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2008 – A Year To Remember

Ahmed bin AliVice President,

Corporate Communications

Convergence to Jordan 2008November 3rd

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2008 – A Year To Remember

• One of the largest operators in the world – FT500, March 31, 2008– Operations in 17 markets in Asia and

Africa– 74 million customers across its markets– The population of its total geographical

footprint is now over 1.6bn– The fastest growing operator in the world

1Q’08 according to Informa Media & Telecom

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the right acquisitions at the right time

“To be one of the Top 10 Global Telco by 2010”

1997

ThurayaFounder owner of 35% of Thuraya

2007

CanarIncreased stake

to 82%

Zantel Increased stake

to 51%

Atlantique Telecom

Increased stake to 70%

NigeriaAcquired 40%

of EMTS

2006

AfghanistanAwarded 4th GSM

license in Afghanistan

Pakistan Acquired 26% of PTCL, incumbent

operator

Egypt (66%) Awarded 3rd mobile

license in Egypt

2005

Atlantique Telecom

Acquired 50% in holding of seven

operators in Africa

Mobily (26%)Awarded 2nd mobile

license in KSA

2004

Canar Founder (37%) of

2nd fixed line operator in Sudan

1999

Zantel 34% of Zanzibar

Telecom Ltd.

Indonesia Acquired 16% of

Excelcomindo

Saudi ArabiaAcquired Bayanat

Al-Oula (data provider)

2008

India Acquired 45% of Swan Telecom

Atlantique Telecom

Increased stake to 82%

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Today’s Issue…

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Financial Performance

• Etisalat recorded net profits at USD 1.8 billion in 2007. Net revenues of USD 5.8 billion were reported in the same year. (Etisalat’s Net Profits reached US$1.9 billion and Net Revenues of US$5.2 billion as of October 18, 2008.)

• Etisalat has received its inaugural international corporate credit ratings from Moody's (Aa2), from Standard & Poor's (A +) and from Fitch Ratings (AA-)

• Unlevered balance sheet and a Net Cash Position of US$3.26bn (Oct ’08)

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Keys to success in 2008-09

1.Financial Prudence

2.Strategic Expansion

3.Customer centric innovation

4.Activating synergies

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Bottom-up Synergies:

• Synergies related to the supply chain– Over 1,000 staff trained at the Etisalat Academy

between April ‘07-May ’08– Roaming Replicator service provides access to

global roaming agreements for Atlantic Telecom and Etisalat’s subsidiaries in Egypt and Afghanistan

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The Major Internet Hub in the Middle East

LA

NY

FR

HKG

UKNL

IT

UAE

SNG

Carrier & Wholesale Competences Provide Capacity Across the Region

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Horizontal Synergies:

• Synergies relating to our operations– Thuraya and Moov Ivory Coast providing satellite

and GSM service across the country– Egypt and Saudi Arabia share best practise from

each other on use of 3.5G services– UAE, Pakistan and Sudan share best practise from

NGN experiences for the fixed-line

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Our subsidiaries extend each other’s reach

GSM and Satellite Provide Complimentary and Comprehensive Coverage

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Top-Down Synergies:

• Synergies related to management processes– Purchase agreements with Nokia, Huawei and ZTE

– Marketing & branding synergies – endorsement of Zantel & harmonisation of PTCL

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Reaching Forwards…

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New Greenfield Operations in Growth Markets Will Help Take us to the Top 10

• India – Universal Access License– 13 telecom circles, with two

additional circles to be acquired (800mn population)

– 45% Stake in Swan Telecom

• Nigeria– Universal Access License– Launched in 7 cities in October

2008– Over ½mn number bookings in

pre-launch campaign– Target 30% market share in next 3

years– 40% Stake in EMTS

Population: 1.1bn

Mobile Pen: 24.4% (296mn)

Competitors: 13

Population: 140mn

Mobile Pen: 43% (60mn)

Competitors: 4

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Thank you