Init itial ial Publ blic ic Of Offer ering ing of Oo Ooredoo - - PowerPoint PPT Presentation

Ooredoo Maldives Investor Presentation 1

Init itial ial Publ blic ic Of Offer ering ing of Oo Ooredoo edoo Mald ldives ives Plc lc

IPO Opens on April 30, 2017

LEAD FINANCIAL ADVISOR AND MANAGER TO THE OFFER

Ooredoo Maldives Investor Presentation 2

• This Presentation (the “Presentation”) has been prepared by Ooredoo Maldives Plc (“OMPL” or the “Company”) solely for use with

professional or institutional investors. This Presentation is strictly confidential and is furnished to you solely for your information. It should not be treated as giving investment advice and may not be copied, reproduced, distributed or otherwise made available (in whole or in part) to any other person (including any member of the press) and it may not be published, in whole or in part, by any medium for any purpose. No specific investment objectives, financial situation or particular needs of any recipient have been taken into consideration in connection with the preparation of this Presentation.

• The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is

made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. None of the Company, its advisors or any of their respective representatives or affiliates undertakes to update, complete, revise or amend the information contained in this Presentation subsequent to the date hereof. Furthermore, none of the Company, its advisors or any of their respective representatives or affiliates shall have any liability whatsoever (in negligence or

• therwise) for any loss, whether direct or indirect, howsoever arising from any use of this Presentation or its contents or otherwise

arising in connection with this Presentation.

• This Presentation contains certain “forward-looking statements” that speak only as of the date of this Presentation. Such statements are

made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could in the future prove to be wrong. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual outcomes to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company assumptions and expectations include, among others: The Company’s ability to manage domestic and international growth and maintain a high level of customer service; future sales growth; market acceptance of the Company product and service offerings; the Company’s ability to secure adequate financing or equity capital to fund its operations; network expansion; performance of the Company network and equipment; cooperation of incumbent local exchange carriers in provisioning lines and interconnecting the Company’s equipment; regulatory approval processes; changes in technology; price competition and other market conditions and associated political risks. The risks referred to above are morefully described in Section 12 of the IPO Prospectus.

• This Presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to

underwrite, subscribe for or otherwise acquire or dispose of securities in the Company.

• By accepting this Presentation the recipient agrees to be bound by the foregoing limitations.

Disc sclaim aimer er

Ooredoo Maldives Investor Presentation 3

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 4

Oore redoo

• o Maldives

ives - A Co Compelli lling ng Inves vestm tment ent Opportunit tunity

Prospe

• spective

ctive dividen vidend yield ld of 10.9% % for 2017F F based sed on forec ecas asts and IPO O Offer fer Price ice

Favourable Macro and Industry Dynamics

• The Maldivian economy has projected GDP growth of 3.9% in 2017 (as per IMF projections)
• Telecommunications industry is given impetus under Digital Maldives initiative
• Ubiquitous connectivity to drive growth in content consumption, IoT (“Internet of Things”) adoption

and enterprise solutions

Focused Growth Strategies

• Dynamic market for mobile data consumption growth due to enhanced 4G+ connectivity across the

archipelago enabled by the Nationwide Submarine Cable (“NaSCOM”)

• Postpaid customer acquisitions due to Mobile Number Portability (“MNP”)
• Fixed Broadband growth from domestic and enterprise segments

Company Performance and Healthy Margins

• Proven track record: 2013-16 CAGR of 31.9% and 16.8% in revenue and total customer base
• 30 ppt increase in EBITDA margins over last 4 years to reach 50.4% in 2016, driven by topline

growth and supported by cost optimsation

• Driven by approx. USD 194 Mn in network infrastructure investments (2006 to date)

Strong Management Team & Shareholder Support

• Highly experienced management team with blend of expatriate and local talent
• Ooredoo Group has operations in 10 countries spanning MENA and South East Asia with a total

customer base of over 138 Mn

• Significant synergetic benefits via group procurement and finance policies

High Dividend Yield with Potential for Further Growth

• Increasing profitability and lower capex requirements after high build out levels to support higher free

cash flow (“FCF”) generation

• Higher FCF available for distribution with OMPL expected to maintain a high dividend payout ratio in

line with dividends declared for FY 2016 (payout ratio of 85%)

