Wateen Telecom Limited Initial Public Offering

Vision To introduce Wateen Telecom in the European and North American markets and provide the leading telecommunications international voice services through a world-class cutting-edge network to deliver a broad range of reliable, affordable and quality customer-centric services. Mission To provide affordable communication services that meets and exceeds customers' requirements To deliver high-quality, flexible and innovative solutions that are cost effective and conducive To provide complete customer satisfaction on time, every time

Present Issue consist of 110,000,000 ordinary shares of PKR 10 each (20.85% of the enhanced paid up capital of PKR 5,274,746,200) with a Greenshoe option of up to additional 90,000,000 ordinary shares (14.58% of the enhanced paid up capital of PKR 6,174,746,200) in case of oversubscription at an Issue price of PKR 10/- per share to general public. Underwriters: National Bank of Pakistan Atlas Bank Limited Arif Habib Limited Habib Bank Limited MCB Bank Limited Bank of Khyber

Askari Bank Limited Allied Bank Limited KASB Bank Limited Pak Oman Investment Co. Limited Arif Habib Bank Limited Faysal Bank Limited Pearl Securities Limited Wincom (Pvt.) Limited

Date of Public Subscription The subscription list will open on April 20th, 2010 at the commencement of banking hours and will close on April 21st, 2010 at the close of banking hours. The Public Offer Wateen has proposed to issue additional 110,000,000 shares to institutional investors and general public at a price of PKR 10/- per share amounting to PKR 1,100 million with a Greenshoe option of 90,000,000 ordinary shares. The paid up capital of the Company will increase from PKR 4.174 billion to PKR 5.275 billion. The principal purpose of the proposed Initial Public Offering is to Repay PKR 1.469 billion to financial institutions as against the Companys financial obligations arises out of payment of LCs, Acquire 49 percent shares (397,027 shares of face value of PKR 100 per share) of Wateen Solutions (Pvt.) Limited (formerly National Engineers (Pvt.) Limited) amounting to PKR 490 million to make it a wholly owned subsidiary of Wateen Telecom Limited, Broaden the investor base through an increase in the number of shareholders, Provide the public investor an opportunity to participate in the future of the Company with sound prospects. Wateen Telecom Limited Overview

Wateen Telecom Limited was incorporated in Pakistan under the Companies Ordinance 1984, on 4 March 2005. Wateens successful four years of operations in the telecom industry of Pakistan speak for itself. Some of the businesss salient features are presented below: Largest commercial and first nationwide 3.5 GHz WiMAX network rollout in the world covering 22 cities and more than 1,100 sites (900 live). Largest operator of Satellite services in the country (c. 500+ MHz in use). Wateen has one of the largest Optic Fiber network spanning over more than 10,000 km (including Government of Pakistan USF projects) across all the four provinces of Pakistan including metro connectivity in 22 cities. This network provides the backbone for Wateens National Transmission Services. Sales growth rate has been far steeper compared to the industry average, evident from the fact that Wateen enjoys over 60 percent share of the wireless broadband market. Wateen also successfully closed one of the largest Islamic Financing deal in the same period.