Global banks grant Wataniya Telecom USD1 billion credit

3GSM in Barcelona, 13th February, 2007: BNP Paribas acted as the sole Mandated Lead Arranger, Underwriter and Bookrunner of this facility.

Mr. Faisal Al-Ayyar, Chairman of Wataniya Telecom, said:

"Wataniya Telecom appreciates the trust of its partners and assures them that the company will remain focused on achieving growth with its long standing, prudent and sound investment strategy." He continued:"Since the launch of Wataniya Telecom seven years ago, we have been consistent in our investment approach in Kuwait and the region. Wataniya Telecom is now recognized as a leader in innovation in its market, but has also gained the recognition from its stakeholders and the global financial community for being a solid and a rewarding investment."

Mr. Julian van Kan, Head of Loan Syndications and Trading, BNP Paribas, said: "We were very pleased with the market response to this transaction which attracted global interest from Europe and Asia as well as the Gulf region itself. With a number of regional telco borrowers having already approached the loan market for financing, conditions proved to be somewhat challenging. However, it is extremely encouraging to note that the syndication process attracted commitments from 21 lenders across 11 different countries. This clearly reflects positively on the Wataniya name".

The $1 billion facility is a three year revolving credit facility with an extension option of two years. Wataniya Telecom plans to use the facility to finance its continued growth and expansion of its business. A number of banks participated in syndication and there was a good response from lenders covering the regions of Europe, the Middle East and Asia.

Participating banks are: BNP Paribas, Burgan Bank, Arab Bank plc, Commerzbank International S.A., Luxembourg, DekaBank Deutsche Girozentrale, Gulf International Bank B.S.C., HSBC, Standard Finance (Isle of Man) Limited, a member of the Standard Bank Group, Arab Banking Corporation (B.S.C.), China Construction Bank, Banque Misr, Bank of Taiwan, Singapore Branch, IKB Deutsche Industriebank AG, First Commercial Bank, Offshore Banking Branch, Bank SinoPac, Hua Nan Commercial, Bank, Ltd, Singapore Branch, Taiwan Business Bank, Offshore Banking Branch, Taiwan Cooperative Bank, Offshore Banking Branch, The Bank of East Asia Ltd, Singapore Branch, Bank of Kaohsiung, Offshore Banking Branch, Bank of Overseas Chinese, Mega International Commercial Bank Co., Ltd, Offshore Banking Branch.