• Potential for shareholders to earn attractive returns via increasing dividend yields and potential

capital gains

Ooredoo Maldives Investor Presentation 5

Offer er Summary

Type of Security Ordinary Voting Shares Number of Shares Offered 59,120,160 Ordinary Shares, which represents 40% of the Issued Ordinary Shares. The Offeror will start by offering 22,170,060 Ordinary Shares, which represents 15% of the Issued Ordinary Shares. In the event of an oversubscription, the Offeror will meet any additional demand up to a maximum of the offered 59,120,160 shares Share Offer Price MVR 30.00 Share Offer Amount Maximum of MVR 1,773,604,800 Purpose of the Offer Comply with the listing requirement stipulated

• n

the Company’s License by Communications Authority of Maldives (“CAM”) Offer Opening Date April 30, 2017 Offer Closing Date May 28, 2017* Secondary Market Trading August 07, 2017* Shareholder Pre-Offer Post-Initial Offer Post-Total Offer Number of Shares % Number of Shares % Number of Shares % Existing Shareholders 147,800,401 100.0 125,630,341 85.0 88,680,241 60.0 New Investors

• 22,170,060

15.0 59,120,160 40.0 Total 147,800,401 100.0 147,800,401 100.0 147,800,401 100.0

* Note: These dates are subject to change if the 1st day of Ramadan falls on a day that is a weekday in the Maldives

Ooredoo Maldives Investor Presentation 6

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 7

Trailb lblazer lazer in M Maldiv dives es Telecom

• mmu

munic nicati ations

• ns Indus

ustr try

Inauguration of Nationwide Submarine Cable Mobile infill solutions to improve street level coverage 1st in South Asia Wireless Broadband

2005

Entry into the market as Wataniya International

2006

International subsea cable by WARF Telecom International Private Limited

2008 2009 2013

Rebranded as Ooredoo

2014

Tested LTE advanced successfully

2015 2016

Mobile Number Portability and m-Faisaa (mobile money) Launch of Fixed Broadband Introductory Listing on the Maldives Stock Exchange 5 year CAGRs of 25% and 23% in revenue and total customer base between 2011 and 2016

Ooredoo Maldives Investor Presentation 8

Supported ed by Oo y Oore redoo

• o Group

One of the fastes est growing

• wing Telco

lco groups

• ups with

h pres esence ence in MENA and d South-Ea East Asia

CAGR 22% 17% 53% 21% Revenue EBITDA Customers Employees Markets USD 1.2 Bn USD 726 Mn < 2 Mn 2,200 2 2006 USD 8.9 Bn USD 3.6 Bn > 138 Mn 16,000 10 2016 Growth

Ooredoo Maldives Investor Presentation 9

4G in 8 markets out of 10 markets 40% of Revenue from Data Majority Ownership by State of Qatar Ultimate Holding Company (Ooredoo Q.S.C.) listed on QSE, ADX and LSE Brand equity of USD 3.1 Bn* Investment Grade Rating of A+ / A2 / A- by Fitch / Moody’s / S&P

Oore redoo

• o Group,

p, an I Internationa ernational l Tel elco co with th a Fo Focu cus s on Data Leadershi ship

* Source: “Telecoms 500 2017” by Brand Finance

Ooredoo Maldives Investor Presentation 10

Fully-fledged ledged Commun unica icatio tions ns Service e Operat ator

• r

Mobile Fixed Content Services Enterprise Solutions Financial Services

Localised services to suit the needs of the Maldivian market Innovative solutions and in-house product development Unlimited

• n-net

calling & SMS Targeted data packs for social media Internet leased Lines Ooredoo Locate - Real time GPS Tracking Cloud services and hosted services Utility & Merchant Bill Payments Mobile Money Transfer (m-Faisaa)

Ooredoo Maldives Investor Presentation 11

Unparal alleled leled Customer er Exp xperi rience ence with th Ove ver r 3,000 Touch-poi points nts

Comprehensive Distribution Network

• 10 Ooredoo Experience Centers
• 93 Sales Partners
• 27 Business Partners
• Over 3,000 customer touch-points

