Annual report 2010

CONTENTS O T H A N N U A L R E P O R T 2 0 1 0
Letter from Executive Chairman & Group CEO 02
About OTH:
OTH at a Glance 03
Financial Highlights 04
Organizational Structure 05
Financial Milestones 06
Financial Events 2010 07
Board of Directors 10
Corporate Governance Report 14
Corporate Responsibility Report 15
GSM Operations:
OTA 18
Mobilink 20
Mobinil 22
banglalink 24
koryolink 26
Telecel Globe 28
WIND Mobile 32
2010 Financial Review:
Board Report 34
Financial Statements (IFRS/US$) 42
Financial Statements (EAS/EGP) 62

ÒI never thought the day will come when I will be leaving my fifth
child to the care of new parents; the child that I have brought to this
world, nurtured and raised to become strong and grown.
Funnily enough though, it was not as difficult as I thought, as I
reached a stage of my life where I want to move on and continue
giving in other areas. It must also be due to the fact that I am confident
that the child has reached a stage of maturity and strength that I can
rest assured, that it is poised to continue in health growth, success
and that it is on the right track to achieve the vision I have set for it
from day one.
My belief in the consolidation of the telecom industry has become
a reality today, where a large number of telecom suppliers have
been reduced to only four or five major players. The same is also
happening on the operator side.
I also believe that my team, which has now been integrated into the
newly merged Vimplecom Limited, will do a great job in realizing the
synergies of this merger and in driving further our operations through
a much more powerful vehicle, which will carry a significant benefit
to OTH's shareholders.
My gratitude and appreciation go to the team I have worked with
over the years and all the employees of OTH who have helped in
creating this success story and who made it possible to be where
we are today, as well as to the departing board members for helping
in navigating this wonderful journey and to OTH's shareholder for
their valued trust over the years.
I wish Mr. Bichara and Mr. Abou Doma a lot of success in their new
mission.
Naguib Sawiris, Executive Chairman
Letter from Executive Chairman & Group CEO
ÒThe year 2010 has proven to be a year of significant milestones aiding
the growth of Orascom Telecom Holding, on an operational and
strategic level.
On October 4th
, 2010 WIND TELECOM, OTH's parent company, and
VimpelCom Ltd. announced their intention to combine their groups,
thereby creating the world's sixth largest telecommunications company.
Most recently, in March 2011, the VimpelCom Special General Meeting
approved the transaction. Furthermore, on April 14th
, over 97% of
OTH's shareholders approved the proposed refinancing plan for the
company, as well as a demerger into two separate entities: OTH and
Orascom Telecom Media and Technology Holding S.A.E (OTMT).
The refinancing plan will ensure an improvement in the company's
liquidity position and capital structure, while OTMT will serve as a
holding company for Mobinil, koryolink, Alfa management contract,
the cable businesses and OT Ventures.
Consequently, OTH will join the ranks of truly global players in the
field of telecommunications supported by expertise and a strong
leverage profile while benefiting from significant synergies resulting
from the WIND-VimpelCom transaction. The demerged entity of OTMT
will allow for better focus on strategies and lend both OTH and OTMT
the independence to drive faster growth.
On January 4th
, 2011, OTH sold its entire shareholding in Orascom
Tunisia Holding and Carthage Consortium, through which we owned
50% of Tunisiana, for a total cash consideration of US$ 1.2 billion,
equalling an enterprise value of 6.7x Tunisiana's 2009 EBITDA and
generating over 40% annual return on OTH's investment in the business
since 2003.
OTH now counts over 101 million subscribers across its operating
countries. The 16% increase in our customer base compared to last
year has translated into a net income before minority interest of US$
781 million for the year ending 31 December 2010. In addition, Net
Debt/EBITDA now stands at 2.5x. Pro-forma for the receipt of proceeds
from the disposal of Tunisiana, Net Debt/EBITDA is approximately
1.9x.
While the majority of our operations have displayed strong and stable
growth, the Algerian unit, due to the consistently hostile operating
environment, has faced a decrease in revenues of 6.5% compared
to the year end of 2009. Many restrictions on the operation still remain
in place, such as the hindrance of promotions and local governmental
restrictions, in addition to SIM card shortages resulting from a ban on
imports. Despite a number of cost cutting initiatives being instigated
in order to stabilize and maintain network quality, restrictions imposed
by the Algerian government continue to negatively impact Djezzy's
results.
Pakistan has shown a 9% increase in its revenues for the year, in
local currency terms, alongside efficient cost management initiatives
which resulted in a YoY EBITDA margin growth of 3%.
The high subscriber growth trend in Bangladesh has translated into
revenue growth of over 30% in comparison to 2009 despite increasing
competitive pressures in the Bangladeshi telecommunications market.
WIND Mobile Canada continues to grow its customer base and has
succeeded in adding nearly 100 thousand new subscribers compared
to the last quarter, nearing its total subscribers to a quarter of a million.
In light of the company's promise to deliver innovation and value to
its shareholders moving forward into the new era of consolidation, we
see the perfect opportunity to do so in the expected combination of
WIND TELECOM and VimpelCom, allowing us to continue to maximize
long-term shareholder value. Ò
Khaled Bichara, Group CEO
02
OTHANNUALREPORT2010

OTHANNUALREPORT2010
OTH at a Glance
Positioned for success
Orascom Telecom Holding S.A.E.
("OTH") is a leading telecommunications
company with mobile operators in many
regions of the globe including Canada,
the Middle East, Africa and Asia. It was
established in 1998, by launching its
first mobile operation ("Mobinil"), also
the first mobile operator in Egypt. OTH's
headquarter resides in the heart of Cairo
where the company initially started.
After Mobinil's launch, OTH continued
its journey by pursuing markets
characterized by large population
densities and low mobile penetration
rates. However this strategy changed
in the last two years as it started to
enter more diverse markets with its
latest launch to date ("WIND Mobile")
in Canada. In 1998, OTH started off
with 200,000 subscribers. By the end
of 2010, OTH is proud to be extending
its care and services to over 101 million
subscribers. It is also serving a total
population under license of
approximately 517 million with an
average mobile telephone penetration
of approximately 48%.
A borderless company
Having launched "Mobinil" in 1998, OTH
operations to date include Algeria
("OTA"), Pakistan ("Mobilink"), Egypt
("Mobinil"), Bangladesh ("banglalink"),
North Korea ("koryolink") and Canada
("WIND Mobile") through an indirect
equity ownership in Globalive Wireless.
At the beginning of 2009, OTH was
also awarded the management contract
of one of the two Lebanese mobile
telecommunications operators ("Alfa")
from the government of the Republic of
Lebanon. Furthermore, OTH has an
indirect equity ownership in Telecel
Zimbabwe (Zimbabwe) and through its
subsidiary Telecel Globe, operates in
Burundi and the Central African
Republic.
Value to stakeholders
OTH's target is to provide value for its
investors and shareholders by
expanding in high growth markets and
strengthening its position in its existing
operator companies through focusing
on current as well as potential
subscribers. Profitability and success
are demonstrated through the fact that
all of OTH's operator companies are
either market leaders or major players
in their markets. OTH employees take
gratification in striving for the success
of a business that provides the tools by
which people can communicate and
improve their lives. OTH's customers
everywhere in the world are provided
with the best service as operator
companies constantly aim to cater and
adapt to their needs by offering
innovative solutions to make their lives
better, easier and more rewarding.
The power to communicate
In a world with increasing
interconnectivities and rapid
technological transformations and
advancements, not being able to
communicate means not being able to
exist. It is OTH's core belief that
communication is the essence of life,
the inherent right of every human being
and the means by which communities
advance. Being a borderless company,
OTH seeks to provide communications
to all peoples of the world.
Communication empowers people by
letting them tell their stories, enhance
their lives and advance their
communities. Integrating the most
suitable and best technology innovations
for each country enables OTH operator
companies to facilitate and enrich their
subscribers' lives. When the world calls,
we listen. When the world talks, we feel
what it wants to say. We help give it a
voice.
OTH's vision
To harness our networks to provide
millions of connected customers
with solutions that empower their
personal and professional lives.
OTH's mission
We Exist toÉ
Enrich our customers' lives through
accessible communication services
Ensure our shareholders' returns with
the highest yields
Expand our employeesÕ horizons with
exceptional growth opportunities
Enable our communities' development
and prosperity by always giving back
03
'A
V
OICE THAT SOUNDS IS A VOICE THAT'S HE
A
R
D.'

Shareholder Information
Orascom Telecom Holding S.A.E. ("OTH")
maintains a high level of disclosure and keeps its shareholders
informed of any significant event through press releases, quarterly
earning releases, conference calls and an updated website with
all relevant operational and financial information in addition to
reporting its financials under Egyptian Accounting Standards (EGP)
and under International Financial Reporting Standards (US$).
Ownership Structure
WIND TELECOM S.p.A. directly and indirectly owns approximately
51.7% of the shares of OTH and 48.3% is public free float.
Rights Issue
In January 2010, OTH's Board of Directors announced the launch
of its Rights Issue to holders of its ordinary shares and GDRs.
The proceeds were directed towards further strengthening the
Company's balance sheet, enhancing OTH's liquidity including
financing needs since dividends could not be repatriated from
Algeria due to the prevailing tax dispute, in addition to general
corporate purposes. The Rights Offering amounted to EGP 4,357
million (equivalent to approximately USD 800 million), and was
offered by way of pre-emptive rights to existing shareholders /
eligible GDR holders. The Company offered up to 4,356,590,515
Shares in the Rights Issue, equivalent to 871,318,103 new GDRs.
49 shares/GDRs were offered for every 10 shares/GDRs. The
price for each Share was 1 EGP (par value, in line with Egyptian
market practice), and represented approximately USD 800 million
based on the Fx rate of 12/01/2010; with a discount to TERP of
81.6% (based on the closing price of 12/01/2010).
In March 2010, OTH announced the final results of the subscription
and over-subscription of its Rights Issue launched in January.
Subscriptions by existing shareholders have resulted in the
following:
Number of ordinary shares subscribed for: 4,356,590,515;
Total percentage of rights issue taken up: 100%;
Total ordinary shares taken up: 100%;
Total GDRs taken up: 100%;
Total number of remaining unsubscribed ordinary shares: 0.
Subscriptions were received in the Over-subscription Offering for
approximately 448 times the amount of shares available for over-
subscription.
Share Ownership Program for Employees
As part of its commitment to motivate and retain its key employees,
OTH offers an ESOP plan, having an ownership of approximately
1% of OTH shares.
Paid up Capital
As at December 31st
, 2010, OTH's paid up capital was EGP
5,245,690,620, divided into 5,245,690,620 shares, each with a
nominal value of EGP 1.
Dividends
The Board of Directors of OTH agreed not to distribute any
dividends to its shareholders during 2010 as a result of the
circumstances surrounding the Algerian business unit, Orascom
Telecom Algeria, thereby necessitating the aforementioned Rights
Issue.
Dividend Policy
OTH's primary goal is to maintain sufficient reserves and liquidity
to ensure its operational and financial needs and to maintain a
strong growth profile of its business. OTH intends to operate a
progressive distribution policy based on what are believed to be
sustainable levels of dividend payments supplemented by variable
distribution to shareholders of any excess cash resources.
Consequently, dividends will vary from year to year.
Share Price Performance
At the beginning of 2010, the OTH stock was quoted at EGP 4.98
on EGX. The highest quotation during the year was EGP 7.76,
and the lowest was EGP 4.09. At year end, the quotation price
was EGP 4.32; this amounted to a 13.0% decrease in value. The
market value as of December 31st
, 2010 was EGP 22.6 billion.
OTH GDRs listed on the London Stock Exchange at the beginning
of 2010 were quoted at US$ 4.72. The highest quotation during
the year was US$ 7.05 and the lowest was US$ 3.60. At year
end, the quotation price was US$ 3.65; this amounted to a 22.6%
decrease in value. The market value as of December 31st
, 2010
was US$ 4.0 billion.
Trade
OTH is traded on both the Egyptian Exchange and on the London
Stock Exchange under the symbols (ORTE.CA, ORAT EY) and
(ORTEq.L, OTLD LI), respectively.
Disclosure
To ensure full disclosure and transparency, OTH reports its
Holding and Consolidated financials on a quarterly basis applying
both the Egyptian Accounting Standards (ÓEASÓ) and US$
consolidated financial statements in accordance with the
International Financial Reporting Standards (ÓIFRSÓ).
Financial Highlights
(1) After excluding Tunisiana subscribers from 2009 figure
(2) On July 13, 2010, the Amended and Restated Shareholders' and Settlement Agreements concluded
with France Telecom entered into force. Consequently, starting Q3 2010, Mobinil is reflected
through the equity method. Mobinil's financial figures for 2009 and H1 2010 are represented as
a discontinued operation under IFRS. On 4 January 2011, OTH sold its entire shareholding in
Orascom Tunisia Holding and Carthage Consortium through which OTH owned 50% of Orascom
Telecom Tunisia (ÒOTTÓ). As a result the proportionate consolidation of OTT during Q4 is no longer
applicable under IFRS as it renders the entity an investment held for sale, and consequently a
discontinued operation under IFRS rules. Figures for 2009 and 9 months 2010 have been restated
to reflect the accounting treatment of OTT.
(3) Based on a weighted average for the outstanding number of shares of 1,046,501,539 GDRs
Main Financial Data
(according to IFRS)
2009 2010
Revenues (in US$ million)(2) 3,760 3,825
EBITDA (in US$ million)(2) 1,518 1,584
EBITDA Margin 40.4% 41.4%
Net Income (in US$ million) 317 743
Earnings per GDR (US$)(3) 0.36 0.73(3)
CAPEX (in US$ million) 761 660
Net Debt (in US$ million) 5,113 4,009
Subscribers
(1)
in millions
Revenues
in US$ millions
EBITDA
in US$ millions
2009 2010 2009 2010
3,760
3,825
1,518
1,584
2010
102
97
2009
OTHANNUALREPORT2010
04

