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					                                    ORASCOM TELECOM HOLDING
                                              GIVING THE WORLD A VOICE


                                                      Full Year 2010




Orascom Telecom Holding YE – 2009                           Page |1
                                         GIVING THE WORLD A VOICE




   CONTENT
   Highlights                       3

   CEO’s Comment                    4

   Operational Performance          5

   Main Financial Events            9

   Financial Review                 14

   Financial Statements             20

   Operational Overview             25




Orascom Telecom Holding YE – 2009                     Page |2
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Orascom Telecom Holding Full Year 2010 Results


Cairo, April 18th, 2011: Orascom Telecom Holding (OTH) (Ticker: ORTE.CA, ORTEq.L, ORAT EY,
OTLD LI), announces its year end 2010 consolidated results.

                                                                 Highlights

        •    On 4 January 2011, OTH sold its entire shareholding in Orascom Tunisia Holding and Carthage
             Consortium through which OTH owned 50% of Orascom Telecom Tunisia (“OTT”). As a result the
             proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders
             the entity an investment held for sale, and consequently a discontinued operation under IFRS
             rules. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of
             OTT.

        •    Total subscribers exceeded 101 million, an increase of 16% over the same period last year.

        •    Net Income before minority interest showed a sharp increase of 106% compared to the same
             period last year, reaching US$ 781 million1 for the period ending December 31st, 2010, mainly
             due to the gain recognized on the Mobinil transaction by comparing the carrying amount of
             the investments in Mobinil and ECMS to the relevant fair value, taking into consideration the net
             proceeds from the transaction for the global settlement fee amounting to US$300 million.

        •    Revenues reached US$ 3,825 million1, increasing by 2% over the previous year as a result of
             strong growth in all GSM operations, with the exception of Algeria. The persistence of an
             adverse operating environment in Algeria, which was further affected by the hindrance of
             promotions, caused a 6.5% decrease in OTA’s YoY revenues. Revenues of Mobilink and
             banglalink had a positive impact on GSM revenue growth for the year ending December 31st,
             2010. Revenues of Mobilink were impacted YoY due to currency devaluation: revenues for
             Mobilink were up 9% in local currency vs. a 5% increase in US$. banglalink’s revenues grew by
             30% compared to the same period last year. Consolidated Revenue in Q4 2010 remained
             stable compared to Q3 2010.

        •    EBITDA reached US$ 1,584 million1, an increase of 4% compared to the same period last year.
             The solid performance across all the GSM subsidiaries was negatively impacted by the 8%
             decrease in Djezzy’s EBITDA as a result of the ongoing crisis situation in Algeria. EBITDA in Q4
             2010 increased by over 1% compared to Q3 2010.

        •    Group EBITDA margin stood at 41.4%, an increase of 1% compared to the year 2009. EBITDA
             margins for the major subsidiaries were: Djezzy 56.2%, Mobilink 39.6% banglalink 27.9%, and
             koryolink 87%.

        •    Earnings per GDR reached US$ 0.73/GDR (based on a weighted average for the outstanding
             GDRs of 1,015 million over 12M 2010)2.

        •    Net Debt as of December 31, 2010 stood at US$ 4,009 million with a Net Debt/EBITDA of 2.5x.
             Pro-forma for the receipt of proceeds from the disposal of Tunisiana, Net Debt/EBITDA is
             approximately 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 1,015,240,054 as of December 31st, 2010.


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Khaled Bichara, Group CEO, commented on the results:


                “The year 2010 has proven to be a year           income before minority interest of US$ 781 million for the
                of significant milestones aiding the             year ending 31 December 2010. In addition, Net
                growth of Orascom Telecom Holding,               Debt/EBITDA now stands at 2.5x. Pro-forma for the
                on an operational and strategic level.           receipt of proceeds from the disposal of Tunisiana, Net
                                                                 Debt/EBITDA is approximately 1.9x.
                  On October 4th, 2010 WIND TELECOM,
                  OTH’s     parent    company,        and         While the majority of our operations have displayed
                  VimpelCom Ltd. announced their                  strong and stable growth, the Algerian unit, due to the
intention to combine their groups, thereby creating the           consistently hostile operating environment, has faced a
world’s sixth largest telecommunications company.                 decrease in revenues of 6.5% compared to the year
Most recently, in March 2011 the VimpelCom Special                end of 2009. Many restrictions on the operation still
General      Meeting     approved      the    transaction.        remain in place, such as the hindrance of promotions
Furthermore, on April 14th, over 97% of OTH’s                     and local governmental restrictions, in addition to SIM
shareholders approved the proposed refinancing plan               card shortages resulting from a ban on imports. Despite
for the company, as well as a demerger into two                   a number of cost cutting initiatives being instigated in
separate entities: OTH and Orascom Telecom Media                  order to stabilize and maintain network quality,
and Technology Holding S.A.E (OTMT). The refinancing              restrictions imposed by the Algerian government
plan will ensure an improvement in the company’s                  continue to negatively impact Djezzy’s results.
liquidity position and capital structure, while OTMT will
                                                                  Pakistan has shown a 9% increase in its revenues for the
serve as a holding company
                                                                                          year, in local currency terms,
for Mobinil, koryolink, Alfa
                                        “OTH will join the ranks of truly global          alongside      efficient     cost
management contract, the
                                     players in the field of telecommunications           management initiatives which
cable businesses and OT
                                                                                          resulted in a YoY EBITDA margin
Ventures. Consequently, OTH              supported by expertise and a strong
                                                                                          growth of 3%.
will join the ranks of truly            leverage profile while benefiting from
global players in the field of         significant synergies resulting from the           The high subscriber growth trend
telecommunications                         WIND-VimpelCom transaction.”                   in Bangladesh has translated into
supported by expertise and a                                                              revenue growth of over 30% in
strong leverage profile while benefiting from significant         comparison to 2009 despite increasing competitive
synergies     resulting  from    the    WIND-VimpelCom            pressures in the Bangladeshi telecommunications
transaction. The demerged entity of OTMT will allow for           market.
better focus on strategies, and lend both OTH and OTMT
                                                                 WIND Mobile Canada continues to grow its customer
the independence to drive faster growth.
                                                                 base and has succeeded in adding nearly 100
On January 4th, 2011, OTH sold its entire shareholding in        thousands new subscribers compared to the last
Orascom Tunisia Holding and Carthage Consortium,                 quarter, nearing its total subscribers to a quarter of a
through which we owned 50% of Tunisiana, for a total             million.
cash consideration of US$ 1.2 billion, equalling an
                                                                 In light of the company’s promise to deliver innovation
enterprise value of 6.7x Tunisiana’s 2009 EBITDA and
                                                                 and value to its shareholders moving forward into the
generating over 40% annual return on OTH’s investment
                                                                 new era of consolidation, we see the perfect
in the business since 2003.
                                                                 opportunity to do so in the expected combination of
OTH now counts over 101 million subscribers across its           WIND TELECOM and VimpelCom, allowing us to
operating countries. The 16% increase in our customer            continue to maximize long-term shareholder value. “
base compared to last year has translated into a net




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                                                Operational Performance
Subscribers
Throughout the year 2010, Orascom Telecom                                  achieved        despite    the   various    obstacles
succeeded in surpassing the 100 million subscriber                         encountered throughout the year relating to
mark reaching over 101 million customers, showing                          banning       Djezzy   promotions,   advertising  on
an increase of nearly 16% over the same period last                        government owned TV channels, as well as the
year. For comparative purposes, subscriber base for                        inability to import SIM cards.
YE 2009 and Q3 2010 have been adjusted to reflect
                                                                           Telecel Globe’s significant subscriber growth of 78%
the sale of Tunisiana.
                                                                           during 2010 contributed to Orascom Telecom’s 101
In Bangladesh aggressive acquisition and strong                            million strong customer base. Similarly, koryolink’s
customer retention led to a 39% YoY increase in                            subscriber figures have witnessed a sharp increase
banglalink’s   subscriber   base.  Our    Pakistani                        YoY, reaching over 400,000 subscribers compared to
operation showed over 3% growth in subscribers                             just over 90,000 subscribers at year end 2009. WIND
compared to the year end of 2009 as a result of                            Mobile Canada added nearly 100,000 new
aggressive acquisition promotions countering a dip                         customers this quarter in comparison to Q3 2010
in subscriber figures experienced in the previous                          consequently showing a 67% increase.
quarter due to damages incurred during the
                                                                           Under the management contract of Alfa, customer
massive country-wide floods.
                                                                           base has witnessed a 26% increase over the
Djezzy subscribers increased by 3% compared to the                         previous year, maintaining steady growth well
year end of 2009. The growth in customer base was                          above the 1 million subscriber mark.



Table 1: Total Subscribers

                                                                                                                     Inc/(dec)
                                                                    31 Dec.            30 Sept.        31 Dec.
                 Subsidiary                                                                                      Dec. 2010 vs.
                                                                       2009                2010           2010
                                                                                                                    Dec. 2009
                 Djezzy (Algeria)                               14,618,166           14,919,031     15,087,393           3.2%

                 Mobilink (Pakistan)                            30,800,354           31,444,099     31,794,292           3.2%

                 banglalink (Bangladesh)                        13,886,913           18,107,163     19,327,005          39.2%

                 Telecel Globe                                   1,823,000            2,952,530      3,242,000          77.8%

                 koryolink (DPRK)                                   91,704             301,199         431,919            n.m.

                 Alfa (Lebanon)                                  1,067,552            1,253,163      1,342,385          25.7%

                 Total                                          62,287,689           68,977,185     71,224,994          14.3%

                                                                                                                     Inc/(dec)
                 Operations accounted for under                     31 Dec.            30 Sept.        31 Dec.
                                                                                                                 Dec. 2010 vs.
                 the equity m ethod                                    2009                2010           2010
                                                                                                                    Dec. 2009

                 Mobinil (Egypt)                                25,354,209           28,401,312     30,224,888          19.2%
                 Wind Canada (Canada)                                                   139,681        232,641            n.a.
                 Total                                          25,354,209           28,540,993     30,457,529          20.1%
                 Grand    Total 1                             87,641,898        97,518,178        101,682,523          16.0%


   1.   After excluding Tunisiana subscribers in December 2009 and September 2010.




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ARPU
Strong subscriber growth had a dilutive impact on                             all the while still maintaining strong growth of its
ARPU in most operations compared to Q4 2009. In                               customer base.
Algeria, ARPU remained stable in local currency
                                                                              In Bangladesh and North Korea, the significant
terms. Djezzy shows resilience despite the impact of
                                                                              growth in subscribers YoY led to ARPU dilution.
the new interconnection catalogue of July 2009,
which was further modified in July 2010, resulting in                         In Pakistan, Mobillink’s ARPU displayed stability in US$
lower incoming ARPU. Moreover, the stagnant “no-                              terms, while increasing slightly over 1% in local
promotion” conditions imposed upon the Algerian                               currency terms compared to Q4 2009. This was
operator have had a negative impact on pre-paid                               mainly due to subscriber growth, targeted
ARPU.                                                                         acquisition of high value customers, increased
                                                                              traffic and increased VAS.
Mobinil experienced heavy ARPU dilution of nearly
25% compared to Q4 2009 due to highly                                         The increase in Alfa’s subscriber base had a dilutive
competitive pressures significantly reducing tariffs,                         impact on ARPU in comparison to the same period
                                                                              last year.