Catering to Evolving Consumer Trends

• My Ooredoo App, a first in the Maldives
• Mobile financial services
• Data warehouse solution with enhanced analytical tools

Committed to Serve Customers

• 24x7 customer care call center with back up facility in Hulhumalé
• Self-service via kiosks across the country
• Self-service Interactive Voice Response
• Live chat option
• New submarine cable connecting island communities

Unique Loyalty Program

• Ooredoo Vedhun Loyalty Program to reward long standing customers
• Club Premier Loyalty Program for postpaid customers

Ooredoo Maldives Investor Presentation 12

Inves vestm tment ent of USD 194 94 M Mn into Cutt ttin ing g Edge Technology logy

4G/LTE – 99% Population Coverage Improved street level coverage via mobile infill solutions Significant investments

• n international and

domestic bandwidth Transformation to digital customer experience

NaSCOM, spanning 1,200 km with a 1.6 TB capacity, has expanded 4G+ network across the country

• Landmark projects such as NaSCOM and International Subsea Cable
• Nationwide 4G+ network coverage across the archipelago
• Digital experience for customers

NaSCOM

Ooredoo Maldives Investor Presentation 13

High Calibre bre Exec xecutive tive Leadershi ship p (1/3)

• Mr. Vikram Sinha

Managing Director / Executive Director

• Mr. Najib Khan

Chief Executive Officer / Executive Director

• Mr. Ramanathan Sivakumar

Chief Financial Officer / Executive Director

>17 years in telecom, media and FMCG Served as CEO of Ooredoo Maldives from April 2014 to April

• 2017. Former Managing Director
• f Airtel Seychelles and COO at

Airtel Brazzaville, Congo Holds a Bachelor of Business Management (Marketing) degree and an MBA >25 years in telecom with expertise in managing Enterprise, Wholesale and B2C commercial activities Former Senior Director – Commercial at Ooredoo Group and CXO at Bharti Airtel India Holds a Bachelor of Science in Industrial Electronics Engineering from Mumbai University >25 years in telecom and manufacturing Former Financial Controller of Ooredoo Kuwait A Commerce Graduate from the University of Madras, India and a Fellow Chartered Accountant from the Institute of Chartered Accountants of India

Ooredoo Maldives Investor Presentation 14

High Calibre bre Exec xecutive tive Leadershi ship p (2/3)

• Mr. M. S. Tanwar

Chief Technology Officer

• Mr. Balaji Srinivasan

Chief Commercial Officer

• Mr. Mohamed Shahid

Director – HR and Administration

>25 years in telecom Expertise in R&D, network engineering, projects, operations and business development Holds a Bachelor’s degree in Electronics and Communications Engineering and an MBA in Operations Management >23 years

• f commercial experience

Former Director of Marketing and Customer Experience at Essar Telecom Kenya and VP – Marketing at IDEA Cellular Holds a Bachelor of Commerce Degree >14 years

• f industry experience

Managed the Operations, Training and HR departments at MNDF Holds an MBA with a major in Entrepreneurship

Ooredoo Maldives Investor Presentation 15

High Calibre bre Exec xecutive tive Leadershi ship p (3/3)

• Mr. Sunil Mishra

Head of Strategy and PMO

• Ms. Gulnaz Mahir

Head of Customer Care

• Mr. Hussain Niyaz

Head of Sales

>12 years in telecom, manufacturing and e-commerce Experienced in business strategy and planning, ERM and project management at Airtel, Flipkart and Toyota Mechanical Engineering Graduate, Post-Graduate in Business Management and Project Management Professional >8 years of experience Prior expertise in Finance and Commercial fields Holds a BA Honors and a Master’s Degree in Economics and Finance >23 years in telecom Held key posts in networks, network planning and sales within OMPL Holds an Executive Masters in Telecom Management

Ooredoo Maldives Investor Presentation 16

Consis siste tent nt growt wth h of custome mer r base se Product duct strat ategy gy gener nerati ating ng ARPU U growt wth

Outs tstandi nding ng Growth th St Story y Resu sulting ting in Reve venue nue CAGR of 32% . ...

