Wataniya MobileSeptember 2013

2

This presentation (the “Presentation”) has been prepared by Wataniya Palestine Mobile Telecommunication Company PSC (the “Company”) solely for use with professional or institutional investors. This Presentation is strictly confidential and is furnished to you solely for your information. It should not be treated as giving investment advice and may not be copied, reproduced, distributed or otherwise made available (in whole or in part) to any other person (including any member of the press) and it may not be published, in whole or in part, by any medium for any purpose. No specific investment objectives, financial situation or particular needs of any recipient have been taken into consideration in connection with the preparation of this Presentation.

The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. None of the Company, its advisors or any of their respective representatives or affiliates undertakes to update, complete, revise or amend the information contained in this Presentation subsequent to the date hereof. Furthermore, none of the Company, its advisors or any of their respective representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss, whether direct or indirect, howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation contains certain “forward-looking statements” that speak only as of the date of this Presentation. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could in the future prove to be wrong. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual outcomes to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company assumptions and expectations include, among others: The Company ability to manage domestic and international growth and maintain a high level of customer service; future sales growth; market acceptance of the Company product and service offerings; the Company ability to secure adequate financing or equity capital to fund our operations; network expansion; performance of the Company network and equipment; cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment; regulatory approval processes; changes in technology; price competition and other market conditions and associated political risks.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in the Company.

Disclaimer

3

Company Overview

• Second mobile telecommunications company in Palestine .

• launched commercially on 1 November of 2009.

• Completed Q3 2013 With 638k Subscribers.

• Incorporated in 2007 and listed on the Palestine Exchange (Palestine Securities Market) on January 2011 .

Notes:

(1) As of September 30th 2013

(2) NMTC owns 100% in Wataniya International

4

Wataniya Mobile Profile

WM Ownership Breakdown Q3 2013 (1)

• OUR VISION

To become the telecom provider of choice in Palestineby leading in customer experience and innovation whilefulfilling stakeholder’s expectations.

• OUR VALUES:

Respect All: Embracing modesty and respectingeveryone regardless of their position or status.

Engage Others: Contributing to our community andbuilding social partnerships that add long-term andsustainable value.

Make a Difference: Innovation that matters is at thecore of everything we do.

Our Beliefs ...

Wataniya International

48.45%

PIF34.03%

Free float17.52%

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TBD Chairman TBD

• Palestine Investment Fund

Board of Directors

Dr. Nasser Marafih Vice Chairman Wataniya

International

Mr. Amer Sunna MemberWataniya

International

Mr. Michael Hancock MemberWataniya

International

Mr. Durgham Maraee Member PIF*

Mr. Khalid Al Mahmoud MemberWataniya

International

Mr. Faisal Al Shawwa Member PIF*

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Key pointsA compelling investment opportunity

Lucrative market

Company performance1

International experience

Shareholder Support

•Second market entrant challenging the incumbent operator•Customers hungry for choice, better network quality and improved service•Market growth potential – low penetration in MENA today – 82.5% end of Q3‘13

•Positive subscribers’ growth – 638k subs. by end of Q3 ‘13, an 8% increase on Q3’12•Progressive market share development – 28.8% by end of Q3’13 vs. 27.6% on Q3’12•Positive EBITDA growth– US$5.9m by end of 9M‘13, a 31% increase on 9M’12

•Experienced management team with a mix of local and international experience –over 149 years of combined experience in telecoms industry

•Benefits from local knowledge and expertise of PIF - a US$783 million state-owned investment company – by the end of 2012•Strategic partnership with Oordoo provides technical expertise and procurement benefits – a leading operator with over 89.6m customers in 15 countries

Macro environment•Resilient economy uncoupled from the global downturn•Economic prospects remain to be positive despite the political impact•Strong fundamentals underpinning economic growth

Note:(1) Information related to WB market only since the company is not yet operational in Gaza.

Q3 2009 2009

7

November 2009 Launch of operations of Wataniya Mobile

31 December 2009110K subscribers0

10 September 2009 Effective date of License

Company overviewMeasurable accomplishments in a short period of time

• License allows Wataniya Mobile to provide 2G and 3G services (currently exclusive license for 3G) and international gateway for 15 years from the effective date (renewable by 5 years) in both West Bank and Gaza

• Wataniya Mobile has developed an innovative and high quality range of products and services to compete with incumbent operator

• Network covers 97% of the Palestinian population of the West Bank

• Extensive distribution network in West Bank: Characterized by its lean two-layered structure and spread

2011

31 December 2011465K subscribers

January 2011 Public trading On PEX (1)

(1) Palestine Exchange

2012

31 December 2012610K subscribers

January 2012 listing on Al Quds index.

