7th and 8TH OF MAY 2013 – JUMEIRAH CREEKSIDE HOTEL, DUBAI – UAE

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SPECIAL EDITIONSemi-Annual First issue 2013

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"Wa�k Shater

In May, LAP GreenN held its semi-annual strategic meeting in Dubai, bringing together the Group and all our operators to celebrate our achievements to date and share our vision for going forward. This two-day event was a huge success for us, with members from the operations talking to each other as a group, rather than as separate entities. We initiated this programme at our �rst strategic meeting in Entebbe last November, where the Group agreed to set a common strategy across all OpCos. As our second meeting, this gathering was extremely encouraging, with everyone involved clearly heading towards a common purpose.

We also welcomed many guests to the event, including our billing partner, Tecnotree, who presented their vision for the future of billing. In line with our commitment to remaining up to date with industry developments, we invited our strategic advisers to present the latest technology and telecoms trends, and representatives from Greenwich Consulting also gave an in depth talk on Mobile Money. This created an informative atmosphere for attendees, and encouraged an open discussion around in-country experiences.

We also rea�rmed our ambition to become a global telecoms operator – among the top 50 worldwide in the next �ve years. Our shareholders and Board are fully united in this vision, and we are excited to work towards this goal together by building scale in the countries in which we have a presence, and by exploring a number of M&A opportunities. Over the past 12 months, we have built a capable new team at LAP GreenN and at the management level of each of the OpCos. We are con�dent that this, coupled with market opportunities and the support of our shareholders, is a formula for success.

Over the past 18 months, we have made tremendous progress in extremely di�cult environments. The con�ict in Libya and the sanctions against Libyan assets proved a very challenging time for us, and as a result we have had to negotiate with several African governments to regain and manage our existing assets.

Last year, one of our OpCos achieved positive EBITDA for the �rst time since acquisition in 2010, and we have narrowed our losses across the board, notably in Uganda and South Sudan. We are preparing to launch in Sierra Leone with a new MD at the helm, and are hoping to achieve this over the course of the next six months. Simultaneously, we are building new partnerships, negotiating better terms with our suppliers, and �nally upgrading our equipment to the latest revisions.

Overall, the meeting was an e�ective means for us to see the dynamics of the new organisation and how each and every team member is performing in the best interests of the Group. I would like to take this opportunity to thank you all for your e�orts in making LAP GreenN what it is today.

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A WORD FROM GROUP CEO

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Last November, LAP GreenN hosted its �rst Group-wide strategy meeting, where Group members and top management across all operations gathered to set the direction for the future of the company.

In continuance of this initiative, our second semi-annual meeting was held in Dubai on May 7th and 8th to provide an update on the Group strategy and the next steps. It was also an opportunity for everyone to get together in one location and discuss all aspects of the business, from the current situation to opportunities, potential drawbacks and market positioning.

The meeting was held with in attendance: LAP GreenN Group, the OpCos current and potential partners, and many special guests.

The �rst day was dedicated to an operations review, with internal sessions between LAP GreenN, the OpCos and our potential partners, namely Maraison and Power Oasis.

Day 2 kicked o� with a strategy reminder and a presentation by Wa�k Shater (Chairman and Group CEO) and Dimitris Lioulias (COO) on the “next steps” for the Group.

Our strategic partners then followed, o�ering incites on ‘key telecom trends’ , mobile money and the future of billing.

Sharon Ditchburn, the Company Secretary was invited to deliver a short presentation on corporate governance and compliance, and Joanna Roche LAP GreenN CHRAO discussed new HR policies. To conclude, the CEO of each OpCo took the �oor to highlight their operational achievements.

In between sessions, there was a lot of opportunity to socialise and do team building. The closing dinner was well attended, and the following special Guests were invited to speak: Faisel Gergab, Chairman of LPTIC and board member of the LIA; Dr Aref Nayed H.E., Libyan Ambassador to the UAE; and Ben Verwaayen, ex-CEO of BT, Alcatel-Lucent and KPN.