Organizational Structure
Khaled Bichara
Executive Chairman
Ahmed A. Doma
Group CEO
Corporate Finance,
Treasury, Tax Planning &
Corporate Accounting,
Budgeting, Planning &
Control, Investors
Relations
Aldo Mareuse
Group Chief
Financial Officer
Mohamed Naguib
Internal Audit & Revenue
Assurance Officer
OTHANNUALREPORT2010
Manal Abdel Hamid
PR & Corporate
Communications Director
Compensation & Benefits,
Training & Development,
Recruitment and
Administration
Wafaa Lotaief
Group HR & Admin
Officer
Compliance & Secretarial
Corporate Affairs,
Corporate Attorney
Ragy Soliman
General Counsel
Hany Bedair
Chief Technology
Officer
Network Support, IT & VAS
Support, Procurement, Total
Quality Management,
Program Management
05
TBD*
Chief
Commercial Officer
Market Development, Sales,
Customer Operations,
Corporate Marketing, Fixed
and Broadband, Market
Planning, Products and
Services
Public Relations, Corporte
Communications, Corporate
Social Responsibility
Business Planning,
Corporate Strategy,
Innovation and Partnerships
Emad Farid
Group Chief Strategy
Officer
The above reflects the latest composition of the Organizational Structure * Mr. Ahmed Abou Doma is currently Acting Chief Commercial Officer

Financial Milestones
OTH launches Rights Issue for US$ 800 million.
Renewal of Alfa management contract in Lebanon after
exceeding the 1 million subscriber milestone mark.
OTH announces results of its Rights Issue where
Subscriptions were received in the Over-subscription
Offering for approximately 448 times the amount of
shares available for over-subscription.
France Telecom and Orascom Telecom submit the
main terms of their agreements on MobiNil and ECMS
to the Egyptian Financial Supervisory Authority a global
settlement fee of US$ 300,000,000 in consideration for
OTH's undertakings and obligations under the Master
Agreement, the termination of the original Shareholders
Agreement as well as execution of the Amended and
Restated Shareholders Agreement.
OTH announces sale of LINKdotNET through a Share
Sale and Purchase Agreement with MobiNil for an
enterprise value of US$ 130 million.
OTH announces the sale of its 50% stake in Tunisiana
to Qatar Telecom for an enterprise value equal to 6.7
Tunisiana's 2009 EBITDA. The transaction was
completed in January 2011.
OTHANNUALREPORT2010
January
2010
February
2010
March
2010
April
2010
July
2010
November
2010
06

Financial Events 2010
France Telecom and Orascom Telecom
submit the main terms of their
agreements on MobiNil and ECMS to the
Egyptian Financial Supervisory Authority
In April 2010, France Telecom and Orascom
Telecom submitted to the Egyptian Financial
Supervisory Authority the main terms of the
agreements on MobiNil and ECMS signed
between them. The content of this
submission can be found below.
1. Maintaining the partnership between the
Parties, and subject to paragraph 4 below,
neither Party shall transfer to the other
Party any shares in MobiNil for
Telecommunications (unlisted) or the
Egyptian Company for Mobile Services
(listed). The Parties further agreed that
Orascom Telecom Holding shall not own
or hold, directly or indirectly and/or
whether acting in concert, an equity stake
in the Egyptian Company for Mobile
Services (listed) of more than 20% of the
share capital of the latter (this refers to
a standstill provision which further
provides that Orascom Telecom Holding
shall not seek to directly or indirectly
and/or whether acting in concert increase
its current equity stake in ECMS. This
has been clarified in a subsequent press
release);
2. Amending and restating the existing
shareholders' agreement between the
Parties relating to MobiNil for
Telecommunications (unlisted). As a
result of this amendment, OT will adopt
the equity method instead of the
proportionate consolidation method for
the basis of accounting on the
shareholders' equity. OT will consolidate
its investment using the equity method
in accordance with the Egyptian
Accounting Standard No. 18, where OT's
share in the net assets of ECMS at the
date of entry into force of the settlement
agreement shall be presented in a
separate line item in the consolidated
balance sheet, rather than on a line-by-
line basis. As a result of this
reclassification, there will be no impact
on OT's consolidated income statement
and OT's consolidated shareholders'
equity, at that date. As for the OT's share
in the profits or losses, the changes in
the shareholders' equity of ECMS
recognized after that date will be
presented in a separate line item in the
consolidated income statement and the
consolidated statement of shareholders'
equity respectively. By virtue of the
International Financial Reporting
Standards, France Telecom will fully
consolidate its investment in MobiNil
Telecommunications and ECMS as from
the date of entry into force of the
settlement agreement and the Amended
and Restated Shareholders Agreement.
The modification of the basis of the
accounting treatment for France Telecom
and Orascom Telecom will have no effect
on ECMS and the minority shareholders
of ECMS;
3. Granting Orascom Telecom Holding
certain rights in the amended and restated
shareholders' agreement with respect to
the approval of material decisions and
operational matters, the governance
model under the Amended and Restated
Shareholders Agreement is designed to
ensure (i) the consolidation by FT of the
financial results of MobiNil and its
subsidiaries, and (ii) that material matters
relating to the finances and operations
of MobiNil, ECMS and/or their material
Subsidiaries may not be taken unless
such actions are authorized pursuant to
the approval of all of the OT Directors
and a majority of the FT Directors. The
composition of the boards of MobiNil and
ECMS reflects participation by OT and
FT which is not materially different from
the original shareholders agreement,
whereby FT appoints, directly or indirectly,
the majority of the members of the MobiNil
and ECMS board of directors. The ECMS
board of directors shall continue to include
three non-executive, independent
directors with relevant industry
background. ECMS' management will
include a CEO appointed by FT and a
CFO designated from among FT
candidates, whereas the Chief Technical
Officer and the Chief Commercial Officer
will be designated by the CEO from
among OT candidates. Under the original
shareholders agreement, in case the OT
and the FT representatives on the board
of MobiNil fail to reach consensus on a
decision, a deadlock mechanism was
triggered where either party buys the
other's stake in MobiNil through a bidding
process. Being the main reason behind
the dispute subject matter of the
arbitration between OT and FT, the parties
agreed to simplify and amend such
deadlock resolution mechanism and
replace it with a right granted to OT in
certain deadlock situations to put its
shares in MobiNil and ECMS to FT for
the Put Option Consideration, which
consideration is calculated on a per share
price;
4. Granting Orascom Telecom Holding in
the amended and restated shareholders'
agreement the option to put its shares in
MobiNil for Telecommunications (unlisted)
together with its shares in the Egyptian
Company for Mobile Services (listed) to
the France Telecom Group (i) during the
period from September 15 through
November 15, 2012, and (ii) during the
period from September 15 through
November 15, 2013, as well as (iii) at
anytime until November 15, 2013 in a
limited number of deadlock situations on
some material decisions, and subject to
certain conditions. In the event of the
exercise of the put option, the price per
the Egyptian Company for Mobile
Services (listed) share ("ECMS P") which
has been agreed between the Parties
will increase over time from EGP 221.7
as of closing up to EGP 248.5 as of end
2013, to be converted in EUR at a fixed
EUR/EGP exchange rate of 7.53. As for
the opening put option price (221.7 as of
30/06/2010), it was calculated in reference
to the weighted average market share
price of ECMS for the week preceding
April 14, 2010 accreted by 3% to
30/06/2010 = 220.3*(1+3%*79/360),
payable in Euros at a fixed rate
corresponding on the EGP:EUR rate as
at the date of signing of the agreement.
Each subsequent price represents a 3%
annual accretion over the opening put
option price. Therefore, the price of the
put option does not express the parties'
view of the long term valuation of ECMS.
T h e p r i c e p e r M o b i N i l f o r
Telecommunications (unlisted) share will
be computed as ECMS P multiplied by
the total number of ECMS shares held
OTHANNUALREPORT2010
07

