Etisalat Group February 19st, 2020 Capital Jumeirah Saadiyat, Abu Dhabi Markets 2020 Day DISCLAIMER 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. Business Overview Saleh Al-Abdooli Chief Executive Officer Etisalat Group Etisalat Group Serkan Okandan Financial Results Chief Financial Officer Etisalat Group Etisalat Group Hatem Dowidar International Chief Executive Officer Etisalat International Etisalat Group Agenda Khalifa Alshamsi Strategy Chief Corporate Strategy & Governance Officer Etisalat Group Etisalat UAE Khaled ElKouly Consumer Chief Consumer Officer Etisalat UAE Etisalat UAE Salvador Anglada Business Chief Business Officer Etisalat UAE Etisalat Misr Hazem Metwally Chief Executive Officer Etisalat Misr Mobily Salman Bin Abdulaziz Al Badran Chief Executive Officer Mobily PTCL Group Rashid Khan Chief Executive Officer PTCL Group Closing Remarks Saleh Al-Abdooli Chief Executive Officer Etisalat Group Business Overview Saleh Al-Abdooli Chief Executive Officer Etisalat Group 1 Our Group at a glance… 149 Subscribers UAE Pakistan Million KSA Mauritania 52,186Revenue Morocco Mali Million Burkina Faso Gabon 26,370 EBITDA Million @ 34% Margin Mobile & Fixed Services 8,693 Net Profit 2019 Million @ 17% Margin 17,475 OFCF Million @ 33% Margin Egypt Cote d’Ivoire 80 Div. Per Share Benin Niger @ 80.0% payout Fils ratio Togo Central Africa AA- Credit Aa3 Rating* Mobile Services Afghanistan Chad Source: Etisalat Group * By S&P Global and Moody’s All of Etisalat OpCos rank first or second in terms of value share with the exception of Cote d’Ivoire and Central Africa 2 Etisalat Group enjoys the highest EBITDA % and one of the highest Net Profit % amongst peers, revenues are challenged predominantly by FX erosion in some markets Key performance indicators (Comparison on 3m basis) Revenue growth: LCY4 EBITDA Margin Net Profit Margin (Q3 2019/ Q3 2018, % YoY) (in %) (Q3 2019) (in %) (Q3 2019) MTN 3) 16% Etisalat 52% STC 19% Telenor 7% Axiata 45% Vodacom 1) 18% STC 6% Telenor 45% Etisalat 18% Vodacom 4% Zain 45% Zain 14% 3) Axiata 4% Ooredoo 45% MTN 6% Orange 3% Veon 44% Ooredoo 6% 3) 3) Zain 1% MTN 43% Mainly driven by Orange 5% NOK weakening and 1) Ooredoo 1% Vodacom 41% a recognition of a Axiata 2% one-off income tax Vodafone 0% STC 37% expense Veon 2% 1, 2) Etisalat -1% Orange 34% Vodafone 1% Mainly driven by 1) Singtel -3% exceptional losses of Vodafone 32% SGD 1,395m from Telenor -2% Airtel Veon -4% Singtel 28% Singtel -16% Note 1: Vodafone, Vodacom EBITDA and Net Profit margin are based on the reported half-year results covering the period of Q2 and Q3 19 Note 2: Vodafone reported Net Profit is Vodafone Adjusted Net Profit, i.e. before exceptional items (for example impairments) Note 3: MTN does not report financials in Q1 and Q3: performance of H1 19 are reported instead; Orange Net profit is based on H1 19 Note 4: With LCY is intended the evolution in the currency used by the Telecom Groups to report their financial results, not the performance on organic/ constant-currency basis Source: Company reports, Etisalat International Strategy & Performance analysis 3 2019 was another positive year for the Group, with many key achievements that successfully translated our strategy & plans Network Leadership Portfolio Related • Enhancing of 4G and 3G coverage in all OpCos • Launch of 5G in UAE market • Acquisition of Tigo Chad as • Commercial launch of 4G in Burkina Faso, and 3G network in Central African part of MT Group. Republic • Launch of 8,200 KM of submarine cable to connect sub-Saharan subsidiaries of • Turnaround continues strongly MT Group in Mobily. New 2020-2022 • UAE achieves the highest Global Household Fiber penetration Strategy • UAE recognized by Ookla® as the fastest Mobile network in the MENA Region, and the fasted Fixed broadband network in the Middle East, Africa & Arabian • Record year in Etisalat Misr in region (Etisalat ranked 2nd globally in mobile speed in Dec. 19) terms of growth, supported by favorable FX movement • PTCL Group improving top line despite challenging conditions Digital Agenda related to unfavorable FX • Key wins in the IoT, security, and cloud with key governmental and enterprise entities movement and reinstatement across all OpCos. of taxes • Introduction of new digital channels, and enhancement of existing ones increased share of digital transactions in sales, recharges & payments, and care, mainly in UAE, • Enhanced Synergy at Group KSA, and Pakistan markets level in the areas of Wholesale • Launch of e-Wallet in UAE, the digital