2013

30 September 2013638K subscribers

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StrategyTo be the preferred choice for mobile wireless telecommunications services for consumer and enterprise throughout Palestine

Focus on Growth & Revenues

•A challenger with new approach, positioned closer to the customers’ life style.

• Introducing market-leading services with refined geographical and behavioral segmentation approach.

• Segment customer loyalty and retention programs

• Leverage network as a platform for diversified revenue-generating products and services.

•Build on local strength to build significant postpaid and enterprise share.

•Gaza market Entry.

• An advanced network with planned expansion and enhancement.

• Expand direct and indirect distribution network.

• Position the brand as “the value for money” brand

• Lead the market in customer service with regionally recognized KPIs.

• Unique product solutions through advanced billing, specialized systems and network elements.

• Position the company in the community through CSR, various events and sponsorships.

Differentiated Proposition

Leverage Group Efficiencies

• Leverage relationship with Oordoo and Oordoo Group companies:

– Knowledge transfer

– Products and VAS

– Large Group procurements featuring powerful economies of scale

– Access to talent pool

– Regional initiatives

– Benchmarking

– Roaming and transit

SalesComprehensive sales & distribution network – a lean two-layered approach

FMCG1 Distributor

• Maximized control over top performing GSM retail shops

• Highest direct POS coverage for recharge products

• Minimized intermediary layers

• Maintain price stability

Model advantages

Note:(1) Fast moving consumer goods (2) Points of sale

Alternative Channels

Telecom Distributor

Recharge only

Directly covering

POS 2

Recharge and prepaid SIMs

Directly covering 851 Telecom POS

(Non-Preferred)

Preferred dealers

Recharge and

prepaid SIMs

Luck Vans

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Sales Promoters

Brand &

communicationsOffering NetworkDistribution

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Differentiated offering Innovative products and services driven by customer life time journey

• Recognized as a transparent, friendly and customer centric

• Noticeably high Net Promoters Score (NPS) as of Q2’13.

• Engaging with simple communication language and emotional connotation.

• Strong and innovative presence.

Customer

service

• Simplified offer structure that is based on behavioral segmentation, for both consumer and enterprise.

• Clear and straight forward tariff structure guided by the notion : “what you see is what you get”.

• First-to-market Value Added Services.

• Considerable increase in customer engagement and feedback through call center and social networks (more than 300k fans on facebook page).

• Two layered efficient and agile distribution network.

• Balanced mix of distribution channels with recognized conflict management approach.

• Complete geographical coverage.

• Automated and enhanced processes that control POS and Distribution from A-Z.

• State-of-the art and young network.

• High network availability through carefully planned redundancy

• Oordoo group experience leveraged in network planning, leading to higher quality and resilience.

• Modern and Group tested Network Operation Center procedures.

• Regionally recognized customer service KPIs.

• Value segmentation approach.

• Customer satisfaction index above 81% at the end of 2012.

• Customer feedback leads innovation and offering refinement.

Supply chainkey Renowned Vendors

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.

:

12

RegulatoryKey license points

• Authorized to build and operate 2G and 3G networks and an international gateway in the West Bank and Gaza

Type of licence

• Fifteen years from September 10, 2009 renewable for five yearsPeriod of licence

• Service coverage targets required to be met within 3 years of launch:

Coverage of over 100% of the cities and 97% of the population of the West Bank and Gaza

• Four year exclusivity period during which time no additional 2G or 3G licenses will be issued.

Key terms of licence

• Assigned 4.8 MHz (2.4Mhz in the 1800MHz band and 2.4 in the 900 MHz) Spectrum

• License fee of 251m Jordanian Dinars (US$354m) to be paid in three installments:

The first payment of US$140m was paid on August 6 2008

Payment of the remaining installments is dependent on:

1. Reaching 700,000 subscribers: second payment of US$80m

2. Reaching 1 million subscribers: final payment of US$134m

3. The second and third payments are subject to Wataniya’s ability to launch 2G operations in Gaza and 3G services in the West Bank and Gaza.

