emirates telecommunications corporations etisalat · top telecom companies in me & africa (1) 6...

Etisalat Group

Investor Update

November 2016

Aspire

Forward

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.

2

Disclaimer

Agenda

3

1. Key Company Highlights

2. Financial Overview

3. Appendix

1. Key Company Highlights

Key Company Highlights

5

Highly Rated Telco

(Aa3/AA-) with Low

Leverage

Most valuable

Telecom Operator

With Largest Market

Cap among Middle

East & Africa Telcos

Leading Telecom

Operator With highest

revenue and EBITDA

among Middle East &

Africa Telcos

Strong FCF Profile with

Consistent History of

Returning Capital to

Shareholders

1

4

5 2

Diversified Operator

with Exposure to

Attractive and High

Growth Markets Across

Africa and Asia

3

Top Telecom Companies in ME & Africa (1)

6

Top 10 GCC Companies (1)

Most Valuable Telecom Operator in the Middle East and Africa

Source: Bloomberg Data as at 12 November 2016

(1) Ranking by Market Cap

1

Top 10 UAE Companies (1)

$43bn

$35bn

$15bn

$14bn

$12bn

$8bn

$7bn

$6bn

$5bn

$4bn

$2bn

$2bn

Etisalat

STC

Vodacom

MTN Group

Maroc Tel

Ooredoo

Du

Turk Cell

Zain Group

Mobily

Vodafone Qatar

Global Telecom

$69bn

$43bn

$35bn

$35bn

$27bn

$21bn

$17bn

$15bn

$13bn

$10bn

SABIC

Etisalat

Qatar National Bank

STC

Al Rajhi Bank

Saudi Electricity

Industries Qatar

FGB Bank

Emaar Proporties

Kingdom Holding

$43bn

$15bn

$14bn

$13bn

$13bn

$12bn

$9bn

$9bn

$6bn

$6bn

Etisalat

FGB Bank

DP World

Emaar Proporties

NBAD

Emirates NBD

Emaar Malls

ADCB

DIB

Aldar Properties

7

Leading Telecom Operator in the Middle East and Africa

Source: Bloomberg Data as at 29 August 2016

2

H1 2016 Revenue (USD bn) H1 2016 EBITDA (USD bn)

Top 10 Telecom Companies in Middle East and Africa

7.1

7.0

5.1

4.4

3.2

2.7

2.3

1.8

1.8

1.8

Etisalat Group

STC

MTN Group

Ooredoo

Vodacom

Turk Telecom

Turk Cell

Zain Group

Maroc Tel

Mobily

3.6

2.6

1.7

1.2

1.2

0.9

0.8

0.8

0.7

0.6

Etisalat Group

STC

Ooredoo

MTN Group

Vodacom

Maroc Tel

Zain Group

Turk Cell

Du

Mobily

Diversified Telecom Operator

8

Etisalat Misr, Egypt

Licence type Mobile & Internet

% Ownership 66%

Etisalat, Afghanistan

Licence type Mobile

% Ownership 100%

(1) The 53% stake in Maroc Telecom is held by Etisalat Investment North Africa LLC (EINA), an indirect subsidiary of Etisalat in which Etisalat holds effective ownership of 91.3% and Abu Dhabi Fund for Development holds the remaining 8.7%.

(2) Maroc Telecom ownership.

Maroc Telecom, Morocco

Licence type Mobile, Fixed & Internet

% Ownership(1) 53%

Mauritel, Mauritania


% Ownership(2) 41%

PTCL, Pakistan


% Ownership 23%

Etisalat Lanka, Sri Lanka

Licence type Mobile

% Ownership 100%

Thuraya, UAE

Licence type Satellite telecommunication

% Ownership 28%

Network coverage

140 countries

Etisalat, UAE


% Ownership 100%

Etihad Etisalat (Mobily),Saudi Arabia

Licence type Mobile & Internet

% Ownership 27%

Gabon Telecom, Gabon


% Ownership(2) 51%

Onatel, Burkina Faso


% Ownership(2) 51%

Atlantique Telecom, Moov – West Africa

Licence type Mobile

% Ownership(2) 100%

Sotelma, Mali


% Ownership(2) 51%

EMTS, Etisalat Nigeria

Licence type Mobile

% Ownership 40%

Maroc Telecom(4)