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

                                                                 31 Dec.              30 Sept.               31 Dec.
                                                                                                                              Inc/(dec)
                                                                    2009                  2010                  2010
                          Subsidiary                                                                                      Dec. 2010 vs.
                                                                     US$                   US$                   US$
                                                                                                                             Dec. 2009
                                                             (3 m onths)           (3 m onths)           (3 m onths)
               Djezzy (Algeria)                                       9.9                   9.6                   9.7               (2.3%)

               Mobilink (Pakistan)                                    2.9                   2.7                   2.9                0.0%

               Mobinil (Egypt) 2                                      6.5                   5.4                   4.9              (24.6%)

               banglalink (Bangladesh)                                2.3                   2.3                   2.1              (10.0%)

               koryolink (DPRK)                                      24.5                  15.2                  14.6              (40.5%)

               Wind Canada (Canada)                                                                              30.0               (4.3%)

               Alfa (Lebanon)                                        40.0                  43.9                  38.3               (4.3%)
                                     3
               Global ARPU (YTD)                                      5.3                   5.3                   4.5              (14.7%)

               Global ARPU (3 m onths)                                5.1                   4.6                   4.5              (12.2%)




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

                                                               31 Dec.              30 Sept.               31 Dec.            Inc/(dec)
                         Subsidiary                               2009                  2010                  2010        Dec. 2010 vs.
                                                           (3 m onths)           (3 m onths)           (3 m onths)           Dec. 2009
               Djezzy (Algeria) (DZD)                             721.4                 724.5                 724.1                  0.4%

               Mobilink (Pakistan) (PKR)                          241.7                 231.0                 244.6                  1.2%




   1.   After excluding Tunisiana subscribers in December 2009 and September 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.




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Market Share & Competition
At the end of 2010, Orascom Telecom’s operations                             The strong subscriber growth trend in Bangladesh led
maintained their market leading positions, except                            banglalink’s share of the market to edge beyond
for banglalink which remains at a secured second                             28%.
position in the Bangladeshi market.
                                                                             Mobilink’s market share illustrated a minor decline as
Djezzy was able to maintain its market leadership,                           a result of subscriber clean-up and increased MNP
capturing nearly 58% of the market in Algeria and                            activity. Mobilink’s market share of active subscribers
showing stability compared to Q3 2010, despite the                           as measured internally on traffic patterns stood at
ongoing challenges the operation continues to                                39% as of December 31, 2010.
face.

In Egypt, Mobinil held its market share and showed
slight improvement over the previous quarter,
closing in on almost 40% of market share in the face
of a highly aggressive competitive environment.




Table 4: Market Share & Competition


                                                          Market Share (%)
                                                                                         Market           Nam es of additional
                     Country         Brand nam e           30 Sept       31 Dec.
                                                                                         Position         netw ork operations
                                                              2010          2010
                   Algeria           Djezzy                  57.9%            57.6%           1                        AMN, Qtel
                             1                                                                           U-Fone, Paktel, Telenor,
                   Pakistan          Mobilink                32.6%            31.4%           1
                                                                                                                        Al Warid
                   Egypt             Mobinil                 39.0%            39.9%           1                Vodafone, Etisalat

                                 1                                                                       Garmeen, Aktel, Citycell,
                   Bangladesh        banglalink              27.8%            28.5%           2
                                                                                                                   BTTB, Airtel




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




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CAPEX
Total consolidated capital expenditures for the                           strong and steady growth of banglalink
twelve months of 2010 declined by 13% compared                            subscribers, and consequently traffic, is reflected in
to the previous year.                                                     increased investments in network capacity. A
                                                                          CAPEX increase of 93% was recorded for
In Algeria, the blocking of imports of equipment
                                                                          banglalink in comparison to the previous year.
and spare parts remained in place throughout Q4
2010, resulting in a 66% decline in CAPEX                                 The 13% decrease in “Other” CAPEX compared to
compared to the same period last year. Mobilink’s                         the twelve months of 2009 is related to investments
CAPEX for the twelve months of 2010 showed a                              of Telecel Globe, koryolink and our submarine
YoY decline of 9% as a result of rollout delays                           cables.
caused by the country-wide floods in Q3 2010. The




Table 5: Capital Expenditure of OTH Subsidiaries for the twelve months to December 31st1


                                                                                  Total              Total
                           Country                   Service nam e           US$ m illion       US$ m illion          Inc/(dec)
                                                                                    2009               2010
              Algeria                               Djezzy                          261                  90               (66%)

              Pakistan                              Mobilink                        157                143                 (9%)

              Bangladesh                            banglalink                      122                235                 93%

              Other 2                                                               221                192                (13%)

              Total                                                                 761                660                (13%)

              Total Consolidated                                                    761                660                (13%)

              Consolidated Capex/Sales                                             20.2%              17.3%                (3%)




       1.   Based on 100% ownership of all subsidiaries.
       2.   “Other” companies include CHEO, Linkdotnet, MedCable, Mena-Cable, OT Holding, Ring and Telecel Globe in 2009 and CHEO, Linkdotnet,
            Mena-Cable, OT Holding, Ring and Telecel Globe in 2010.




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                                               Main Financial Events


France Telecom and Orascom Telecom submit the main terms of their agreements on
MobiNil and ECMS to the Egyptian Financial Supervisory Authority


In April 2010, France Telecom and Orascom Telecom submitted to the Egyptian Financial Supervisory Authority the main
terms of the agreements on MobiNil and ECMS signed between them. The content of this submission can be found below.

1.   Maintaining the partnership between the Parties, and subject to paragraph 4 below, neither Party shall transfer to the
     other Party any shares in MobiNil for Telecommunications (unlisted) or the Egyptian Company for Mobile Services
     (listed). The Parties further agreed that Orascom Telecom Holding shall not own or hold, directly or indirectly and/or
     whether acting in concert, an equity stake in the Egyptian Company for Mobile Services (listed) of more than 20% of
     the share capital of the latter (this refers to a standstill provision which further provides that Orascom Telecom Holding
     shall not seek to directly or indirectly and/or whether acting in concert increase its current equity stake in ECMS. This
     has been clarified in a subsequent press release);

2.   Amending and restating the existing shareholders’ agreement between the Parties relating to MobiNil for
     Telecommunications (unlisted). As a result of this amendment, OT will adopt the equity method instead of the
     proportionate consolidation method for the basis of accounting on the shareholders’ equity. OT will consolidate its
     investment using the equity method in accordance with the Egyptian Accounting Standard No. 18, where OT's share in
     the net assets of ECMS at the date of entry into force of the settlement agreement shall be presented in a separate
     line item in the consolidated balance sheet, rather than on a line-by-line basis. As a result of this reclassification, there
     will be no impact on OT’s consolidated income statement and OT’s consolidated shareholders’ equity, at that date. As
     for the OT’s share in the profits or losses, the changes in the shareholders’ equity of ECMS recognized after that date
     will be presented in a separate line item in the consolidated income statement and the consolidated statement of
     shareholders’ equity respectively. By virtue of the International Financial Reporting Standards, France Telecom will fully
     consolidate its investment in MobiNil Telecommunications and ECMS as from the date of entry into force of the
     settlement agreement and the Amended and Restated Shareholders Agreement. The modification of the basis of the
     accounting treatment for France Telecom and Orascom Telecom will have no effect on ECMS and the minority
     shareholders of ECMS;

3.   Granting Orascom Telecom Holding certain rights in the amended and restated shareholders’ agreement with respect
     to the approval of material decisions and operational matters, the governance model under the Amended and
     Restated Shareholders Agreement is designed to ensure (i) the consolidation by FT of the financial results of MobiNil
     and its subsidiaries, and (ii) that material matters relating to the finances and operations of MobiNil, ECMS and/or their
     material Subsidiaries may not be taken unless such actions are authorized pursuant to the approval of all of the OT
     Directors and a majority of the FT Directors. The composition of the boards of MobiNil and ECMS reflects participation
     by OT and FT which is not materially different from the original shareholders agreement, whereby FT appoints, directly
     or indirectly, the majority of the members of the MobiNil and ECMS board of directors. The ECMS board of directors
     shall continue to include three non-executive, independent directors with relevant industry background. ECMS'
     management will include a CEO appointed by FT and a CFO designated from among FT candidates, whereas the
     Chief Technical Officer and the Chief Commercial Officer will be designated by the CEO from among OT candidates.
     Under the original shareholders agreement, in case the OT and the FT representatives on the board of MobiNil fail to
     reach consensus on a decision, a deadlock mechanism was triggered where either party buys the other’s stake in
     MobiNil through a bidding process. Being the main reason behind the dispute subject matter of the arbitration
     between OT and FT, the parties agreed to simplify and amend such deadlock resolution mechanism and replace it
     with a right granted to OT in certain deadlock situations to put its shares in MobiNil and ECMS to FT for the Put Option
     Consideration, which consideration is calculated on a per share price;

4.   Granting Orascom Telecom Holding in the amended and restated shareholders’ agreement the option to put its
     shares in MobiNil for Telecommunications (unlisted) together with its shares in the Egyptian Company for Mobile
     Services (listed) to the France Telecom Group (i) during the period from September 15 through November 15, 2012,
     and (ii) during the period from September 15 through November 15, 2013, as well as (iii) at anytime until November 15,


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     2013 in a limited number of deadlock situations on some material decisions, and subject to certain conditions. In the
     event of the exercise of the put option, the price per the Egyptian Company for Mobile Services (listed) share ("ECMS
     P") which has been agreed between the Parties will increase over time from EGP 221.7 as of closing up to EGP 248.5 as
     of end 2013, to be converted in EUR at a fixed EUR/EGP exchange rate of 7.53. As for the opening put option price
     (221.7 as of 30/06/2010), it was calculated in reference to the weighted average market share price of ECMS for the
     week preceding April 14, 2010 accreted by 3% to 30/06/2010 = 220.3*(1+3%*79/360), payable in Euros at a fixed rate
     corresponding on the EGP:EUR rate as at the date of signing of the agreement. Each subsequent price represents a 3%
     annual accretion over the opening put option price. Therefore, the price of the put option does not express the
     parties’ view of the long term valuation of ECMS. The price per MobiNil for Telecommunications (unlisted) share will be
     computed as ECMS P multiplied by the total number of ECMS shares held by MobiNil for Telecommunications (unlisted)
     in the Egyptian Company for Mobile Services (listed) and divided by the total number of MobiNil for
     Telecommunications (unlisted) shares;