St Stron

• ng

g reven venue ue growth wth Net t gain in reven venue ue market t share re

100 200 300 400 2013 2014 2015 2016 000’s Prepaid Postpaid Wireless Broadband Fixed Line 150 175 200 225 2013 2014 2015 2016 MVR 400 800 1,200 1,600 2,000 2013 2014 2015 2016 MVR Mn

25% 29% 35% 39% 75% 71% 65% 61%

0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 OMPL Incumbent Operator Source: Company data, Regulatory filings

Ooredoo Maldives Investor Presentation 17

Healthy thy PAT margi gins ns

… Whilst Leading to a +30% Expansion in EBITDA Margins

St Stron

• ng

g FC FCF F gener nerati ation

0% 10% 20% 30% 40% 50% 60% 150 300 450 600 750 900 2013 2014 2015 2016 MVR Mn EBITDA (LHS) EBITDA Margin (RHS)

• 20%
• 10%

0% 10% 20% 30% 40% 50%

• 200
• 100

100 200 300 400 500 2013 2014 2015 2016 MVR Mn Profit After Tax (LHS) Profit After Tax Margin (RHS) 2 4 6 8 10 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 Times (x) Debt / Assets (LHS) Net Debt / EBITDA (RHS) 100 200 300 400 500 600 2013 2014 2015 2016

MVR Mn

Expanding nding EBITD TDA A margi gins ns Declini ning g geari aring ng and improved

• ved debt

bt metri trics cs

Source: Company data

Ooredoo Maldives Investor Presentation 18

Unwa wavering vering Commitm tment ent to th the Maldives ives

Employees

• Continuous training and development
• Global best in class employee engagement scores

Society

• Introduced free Wi-Fi hangout areas across prime spots in Malé
• Launch of “Ooredoo Smart Campus”
• Signatory to UN Global Compact
• Joined GSMA’s “Connected Women Programme”
• Partnered with local NGO “Women on Boards”
• Committed to Digital Maldives initiatives of the Government
• Continuously work towards connecting all communities to smart

solutions

• Awarded the ”Fehi Faiy Award” in 2013 for outstanding services

to protect and preserve the environment

• Recognised with the “Ran Laari Award” in 2016 for being a

consistent tax payer

308 29 Maldivian Expatriates

Employee Mix

Ooredoo Maldives Investor Presentation 19

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 20

Succes essful ully y challengi enging ng compe petit tition

• n

Favo vour urabl able e Indus ustr try y Dyn ynamic ics s to Dr Drive ve Content ent Consum sumpti ption

• n

Market t is ripe pe for n new w wa wave of growth wth

• Demand for content driven by rising consumption of

content as a form of recreation and the emergence of trends such as digital marketing by companies

• Augmented

by high smartphone adoption and favourable population demographics (median age of 28 in 2016)

• Data heavy categories such as audio and video to

dominate data consumption going forward

• High mobile penetration levels and internet connectivity

to drive IoT adoption in Maldives, particularly with increased spending on wearables and smart homes

• Scope for Telcos to be total solutions providers, with

emphasis

• n

enterprise solutions/ resort focused solutions, cloud services and other smart solutions

• Digital

Maldives initiatives aimed at ubiquitous connectivity and smart cities to serve as catalyst

0% 10% 20% 30% 40% 50% 150% 170% 190% 210% 230% 250% 2013 2014 2015 2016 Mobile Penetration Rate (LHS) Smartphone Adoption Rate (RHS)

High h mobile e pene netr trati ation

• n and smar

artph tphone ne use Exponen nenti tial al growth wth in content ent consump mption tion

0% 10% 20% 30% 40% 50% 500 1,000 1,500 2,000 2,500 2013 2014 2015 2016 MVR Mn OMPL (LHS) Incumbent Operator (LHS) OMPL YoY Growth (RHS) Incumbent YoY Growth (RHS) Source: CAM, GSMA Intelligence, Company data, Regulatory filings

Ooredoo Maldives Investor Presentation 21

Value e Accre reti tive ve Str Strategies gies Leadin ing g to Margin in Exp xpansi nsion