Other Africa

Middle East

Asia

3

Annual Dividend Yield (%) (1)

18%

20%

13% 13%

2014 2015 9M'15 9M'16

17.2

20.4

11.6 11.5

2014 2015 9M'15 9M'16

Strong Financial Profile and Consistent Track Record of Shareholder Remuneration

9

Strong Cash

Flow

Generation,

Consistent

Reinvestment

and Robust

Balance Sheet

Operating Cash Flows (AED bn) Capex / Revenue (%) Net Debt/(Cash) Position (AED bn)

Consistent

History of

Attractive

Shareholder

Returns

Dividend Payout Ratio (%)

4

6.0% 6.1%

5.1%

2013 2014 2015

1. Annual dividend yield stock price is based on actual payment dates

Dividend (AED bn) & DPS (AED

3.7

0.7 0.7

3.3

2014 2015 9M'15 9M'16

64.3%

84.2%

93.7%

80.6%

2014 2015 1H'15 1H'16

5.54

6.96

3.48 3.48

0.70 0.800.40 0.40

2014 2015 1H'15 1H'16

Dividend (AED bn) DPS

0.16X

0.02X 0.03X

0.13X

2014 2015 9M'15 9M'16

Highest Rated Telco outside Asia with Strong Balance Sheet and Lowest Leverage Among Peers

10

MEA Telco Ratings and Total Debt / EBITDA Etisalat’s Credit Rating

AA-/Stable

Aa3/Negative (1)

Net Debt / EBITDA

Source: Company filings, Bloomberg(1) Moody’s changed its view on the outlook of the UAE sovereign and consequently GRI.

5

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

16

14

12

8

6

4

2

-2

Ratings

yyy

xxx

Debt/EBITDA

Bharti, BBB-

MTN, BB+

Batelco, BB

Ooredoo, A-STC, A-

Etisalat, AA-

AA-

AA-

2. Financial Overview

57%

24%9%

8%

2%

62%

24% 7%

5%2%

Etisalat Group Financial Highlights – 9M 2016

12

Revenue Breakdown 9M 2016 (AED m) EBITDA Breakdown 9M 2016 (AED m)

Represents others

UAE +3%

MT Group +4%

Egypt 0%

Pakistan -4%

UAE -1%

MT Group +1%

Egypt +1%

Pakistan +6%

YoY Growth YoY Growth

+2% 0%

39.4bn

20.1bn

(LC +12%)

(LC -2%)

(LC +15%)

(LC +8%)

(LC +5%) (LC +1%)

Positive revenue growth in the UAE attributed to strong

mobile and fixed data growth and wholesale segment

Higher contribution from international consolidated

operations

― Growth in MT Group driven by int’l subsidiaries & domestic operations

― Revenue growth in Egypt despite currency devaluation

― Revenue growth in Pakistan impacted by increased competition in international voice segment

Group Revenue

13

Revenue (AED m) and YoY growth (%)

Key HighlightsGeographical Split of Revenue (9M 2016)

Domestic vs. Int’l International

Sources of Revenue growth – 9M’16 vs 9M’15 (AED m)

38,564

48,50951,737

38,733 39,423

11%

2%

18%

26%

7%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue YoY growth %

38,733 39,423 601 340 14

131 134

9M'15 UAE MT Group Egypt Pakistan Others 9M'16

UAE57%

Int'l42%

Others1%

MT Group58%

Egypt20%

Pakistan19%

Others3%

Group EBITDA

14

EBITDA in the UAE negatively impacted by higher cost of

sales and network costs.