OTHANNUALREPORT2010
08
by MobiNil for Telecommunications
(unlisted) in the Egyptian Company for
Mobile Services (listed) and divided by
the total number of MobiNil for
Telecommunications (unlisted) shares;
5. The continuation of the Parties in rendering
technical support and management
services to the Egyptian Company for
Mobile Services (listed) according to the
two existing management agreements
with the Parties, which were ratified to the
General Assembly of the Company, and
whereby each Party receives a fee equal
to 0.75% of the total revenues of the
Company (excluding equipment sales and
sales taxes). In case of exit by OT, it will
assign to FT its rights to the above
management fees and enter into a
transition services agreement to the benefit
of ECMS enabling ECMS, at its option, to
continue or terminate the various services
and/or technical assistance agreements
entered into with OT group, all subject to
applicable laws and the approval of the
competent corporate bodies of ECMS. In
consideration for the assignment referred
to above and the entering into by ECMS
of the transition agreement, FT shall pay
to OT a fee of EUR 110 million;
6. Prior to the settlement agreement, a
dispute between the relevant parties on
the ownership of the "MobiNil" trademark
existed. OT and FT agreed that MobiNil
and ECMS shall regularize the ownership
of the MobiNil Trademark in the best
interests of ECMS and all its shareholders
and with a view to enhance the visibility
of the trademark;
7. The agreement in principle of the Parties
on the acquisition by the Egyptian
Company for Mobile Services of Link Dot
Net S.A.E and Link Egypt S.A.E, a leading
Egyptian ISP, for total consideration
calculated on the basis of an aggregate
enterprise value of USD 130,000,000,
subject to obtaining the approval of the
competent corporate bodies (general
assemblies and/or boards of directors)
and completing the necessary procedures
in accordance with applicable laws and
regulations; and
8. In consideration for the settlement of all
disputes between the Parties, whether in
Egypt or abroad, under the Master
Agreement, FT also agrees to pay OT a
global settlement fee of USD 300,000,000
in consideration for OT's undertakings and
obligations under the Master Agreement,
the termination of the original shareholders
agreement as well as execution of the
Amended and Restated Shareholders
Agreement (which results in the loss for
OT of consolidation of MobiNil financial
results) and the Settlement Agreement.
There is no specific contractual breakdown
of the global settlement fee among the
items set forth above. However, the
quantum was agreed taking into account
the value of the additional portion of
EBITDA that will be consolidated by France
Telecom in its financial statements. Such
fee shall be paid by one of the FT Entities
in cash on the Closing Date and is in line
with the benchmark of companies suffering
a discount on their holdings in non
consolidated assets. The quantum and
the payment of such global settlement fee
do not impact ECMS and the minority
shareholders of ECMS. All the more,
ECMS will benefit from the global
settlement between its main shareholders
as it will enable ECMS to perform and
pursue its development with the full support
and commitment of France Telecom and
Orascom Telecom. Moreover, the global
settlement enables France Telecom to
reinforce its long term investment in Egypt
and to ensure a positive media
environment for its investment.
Orascom Telecom Algeria's (ÒOTAÓ)
tax appeal process
In November 2009 Orascom Telecom Algeria
(OTA) received a notice of reassessment
from the Algerian Direction des Grandes
Entreprises (ÒDGEÓ) in respect of the tax
years 2005, 2006 and 2007 (the
ÒReassessmentÓ). In December 2009, OTA
filed an administrative appeal. To appeal,
OTA was required to pay 20% of alleged
taxes and penalties to be owed, amounting
to USD 120 million. The appeal was rejected.
In March 2010, OTA paid a further 20% of
the remaining balance amounting to USD
110 million (including delay penalties), to
appeal to the Central Commission, which
was rejected. OTA's administrative appeal
in relation to the 2004 tax reassessment had
also been rejected.
In April, after exhausting all appeal available
within internal forums at the Algerian tax
authority, OTA then appealed to the
Administrative Court of Algiers to request:
- An injunction to immediately suspend the
payment order received pursuant to the
rejection of OTA's appeal to the tax
administration on April 1st, 2010, and
- The dismissal of the entire tax adjustment
for the years 2004 through to 2007, on the
merit of the case.
OTA paid the remaining balance of the
principal amount of the authorities' tax
reassessment claim for the years 2005-2007
equivalent to USD 597* million, excluding
penalties which amount to USD 74 million
from which USD 49 million were paid and
USD 25 million has been suspended until
final ruling of the administrative court on
merits in the case filed by OTA pertaining to
taxes and penalties related thereto. All
amounts paid will be recoverable if OTA's
case against the tax authority is successful.
These payments were made without
prejudice to any rights OTH or OTA may
have under: (1) the tax exemptions and
protections granted under an Investment
Agreement dated 5 August 2001 signed by
Algeria with OTH and Oratel International
Inc. (now a fully owned subsidiary of OTH)
acting for and on behalf of OTA; (2) the 1997
Treaty for the Mutual Promotion and
Protection of Investments between Algeria
and Egypt; and (3) Algerian law.
In September 2010, OTH announced that
OTA received a preliminary tax notification
from the DGE in respect of the years 2008
and 2009, in which the DGE preliminarily re-
assessed taxes alleged to be owed by OTA
in the amount of approximately DZD 17 billion
(approximately USD230 million). In
December, OTA received the Final Tax
Reassessment for the aforementioned
amount. In February, OTA paid the equivalent
of USD 230 million to the Algerian tax
authority under protest, representing the
settlement in full of the 2008-2009 Tax
Reassessment.

OTH and OTA consider that the 2008-2009
Tax Reassessment is baseless, relying on
the same arbitrary measures as the tax
claims made in relation to preceding years.
Accordingly, OTA is challenging the 2008-
2009 Tax Reassessment with the tax
administration and the Algiers administrative
court.
This appeal should have entitled OTA to
defer payment of 80% of the claim, subject
only to the provision of financial guarantees.
However the Algerian tax authorities refused
to consider any of the guarantees offered by
OTA (including full cash collateral) and OTA
had no choice but to pay in full in order to
avoid coercive enforcement action and/or
risk incurring additional penalties.
Without prejudice to their rights under the
Investment Agreement, applicable bilateral
investment treaty and applicable laws, OTH
and OTA intend to take all necessary legal
steps to challenge the Reassessment.
* Based on an exchange rate of: USD 1 = DZD 73.6.
OTH Announces the sale of
LINKdotNET and Link Egypt to Mobinil
In July 2010, Orascom Telecom Holding
S.A.E. (ÒOTHÓ or Òthe CompanyÓ) announced
that it had concluded the sale of its internet
services arm LINKdotNET and Link Egypt
(ÒLINKÓ) to the Egyptian Company for Mobile
S e r v i c e s ( Ò M o b i n i l Ó ) . I n T o u c h
Communications S.A.E, a wholly-owned
subsidiary of OTH signed a share sale and
purchase agreement with Mobinil for the sale
of LINK. The sale excludes the non-ISP part
of Link Egypt's business and affects
LINKdotNET's Egyptian operations only. The
other non-connectivity business, LINK
Development, LINKonLINE, Connect Ads,
Arab Finance Brokerage Company and
Arpu+ remain owned by OTH. The deal was
a cash transaction based on an enterprise
value of USD 130 Million. The business
represented 56% and 90% of the revenue
and EBITDA of OTH Internet Services
respectively.
VimpelCom combines with WIND TELECOM
to create new global telecom group
IIn October 2010, WIND TELECOM S.p.A
(WIND TELECOM), the parent company of
Orascom Telecom Holding S.A.E. (ÒOTHÓ)
announced that it signed an agreement with
VimpelCom Ltd. (ÒVimpelComÓ) to combine
the two groups creating the world's sixth
largest mobile telecommunications carrier
by subscribers. In March 2011, WIND
TELECOM announced that the shareholders
of VimpelCom Ltd. voted in their Special
General Meeting in favor of the combination
with WIND TELECOM. On April 15th, 2011,
VimpelCom and WIND TELECOM
announced the closing of the transaction
that combines the two entities to create a
new global telecom group.
OTH sells its 50% shareholding in
Tunisiana to Qatar Telecom
In November 2010, Orascom Telecom
Holding S.A.E. (ÒOTHÓ) announced that it
has entered into a share purchase agreement
with Qatar Telecom Q.S.C. (ÒQtelÓ) by which
OTH would sell its entire shareholding in
Orascom Tunisia Holdings (ÒOTuHÓ) and
Carthage Consortium (ÒCarthageÓ), two
companies through which OTH owns 50%
of Orascom Telecom Tunisie (ÒTunisianaÓ).
In January 2011, OTH announced that it had
completed the sale of its entire shareholding
in OTuH and Carthage for a total cash
consideration of US$ 1.2 billion,
OTHANNUALREPORT2010
09
corresponding to an enterprise value equal
to 6.7 times Tunisiana's 2009 EBITDA and
generating over 40% annual return on OTH's
investment in the business since 2003.
Proceeds will be used to strengthen OTH's
liquidity position and support the development
of higher-growth businesses.
OTH lenders support further financial
flexibility
In January 2011, Orascom Telecom Holding
S.A.E. (ÒOTHÓ) announced that it has
successfully obtained the support of its Senior
Secured Lenders for relief from
representations, warranties, and covenants
in the credit agreements as they relate to
Orascom Telecom Algeria (ÒOTAÓ), in order
to provide the Group with greater flexibility
while it assesses its alternative options
relating to OTA and enabling OTH to be in
a position to negotiate effectively with the
Algerian government to procure the most
favourable outcome relating to Algeria in
order to protect its interest and that of its
stakeholders. Furthermore, part of the
Orascom Telecom Tunisie (ÒTunisianaÓ)
disposal proceeds would be applied to prepay
principal maturities, eliminating debt
repayment obligations until the second half
of 2012. Consequently, the Group
significantly strengthened its liquidity position
and financial flexibility.
Over 97% of the voting shares that
participated in OTH's OGM/EGM approve
demerger and refinancing plan
On April 14th, 2011, Orascom Telecom
Holding S.A.E. (ÒOTHÓ or the ÒCompanyÓ)
announced that the Company's shareholders
overwhelmingly approved all of the items on
the agenda at today's Ordinary and
Extraordinary General Assembly Meetings,
paving the way to implement the Company's
refinancing plan and the demerger of the
Company into two separate entities, Orascom
Telecom Holding S.A.E. and Orascom
Telecom Media and Technology Holding
S.A.E., in connection with the ÒVimpelCom-
WIND TELECOMÓ transaction.
Shareholders approved the following
significant resolutions, among others:
1. the approval of a refinancing plan to
refinance the Company's outstanding
secured and high yield debt together with
certain derivative transactions in an
amount of approximately US$2.7BN.
2. an increase in OTH's authorized share
capital to EGP 14BN (with the issued and
paid-in capital remaining unchanged).
3. the approval of the planned demerger
from OTH of Orascom Telecom Media
and Technology Holding S.A.E. (ÒOTMTÓ),
a company to be formed at the time of
the demerger. OTMT will hold certain
assets of OTH that are not intended to
form part of the VimpelCom-WIND
TELECOM group going forward, including
OTH's interests in Egyptian Company for
Mobile Services (ÒECMSÓ), CHEO
Technology Joint Venture company
(ÒkoryolinkÓ) in North Korea, Orascom
Telecom Ventures S.A.E. (formerly
Intouch Communication Services S.A.E.),
as well as other investments in the media
and technology sectors, including
undersea cable assets.
Shareholders representing 63.44% of the
Company's voting shares participated in
the Ordinary General Assembly Meeting
and 63.44% at the Extraordinary General
Assembly Meeting. The resolutions were
approved by 99.99% of the voting shares
that participated in the Ordinary General
Assembly Meeting and approximately 97%
at the Extraordinary Assembly Meeting.