• n

Cost t optimi misation ation leadin ding g to margi gin expa pansi nsion

• NaSCOM to boost data revenue via superior 4G+

coverage

• Data consumption to be driven by demand for content

and increasing smartphone usage

• Recently acquired ISP license expected to create high

growth revenue stream via fixed broadband services

• Postpaid segment benefits from MNP
• Emergence of NaSCOM to reduce network costs

leading to significant cost efficiencies

• Continuous benefits in optimising capex via group

procurement strengths

• Multiple initiatives to further optimise costs and expand

EBITDA and PAT margins

Data leade dership p focused sed growth wth str trat ateg egies es

Ooredoo Maldives Investor Presentation 22

Growing ing Cash sh Flows s Avai Available ble for r Distr trib ibuti ution

• n

Incre reasi asing g FC FCF F availabl able e for distr tributi bution

• Drop in forecast capex to sales ratio expected due to

significant investments made over the past few years

• Average forecast capex to sales as per business plan

to be approx. 17% compared to an average of 24% between 2013 and 2016

• FCF is forecasted to continue its growth trajectory

driven by improving profitability and optimisation of capex

• Expected to result in attractive returns to shareholders

with the ability to maintain high dividend payouts while investing for growth

Moder derate ate future re capex ex requ equire remen ments ts

Ooredoo Maldives Investor Presentation 23

High and Growing ing Divi vidend dend Yield to Pr Provi

• vide

e Att Attracti tive ve Retu turns rns

• 1.00

2.00 3.00 4.00 5.00 2016A 2017F 2018F 2019F 2020F 2021F MVR 9.2% 13.6% 12.3% 15.9% 14.9% 10.9%

Estimated based on a dividend payout ratio of 85%

Dividend Yield Dividend per Share

Ooredoo Maldives Investor Presentation 24

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 25

Growth th in Da Data Consum sumpti ption

• n to Dr

Drive ve Reve venue nue

Year Ended Dec 31 (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Mobile Revenue 1,728.1 1,901.3 2,052.6 2,203.0 2,350.4 Non-Mobile Revenue 173.1 235.2 283.2 328.0 357.9 Total Revenue 1,901.1 2,136.5 2,335.8 2,531.0 2,708.3 YoY growth 17.9% 12.4% 9.3% 8.4% 7.0% Blended ARPU* (MVR) 245.9 265.6 285.0 306.9 326.5 YoY growth 11.0% 8.0% 7.3% 7.7% 6.4% Total Subscribers (000’s) 432 456 462 469 477

* Blended ARPU is arrived at by dividing total revenue generated via subscribers by the total average number of subscribers as at the end of the period, and hence does not include revenue generated via other segments

• Blended ARPU for the forecast period is expected to be driven by growth in data consumption per subscriber
• Accordingly, Mobile Revenue is expected to grow at a CAGR of 9.3% on the back of the expansion in Blended

ARPU, supplemented by subscriber growth via the benefits from MNP

• Non-Mobile Revenue is projected to be driven by an increase in revenue from fixed broadband services with the

growth in fixed broadband subscribers, together with growth in revenue from enterprise solutions such as internet leased lines, workgroup solutions, cloud services etc.

Source: NDBIB forecasts

Ooredoo Maldives Investor Presentation 26

Capex Opti timis isation ation Supports ts Higher er Divi vidend dend Pa Payou youts ts

Year Ended Dec 31 (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Capital Expenditure 404.0 365.6 299.8 420.1 449.6 Capex to Revenue 21.2% 17.1% 12.8% 16.6% 16.6% Dividends Estimated at 85% of Net Profit 481.9 544.8 605.0 659.6 704.3 Payout ratio 85.0% 85.0% 85.0% 85.0% 85.0% Dividend Per Share (MVR)* 3.26 3.69 4.09 4.46 4.77 Dividend Yield at the Offer Price 10.9% 12.3% 13.6% 14.9% 15.9%

* Estimated based on a dividend payout ratio of 85%

• Capital expenditure forecasts are based on the Company’s business plans and are expected to decline over time

as a percentage of revenue after high build out levels over the past few years

• OMPL declared a dividend of MVR 406.5 Mn (MVR 2.75 per share) prior to the IPO, for FY 2016. This amounted to

a dividend payout ratio of 85% and it has been assumed that the Company would continue to maintain the same dividend payout ratio over the forecast period