Higher contribution of EBITDA of consolidated international

operations mainly due to:

― Positive contribution from Maroc Telecom Group driven by int’l subsidiaries

― Positive contribution from Egypt despite the impact of currency devaluation

― Pakistan contribution driven by cost optimization

EBITDA (AED m) & EBITDA Margin

Key HighlightsGeographical Split of EBITDA (9M 2016)


18,513

23,212

26,526

19,971 20,038

52% 51%

48% 48% 51%

FY'13 FY'14 FY'15 9M'15 9M'16

EBITDA EBITDA Margin

Sources of EBITDA growth – 9M’16 vs 9M’15 (AED m)

19,971 20,038

77

29 16 57 42


UAE61%

Int'l37%

Others2%

MT Group66%

Egypt

18%

Pakistan14%

Others2%

Group CAPEX

15

CAPEX (AED m) & CAPEX/Revenue Ratio (%)

Lower capital spend in the UAE

Increased Capital expenditure in international operations

due to:

― Higher capex spend in MT Group due to License acquisition in Ivory Coast and Togo and networks expansion in international operations

― Network capacity upgrade in Egypt

― Expanding mobile network coverage and capacity in Pakistan

Key HighlightsGeographical Split of CAPEX (9M 2016)


Others3%

(2)

6,334

8,914

10,309

5,345 5,223

14% 13%16%

18%20%

FY'13 FY'14 FY'15 9M'15 9M'16

CAPEX CAPEX/Revenue

Sources of Capex growth – 9M’16 vs 9M’15 (AED m)

5,345 5,223

283

143 29 17

28


UAE38%

Int'l62%

MT Group60%

Egypt18%

Pakistan21%

Others1%

Group Balance Sheet, Cash Flows and Debt Profile

16(1) Moody’s changed its view on the outlook of the UAE sovereign and consequently GRI.

Investment Grade Credit Ratings

Strong liquidity position

Maintained low net debt to EBITDA level

Stable operating cash flow

Higher financing cash flow due to lower net borrowing and

higher cash dividend payment

Maintained high credit ratings; Outlook change is triggered

by Moody’s revised outlook of the UAE sovereign.

AA-/Stable

Aa3/Negative (1)

HighlightsNet cash position (AED m) Sep’15 Sep’16

Operating 11,566 11,547

Investing (5,212) (4,880)

Financing (6,742) (8,403)

Net change in cash (388) (1,736)

Effect of FX rate changes 282 135

Reclassified as held for sales (1) 56

Ending cash balance 18,277 19,879

Balance Sheet (AED m) Dec-15 Sep-16

Cash & bank Balances 21,422 19,879

Total Assets 128,265 126,387

Total Debt 22,080 23,202

Net Cash / (Debt) (658) (3,324)

Total Equity 59,375 57,538

Debt Profile: Diversified debt portfolio

17

Borrowingsby Currency Sept’16

Debt by Source Sept’16 (AED m)

Borrowings by Operation Sept’16 (AED m)

Repayment Schedule Sept’16

15,558

4,564

1,9281,270

Group MT Group Egypt Pakistan

14,888

7,520

330 582

Bonds Bank Borrowings Vendor Financing Others

1,067

4,720

961

16,571

2016 2017 2018 Beyond 2018

Euro47%

USD23%

MAD15%

Others15%

18

Country by Country Financial Review

Revenue growth driven by strong performance of fixed and

mobile broadband and growth in the wholesale segment

Margin weakening on higher interconnection and roaming,

network and staff costs

Profit improvement due to higher finance income and lower

royalty charges

Capital spending focused on network modernization and ICT

Financial Performance

UAE: Maintained revenue growth with strong profitability

19

Key Highlights

UAE Market Facts (1)

+19M Mobile

Subscribers

221%Mobile

Penetration

AEDMillion

FY’15 YoY% 9M’16 YoY%

Revenue 28,774 +6% 22,469 +3%

EBITDA 16,279 +9% 12,315 -1%

EBITDA % 57% +1pp 55% -2pp

Profit 7,325 0% 5,884 +7%

Capex 4,941 +96% 1,973 -13%

> 90%FTTH

Coverage

> 95%LTE

Coverage

> +80%Smartphone Penetration

27%Fixed

Penetration

15%BB

Penetration

(1) Market penetration based on Regulator’s reported statistics

Etisalat UAE financial Performance:

20

EBITDA (AED bn) / EBITDA %Revenue (AED bn) / YoY Growth (%)