Licence fee

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• Wataniya Mobile has expanded the major parts of its

GSM network in WB, both RAN and core have been

expanded to handle more subscribers and offered traffic.

• As of September 30th, 2013 WM network covered 97% of

the population of West Bank.

• In order to maximize the future coverage footprint and

network QoS, a network equipment modernization was

planned. Single RAN solution will enter the services in

2013.

• Roaming agreements with Israeli operators provide

adequate coverage in the areas where WM is banned

from building its own towers.

• New GSM network in Gaza will be implemented in the

near future.

• Future 3G network implementation in both WB and Gaza.

Company NetworkNetwork – Modern, young and advanced

WM Radio Network Coverage

WM Radio Network Coverage

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Market Overview

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Macro environment One of the competing economies with attractive fundamentals

Economy is growing positively despite the political situation…

…with growth underpinned by one of the most literate …

Source: IMF, US Census Bureau, UN, 2009 World Almanac, the Economist and allcountires.org statswww.photius.com, World Bank, Arab Advisor Group.

…and the youngest population in MENA…

% o

f p

op

ula

tio

n

0-1

4 y

ears

old

Rea

l GD

P g

row

th 2

01

2

Lite

racy

rat

es (

%)

…which is expected to grow at the fastest rates

Po

pu

lati

on

CA

GR

(0

9-1

9)

%

96% 96% 96% 95% 94% 90% 90% 87% 87% 84%79% 79%

74% 73%67%

0%

50%

100%

41% 41%

35% 34%31% 31% 30% 29% 28% 27%

25% 23% 22%

14% 13%

0%

20%

40%

17.8%

10.2%8.6%

7.3% 7.0% 6.0% 4.9%4.9%

2.9%0.8%

-6.1%-10%

0%

10%

20%

3.2%

2.5%

1.9% 1.8% 1.7% 1.6% 1.6%

1.1% 1.1%0.9% 0.8%

0%

1%

2%

3%

4%

Pal

esti

ne

Iraq

Sau

di

Syri

a

Lib

ya

Egyp

t

Jord

an

Mo

rocc

o

Turk

ey

Tun

isia

Leb

ano

n

Macro environment Low age median and promising projection on the increase in the size of youth.

16

-27%

-23%

-13%

-4%

1%

3%

16%

18%

28%

42%

49%

69%

84%

Iran

Tunisia

Algeria

Lebanon

Libya

Mororcco

Egypt

Syria

Jordan

Saudi Arabis

Iraq

Yemen

Palestine

21.1 21.7 22.3 22.424.4 24.6 24.8 25.7

27.3 28.1 28.6

0

5

10

15

20

25

30

35

As

of

20

12

• Youth size is expected to grow at one of the fastest rates in the region.

• Low median age when compared to the region unfolds promising growth potential.

Percent Change in Size of Youth Population in Selected Countries in MENA, 2005-2025

Source: United Nations, World Population Prospects: The 2004 Revision (New York: UN, 2005).

Median age in selected MENA countries…

Source: allcountries.org

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Telecom market High growth opportunity due to under penetrated market

Source: Oordoo Investor Presentations and company estimate

Total Market Penetration % (WB only)

Mobile penetration (%)

…penetration remains low relative to peers

• Mobile penetration has been rising over the past few years

• Growth has accelerated in 2009, especially due to the launch of Wataniya Mobile

• Penetration levels remain one of the lowest in MENA

• Substantial opportunity for penetration to grow rapidly and “catch up” to regional peers

Mobile penetration (%)

Excluding Israeli mobile operators users

191.0%

168.0%157.0%

140.4%123.0%

85.0% 82.5%70.6%

0%

50%

100%

150%

200%

16%23% 27%

34%

49%

67%74%

82% 82.5%

0%

20%

40%

60%

80%

100%

2005 2006 2007 2008 2009 2010 2011 2012 Q3 2013

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Company Performance

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Company Performance Competing and growing into the Palestinian telecom market

WM market share of total market WB & Gaza… WM revenue share of total market WB & Gaza...

Not only an increase in WB1 market share …but also, an increase in WB revenue share…

(1) WB : West BankAll figures are Wataniya Mobile estimates based on competition disclosures.

