of 18 shops inside

the capital Pyongyang and 8 shops covering eight main

cities in the DPRK through an agreement with KPTC.

Through such distribution network koryolink provides a

variety of services such as selling new lines, selling

airtime, providing information to subscribers, etc.

koryolink‟s network currently consists of 341 on air base

stations covering the capital Pyongyang, 14 main cities

as well as 72 smaller cities. The network coverage also

extends over 22 highways. As of the end of Q1 2011,

koryolink‟s network covers 13.6% of the DPRK‟s territory

and 92% of its population. In addition to voice, the

network supports a variety of services such as video call,

SMS, MMS, voice mail, WAP and HSPA.

March

2010

March

2011

Inc/

(dec)

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010


Subscribers 125,661 431,919 535,133 n.m.

Revenues (US$ 000) 9,029 25,761 185.3% Market Share 100.0% 100.0% 100.0% 0%

EBITDA (US$ 000) 5,849 22,562 n.m.ARPU (US$)

(3 months)21.3 14.6 12.7 (40.5%)

EBITDA Margin 64.8% 87.6% 22.8%

Capex (US$ m) 27 47 74% MOU (YTD) 311 316 270 (13.0%)*

*

* *



Equity Method

Mobinil – Egypt

Operational Data

* ARPU expressed under OTH‟s definition may differ from Mobinil‟s disclosed figures.

The first quarter of 2011 performance was impacted by

the political events and ensuing economic uncertainty

which slowed subscriber growth, decreased revenues

and pressured margins.

The Q1 2011 closing base reached 30.4 million mobile

customers (year on year increase of 16%) and 227

thousand ADSL subscribers (year on year increase of

14%) Q1 2011 mobile customers‟ net additions reached

only 0.13 million due to a strong drop in sales activity

mainly in February: many shops were closed due to lack

of security and limited mobility of persons during the

weeks of the turmoil.

Due to the intensity of the political events in January

and February, Mobinil was constrained in terms of

commercial launches especially with the limited shop

activities, however some compensations were provided

to the customers to make up for the services

disconnections (50% on Fixed DSL, 30% on MBB and a 1

EGP daily emergency credit for pre-paid customers who

were not able to place calls). The only offers provided

were limiteded to some gifts, new handsets launches on

a limited scale and the launch of Happy Friday

promotions.

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010

Operational Data

Subscribers 26,121,394 30,224,888 30,358,000 16.2%

ARPU (US$)

(3 months)5.6 4.9 4.5 (19.6%)

ARPU (EGP)

(3 months)31 28 25 (19.4%)

*

*



WIND Mobile– Canada

Globalive Wireless Management Corp. (“Company” or

“GWMC”), operating its wireless business under the

brand name WIND Mobile, entered its second year of

operations in the Canadian market in December,

2010. At the end of the first quarter of 2011 it had

271,659 active subscribers. WIND Mobile provides HSUPA

network coverage in five of the top six population

centers in Canada and their peripheries with slightly over

11M population covered. This coverage is

supplemented with National Roaming for its customers.

WIND Mobile has established the position as the first real,

country-wide alternative in the Canadian wireless

market, a market historically dominated by three

players.

WIND Mobile offers simple, feature-rich service plans and

seasonal promotions and is the pioneer for unlimited

tariffs in the Canadian market. It has a wide range of

voice and data services starting as low as CAD15 a

month which provide global standards and true value

for Canadians. It also features no charges for incoming

text or incoming long distance, no system access fees

and no contracts, along with a unique payment

agnostic concept where plan offerings are identical for

both post-paid and prepaid segments. WIND continued

its unlimited province-wide calling and unlimited nation-

wide calling plans. First quarter competitive indicators

show strong customer acceptance across different

market segments, increasing WIND‟s active subscriber

base by 17% in Q1 2011 and reinforcing its solid share of

net adds. This happened in spite of typical seasonal

decline in growth rates in the first quarter of the year.

WIND continued its „TAB‟ offering for qualified

customers, and has introduced a number of new rate

plans at different price points to better cater for our

customer needs, including a Family Plan. WIND Mobile

continued extending its handset lineup with 18 distinct

devices ranging from high-end Blackberries and Android

devices to entry-level phones.

WIND Mobile‟s distribution network continued its

expansion reaching a total of 475 points of sale by the

end of March including 124 WIND branded locations.

The diversity of WIND‟s distribution network serves

customers across all market segments. WIND‟s

distribution network comprises a mix of corporate stores,

strategic alliances (store within a store in Blockbuster),

exclusive dealers, and third party retailers.

In January 2010, the Company was named as a

respondent in an application by Public Mobile Inc. to

the Federal Court of Canada for an order overturning

the December 2009 Cabinet order which permitted

GWMC to launch its wireless operations. In that

December 2009 order, the Cabinet determined that the

Company met the requirements of Canada's

telecommunications ownership and control rules and

was, therefore, eligible to commence operations. On

February 4, 2011, the Federal Court issued its decision.

The court ruled that the Cabinet order contained two

errors and should be quashed. The decision has been

stayed pending the Company‟s appeal of this ruling,

which will be heard on May 18, 2011.

March

2010

December

2010

March

2011

Inc/(dec)

M ar. 2011 vs.

M ar. 2010

Operational Data

Subscribers - 232,641 271,659 n.a.

ARPU (US$)(3 months) - 30.0 27.4 n.a.

ARPU (CAD)(3 months) - 28.9 26.7 n.a.



Table 17: Ownership Structure & Consolidation Methods

1. On July 13, 2010, the amended and restated shareholders‟ and settlement agreements concluded with France Telecom entered into force. Consequently, starting Q3

2010, Mobinil is reflected through the equity method. Mobinil‟s financial figures for Q1 2010 are represented accordingly.

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

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

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

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

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

7. 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 consolidation Equity consolidation

Egyptian Co. for Mobile Services 20.00% 20.00% Equity consolidation Equity consolidation

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 Full Consolidation

Internet Service

Intouch 100.00% 100.00% Full Consolidation Full Consolidation

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 Full Consolidation

Mena Cable 100.00% 100.00% Full Consolidation Full Consolidation

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 Full Consolidation

TWA 51.00% 51.00% Full Consolidation Full Consolidation

OIIH 100.00% 100.00% Full Consolidation Full Consolidation

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 Full Consolidation

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

CORTEX 100.00% 100.00% Full Consolidation Full Consolidation

Subsidiary

Ownership

March 31

Consolidation Method

March 31

2 1

1

4

5

6

7

3



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 - 26th 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.

mailto:[email protected]

http://www.orascomtelecom.com/

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