Free Cash Flow (1) (AED bn) / FCF margin (%)Net Profit (AED bn) / Profit Margin (%)

(1) Free Cash Flow represents EBITDA less Capex

8%%

24.827.1

28.8

21.9 22.5

9% 3%

9% 9%

6%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue YoY growth %

6.1

7.3 7.3

5.5 5.9

25% 26%25%27% 25%

FY'13 FY'14 FY'15 9M'15 9M'16

Net Profit Margin %

14.015.0

16.3

12.4 12.3

57% 55%57% 55% 57%

FY'13 FY'14 FY'15 9M'15 9M'16

EBITDA EBITDA %

12.0 12.411.3

10.1 10.3

46% 46%48% 46%39%

FY'13 FY'14 FY'15 9M'15 9M'16

FCF FCF%

UAE: Steady growth in subscribers base

21

(1) Mobile ARPU (“Average Revenue Per User”) calculated as total mobile voice, data and roaming revenues divided by the average mobile subscribers.(2) ARPL (“Average Revenue Per Line”) calculated as fixed line revenues divided by the average fixed subscribers.(3) Fixed broadband subscriber numbers calculated as total of residential DSL (Al-Shamil), corporate DSL (Business One) and E-Life subscribers.

Mobile Subs (m) & ARPU(1) (AED)

Fixed Broadband(3) Subs (m)

Fixed Subs (m) & ARPL(2) (AED)

eLife Subs – Double & Triple-Play (m)

1.71 1.90 1.91

7.94 8.32 8.37

117 112 112

Q3'15 Q2'16 Q3'16

Postpaid Prepaid Blended ARPU

0.90 0.82 0.81

125

144136

Q3'15 Q2'16 Q3'16

Fixed ARPL

0.84 0.91 0.93

398 404 401

Q3'15 Q2'16 Q3'16

E-Life (2P & 3P) ARPL

1.04 1.08 1.10

498 500 504

Q3'15 Q2'16 Q3'16

Fixed BB ARPL

UAE: Competitive dynamics

22

Mobile Market Share (%)

Fixed Value Share (%)

Fixed Market Share (%)

Mobile Value Share (%)

83.9% 16.1%44.5%

55.5%

81.6% 18.4%

65.0%

35.0%

EtisalatDu

Based on Company’s disclosures for the period ending September 30, 2016

13,182

21,107

22,344

16,420 16,543

4,035

8,306

9,571

7,278 7,366

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue EBITDA

Int’l Operations Financial Highlights 9M 2016

23(1) Financial figures are restated to exclude the impact of discontinued operations

Revenue (AED m)/EBITDA (AED m) /EBITDA Margin (%)

