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International management roadshow launched today to market shares to Middle East-based and international investors

Qatar Telecom (Qtel) Q.S.C. announces that group member Wataniya Palestine Mobile Telecommunications Public Shareholding Company (“Wataniya Mobile” or the “Company”), the Palestinian mobile phone operator, today announced its Initial Public Offering of shares (“IPO”) was now open for subscription. Interested international investors are invited to contact HSBC Bank Middle East Limited, the Sole Global Coordinator and Sole Bookrunner, and Arab Bank Group, the Regional Coordinator.  Retail investors in Palestine are invited to subscribe now at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank and Quds Bank.

The IPO, which is expected to be the largest in Palestine since 2000, offers investors an attractive growth opportunity in a company that operates in a market with attractive demographics and very low mobile penetration rates.

A bespoke IPO website containing all of the information investors need to participate is also launched today at www.wataniya.ps.

The key details of the offering are as follows:

·The Offer will comprise 38.7m new shares, representing 15 per cent of the Company’s authorised share capital
·At the fixed offer price of US$1.30 per share, the Company expects to raise gross proceeds of approximately $50.3m
·Proceeds raised in the Offer will be used for general business and operational purposes, and to assist the funding of the balance of fees payable under the Company’s operating licence
·Based on the Offer Price, the market capitalisation of the company following completion of the Offer is expected to be approximately US$335.4m
·The Offer will run until 2 December 2010
·Retail investors in Palestine can subscribe at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank and Quds Bank
·Once the IPO is completed the shares will be listed on the Palestine Exchange (“PEX”) within 30 days of the subscription closing date