te clarifies activity re: Vodafone stake

Announcement

te clarifies activity re: Vodafone stake

Cairo, November 5 2014: Telecom Egypt (te) (Ticker: ETEL.CA; TEEG.LN) following the recent article published by Bloomberg on 3rd November 2014, "Company sent requests to local and international financial advisors to value 45% stake in local Vodafone unit", te has clarified that as part of its ongoing investment policy the company regularly reviews its entire investment portfolio, which includes all of its minority stakes in invested companies.

- End -

For more information, contact:

E-mail: [email protected]

About Telecom Egypt

Telecom Egypt (te), Egypt's incumbent telecommunications operator, started its operations in 1854 with the first telegraph line in Egypt. Then it was corporatized in 1998 to replace the former Arab Republic of Egypt National Telecommunication Organization (ARENTO). The Company is the largest provider of fixed-line services in the Middle East and Africa with 6.8 million subscribers as at 31 December 2013.

te provides retail telecommunication services including access, local, long distance and international voice, Internet and data, and other services. The company also provides wholesale services including bandwidth capacity leasing to ISPs, and national and international interconnection services. Telecom Egypt's services also include the provision of narrowband and broadband internet access through its subsidiary TE Data. TE Data has active operations in Egypt and Jordan.

te currently participates in the mobile segment in Egypt by providing mobile interconnectivity through its current, increased 44.95% holding in Vodafone Egypt, one of the three existing Egyptian mobile operators.

te's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange