investor presentation november 2015 - global...

Investor Presentation November 2015

Investor Presentation © Global Telecom Holding S.A.E. 2015

This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares

in Global Telecom Holding (the "Company"). Further, it does not constitute a recommendation by the Company or any other party to

sell or buy shares in the Company or any other securities. This presentation includes statements that are, or may be deemed to be,

"forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology,

including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would",

"could" or "should" or, in each case, their negative or other variations or comparable terminology. All statements other than

statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s strategic

priorities and objectives and the anticipated benefits therefrom, exploration of various funding options to refinance the shareholder

loan, and prospects are forward-looking statements. By their nature, such forward-looking statements involve known and unknown

risks, uncertainties and other factors which may cause the actual results, financial condition, performance, liquidity, dividend policy or

achievements of the Company, or industry results, to be materially different from any future results, performance or achievements

expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions

regarding the Company's present and future business strategies and the environment in which the Company will operate in the

future. Important factors that could cause the Company's actual results, performance or achievements to differ materially from those

in the forward-looking statements include, among others, the prices of the Company's products and services, the actions of

competitors, the availability of credit, governmental regulation of the telecommunications industry in countries in which the Company

operates, the effects of political uncertainty and economic conditions in the relevant areas in the world, the impact of foreign currency

rates, taxation and unforeseen litigation. Forward-looking statements should, therefore, be construed in light of such factors and

undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of

this presentation. The Company expressly disclaims any obligation or undertaking (except as required by applicable law or

regulatory obligation including under the rules of the Egyptian Exchange and the UK Listing Rules and the Disclosure and

Transparency Rules of the Financial Conduct Authority), to release publicly any updates or revisions to any forward-looking

statement, whether as a result of new information, future events or otherwise.

2

Disclaimer


Algeria

52%Pakistan

30%

Bangladesh

18%

Algeria

68%

Pakistan

19%

Bangladesh

13%

1. Population figures are provided by CIA – The World Factbook

2. Based on consolidated mobile customers as at June 30, 2015; excluding Zimbabwe as signed for sale

3. Operating free cash flow defined as EBITDA – Capex (excluding licenses)

4. % contribution calculated excluding HQ costs and other adjustments

Note: All financials exclude Zimbabwe as it’s held for sale

Pakistan

Population 196m

Mobile Penetration 77% (real 59%)

# of customers 35.2m

Market share 29%

Bangladesh

Population 160m

Mobile Penetration 80%


Market share 25%

Zimbabwe

Population 14m

# of customers 2.0m

(Signed for sale)

Algeria

Population 39m

Mobile Penetration 110%


Market share 43%

409M population coverage1

84M mobile customers (excluding Zimbabwe)2Algeria

46%

Pakistan

34%

Bangladesh

20%

USD 2.9Bn

USD 1.3Bn

Revenue (LTM) 4

EBITDA (LTM) 4

OpFCF (LTM)3,4

USD 0.6Bn

GTH – a leading mobile operator in attractive emerging markets

3


Algeria: Algeria: Djezzy remains a profitable market leader with significant mobile data potential and lowpenetration of broadband technologies

Pakistan: Mobilink leads the market and has great potential for revenue growth through mobile data, MFS and VAS

Bangladesh:Bangladesh:Banglalink is a leading operator with strong focus on increasing value share in a rapidly large and growing market with relatively low penetration level

Market Position

4


Strong margins versus global peers

EBITDA Margin (FY14)

WE Telecos with CIS CEE Exposure (FY 2014)

Emerging Market (FY 2014)

LTM Q3’15 FY 2014

Source: Company filings

43% 44%48% 47%

39%

33% 32% 36% 34%

28%

5


60

298

398

Bangladesh Pakistan Algeria

53%

75%

85%

Pakistan Bangladesh Algeria

7%

43%44%

Algeria Bangladesh Pakistan

Mobile Data Penetration2 (%) Data Usage (MB / User)Mobile Penetration1 (%)