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"AGENDA: SEMI-ANNUAL STRATEGY MEETING

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Mohamed Ghad� opened by giving an overview of the company's history, prior to when LAP GreenN took over. Gemtel was born during South Sudan’s struggle for freedom, with its launch taking place in 2006. It was previously known for its poor customer service which severely hurt the company's performance. After 2 years of monopoly, new competitors entered the market with very aggressive launch strategies.

In 2010, Lap GreenN took over the company, and appointed Mohamed Ghad� as its CEO in May. Ghad� found the business in a critical situation, with nonexistent network coverage, and only a single unsta�ed small shop. Given the situation, he initiated a revamping plan that focused on network quality and coverage to reach all the ten states in remote areas of South Sudan.

Ghad� focused on growing the business, and despite limited resources reversed the declining trend in the business, by implementing a new marketing strategy and launching new services. A new Executive Committee was also brought on board: CTO in 2010, COO in 2011 and acting CFAO in 2012.

Gemtel has seen itself grow into one of the most trusted telecom service providers in Independent South Sudan, with a highly skilled team, dedicated to providing a�ordable, secure and reliable telecom services.

With the support of the new LAP GreenN management, Gemtel was able to establish a mission statement to guide future direction, operations and targets. It recorded signi�cant successes, in both �nancial and commercial performance, and in South Sudan today, the newest country in the world, Gemtel is the fastest growing and most respected brand. This will have immense implications for Gemtel’s future business.

SOUTH SUDAN

HIGHLIGHTS FROM THE OPCOS

MOHAMED GHADFI, CEO GEMTEL

David Holiday who joined UTL as its CEO in May 2012 explained that 2012 was a di�cult year in Uganda, with GDP halved, 20% in�ation and currency depreciation of 8%. Despite this, David and his new management team have worked hard to institute multiple changes spanning from governance, key policies and protocols, cost reduction, and improvements to customer service. Big strides have since been made, with some of the team’s key achievements as follows:- Increasing net additions signi�cantly- Changing the way UTL de�nes the customer base to comply with international benchmarks- Delivering 50% year-on-year improvement in EBITDA at the end of 2012, in comparison to the plummeting results of the previous three years The business outlook for Uganda Telecom is more positive now. Together with the support of the entire group, the new management team aims to deliver results that are underpinned with standards of �nancial, legal and regulatory compliance, integrity and corporate governance standards that all stakeholders can be proud of.

The company now has a restructured and e�cient workforce that has clear targets, and the motivation to meet the challenges of 2013.

UGANDADAVID HOLIDAY, CEO UTL

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Alain Mbida, joined GreenN CI as COO in June 2012, and spoke on behalf of Abdulghani Ramadan, CEO of GreenN CI.

Mbida opened his presentation with a brief background on the company history. GreenN CI was born from the takeover of Oricel by LAP GreenN in 2008. After a successful �rst year, which saw tremendous subscriber growth, GreenN CI started to face numerous challenges in late 2010. Furthermore, both the Ivorian and Libyan crises in 2011 dramatically impacted the life of GreenN CI.

Despite all the obstacles, the Group re-asserted its support to GreenN CI, and brought in new blood to the management team, while injecting �nancial support. In 2012, a new business plan was agreed with the Group, and it yielded signi�cant results at the end of the year:• The customer base doubled from what it was in late June to December• Revenue dramatically improved• Network up-country has been re-opened in four cities, with a plan to re-open six more areas• Better company governance was implemented

Mbida went on to say that in a market which is still growing, GreenN CI management strongly believes that there is still a window of opportunity for the company to turn around and reach operational pro�tability within a period of 12 to 15 months. However, this is dependent on appropriate Group �nancial support and synergies.

Mbida closed by thanking the Group for its continuous support and stated that overall, he was happy with the performance of the operator to date. He feels that GreenN CI saw the virtual rebirth of its brand in Ivory Coast and is con�dent about its future performance.

HIGHLIGHTS FROM THE OPCOS

IVORY COASTALAIN MBIDA, COO GREENN CI

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In January 2013, John Weir, previously Project Director at UTL, was tasked with assessing the feasibility of launching operations in Sierra Leone, and developing a market entry plan. Weir assessed the Sierra Leone opportunity, stating that although there are four established players in the market, it is apparent that quality of service and pricing transparency are areas that GreenN SL can easily di�erentiate from its competitors. Many consumers and businesses are dissatis�ed with the service being o�ered by the established players and are looking for an alternative provider, something which plays into LAP GreenN’s plan to create a ‘game-changing’ approach to the market and give customers novel products and services based on simplicity, quality and transparency.

