ACC’s 2013 Annual Meeting October 27-30, Los Angeles, CA

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Tuesday, October 29 2:30 PM - 4:00 PM 705: Doing Business in the GCC Bertrand Alexis Senior Director, M&A Legal Department Ooredoo Catherine Bocskor General Counsel ABC Imaging of Washington, Inc. Mohammed Paracha Partner and Head of Islamic Finance Middle East and Africa Norton Rose Fulbright (Middle East) LLP

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Ooredoo at a Glance

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Association of Corporate CounselLos Angeles

Bertrand Alexis

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Ooredoo at a glance(1)

Note: (1) As of December 31, 2012, 1 USD = 3.64 QAR

Mobile88%

Fixed12%

Qatar18%

Indonesia

26%Kuwait9%

Iraq20%

Algeria10%

Tunisia8%

Oman6%

Others3%

Qatar3%

Indonesia

63%

Oman2%

Kuwait2%

Algeria10%

Tunisia8%

Iraq11%

Others1%

� Integrated telecom group - nota conglomerate

� Wide range of services,serving both consumer andbusiness markets

� Growing fixed business

Revenue Diversity

Customer Diversity

2.3 1.9 1.8 2.0

2009 2010 2011 2012

6.6 7.58.7 9.3

2009 2010 2011 2012

Solid Revenue Growth (US$bn)

3.1 3.4 4.1 4.3

47%46% 47% 46%

2009 2010 2011 2012

Stable EBITDA Margin (US$bn)

Continuous Investment (Capex - US$bn)

� Mix of developed andemerging markets

� Strong position in all majormarkets of operations

� >92 million customers� Premium customers to newly

connected

ResultsReviewResultsReview

StrategyReviewStrategyReview

OperationsReview

OperationsReview

AdditionalInformationAdditional

InformationOverviewOverview

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Fastest growing telco group 2006 – 2012(1)…

Note: (1) Revenue CAGR

CAGR

41%

35%

90%

41%

Revenue

EBITDA

Customers

Employees

Markets

US$ 1.2bn

US$ 726mn

<2mn

2,200

2

2006

US$ 9.3bn

US$ 4.3bn

>92mn

17,000

15

2012Record Growth

Tunisia

Algeria

Indonesia

Palestine IraqPakistan

Oman

Singapore

KuwaitPhilippines

Maldives

Qatar

LaosSaudi Arabia

Cambodia

ResultsReviewResultsReview

StrategyReviewStrategyReview

OperationsReview

OperationsReview

AdditionalInformationAdditional

InformationOverviewOverview

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…Driven by a successful track record of execution…

Source: Ooredoo

ResultsReviewResultsReview

StrategyReviewStrategyReview

OperationsReview

OperationsReview

AdditionalInformationAdditional

InformationOverviewOverview

20051987

2006

2010

2011

2007

2013

2009

2012

1998

2008

Launch of Nawras

Ooredooestablished

NavLink partnership

NawrasIPO

Launch of wi-tribePhilippines

Launch of WataniyaPalestine

LSE US$5bnBond Program

Wataniya PalestineIPO

US$3.8bn WataniyaGroup acquisition

SuccessfulUS$1.25bn bid

for Asiacell

Investment inStarHub (AMH)

Asiacell IPO andstake increased to

64.1%

Ooredoobrand launch

Indosat stakeincreased to

65%

Launch of wi-tribePakistan

Total Group stakenow 90%

Wataniya Groupstake increased to

92.1%

ISE US$3bn BondProgram

Listing on QatarExchange

Initial Indosat stakeincrease to 40.8%

Obtained investmentgrade ratings

New mobilelicense

Myanmar

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From the GCC In-house Perspective

� Any key differences?

� Differences in substantive law –civil v. common law

� Sensitivity to disputes – mediation and arbitration in the GCC’

� Legal formalities

� Similarities?

� Seeking best practices for a multinational law department

� Seeking latest Tools and talent to achieve this

� Balancing the need for outside counsel

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Choice of Law

� The law of each of the GCC countries are based on civil law

� Source of law generally Egyptian law, which is based on the French civil code

� Company law – face a greater number of formalities than under Delaware law (as is the casewith company law in civil law countries)

� Preference for French and English law as an alternative to GCC law, combined withinternational arbitration clause

� Financing – Sukuk

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Differences Common vs Civil Law

� NDAs – both allow for injunctive relief – no major substantive difference!

� Liquidated damages under common law, penalties under civil law

� English law – generallly a deference for the intent of the parties, especially if disputesare submitted to arbitration

� Company law – greater number of formalities which need to be respected– Publishing agenda in the local gazette– Minimum stated capital for companies (together with civil and criminal penalties for failure to meet

minimum capital)– Publishing agenda for annual shareholders meeting– Providing annual results to commercial registrar (available to the public)

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Key Issues under GCC laws

� Definition of GCC – Bahrain, Kuwait, Oman, Qatar, KSA, UAE

� Possible Future additions – Iraq, Yemen

� Mandatory local ownership of local Companies (often set at 51% local partner)

� GCC common market (elimination of tarifs within the GCC) since Jan 2008

� Greater formalism generally (need for consular stamps/confirmation of authorizedsignatures, conformity of documents to originals, etc.)

� Sukuk Financings

� Important to look at relatively new legal regimes to promote trade and investment(Dubai International Finance Center, Qatar Financial Center, etc.)– Regulations designed to promote investment– Special tax rules– Separate employment laws and regulations– Dedicated arbitral organizations, rules and regulations

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Arbitration from a GCC perspective

� Parties to the UN Convention (exception Iraq)

� Riadh convention

� DIFC/LCIA joint venture

� Arbitration in Qatar via QFC

� Bahrain Center for Dispute Resolution in partnership with the American ArbitrationAssociation (BCDR-AAA)

� ICC Arbitration also very common

� The importance of Seat of arbitration- as distinct from the location of arbitralproceedings.

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Local Arbitral Institutions

� DIFC LCIA Arbitration Centre – strategic partnership

� Bahrain Chamber for Dispute Resolution

� Qatar International Court and Dispute Resolution Centre under the auspices of theQatar Financial Center

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Ethics from a GCC perspective

� Shariah compliant companies

� Will question the need to certify compliance with other ethical standards

� Companies from other jurisdictions must be prepared to respect GCC ethicalrequirements when doing business in the region

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Thank-you

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