Last Applications for Subscription must be submitted by Tuesday July 17th 2012

Riyadh - 16 July 2012 - Saudi Fransi Capital, the lead manager of the on-going rights issue transaction being undertaken by Mobile Telecommunications Company Saudi Arabia, confirmed that as of 2:00 pm on 16 July 2012, total subscriptions including debt conversion of SAR 2,546 million stood at approximately 325 million shares or 54% of the rights issue. The last day for the rights issue is Tuesday 17th July 2012. Receiving banks will continue to accept subscription forms until 5:00pm whilst electronic applications will continue to be accepted until 11.59pm.  

The transaction is fully underwritten by a syndicate of underwriting banks led by Saudi Fransi Capital and Al Rajhi Capital. The syndicate of receiving banks includes Banque Saudi Fransi, Al Rajhi Bank, Alinma Bank, Bank AlBilad, The National Commercial Bank, Samba Financial Group, Saudi Hollandi Bank, Arab National Bank, Bank Aljazira, Riyad Bank, SABB and The Saudi Investment Bank.

Shareholders, eligible to participate in the rights issue, are those who were registered as shareholders at close of market trading on 4 July 2012 prior to the extraordinary general assembly meeting held to approve the company's capital restructuring plans. Shareholders can obtain a subscription application form to apply for their eligible shares at any of the receiving banks, or online through the receiving banks' website.

About Zain KSA
Following a successful bid for the third mobile license in March 2007, Zain KSA commenced commercial operations in the Kingdom of Saudi Arabia in August 2008. Offering a wide array of advanced mobile voice and data services, and supported by a strong and appealing brand that has captured the heart and minds of the region, Zain KSA has established itself as a formidable operator covering over 90% of the Kingdom's populated area with national roaming agreements for the remaining areas. Most recently, Zain KSA began upgrading its predominantly HSPA+ network and is today offering 4G LTE hi-speed internet broadband services in major cities across the Kingdom. Zain KSA is listed on the Tadawul (stock ticker code: 7030).

Enquiries:
Enquiries: Shareholders/Investors:
Investor Relations Department, Zain KSA
investor.relations@sa.zain.com
(+966) 1-299-3400
Website: http://www.sa.zain.com/IR/Capital-Restructuring

Enquiries: Media:
Media Department, Zain KSA
corporate.communications@sa.zain.com
+966-592-444444 ext. 10979
Website: http://www.sa.zain.com/IR/Capital-Restructuring

LEGAL DISCLAIMER

This announcement has been issued by and is the sole responsibility of Zain KSA. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by any other person, as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to, or publicly available to, any person, and any liability therefore is expressly disclaimed.

This announcement has not been reviewed or approved by any regulatory authority, including the Capital Market Authority of Saudi Arabia (the "CMA"), nor has any regulatory authority taken any steps to verify the information set out in it.

This announcement and the information contained herein does not constitute or form part of any offer or solicitation to purchase or subscribe for any securities in Zain KSA nor should it form the basis of, or be relied upon in connection with, any decision or commitment to purchase or subscribe for any securities in Zain KSA. Securities in Zain KSA will not be offered in any jurisdiction other than in compliance with the applicable laws, rules and regulations governing the issue, offering and sale of securities to the public. 

This announcement and the information contained herein is not an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia or Japan. The securities of Zain KSA have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or under any securities laws of any state or other jurisdiction of the United States and accordingly may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within the United States except pursuant to registration of the securities under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  There will be no public offer of securities in the United States. 

This announcement may contain "forward-looking statements". Such statements can generally be identified by their use of forward-looking words such as "intends", "plans", "estimates", "believes", "expects", "may", "will", "should", or "are expected", "would be", "anticipates" or the negative or other variation of such terms or comparable terminology.  Forward-looking statements involve risks and uncertainties which could cause the actual results to be materially different from those expressed or implied by them.  Many of these forward-looking statements relate to factors beyond Zain KSA's ability to control or estimate precisely, such as future market conditions, and the behaviour of other market participants, and therefore undue reliance should not be placed on such statements. Neither Zain KSA nor any other person assumes any obligation to, and does not intend to, update or revise publicly these forward-looking statements, except as required pursuant to applicable law.

The value of shares can go down as well as up. Past performance is not a guide to future performance. The purchase of securities in a company involves financial risk. Before deciding to buy any securities and/or if you do not understand the contents of this announcement, you should consult a financial adviser and obtain your own financial advice.

© Press Release 2012