He mentioned that a �ve year plan and launch strategy have been developed and approved by the Group Exco, and all resources on the ground are working diligently towards the implementation of this plan.

Between January and April, Weir had been working with a very limited resource pool, however, in May, a CFO and CTO were successfully recruited and with this highly experienced team of experts, the company is now in good shape to challenge the status quo in the market heads-on.

Weir expressed his gratitude to the Group who have provided guidance, direction and knowledge to the local team and will also help to create a business that will become the benchmark in the local industry. He stated with con�dence that with the support of the Group and colleagues in the other OpCos, GreenN SL will be a success and give their competitors a run for their money.

He added that they are now working with all hands on deck to ensure a timely launch into the market, which will provide them with a clear run at during the Christmas season in Sierra Leone. An early September launch is currently anticipated, and the team is working closely with the network vendor to accomplish this goal.

Weir thanked everyone at the Group o�ce and the OpCos for their continued support in helping them operationalize the business, saying that without this support both him and his team would never have been able to meet this challenging deadline.

JOHN WEIR, GREENN SL CEOSIERRA LEONE

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Delta Partners, a leading management Advisory �rm specialized in Telecoms, Media, and Technology within the Middle East, Africa and other emerging markets, delivered an insightful presentation on key telecom trends. LAP GreenN makes a conscious e�ort to stay abreast of emerging trends in the telecom space, and has external advisors provide frequent updates to the Group.

Jacobo Garcia-Palencia opened by discussing the latest trends in sector revolution. What was historically a separate TMT space has now merged over the last one and a half to 2 years. Customers have converged the way they use the services today. The model used to be that operators enabled communication between people - now operators are enabling access to a wide variety of other services.

Garcia-Palencia also discussed the key challenges that operators are facing - how to position themselves in the rise of the digital world, and how do to maintain pro�tability while enabling the growth of broadband and the consumption of digital services. It is a radical change from the traditional model of telecom operators.

Darren Tan discussed another key trend in the market, speci�c to regulation. African regulators are learning from European ones, which are generating a lot of cash from licence and spectrum auctions. He also took the opportunity to highlight new products and services that are rapidly gaining traction globally. Wearable technology, and operating systems (such as Firefox, Ubuntu, Tizen & Bada) – as opposed to devices – delivered the ‘wow’ factor at this year’s Mobile World Congress (MWC).

Software-De�ned Networking (SDN) has become the new buzz and will have to face-o� with the traditional telecom equipment vendors. Operators are being forced to devise more intelligent ways of deploying future networks and optimising data transmissions.

M-health services are growing very quickly, and the global market size is forecast to grow to approximately US$23 billion by 2017. Nurses, who are currently using their own credits, are appealing to operators to help from a CSR e�ort to capture the right data at the right time to deliver the health care required.

Also, the next paradigm of connected devices, connected vehicles, is signi�cantly closer to being realised. A global standard is already established for smartphone and in-vehicle connectivity called MirrorLink. GSME has said that by 2015 they expect at least half of the new cars that are rolled out from factories to be connected.

HIGHLIGHTS FROM THE PARTNERS

JACOBO GARCIA-PALENCIA, PARTNER & DARREN TAN, HEAD OF INTELLIGENCE UNIT – DELTA PARTNERS

Key telecom trends

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Greenwich Consulting, a global management consultancy �rm specialised in telecom, media, utilities and �nancial services, presented on the hot topic of mobile money.

Vincent Douin,Director, and Andre Marques,Consultant, discussed the key factors that need to be addressed when rolling out Mobile Money in emerging markets, namely:

1.Building the right partnerships by clearly de�ning roles and responsibilities of each player in the value chain

2.Building a successful commercial o�er and roadmap with speed, scale and sophistication

3.Ensuring usage monetisation and overall pro�tability

4.Selecting distributors by setting a selection criteria

5.Creating a high pro�le communication strategy with clear and simple above and below the line campaigns

6.De�ning the organisational model according to market maturity and regulatory dependency level

7.Leveraging the regional alliance factor by de�ning a regional perspective and deploying a unique technical platform linking each operation, or deploying locally to avoid regulatory complications

Timo Ahomaki, CTO of Tecnotree, a global provider of telecom IT solutions, explained that one of the main challenges faced by communication service providers (CSPs) in an ever more complex environment is how to balance customer service costs with meeting the increasingly high expectations of customers.