5.   The continuation of the Parties in rendering technical support and management services to the Egyptian Company for
     Mobile Services (listed) according to the two existing management agreements with the Parties, which were ratified to
     the General Assembly of the Company, and whereby each Party receives a fee equal to 0.75% of the total revenues
     of the Company (excluding equipment sales and sales taxes). In case of exit by OT, it will assign to FT its rights to the
     above management fees and enter into a transition services agreement to the benefit of ECMS enabling ECMS, at its
     option, to continue or terminate the various services and/or technical assistance agreements entered into with OT
     group, all subject to applicable laws and the approval of the competent corporate bodies of ECMS. In consideration
     for the assignment referred to above and the entering into by ECMS of the transition agreement, FT shall pay to OT a
     fee of EUR 110 million;

6.   Prior to the settlement agreement, a dispute between the relevant parties on the ownership of the "MobiNil" trademark
     existed. OT and FT agreed that MobiNil and ECMS shall regularize the ownership of the MobiNil Trademark in the best
     interests of ECMS and all its shareholders and with a view to enhance the visibility of the trademark;

7.   The agreement in principle of the Parties on the acquisition by the Egyptian Company for Mobile Services of Link Dot
     Net S.A.E and Link Egypt S.A.E, a leading Egyptian ISP, for total consideration calculated on the basis of an aggregate
     enterprise value of USD 130,000,000, subject to obtaining the approval of the competent corporate bodies (general
     assemblies and/or boards of directors) and completing the necessary procedures in accordance with applicable laws
     and regulations; and

8.   In consideration for the settlement of all disputes between the Parties, whether in Egypt or abroad, under the Master
     Agreement, FT also agrees to pay OT a global settlement fee of USD 300,000,000 in consideration for OT's undertakings
     and obligations under the Master Agreement, the termination of the original shareholders agreement as well as
     execution of the Amended and Restated Shareholders Agreement (which results in the loss for OT of consolidation of
     MobiNil financial results) and the Settlement Agreement. There is no specific contractual breakdown of the global
     settlement fee among the items set forth above. However, the quantum was agreed taking into account the value of
     the additional portion of EBITDA that will be consolidated by France Telecom in its financial statements. Such fee shall
     be paid by one of the FT Entities in cash on the Closing Date and is in line with the benchmark of companies suffering a
     discount on their holdings in non consolidated assets. The quantum and the payment of such global settlement fee do
     not impact ECMS and the minority shareholders of ECMS. All the more, ECMS will benefit from the global settlement
     between its main shareholders as it will enable ECMS to perform and pursue its development with the full support and
     commitment of France Telecom and Orascom Telecom. Moreover, the global settlement enables France Telecom to
     reinforce its long term investment in Egypt and to ensure a positive media environment for its investment.




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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 is challenging the 2008-2009 Tax Reassessment with the tax
administration and the Algiers administrative court.

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 full
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 Announces the Sale of LINKdotNET and Link Egypt to Mobinil


In July 2010, Orascom Telecom Holding S.A.E. (“OTH” or “the Company”) announced that it had concluded the sale of its
internet services arm LINKdotNET and Link Egypt (“LINK”) to the Egyptian Company for Mobile Services (“Mobinil”). InTouch
Communications S.A.E, a wholly-owned subsidiary of OTH signed a share sale and purchase agreement with Mobinil for the
sale of LINK. The sale excludes the non-ISP part of Link Egypt’s business and affects LINKdotNET’s Egyptian operations only.
The other non-connectivity business, LINK Development, LINKonLINE, Connect Ads, Arab Finance Brokerage Company and
Arpu+ remain owned by OTH. The deal was a cash transaction based on an enterprise value of USD 130 Million. The
business represented 56% and 90% of the revenue and EBITDA of OTH Internet Services respectively.

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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.



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.



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 at today’s 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).



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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.




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                                                                     Financial Review
Revenues
Total Consolidated Revenues increased 2% in                                                    amounted to 9%. The significant growth in the
comparison to the previous year, with GSM                                                      Pakistani operation can be attributed to an
revenues up 3% YoY.                                                                            increase in subscriber base, as well as highly
                                                                                               effective promotional activities throughout 2010.
Despite the overall increase during the period, GSM
revenue growth was negatively impacted by the                                                  The strong subscriber uptake of banglalink, as well
6.5% decline in Djezzy’s revenues for the year                                                 as the penetration of new market segments,
ended December 31st, 2010. The adverse                                                         resulted in a 30% YoY increase of revenues.
conditions in Algeria still persist; the hindrance of                                          Similarly, the increase of koryolink subscribers had a
promotions in conjunction with the drop in                                                     positive impact on the operation’s revenue growth
incoming tariffs from the newly implemented                                                    for the year 2010 compared to the same period
catalogues adjusted in July 2010, have had a                                                   last year.
negative impact on the operation’s revenues.
Although the SIM card shortage has now been                                                    Telecel Globe revenues increased by 25% YoY as a
contained, it impacted the YoY decline in                                                      result of subscriber acquisition and focused market
revenues.                                                                                      penetration. In Q4 2010 the decline in tariff prices
                                                                                               in Burundi, CAR and Zimbabwe, led to an overall
The revenues of Mobilink for the full year of 2010                                             decline in revenues.
showed a 5% increase compared to the same
period last year. It is worth considering the impact                                           The 36% YoY increase in “Other” Telecom Services is
of currency devaluation, as the YoY increase in                                                attributed to growth of subscribers of OT Lebanon
Mobilink’s revenues in local currency terms                                                    (Alfa Management Contract).
                                                 1
Table 6: Consolidated Revenues

                                                          Represented                                           Represented        Q4 - 2010
                                                                                       31 Dec.
                                                               31 Dec.                                   Inc/       Q3 - 2010                        Inc/
                         Subsidiary                                                       2010
                                                                  2009                                 (dec)                  (3 m onths)          (dec)
                                                                                     US$ (000) 2
                                                             US$ (000) 2                                          (3 m onths)   US$ (000)
                           GSM

                              Djezzy (Algeria)                 1,867,837             1,746,566        (6.5%)          444,597        452,915        1.9%

                              Mobilink (Pakistan)              1,058,448             1,107,067          4.6%          266,705        280,869        5.3%

                              banglalink (Bangladesh)            350,884               456,984         30.2%          120,576        122,284        1.4%

                              Telecel Globe (Africa)              81,384               101,830         25.1%           28,040         25,007     (10.8%)

                              koryolink (North Korea)             25,951                66,402       155.9%            18,445         24,757      34.2%

                           Total GSM                           3,384,503             3,478,848          2.8%          878,363        905,833        3.1%


                           Telecom Services

                              Ring                               206,474               152,278       (26.2%)           38,895         37,506      (3.6%)

                              Other 3                             79,906               108,350         35.6%           28,695         27,912      (2.7%)

                           Total Telecom Services                286,380               260,628        (9.0%)           67,590         65,419      (3.2%)


                           Internet Services                      88,881                86,058        (3.2%)           29,061          8,780     (69.8%)

                           Total Consolidated                  3,759,764             3,825,534          1.7%          975,014        980,031        0.5%



   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”). As a result the proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently
        a discontinued operation under IFRS rules. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of OTT.
   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 2009 and H1 2010 are represented as a discontinued operation under IFRS.
   3.   Other Telecom Services Companies include C.A.T., OT Lebanon and TWA in 2009 and OT Lebanon, Mena Cable and TWA in 2010.



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                                                             Total GSM Revenues



                                                       3,384         3%
                                                                                  3,479

                                                      26                          66
                                                      81                          102
                                                      351                                                         Total GSM
                                                                                  457
                                                                                                                  koryolink (North Korea)
                                                      1,058                                                       Telecel Globe (Africa)
                                                                                  1,107
                                                                                                                  banglalink (Bangladesh)
                                                                                                                  Mobilink (Pakistan)
                                                     1,868                        1,747                           Djezzy (Algeria)




                                                31 Dec                      31 Dec
                                                 2009                        2010
                                              US$ (million)               US$ (million)




Consolidated revenues for the fourth quarter of                           banglalink's revenues for Q4 2010 indicated an
2010 remained stable in comparison to Q3 2010,                            increase of over 1.4% compared to the previous
while GSM revenues increased by 3% QoQ.                                   quarter as competitive pressures intensify and lower
The revenues of Djezzy witnessed a 2% increase                            end market segments are penetrated.
compared to Q3 2010 due to local currency
appreciation against the US$. In local currency                           In North Korea, revenue growth reached 34% QoQ
terms, revenues were stable resulting from the                            attributable to the high additions made to its
mitigation of the harsh operating conditions from                         subscriber base. Telecel Globe saw an 11%
SIM shortage, which was contained towards Q4                              decrease in revenues for Q4 2010 in comparison to
2010, to no promotions since the previous quarter.                        Q3 2010 due to the impact of price wars in the
In Pakistan, Q4 2010 revenues grew by 5% in                               Burundi market.
comparison to the previous quarter. The increase
in traffic stimulated by promotions spanning                              The QoQ decrease of 70% in Internet Services’
discounted tariffs, SMS bundles and VAS                                   revenues is attributed to the disposal of LINKdotNET
                                                                          and LINK Egypt in Q3 2010.
contributed to the quarterly revenue’s growth.


                                                                          1
Table 7: Proforma Consolidated Revenues (Local Currency)



                                                         31 Dec.     31 Dec.       Inc/                                     Inc/
                                                                                            Q3 - 2010     Q4 - 2010
            Subsidiary                                      2009        2010     (dec)                                    (dec)
                                                                                          (3 m onths)   (3 m onths)
               GSM

                  Djezzy (Algeria) (DZD bn)                 135.6     129.2     (4.7%)          33.0          32.8       (0.5%)

                  Mobilink (Pakistan) (PKR bn)                86.8     94.3       8.7%          22.5          23.9        6.4%


   1.   Un-audited Figures.




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EBITDA
Consolidated EBITDA increased by 4% compared to                                                activation taxes, which were reduced from Rs
the same period last year. While GSM EBITDA grew                                               500/SIM to Rs 250/SIM in July 2009.
by 2.5% YoY, it was adversely impacted by the crisis
conditions facing the Algerian unit.                                                           The high growth of banglalink’s subscribers and
                                                                                               revenues corresponded to an increase in EBITDA for
Djezzy’s EBITDA declined 8% compared to the                                                    the year of 8% in comparison to the full year of 2009.
previous year as a result of the previously mentioned
decrease in revenues.                                                                          Both Telecel Globe and Koryolink showed
                                                                                               tremendous increases in their EBITDA compared to
In Pakistan, the EBITDA of Mobilink grew 13% YoY in                                            the previous year as a result of subscriber and
US$ terms, while EBITDA in local currency terms                                                revenue growth complimented by OPEX savings.
showed an increase of 18% compared to the same
period last year. The increase is a result of higher                                           The increase in Telecom Services is mainly attributed
revenues coupled with lower absorption of                                                      to OT Lebanon (Alfa Management contract).