We

st

Ba

nk

ON

LY

We

st

Ba

nk

an

d G

aza

20.76%

24.22%

28.27% 28.8%

2010 2011 2012 9M 2013

WM Market Share WB %

9.7%

16.1%17.9%

18.9%

2010 2011 2012 9M 2013

WM Revenue Market Share %

15.1%

24.2%26.7%

28.0%

2010 2011 2012 9M 2013

WM Revenue Market Share WB %

13.6%

16.1%

19.1% 19.6%

2010 2011 2012 9M 2013

WM % Market Share

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Company performancePositive growth in operations

…growth extends to EBITDA … …and to Net profit

• EBITDA increased by 31% for the 9M ‘13 over 9M’12, mainly driven by the increase in gross margin.

• Wataniya plans to continue cost optimization initiatives and steer costs in the most efficient direction.

• The increase in the 9M’13 net loss over the 9M’12 is mainly driven by exchange rate impact when revaluating asset and liabilities at period end, and the increase in depreciation due to new network investments.

• 2011 net loss - $ 25m - has decreased by $18.5 million over 2010 net loss - $ 43.5m. $5.8m of the decrease is following the treatment for the remaining License cost that was adopted during 2011, the change is based on the fact that the company is unable to utilize all the benefits granted in the license agreement, the new treatment has enhanced net income.

• Wataniya Mobile revenue has increased by a CAGR of 39% since 2010.

• Positive revenue increase for the 9M ‘13 over 9M’12 by 6%, mainly driven by the increase in subscribers by 8% , despite the impact of ARPU eroding for the same period.

• Wataniya plans to remain aggressive with acquisition, develop non-voice revenue and introduce localized marketing tactics, while still focusing on customer development and retention initiatives.

Momentum for revenues…

$ Million CAGR 26%

CAGR 39%

24.7

55.2 62.9 66.4

9M 2010 9M 2011 9M 2012 9M 2013

$ Million

-43.5

-25.0-16.9 -17.5

9M 2010 9M 2011 9M 2012 9M 2013

$ Million

-17.6

3.04.5

5.9

9M 2010 9M 2011 9M 2012 9M 2013

+6% +31% -4%%

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Company performanceSubscriber growth and persistence to compete

Continued growth in Subscriber base...

in U

SD

ARPU in line with industry trend…

• The ARPU decreased to U.S. $9.7 at the end of 9M 2012 mainly following the impact of the decrease in postpaid subscribers' percentage of total subscribers and slow economy impact.

• The ARPU decline is inline with the industry trend; Wataniya Mobile only dropped at a CAGR of 4% in three years, while main competitor’s ARPU dropped at a CAGR of 6% over the same period.

• Subscriber base continues to grow at a CAGR OF 28% following the introduction of tailored services and campaigns according to proper segmentation as revised every year.302

433

592638

0

200

400

600

800

9M 2010 9M 2011 9M 2012 9M 2013

In 0

00’s

CAGR 28%

10.8

12.9

10.6 9.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

9M 2010 9M 2011 9M 2012 9M 2013

Company performanceStock on PEX

• Completed Wataniya Mobile listing on Palestine Exchange on January 9th and composed 14% of PEX market cap.

• Stock performance (01/01/2013 – 30/09/2013); Highest price $ 1.23, Lowest price $ 1.00, Closing price $ 1.01

WM RANKS @ PEX as of September 30th 2013

Market Cap:

Ranks third since Jan 2011

Shareholders:

Ranks third – 11,483 shareholders

Equity:

Ranks first - $ 258 million

As of September 30th 2013

Market WM %

Trading Value ($) 196,823,221 2,933,044 1.49%

Trading Volume 116,863,210 2,732,093 2.34%

Market Cap ($) 2,862,584,533 260,580,000 9.10%

note : Stock performance excludes 9/1 - first trading day, which ended at a trading volume of 2.99m, and a closing price $1.37.

$

WM listing on Al

Quds index.