Board of Directors
Standing from left to right
Henk van Dalen
Non-Executive Board Member
Emad Farid
Executive Board Member
Khaled Galal Bichara
Executive Chairman
Iskander Shalaby
The above reflects the latest composition of the Board of Directors as per the OGM held on May 17th
, 2011.
OTHANNUALREPORT2010
10
Ahmed Abou Doma
Chief Executive Officer
Ragy Soliman
Aldo Mareuse
Mohamed Shaker
Jeffrey D. McGhie

Board of Directors
Executive Chairman
Mr. Bichara is Group President and Chief Operating
Officer of VimpelCom Ltd. as well as Group Executive
Chairman of Orascom Telecom Holding. Mr. Bichara
played a pivotal role in the $6.6 billion merger of
VimpelCom with WIND TELECOM S.p.A, to create
the world's sixth telecommunications carrier
Before joining VimpelCom, Mr. Bichara was the Group Chief Executive
Officer of OTH S.A.E. He sits on the board of OTH since 2003.
Mr. Bichara was appointed Chief Operating Officer of OTH in April
2009. He was previously COO of Wind Telecommunicazioni S.p.A.
(Wind). He brought a wealth of experience in both telecommunication
and information technology with a strong management and
entrepreneurial experience.
Mr. Bichara headed the fixed line and portal business unit at Wind
from 2005 until he was promoted to Chief Operating Officer of the
company. At Wind, he played a key and instrumental role in
restructuring the company's organization, which led to the successful
turnaround of Wind from a continuously loss making company to one
of the best performing mobile, fixed line and broadband integrated
operators in Europe within a record time span of three years.
Prior to joining Wind, he was the cofounder, Chairman and CEO of
LINKdotNET (ÓLDNÓ), the largest private Internet Service Provider
(ÓISPÓ) in the Middle East. In 2001, following successful negotiations,
Microsoft chose to partner with LDN headed by Mr. Bichara to launch
MSN Arabia, the Middle East's first global portal, bringing full internet
experience of MSN to users in the region.
In December 2003, Business Today Egypt chose Mr. Bichara as the
ÒYoung Executive of the YearÓ for executives under the age of 40.
Mr. Bichara earned his Bachelor of Science degree from the American
University in Cairo where he is a member of the Advisory Board for
the Computer Science and Engineering Department. He is an active
member of the Software Community in the Middle East, a founding
member of the Egyptian Software Association and the Internet Society
of Egypt. He is also a board member of WIND Italy and various
telecom and IT companies.
OTHANNUALREPORT2010
11
Ahmed Abou Doma
Chief Executive Officer
Mr. Ahmed Abou Doma has been appointed as
" Executive Vice President Asia & Africa Business
Unit, CEO of OTH" on May 2011.
Before Joining Vimpelcom, and since Jan 2009,
Mr. Abou Doma was the Managing Director and
Chief Executive Officer for banglalink the, OTH mobile operator in
Bangladesh.
Mr. Abou Doma started his career in the field of Information Technology
by joining IBM in 1993 to 1996.
Between 1996 and 1998, Mr. Abou Doma led the business
development team of Datum IDS launching the 3rd established ISP
in Egypt at the time.
In 1998, and as part for the startup team, Mr Abou Doma helped launch
Mobinil. Between 1998 and 2003, Mr Abou Doma held different senior
management roles in Mobinil.
From 2003 untill the end of 2008, he held the position of Marketing
Director of Mobinil.
Born in Cairo, Egypt, Mr. Abou Doma holds a BSc in Electronics and
Communication Engineering from Cairo University (1992). He has
received the ÒTelecom Business Planning AwardÓ by the International
Telecommunication Union (ITU) based in Switzerland. He also
completed the International Executive Program (IEP) from INSEAD
Business School in Singapore and France.

Iskander Shalaby
On September 1, 2008 Alex Shalaby was appointed
Chairman of the Egyptian Company for Mobile
Services (Mobinil) by board consensus, following
his appointment as its President and CEO in 2005.
This step came because of Shalaby's remarkable
achievements at Mobinil over the preceding three
years where the company has witnessed continued
market share leadership, tripled the subscriber base from six to 19
million, doubled the revenues, and increased net profits by 30%..
Alex Shalaby was Chief Officer for Regulatory Affairs at Mobinil from
1998 to 2005 and was responsible for helping with the licensing and
regulations required in setting up Mobinil as the first mobile operator
in Egypt. Mobinil is partly owned by OTH and France Telecom/Orange,
a balancing challenge for Shalaby to maintain the trust and confidence
of the two major shareholders as well as the company's thousands
of public shareholders.
As former Executive Vice President of Orascom Telecom Holding
OTH and continuing to be one of its board members, Shalaby's
regional experience proved invaluable as OTH expands its global
footprint.
Shalaby came to Mobinil from Washington, DC where he was AT&T
Director for Public Affairs, serving as the company's link to lawmakers
on Capitol Hill and lobbying the executive branch of the U.S.
government. He helped in achieving more liberalization of the telecoms
sector internationally for the emerging nations of the Middle East,
Africa, Eastern Europe through the relevant multi-lateral agencies.
It was during these years that he served on the boards of the American
Chamber of Commerce becoming its president during the period
(1991 - 1992) and the Bi-national Fulbright Commission and Seeds
of Peace; he currently chairs the board of Injaz & SIFE in Egypt. As
his AT&T responsibilities shifted from local to regional, with particular
focus on North Africa and the Levant, between 1993 and 1995,
Shalaby became Regional Director for International Public Affairs for
AT&T, based in Cairo, Egypt, where he was the principal interface
with key agencies within the governments in the region on matters
impacting AT&T's operations.
Alex Shalaby started with the early days of data communications at
AT&T, moving between posts in California and New Jersey, where
he worked with Bell Labs. Shalaby then moved to become Managing
Director for AT&T in Egypt, and General Manager for the Middle East
and North Africa region until 1993. He held a variety of technical and
managerial positions with AT&T start-ups in the Gulf (1977-1980).
In 1977 he moved to Saudi Arabia to help launch the first major AT&T
microwave project before moving on to Kuwait and the UAE. Once
again, during this period he established and secured a solid position
for AT&T in the Gulf region.
In 1966, Shalaby graduated with a Bachelors of Science degree in
Electrical Engineering from the University of Alexandria and started
his first job with Egypt Air as a radio and radar engineer for two years.
In 1969, he immigrated to the United States, where he settled in San
Jose, California and started his first job with Pacific Telephone and
Telegraph Company, a subsidiary of AT&T at the time. During this
time, he earned a Masters of Science degree in Electrical Engineering
and Computer Science from San Jose State University.
Mohamed Shaker
Born October 16th,1933 and graduate of the Faculty
of Law, Cairo University in 1955. Dr. Shaker obtained
a Doctorate degree in Political Science from the
Graduate Institute of International Studies, University
of Geneva, in 1975.
He joined the Foreign Ministry in 1956 . As ambassador
he served at the United Nations at New York (1984 - 1986), Vienna (1986
- 1988) and London (1988 - 1997). During his tenure in Vienna, he was
a member of the Board of Governors of the International Atomic Energy
Agency (IAEA). Two years before, he was the representative of the Director
General of the IAEA to the United Nations (1982 - 1983).
At present, he is Chairman of the Board of a number of think tanks and
academic institutions including the Egyptian Council for Foreign Affairs (a
leading non governmental Think Tank), National Center for Middle East
Studies and Regional Information Technology Institute. He is also a
member of the Board of the Nuclear Power Plants Authority.
He is Chairman of the Board of Trustees of a number of major philanthropic
organizations namely; Sawiris Foundation for Social Development and
Magdy Yacoub Foundation for Heart Research.
He also presided over two major international conferences; the Review
Conference of the Nuclear Nonproliferation Treaty (NPT) 1985 and the
UN Conference on the promotion of Peaceful Uses of the Nuclear Energy
in 1987. He was a member of the U.N. Secretary-General's Advisory Board
on Disarmament Matters. 1993-1998 He was a member of the UN Expert
Group on Disarmament and Non-Proliferation Education (2001 - 2002).
Two of Dr. Shaker's major works are The Nuclear Non-Proliferation Treaty:
Origin and Implementation 1959 - 1979 (3 volumes), New York: Oceana
Publications, Dobbs Ferry, 1980, which was reproduced in an electronic
copy issued by both the Egyptian Council for Foreign Affairs (ECFA) and
James Martin Center for Nonproliferation Studies, California in May 2010,
and The Evolving International Regime of Nuclear Non-Proliferation,
Leiden/Boston: Martinus Nijhoff Publishers, 2007, The Hague Academy
of International Law, Recueil des Cours, Vol. 321, 2006.
Two decoration were bestowed upon him by the President of Egypt:-Order
of the Republic, Second Grade, 1976 and Order of Merit, First Grade,
1983.
Board of Directors
OTHANNUALREPORT2010
12
Emad Farid
Emad Farid is the Group Chief Strategy Officer
of OTH in charge of Corporate Strategy, Strategic
Planning and Innovation & Partnerships, a position
he has been assuming effective November 15th,
2009. Before this position, he held the position of Group Chief
Operating Officer of OTH since 2003. He is a member and/or
Chairman of the Board in many of OTH's subsidiaries including
Mobilink (Pakistan), koryolink (DPRK), Telecel Globe, Ring, OT
Ventures and MENA cable among others. In addition, he is member
of the Board of Directors of Wind Telecomunicazioni, a mobile and
fixed telecommunication operator in Italy. Mr. Farid joined the Orascom
group in 1992 where he held different managerial positions. He joined
OTH in 2000 and was subsequently appointed as the CEO of Syriatel
(OTH's GSM subsidiary in Syria). Mr. Farid holds a Master of Science
degree in Telecom Engineering from Cairo University.

Ragy Soliman
Mr. Soliman joined Orascom Telecom in 2003 in
the position of Director - Legal Affairs. Effective
October 2007, Mr. Soliman assumed the position
of OTH's General Counsel at Orascom Telecom.
In his role as general counsel to OTH, Mr. Soliman has oversight
and management responsibility for all legal and corporate governance
matters. He also serves on a number of Executive Management
Committees.
Prior to his appointment in 2003, Mr. Soliman represented a broad
range of international corporate and governmental clients as a Senior
Associate with Ibrachy & Dermarkar in Egypt and in other International
law firms. He holds a Master's Degree in International Business Law
from London University.
Aldo Mareuse
Aldo Mareuse is Group Chief Financial Officer
of OTH and WIND TELECOM S.p.A. a position
he has held since 2002.
He is a member of the Board of Directors of OTA
(Algeria), ECMS (Egypt), Mobilink (Pakistan) and Wind Acquisition
Holding Finance S.p.A (WAHF).
From 1990 to 2002, he held various positions and locations in the
Investment Banking Division of Credit Suisse First Boston ÒCSFBÓ.
His last position within CSFB was managing director in the Investment
Banking Division, telecommunications group where he was advising
telecommunication operators in M&A, equity and debt financing. He
holds an Engineering degree from Ecole Centrale de Lyon (France).
Jeffrey D. McGhie
Jeffrey D. McGhie is General Counsel of VimpelCom
Ltd. Mr McGhie held the position of Vice President,
General Counsel of OJSC VimpelCom since June 2007,
he served as Chief Legal Officer since March 2006.
Prior to joining VimpelCom, he held the position of associate in the
Moscow office of Akin Gump Strauss Hauer & Feld LLP from September
2002 until December 2004, and counsel from January 2005 until March
2006.
From December 1999 until August 2002, Mr. McGhie was an associate
at Kirkland & Ellis in Chicago, Illinois.
Mr. McGhie graduated with a B.A.in Russian from Brigham Young
University (Provo, Utah USA) in 1995 and received a J.D. magna cum
laude and MBA from Indiana University (Bloomington) in 1999
(Bloomington, Indiana USA).
Board of Directors
OTHANNUALREPORT2010
13
Henk van Dalen
Henk van Dalen is Chief Financial Officer of
VimpelCom Ltd.
Mr. Van Dalen was born on 1st November 1952
in Papendrecht, the Netherlands. He studied
Economy and Sociology at the Erasmus University
in Rotterdam. He started his career in 1976 at Dutch chemical company
Royal DSM. After several jobs in Corporate Management Development
and HR he worked in a number of General Management positions at
DSM. From 2000 until 2006 Mr. Van Dalen was a member of the Board
of Management and CFO of Royal DSM NV. From April 2006 until
July 2010 Mr. van Dalen was Chief Financial Officer and member of
the Board of Management of TNT NV.
Supervisory directorships and other positions held:
¥ Member of the Supervisory Board of NIB Capital Bank
¥ Member of the Supervisory Board of Macintosh Retail Group NV
¥ Member of the Board of Advisors NEVIR (Dutch Association for
Investor Relations)
¥ Member of the Board of the Nationaal Fonds 4/5 mei
¥ Member of the Board VEUO (Dutch Association of Listed Companies)
Experience:
Henk van Dalen's experience includes, a.o
¥ HR in all functions including CLA and restructuring
¥ Strategy and portfolio transformation
¥ General management and leadership of divisions and business
area's
¥ Large international business transactions
¥ M&A and disposals
¥ 10 years of leadership in group financial function (CFO) in listed
(EuroNext AEX/NYSE) companies