                                             1, 2
Table 8: Consolidated EBITDA

                                                                                                                   Represented
                                                    Represented                                                                              Q4 - 2010
                                                                                       31 Dec.                         Q3 - 2010
                                                          31 Dec.                                           Inc/                                                  Inc/
          Subsidiary                                              3                       2010    3
                                                             2009                                         (dec)                           (3 m onths)           (dec)
                                                                                     US$ (000)                        (3 m onths)
                                                        US$ (000)                                                                           US$ (000)
                                                                                                                        US$ (000)
             GSM

                Djezzy (Algeria)                          1,067,241                   982,167            (8.0%)            265,548             241,357         (9.1%)

                Mobilink (Pakistan)                         386,653                   438,071            13.3%             105,431             111,223           5.5%

                banglalink (Bangladesh)                     118,560                   127,686              7.7%              23,340              30,772        31.8%

                Telecel Globe (Africa)                         (435)                    23,505              n.m.              7,565               6,643      (12.2%)

                koryolink (North Korea)                       17,153                    57,764              n.m.              7,475              31,611           n.m.

             Total GSM                                    1,589,172                 1,629,193              2.5%            409,360             421,605           3.0%


             Telecom Services

                Ring                                         (8,317)                   (6,885)           17.2%              (3,298)             (6,885) (108.8%)

                Other 4                                      (3,184)                    21,905              n.m.              4,339               2,465      (43.2%)

             Total Telecom Services                        (11,501)                     15,020              n.m.              1,040             (4,421)           n.m.


             Internet Services                                 9,557                    11,914           24.7%                3,431               2,293      (33.2%)

                                      5
             OT Holding & Other                            (68,693)                   (71,843)           (4.6%)            (18,625)            (19,518)        (4.8%)


             Total Consolidated                           1,518,535                 1,584,283              4.3%            395,207             399,959           1.2%


   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”). As a result the proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently
        a discontinued operation under IFRS rules. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of OTT.
   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 2009 and H1 2010 are represented as a discontinued operation under IFRS.
   4.   Other Telecom Services Companies include: C.A.T., MedCable, Mena Cable, OT Lebanon, TWA, and OTWIMAX in 2009 and 2010.
   5.   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 for 2009, in addition to TIL and TILSA in 2010.


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                                                               Total GSM EBITDA


                                                                     2.5%
                                                       1,589                        1,629

                                                      (0.4)                         23
                                                       17                            58
                                                      119                                                           Total GSM
                                                                                    128
                                                                                                                    Telecel Globe (Africa)
                                                      387                                                           koryolink (North Korea)
                                                                                    438
                                                                                                                    banglalink (Bangladesh)
                                                                                                                    Mobilink (Pakistan)
                                                     1,067                           982                            Djezzy (Algeria)




                                                31 Dec                        31 Dec
                                                 2009                          2010
                                              US$ (million)                 US$ (million)




Consolidated EBITDA increased by 1.2% compared                                The EBITDA of banglalink showed an increase of 32%
to the previous quarter, with GSM EBITDA illustrating a                       compared to Q3 2010 which is attributable to the
3 % increase YoY due to the adverse impact of a 9%                            high customer base growth and increasing revenues.
decrease in Djezzy’s EBITDA despite an increase                               Telecel Globe witnessed higher interconnect costs as
among all other operations.                                                   well as intensified competition in its operations
                                                                              leading to a decrease of 12% in its EBITDA in
In Algeria, EBITDA declined 9% QoQ, mainly a result                           comparison to the last quarter.
of the decrease in revenues as well as the
application of a new tax on recharge cards, further                           The EBITDA of Internet Services compared to Q3 2010
accompanied by a decrease in OPEX arising from                                showed a decline of 33%, mainly due to the disposal
marketing, technical maintenance, leased lines and                            of LINKdotNET and LINK Egypt. The 43% decrease of
bad debt.                                                                     “Other” Telecom Services is due to insurance costs
                                                                              relating to the cable business, as well as lower
Mobilink’s high revenues translated to a 5.5% growth                          quarterly revenues from OT Lebanon as a result of
in EBITDA compared to the previous quarter.                                   ARPU dilution and increased subscriber costs.



                                                                        1
Table 9: Proforma Consolidated EBITDA (Local Currency)

                                                         31 Dec.       31 Dec.              Inc/                                         Inc/
                                                                                                     Q3 - 2010     Q4 - 2010
          Subsidiary                                        2009          2010            (dec)                                        (dec)
                                                                                                   (3 m onths)   (3 m onths)
             GSM

               Djezzy (Algeria) (DZD bn)                      78.1           72.5         (7.2%)         19.6           17.3       (11.7%)

               Mobilink (Pakistan) (PKR bn)                   31.7           37.3         17.8%           9.5            9.4           (0.7%)




   1.   Un-audited Figures.




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EBITDA MARGIN
The EBITDA margin for the group stood at 41.4%                   cost control. In Bangladesh, the decrease of 6% in
representing a 1% increase over the same period                  banglalink’s EBITDA margin in comparison to last
last year.                                                       year came as a consequence of higher cost due to
                                                                 strong net additions to the network, as well as the
Djezzy’s margin declined by only 1% compared to                  impact of SIM tax subsidies borne by the operators
year end of 2009 as a result of efficient cost                   in the market.
management in order to mitigate the impact of the
prevailing challenges the unit is facing with regards            Both Telecel Globe and koryolink showed significant
to its operating environment and imposed                         increases in their EBITDA margins, growing 24% and
restrictions.                                                    21% respectively.      The increase in koryolink is
                                                                 attributable to higher revenues, while Telecel Globe
The EBITDA margin of Mobilink grew by 3% YoY                     has also implemented cost control measures.
thanks to high revenue generation coupled with




Table 10: Consolidated EBITDA Margin



                                       Represented                           Represented
                                                       31 Dec.                                   Q4 - 2010
         Subsidiary                          31 Dec.              Change          Q3 - 2010                  Change
                                                          2010                                (3 m onths)
                                                2009                           (3 m onths)
           GSM

             Djezzy (Algeria)                 57.1%     56.2%      (0.9%)           59.7%          53.3%       (6.4%)

             Mobilink (Pakistan)              36.5%     39.6%        3.0%           39.5%          39.6%        0.1%

             banglalink (Bangladesh)          33.8%     27.9%      (5.8%)           19.4%          25.2%        5.8%

             Telecel Globe (Africa)           (0.5%)    23.1%       23.6%           27.0%          26.6%       (0.4%)

             koryolink (North Korea)          66.1%     87.0%       20.9%           40.5%         127.7%       87.2%


           Total GSM                          47.0%     46.8%       (0.1%)          46.6%          46.5%       (0.1%)

           Total Telecom Services             (4.0%)     5.8%        9.8%             1.5%         (6.8%)      (8.3%)

           Internet Services                  10.8%     13.8%        3.1%           11.8%          26.1%       14.3%


           EBITDA Margin                      40.4%     41.4%        1.0%            40.5%          40.8%       0.3%




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Foreign Exchange Rates
Table 11: Foreign Exchange Rates used in the Income Statement & Balance Sheet
                                                                                                                 3                3
                                                                                                       % Chg               % Chg
                                  Currency            Dec. 09         Sept. 10          Dec. 10      Dec. 10 vs          Dec. 10 vs
                                                                                                       Dec. 09             Sept. 10
                       Egyptian Pound/USD
                                                 1
                         Income Statement              5.5801           5.6221           5.6359                 1.0             0.2
                                             2
                         Balance Sheet                 5.5090           5.7050           5.8057                 5.1             1.7

                       Algerian Dinar/USD
                                                 1
                         Income Statement            72.5825           74.5171          73.9910                 1.9           (0.7)
                                          2
                         Balance Sheet               72.7309           74.7419          74.2862                 2.1           (0.6)

                       Pakistan Rupee/USD
                                                 1
                         Income Statement            81.9791           85.1752          85.6721                 4.3             0.6
                                          2
                         Balance Sheet               84.2333           86.3333          85.1836                 1.1           (1.3)

                       Bangladeshi Taka/USD

                         Income Statement 1          69.4675           69.7500          69.6256                 0.2           (0.2)
                                         2
                         Balance Sheet               69.6500           70.1000          70.5983                 1.3             0.7

                       Canadian Dollar/USD

                         Income Statement 1            1.1210           0.9736           1.0297             (8.9)               5.4

                         Balance Sheet    2            1.0386           0.9801           0.9970             (4.2)               1.7

    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 year end of 2010                     appreciation of the US$ against the Egyptian Pound from
stood at US$ 781 million. Net income attributable to equity                      5.5090 to 5.8057 over the course of the year had a
holders for the year 2010 was positive for US$ 743 million.                      significant effect on the mark to market value of the US$
                                                                                 denominated debt at OTH of approximately US$ 3.5 billion.
Effective July 13, 2010 and as per the amended and
restated shareholders’ and settlement agreements                                 Secondly, the impairment of both tangible and intangible
concluded with France Telecom, OTH measured its                                  assets relating to Telecel Globe’s subsidiary in Namibia
investments in Mobinil and ECMS at fair value according to                       caused a further decline to the impairment of non-current
IAS 31 “Interests in Joint Ventures” and subsequently                            assets in Q4 2010. This led to the impairment of related
accounted for them using the equity method. OTH                                  deferred taxes, which adversely affected income tax.
recognized a gain of US$ 822 million on the transaction by
                                                                                 Furthermore, the impairment of MedCable in Algeria,
comparing the carrying amount of the investments in
                                                                                 caused by the disallowing of the cables’ use for domestic
Mobinil and ECMS to the relevant fair value, taking into
                                                                                 and international calls by OTA, also impacted the bottom
consideration the net proceeds from the transaction for the                      line.   Finally, the net income for the period also
global settlement fee amounting to US$300 million.                               encompassed start up losses from our Canadian
This recorded gain was partially offset by several factors.                      operations. EPS in the 12 months ended December 31, 2010
Firstly, as per statutory requirements, OTH’s primary                            stood at US$ 0.73/GDR.
accounts are held in Egyptian Pounds, consequently the




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Table 12: Income Statement in IFRS/US$
                                                                    Represented
                                                                                                    31 Dec.           Inc/ Represented                                            Inc/
                                                                         31 Dec.                                                                             Q4 - 2010
                                                                                                       2010         (dec)      Q3 - 2010                                        (dec)
                                                                            2009
                                                                                                                                 (3 m onths)              (3 m onths)
                                                                          US$ (000)             US$ (000)
                                                                                                                                   US$ (000)                US$ (000)
         Revenues                                                         3,759,764             3,825,534              2%             975,014                  980,031             1%

         Other Income                                                         34,887                32,265                               7,501                    6,722

         Total Expense                                                 (2,263,239)            (2,273,678)                           (585,280)                (584,782)

         Net unusual Items                                                  (12,877)                    162                               (110)                      272
                   1
         EBITDA                                                           1,518,535             1,584,283              4%             397,125                  402,243             1%

         Depreciation & Amortization                                      (760,739)             (792,368)                           (185,553)                (236,226)
                                                                                                             2                                      2                      2
         Impairment of Non Current Assets                                   (38,297)            (122,756)                              (7,784)                (79,936)
         Gain (Loss) on Disposal of Non Current                                           3                   4
                                                                              42,237                27,909                              26,993 4                  1,475
         Assets
         Operating Incom e                                                  746,620               697,067            (7%)             230,781                    87,557        (62%)

                                                                                                              5
         Financial Expense                                                (439,772)             (466,847)                           (114,107)                (101,186)
                                                                                          6
         Financial Income                                                     87,172                56,084                              20,788                  (1,845)
                                                                                                              7
         Foreign Exchange Gain (Loss)                                         24,753              (78,448)                              24,184                    8,913
                                                                                                                                                                          7
         Net Financing Cost                                               (327,847)             (489,212)                            (69,135)                 (94,118)
                                                                                                                                                    8
         Share of Profit (Loss) of Associates                               (47,129)8           (118,829) 8                          (15,844)                 (36,071)8

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

         Profit Before Tax                                                  371,644                 40,898         (89%)              145,802                 (90,761) n.m .

