– A Year To Remember Ahmed bin Ali Vice President, Corporate Communications Convergence to Jordan 2008 November 3rd

– A Year To Remember One of the largest operators in the world – FT500, March 31, 2008 –Operations in 17 markets in Asia and Africa –74 million customers across its markets –The population of its total geographical footprint is now over 1.6bn –The fastest growing operator in the world 1Q’08 according to Informa Media & Telecom

3 the right acquisitions at the right time “To be one of the Top 10 Global Telco by 2010” 1997 Thuraya Founder owner of 35% of Thuraya 2007 Canar Increased stake to 82% Zantel Increased stake to 51% Atlantique Telecom Increased stake to 70% Nigeria Acquired 40% of EMTS 2006 Afghanistan Awarded 4 th GSM license in Afghanistan Pakistan Acquired 26% of PTCL, incumbent operator Egypt (66%) Awarded 3 rd mobile license in Egypt 2005 Atlantique Telecom Acquired 50% in holding of seven operators in Africa Mobily (26%) Awarded 2 nd mobile license in KSA 2004 Canar Founder (37%) of 2 nd fixed line operator in Sudan 1999 Zantel 34% of Zanzibar Telecom Ltd. Indonesia Acquired 16% of Excelcomindo Saudi Arabia Acquired Bayanat Al-Oula (data provider) 2008 India Acquired 45% of Swan Telecom Atlantique Telecom Increased stake to 82%

4 Today’s Issue…

5 Financial Performance Etisalat recorded net profits at USD 1.8 billion in Net revenues of USD 5.8 billion were reported in the same year. (Etisalat’s Net Profits reached US$1.9 billion and Net Revenues of US$5.2 billion as of October 18, 2008.) Etisalat has received its inaugural international corporate credit ratings from Moody's (Aa2), from Standard & Poor's (A +) and from Fitch Ratings (AA-) Unlevered balance sheet and a Net Cash Position of US$3.26bn (Oct ’08)

6 Keys to success in Financial Prudence 2.Strategic Expansion 3.Customer centric innovation 4.Activating synergies

7 Bottom-up Synergies: Synergies related to the supply chain –Over 1,000 staff trained at the Etisalat Academy between April ‘07-May ’08 –Roaming Replicator service provides access to global roaming agreements for Atlantic Telecom and Etisalat’s subsidiaries in Egypt and Afghanistan

8 The Major Internet Hub in the Middle East LA NY FR HKG UK NL IT UAE SNG Carrier & Wholesale Competences Provide Capacity Across the Region

9 Horizontal Synergies: Synergies relating to our operations –Thuraya and Moov Ivory Coast providing satellite and GSM service across the country –Egypt and Saudi Arabia share best practise from each other on use of 3.5G services –UAE, Pakistan and Sudan share best practise from NGN experiences for the fixed-line

10 Our subsidiaries extend each other’s reach GSM and Satellite Provide Complimentary and Comprehensive Coverage

11 Top-Down Synergies: Synergies related to management processes –Purchase agreements with Nokia, Huawei and ZTE –Marketing & branding synergies – endorsement of Zantel & harmonisation of PTCL

12 Reaching Forwards…

13 New Greenfield Operations in Growth Markets Will Help Take us to the Top 10 India –Universal Access License –13 telecom circles, with two additional circles to be acquired (800mn population) –45% Stake in Swan Telecom Nigeria –Universal Access License –Launched in 7 cities in October 2008 –Over ½mn number bookings in pre-launch campaign –Target 30% market share in next 3 years –40% Stake in EMTS Population: 1.1bn Mobile Pen: 24.4% (296mn) Competitors: 13 Population: 140mn Mobile Pen: 43% (60mn) Competitors: 4

14 Thank you