EMIRATES TELECOMMUNICATIONS CORPORATIONS ETISALAT...Top 10 GCC Companies (1) Most Valuable Telecom...

Etisalat Group

Investor Presentation

May 2016

Aspire Forward

Emirates Telecommunications Group Company PJSC and its subsidiaries (“Etisalat Group” or the “Company”) have prepared this presentation (“Presentation”) in good faith, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions or estimates, or other information contained in this Presentation.

The information contained in this Presentation is an overview and should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

Where this Presentation contains summaries of documents, those summaries should not be relied upon and the actual documentation must be referred to for its full effect.

This Presentation includes certain “forward-looking statements”. Such forward-looking statements are not guarantees of future performance and involve risks of uncertainties. Actual results may differ materially from these forward-looking statements.

2

Disclaimer

Agenda

3

1. Key Company Highlights

2. Financial Overview

3. Appendix

1. Key Company Highlights

Key Company Highlights

5

Highly Rated Telco

(Aa3/AA-/A+) with Low

Leverage

Most valuable

Telecom Operator

With Largest Market

Cap among Middle

East & Africa Telcos

Leading Telecom

Operator With highest

revenue and EBITDA

among Middle East &

Africa Telcos

Strong FCF Profile with

Consistent History of

Returning Capital to

Shareholders

1

4

5 2

Diversified Operator

with Exposure to

Attractive and High

Growth Markets Across

Africa and Asia

3

Top Telecom Companies in ME & Africa

6

Top 10 GCC Companies(1)

Most Valuable Telecom Operator in the Middle East and Africa

Source: Bloomberg Data as at 5 May 2016

(1) Ranking by Market Cap

1

Top 10 UAE Companies(1)

$45bn

$34bn

$19bn

$17bn

$12bn

$9bn

$8bn

$8bn

$6bn

$5bn

$3bn

$2bn

Etisalat

STC

MTN Group

Vodacom

Maroc Tel

Turk Cell

Du

Ooredoo

Mobily

Zain Group

Vodafone Qatar

Global Telecom

$66bn

$45bn

$34bn

$32bn

$25bn

$18bn

$17bn

$15bn

$12bn

$12bn

SABIC

Etisalat

STC

Qatar National Bank

Al Rajhi Bank

Saudi Electricity

Industries Qatar

FGB Bank

Kingdom Holding

Emaar Proporties

$45bn

$15bn

$15bn

$12bn

$12bn

$12bn

$10bn

$9bn

$6bn

$5bn

Etisalat

DP World

FGB Bank

Emirates NBD

Emaar Proporties

NBAD

Emaar Malls

ADCB

DIB

Aldar Properties

7

Leading Telecom Operator in the Middle East and Africa

Source: Bloomberg Data as at 5 May 2016

2

FY 2015 Revenue (USD bn) FY 2015 EBITDA (USD bn)

Top 10 Telecom Companies in Middle East and Africa

3.6

3.8

3.8

4.5

5.1

5.4

8.8

10.2

13.5

14.1

Maroc Tel

Zain Group

Mobily

Turk Cell

Turk Telecom

Vodacom

Ooredoo

MTN Group

STC

Etisalat Group

1.4

1.5

1.6

1.8

1.8

1.9

3.5

4.2

5.0

7.2

Turk Cell

Du

Zain Group

Maroc Tel

Turk Telecom

Vodacom

Ooredoo

MTN Group

STC

Etisalat Group

Diversified Telecom Operator

8

Etisalat Misr, Egypt

Licence type Mobile & Internet

% Ownership 66%

Canar, Sudan

Licence type Fixed

% Ownership 92%

Etisalat, Afghanistan

Licence type Mobile

% Ownership 100%

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

(2) Maroc Telecom ownership.