YoY Growthin AEDMaroc Telecom Group

Revenue +4%9,587

EBITDA +1%4,860

EBITDA Margin -2pp51%

Etisalat Misr

Pakistan

Revenue -4%3,114

EBITDA +6%1,073

EBITDA Margin +3pp34%

9M 2015

YoYGrowth in AED9M 2015

Revenue & EBITDA (AED m) /EBITDA Margin (%) / YoY Growth %

Growth in MAD

-2%

+8%

+3pp

Growth in PKR

Revenue 0%3,311

EBITDA +1%1,314

EBITDA Margin 0pp40%

YoYGrowth in AED9M 2015

+12%

+15%

0pp

Growth in EGP

+5%

+1%

-2pp

31% 39% 43% 44% 45%

58%

20%

19%

2,159 1,995

3,298

1,800 1,943

19% 20%17% 16%

29%

FY'13 FY'14 FY'15 9M'15 9M'16

CAPEX CAPEX/Revenue

MoroccoBurkina

FasoGabon Mali Mauritania Moov (1

Population (m) 34.6 18.1 1.9 17.6 4.1 67.4

GDP per Capita ($) (4) 2,872 613 8,312 744 1,371 1,951

GDP Growth (%) 4.4 4.0 3.9 7.6 4.2 5.4

Penetration Rate (%) M125/F 6 84 147 124 114 82.9

ARPU ($) 6.1 6.0 12.0 3.0 6.3 6.3

Number of Players 3 3 4 2 3Between 2 and

5

Country Position 1 1 2 2 1 2-4

Subscriber growth driven by domestic and Int’l operations

Revenue growth attributed to strong performance of

international operations and local domestic fixed segment

― Int’l contribute 43% of Group revenues

EBITDA margin impacted by higher interconnection costs

and regulatory charges

Increase in capital spending due to acquisitions of 3G

license in Togo and universal license in Ivory Coast

Maroc Telecom: Steady growth in int’l operations coupledwith recovery in MoroccoMorocco, Benin, Burkina Faso, CAR, Gabon, Ivory Coast, Mali, Mauritania, Niger and Togo

24

Subscribers (m) Revenue (AED m) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

Key Highlights

37.2 40.2

50.8 50.7 52.3

FY'13 FY'14 FY'15 9M'15 9M'16

Macro and Market Snapshot (9M 2016 ) (2) (3)

12,477 12,728 12,316

9,247 9,587

57%54%

51% 52% 51%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue EBITDA %

(1) Moov Operations are in Benin, CAR, CDI, Gabon, Niger and Togo

(2) Source: World Bank and GSMA Intelligence

(3) Based on latest available statistics

17%15%

10095 94 93 96

24% 24%23% 23% 24%

FY'13 FY'14 FY'15 9M'15 9M'16

Market Subs Market Share

Egypt: Strong performance muted by currency depreciation

25

Total Subscribers (1) (m) Revenue (AED m) / EBITDA Margin CAPEX (AED m) & CAPEX/Revenue Ratio (%)

Key Highlights

(1) Subscribers and market share data as per statistic published by the Ministry of Information and Technology

(2) Source: IMF, Business Monitor International


Macro and Market Snapshot (9M 2016) (2) (3)

Population (m) 91.6

GDP per Capita($) 3,615

GDP Growth (%) 4.2

Penetration Rate (%) 103

ARPU ($) 3.3

Number of Players (Mobile) 3

Country Position 3

4,742 4,844 4,544

3,298 3,311

39% 40%36% 36% 37%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue EBITDA %

1,229 1,229

880

540 569

16% 17%26% 26%

19%

FY'13 FY'14 FY'15 9M'15 9M'16

CAPEX CAPEX/Revenue

Revenue growth Y/Y impacted by currency depreciation

Double digit revenue growth in local currency due to strong

performance across all segments

EBITDA growth in local currency despite higher network costs and

inflationary pressure on operating costs

Improvement in EBITDA margin

Higher capex focused on expansion of network capacity & coverage

— 4G license acquisition in October 2016

Population (m) 188.9

GDP per Capita ($) 1,429

GDP Growth (%) 5.5

Penetration Rate (%) Mobile 71 / Fixed 3

ARPU ($) 2.0

Number of Players (Mobile/ Fixed) 4

Country Position Fixed 1 / Mobile 4

4,761 4,719

4,236

3,245 3,114

31%34%35%

27%30%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue EBITDA %

28.2

26.3

24.0

22.8 22.5

FY'13 FY'14 FY'15 9M'15 9M'16

Pakistan: Improvement in the mobile segment

26


Subscriber growth driven by mobile operations

Revenue growth impacted by price competition in international

incoming voice segment and lower terminal sales

— Growth in mobile operations driven by increase in

subscriber base and strong contribution from data.

EBITDA margin improved due to costs optimisation measures

Higher Capital spending focused on mobile network enhancement

Key Highlights Macro and Market Snapshot (9M 2016 ) (1) (2)



1,392

2,965

1,028

666 683

21% 22%29%

63%

24%

FY'13 FY'14 FY'15 9M'15 9M'16

CAPEX CAPEX/Revenue

Nigeria: Challenging macro conditions impacting operations

27


Subscriber growth impacted by SIM disconnections in compliance with

the regulatory mandated registration process.

― Resumed subscriber growth in Q2

Revenue growth impacted by currency devaluation, lower subscriber

base, competitive data pricing and lower terminal sales

EBITDA Margin impacted by higher interconnect & Roaming costs,

network costs and site rental charges.

