Warid Telecom raises financing of US$ 500 million
“The single largest EKN-backed loan facility in the Middle East and Asia region”

Lahore, November 6, 2006: Warid Telecom the fastest growing mobile cellular operator in Pakistan, has signed a loan agreement for US$ 500 million to finance its nationwide EDGE-compliant mobile network expansion supplied by Ericsson in Pakistan. The signing ceremony for the loan took place in Abu Dhabi at the Palace of His Highness Sheikh Nahayan Mabarak Al Nahayan, Chairman Warid Telecom. The ceremony was attended by top global executives of EKN, ABN AMRO Bank N.V., Standard Chartered Bank PLC, Ericsson, and Warid Telecom.
The US$ 500 million loan mainly supported by Exportkreditnämnden (EKN) Sweden (The Swedish Exports Guarantee Board) is structured as a buyer credit facility and arranged by ABN AMRO Bank N.V. and Standard Chartered Bank PLC as the Joint Lead Arrangers. In addition, ABN AMRO Bank N.V. is the Facility Agent and EKN is the Agent, while Standard Chartered Bank PLC is the Inter creditor Agent. The disbursement of the facility is subject to necessary approvals including the approval from the State Bank of Pakistan.

The loan will be utilized by Warid for financing its GSM network equipment supplied by Ericsson in 2006 and 2007. Ericsson has been the key network equipment supplier for Warid. The financing will facilitate Warid’s expansion plans towards enhancing its mobile network capacity as well as enabling the company to accelerate its rollout into more new cities in Pakistan allowing the people of Pakistan to benefit from best quality and best service. It will also further enable Warid to leverage its strengths and take advantage of the huge market potential and customer growth rates in Pakistan.
The transaction carries a few firsts:

§ The Warid financing is the single largest EKN-backed telecom financing, not just in Pakistan but also throughout the Middle East and Asia.
§ The largest corporate Export Credit Agency (“ECA”) backed transaction since 1998
§ The largest cross-border capital expenditure related telecom debt financing into Pakistan

Warid Telecom is owned by the Abu Dhabi Group, one of the largest groups in the Middle East. The Group is led by His Highness Sheikh Nahayan Mabarak Al Nahayan and is the single largest foreign investor group in Pakistan. It has diversified business interests in institutions that have enjoyed tremendous commercial success as a result of its strong financial resources and extensive management expertise. The Abu Dhabi Group's major investments include Oil and Gas Exploration, Banking and Financial Services, Automobiles, Hospitality Services, Property Development, and Telecommunications.
Warid Telecom, the first venture for the Abu Dhabi Group in the telecommunications sector, launched services in Pakistan on the 23rd of May 2005. It is now the fastest growing mobile company in Pakistan with a current subscriber base of 7 million customers achieved in 500 days and has the distinction of carrying out one of the fastest network rollouts in Asia at the time of its launching in May, 2005.

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