1.36

1.17

1.29

1.08

1.27

1.031.01

1

1.1

1.2

1.3

1.4

Jan 10 2011

Jun 30 2011

Dec 29 2011

Jun 30 2012

Dec 31 2012

Jun 30 2013

Sep 30 2013

WM Closing price

52.6

49.2

50.9

46.2

49.89

45.2

46.9

44.0

46.0

48.0

50.0

52.0

54.0

Jan 10 2011

Jun 30 2011

Dec 29 2011

Jun 30 2012

Dec 31 2012

Jun 30 2013

Sep 30 2013

Services index

502.7

492.7476.9

444.0

477.59

452.5

470.2

400

420

440

460

480

500

520

Jan 10 2011

Jun 30 2011

Dec 29 2011

Jun 30 2012

Dec 31 2012

Jun 30 2013

Sep 30 2013

Al Quds index

23

Future outlook

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Future outlookGaza – Key investment opportunity

Gaza key stats

Key Market Facts

Wataniya’s strategy for Gaza

• Significant population base (40% of Palestine)

• Opportunity to offer competition (currently served by Incumbent for 14 years)

• Densely populated, flat urban environment requiring relatively low coverage - capex

• Low penetration rates with significant opportunity for “catch-up” to the region

• 60% of the Gaza population under 18 year of

age.

Key benefits for Wataniya Mobile

• New revenue stream.• Higher RoI. • Opportunity to quickly capture market share

from Incumbent which is currently a monopoly• Margin enhancement as some fixed costs are

already covered by West Bank operations.• Connecting the Palestinian market both in

West Band and Gaza will increase West Bank subscribers’ base.

• Provide the Palestinians living in Gaza a better choice of mobile services

• Wataniya Mobile will capitalize on the existing operations in the West Bank to facilitate Gaza launch, leveraging on: Integrated management Agreements (interconnect, vendors, etc) systems and equipment Localized market centric knowledge. Heavy Penetration and retention at and

post launch.

Population(1) 1,795,745

Mobile Subs.(2) (3) 1,009,209

Penetration Rate (2) (3) 56.2%

Gaza Real GDP Growth Rate * 5.7%

ARPU (USD) (2) (3) 10.15

(1) Based on Gaza government announcements. (2) company estimate based on AOP. (3) final stats to be submitted upon completion of market study. * Based on CIA world factbook 2011estimate.

25

Appendix l :Shareholders

26

Global footprint

Oordoo DescriptionWataniya Mobile has benefited from Ooredoo's role as a strategic shareholder

• A leading fixed and mobile telecommunications company • Strategic backing by the Qatari government (directly and

indirectly)• Ooredoo’s ownership of Wataniya Mobile is held through

its majority stake (92.1%) in National Mobile Telecommunications Company (Wataniya)

Leverages Ooredoo's relationships with equipment and service vendors

Regular input and exchange with Oordoo on branding and marketing strategy

Regular exchange and input from Oordoo on development of tariff plans, pricing and customer care plans

Leverages Ooredoo's experience from other emerging markets

Assistance and advice from Oordoo in relation to optimization of operational procedures

Product

Development

and Service

Innovation

Economies

of Scale

Marketing

Support

Technical

Know How

Shareholder support Qatar Telecom (Ooredoo) Q.S.C.

Incorporation 1987

Listed Doha Securities Market in 1998

Market cap. c.US$ 12.31bn as of end of Sep 2013

Customer base >89.6 million

Global footprint Operations in 15 countries

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Shareholder support (cont.)The Palestine Investment Fund (PIF)

PIF DescriptionWataniya Mobile has benefited from PIF’s role as a strategic shareholder

• The Palestine Investment Fund (PIF) is a state-owned independent investment company with US$783 in assets under management.

• PIF works to promote sustainable economic growth and private sector development in Palestine, through originating and investing in economically feasible, socially responsible and developmentally sound strategic projects.

• PIF invests in strategic projects in vital economic sectors, such as telecommunications, real estate and hospitality, financial services, SMEs and Energy.

• PIF is leading a US$4bn investment program in partnership with local, regional and international partners.

• PIF’s investment program is expected to create more than 100,000 jobs in the next five years.

• PIF adheres to the highest level of transparency in its reporting and uses Ernst & Young and Deloitte as their external and internal auditors respectively.

Regulatory

Facilitation

Assistance in navigating the regulatory environment in Palestine.

Local

Knowledge

Assistance and advice from PIF in relation to building a better local market knowledge

Access to

finance

Leverage PIF’s strong relationship and credibility with the local banks and international finance institutions to facilitate access to financing

Marketing

Assistance in marketing products to corporate accounts, leveraging PIF’s strong business connections

Established 2003

Size (as of 31/12/2012) US$783 million

Net income (2012) US$36.5 million

Return on Assets (2012) 4.5%

Return on Equity (2012) 5.0%

Return on Capital (2012) 5.8%