Lower capex spend resulting in capex intensity ratio of 6%

Key Highlights Macro and Market Snapshot (9M 2016 ) (1) (2)

Population (m) 182.2

GDP per Capita ($) 2,640

GDP Growth (%) 2.7

Penetration Rate (%) 80%

ARPU ($) 8.2

Number of Players 4

Country Position 3

17.0

21.1 22.2

23.5 22.4

FY'13 FY'14 FY'15 9M'15 9M'16



3,341

4,343 4,230

3,123

2,742

14%12%

1%

15%18%

FY'13 FY'14 FY'15 9M'15 9M'16

Revenue EBITDA %

1,487 1,480

1,114

719

175 23%

6%

45%

34%

26%

FY'13 FY'14 FY'15 9M'15 9M'16

CAPEX CAPEX/Revenue

2016 Actual Against Guidance: Raising the full year management guidance

28

(1) Constant currency: Financial results assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute our constant currency results, we multiple or divide, as appropriate, our current AED results by the current year monthly average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior year monthly average foreign exchange rates.

Revenue Growth %

EBITDA Margin%

CAPEX / Revenue %

Stable

~ 48% - 50%

Financial KPI

Guidance 2016

In AED

Low single digits

~ 18%

Guidance 2016

Constant Currencies (1)

around 2%

around 50%

Revised Guidance

2016In AED

3%-4%

18% - 20%

Revised Guidance

2016Constant

Currencies (1)

1.8%

50.8%

Actual

9M 2016

In AED

3.4%

13.4%

Actual 9M

2016

Constant

Currencies

3. Appendix

Etisalat Group

30

Etisalat Group Consolidated

FY’14 FY’15YoY

Growth9M’15 9M’16

YoYGrowth

Subs (m) (1) 163 164 0% 163 162 -1%

Revenue (AED m) 48,508 51,737 +7% 38,733 39,423 +2%

EBITDA (AED m) 23,212 26,526 +14% 19,971 20,038 0%

EBITDA Margin 48% 51% +3pp 52% 51% -1pp

Net Profit 8,601 8,263 -4% 5,659 6,186 +9%

Net Profit Margin 18% 16% -2pp 15% 16% +1pp

EPS (AED) 0.99 0.95 -4% 0.65 0.71 +9%

(1) Subscriber numbers calculated as aggregate number of GSM, CDMA, fixed, fixed broadband and WLL lines generating revenue during the last 90 days.

Etisalat UAE FY’14 FY’15YoY

Growth9M’15 9M’16

YoYGrowth

Subs(1) (m) 11.0 11.6 +6% 11.6 12.2 +5%

Revenue (AED m) 27,095 28,774 +6% 21,868 22,469 +3%

EBITDA (AED m) 14,957 16,279 +9% 12,393 12,315 -1%

EBITDA Margin 55% 57% +1pp 57% 55% -2pp

Net Profit 7,309 7,325 0% 5,496 5,884 +7%

Net Profit Margin 27% 25% -2pp 25% 26% +1pp

CAPEX 2,524 4,941 +96% 2,256 1,973 -13%

CAPEX/Revenue 9% 17% +8pp 10% 9% -2pp

6.9 7.1 7.7 7.68.6

6.9 7.27.8 7.8

8.9

FY'13 FY'14 FY'15 9M'15 9M'16

Average EoP

Currency Trend:

31

USD / MAD USD / EGP

USD / PKR USD / NGN

8.4 8.49.8 9.7 9.8

8.2 9.19.9 9.7 9.7

FY'13 FY'14 FY'15 9M'15 9M'16

Average EoP

101.5101.1

102.7102.0

104.7

105.6

101.1

104.7 104.5 104.5

FY'13 FY'14 FY'15 9M'15 9M'16

Average EoP

159.2 165.2197.7 197.4

240.1

160.3183.5

199.3 199.3

315.0

FY'13 FY'14 FY'15 9M'15 9M'16

Average EoP

Source: Bloomberg

32

Etisalat Investor RelationsEmail: [email protected]

Website: www.etisalat.com/en/ir/index.jsp

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