Western Europe

Avg: 133%

Western Europe

Avg: 66%

Significant upside in terms of mobile penetration & data usage

Notes

1. Mobile real penetration is for the market, based on sim cards number. Sources: Analysys Mason Research, Pakistan Telecommunications Authority, Bangladesh Telecommunications Authority (2014)

2. Based on Company estimates 2Q’15, where mobile data penetration = data users (number of SIM cards with data subscribed tariff plans) / mobile customers

6


Leading mobile operator with diversified footprint in attractive emerging markets

Pakistan BangladeshAlgeria

Market share1 Market share2 Market share2

43.0%

30.0%

27.0%

Djezzy

Ooredoo

ATM

29.1%

27.4%

15.5%

19.3%

8.7% Mobilink

Telenor

Ufone

Zong

Warid

41.8%

25.4%

21.6%

6.9%

4.2%

Grameenphone

Banglalink

Robi

Airtel

Other

• Djezzy is the market leader in Algeria with the best customer experience

• Transformation program started in 2Q15 with organizational restructuring, new CEO on board and successful 3G launch

• Mobilink holds the number 1 market position in Pakistan

• Combination with Warid to further strengthen market position and create best in class network

• Banglalink holds the number two market position since 2007

• The Company is upgrading its network with an aim to capture the higher value customers

1 Market share as of Q4 20142 Market share as of Q2 2015

7


8

GTH focuses on the following six strategic priorities

1

Performancetransformation• Transformation of cost base• Increased Capex efficiency• WC reduction

Digitalleadership:• MFS• Big Data• OTT partnerships

New revenuestreams:• Data growth• B2B focus

Portfoliorationalizationand consolidation• Asset-light network model• Disposal of non-core assets

World classoperations• NPS leadership• Best in class team

Structuralimprovements• Algeria turnaround• Optimize capital structure

3

2

6

4

5

Expectedsustainable increase incash flow of

USD 250 million1

per annumby year 3

¹ Is part of the VimpelCom Group target of USD 750 million


3Q15 – data driving future growth

36.0 35.9 33.5 34.5 34.4 33.729.8 32.0 33.1

17.0 17.6 17.4 17.1 17.6 17.7 17.1 17.1 16.9

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

26.725.7

26.026.3 24.2 25.5 24.0 24.9 24.5

37.4 37.6 38.2 38.8 38.7 38.5 38.2

33.435.2

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

10.010.0 10.2 10.9

11.0 11.3 11.3 11.6 11.8

28.128.8

29.4 29.830.2

30.831.8 32.0 32.3

3Q13 4Q14 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

• Revenue declined only 2% YoYmainly due to the positive change in interconnection rates.

• In the 3Q15 customer base declined due to the price competition and the gap in the 3G roll-out.

• Mobilink recorded a revenue growth of 6% YoY, the first positive growth in two years. The increase was due to data revenue growth of 78% YoY and higher MFS revenue.

• In the 3Q15 revenue grew 8% YoYdriven by an 8% YoY growth in the customer base to 32 million.

• Banglalink maintained its leading position in NPS in the market.

In LC billions, if not stated otherwise

Bangladesh

Revenue and Customers

Algeria


Pakistan


9


Bangladesh

EBITDA & EBITDA Margin

3Q15 – focus on cost efficiency

Algeria


Pakistan


21.0 21.019.0 18.8

18.1 16.8 15.717.2

18.3

57.2% 58.3% 57.6%54.5%

52.5%49.8%

52.3%53.4%54.8%

3Q13 4Q14 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

11.59.6 10.0

10.2 8.510.1

10.410.8

10.6

43.1%

37.2%39.5% 38.9%

34.9%

41.5% 41.5% 41.3% 41.0%

3Q13 4Q14 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

3.63.4

4.0 4.24.4

4.64.6

4.9 5.3

36.3%33.7%

37.4% 38.2%39.7% 40.8% 40.6%

41.9% 44.7%

3Q13 4Q14 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

• EBITDA increased 1% YoY to DZD 18.3 billion due to the favorable change in interconnect rates along with savings in structural OPEX.