Corporate Governance Report
OTH is committed to achieving and maintaining the
highest standards of corporate governance. The
Company considers effective corporate governance
essential to enhancing shareholders' value and
protecting stakeholders' interests. Accordingly, the
Board attributes a high priority to identifying and
implementing appropriate corporate governance
practices to ensure transparency, accountability and
effective internal controls. The Board continued to
further its commitment to corporate governance
through reviewing existing processes and, where
appropriate, developing new ones. The Company
substantially complies with the practices enunciated
in the Egyptian Corporate Governance Code and
will strive to comply with these and other appropriate
standers and governance guidelines. The key
corporate governance principles and practices are
as follows:
The General Assembly
The General Assembly (ÓGAÓ) of the Company is
the ultimate governing body of the Company. In
summary, the (ÓGAÓ):
¥ Includes all the shareholders of the Company;
¥ Takes its decision by voting among shares
represented in the meeting. The voting rule is: 1
share = 1 vote for all shares indifferently;
¥ Holds at least one ordinary meeting per year and
may have an extra-ordinary meeting as needed;
¥ The responsibilities of the GA are based on the
laws and Company Statues;
¥ It appoints the board, approves the financial results,
appoints the external auditors, and approves
dividends distribution.
Board of Directors
The Board has the responsibility to work to enhance
the value of the Company in the interest of the
Company and its shareholders. In summary, the
Board:
¥ Is engaged in active and continuous strategic
planning and approves corporate strategies,
including the approval of transactions relating to
acquisitions and divestments, and capital
expenditure above delegated authority limits;
¥ Reviews and approves the corporate plan for the
forthcoming year and following two years, including
the capital expenditure and operating budget, and
reviews performance against strategic objectives;
¥ Assesses business opportunities and risks on an
ongoing basis and oversees the Company's control
and accountability systems;
¥ Monitors and approves the Company's financial
reporting and dividend policies;
¥ Appoints and has the authority to remove the Chief
Executive Officer and approves the
recommendations of the Human Resources;
¥ Ratifies the appointment and has the authority to
remove the Chief Financial Officer and Group
General Counsel and appoints the Company
Corporate Secretary; and
¥ Oversees succession planning for the Chief
Executive Officer and senior management.
The Chairman and the Chief Executive Officer
establish meeting agendas to ensure adequate
coverage of key issues during the year. In addition
workshops and strategy meetings take place.
Executives and other senior people regularly attend
Board meetings and are also available to be
contacted by Directors between meetings.
The Board met seven times in 2010.
Dr. Mohamed Shaker was appointed to the Board on
12th, May 2010. Mr. Onsi Sawiris retired from the Board
on the same date and H.E. Ahmed Maher retired from
the Board on 7th, November 2010.
Composition of the Board of Directors
Executive Chairman
Board Members
Khaled Galal Bishara (Executive Chairman)
Ahmed Abou Doma (Chief Executive Officer)
Emad Farid (Executive Board Member)
Aldo Mareuse (Executive Board Member)
Ragy Soliman (Executive Board Member)
Iskander Shalaby (Non-Executive Board Member)
Mohamed Shaker (Non-Executive Board Member)
Henk Van Dalen (Non-Executive Board Member)
Jeffrey McGhie (Non-Executive Board Member)
The above Board Members classification is based
on the Egyptian Corporate Governance code. The
latter did not specify the criteria for independent
directors that would allow the Company to
benchmark against, yet in our opinion and based
on internationally recognized best practices, a
number of our directors would qualify as independent
directors bringing to the company the highest
possible standing from both a personal and
professional standpoint.
Secretary to the Board
Ragy Soliman
OTH Secretary is responsible to the Board and is
available to individual Directors in respect of Board
procedures. The Company Secretary was appointed
in July 2003. He joined the Group in March 2003.
He is Secretary to most of the Board Committees.
Board Committees
¥ The Board has established a number of committees
which are the most important tools for the
management and the operational integration of
the Company and provides sufficient resources to
enable them to undertake their duties. Executive
Directors are not members of the Audit Committee,
although they may be invited to attend meetings.
It has recently been revised to:
¥ Monitor the implementation of strategies and the
development of plans and results;
¥ Ensure the overall coordination of business actions
and the management of the relative cross-over
business issues;
¥ Build up the necessary operating synergies between
the various functions involved in the technological,
business and support processes; and
¥ Support the integrated development of the
innovation processes of the Company.
¥ In particular, the Committees Board include:
Executive Committee
The objective of the Executive Committee is to
review and, where appropriate, authorize corporate
action with respect to most matters concerning the
Company's interests, strategy and management of
its business and subsidiaries during intervals between
meetings of the Board, and generally perform such
duties as may be directed by the Board from time
to time.
Investment Committee
The objective of the Investment Committee is to
assist the Board in reviewing the Company's
investment policies, strategies, transactions and
performance, and in overseeing the Company's
capital and financial resources. The Committee has
resources and authority appropriate to discharge
its responsibilities, including the authority to retain
experts or consultants.
Audit Committee
The objective of the Audit Committee is to assist
the Board in fulfilling its oversight responsibilities by
reviewing (i) proposed financial plans; (ii) the financial
information provided to shareholders and others;
(iii) systems of internal controls which management
and the Board have established; and (iv) the audit
process, including both internal and external audits.
The Audit Committee interacts directly with the
independent auditor to ensure the independent
auditor's ultimate accountability to the Board and
the committee, as representatives of the
shareholders, and is directly responsible for the
appointment, compensation and oversight of the
independent auditor.
Remuneration Committee
The objective of the Remuneration Committee is to
ensure that the company has a formal process of
considering management and directors' remuneration
that is, executive directors should play no part in
decisions on their own remuneration, there should
be an alignment of the remuneration schemes and
the performance objectives of the Company, and
the remuneration schemes should attract and retain
talented individuals.
Management Committee
Management Committee has the ultimate
responsibility for directing the activity of the Company,
ensuring it is well run and delivering the outcomes
for which it has been set up.
The management committee should provide
leadership to the Company by:
¥ Setting the strategic direction to guide and direct
the activities of the Company;
¥ Ensuring the effective management of the Company
and its activities; and
¥ Monitoring the activities of the Company to ensure
they are in keeping with the founding principles,
objects and values.
¥ In particular, the Committee System of the
Company includes:
Operational Committee
The Operational Committee is in charge of the
day-to-day operations on the Operational and
Holding level, This committee also serves as a
bridge between the Management and the Executive
Committee to make sure that all are working
together for the benefit of the Company.
OTHANNUALREPORT2010
14

Corporate Responsibility Report
OTH pursues a socially responsible management
system across its operating companies
considering economic, social and environmental
roles and responsibilities to provide value to all
its stakeholders. Managing our Corporate Social
Responsibility (CSR) program entails creating
channels of stakeholder engagement and
consultation, provision of guidance to all our CSR
focal points in relevant areas and inclusion of
EHS management. For more information, please
read our annual sustainability report available
on www.otelecom.com/responsibility
Social Investment
We are committed to developing and supporting
the communities we serve through our social
investment program. We have focused on a
number of social investment platforms that tackle
the socioeconomic needs of the countries we
operate in. Orascom Telecom's social investment
activities focus on four major areas: Disaster
relief, improving health practices and access for
medical services, investing in education and
learning support programs, and improving living
conditions for children. Brief descriptions of some
of the group's social investment projects
undertaken in different countries in 2009 are
listed below.
Egypt - Orascom Telecom Holding S.A.E
1 Goal Education for All
In February 2010, OTH joined global mobile
operators' forces in the world's largest cause-
related campaign in support of universal education
at the FIFA World Cupª 2010. The '1Goal:
Education for all' campaign was announced at
the World Mobile Congress which took place in
Barcelona and continued until the World Cup
final in South Africa on 11th
of July.
The campaign, which was under the personal
patronage of Her Majesty Queen Rania Al
Abdullah of Jordan, is an initiative to ensure that
every child in the world has the opportunity to
go to school by 2015.
GSM operators who serve more than 1 billion
mobile users delivered an international mobile
communications campaign that combines the
platform of the world's biggest sporting occasion
with the world's largest medium, to harness public
support for 1GOAL.
The mobile campaign - coordinated by the GSMA
- comprised a host of mobile communications
tools, including mobile advertising, applications
and messaging. These tools enabled millions of
people to sign up, via a host of mobile response
mechanisms, demonstrating to global leaders
and the UN that universal education is a universal
demand.
OTH along with its subsidiaries Mobinil and
Djezzy, and sister company Wind Greece have
joined forces along with operators from across
the mobile world and global football stars, the
football world and FIFA, together with educational
champions, charities and campaigners to support
1GOAL - a legacy of the FIFA Football World
Cup 2010ª - to give all children in the world the
chance in life an education brings.
Egypt- Orascom Telecom Holding
Orascom Telecom sponsors the French University
in Egypt to compete in SIFE World Cup
Orascom Telecom Holding S.A.E proudly
sponsored the SIFE Egypt team from the French
University in Egypt to compete in SIFE 2010
World Cup. The French University in Egypt was
named 2010 SIFE World Cup Champion for a
second consecutive year. This victory is
unprecedented in the more than 30 year history
of this global organization, where the same
university won the World Cup in two successive
years. The competition took place in Anaheim,
California, October 10-12th where 39 national
champion university teams representing 39
countries presented their civic engagement
projects. More than 400 global business leaders
to evaluated the outreach projects of the national
champion teams. The teams were judged on
how successful they've been at using business
solutions to create economic opportunity for
others.
SIFE (Students In Free Enterprise) an
international non-profit organization that brings
together the leaders of today and tomorrow to
create a better, more sustainable world through
the positive power of business. Founded in 1975,
SIFE has active programs on more than 1,500
college and university campuses in over 40
countries. For more information contact SIFE
World Headquarters at 417-831-9505 or visit
www.sife.org.
Through SIFE, students around the world are
discovering that Òdoing wellÓ and Òdoing goodÓ
can be accomplished simultaneously throughout
college and career.
The French University in Egypt award-winning
projects include helping women who lived in
poverty due to social and cultural limitations
achieve income by starting sustainable
businesses weaving rugs and bags. The team
also implemented natural and low cost method
to purify contaminated water and built 6
purification unites in El Alatma village. They
taught farmers how to build the purifying units
and use them for the irrigation of crops.
The Other top-four finalists included:
Second Place: University of Nottingham Ningbo,
China.
Third Place: Belmont University, United States
of America.
Fourth Place: Loyola College, India.
Egypt - Orascom Telecom Holding
Orascom Telecom Receives ISO Certifications
for Environment Protection and Occupational
Health & Safety Management Systems
OTH has successfully been awarded the ISO
14001 certificate, by T†V certification body of
Germany, for adopting and successfully
implementing an Environmental Management
System (EMS) which provides high quality and
safe mobile service which conforms to the safety
regulations in each of the countries where OTH
operates as well as the international
telecommunication standards for ensuring
maximum environmental protection for the local
community.
Similarly and continuing its strategy and
commitment of ensuring safest work environment
and eliminating occupational hazards for its
employees, OTH attained the OHSAS 18001
certificate which is the most widely recognized
Occupational Health & Safety Management
System standard globally. The certificate
demonstrates OTH's compliance with the
structured management systems approach which
enables it to identify hazards, and implement
appropriate protective and preventive control
measures to reduce the potential for occupational
injuries, illnesses and fatalities.
Egypt - Mobinil
Mobinil Ramadan 2010 CSR campaign - Building
safe & sanitary homes in Egypt's poorest villages
In line with Mobinil's annual corporate social
responsibility tradition to reach out for
underprivileged Egyptians during the holy month
of Ramadan, Mobinil launched an sms campaign
to raise funds for three different projects to
improve the housing and sanitary conditions in
some of Egypt's poorest rural villages. Mobinil's
OTHANNUALREPORT2010
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Corporate Responsibility Report
OTHANNUALREPORT2010
16
partners in this initiative were UNICEF, Habitat
for Humanity and Dar El Orman.
Mobinil and UNICEF collaborate to provide 2,000
households around 14,000 beneficiaries with
safe water and/or sanitary facilities to help reduce
child mortality rate. Mobinil and Habitat for
Humanity Egypt partnered to construct/repair the
houses for 150 ultra-poor families living in villages
in the governorate of El Menia and Beni Sweif.
The target communities were those extremely
poor families living in poverty housing and below
the poverty line of EGP 10/person per day. Mobinil
cooperated with Dar El Orman to rehabilitate the
houses of 100 poor families and provide them
with basic furniture.
Pakistan - Mobilink
Flood Relief Efforts
Mobilink led one of the largest private sector
initiatives for flood relief in Pakistan and is ranked
the top donor amongst the Overseas Investors
Chamber of Commerce and Industries (OICCI)
member companies who contributed to the relief
efforts.
Mobilink's total contribution to the flood relief
efforts was USD 2.7 million including a donation
of Rs 85 million from Orascom Telecom Holding,
Mobilink employees' salary donation of Rs 6.7
million and pre-fabricated shelters equivalent to
Rs 140 million. The shelters were committed to
renowned international organizations and local
NGOs including the World Health Organization
(WHO) and Thardeep Rural Development
Program (TRDP) and were used to establish
Basic Health Units (BHUs) to meet the medical
needs of the flood victims across Pakistan.
All funds generated by Mobilink were channeled
through the Mobilink Foundation and were able
to reach out to more than 115,000 flood victims
in severely affected locations by the floods across
Pakistan. Over, 95,000 bottles of water, 3,000
bags of flour, 5,950 packs of dry food rations,
7,865 packs of ready to eat food, 6,100 hygiene
kits and 3,100 non-food items were distributed
among the flood affectees. Mobilink has also
supported the rehabilitation phase of flood relief
whereby 60 houses were constructed nationwide.
Mobilink Foundation has channeled the relentless
energy and fervor of the Mobilink employees,
who volunteered their time, energy and expertise
in relief process - from procurement to distribution
on ground. In fact the key driver in Moblink's
efforts was employee volunteerism.
Bangladesh - banglalink
ICT Support for Underprivileged Children
As part of Banglalink's commitment to promote
effective and quality education in Bangladesh
and as part of supporting 'Digital Bangladesh',
Banglalink started to set up computer labs in 270
schools. The project aims at imparting computer
literacy to students who are deprived from
practicing their computer science syllabus.
The computer labs are equipped with PCs,
laptops, internet modems, multimedia projectors,
speakers and microphones. Starting in Tungipara
and Kotalipara with 20 computer labs, Banglalink
has widened its project with 76 labs at
Monirumpur, while 154 more schools are in the
pipeline. In this regard, the Government and
Banglalink also organized a launching program
and an orientation for over 2,000 teachers of
Monirumpur on the 23rd of December, 2010 at
Monirumpur Upazila Porishad office.

