OTHER TELECOM INVESTMENTS & ACTIVITIES BY THE GROUP

Saudi Oger (along with its affiliate OMNIA) indirectly controls 45.76% of Inquam Limited (“Inquam”), a company incorporated in the Cayman Islands, through a joint venture with Qualcomm (the US company renowned for its CDMA global leadership), which latter also controls 45.76% of Inquam.

Inquam focuses on specialist mobile technology and services and deploys a variety of technologies depending on the differing needs of each particular market. For instance, Inquam, through its Dolphin affiliates owns networks using TETRA (Terrestrial Trunked Radio) technology.

In Romania, through its affiliate Telemobil, Inquam has successfully deployed a CDMA2000 operation, and is currently deploying a CDMA2000 network in Portugal (both Greenfield operations).

Romania
Inquam purchased Telemobil in October 2000. In early December 2001, Telemobil launched Zapp Mobile services using CDMA technology. Telemobil, previously called “Telefònica Romania” was the first mobile telephony operator in Romania.

In 1993, the company launched a nationwide NMT 450 service and had a monopoly until 1997. Immediately after its acquisition by Inquam, Telemobil started to upgrade its network with state-of-the-art CDMA2000 technology, developed by Qualcomm and Lucent. Currently Telemobil services cover around 80 cities and towns in addition to a large number of communes and villages and the major motorways of the country. Telemobil recently completed Phase 2 of its 1X RTT network rollout (305 BTSs) enabling it to cover 85% of the Romanian urban population and to strongly establish the Zapp brand in the market.

Telemobil’s subscriber base grew more than 4 fold from around 15,000 in April 2002 to over 65,000 at the end of 2002 and it reached more than 180,000 by the end of 2003 (close to 180% year-on-year growth). Telemobil’s innovative marketing and products have allowed the company to achieve significant penetration in a highly competitive market. The company was able to maintain its 30% market share of new additions in the post-paid market (Telemobil does not offer pre-paid products), competing head-to-head with three other mobile operators, including Orange and Connex (a Vodafone subsidiary).

Telemobil’s strategy regarding developing and providing products and services for under-served market segments such as SOHOs (Small Office Home Office) and SMEs (Small and Medium Entreprises) has been very successful in building market share. Today, these segments represent 80% of Telemobil’s gross additions. Telemobil has also focused on providing innovative fixed wireless and wireless products to the Romanian market and around 10% of its customers use data only services.

Today, Telemobil is a well-established mobile operator in Romania with 530 employees, renowned for its innovation in providing creative mobile voice and data solutions. The company is currently going through the 3rd Phase of its network deployment and is planning to launch HDR (High Data Rate) services in April 2004, which will provide faster data service (up to 2.4 MB per second).

Telemobil is playing a major role in the development of business, trade and commerce in the country by offering enterprise solutions to enable mobile commerce, banking and just-in-time solutions. These are all possible through web-enabled mobile devices offering high-speed data.
Please visit www.zapp.ro for more information.

Portugal
Inquam purchased Radiomóvel in October 2001. Radiomóvel is the main player of the Portuguese PAMR market and offers dedicated mobile radio communication services to business users.

Currently, Radiomóvel has approximately 8,000 subscribers who are using the company’s analogue and TETRA network platforms. Given the shortcomings of the existing networks, Radiomóvel intends to build a cost efficient digital network to address the PAMR professional segments, based on CDMA technology.

The company intends to follow a niche strategy providing traditional PAMR services (such as push-to-talk, group calls and dispatch services) as well as complementary services such as high data speed and location-based services for which there is a growing demand.

Today, with 120 sites acquired, Radiomóvel has completed 92% of its site acquisition for the first phase of the network deployment. Radiomóvel has also completed civil works for 73 sites and installed equipment on 52 sites. In parallel to the network deployment, Inquam is also helping Radiomóvel to bring its entire organization up to speed in order to launch in the second quarter of 2004.
Please visit www.radiomovel.pt for more information.