Source: NDBIB forecasts

Ooredoo Maldives Investor Presentation 27

Revenu enue e growt wth EBITD TDA A and EBITD TDA A margi gins ns

Exp xpected ed Topline ine Growth th Reflec lected ed in Futu ture re Margin in Exp xpansi sion

• n

PAT and PAT margi gins ns

500 1,000 1,500 2,000 2,500 3,000 2017F 2018F 2019F 2020F 2021F MVR Mn 48% 49% 50% 51% 52% 400 800 1,200 1,600 2017F 2018F 2019F 2020F 2021F MVR Mn EBITDA (LHS) EBITDA margin (RHS) 30% 31% 32% 33% 34% 35% 200 400 600 800 1,000 2017F 2018F 2019F 2020F 2021F MVR Mn PAT (LHS) PAT margin (RHS) Source: NDBIB forecasts

Ooredoo Maldives Investor Presentation 28

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 29

Disc scount unted ed Cash sh Flow w : Equity ty Valuati ation

• n of MVR

R 4,799 Mn

Free Cash Flow Based Valuation (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Profit Before Tax 692.2 786.1 875.0 955.4 1,023.1 Add/(Less): Non-Cash Items 284.7 315.4 333.4 358.5 397.7 Tax Paid (89.7) (103.8) (117.9) (131.3) (143.3) Operating Cash Flow Before WC Changes 887.2 997.6 1,090.5 1,182.7 1,277.4 Changes in Working Capital Assets 12.2 6.9 4.7 1.0 (1.1) Capital Expenses (404.0) (365.6) (299.8) (420.1) (449.6) Free Cash Flow to the Firm 495.4 639.0 795.5 763.5 826.7 Add: Terminal Value 6,563.9 Free Cash Flow to the Firm With Terminal Value 495.4 639.0 795.5 763.5 7,390.6 Present Value of Free Cash Flow to the Firm With Terminal Value 427.2 475.1 510.0 422.1 3,522.9 WACC and Terminal Growth Rate Weighted Average Cost of Capital 15.97% Terminal Growth Rate 3.00% Enterprise Value 5,357.2 Less: Net Debt / Minority Interest (558.6) Equity Value 4,798.7 Value per Share of OMPL (MVR) 32.47

Source: NDBIB forecasts

Ooredoo Maldives Investor Presentation 30

Esti timat ated ed Divi vidend end Yield of 10.9% for r FY 20 2017F at O t Offer er Pri rice

The Offer Price at MVR 30.00 results in an estimated dividend yield of 10.9% for FY 2017F to IPO investors based on a dividend payout ratio of 85%, in line with the dividend declared for FY 2016 OMPL expects to maintain the said payout ratio in the future resulting in growth in dividend yields, while meeting the investment needs of the Company to generate future growth Price Multiples / Dividend Yield at Offer Price Trailing P/E (x) 9.3 Forward P/E (x) 7.8 Trailing EV/EBITDA (x) 6.1 Forward EV/EBITDA (x) 5.2 Dividend Yield estimate for FY 2017F* (%) 10.9 Offer Price Equity Value of OMPL (MVR Mn) 4,798.7 Number of Shares in Issue (Mn) 147.8 Value per Share of OMPL (MVR) 32.47 IPO Discount 7.6% Offer Price (MVR) 30.00

* Based on 85% payout of profit after tax for FY 2017F

Ooredoo Maldives Investor Presentation 31

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 32

Modes des of Pa Payment ment

Subsc scri ripti ption

• n Process

ss

OMPL PL Documents ents Available ble for Insp spectio ction

• Potential investors can subscribe through:

– Online application http://infinity.depository.mv – Physical applications available at the Distribution and Collection Points including selected Ooredoo Experience Centres, Ooredoo Business Partners, Post Offices, SBI and MIB Bank Branches and Licensed Dealing Companies as listed in the Prospectus dated April 13, 2017 available at http://ore.do/ipo-apply and stockexchange.mv/ipo/ompl/ipo_application_form.pdf and ndbib.com/downloads.php or at the same collection centers

• The Memorandum of Association
• Articles of Association
• Material contracts summarised in Section 9.6 of the

Prospectus

• Past financial statements (audited financial statements of FY

2016 and five year summary)