GSM Operations
Orascom Telecom Holding serves a population of 515 million* with an average penetration of 47%
Country Population Mobile Penetration
Algeria (OTA) 35 million 75%
Pakistan (Mobilink) 184 million 54%
Egypt (Mobinil) 80.5 million 92%
Bangladesh (banglalink) 156 million 43%
North Korea (koryolink) 22.8 million 2%
North Korea
(koryolink)
Bangladesh
(banglalink)
Pakistan
(Mobilink)
Egypt
(Mobinil)
Algeria
(OTA)
Central African
Republic
(Telecel Centrafrique)
Burundi
(LeoTM
)
Zimbabwe
(Telecel Zimbabwe)
Canada
(WIND Mobile)
Note: Sovereign Ratings shown are Moody's/S&P.
Population Figures from CIA Factbook (est. December 2010).
Mobile Penetration is based on December 31, 2010 subscriber figures & market share
*excluding Canada and Lebanon
Country Population Mobile Penetration
Canada (WIND Mobile) 34 million 70%
Central African Republic
(Telecel Centrafrique) 4.8 million 17%
Burundi (LeoTM
) 9.9 million 15%
Zimbabwe (Telecel Zimbabwe) 11.7 million 49%
OTHANNUALREPORT2010
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OTHANNUALREPORT2010
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Financial and Operational Overview:
December December Inc/
2009 2010 (Dec)
Financial Data
Revenues (US$ 000) 1,867,837 1,746,566 (6.5%)
Revenues (DZN bn) 135.6 129.2 (4.7%)
EBITDA (US$ 000) 1,067,241 982,167 (8.0%)
EBITDA (DZN bn) 78.10 72.50 (7.2%)
EBITDA Margin 57.1% 56.2% (0.9%)
Capex (US$ m) 261 90 (66%)
Financial Data
December September December Inc/(Dec)
2009 2010 2010 Dec. 2010 vs.
Dec. 2009
Operational Data
Subscribers 14,618,166 14,919,031 15,087,393 3.2%
Market Share 59.4% 57.9% 57.6% (1.8%)
ARPU (US$) (3 months) 9.9 9.6 9.7 (2.3%)
ARPU (DZD) (3 months) 721 725 724 (0.4%)
MOU (YTD) 248 278 280 13.0%
Churn (3 months) 7.1% 7.3% 5.7% (1.4%)
Operational Data
OTA - ALGERIA
Speak kindly or refrain from talking

OTHANNUALREPORT2010
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Orascom Telecom Algeria SPA (ÒOTAÓ)
operates a GSM network in Algeria and
provides a range of prepaid and postpaid
products encompassing voice, data and
multimedia, using the corporate brand
ÒOrascom Telecom AlgŽrieÓ and the dual
commercial brands of ÒDjezzyÓ and "Allo".
OTA was awarded the second GSM license
in Algeria in 2001 and launched its
operations in February 2002. OTA
commenced its operations under the brand
ÒDjezzyÓ and introduced a second prepaid
brand ÒAlloÓ in August 2004.
As of December 31st
, 2010, OTA served
over 15.1 million subscribers with a market
share of 58% of total mobile subscribers
and its network covered 96% of the total
population of Algeria.
Despite having launched its GSM operation
approximately three years after the launch
by the incumbent, Algerian Mobile Network
(ÒAMNÓ conducting business under the
ÒMobilisÓ name), OTA was able to rapidly
grow into Algeria's leading and preferred
telecommunications operator by far.
OTA has rolled-out the largest network in
the country through continuous
investments. Finally, as demand is growing
and local content is beginning to develop,
OTA has started to rollout a range of value-
added multimedia services based on GPRS
and EDGE technologies, which are
designed to increase customer usage and
boost loyalty.
OTA is IS0 9001 and ISO 14001 certified
highlighting its continuous commitment to
operational excellence and customer
satisfaction.
Algerian Telecommunications Market
Telecommunications services in Algeria
are provided principally by AlgŽrie TŽlŽcom,
t h e i n c u m b e n t s t a t e - o w n e d
telecommunications operator, which
provides fixed-line services, and by three
GSM mobile operators, OTA, AMN and
Wataniya Telecom Algeria. AlgŽrie
TŽlŽcom holds a monopoly position with
respect to basic fixed-line services.
License
In July 2001 OTA was granted a license
to operate a nationwide GSM
telecommunications network, to provide a
range of telecommunications services in
Algeria, to operate its own backbone and
to share or lease network infrastructure
with or to its operators. The license is a
15-year dual band license expiring 2016
with automatic renewal for two subsequent
five-year terms as long as OTA complies
with the terms of the license. Renewal is
at no additional cost.
Network
As of December 31st
, 2010, OTA's network
covered approximately 96% of Algeria's
population, spreading its coverage over
the 48 wilayas (provinces) in the country
and providing on-road coverage along
major highways. The New Generation
Network (ÒNGNÓ) equipment introduced at
the end of 2006 allowed OTA to further
reduce the capital expenditure and
operating expense per subscriber.
Services and Marketing
OTA provides both basic voice and value-
added services to its corporate and retail
subscribers. In addition to basic voice
services, OTA provides its subscribers with
a wide range of value-added services and
data services such as : Voicemail, CLIP,
CLIR, missed call alert, Voice SMS,
Chatting services, Web SMS, Data
services, MMS, e-voucher, Credit transfer,
Ring Back Tone, EDGE, BlackBerry /
BlackBerry connect, Wap Portal,
Streaming, Directory Service, Automatic
device management, Phonebook backup
over GPRS, STK menus, USSD menus
and all roaming services (Prepaid roaming,
GPRS roaming...)
OTA offers prepaid, postpaid and hybrid
postpaid-prepaid services under its ÒDjezzyÓ
and ÒAlloÓ brands and has become the
market leader and trendsetter with the
highest brand recognition and preference.
As of December 31st
, 2010, prepaid
subscribers represented over 95% of OTA's
total subscribers' base. OTA offers its
loyalty program ÒImtiyazÓ to its prepaid and
postpaid subscribers allowing them to
accumulate points when using their mobile
phone and convert them into free airtime,
handsets or other rewards and advantages.
Ownership and Governance
Following the completion of an agreement
to purchase an additional 1.21% stake in
Oratel in November 2006, OTH directly
and indirectly owns 96.81% of OTA.
OTA - ALGERIA

OTHANNUALREPORT2010
20
2009 2010 (Dec)
Financial Data
Revenues (US$ 000) 1,058,448 1,107,067 4.6%
Revenues (PKR bn) 86.8 94.3 8.7%
EBITDA (US$ 000) 386,653 438,071 13.3%
EBITDA (PKR bn) 31.70 37.33 17.8%
EBITDA Margin 36.5% 39.6% 3.0%
Capex (US$ m) 157 143 (9%)
Financial Data
2009 2010 2010 Dec. 2010 vs.
Dec. 2009
Operational Data
Subscribers 30,800,354 31,444,099 31,794,292 3.2%
Market Share* 31.5% 32.6% 30.9% (0.6%)
ARPU (US$) (3 months) 2.9 2.7 2.9 0.0%
ARPU (PKR) (3 months) 242 231 245 (1.2%)
MOU (YTD) 198 202 206 4.1%
Churn (3 months) 5.2% 9.3% 8.2% 3.0%
Operational Data
* Market share, as announced by the Pakistani Regulator is based on information disclosed
by the other operators which use different subscriber recognition policies.
Mobilink - PAKISTAN
May my homeland through me attain elegance, As the garden through flowers attains elegance