Maroc Telecom, Morocco

Licence type Mobile, Fixed & Internet

% Ownership(1) 53%

Mauritel, Mauritania


% Ownership(2) 41%

PTCL, Pakistan


% Ownership 23%

Etisalat Lanka, Sri Lanka

Licence type Mobile

% Ownership 100%

Thuraya, UAE

Licence type Satellite telecommunication

% Ownership 28%

Network coverage

140 countries

Etisalat, UAE


% Ownership 100%

Etihad Etisalat (Mobily),Saudi Arabia

Licence type Mobile & Internet

% Ownership 27%

Gabon Telecom, Gabon


% Ownership(2) 51%

Onatel, Burkina Faso


% Ownership(2) 51%

Atlantique Telecom, Moov – West Africa

Licence type Mobile

% Ownership(2) 100%

Sotelma, Mali


% Ownership(2) 51%

EMTS, Etisalat Nigeria

Licence type Mobile

% Ownership 40%

Maroc Telecom(4)

Other Africa

Middle East

Asia

3

Strong Financial Profile and Consistent Track Record of Shareholder Remuneration

9

Strong Cash

Flow

Generation,

Consistent

Reinvestment

and Robust

Balance Sheet

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

Consistent

History of

Attractive

Shareholder

Returns

Dividend Payout Ratio (%)

4

78.2%

64.3%

84.2%

2013 2014 2015

5.54 5.54

6.96

0.70 0.70 0.80

2013 2014 2015

Dividend (AED bn) DPS

6.0% 6.1%

5.1%

2013 2014 2015(1)

1. Annualized dividend yield stock price is based on actual payment date of 18 August 2015 and 26 April 2016

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

17.2

20.4

4.35.1

2014 2015 1Q'15 1Q'16

18%

20%

10%

13%

2014 2015 1Q'15 1Q'16

1.69

0.66

(1.29)

(2.63)

2014 2015 1Q'15 1Q'16

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

10

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

A+/Stable

AA-/Stable

Aa3/Stable

Net Debt (Net Cash) / EBITDA

Source: Company filings, Bloomberg(1) On March 6, 2015 Moody’s placed Etisalat Group under review

5

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

4

2

6

-2

8

12

14

16

yyy

Ooredoo, A-STC, A-

Etisalat, AA-xxx

Ratings

Debt/EBITDA

Bharti, BBB-MTN, BBB-

Batelco, BB

AA-

AA-

(1)

-0.51x

0.07X0.02X

-0.85X

2013 2014 2015 1Q'16

2. Financial Overview

Etisalat Group Financial Highlights – 1Q 2016

12(1) Financial figures are restated to exclude the impact of discontinued operations

Revenue Breakdown 1Q 2016 (AED m) EBITDA Breakdown 1Q 2016 (AED m)

Represents others

61%

24% 6%6%

3%

57%

24%9%

8%

2%

UAE +1%

MT Group +7%

Egypt +9%

Pakistan -6%

UAE -4%

MT Group +2%

Egypt +8%

Pakistan -2%

YoY Growth YoY Growth

+1% -2%

12.9bn

6.4bn

(LC +16%)

(LC -3%)

(LC +14)

(LC +1%)

(LC +10%) (LC +5)

Etisalat Group Financial Highlights – FY2015


56%

24%9%

8%

3%

61%

24% 6%5%

4%

Revenue Breakdown FY 2015 (AED m) EBITDA Breakdown FY 2015 (AED m)

UAE +6%

MT Group +52%

Egypt -6%

Pakistan -10%

UAE +9%

MT Group +42%

Egypt -4%

Pakistan +2%

YoY Growth YoY Growth

+7% +14%

51.7bn

26.5bn

(LC +2%)

(LC -9%)

(LC +2%)

(LC +4%)

Represents others

Revenue growth is attributed to UAE, MT Group and Egypt operations

Positive revenue growth in the UAE impacted by lower handset sales

Higher contribution from international consolidated operations

― Growth in MT Group driven by int’l subsidiaries

― Revenue growth in Egypt despite currency devaluation

― Revenue growth in Pakistan continued negatively impacted by increased competition in international and mobile revenues

Group Revenue

14

Revenue (AED m) and YoY growth (%)

Key HighlightsGeographical Split of Revenue (1Q 2016)

Domestic vs. Int’l International

Sources of Revenue growth – Q1’16 vs Q1’15 (AED m)

38,853

48,50951,737

12,726 12,853

30%

1%

18%

26%

7%

FY'13 FY'14 FY'15 Q1'15 Q1'16

Revenue YoY growth %

UAE57%

Int'l43%

MT57%

Egypt21%

Pakistan19%

Others3%

12,726 12,853 69

198 95

67 169

Q1'15 UAE MT Group Egypt Pakistan Others Q1'16

UAE61%

Int'l37%

Others2%

Group EBITDA

15

EBITDA in the UAE negatively impacted by higher cost of sales and network costs.