He stated that storage, video on demand, social media and in-payments are extremely crowded markets and it is di�cult to carve a niche. As such, CSPs have to decide whether to collaborate or compete with the other ecosystems that exist in the market. He went on to say that tra�c in the network will always keep growing, and so the key question that needs to be addressed is how can this tra�c be monetised?

Ahomaki noted that the app developers are the ones making money, but they are also the ones engaging in marketing, and so there could be an opportunity for operators to collaborate locally with developers.

Ahomaki also highlighted that ‘comfort is king’ which is the primary reason for the demand behind bundled services. He ended by saying it is about loyalty and conversion.

HIGHLIGHTS FROM THE PARTNERS

TIMO AHOMAKI, TECNOTREE

IT solutionsVINCENT DOUIN (DIRECTOR) & ANDRE MARQUES (CONSULTANT), GREENWICH CONSULTING

Mobile money

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Joanna Roche, Group CHRAO

Joanna Roche, LAP GreenN’s Group Chief Human Resources & Admin o�cer (CHRAO) presented on the importance of having a solid team and strong organizational culture in place in order to drive an organization forward. Since joining LAP GreenN in February 2013, she has been instrumental in forming LAP GreenN’s new management team. She explained that it does not matter how fantastic the strategy of an organisation is, the execution and delivery of that strategy depends upon having the right people and organisational culture. She added that success would not be realised without this support. The Human Resources department o�ers services to drive and support the business strategy in order to deliver a high performing organisational culture and work practices throughout the employee’s lifecycle. This includes approaches to recruitment, on boarding, performance and talent management, training, compensation, bene�ts, and organisational development and design. Joanna highlighted that one of LAP GreenN’s current HR priorities is to ensure that all employees have set objectives linked to the delivery of the business strategy. Also, HR will be introducing a number of policies to help guide its employees and build an understanding of what is expected of them.

GOVERNANCE & HR

Sharon Ditchburn, Company Secretary

Sharon Ditchburn, who joined the Group as the Company Secretary in January 2013, delivered a short presentation on the legal best practices, speci�cally the importance of corporate governance. She explained it is a method of governing the company like a sovereign state, instating its own customs, policies and laws to its employees from the highest to the lowest levels. It is intended to increase the accountability of your company and to avoid massive disasters before they occur.

Well-executed corporate governance should be similar to a police department’s internal a�airs unit, weeding out and eliminating problems with extreme prejudice.

The presentation also included balancing commercial considerations within the Group, and our duties and liabilities in relation to the company. She also discussed Group values, professional conduct, con�ict of interest and protection of sensitive information.

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On behalf of the Libyan Embassy and Consulate in the UAE, Ambassador Aref Ali Nayed, welcomed all group members. On behalf of the Libyan Government, H.E. Prime Minister Ali Zidane, and the Libyan Parliament, the Ambassador stated that the Libyan leadership has not abandoned previous investments made overseas. He also went on to state that Africa is important to Libya, and Libya is committed to its investments in the continent as a proud African country.

Finally, Ambassador Nayed explained that Libya is no longer party to corruption, and that anyone seeking to attract investment will need to present a credible, sustainable model and con�rmed that the LIA will provide its full support in this regard.

With regards to LAP GreenN employees, Dr. Nayed described them as a part of one of the most notable success stories in the telecommunications sector. He also went on to describe the company as an organisation with tremendous potential and outstanding leadership with the likes of Wa�k Shater and Dr. Faisel Gergab, who will ensure its progress to new horizons.

Dr. Faisal Gergab began his remarks by conveying his assurances that the LIA and LIPTC are fully behind LAP GreenN, and will support it both �nancially and technically. He expects LAP GreenN and its OpCos in Africa to have robust business plans, total dedication, motivated workforces and a sense of purpose. He explained that the success of LAP GreenN lies in the hands of its people, and that the-massive potential: growth opportunities in Africa are no secret, constituting a virgin market that can be tapped into. He also added that a review of LAP GreenN’s business plan left him with nothing but optimism.