         Income Tax                                                       (266,073)             (239,298) 10                         (56,336)                 (84,617) 10

         Profit from Continuing Operations                                  105,571             (198,400) n.m .                         89,466               (175,378) n.m .

         Gains or losses from discontinued
                                                                            273,057               979,851                             844,762                     5,845
         operations 11
         Profit for the Period                                              378,628               781,452           106%              934,228                (169,533) n.m .

         Attributable to:
                                                   12
         Equity Holders of the Parent                                       317,290               743,099           134%              939,209                (178,834) n.m .
                                                     13
         Earnings Per Share (US$/GDR)                                            0.36                  0.73         103%                   0.90                   (0.17) n.m .

         Minority Interest                                                    61,338                38,352                             (4,981)                    9,301

         Net Incom e                                                        378,628               781,451           106%              934,228                (169,533) n.m .

   1-     Management Presentation developed from IFRS financials.
   2-     Mainly due to the impairment of Telecel Globe’s investment in Namibia and the impairment of MedCable in Algeria.
   3-     Due to the proceeds of the disposal of M-Link.
   4-     Due to the proceeds of the disposal of LINKdotNET and LINK Egypt in Q3 2010.
   5-     Due to a waiver obtained from the lenders regarding the Algerian tax claim amounting to approximately US$ 24 million in H1 2010.
   6-     Mainly due to gains of approx. US$36.5 million resulting from the early extinguishment of PMCL’s bond.
   7-     Mainly due to the unrealised FX loss from mark to market value of the US$ denominated debt at OTH of US$ 3.5 billion as a result of the depreciation of the Egyptian Pound during 2010,
   8-     Mainly due to the launch of the Canadian operations. Q3 & Q4 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.
   9-     Due to the impairment of Orabank, a financial receivable related to North Korea.
   10-    Due to the impairment of deferred taxes associated with the impairment of Telecel Globe’s investment in Namibia
   11-    On 4 January 2011, OTH sold its entire shareholding in Orascom Tunisia Holding and Carthage Consortium through which OTH owned 50% of Orascom Telecom Tunisia (“OTT”). As a
          result the proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently a discontinued
          operation under IFRS rules. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of OTT.
   12-    Equates to Net Income after Minority Interest.
   13-    Based on a weighted average for the outstanding number of GDRs of 1,015,240,054 GDRs as of 31 December 2010. On a pro forma basis for the rights issue, the weighted average for
          the outstanding number of GDRs for 2009 is 878,947,566. The weighted average for the outstanding number of GDRs in Q3 2010 and Q4 2010 is: 1,045,651,444 GDRs and 1,046,501,539
          GDRs respectively.




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Table 13: Balance Sheet in IFRS/US$


                                                                                                 IFRS/US$                       IFRS/US$
                                                                                            31 Decem ber                   31 Decem ber
                                                                                                     2009                           2010
                                                                                                US$ (000)                      US$ (000)
                Assets

                   Property and Equipment (net)                                                  5,031,757                      3,763,359

                   Intangible Assets 3                                                           2,261,477                      1,486,662

                   Investment in Associates                                                                -                    1,029,294

                   Other Non-Current Assets 3                                                      963,990                      1,104,740

                Total Non-Current Assets                                                         8,257,224                      7,384,055

                   Cash and Cash Equivalents                                                       759,546                        824,085

                   Trade Receivables                                                               331,759                        258,820
                                                                                                                                            2
                   Assets Held for Sale                                                            109,953                        422,604

                   Other Current Assets                                                            640,536                      1,090,912

                Total Current Assets                                                             1,841,794                      2,596,421


                Total Assets                                                                   10,099,018                       9,980,476


                   Equity Attributable to Equity Holders of the Company                          1,275,548                      2,726,524

                   Minority Share                                                                  140,000                         74,639

                Total Equity                                                                     1,415,548                      2,801,163

                Liabilities

                   Long Term Debt                                                                4,873,991                      3,859,447

                   Other Non-Current Liabilities                                                   342,351                        354,225

                Total Non-Current Liabilities                                                    5,216,342                      4,213,672

                   Short Term Debt                                                                 998,231                        973,454

                   Trade Payables                                                                1,042,907                        811,443

                   Other Current Liabilities                                                     1,425,990                      1,180,744

                Total Current Liabilities                                                        3,467,128                      2,965,641


                Total Liabilities                                                                8,683,470                      7,179,313


                Total Liabilities & Shareholder’s Equity                                       10,099,018                       9,980,476


                Net Debt 1                                                                       5,112,676                      4,008,816



   1-   Net Debt is calculated as a sum of Short Term Debt, Long Term Debt, less Cash and Cash Equivalents.
   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”). As a result the proportionate consolidation of OTT during Q4 is no longer applicable as per IFRS as it renders the
        entity an investment held for sale, and consequently a discontinued operation under IFRS rules. Figures for 2009 and 9M 2010 have been restated
        to reflect the accounting treatment of OTT.
   3-   Due to reclassification purposes, some figures previously presented as other non-current assets in 9M 2010 have been adjusted to intangible assets




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Table 14: Cash Flow Statement in IFRS/US$1,2
                                                                                                                           IFRS/US$     IFRS/US$
                                                                                                                                    Represented
                                                                                                                     Represented
                                                                                                                                              31
                                                                                                                     31 Decem ber
                                                                                                                                      Decem ber
                                                                                                                             2009
                                                                                                                                            2010
                                                                                                                          US$ (000)    US$ (000)
                                         Cash Flow s from Operating Activities

                                         Profit for the Period                                                              104,517        (198,634)

                                         Depreciation, Amortization & Impairment of Non-Current Assets                      799,036          915,124

                                         Income Tax Expense                                                                 266,073          239,053

                                         Net Financial Charges                                                              327,847          489,383
                                         Share of Loss (Profit) of Associates Accounted for Using the
                                                                                                                             47,129          118,829
                                         Equity Method
                                         Impairment of Financial Assets                                                             -          48,129 3
                                         Other                                                                               57,973            38,740

                                         Changes in Assets Carried as Working Capital                                      (61,075)        (579,962) 4

                                         Changes in Other Liabilities Carried as Working Capital                            188,907          109,441

                                         Income Tax Paid                                                                  (521,866)        (300,982)

                                         Interest Expense Paid                                                            (408,513)        (356,517)

                                         Net Cash Generated by Operating Activities                                         800,028          522,604

                                         Cash Flow s from Investing Activities
                                         Cash Outflow for Investments in Property & Equipment, Intangible
                                                                                                                        (1,080,718)        (690,153)
                                         Assets, and Financial Assets & Consolidated Subsidiaries
                                         Proceeds from Disposal of Property & Equipment, Subsidiaries and
                                                                                                                            209,620          142,592
                                         Financial Assets
                                         Advances & Loans made to Associates & other parties                              (135,237)        (300,348)

                                         Dividends & Interest Received                                                       27,010            20,152

                                         Net Cash Used in Investing Activities                                            (979,325)        (827,757)

                                         Cash Flow s from Financing Activities

                                         Proceeds from loans, banks' facilities and bonds                                   932,921          332,843

                                         Payments for loans, banks' facilities and bonds                                  (632,472)        (866,978)

                                         Net Payments from financial liabilities                                                    -        (10,683)

                                         Net Change in Cash Collateral                                                       83,212             (924)

                                         Dividend Payments                                                                 (91,160)                  -

                                         Payments for Treasury Shares                                                        (4,189)            (460)

                                         Capital injection                                                                          -        765,233

                                         Change in non-controlling interest                                                (20,468)                  -

                                         Net Cash generated by Financing Activities                                         267,844          219,031

                                         Discontinued operations

                                         Net cash generated by operating activities                                         386,261            23,913

                                         Net cash (used in) generated by investing activities                             (240,872)          142,251

                                         Net cash (used in) generated by financing activities                             (103,764)            38,879

                                         Net cash generated from discontinued operations                                     41,625          205,043

                                         Net Increase in Cash & Cash Equivalents                                            130,172          118,921

                                         Cash included in Assets Held for Sale                                             (13,561)          (43,559)

                                         Effect of Exchange Rate Changes on Cash & Cash Equivalents                          (8,848)         (10,823)

                                         Cash & Cash Equivalents at the Beginning of the Period                             651,783          759,546

                                         Cash & Cash Equivalents at the End of the Period                                   759,546          824,085

 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 2009 and H1 2010 are represented as a discontinued operation under IFRS.
 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”). As a result the
      proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently a discontinued operation under IFRS
      rules. Figures for 2009 have been restated to reflect the accounting treatment of OTT.
 3.   Due to the impairment of Orabank, a financial receivable related to North Korea.
 4.   Mainly comprised of advance payments made for OTA’s tax dispute.

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Table 15: Income Statement in EAS/Egyptian Pounds1
                                                    Represented
                                                                            31 Dec.         Inc/ Represented                              Inc/
                                                         31 Dec.                                                       Q4 - 2010
                                                                               2010       (dec)      Q3 - 2010                          (dec)
                                                            2009
                                                                                                    (3 m onths)      (3 m onths)
                                                           LE (000)         LE (000)
                                                                                                        LE (000)         LE (000)
        Revenues                                       20,979,798       21,560,259           3%       5,561,039        5,562,524          0%

        Other Income                                       194,671          181,844                      43,028           38,238

        Total Expense                                 (12,594,908)     (12,784,460)                 (3,354,003)      (3,309,113)

        Net unusual Items                                 (67,170)                 -                      (618)              618

        EBITDA 2                                         8,512,391        8,957,643          5%       2,249,446        2,292,267          2%

        Depreciation & Amortization                    (4,241,760)      (4,463,057)                 (1,061,357)      (1,337,730)

        Other                                             (62,366)        (534,381)                     106,346        (442,377)

        Operating Incom e                                4,208,265        3,960,205         (6%)      1,294,435          512,160        (60%)

        Financial Expense                              (2,471,214)      (2,616,839)                   (649,702)        (572,345)

        Financial Income                                   494,306          315,120                     118,635         (10,562)

        Foreign Exchange Gain (Loss)                       147,774        (442,126)                     130,672           49,030

        Net Financing Cost                             (1,829,134)      (2,743,845)                   (400,395)       (533,877)

        Share of Profit (Loss) of Associates             (262,986)        (571,602)                    (93,113)        (105,469)

        Impairment of Financial Assets                                    (271,251)                                    (271,251)

        Profit Before Tax                                2,116,145          373,507       (82%)         800,927        (398,438) n.m .

        Income Tax                                     (1,484,707)      (1,355,325)                   (320,770)        (486,313)

        Profit from Continuing Operations                  631,438        (981,818) n.m .               480,157        (884,751) n.m .

        Gains or losses from discontinued
                                                         1,564,635        2,106,966                   1,881,524           15,494
        operations


        Profit for the Period                            2,196,073        1,125,148       (49%)       2,361,680        (869,257) n.m .

        Attributable to:

        Equity Holders of the Parent                     1,844,897          880,717       (52%)       1,951,081        (922,404) n.m .

        Earnings Per Share (EGP/Share) 3                       0.42            0.17       (59%)             0.37           (0.18) n.m .

        Minority Interest                                  351,176          244,431                      31,202           53,147

        Net Incom e                                      2,196,073        1,125,148       (49%)       2,361,680        (869,257) n.m .




   1-    According to the Egyptian Accounting Standards (EAS), the investments in Mobinil and ECMS are measured at cost and not at fair value as per
         the IFRS. Consequently, the gain recognized on the ECMS Transaction is not reflected in the following statement.
   2-    Management Presentation developed from EAS financials.
   3-    Based on a weighted average for the outstanding number of shares for 2010 of 5,076,200,272 local shares. On a pro forma basis for the rights
         issue, the weighted average for the outstanding number of shares for 2009, Q3 2010 and Q4 2010 is 4,394,737,830; 5,228,257,218 and
         5,232,507,694 local shares respectively.




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Table 16: Balance Sheet in EAS/Egyptian Pounds1

                                                                                                     EAS/LE              EAS/LE
                                                                                              31 Decem ber         31 Decem ber
                                                                                                      2009                 2010
                                                                                                    LE (000)            LE (000)
                  Assets

                     Property and Equipment (net)                                                27,557,254          21,710,070

                     Intangible Assets                                                           12,260,323           8,584,912

                     Other Non-Current Assets                                                     5,310,618           8,558,597

                  Total Non-Current Assets                                                       45,128,195          38,853,579

                     Cash and Cash Equivalents                                                    4,184,340           4,784,360

                     Trade Receivables                                                            1,827,658           1,502,624

                     Assets Held for Sale                                                           605,732           2,430,567

                     Other Current Assets                                                         3,539,221           6,332,816

                  Total Current Assets                                                           10,156,952          15,050,367


                  Total Assets                                                                   55,285,148          53,903,946


                     Equity Attributable to Equity Holders of the Company                         6,804,851          12,246,749

                     Minority Share                                                                 762,697             458,581

                  Total Equity                                                                    7,567,548          12,705,330

                  Liabilities

                     Long Term Debt                                                              26,747,219          22,314,854

                     Other Non-Current Liabilities                                                1,886,006           1,735,569

                  Total Non-Current Liabilities                                                  28,633,225          24,050,423

                     Short Term Debt                                                              5,483,719           5,639,775

                     Trade Payables                                                               5,747,657           4,710,968

                     Other Current Liabilities                                                    7,852,999           6,797,450

                  Total Current Liabilities                                                      19,084,375          17,148,193

                  Total Liabilities                                                              47,717,600          41,198,616

                  Total Liabilities & Shareholder’s Equity                                       55,285,148          53,903,946

                             2
                  Net Debt                                                                       28,046,598          23,170,269




   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.




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Presence in Countries with Favourable Dynamics:




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




OTH serves a population of 517 million* with an average penetration of 48%



                                                  EGYPT                         ALGERIA
                                                  Population: 80.5 million      Population: 35 million
      CANADA                                      GDP Growth: 4.7%              GDP Growth: 4.1%               BANGLADESH
      Population: 34 million                      GDP/Capita PPP ($): 6,000     GDP/Capita PPP ($): 7,400      Population: 156 million
      GDP Growth:-2.5%                            Pop. Under 15 years: 33%      Pop. Under 15 years: 25%       GDP Growth: 6%
      GDP/Capita PPP ($): 38,200                  Sovereign Rating: BB          Sovereign Rating: NR           GDP/Capita PPP ($): 1,700
      Pop. Under 15 years: 16%                    Mobile Penetration: 92%       Mobile Penetration: 75%        Pop. Under 15 years: 35%
      Sovereign Rating: AAA                                                                                    Sovereign Rating: NR
      Mobile Penetration: 70%                                                                                  Mobile Penetration: 43%
                                                  NAMIBIA                       CENTRAL AFRICA REPUBLIC
                                                  Population: 2.1 million       Population: 4.8 million
                                                  GDP Growth: -0.8%             GDP Growth: 1.7%
      PAKISTAN                                    Pop. Under 15 years: 36%      Pop. Under 15 years3: 41%      NORTH KOREA
      Population: 184 million                     Sovereign Rating: BBB         Sovereign Rating: NR           Population: 22.8 million
      GDP Growth: 4.2%                            Mobile Penetration: 83%       Mobile Penetration: 17%        GDP Growth: 3.7%
      GDP/Capita PPP ($): 2,500                                                                                GDP/Capita (PPP) ($): 1,900
      Pop. Under 15 years: 37%                                                                                 Pop. Under 15 years: 21%
      Sovereign Rating: CCC                       ZIMBABWE                      BURUNDI                        Sovereign Rating: NR
      Mobile Penetration: 54%                     Population: 11.7 million      Population: 9.9 million        Mobile Penetration: 2%
                                                  GDP Growth: -1.3%             GDP Growth: 3.5%
                                                  Pop. Under 15 years3: 44%     Pop. Under 15 years: 46%
                                                  Sovereign Rating: NR          Sovereign Rating: NR
                                                  Mobile Penetration: 49%       Mobile Penetration: 15%



Note: Sovereign Ratings shown are Moody’s/S&P.
      Population Figures from CIA Factbook (est. December 2010).
      Mobile Penetration is based on December 31, 2010 subscriber figures & market share

*excluding Canada and Lebanon




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                                                 Operational Overview


Djezzy – Algeria

                      Financial Data                                                  Operational Data
                                                                                                                              Inc/(dec)
                      Decem ber     Decem ber     Inc/                             Decem ber Septem ber      Decem ber
                                                                                                                            Dec. 2010 vs.
                         2009          2010      (dec)                                2009      2010            2010         Dec. 2009

Financial Data                                                 Operational Data
                                                               Subscribers         14,618,166   14,919,031   15,087,393                3.2%
Revenues (US$ 000)      1,867,837    1,746,566    (6.5%)
Revenues (DZD bn)          135.6         129.2    (4.7%)       Market Share             59.4%       57.9%        57.6%              (1.8%)


                                                               ARPU (US$)
EBITDA (US$ 000)        1,067,241      982,167    (8.0%)                                  9.9          9.6          9.7             (2.3%)
                                                               (3 months)
                                                               ARPU (DZD)
EBITDA (DZD bn)            78.10         72.50    (7.2%)                                 721          725          724                 0.4%
                                                               (3 months)

EBITDA Margin              57.1%        56.2%     (0.9%)       MOU (YTD)                 248          278          280               13.0%

Capex (US$ m)                261           90      (66%)       Churn (3 months)          7.1%        7.3%         5.7%              (1.4%)



OTA succeeded in managing a very challenging year in                    From a regulatory perspective, during Q1 OTA managed
2010, closing with 15.1 million subscribers, maintaining its            to overcome the fact of not getting any approvals from
leadership position with a 58% market share, controlling                the Algerian telecommunication regulator (ARPT) for
the largest distribution across all 48 Wilayas and                      new offers or promotions by pushing/recycling the
operating the largest network with 7,527 BTS by year                    existing offers and focusing on churn management.
end.                                                                    During Q2, none of the Algerian GSM operators could
                                                                        get any approvals from the ARPT for any offer, as ARPT’s
During 2010 OTA faced many handicaps of all kinds
                                                                        Board of Directors did not issue any decisions during this
from a number of government authorities. In spite of
                                                                        period for internal reasons.
such an adverse environment, OTA did its best to
mitigate and compensate as much as possible those                       In order to react against this handicapping situation, a
extreme challenges. During H1 2010, OTA recovered                       new marketing road map was put in place based on
from the unfortunate football related events that                       revamped and recycled pre-paid offers and new post-
happened in Q4 2009, including reopening all of its                     paid bundles. Ramadan promotion campaigns were
damaged owned shops (CDS), restoring interrupted IT                     put in place as well as the 50% Bonus campaign in
services, refurbishing destroyed offices and warehouses,                November. New value added services were launched,
and recovering all damaged technical sites. During Q2                   supported by strong communication campaigns such as
2010, the Bank of Algeria issued a decision, instructing                football content pack, golden numbers and directory
the banks not to process any transfer abroad in foreign                 services. In addition, multiple marketing researches were
currency for OTA, which also resulted in putting on hold                conducted in order to assess the market reaction in
any custom clearance of imported goods. OTA                             terms of customer satisfaction and network perception.
managed since then and throughout 2010 to serve its                     OTA mitigated an arbitrary ban from announcing on the
customers with the best possible quality, although it has               national public TV, through the sponsoring of TV shows
been blocked from importing equipment for network                       and advertising on other regional TV channels like
expansions or for maintenance purposes. One of the                      Nessma & MBC, as well as Internet, and through
consequences of the Bank of Algeria decision is that                    changing its media mix to ensure awareness about new
OTA was impeded from importing SIM cards, which                         launches and maintain the emotional bond with OTA’s
affected subscriber acquisitions from the end of Q2 until               customer base.
mid-Q4 2010 when local SIM manufacturers were able to
                                                                        On the sales side, OTA continued selling its mobile
fully address OTA's needs.
                                                                        telecommunications services through indirect channels
                                                                        (distributors) and opened 16 new shops under the

Orascom Telecom Holding FY– 2010                                                                             P a g e | 26
                                                                                       GIVING THE WORLD A VOICE