Higher contribution of EBITDA of consolidated international operations due to:

― Positive contribution from Maroc Telecom Group due to int’l subsidiaries

― Positive contribution from Egypt due to higher revenue

― Pakistan contribution impacted by currency devaluation while grew in local currency

EBITDA (AED m) & EBITDA Margin

Key HighlightsGeographical Split of EBITDA (Q1 2016)


18,901

23,212

26,526

6,530 6,424

51% 50%49% 48% 51%

FY'13 FY'14 FY'15 Q1'15 Q1'16

EBITDA EBITDA Margin

Sources of EBITDA growth – 1Q’16 vs 1Q’15 (AED m)

6,530 6,424

164

24 29

7

11


MT66%

Egypt17%

Pakistan15%

Others2%

UAE26%

Int'l70%

Others4%

Group CAPEX

16

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

Lower capital spend in the UAE

Increased Capital expenditure in international operations

due to:

― Higher capex spend in MT Group due to License

acquisition in Ivory Coast and Togo

― Higher capex spending in Pakistan driven by

investment in the mobile network

Key HighlightsGeographical Split of CAPEX (Q1 2016)


Others3%

(2)

6,334

8,914

10,309

1,266 1,639

10%13%

16%18%

20%

FY'13 FY'14 FY'15 1Q'15 1Q'16

CAPEX CAPEX/Revenue

Sources of Capex growth – Q1’16 vs Q1’15 (AED m)

MT68%

Egypt13%

Pakistan18%

Others1%

1,266

1,639

193

467

15

77 37


Group Balance Sheet, Cash Flows and Debt Profile

17

Net cash position (AED m) Mar’15 Mar’16

Operating 4,255 5,096

Investing (1,175) (1,737)

Financing (25) (243)

Net change in cash 3,054 3,116

Effect of FX rate changes 556 206

Reclassified as held for sales (6) (69)

Ending cash balance 22,148 24,676

Balance Sheet (AED m) Dec-15 Mar-16

Cash & Cash Equivalent (1) 21,422 24,676

Total Assets 128,265 132,139

Total Debt (1) 22,080 22,050

Net Cash / (Debt) (658) 2,626

Total Equity 59,375 57,573

Investment Grade Credit Ratings

Maintained healthy liquidity position

Net Cash to EBITDA level

Better operating cash flow due to better profitability and

working capital management

Maintained strong credit ratings with stable outlook from the

three credit ratings agencies

A+/Stable

AA-/Stable

Aa3/Stable (2)

Highlights

(1) Balances excludes discontinued operations

(2) On March 8th, 2016 Moody’s placed Etisalat Group under review

Debt Profile: Diversified debt portfolio

18

4,200

2,246

4,131

11,503

2016 2017 2-5 years > 5 years

Borrowings (1) by Currency

Debt (1) by Source Q1’16 (AED m)

Borrowings (1) by Operation Q1’16 (AED m)

Repayment (1) Schedule

(1) Debt balance excludes borrowing from discontinued operations

USD28%

Euro44%

MAD12%

Others16%

15,503

3,370 1,961

1,216

Group MT Group Egypt Pakistan

14,943

6,459

303 345

Bonds Bank Borrowings Vendor Financing Others

19

Country by Country Financial Review

Financial Performance

UAE: Moderate revenue growth with strong profitability

20

Key Highlights

UAE Market Facts

19M Total

Subscribers

200%Mobile

Penetration

AEDMillion

FY’15 YoY% 1Q’16 YoY%

Revenue 28,774 +6% 7,290 +1%

EBITDA 16,279 +9% 3,896 -4%

EBITDA % 57% +1pp 53% -3pp

Profit 7,325 0% 1,885 +4%

Capex 4,941 +96% 428 -31%

~ 86%FTTH

Coverage

~ 90%LTE

Coverage

> +80%Smartphone Penetration

Revenue growth driven by strong performance of fixed

and mobile broadband

Margin weakening on higher interconnection and roaming

costs, higher special project and G&A expenses

Profit improvement due to lower royalty charges

Capital spending focused on network modernisation and

maintenance

Etisalat UAE financial Performance:

21

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

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

(1) Free Cash Flow represents EBITDA less Capex

8%%

24.827.1

28.8

7.2 7.3

11%

1%

9% 9%

6%

FY'13 FY'14 FY'15 Q1'15 Q1'16

Revenue YoY growth %

6.1

7.3 7.3

1.8 1.9

25% 26%25% 27% 25%

FY'13 FY'14 FY'15 Q1'15 Q1'16

Net Profit Margin %

14.015.0

16.3

4.13.9

56% 53%57% 55% 57%

FY'13 FY'14 FY'15 Q1'15 Q1'16

EBITDA EBITDA %

12.0 12.411.3

3.4 3.5

47% 48%48% 46%39%

FY'13 FY'14 FY'15 Q1'15 Q1'16

FCF FCF%

UAE: Consistent high value subscriber growth

22

(1) Mobile ARPU (“Average Revenue Per User”) calculated as total mobile voice, data and roaming revenues divided by the average mobile subscribers.(2) ARPL (“Average Revenue Per Line”) calculated as fixed line revenues divided by the average fixed subscribers.(3) Fixed broadband subscriber numbers calculated as total of residential DSL (Al-Shamil), corporate DSL (Business One) and E-Life subscribers.

Mobile Subs (m) & ARPU(1) (AED)

Fixed Broadband(3) Subs (m)

Fixed Subs (m) & ARPL(2) (AED)

eLife Subs – Double & Triple-Play (m)

1.61 1.77 1.84

7.77 7.91 8.23

114 110110

Q1'15 Q4'15 Q1'16

Postpaid Prepaid Blended ARPU

0.96 0.87 0.84

132122

136

Q1'15 Q4'15 Q1'16

Fixed ARPL

0.80 0.87 0.89

383 407 389

Q1'15 Q4'15 Q1'16

E-Life (2P & 3P) ARPL

1.01 1.06 1.07

495 498 489

Q1'15 Q4'15 Q1'16

Fixed BB ARPL

UAE: Competitive dynamics

23

Mobile Market Share (%)

Fixed Value Share (%)

Fixed Market Share (%)

Mobile Value Share (%)

83.7% 16.3%44.6%

55.4%

81.7% 18.3%

64.7%

35.3%

EtisalatDu

Based on Company’s disclosures

Int’l Operations Financial Highlights 1Q 2016


Revenue (AED m)/EBITDA (AED m) /EBITDA Margin (%)

Revenue & EBITDA (AED m) /EBITDA Margin (%) / YoY Growth %

YoY Growthin AEDMaroc Telecom Group

Revenue +7%3,119

EBITDA +2%1,571

EBITDA Margin -3pp50%

Etisalat Misr

Pakistan

Revenue -6%1,028

EBITDA -2%347

EBITDA Margin +1pp34%

1Q 2016

YoYGrowth in AED1Q 2016

Growth in MAD

-3%

+1%

+1pp

YoYgrowth in

PKR

Revenue +9%1,165

EBITDA +8%411

EBITDA Margin 0pp35%

YoYGrowth in AED1Q 2016

+16%

+14%

0pp

YoYgrowth in

EGP

+10%

+5%

-3pp

5,2875,489 5,480

2,319 2,2072,364

Q1'15 Q4'15 Q1'16

Revenue EBITDA

44%40%

43%

57%

21%

19%

Int’l Operations Financial Highlights FY 2015

25

(1) Financial figures are restated to exclude the impact of discontinued operations

Revenue (AED m)/EBITDA (AED m) /EBITDA Margin (%)

YoY Growthin AEDMaroc Telecom Group

Revenue +52%12,316

EBITDA +42%6,308

EBITDA Margin -4pp51%

Etisalat Misr

Pakistan

Revenue -10%4,236

EBITDA +2%1,292

EBITDA Margin +4pp30%

FY 2015

YoYGrowth in AEDFY 2015

Revenue & EBITDA (AED m) /EBITDA Margin (%) / YoY Growth %

13,182

21,107

22,344

4,035

8,306

9,571

FY'13 FY'14 FY'15

Revenue EBITDA

31%39% 43%

55%

20%

19%

Growth in MAD

-9%

+4%

+4pp

Growth in PKR

Revenue -6%4,544

EBITDA -4%1,692

EBITDA Margin +1pp+37%

YoYGrowth in AEDFY 2015

+2%

+2%

+1pp

Growth in EGP

+75%

+61%

-4pp

MoroccoBurkina

FasoGabon Mali Mauritania

Newly Acquired(2)

