Net profit to Ooredoo shareholders increases by 13% to QR2.9bn

Financial Highlights:
•Earnings per share in 2012 stood at QR9.88 (2011: QR9.90) with earnings per share for 2011 restated as a result of the issuance of 30% bonus shares and 40% rights issue in 1H 2012.

Highlights:
•Group revenue growth of 6.2% driven by healthy increases in Iraq, Algeria, Qatar and Indonesia supported by a stable performance by Nawras.

•Post period: Comprehensive re-branding of the Group operating companies under the "Ooredoo" brand, unveiled at Mobile World Congress in Barcelona and expected to be implemented across the Group in 2013 and 2014.

•Commencement, and highly successful completion post-period end of Asiacell IPO, with the fully subscribed offering raising $1.27bn in proceeds representing 25% of its share capital.

•Reached agreement with the Tunisian Government to acquire a further 15% stake in Tunisiana S.A. (Tunisiana) for a total consideration of $360m, taking the Group and its subsidiaries' total holding in Tunisiana to 90%.

•Successful completion of the mandatory tender offer for National Mobile Telecommunications Company K.S.C. (Wataniya Telecom Kuwait), increasing Ooredoo' shareholding in Wataniya Telecom Kuwait from 52.5% to 92.1%.

•Closing of ten year Ooredoo bond in December 2012, amounting to $1bn in senior unsecured notes under a new Global Medium Term Note Programme; secured $500m Sharia-compliant Revolving Murabaha facility.

The past twelve months has seen Ooredoo make further strong progress operationally, financially and technologically. Fuelled by a concerted focus on rapidly emerging revenue streams, such as fixed / mobile broadband and higher value data services, Group revenue grew by 6.2% year-on-year to QR33.7bn. (FY 2011: QR31.8bn).

As at 31 December 2012, the Group's consolidated customer base stood at 92.9 million (FY 2011: 83.4 million), representing year-on-year growth of 11.5%. Group EBITDA in the period increased by 5.1% year-on-year to stand at QR15.5bn (FY 2011: QR14.8bn). Ooredoo also maintained a solid EBITDA margin during the year, with EBITDA margin at the end of FY 2012 standing at 46% (FY 2011: 47%).

Net profit attributable to Ooredoo shareholders rose to QR2.9bn: a 13% year-on-year increase (FY 2011: QR2.6bn).

Commenting on the results, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of Ooredoo, said, "Today's record results demonstrate that we are ready to take our company to the next level. We have delivered record revenue and are seeing on-going growth in some of the most important sectors for the future, such as mobile data and broadband services. At the heart of this development, we remain focused on the needs and aspirations of our customers, and believe we are better placed than ever to stimulate human growth across our markets. By unifying our companies under our new brand, Ooredoo, we can leverage our combined resources to serve customers and deliver for shareholders.On behalf of the Board of Directors, I am pleased to recommend to the General Assembly the distribution of a cash dividend of 50% of the nominal share value (QR5 per share)."

Also commenting on the results Dr. Nasser Marafih, Group Chief Executive Officer of Ooredoo said, "As a combined and united team, we are improving the customer experience in all areas. Key milestones in technological and network enhancements, such as the introduction of 4G services and the transition from 2G to 3G across key markets, have been achieved in 2012. We are also working towards greater customer intimacy, getting closer to our customers' wants and needs than ever before, which in turn will increase our value proposition. As Ooredoo, we have a young, exciting brand that reflects the aspirations of our customers - we will continue to deliver on their aspirations now and in the future."

Review of Operations
The Group's operational performance can be summarized as follows:

Qtel - Qatar
Qtel Qatar continues to lead the way in a rapidly-evolving market, having consolidated its position as the top telecommunications provider, andmaking significant progress up the enterprise value chain into managed ICT services in 2012.

Revenue exceeded QR6bn for the first time in company history, representing a 9% growth on 2011 figures. EBITDA also increased, advancing 10.2% year-on-year to stand at QR3.2bn (FY 2011: QR 2.9bn).As at 31 December 2012, Qtel Qatar's consolidated customer base stood at 2.5 million (FY 2011: 2.4 million).

2012 saw successful trials for the country's first 4G LTE broadband network and significant nationwide progress of the Qtel Fibre network. Enabled by Fibre, the company launchedNext Generation Mozaic TV 3.0, which provides High Definition picture quality, video-on-demand, and the ability to pause, rewind and record live TV.

