NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

RECOMMENDATION BY BOARD OF DIRECTORS OF ORASCOM TELECOM HOLDING S.A.E. NOT TO ACCEPT THE TENDER OFFER BY BASKINDALE LIMITED

Cairo/London, May 14, 2013: The Board of Directors of Orascom Telecom Holding S.A.E. (the “Company”) has recommended that the Company’s shareholders do not accept the tender offer (the “Tender Offer”) by Baskindale Limited to acquire up to 100% of the shares of the Company at a price, payable in Egyptian pounds, of USD 0.70 per share.

The Board based its recommendation on the report evaluating the Tender Offer (the “IFA Report”), dated May 9, 2013, prepared by HC Securities and Investments, an independent financial advisor enrolled with the registry of certified financial advisors of the Egyptian Financial Supervisory Authority and engaged by the Board at its meeting on April 25, 2013.

The IFA Report found “a fair value for OTH share of USD 0.86 per share, which is equivalent to USD 4.31 per Global Depositary Receipts (GDR), while the offer price is USD 0.70 per share, which is equivalent to USD 3.5 per GDR; hence we see that the offer price is below the fair value of the share by 18.7%.”

The full Executive Summary of the IFA report accompanies this release and is also available for inspection at the main offices of the Company. A summary will be published in Egyptian newspapers in accordance with Egyptian law.

Baskindale Limited is a wholly-owned subsidiary of Holdings & Investments Limited, owner of 47.85% of the voting equity interests in VimpelCom Ltd. (“VimpelCom”), which in turn indirectly owns 52.92% of the Company’s shares. Members of the Board affiliated with VimpelCom abstained from voting on the Tender Offer due to a conflict of interest arising from the shareholding relationship between Altimo and VimpelCom. The remaining directors voted on the Tender Offer.

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About Orascom Telecom:

Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 451 million with an average mobile telephony penetration of approximately 56% as of December 31st, 2012. Orascom Telecom operates GSM networks in Algeria (“OTA”), Pakistan (“Mobilink”) and (“banglalink”) and has an indirect equity shareholding in Globalive Wireless Canada (“Wind Mobile”). In addition it has an indirect equity ownership in Telecel Zimbabwe (Zimbabwe) and through its subsidiary Telecel Globe, OTH also operates in Burundi and the Central African Republic. Orascom Telecom reached approximately 85 million subscribers as of December 31st, 2012.

Orascom Telecom is traded on the Egyptian Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange, its GDRs are traded under the symbol (ORTEq.L, OTLD LI).

Investor Relations Contacts:

Mamdouh Abdel Wahab Head of Investor Relations

Email: [email protected] Website: www.otelecom.com

Tel: +202 2461 5120/21 Fax: +202 2461 5055/54