Population (m) 33.5 17.9 1.60 16.3 3.7 65.4

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

GDP Growth (%) 4.4 5.0 4.4 5.6 5.5 5.7

Penetration Rate (%)

M127/F 5 80 172 133 115 73

ARPU ($) 6.5 3.0 11.1 2.7 6.3 5.6

Number of Players 3 3 4 2 3Between 2 and

5

Country Position 1 1 3 2 1 2-4

Strong subscriber acquisition driven by Int’l operations

Revenue growth impacted by currency depreciation ― Y/Y growth in local currency attributed to

international operations and local domestic fixed segment

― Int’l contribute 41% of Group revenues

Maintained healthy EBITDA margin above 51% level

Increase in capital spending due to license acquisitions

license in Morocco, Niger and Mauritania, Ivory Coast and

Togo.

Maroc Telecom: Growth driven by int’l operationsMorocco, Benin, Burkina Faso, CAR, Gabon, Ivory Coast, Mali, Mauritania, Niger and Togo

26

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

Key Highlights

37.2 40.2

50.8 51.6 53.1

FY'13 FY'14 FY'15 Q1'15 Q1'16

Macro and Market Snapshot (2015) (3)(4)

12,477 12,728 12,316

2,921 3,119

57%54%

51% 53%50%

FY'13 FY'14 FY'15 Q1'15 Q1'16

Revenue EBITDA %

2,159 1,995

3,298

313

779

11%

25%17% 16%

29%

FY'13 FY'14 FY'15 1Q'15 1Q'16

CAPEX CAPEX/Revenue

(1) Revenue figures in AED for FY”13 and FY’14 are not comparable to FY’15 due to differences in accounting policies

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

(3) Source: World Bank and GSMA Intelligence

(4) Based on latest available statistics

14%

Egypt: Strong revenue growth and improved operating profit in local currency

27

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

Key Highlights

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

(2) Source: IMF, Business Monitor International


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

Population (m) 86.7

GDP per Capita($) 3,304

GDP Growth (%) 2.2

Penetration Rate (%) 113

ARPU ($) 3.3

Number of Players (Mobile)

3

Country Position 3

4,742 4,844 4,544

1,070 1,165

36% 35%36% 36% 37%

FY'13 FY'14 FY'15 1Q'15 1Q'16

Revenue EBITDA %

1,229 1,229

880

168 153

16%13%

26% 26%19%

FY'13 FY'14 FY'15 1Q'15 1Q'16

CAPEX CAPEX/Revenue

10095 94 96 94

23% 24%23% 23% 24%

FY'13 FY'14 FY'15 Q1'15 Q1'16

Market Subs Market Share

Revenue growth Y/Y impacted by currency depreciation

Maintained growth in local currency mostly due to data

segment

Improvement in EBITDA in local currency despite higher

network and billing costs, interconnections and termination

costs.

Sustained EBITDA margin at 36% level

Capex spending focused on network expansion

28.2

26.3

24.0

25.8 24.9

FY'13 FY'14 FY'15 1Q'15 1Q'16

Pakistan: Subscriber growth amidst intense competition

28


Subscriber growth impacted by regulatory mandated biometric

verification measures

― Turnaround in net mobile subscriber growth in the last two

quarters

― Maintained growth in data revenue driven by growth in DSL EVO

Revenue growth impacted by subscriber loss and adverse competitive

environment in the mobile segment and lower int’l incoming traffic

EBITDA margin improved due to costs optimisation measures

Capital spending focused on mobile network enhancement

Key Highlights Macro and Market Snapshot (2015) (1) (2)

Population (m) 186.3

GDP per Capita ($) 1,243

GDP Growth (%) 4.1

Penetration Rate (%) Mobile 64 / Fixed 3

ARPU ($) 1.9

Number of Players (Mobile/ Fixed) 5

Country Position Fixed 1 / Mobile 4



4,761 4,719

4,236

1,094 1,028

32% 34%35%

27% 30%

FY'13 FY'14 FY'15 1Q'15 1Q'16

Revenue EBITDA %

1,392

2,965

1,028

135 212 12%

21%

29%

63%

24%

FY'13 FY'14 FY'15 1Q'15 1Q'16

CAPEX CAPEX/Revenue

Nigeria: Growth impacted by challenging regulatory and macro economic environments