payment service, while registering growth in and Procurement active users and transactions of Egypt and Pakistan mobile wallets (Egypt Cash and UPaisa) • Acquisition of Help AG for cyber security solutions to enhance digital services portfolio • In FinTech, signing an agreement to create UAE Trade Connect platform to digitize trade in the UAE 4 5G Commercial Launch in UAE stands out as a hallmark for Etisalat’s technological leadership and a key feat in 2019 Etisalat was recognized by Ookla® as the fastest Mobile 5 network in MENA, and the fastest Fixed broadband network in the Middle East, Africa & Arabian region 6 We are the global leaders when it comes to fixed fiber network penetration for the 3rd consecutive year, hence enabling larger capacities, faster speeds, and diverse portfolio Global Ranking – Household penetration 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 95.7% UAE 94.5 Qatar 92.0 Singapore 77.9 China 76.0 South Korea 73.7 Hong Kong 70.2 Japan 63.8 Mauritius 53.3 New Zealand 51.1 Uruguay 50.3 Latvia 47.4 Taiwan Fiber To The Home 46.8 Lithuania Fiber To The Building 44.0 Spain 43.6 Sweden 42.5 Vietnam 40.0 Belarus 38.3 Romania Source: IDATE for FTTH Council Europe, September 2018 Update (Announced 37.0 Portugal on March 2019) covering economies with at least 200,000 households and greater than 1% household penetration - Percentage includes fiber to the curb 36.5 Norway 7 Etisalat is the most valuable consumer brand in MEA for the 3rd consecutive year Source: Brand Finance Global 500, 2020 8 The Macro-economic Environment Across the Footprint Offers both Opportunities to Exploit and Challenges to Mitigate Key Macro-Economic Drivers Highlights Economic outlook across our • Overall population growth of ~2% across the footprint, footprint is cautiously optimistic, mainly in tech-savvy youth and increased urbanization against a backdrop of slowing • Real GDP growth for 2020 is markedly different across the global growth and heightened footprint ranging between 2.2% in KSA to 5.9% in Egypt geo-political risks • Forex devaluation uncertainties in Pakistan ICT/Digital remains a pivotal • ICT-driven transformative plans gaining scale and element of our OpCo countries’ momentum e.g. Vision 2021 in UAE, Vision 2030 in KSA plans to boost economies and Egypt Oil price faces continued • Softening global demand has pushed oil prices downwards uncertainty along with several • Brent oil average price is forecasted to drop in 2020 economic risks • Global economic risks e.g. trade tensions • Strong tourism growth expected across footprint driven in part by changes to VISA rules across a range of countries A range of sectors are set for • Ongoing execution of infrastructural expansion projects growth across footprint e.g. Neom project in KSA and CPEC in Pakistan Source: Etisalat Corporate Strategy, IMF October 2019 CPEC stands for China Pakistan Economic Corridor 9 Several topics are expected to strongly evolve in the coming period, with varying implications on our industry & ecosystem Next Generation Hyper Autonomous Practical Connectivity Automation Everything Blockchain • 5G fueling intelligent • Expansion of automation • Expansion of • Expansion of use cases connectivity functions autonomous use cases: beyond Crypto- • Accelerated rollout and • E2E Integration of cars, taxis, drones, trucks currencies and payments adoption of 5G automated islands to and utility vehicles • Practical simplified • Expansion of 5G use deliver “hyper automation” • Maturing ecosystem, i.e. approach for deployment cases for consumer, • Moving from Digital infrastructure and • Democratized with enterprise, and Industrial second, to “Digital First” regulations Blockchain-as-a-service • Explosion of connected and to “Digital Only” • Powered by Edge and models devices service offering Cloud computing Everything Next Generation Content & Multi- Digital as a Service XaaS Computing experiences Responsibility • Covering all enterprise • Hyper and Distributed • Growth in content volume, • Data security and privacy solutions Cloud providers and reach • Sustainability in design & • New subscriptions • Quantum computing for • New major VOD and operations models enterprise and scientific gaming players • Increased adoption of • Powered by Cloud applications • Game Streaming as a new biometric authentication computing • Advanced Edge growing market • Offers include: AI as a computing, e.g. multi- • Increased adoption of Service, Distributed access and AI at the 4K/8K, AR, immersive & Ledger as a Service, etc.