• EBITDA margin remained strong at 54.8%.

• The EBITDA margin increased 6 percentage points YoY to 41%, as a result of the revenue growth and cost efficiency initiatives, mainly in procurement and utilities.

• EBITDA increased 22% YoY with EBITDA margin increasing 5.0pp YoY to 44.7%. EBITDA margin, excluding one-offs¹, increased 3.8 pp to 43.5% driven by the revenue increase and OPEX control initiatives.

In LC billions, if not stated otherwise

10¹ One-offs were mainly related to reversal of certain provisions on the handsets and utility costs


Algeria: transformation program starting to deliver

11

18.1 17.2 18.3

52.5% 49.8% 54.8%

3Q14 2Q15 3Q15

33.9 32.0 33.1

3Q14 2Q15 3Q15

17.616.9

3Q14 3Q15

6.8

3.420%

15%

3Q14 3Q15

-4% YoY

DZD BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers (million)

EBITDA andEBITDA margin

CAPEX excl. licenses and LTM CAPEX/revenue

-2% YoY

-50% YoY+1% YoY

• Service revenue positively impacted in 3Q15 by change in interconnect rates (+2%); underlying decline was 4%

• EBITDA Margin increased YoY mainly due to favorable change in interconnect rates

• Data revenue doubled YoY, with QoQ growth at 20%

• CAPEX decreased YoY because of the higher spending in 2014 due to start of the 3G roll out


• Mobilink has retained its market position in 3Q15

• Strong YoY data revenue increase of 78% and MFS revenue increase of 61%. MFS represents 2.7% of service revenue

• Successfully growing EBITDA margin through performance transformation initiatives

• Widest 3G coverage and first operator to launch in 200 cities

• CAPEX decreased YoY due to the completion of modernization program finished at the end of 2014

Pakistan: revenue and EBITDA YoY growth

12

9.9

6.735%

26%

3Q14 3Q15

23.1 24.9 24.5

3Q14 2Q15 3Q15

8.5

10.8 10.6

34.9%

41.3% 41.0%

3Q14 2Q15 3Q15

38.7 35.2

3Q14 3Q15

-33% YoY

-9% YoY

+26% YoY

PKR BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers1(million)



1 In 1H2015 as a result of SIM re-verification 5.6 million customers blocked

+6% YoY


Bangladesh: continued strong performance

13

3.9 3.8

39%

25%

3Q14 3Q15

29.832.3

3Q14 3Q15

4.44.9 5.3

39.7% 41.9% 44.7%

3Q14 2Q15 3Q15

10.9 11.6 11.8

3Q14 2Q15 3Q15

-2% YoY

+8% YoY

BDT BILLION, UNLESS STATED OTHERWISE

Service revenue



Mobile customers (million)

+8% YoY

+22% YoY

• Continued lead in NPS

• Sustained strong growth in data revenue of 82% YoY

• Continued improvement in underlying EBITDA margin to 43.5%; one-offs were mainly related to reversal of certain provisions on handsets and utility costs

• Expanding 3G coverage (currently at 31% of population)

Strengthening our leadership position in Pakistan


Disclaimer

This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act

of 1995. Forward-looking statements are statements that are not historical facts, and include statements regarding among other

things, the expected timing of completion of the transaction, the expected final ownership stake that the Dhabi Group

shareholders would acquire at completion; the expected benefits of the transaction, including synergies and network

improvements; the expected level of network improvements and investments (including in 4G/LTE), and the expected timing of

dividends. Any statement in this presentation that expresses or implies VimpelCom’s or GTH’s intentions, beliefs, expectations

or predictions (and the assumptions underlying them) is a forward-looking statement. Forward-looking statements involve