“Djezzy” brand to reach 87 owned shops by year end.           million to US$ 1.7 million. EBITDA decreased by 8% YoY,
OTA continued to serve the corporate sector through a         while the EBITDA margin declined by less than 1%
dedicated sales force. The nine exclusive national            compared to 2009. EBITDA decrease results mainly from
distributors that cover all the 48 Wilayas are distributing   the decrease in revenues as well as the application of a
OTA’s products through 19,000 authorized POS.                 new tax on recharge card. The revenue decrease was
                                                              accompanied by a decrease in OPEX coming from
The overall customer base increased by 3.2% to reach
                                                              Marketing, Technical maintenance, leased lines and
again 15.1m customers by end of 2010. Gross adds
                                                              bad debt. The effect of OPEX decrease was however
evolution was mainly driven by the blockage of
                                                              partially absorbed by the additional provision related to
importing SIMs. Market share of Gross Adds went from
                                                              tax claim (compared to 2009) of 1 bn DZD.
41% in May to 23% in October due to the blockage of
OTA’s imports by the Bank of Algeria which started in         On September 29th 2010, a preliminary tax assessment
April 2010. However we managed to increase it again to        notification amounting to DZD 17,064,210,906 related to
39% in December after restoring the SIM supply through        2008/2009 tax years was received. This assessment
local manufacturers. OTA managed to control churn             disregards OTA accounting records and is being
through the enhancement of “Imtyaz” loyalty program           accounted on deemed basis.
as the churn rate in Q4 2010 was only 5.7% compared to
                                                              OTA is maintaining a proper accounting system and has
7.1% for Q4 2009.
                                                              paid all taxes dues within the normal course of business
Although OTA's ARPU saw a slight increase in Q4 2010          for the year ended 2008 & 2009. On December 13th
compared to Q4 2009 (it went up from DZD 721 to DZD           2010 a final tax assessment notification amounting to
724) as a result of the unfortunate football related          DZD 17,064,210,906 related to tax years 2008 and 2009
events (which started mid of November 2009) the 2010          together with an order to pay were issued by tax
average yearly ARPU dropped by 6.9% to reach DZD 712          administration. As per law OTA has 40 days to submit
compared to DZD 764 during 2009, as a result of the           their reply on the preliminary tax assessment received.
numerous handicaps that OTA suffered during 2010,
which were the main factors causing OTA's revenue
drop in 2010 as compared to 2009.

OTA revenue evolution along 2010 followed a parallel
trend to the actions undertaken by OTA to mitigate
operational handicaps being faced throughout 2010.
Revenues for the year end of 2010 showed declined by
6.5% compared to the same period of 2009, from US$ 1.9




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Mobilink – Pakistan

                               Financial Data                                                                          Operational Data


                                                                                                                                                                          Inc/(dec)
                               Decem ber         Decem ber            Inc/                                       Decem ber Septem ber               Decem ber
                                                                                                                                                                        Dec. 2010 vs.
                                  2009              2010             (dec)                                          2009      2010                     2010              Dec. 2009

 Financial Data                                                                      Operational Data
                                                                                     Subscribers                   30,800,354       31,444,099       31,794,292                    3.2%
 Revenues (US$ 000)               1,058,448        1,107,067             4.6%
 Revenues (PKR bn)                       86.8             94.3           8.7%        Market Share *                      31.5%            32.6%             31.4%               (0.3%)


                                                                                     ARPU (US$)
 EBITDA (US$ 000)                   386,653          438,071           13.3%                                                2.9              2.7               2.9                 0.0%
                                                                                     (3 months)
                                                                                     ARPU (PKR)
 EBITDA (PKR bn)                       31.70            37.33          17.8%                                                242             231               245                  1.2%
                                                                                     (3 months)

 EBITDA Margin                         36.5%            39.6%            3.0%        MOU (YTD)                              198             202               206                  4.1%

 Capex (US$ m)                           157               143           (9%)        Churn (3 months)                      5.2%            9.3%              8.2%                  3.0%


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



2010 proved to be a tough year for Pakistan where it faced a                                     With a focus on market share maintenance, acquisition offer of
number of challenges. The year was marked by the worst flood                                     “3000 + 3000” was run to bring new customers on board and
in history of the country, war against terrorism, as well as gas                                 attract port-in subscribers which contributed in increasing the
and electricity load shedding. Increase in electricity prices                                    subscriber base. In parallel, reactivation promotions were given
coupled with load shedding put pressure on individuals and                                       a different flavor with the introduction of short duration flash
business entities. The flood also devastated telecommunication                                   promotions like one week and weekends coupled with
services in various areas along with the infrastructure damage                                   innovative offerings which helped bringing back the customers.
and displacement of people. Mobilink, feeling its corporate                                      Occasion based promotions were also launched with one
responsibility, came forward and helped the countrymen                                           being done on Eid-ul-Azha and the other on 10th of Moharram.
through flood relief efforts putting in both money and time.
                                                                                                 In Dec 2010, Mobilink launched its Youth package by the name
On the financial side, Mobilink experienced a stable year in                                     of “Jazba”. Jazba offered competitive base tariff tailored to
2010 with growth in revenues and EBITDA. For the year ending                                     youth’s needs. Eyeing the need of SMS bundles for youth
December 2010, revenue registered 9% growth in local                                             segment a portfolio of SMS bundles including daily, weekly and
currency, growing by 5% in US$ terms and reaching US$1,107                                       monthly bundles were promoted which got an overwhelming
million in 2010. EBITDA also showed improvement with 18% YoY                                     response. Jazba brought a new vibe in the Jazz portfolio with its
growth in local currency terms, an increase of 13% in US$ terms,                                 exclusive campaign and vibrant treatment.
compared to year end of 2009 emphasizing Mobilink’s drive to
                                                                                                 On the postpaid front, a new package “iBusiness” was
curtail its operational costs. EBITDA margin improved from 36.5%
                                                                                                 launched to target SME segment. This move helped in
in 2009 to 39.6% in 2010. Market share witnessed a slight decline
                                                                                                 expanding the portfolio in the corporate segment by targeting
of 0.3% compared to the previous quarter as a consequence of
                                                                                                 a very sizable SME segment. Overall, the package got a good
a subscriber based clean-up in addition to increased MNP
                                                                                                 response because of its low line rent, all network free minutes
activity.
                                                                                                 and low Closed User Groups call rate offer.
For the Telecom industry, 2010 proved to be a year full of
                                                                                                 Mobilink also had several firsts when it came to the operator led
competition among the mobile operators with aggressive
                                                                                                 handset market. Mobilink launched Pakistan’s Android based
offers, segmentation, retention and acquisition being the key
                                                                                                 Motorola Milestone, the first Windows 7 Phone and Samsung’s
focus areas throughout the year. During Q4 when competition
                                                                                                 Galaxy Tablet. These launches helped in engaging the
heated up after the usual dip in Ramadan, Mobilink rolled out
                                                                                                 customers and strengthening Mobilink’s image as an innovator.
back to back aggressive offers which collectively ramped to
                                                                                                 Further Mobilink was also able to engage its customers through
over 1 million subscriptions per day. Aggressive voice plus SMS
                                                                                                 4 rounds of its Q&A based SMS Khazana competition.
bundle was floated in the market along with an industry first All-
in-One bundle which offered On-net, Off-net, International
Direct Dialing minutes and SMS all coupled in one bundle.



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banglalink – Bangladesh


                               Financial Data                                                                         Operational Data


                                                                                                                                                                       Inc/(dec)
                               Decem ber        Decem ber            Inc/                                        Decem ber Septem ber              Decem ber
                                                                                                                                                                     Dec. 2010 vs.
                                  2009             2010             (dec)                                           2009      2010                    2010            Dec. 2009

 Financial Data                                                                      Operational Data
                                                                                     Subscribers                  13,886,913      18,107,163        19,327,005                39.2%
 Revenues (US$ 000)                 350,884          456,984           30.2%
 EBITDA (US$ 000)                   118,560          127,686            7.7%         Market Share *                     26.8%            27.8%            28.5%                 1.7%
 EBITDA Margin                        33.8%             27.9%         (5.8%)
                                                                                     ARPU (US$)
 Capex (US$ m)                           122              235            93%                                               2.3              2.3               2.1           (10.0%)
                                                                                     (3 months)
                                                                                     ARPU (BDT)
                                                                                                                           163             160               149             (8.7%)
                                                                                     (3 months)

                                                                                     MOU (YTD)                             253             232               230             (9.3%)

                                                                                     Churn (3 months)                   (0.6%)            5.2%              4.6%                5.2%


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




banglalink has completed another year of high-growth                                            In 2010, banglalink has continued to invest in its network
with subscriber base reaching 19.3 million at the end of                                        expansion in rural areas as well as enhancing capacity
2010, a 39% increase over last year. banglalink                                                 and quality to support the growth in subscriber base.
continued its aggressive acquisition and strong customer                                        banglalink invested US$ 235 Million, an increase of 93%
retention policy in 2010 which led to this major growth in                                      over 2009 capital expenditure of US$ 122 Million.
subscriber base. Market share at the end of 2010 was
                                                                                                banglalink established itself as the leader in Mobile
28.5% which is a 1.7% increase from 26.8% at the close of
                                                                                                Financial Services by continuing to launch more services
2009. Revenue performance has also been impressive
                                                                                                since it launched m-remittance, first time ever in South
with US$457 million revenue in 2010, an increase of 30%
                                                                                                Asia and by launching m-ticketing, mobile bill-pay and
year-on-year, mainly triggered by a higher subscriber
                                                                                                domestic remittance services’ with Bangladesh Post
base.
                                                                                                Office etc. banglalink continued to introduce attractive
banglalink achieved an EBITDA of US$128 million                                                 VAS services such as, ‘Facebook Text’-updating
representing an 8% increase compared to the previous                                            Facebook by SMS, ‘Timer SMS’,          and ‘emergency
year. EBITDA margin decreased to 28% in 2010                                                    recharge’.
compared to a margin of 34% in 2009. EBITDA margin
                                                                                                Indian telecom giant Airtel has taken over Warid in Q2
has declined primarily due to SIM tax paid to
                                                                                                and in Q4 they have launched their brand “Airtel” in
government for new subscriber acquisition. ARPU in Q4
                                                                                                Bangladesh coinciding with their global launch of new
2010 decreased 10% compared to the previous quarter,
                                                                                                logo.
mainly due to dilution caused by the high subscriber
uptake.




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koryolink – Democratic People's Republic of Korea


                             Financial Data                                                                    Operational Data



                                                                                                                                                    Inc/(dec)
                             Decem ber        Decem ber          Inc/                                     Decem ber Septem ber       Decem ber
                                                                                                                                                  Dec. 2010 vs.
                                2009             2010           (dec)                                        2009      2010             2010       Dec. 2009

 Financial Data                                                                 Operational Data
                                                                                Subscribers                     91,704     301,199      431,919               n.m.
 Revenues (US$ 000) *              25,951          66,402         155.9%        Market Share                    100.0%     100.0%       100.0%                    0%

 EBITDA (US$ 000) *                17,153          57,764             n.m.
                                                                                ARPU (US$)     *                    24.5      15.2         14.6         (40.4%)
                                                                                (3 months)
 EBITDA Margin                      66.1%            87.0%         20.9%
 Capex (US$ m)    *                     27              47           74%        MOU (YTD)                            239      320          316             32.4%

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




koryolink closed the year 2010 with revenues reaching                                      ARPU that typically takes place when enlarging the
US$ 66 million representing over 156% growth compared                                      base through expanding to lower end market segments.
to the same period last year. 12M EBITDA reached US$
                                                                                           As a startup to its VAS launch plan and in an effort to
58 million showing a tremendous increase over the same
                                                                                           increase the 3G network utilization, koryolink has
period last year on a comparable basis reflecting an
                                                                                           successfully launched the Video Call service in Q3 2010
EBITDA margin of 87%.
                                                                                           to witness a high demand on the service from different
koryolink, the first and only mobile operator providing 3G                                 segments, especially the youth segment. The high
services in the DPRK, has celebrated its second                                            demand was in return reflected in the higher Video Call
anniversary with a big jump in the number of subscribers;                                  usage per subscriber compared to other operators in
which has more than quadrupled compared to the 2009                                        similar markets. As a result, more and more innovative
closing base.                                                                              VAS are planned to be launched in 2011.