OTHANNUALREPORT2010
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Mobilink - PAKISTAN
Pakistan Mobile Communications Limited
(ÒMobilinkÓ or ÒPMCLÓ) operates the leading
GSM network in Pakistan and provides a
range of prepaid and postpaid voice and
data telecommunication services to both
individual and corporate subscribers.
Mobilink launched its operations in August
1994, after it was founded in 1990 as a joint
venture between Motorola and the Saif
Group.
Mobilink's network is the most extensive in
Pakistan, reaching over 73% of the total
population and 100% of the urban population
as of December 31st
, 2010, delivered
through 8,071 cell sites and 63 switches.
Mobilink enjoys the most widespread retail
channel in the country, with over 420
Franchise Centers, more than 2500
customer care center touch points and over
200 thousand retailers throughout Pakistan.
Mobilink served over 31 million subscribers
as of December 31st
, 2010, representing a
market share, as calculated by the company,
of approximately 39% of the total mobile
subscribers in Pakistan. According to
Pakistan Telecommunication Authority
(PTA) latest figures closing December 2010,
Mobilink's market share is 30.93% but this
market share is based on information
disclosed by the operators each of which
use different subscriber recognition polices.
The company also intends to diversify into
data market and has already setup a pilot
Wimax network in one city which currently
is serving 35 thousand subscribers.
Pakistani Telecommunication Market
Telecommunication services in Pakistan
are provided by Fixed Local Loop (FLL)
operators, Wireless Local Loop operators,
mobile operators and Long Distance and
International (LDI) operators. Pakistan
Telecommunication Limited (ÒPTCLÓ), the
incumbent FLL and LDI operator enjoys the
highest share among FLL and LDI operators.
PTCL is 62% state-owned, 26% is held by
Etisalat and the remaining 12% is with the
public. PTA has issued 12 licenses to
provide long distance and international
services. There are currently five mobile
operators in Pakistan: Mobilink, CMPak
Limited (ÒCMPak - formerly PaktelÓ),
Pakistan Telecom Mobile Limited (ÒUfoneÓ),
a subsidiary of PTCL, Telenor Pakistan and
Warid Telecom providing GSM services.
WLL operators did not enjoy much
penetration in the Pakistani market
registering only 2.85 million subscribers till
Nov 2010 as per PTA reports with PTCL,
Telecard and World Call being the major
operators.
The year 2010 brought a number of
challenges for Pakistan marked by the worst
flood in history, double digit inflation, war
against terrorism, and gas and electricity
load shedding. Increase in price of electricity
coupled with load shedding put pressure
on individuals and business entities. Flood
devastated telecommunication services in
various areas along with the infrastructure
damage and displacement of people.
License
Mobilink was awarded a 15-year license in
July 1992 to establish, maintain and operate
Cellular Mobile Telephone Public service
and systems in Pakistan. The license was
renewed in 2007 for a further period of 15
years. On June 26, 2006 Mobilink was
granted another Azad Jammu & Kashmir
(AJ&K) and Northern Areas (NAs) license
also for a period of 15 years. The company
also has a Long Distance and International
(LDI) license which was awarded to one of
its subsidiaries in 2004 and has a 20 years
validity. Mobilink also acquired WLL licenses
along with spectrum in 3.5 MHz band in 12
of the countryÕs 14 telecom regions, which
enables Mobilink To provide WiMAX
broadband services. These licenses are
valid till 2024.
Network
As of December 31st
, 2010, Mobilink's GSM
network covers more than 10,000 cities,
towns and villages and provides on-road
coverage along all of the nation's major
highways. In addition to voice, Mobilink also
has the largest data network in the country.
For the telecom industry, 2010 proved to
be a year full of competition among the
mobile operators with aggressive offers,
segmentation, retention and acquisition
being the key focus areas. This year the
mobile market achieved the 100 million
subscriber landmark as reported by PTA.
However it should be noted that the dual
SIM ownership has become a major
phenomenon with consumer sharing their
wallet depending upon various offers. The
price war going on between cellular
operators greatly benefited consumers who
were being offered attractive new packages
and value added services. Industry offers
majorly focused on Ghanta (hourly) offers,
Friends and Family offers and projection of
lower rates based coupled with smaller
pulse. Youth segment enjoyed major
attention by all operators with roll out of new
packages for this specific segment.
Preserving subscriber base was emphasized
and was witnessed through reactivation
promotions run by all operators. Mobile
Number Portability saw major aggression
this year with operators striving hard to
increase their customer base through it.
Mobilink markets its prepaid services under
the brand name 'Jazz' which offers different
packages to suit the need of diverse
customer segments. Mobilink markets its
postpaid services using the brand name
'indigo', which offers different packages and
value added services for corporate and
individual customers. 'indigo' brand
commands a premium image in the market
and is being used by several leading
corporations of the country. Mobilink's
broadband services are offered under the
brand name of 'infinity' with WiMAX services
in Karachi and DSL services across the
country.
Mobilink set its goal to conserve its market
share, growth in revenue and decrease its
operational costs. With these objectives in
mind, various offers and initiatives were
undertaken so that Mobilink countered
competition effectively as well as passed
on value to its customers. Acquisition and
reactivation offers were run to increase the
subscriber base. Aggressive offers were
run to increase customer engagement and
to counter competition. Mobilink VAS rolled
out a number of industry first and innovative
offers and kept the revenue on the increase.
Orascom Telecom indirectly owns 100% of
the share capital of Mobilink through direct
stakes held by wholly owned subsidiaries
of OTH.

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Mobinil - EGYPT
2009 2010 2010 Dec. 2010 vs.
Dec. 2009
Operational Data
Subscribers 25,354,209 28,401,312 30,224,888 19.2%
Market Share 42.0% 39.0% 39.9% (2.1%)
ARPU (US$) (3 months) 6.5 5.4 4.9 (24.6%)
ARPU (EGP)* (3 months) 36 31 28 (20.9%)
Avg MOU (YTD)* 173 171 167 (3.2%)
Churn (3 months)* 10.8% 7.2% 7.3% (3.5%)
Operational Data
* ARPU, MOU & Churn expressed under OTHÕs definition may differ from MobinilÕs disclosed figures.
He who Likes his voice let it sound

OTHANNUALREPORT2010
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The Egyptian Company for Mobile Services
ÒECMSÓ, launched in May 1998, provides
a range of prepaid and postpaid voice and
data telecommunications services. ECMS
operates under the brand name ÒMobinilÓ.
Its network covers approximately 100% of
the Egyptian population.
Mobinil's subscriber base, at December 31,
2010, reached 30.225 million mobile
customers and is well positioned for future
profitable growth.
Mobinil is owned by OTH, France Telecom
Group and public market equity investors.
Orascom Telecom and France Telecom
Group have respectively 34.66% and
36.34% economic interest in ECMS. The
remaining 29% shares of ECMS are publicly
traded on the Egyptian Exchange.
Egyptian Telecommunications Market
Fixed-line services are provided exclusively
by Telecom Egypt, the incumbent 80%
government-owned operator, with nearly
11 million customers. Three GSM mobile
operators - Mobinil, Vodafone Egypt and
Etisalat - compete to serve more than 76
million mobile users, providing a variety of
voice and data services. Egypt also has the
largest number of internet users in the
region, using both dial-up, and increasingly
broadband services.
After Telecom Egypt's monopoly expired at
the end of 2005, there were several attempts
to introduce a second fixed-line license;
however, these attempts were derailed.
On the other hand, each of the three mobile
operators acquired an ISP arm to compete
in the broadband arena.
The Egyptian telecommunications market
in 2010 was marked by aggressive
competition mainly induced by pricing
pressures.
License
Mobinil was granted a license in 1998 to
operate a GSM mobile telecommunications
network and to provide a range of
telecommunications services in Egypt. The
license, amended in January 2005 by the
National Telecommunication Regulatory
Authority (NTRA), is a 15-year dual-band
license with automatic renewal for
successive five-year periods, providing that
Mobinil fully complies with the license
requirements. Mobinil signed a 3G license
agreement in October 2007, and both 2G
and 3G licenses were extended till 2022.
Network
Mobinil constantly aims to providing its
customers with top quality services by
enhancing its network capacity and
coverage, as well as ensuring that its
network provides the most up-to-date
technology.
By the end of 2010, Mobinil had 10,412
sites providing 2G and 3G services. The
Internet link capacity was more than doubled
in light of meeting its customers' increasing
demand for 3G and data usage. In addition,
it ended off 2010 with 2,120 sites with
HSDPA technology.
Mobinil embraced the highly competitive
2010 Egyptian market by providing its
consumers and the enterprise market with
a variety of offers and plans. Its commercial
activities primarily revolved around offering
its customers the best value for money,
depending on their varying communication
needs and budgetary constraints.
2010 was a very active year for Mobinil on
the consumer market front with the creation
and revamping of numerous plans for both
prepaid and postpaid customers. Targeting
its prepaid customers, Mobinil launched a
series of tariff plans with highly attractive
per minute rates in the market, such as, El
Masry, Ahsan Nas, ALO Kalam Aktar and
Bedoon Shoroot. Certain promotions gave
prepaid customers the chance to win
valuable prizes with every recharge through
Mobinil scratch cards or e-recharge. Prepaid
customers that run out of credit could make
calls and send SMS by borrowing extra
credit from Mobinil through the Salefny
service.
Postpaid customers were able to reap the
benefits of revamped Star tariff plans with
a combination of unlimited free minutes,
SMS, BlackBerry service or mobile Internet,
mobile broadband, and a free USB modem
and data line (Star Max). Mobinil also
enhanced the Star Awards program to foster
loyalty and retain the high-end customer
base.
Another significant achievement for Mobinil
in 2010 was the enhancement of Mobile
Broadband activities. Data solution bundles
that combined affordable and high-end
laptops with Mobinil 3G USB modems and
free data lines made the Internet accessible
to a wider range of the Egyptian market.
Data bundles and promotions were also
available for iPads and Samsung Galaxy
P1000 Tabs.
Mobinil enhanced data packages for both
prepaid & postpaid customers and
introduced time based mobile broadband
for the first time in Egypt. The new and
revamped tariff plans gave customers more
payment plan options and therefore
increased the purchase of broadband
products. Mobinil was also first to introduce
the Unlimited Mobile Internet package.
To reach mobile and broadband users,
Mobinil launched MyShop, a value added
service under MyMobinil, the online service
portal. The new online shop offers visitors
the opportunity to browse and buy any
Mobinil products that are delivered to their
doorsteps. Also under MyMobinil,
MyServices was enhanced to allow postpaid,
prepaid and corporate prepaid customers
to subscribe to /unsubscribe from their
available data buckets.
Several value added services were
introduced such as Voice SMS and ME
services. ME services is an application used
with medium end handsets that allows
customers to browse the internet, chat,
download the latest music, videos, games
and latest news.
On the enterprise market front, the company
focused on both voice and Internet services.
In collaboration with RIM, Mobinil launched
the BlackBerry Enterprise Service Express
(BES Express), which is a free secured
software designed to access e-mail and
data with a BlackBerry Smartphone. Free
Video Calling service, for both local and
international calls was also introduced.
Moreover, Mobinil implemented reduced
tariffs on roaming and international calls for
all its customers. This included the EGP
1.99/minute international call offer (prepaid
& postpaid customers), EGP 1 roaming
receiving rate (postpaid customers) and in-
flight roaming with EgyptAir as well as with
its OnAir Switzerland partners namely British
Airways, Qatar Airways, Saudi Arabian
Airlines, Royal Jordanian Airlines, Wataniya
Airways Kuwait and Air Portugal (postpaid
customers).
Mobinil - EGYPT