• Valuation report of OMPL prepared by NDB Investment

Bank Limited

• Fairness Opinion given by Ernst & Young
• Material contracts are available for inspection subject to

confidentiality requirements

• Applications are invited from the following categories of

investors from the Maldives and outside of the Maldives: – Individuals (applying for themselves or on behalf of third parties) – Guardians applying on behalf of Minors i.e. those under 18 years of age – Companies, Cooperative Societies and Associations – Partnerships – Statutory Bodies, Funds and Other Entities

• Applicants can pay using the following methods;

– Cash – Cheque – Direct deposit to bank account – m-Faisaa – Debit / Credit card (online applications only) – Telegraphic transfer (foreigners only)

Who Can Apply ply How and Where re to Appl ply? y?

Ooredoo Maldives Investor Presentation 33

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 34

Group p Stru ructure cture Board d of Director ectors

Group p Str Structu ture re and Board of Dire rector

• rs

Ooredoo Maldives Plc Wataniya International FZ-LCC National Mobile Telecommunication Company (Ooredoo Kuwait) Ooredoo International Investments LLC Ooredoo Q. S. C. (Qatar)

65%

WARF International (Private) Limited

99.99%* 100% 92% 100%

Board of Directors Designation

• Mr. Khalid Ibrahim Al Mahmoud

Chairman / Independent Director

• Mr. Vikram Sinha

Executive Director / Managing Director

• Dr. A. Hamid Mohd A Marafi

Independent Director

• Mr. Ian Grant Fenton

Independent Director

• Mr. Khalid Hassan Al-Hammadi

Independent Director

• Uza. Dheena Hussain

Non-Executive Director / Company Secretary

• Mr. Najib Khan

Executive Director / Chief Executive Officer

• Mr. Ramanathan Sivakumar

Executive Director / Chief Financial Officer

* The balance shareholding of OMPL is between 11 other shareholders, holding 1 share each

Ooredoo Maldives Investor Presentation 35

Fore recas ast t Summary y Income e St Statement nt

Year Ended Dec 31 (MVR Mn unless otherwise stated) 2016 2017F 2018F 2019F 2020F 2021F Revenue 1,613.2 1,901.1 2,136.5 2,335.8 2,531.0 2,708.3 EBITDA 813.0 962.4 1,080.6 1,183.6 1,294.7 1,399.6 EBIT 585.0 707.7 792.5 867.1 947.5 1,015.1 Profit Before Tax 569.8 692.2 786.1 875.0 955.4 1,023.1 Profit After Tax 491.3 588.3 668.2 743.8 812.1 869.6 Share of Profits of Minority Interest (13.2) (21.4) (27.2) (32.1) (36.1) (41.1) Net Income Attributable to Equity Holders 478.1 566.9 640.9 711.7 776.0 828.6 Year Ended Dec 31 (MVR Mn unless otherwise stated) 2016 2017F 2018F 2019F 2020F 2021F EBITDA margin 50.4% 50.6% 50.6% 50.7% 51.2% 51.7% EBIT margin 36.3% 37.2% 37.1% 37.1% 37.4% 37.5% Profit After Tax margin 30.5% 30.9% 31.3% 31.8% 32.1% 32.1% Earnings Per Share ± (MVR) 3.23 3.84 4.34 4.82 5.25 5.61 Dividend Per Share ± * (MVR) 2.75 3.26 3.69 4.09 4.46 4.77

Source: NDBIB forecasts

± FY 2016 Earnings Per Share and Dividend Per Share has been adjusted for the share consolidation carried out pre-IPO

* Estimated based on a dividend payout ratio of 85%

Ooredoo Maldives Investor Presentation 36

Fore recas ast t St Statement ent of Financi ncial l Po Posi siti tion

• n

Source: NDBIB forecasts

± FY 2016 Net Asset Value Per Share has been adjusted for the share consolidation carried out pre-IPO