During the last year, koryolink has focused its entire                                     koryolink has managed in 2010 to increase the number
efforts to boost its subscriber growth rate via targeting                                  of shops in Pyongyang to reach 18 shops and to
new market segments with innovative offerings,                                             increase the number of shops outside Pyongyang –
expanding sales outlets regionally across all main cities                                  through an agreement with KPTC, to 8 shops covering
and maximizing the network coverage accordingly.                                           the eight main cities in the DPRK. Through the expanded
                                                                                           distribution network, koryolink has managed to better
In order to increase the base size, koryolink introduced a
                                                                                           penetrate the market and provide its services
new rate plan in Q2 2010 targeting lower end customers
                                                                                           conveniently to both new as well as existing customers.
which paid off as we have witnessed an increasing sales
trend from outside Pyongyang that reached nearly 50%                                       koryolink’s network currently has 333 on air base stations
in September 2010. This, in addition to the other sales                                    covering Pyongyang as well as 14 other main cities
efforts, succeeded in countering the shortage in                                           (mainly Wonsan, Hamhung, Pyongsong, Anju, Kaechon,
handset supply that was continuously caused by the                                         Nampo, Sariwon & Haeju) as well as 22 highways. The
handset distributor.                                                                       network supports a variety of services in addition to
                                                                                           voice such as video call, SMS, MMS, voice mail, WAP
Additionally, the high demand on voice and VAS
                                                                                           and HSPA. As of the end of 2010, koryolink has managed
provided by koryolink compensated for the drop in
                                                                                           to cover 91% of DPRK population.




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                                                                          Equity Method
Mobinil – Egypt



                                                                    Operational Data

                                                                                                                       Inc/(dec)
                                                                   Decem ber Septem ber                 Decem ber
                                                                                                                     Dec. 2010 vs.
                                                                      2009      2010                       2010       Dec. 2009

                                      Operational Data
                                      Subscribers                   25,354,209        28,401,312        30,224,888            19.2%


                                      Market Share                         42.0%             39.0%          39.9%            (2.1%)


                                      ARPU (US$)
                                                                              6.5               5.4            4.9         (24.6%)
                                      (3 months)
                                      ARPU (EGP) *
                                                                               36                31            28          (20.9%)
                                      (3 months)

                                      MOU (YTD) *                             173              171            167            (3.2%)

                                      Churn (3 months)      *              10.8%              7.2%           7.3%            (3.5%)


    * ARPU, MOU & Churn expressed under OTH’s definition may differ from Mobinil’s disclosed figures.




With close to 5 million net additions over 2010, Mobinil                                      During Q4 2010 the main commercial launches Mobinil
has exceeded 30 million customers. This confirms its                                          did was Bedoon Sheroot (simple tariff) where customers
strong position in the maturing Egyptian mobile market                                        can benefit from the lowest rate EGP 0.14/min when
and positions the company for future profitable growth.                                       calling a Mobinil number from the first minute with no
                                                                                              conditions or extra fees, in addition to receiving the
Q4 2010 mobile customers’ net additions reached 1.8
                                                                                              lowest rate when calling any other operator or landline.
million resulting in total additions of 4.9 million customers                                 Mobinil also launched Recharge and Win where ALO
for 2010 (with 0.76 million in Q1, 0.03 million in Q2 and                                     and Primo customers can enjoy the chance to win
2.25 million in Q3).                                                                          valuable prizes every time they recharge through
                                                                                              Mobinil scratch cards or e-recharge for EGP 15. What’s
The main event of Mobinil in 2010 was the acquisition of                                      more, the launch of a double credit promotion with ALO
LINKdotNET that is expected to help offering more                                             allowed customers to profit from double recharged
innovative commercial initiatives.                                                            amount every time they recharge their accounts with
                                                                                              EGP 10 or more.




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                                                                                                       GIVING THE WORLD A VOICE



WIND Mobile– Canada


                                                                                      Inc/(dec)
                                                        Septem ber Decem ber
                                                                                    Dec. 2010 vs.
                                                           2010       2010           Dec. 2009
                                  Operational Data
                                  Subscribers                139,681      232,641               n.a.

                                  ARPU (US$)(3 months              -           30               n.a.

                                  ARPU (CAD)(3 months              -           29               n.a.




Globalive Wireless Management Corp. (“Company” or                      to $150 at time of activation, then apply a portion of
“GWMC”), operating its wireless business under the                     their monthly service bill towards partially or entirely
brand name WIND Mobile, celebrated its first                           repaying the device cost. WIND Mobile has broadened
anniversary in the Canadian market in December 2010                    its handset lineup throughout 2010 to end fourth quarter
with 232,641 active subscribers. WIND Mobile has                       with 14 distinct devices ranging from high-end
expanded its advanced fully enabled HSPA network                       Blackberries and Android devices to entry-level phones.
coverage to include five of the top six population
                                                                       WIND Mobile’s distribution network has been
centers in Canada and their peripheries with slightly over
                                                                       considerably extended throughout 2010 reaching a
11 million- population covered, with National Roaming
                                                                       total of 440 points of sale by year end including 130
supplementing national coverage for its customers.
                                                                       WIND branded locations. The diversity of WIND’s
WIND Mobile reinforced its position as the first real,
                                                                       distribution network serves customers across all market
country-wide alternative in the Canadian market that
                                                                       segments. WIND’s distribution network comprises a mix
was marked by an oligopoly of three players for more
                                                                       of corporate stores, strategic alliances (store within a
than a decade.
                                                                       store in Blockbuster), exclusive dealers, and third party
WIND Mobile continued offering simple, feature-rich                    retailers.
service plans and seasonal promotions as the pioneer
                                                                       In January 2010, the Company was named as a
for the unlimited tariff structure in the Canadian market
                                                                       respondent in an application by Public Mobile Inc. to
and a wide range of voice and data services starting as
                                                                       the Federal Court of Canada for an order overturning
low as $15 a month with global standards and true value
                                                                       the December 2009 Cabinet order which permitted
for Canadians, featuring no charges for incoming text or
                                                                       GWMC to launch its wireless operations. In that
incoming long distance, no system access fees and no
                                                                       December 2009 order, the Cabinet had determined
contracts, along with the unique payment agnostic
                                                                       that the Company met the requirements of Canada's
concept where plan offerings are identical for both
                                                                       ownership and control rules and was, therefore, eligible
post-paid and pre-paid segments. As a market leader in
                                                                       to commence operations. On February 4, 2011, the
its product range, WIND continued its unlimited
                                                                       Federal Court ruled that the Cabinet order contained
province-wide calling and unlimited nation-wide calling
                                                                       two errors and should be quashed. WIND Mobile and
plans with specific holiday promotions and these plans
                                                                       the Canadian Government have appealed the decision
were well accepted across customer segments
                                                                       and the decision has been stayed pending the
increasing WIND’s active subscriber base by 67% in Q4
                                                                       resolution of the appeal. WIND Mobile expects a
2010.
                                                                       favorable outcome.
WIND introduced the TAB in November by which
qualifying customers received a handset subsidy of up




Orascom Telecom Holding FY – 2010                                                                                   P a g e | 32
                                                                                                                                    GIVING THE WORLD A VOICE



Table 17: Ownership Structure & Consolidation Methods


                                                                              Ow nership                                           Consolidation Method
                                   Subsidiary                               Decem ber 31                                                   Decem ber 31

                                                                         2009          2010                             2009                             2010
                      GSM Operations
                                                                                                                                                                 1
                         Mobinil (Egypt)2                             28.75%        28.75%      Proportionate Consolidation              Equity consolidation
                         Egyptian Co. for Mobile Services             20.00%        20.00%      Proportionate Consolidation              Equity consolidation 1
                         IWCPL (Pakistan)                            100.00%       100.00%                 Full Consolidation               Full Consolidation
                         Orascom Telecom Algeria 3                    96.81%        96.81%                 Full Consolidation               Full Consolidation
                         Telecel (Africa)                            100.00%       100.00%                 Full Consolidation               Full Consolidation
                         Orascom Telecom Tunisia 4                    50.00%        50.00%      Proportionate Consolidation             Assets Held for sale
                         Telecel Globe                                94.00%       100.00%                 Full Consolidation               Full Consolidation
                         OT Ventures 5                               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
                         Orasinvest                                          -              -                               -                                -
                         OTCS                                        100.00%       100.00%                 Full Consolidation               Full Consolidation
                         OT ESOP                                     100.00%       100.00%                 Full Consolidation               Full Consolidation
                         M-Link                                      100.00%                -              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.6                                      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 7                                       100.00%       100.00%                 Full Consolidation               Full Consolidation
                         OTFCSA                                      100.00%       100.00%                 Full Consolidation               Full Consolidation
                         OT Holding Canada 8                         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
                         CORTEX                                      100.00%       100.00%                 Full Consolidation               Full Consolidation
   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 2009 and H1 2010 are represented as a discontinued operation under IFRS.
   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.   On 4 January 2011, OTH sold its entire shareholding in Orascom Tunisia Holding and Carthage Consortium through which OTH owned 50% of Orascom Telecom Tunisia
        (“OTT”). As a result the proportionate consolidation of OTT during Q4 is not applicable as per IFRS as it renders the entity an investment held for sale, and consequently a
        discontinued operation under IFRS. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of OTT.
   5.   OT Ventures owns 100% of Sheba Telecom which operates under the trade name banglalink.
   6.   Direct and Indirect stake through International Telecommunications Consortium Limited (ITCL).
   7.   OIH owns 100% of Orascom Telecom Iraq which sold Iraqna in December 2007.
   8.   Holding company for OTH’s Share in Globalive which has been accounted for under the equity method.




Orascom Telecom Holding FY – 2010                                                                                                                             P a g e | 33
                                                                                                                                          GIVING THE WORLD A VOICE



                                                                                     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: otinvestorrelations@otelecom.com              Website: www.orascomtelecom.com




This presentation contains statements that could be construed as forward looking. These statements appear in a number of places in this presentation and include statements regarding
the intent, belief or current expectations of the subscriber base, estimates regarding future growth in the different business lines and the global business, market share, financial results
and other aspects of the activity and situation relating to the company.

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

You are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation, which is not intended to reflect Orascom
Telecom’s business or acquisition strategy or the occurrence of unanticipated events.




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