Dr. Faisal Gergab would like to see LAP GreenN expand its operations in Africa, protect its legacy, provide services to end-users and distinguish the company as a quality service provider with competitive rates. He pointed to potential synergies between LAP GreenN and the currently healthy Libyan telecoms industry, and emphasised the importance of mutual optimisation of strengths and support of weaknesses.

He addressed all stakeholders for full support, and at the LIPTC level, talking to politicians, the World Bank, the UN and African national governments to ensure they give LAP GreenN the space to �ourish and compete.

Mr. Verwaayen began by saying that the Ambassador and the Chairman of LIPTC really changed his mind on the subject of Libya, talking of a country in transition. He re�ected that over the past 30 years, the telecoms industry had seen almost everything, but never the challenge that LAP GreenN has undertaken. He said that if he were a betting man, he would have bet against LAP GreenN, and so he salutes the company for the beginning of this turnaround, which is clearly heading in the right trajectory considering assets inherited.

However, he explained that plans are futile unless these three questions can be �rmly answered: (1) Who are you?, (2) What is your value proposition?, and (3) Where are you heading? With the combination of the company’s heritage and talent pool – it all comes down to people skills.

He expressed his hope that the two days of the meeting would provide a sense of pride as LAP GreenN’s initial e�orts are best in class. He went on to say that the company’s vision and determination would go a long way, as this is a market where a real di�erence can be made.

H.E DR. AREF NAYEDLIBYAN AMBASSADOR TO THE UAE

DR FAISAL GERGAB CHAIRMAN, LIPTC AND BOARD MEMBER, LIA

BEN VERWAAYEN EX-CEO OF KPN, BT AND ALCATEL-LUCENT

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Abdalla Bouslein –LAP GreenN Group Board Member These initiatives and sessions, where everyone is brought together, are really useful. Attending them on semi-annual basis helps to foster team spirit and bring together fresh ideas and passionate people together to take LAP GreenN to the top 50 in a few years’ time.

Dimitris Lioulias – LAP GreenN Group COOIt is a very good opportunity to gather everyone together. Although such meetings are not necessary on a continuous basis, it is useful to have people around a table every now and then to exchange views and make sure we are all on the same wavelength.

Allan Kawele – LAP GreenN Group IT Manager, Operations & GovernanceHalfway through the year, it is always a good idea to bring everyone’s focus back on expectations: what is expected from the Group and what is expected from the OpCos, from which plans can then be executed operationally.

Joanna Roche – LAP GreenN Group CHRAO This is the �rst time I have had the opportunity to meet many of my colleagues and partners and I feel I have a better �avour of some of the challenges you are facing. It is nice to put actual faces to people that I have been communicating with via email and or telephone and it has helped me to get more of a sense of where we are heading.

Ali Amir – UTL CFO I think events like this are extremely positive; it has been hosted very well and has given us an opportunity to speak with the senior management team and discuss the current problems we are facing at an OpCo level.

Hend Abdulwahed, LAP GreenN Group PR CoordinatorAs a new addition to the team from the Tripoli o�ce , which is a very small team, this has been a great opportunity to get acquainted with everyone in person whilst also receiving an excellent update on the Group, its operational activities, where we stand and where we are headed. It has also been a great exercise in fostering Group-wide team spirit.

HAVEYOURSAY…

HAVEYOURSAY…

HAVEYOURSAY…

HAVEYOURSAY…

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MEETINGGLANCE

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This event could not have been a success without Emelda Kimaita and Andrew Talbot, the organisers, as well as Lucy Bagatsing who provided assistance during the event. Thank you for all your help and contributions.

The next event will be in November, we look forward to seeing you all again in another country, with new challenges and successes.

Editorial Committee :GreenN Shoots Special Edition is a semi-annual newsletter prepared by Hend Abdulwahed with the collaboration of Michelle Hirst and Roxanne Franks from LAP GreenN. For any feedback or enquiries, please contact: hend.abdulwahed@lap-greenn.com

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