Year Ended Dec 31 (MVR Mn unless otherwise stated) 2016 2017F 2018F 2019F 2020F 2021F Non-Current Assets Property Plant and Equipment 1,070.8 1,228.4 1,312.4 1,301.3 1,378.9 1,448.5 Other Non-Current Assets 142.9 134.5 128.0 122.5 117.7 113.3 1,213.7 1,362.9 1,440.4 1,423.7 1,496.7 1,561.7 Current Assets Cash and Financial Investments 1,045.9 1,027.1 726.4 985.0 1,151.5 1,326.5 Other Current Assets 335.1 312.8 338.3 352.4 371.2 384.5 1,381.0 1,339.9 1,064.6 1,337.4 1,522.7 1,711.0 TOTAL ASSETS 2,594.7 2,702.8 2,505.0 2,761.1 3,019.4 3,272.8 Total Equity 999.2 1,181.1 1,367.4 1,566.4 1,773.6 1,983.6 Non-Current Liabilities Loans and Borrowings 450.1

• Other Non-Current Liabilities

18.2 18.2 18.2 18.2 18.2 18.2 468.2 18.2 18.2 18.2 18.2 18.2 Current Liabilities Loans and Borrowings 93.6 451.4

• Other Current Liabilities

1,033.6 1,052.1 1,119.4 1,176.6 1,227.7 1,271.1 1,127.2 1,503.5 1,119.4 1,176.6 1,227.7 1,271.1 TOTAL EQUITY AND LIABILITIES 2,594.7 2,702.8 2,505.0 2,761.1 3,019.4 3,272.8 Net Asset Value Per Share ± (MVR) 6.20 7.29 8.36 9.49 10.65 11.79

Ooredoo Maldives Investor Presentation 37

Fore recas ast t St Statement ent of Cash sh Flows

Year Ended Dec 31 (MVR Mn unless otherwise stated) 2016 2017F 2018F 2019F 2020F 2021F Cash Flow from Operating Activities Profit Before Tax 569.8 692.2 786.1 875.0 955.4 1,023.1 Add/Less: Non-Cash Items 252.5 284.7 315.4 333.4 358.5 397.7 Net Change in Working Capital 32.1 12.2 6.9 4.7 1.0 (1.1) Cash From Operating Activities 854.4 989.1 1,108.4 1,213.2 1,314.9 1,419.6 Interest Paid (0.4) (31.9) (14.4)

• Tax Paid

(8.5) (89.7) (103.8) (117.9) (131.3) (143.3) Net Cash Flow From Operating Activities 845.5 867.5 990.2 1,095.3 1,183.7 1,276.3 Cash Flow From Investing Activities Net Capital Expenses (344.0) (404.0) (365.6) (299.8) (420.1) (449.6) Net Movement in Financial Assets (461.9)

• 403.9
• Financial Income ±

11.4 16.4 8.0 8.0 8.0 8.0 Net Cash Flow From Investing Activities (794.5) (387.5) 46.3 (291.8) (412.2) (441.6) Cash Flow From Financing Activities Net Movement in Loans & Borrowings (151.5) (92.3) (451.4)

• Dividend Paid
• (406.5)

(481.9) (544.8) (605.0) (659.6) Net Cash Flow From Financing Activities (151.5) (498.8) (933.3) (544.8) (605.0) (659.6) Net Increase/(Decrease) in Cash & Cash Equivalent (100.5) (18.8) 103.2 258.6 166.5 175.1 Cash & Cash Equivalent at the Beginning 363.8 263.3 244.5 347.7 606.3 772.8 Cash & Cash Equivalent at the End 263.3 244.5 347.7 606.3 772.8 947.9

Source: NDBIB forecasts

± Financial Income has been adjusted for under Cash Flow From Investing Activities

Ooredoo Maldives Investor Presentation 38

1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations

Contents ents

Ooredoo Maldives Investor Presentation 39

Abbre revi viati ations

• ns

ADX Abu Dhabi Securities Exchange ARPU Average Revenue Per User CAGR Compounded Annual Growth Rate EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EV/EBITDA Enterprise Value to EBITDA FCF Free Cash Flow IoT Internet of Things ISP Internet Service Provider LSE London Stock Exchange MENA Middle East and North Africa MNP Mobile Number Portability NaSCOM Nationwide Submarine Cable of Ooredoo Maldives Plc P/E Price to Earnings PAT Profit After Tax ppt Percentage points QSE Qatar Stock Exchange TB Terabyte Telco Telecommunications Service Provider WACC Weighted Average Cost of Capital

Ooredoo Maldives Investor Presentation 40

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