Standard & Poor’s acknowledges Mobilink’s resilient
market position
EXPECTS CONTINUING TELECOM GROWTH IN PAKISTAN

Karachi: May 29, 2008 – Standard & Poor’s (S & P) Rating Services, the world’s foremost source of credit ratings has recently acknowledged Pakistan’s leading cellular company Mobilink’s strong market position as an offsetting factor to the country’s overall risk environment, lagging foreign investment and overall economic challenges.

Although the credit rating for Mobilink is at “B+” with a negative outlook, this is in response to the overall economic slowdown of the country and difficult business environment; at the same time Mobilink’s strong market position, adequate cash flow measures and continuing industry growth potential has been identified as parameters that have offset the negative ratings.

Zouhair A Khaliq, President & CEO, Mobilink acknowledging the challenging economic conditions of the country and confirming the company’s long term investment commitment, said, “Our strength lies in the establishment of a strong, fundamental and coherent long-term business plan, designed to sustain economic challenges in the country; we have invested heavily in infrastructure, technology, human resources and customer services which has given impetus for a broad-based future planning strategy.”

Recently, the Chairman of Orascom Telecom, Naguib Sawiris visited Pakistan and called on the President and Prime Minister to reaffirm the group’s long term commitment in Pakistan. The Egyptian telecom conglomerate with an overall Foreign-Direct-Investment exceeding US$ 2.5 billion in infrastructure, technology and affiliated businesses is among the largest FDIs in Pakistan.

Standard & Poor’s is a leading provider of financial market intelligence. The world’s foremost source of credit ratings, indices, investment research, risk evaluation and data; the organization provides financial decision-makers with the intelligence they need to feel confident about their decisions. Standard & Poor’s Ratings sets the worldwide standard in credit evaluation.