OTHANNUALREPORT2010
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banglalink - BANGLADESH
* Market share, as announced by the Regulator in Bangladesh is based on information disclosed
by the other operators which use different subscriber recognition policies.
2009 2010 (Dec)
Financial Data
Revenues (US$ 000) 350,844 456,984 30.2%
EBITDA (US$ 000) 118,560 127,686 7.7%
EBITDA Margin 33.8% 27.9% (5.8%)
Capex (US$ m) 122 235 93%
Financial Data
2009 2010 2010 Dec. 2010 vs.
Dec. 2009
Operational Data
Subscribers 13,886,913 18,107,163 19,327,005 39.2%
Market Share* 26.8% 27.8% 28.5% 1.7%
ARPU (US$) (3 months) 2.3 2.3 2.1 (10.0%)
ARPU (EGP) (3 months) 163 160 149 (8.7%)
Avg MOU (YTD) 253 232 230 (9.3%)
Churn (3 months) (0.6%) 5.2% 4.6% 5.2%
Operational Data
Gray hairs are signs of wisdom if you hold your tongue,
speak and they are but hairs, as in the young.
Rabindranath Tagore

OTHANNUALREPORT2010
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banglalink - BANGLADESH
Orascom Telecom Bangladesh Limited
(ÒbanglalinkÓ or ÒOTBÓ) is a GSM
telecommunications operator in
Bangladesh and provides a range of
prepaid and postpaid voice and data
telecommunications services, using the
brand name ÒbanglalinkTMÓ, and is
operating in a highly competitive market
having six mobile operators. Banglalink,
the fourth entrant in the market,
commenced its operation in February 2005.
banglalink overtook Robi (then AKTel) and
became the second largest mobile operator
in Bangladesh within less than 3 years of
operation.
As of December 31st
, 2010, banglalink's
network covered over 97% of the total
population of Bangladesh with over 19.33
million subscribers and a market share of
over 28.16%. This phenomenal growth
was possible mainly because of
overwhelming response of subscribers to
banglalink's products and services, a strong
brand image, an extensive distribution
network, and continuous improvement in
service quality.
Bangladeshi Telecommunications Market
Telecommunications services in
Bangladesh are provided by 5 GSM and
1 CDMA mobile operators, and 13 fixed-
line operators. The oldest mobile operator,
Pacific Bangladesh Telecom Ltd.
(ÒCitycellÓ), is still the only CDMA operator,
in which SingTel acquired a minority
interest. The five GSM operators are, in
order of launch date, GrameenPhone (GP),
the market leader, of which 55.8% owned
by Telenor Mobile Communications AS,
34.2% is owned by Grameen Telecom and
10% stake is publicly held. GP is a publicly
listed company listed in both the stock
exchanges of Bangladesh. Axiata
Bangladesh Ltd (Robi) former TM
International Bangladesh Ltd (ÒAKTELÓ),
the third largest player is a joint venture
company in which Axiata holds 70% and
NTT DoCoMo holds 30% stake; banglalink,
Teletalk Bangladesh Ltd. (ÒTeletalkÓ), the
state owned mobile operator, and Airtel
Bangladesh, a joint venture company in
which Airtel holds 70% and Warid Telecom
holds 30% stake. The Bangladesh
Telecommunications Company Limited
(ÒBTCLÓ) is the incumbent state-owned
fixed-line operator that has been present
from the beginning. The remaining private
fixed line operators were issued licenses
a few years ago.
License
banglalink holds a nationwide 15-year GSM
license which was issued in November
1996 that is valid until 10 November 2011.
Network
With the help of an aggressive network
roll-out since launch, banglalink's network
extends all across the country and covers
over 97% of the population. The primary
focus in recent years has been on ensuring
continuous improvement in the quality of
the network while also enhancing coverage
in rural areas.
banglalink's marketing strategy focused on
targeting different consumer segments with
specially designed products and services
that are tailored to the needs of these
segments. banglalink's prepaid brand,
Òbanglalink deshÓ, is perceived as the best
prepaid package in the country with
innovative tariff and value for money
features and a very strong brand image.
Òbanglalink businessÓ, Òbanglalink SMEÓ
and ÒBanglalink PCOÓ caters to the needs
of the business segment including the
thriving SME sector where banglalink has
been the pioneer in the country. In 2010,
banglalink has launched a premium
telecom brand ÒICONÓ specifically targeting
the high-end lifestyle segment of the
country.
banglalink provides its subscribers with a
wide range of innovative value-added
services including caller ring-back tone,
music station, song dedication, voice portal,
voice chat, voice-SMS etc to name a few.
In recent years, banglalink also launched
Facebook Text to update Facebook status,
Timer SMS, Phone Back-up, Call Block,
Friend Finder, Field Force Locator, Vehicle
Tracking and call-center based information
services 'Banglalink Krishi Jigyasha 7676'
and 'banglalink Babsha Jigyasha 7677',
which provide advisory service regarding
agriculture and SME business queries
respectively. 'banglalink jigyasha' services
won the Asia Mobile Awards 2009 under
the category Best Mobile Enterprise
Application Product or Service. banglalink
has already established a nationwide
EDGE/GPRS network serving both
postpaid and prepaid subscribers.
banglalink's international roaming network
comprises of 250 operators across 95
countries and EDGE/GPRS connectivity
is available to roaming customers as well.
banglalink is pioneer in launching mobile
financial services in Bangladesh, being the
first operation in the whole of South Asia
to launch international remittance over
mobile. Banglalink has won award from
International Association of Money Transfer
Networks (IAMTN) for this first-ever service
in Bangladesh. It also launched a range of
other mobile financial services, such as
Railway ticketing, utility bill pay, concert
ticketing and domestic remittance services
with Bangladesh Post Office.
banglalink's customer care services are
regarded as the best in the mobile industry
of Bangladesh. A state-of-the art call center
with highly trained agents provides round
the clock service to customers. banglalink
is also the pioneer in taking customer
service closer to its subscribers by
introducing Òbanglalink service pointsÓ in
over 1,150 locations across the country,
being the widest customer care network
by far within telecom industry. A dedicated
team of relationship managers provide
exclusive services to business segment
customers.
OTH owns 99.9998% of the shares of
banglalink. Orascom Telecom Bangladesh
Limited (banglalink) was incorporated in
Bangladesh under the Companies Act 1994
which is obliged to comply with the laws
of land.

OTHANNUALREPORT2010
26
koryolink - NORTH KOREA
* Based on the official exchange rate between the US$ and the North Korean Won (KPW) of KPW
135 as sourced by Bloomberg.
2009 2010 (Dec)
Financial Data
Revenues (US$ 000) * 25,951 66,402 155.9%
EBITDA (US$ 000)* 17,153 57,764 n.m.
EBITDA Margin 66.1% 87.0% 20.9%
Capex (US$ m)* 27 47 74%
Financial Data
2009 2010 2010 Dec. 2010 vs.
Dec. 2009
Operational Data
Subscribers 91,704 301,199 431,919 n.m.
Market Share 100.0% 100.0% 100.0% 0%
ARPU (US$) (3 months)* 24.5 15.2 14.6 (40.4%)
MOU (YTD) 239 320 316 32.4%
Operational Data
Even though words have no wings,Ê
they can still fly a thousand miles.

OTHANNUALREPORT2010
27
CHEO Technology Joint Venture Co.
(Koryolink) operates the first and only 3G
mobile operator in the Democratic People's
Republic of Korea (DPRK). Koryolink
provides a range of prepaid voice and
multimedia services. Koryolink launched
its operations in December 2008. As of
December 31st
, 2010, koryolink's subscriber
base reached 432 thousand and its network
covered 91% of the DPRK population.
By the end of 2010, Koryolink - in its second
year of operation - has managed to grow
it is subscribers base by over 370% over
end of year 2009. This phenomenal growth
is a result of the overwhelming response
to Koryolink services.
Contrary to initial assumptions that the
mobile service will be only available to the
government officials and elite, the fact is
that currently mobiles are used by different
segments and levels of the society.
Moreover; users are increasingly
dependent on the mobile service; a fact
illustrated by the hype in traffic in special
events and occasions.
DPRK Telecommunications Market
Fixed line services are provided exclusively
by the Korean Post and Telecom. Corp.
(KPTC). Internet services provided through
KPTC also are only available for the
foreigners resident in DPRK. A government
owned and operated 2G mobile operator
which was operational since 2002 closed
down during Q4 2010.
License
Koryolink is issued a nationwide WCDMA
license in January 2008 to provide a range
of 3G telecommunications services. The
license is valid for 25 years from launch
date and granting exclusivity to Koryolink
for the first 4 years.
Network
Following the success of operations in
2009, an aggressive network expansion
plan was carried to extend coverage and
services to various parts of DPRK in
addition to the capital Pyongyang.
Koryolink's network - at end of year 2010
- consists of 333 on air base stations
covering the capital Pyongyang as well as
14 main cities and 72 small cities. The
network coverage extends also over 22
highways. The network covers 14.8% of
the territory and 91% of DPRK population.
During its second year of operation;
Koryolink has focused on boosting
subscriber growth through targeting various
segments with innovative offerings, while
continuously expanding sales outlets
throughout all main cities in DPRK.
In Q2, and in an aim to make the mobile
service more affordable; Koryolink
introduced a new rate plan targeting lower-
end customers resulting acquiring more
subscribers from areas outside Pyongyang.
As a startup to its VAS launch plan,
Koryolink has successfully launched the
Video Call service in Q3 2010 to witness
a high demand from different segments.
In its efforts to maximize its reach to
customers, Koryolink - in 2010 - continued
to aggressively expand its sales presence
across DPRK.
Koryolink sales network currently consists
of five sales shops in various areas
Pyongyang. An indirect sales channel has
also been established with Koryolink's local
partner (KPTC) consisting of 13 outlets in
Pyongyang and 8 sales outlets covering
major cities outside the capital.
Koryolink 3G network supports a variety
of services - in addition to voice - such as
video call, SMS, MMS, voice mail, WAP
and HSPA. MMS and HSPA services will
be launched in early 2011.
Orascom Telecom Holding owns 75% of
CHEO Technology Joint Venture Co. while
the Koran Post and Telecom. Corp. (KPTC)
owns the remaining 25%.
koryolink - KOREA

OTHANNUALREPORT2010
28
Company Brief:
Telecel Globe, a wholly owned
subsidiary of Orascom Telecom,
launched its operations in February
2008. It is an international
telecommunications company that
manages GSM operators in small
and medium sized countries in
Sub-Saharan Africa with high
growth potential. It currently
manages four GSM networks in
the Central African Republic,
Burundi and Zimbabwe and plans
to continue expanding its footprint
by acquiring or developing other
operators.
Telecel Globe positions its
networks as market leaders and
strives to improve the quality of
life of the people in the markets
which it operates by increasing
network coverage, improving
network quality and introducing
new value added services such
as data services, prepaid roaming
and air time credit transfer. The
portfolio of VAS on offer by its
operators is being aggressively
expanded as the new state-of-the-
art networks allow more innovative
services and promotions to be
implemented, increasing customer
satisfaction and ARPUs. Telecel
Globe has also established the
Telecel Globe Foundation to serve
the local communities in the
countries which it operates. The
Foundation regulates all the
Group's CSR activities to ensure
that all operators are responsible
corporate citizens that give back
to their communities.

Annual report 2010

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