inherent risks, uncertainties and assumptions, including, without limitation, the possibility that: the conditions to completion

will not be satisfied or waived or that the requisite regulatory approvals will not be obtained or will be obtained on terms not

acceptable to the parties to the transaction; the expected benefits of the transaction may not materialize as expected or at all,

due to, among other things, the parties’ inability to successfully implement integration strategies or otherwise realize the

synergies anticipated; the businesses of either or both of Mobilink or Warid may not perform as expected prior to or following

completion of the transaction due to uncertainty or other market factors; and other risks and uncertainties beyond the parties’

control may materialize. If such risks or uncertainties materialize or such assumptions prove incorrect, actual results could differ

materially from those expressed or implied by such forward-looking statements and assumptions. Certain other risks that could

cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors

described in VimpelCom’s Annual Report on Form 20-F for the year ended December 31, 2014, and other public filings made by

the VimpelCom with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this

presentation are made as of the date hereof, and VimpelCom and GTH expressly disclaim any obligation to update or correct

any forward-looking statements made herein due to the occurrence of events after the issuance of this presentation.

15


Delivering on

strategy

1

Performance

transformation

Digital

leadership

New revenue

streams

World class

operations

Structural

improvements

3

2

6

5

Portfolio

rationalization

and consolidation

4

In-market consolidation in Pakistan –executing on strategy

16


Strengthening leadership position in Pakistan• Largest combined footprint and customer base of 45

million

• Largest network, with best quality and leading in high-speed data with almost 5,000 3G and 4G/LTE sites

• Delivering innovative, best-in-class mobile financial services to consumer, SME and corporate customers

• A superior customer experience through best-in-class service quality and focus on digital innovation

Value creation• USD 115 million annual run-rate cost synergies, 90%

expected by third year post-closing; in excess of USD 500 million NPV cost synergies expected, net of integration costs

• Distributions projected within the first two years post-closing

• Leverage: Mobilink 1.8x Net debt/EBITDA at signing

• Pro forma revenue and EBITDA margin of USD 1.4 billion and above 40% respectively

Clear corporate governance• VIP/GTH, through PMCL Mobilink, acquires 100% of the

shares of Warid Telecom in exchange for the Dhabi Group shareholders receiving approximately 15% of the shares of PMCL Mobilink

• Substantive shareholder agreement to govern relationship between parties

• MergeCo management team led by Jeffrey Hedberg (CEO of Mobilink) and Andrew Kemp (CFO of Mobilink)

• Board consisting of 7 directors (6 nominated by VIP/GTH, 1 by the Dhabi Group shareholders)

• 4-year lock-in period, after which VIP/GTH has a right to acquire 100%

Investment and innovation• Enlarged and improved mobile network with over 80%

population coverage (2G)

• Accelerated roll-out of 3G and 4G/LTE services

• Digital & MFS leader: Providing Warid customers with Mobilink MFS products

Mobilink and Warid to merge, strengthening leadership position in Pakistan

17


Transaction rationale

Best-in-class mobile

network

New revenueopportunities

Costsynergies

Superiorcustomer

experience

A leading operator in Pakistan telecom market

+ -

18


A leading operator in the Pakistan telecoms market

MarketpositionMarketposition

A leading mobile operator(Mobile customer market share1)

38%

27%

19%16%

Mobilink +

Warid

Telenor Zong Ufone

Network

Scale

Network

Scale

29%

27%

16%

19%

9%

2011 2012 2013 2014 3Q15Mobilink Telenor Ufone Zong Warid

Notes:1 As of September 20152 after decommissioning

3.6k

3.6k

1.0k

1.0k

3G

(Mobilink)

4G/LTE

(Warid)

Data networks

(combined)

4G/LTE

3G

Largest tower portfolio

# of towers

c.8kc.9-10k

c.5k

Mobilink Warid pro forma

Mobilink holds the number 1 market position(Market share1 based on customers)