In addition, 2012 saw the go-live of world's first Mobile Money MoneyGram service, so that customerscan transfer money to 196 countries around the world via their mobile. In the enterprise space, Qtel launched its enhanced cloud services, employing much-needed managed software and infrastructure services to businesses of all sizes across Qatar.

Indosat - Indonesia
Indosat has worked hard this year to set new standards for customer service, launching new online and social media channels through which customers can manage all aspects of their accounts. At the same time, enhancements to the Indosat network - such as the launch of additional 2G and 3G sites, regional modernisation works and improvements to network availability - have served to boost the quality and reliability of user experience.

In line with its segment strategy, this year the company launched dedicated services for a new and exciting customer group: the Small and Medium Enterprise segment. With over 55 million SME entrepreneurs across Indonesia, this important economic group is now able to benefit from effective and reliable phone and internet services, tailored to business needs.

As at 31 December 2012, Indosat's consolidated customer base stood at 58.6 million (FY 2011: 51.9 million). Revenue in FY 2012 grew by 3% year-on-year to QR8.8bn (FY 2011: QR8.6bn) and EBITDA also increased, advancing 6.1% year-on-year to stand at QR4.4bn (FY 2011: QR4.2bn).

In Q3-2012, Indosat provisionally recognised gains of QR 837m which arose due to the sale and lease back of 2,500 towers. In Q4-2012, after the final accounting assessment of the leases, QR 407m out of the gains recognised in Q3-2012 have been deferred and will be recognised over the lease period.

Wataniya Telecom
Wataniya Telecom (National Mobile Telecommunications Company K. S. C.) encompasses Ooredoo' businesses in Kuwait, Tunisia, Algeria, Kingdom of Saudi Arabia, the Maldives and Palestine.

Revenue for FY 2012 was QR9.7bn: a year-on-year increase of 0.4% (FY 2011: QR9.6bn) while EBITDA stood at QR3.9bn (FY 2011: QR4.1bn). During the year, Wataniya Kuwait achieved a historical milestone by crossing the two million customer mark, despite continuing competitive challenges.

Nedjma in Algeria saw a continuance of its already strong performance with its already impressive revenue and EBITDA growth maintained. Wataniya Mobile Palestine has continued to thrive in a year which started with the company's landmark listing and which has since seen the firm increase the effectiveness and security of its network. 2012 also saw Tunisiana acquire a license from the government of Tunisia to provide 3G and fixed line services. In just three months after the license was acquired, 3G services were switched on and accessible to almost half of the Tunisian population.

Oman
In 2012, the Nawras team has invested considerable energy in upgrading its systems to make sure they can support the growing demand in Oman for broadband and data. These energies have seen each of Nawras' existing network sites upgraded to 3G+, immediately boosting the network's speed and capacity, in addition to commencing LTE trials. Nawras has also focused on initiatives designed to expand its addressable market and enrich the experiences of both current and prospective customers, such as an exclusive marketing agreement with a marquee messaging provider.

At the period end, Nawras' consolidated customer base stood at 2.2 million customers (FY 2011: 2.0 million) with revenue for the year of QR1.9bn (FY 2011: QR1.9bn). Nawras EBITDA stood at QR902m (FY 2011: QR979m). The reduction in EBITDA was the result of two factors. A reduction in SMS and on net voice revenue as well as an increase in the cost of sales due to higher levels of international usage.

Iraq
During the year Asiacell has worked hard to refresh and re-package its voice and SMS offerings, introducing 'bundled' minutes and SMS packages to the Iraqi market for the first time. Building on the success of this initiative the company has also extended this approach to its data services, helping to drive strong uptake of 2G data usage through the launch of targeted monthly Internet packages and automatic device configuration.

In late 2012 Asiacell, in line with the terms of its license, confirmed its intention to proceed with an offer of shares on the Iraq Stock Exchange. Now successfully completed, this offering confirms Asiacell's status as a symbol of economic resurgence, confidence and pride for Iraq and its people.

In 2012 Asiacell delivered revenue of QR6.9bn (FY 2011: QR5.9bn), representing year-on-year growth of 15.9%. An increase in EBITDA was also achieved, up 14.1% year-on-year to QR3.7bn (FY 2011: QR3.2bn).