IPO Monitor

Status

Exchange

Sector

Country of Incorporation

Shares Offered

Offer Size

Percentage Offered

Issue Price

The offer will be broken down into three tranches:

The First Tranche: The Private Placement offer will target institutions and large net-worth individuals. This tranche price will be attained utilizing a book building process with one execution price along with a minimum guidance price of LE13.3/share.

Investors willing to participate in the private placement will bid for a minimum of one million shares and a maximum of 17.07 million shares.

Second Tranche: The Initial Public Offering (IPO) tranche will consist of a maximum of 153.71 million shares. Each IPO subscriber can submit to purchase a minimum of 100 shares and maximum of 10,000 shares. The IPO execution price will be 3% below the private placement price conditional that the private placement price does not exceed LE15.26, as the IPO price will have a ceiling of LE14.8/share. Subscribers will have to pay 50% of the shares that they will subscribe in.

Third Tranche: will consist of around 17 million shares, which will be allocated to TE employees each based on their salary. The third tranche will be executed at a price 20% lower than the IPO price. TE will acquire the whole 17 million shares and will provide an installment system for the employees. The third tranche stocks will have a lock up period of 6 months after the offer closing date.

Allocation percentage: Private Placement allocation 1.88% ;Public Subscription allocation 10.5% Retail investors received 153.6m shares at EGBP14.80 each, 128.7m shares went to institutions for EGBP15.56 and a further 17m shares went to employees for EGBP11.84, the company said.

Estimated Share Price Range: LE 13.3 - 14.8 per share. Price for first tranche fixed at LE15.56; Second Tranche fixed at LE 14.8; Third Tranche: LE 11.84.

Listing Date: After the allocation, the shares will be available for trading on the Cairo & Alexandria Stock Exchange (CASE) or as Global Depository Receipts (GDRs) in the London Stock Exchange(LSE) starting December 14, 2005.

Telecom Egypt has appointed The Bank of New York as the depository bank for the GDR offering according to the following:

Ratio: 1 GDR=5 local shares
Local custodians: Commercial International Bank (CIB)-HSBC- National Bank of Egypt (NBE).

First Tranche: 58 times oversubscribed
Second Tranche: 9 times oversubscribed

Open Date

Closing Date

Listing Date

Lead Manager

Commercial International Bank (Egypt)
Crédit Suisse Group
Egyptian Financial Group Hermes Holding Company