29


Maintained Y/Y subscriber growth

― Slow down is attributed to to regulatory mandated registration

process

Revenue growth Y/Y impacted by currency devaluation

― Strong revenue growth in local currency driven by higher

subscriber base new products and services

Higher EBITDA due to higher revenue trend, resulting in better margin

Lower capex spend due to the tower sales and leaseback transaction

Key Highlights Macro and Market Snapshot (2015) (1) (2)

Population (m) 174.0

GDP per Capita ($) 1,343

GDP Growth (%) 6.31

Penetration Rate (%) 81%

ARPU ($) 8.4

Number of Players 4

Country Position 3

17.0

21.1 22.2 22.2 21.8

FY'13 FY'14 FY'15 1Q'15 1Q'16



3,341

4,343 4,230

1,040 1,083

16% 14%

1%

15% 18%

FY'13 FY'14 FY'15 1Q'15 1Q'16

Revenue EBITDA %

1,487 1,480

1,114

140 47

14% 4%

45%34%

26%

FY'13 FY'14 FY'15 1Q'15 1Q'16

CAPEX CAPEX/Revenue

2016 Actual Against Guidance: Confident in delivering the full year management guidance

30

Revenue Growth %

EBITDA Margin%

CAPEX / Revenue %

Stable

~ 48% - 50%

Financial KPI

Guidance 2016In AED

Low single digits

~ 18%

Guidance 2016Constant

Currencies (1)

+1%

13%

ActualQ1 2016In AED

+3%

Actual Q1 2016Constant

Currencies

50%

(1) Constant currency: Financial results assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute our constant currency results, we multiple or divide, as appropriate, our current AED results by the current year monthly average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior year monthly average foreign exchange rates.

3. Appendix

Etisalat Group

32

Etisalat Group Consolidated

FY’14 FY’15FY’14-15Growth

1Q’15 1Q’161Q’15-16

Growth

Subs (m) (1) 167 167 0% 167 165 -1%

Revenue (AED m) 48,508 51,737 +7% 12,726 12,853 +1%

EBITDA (AED m) 23,212 26,526 +14% 6,530 6,424 -2%

EBITDA Margin 48% 51% +3pp 51% 50% -1pp

Net Profit 8,601 8,263 -4% 2,177 2,001 -8%

Net Profit Margin 18% 16% -2pp 17% 16% -2pp

EPS (AED) 0.99 0.95 -4% 0.99 0.95 -8%

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

Etisalat UAE FY’14 FY’15FY’14-15Growth

1Q’15 1Q’161Q’15-16

Growth

Subs(1) (m) 11.0 11.6 +6% 11.4 12.0 +6%

Revenue (AED m) 27,095 28,774 +6% 7,221 7,290 +1%

EBITDA (AED m) 14,957 16,279 +9% 4,060 3,896 -4%

EBITDA Margin 55% 57% +1pp 56% 53% -3pp

Net Profit 7,309 7,325 0% 1,807 1,885 +4%

Net Profit Margin 27% 25% -2pp 25% 26% +1pp

CAPEX 2,524 4,941 +96% 622 428 -31%

CAPEX/Revenue 9% 17% +8pp 9% 6% -3pp

Currency Trend:

33

USD / MAD USD / EGP

USD / PKR USD / NGN

8.6 8.4 8.49.8 9.6 9.8

8.5 8.2 9.19.9 9.1

9.9

FY'12 FY'13 FY'14 FY'15 Q1'15 Q1'16

Average EoP

6.1 6.9 7.1 7.7 7.4 8.1

6.26.9 7.2

7.87.1

7.8

FY'12 FY'13 FY'14 FY'15 Q1'15 Q1'16

Average EoP

93.3

101.5 101.1102.7

101.3

104.797.3

105.6

101.1

104.7

100.6

104.9

FY'12 FY'13 FY'14 FY'15 Q1'15 Q1'16

Average EoP

158.8 159.2 165.2197.7 193.8 199.0

156.2 160.3183.5

199.3182.5

199.1

FY'12 FY'13 FY'14 FY'15 Q1'15 Q1'16

Average EoP

34

Etisalat Investor RelationsEmail: [email protected]

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