Wide high-speed data networks

# of high-speed stations

2

19


Superior customer experience

• To become #1 in NPS ranking, leveraging from the current solid position:

► Mobilink #2

► Warid #1

• Best coverage of over 80% population by 2G

• High quality of customer services

• Simple and transparent pricing

• Enhanced service delivery through digital platform

20


New revenue opportunities

Digital & MFS leader:

• Mobilink the fastest growing MFS player in the market

► Mobilink MFS revenue 2.7% of total

► 2.5 million Mobilink MFS customers

• Providing Warid customers with access to our full range of MFS services including Mobicash

• Expanded MFS portfolio including:

► Money transfer

► Bill and loan payments

► Mobicash ATM Card

► Corporate solutions, etc.

Owning and winning in the High Value and the B2B segments:

• Leading position in high-value and postpaid customers

• Serve corporates with full enterprise solution and M2M

+

21


Best-in-class mobile network

• Our plan is to enhance network capacity and quality of service

• Targeted network investments in quality and coverage

• Network consolidation through migration of customers and integration of network elements

• Decommissioning of overlapping sites within two years of closing

• Accelerated expansion of 4G/LTE services

22


Identified cost synergies - total run-rate of USD 115 mln1

1 After tax, NPV from synergies after integration costs2 Assumes legal merger completed

More than USD 500 million NPV from synergies1, 90% expected by third year post-closingEPS accretive from the third year post-closing2

Market facing& customeroperations

• Integrated customer service

• Efficient channel and distribution model

Network & IT• Site decommissioning

• Common IT platforms

SG&A• Scale impact

• Optimized organizational structure

Synergies run rate

(USD million)

115

OPEX c. 75%

c. 25%Capex

-

23


Enhanced profitability and cash generation

Notes:1 Including run-rate Opex synergies only2 Defined as EBITDA – Capex (excl. licenses)3 Including run-rate Opex and Capex synergies

Revenueand EBITDARevenue

and EBITDA

OpCF2

and Debt

OpCF2

and Debt

An operator with USD 1.4bn revenue(USD mln, LTM Sept 2015)

EBITDA margin of 42%(USD mln, LTM Sept 2015 and % margin)

1,009

357 1,366

Mobilink Warid pro forma

483569

MergeCo pro forma

35%42%7pp

1

Mobilink Warid Run-rate synergies

175

290

MergeCo pro forma

Operating Cash Flows(USD mln, LTM Sept 2015)

850

470

380

pro forma

Warid

Mobilink

Net Debt position(USD mln, Sept 2015)

3 Limited impact on VIP Group leverage (+0.1x)acceptable impact on GTH Group leverage

(+0.3x)

24


Key transaction terms

• VIP/GTH, though PMCL Mobilink, acquires 100% of the shares of Warid Telecom in exchange for the Dhabi Group shareholders receiving approximately 15% of the shares of PMCL Mobilink

• No cash contributions expected from VimpelCom/GTH or the Dhabi Group shareholders

• Conditional on fulfilment of various conditions; no break up fees

• VimpelCom/GTH will consolidate MergeCo

• Distribution policy will be at the discretion of VimpelCom/GTH; distributions expected within the first two years post-closing

• If the MergeCo’s tower assets are sold within four years post closing, the Dhabi Group shareholders will get an additional stake based on a pre-agreed formula

Key terms

• The Board of MergeCo will be composed of 7 directors of which 6 will be nominated by VimpelCom/GTH; resolutions of the Board shall in general be decided by majority, except for certain limited reserved matters

• MergeCo is managed by:

► Jeffrey Hedberg – Mobilink CEO

► Andrew Kemp – Mobilink CFO

Governance

• Expected closing of the share acquisition within next 6 months, subject to receiving required approvals

• The transaction is subject to approvals of Competition Commission of Pakistan, the Pakistan Telecommunication Authority, the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan

Key dates

and approvals

• 4-year lock-in period, after which VimpelCom/GTH secured possibility to acquire 100%:

► The Dhabi Group shareholders can put shares of MergeCo to VimpelCom/GTH at fair market value

► VimpelCom/GTH can call shares of MergeCo at fair market value

Termination

and Exit

25


Transaction structure

Step 1 – share acquisition

51.9%

GTH

Warid Telecom

VimpelCom

Closing 6 months after announcement

PMCLMobilink

Dhabi Group shareholders

~85%

~15%

100%

Step 2 – legal merger

51.9%

GTH

VimpelCom

Merger 6 months after closing

PMCLMobilink

Dhabi Group shareholders

~85%

~15%

26


Summary

In-market optimization

Pakistan transaction: yet another step in strategy execution

September 2014

October 2014

January2015

March 2015

August 2015

November 2015

Portfolio rationalization

WIND Canada disposal

Telecel Globe Limited CAR and Burundi

disposal

Italy tower saleZimbabwe disposal

Algeria transaction

Italy JVPakistan

transaction

27


VimpelCom/GTH accounting implications

Upon closing of the share acquisition

• The acquisition of Warid will be accounted for as a business combination under IFRS

• The fair value of Warid’s assets and liabilities will be taken over into the VimpelCom/GTH consolidated balance sheet as of the date of closing

• The difference between the fair valued net asset of Warid taken up in the VimpelCom/GTH consolidated balance sheet and the fair value of consideration paid for Warid (including contingent consideration) will result in goodwill

► Goodwill is not amortized but an annual impairment test is performed

► Contingent consideration (i.e. tower earn-out) will be recorded as a liability at fair value on the closing date with any subsequent value changes recorded directly in the consolidated income statement

• The put option granted to the seller will be accounted for as a liability on the VimpelCom/GTH consolidated balance sheet at the net present value of the future expected cash outflow to buy out the minority shares in Mobilink

28

Appendix


30

3Q15 Financial highlights

Service revenue(USD million)

710

46.4338

+2% organic1 YoY

- 13% reported YoY

+4.4p.p. YoY+-

10% organic YoY

4% reported YoY

84.4

Mobile customers(million)

EBITDA margin(%)

EBITDA (USD million)

- 2.1 million YoY

• Service revenue organic increase 2% YoY due to:► Revenue YoY trend recovery in

Pakistan► Continued strong growth in

Bangladesh► Offset by decline in Algeria due to

gap in 3G rollout and increased competition

• EBITDA organic increase of 10% due to:► Revenue increase► Cost efficiency initiatives

• Continued strong EBITDA margin of 44.3%

• Mobile data growth 94% YoY in 3Q15

• Mobile customers decreased mainly due to impact of regulation in Pakistan, requiring operators to block unverified SIMs in 1H15; excluding this mobile customers increased by 3.5 million YoY

1 Revenue organic growth are non-GAAP financial measures that exclude the effect of foreign currency translation and certain items such as liquidations and disposals


31

3Q15 Income Statement

• Organic increase of 10% YoY

• Substantially decreased due to repayment of shareholder loan to VimpelCom

• Improvements in FOREX due to change of functional currency from EGP to USD

• Income tax decreased as in 3Q14 the Company recorded tax charges related to Algeria transaction

• Minority interest increased due to sale of 51% in OTA in Algeria

USD million 3Q15 3Q14 Change

Revenue 730 839 -13%

EBITDA 338 353 -4%

Depreciation and amortization (209) (156) 34%

Gains/(losses) on sold PP&E and impairments (7) (49) 85%

Operating income 122 148 -17%

Net financial expenses and income (64) (179) -64%

Foreign exchange gain / (loss) (16) (32) -48%

Profit/(loss) before tax 42 (63) -166%

Income tax (28) (94) -70%

Profit/(loss) for the period 13 (157) n.m.

Minority interest 46 4 n.m.

Net income/(loss) attributable to shareholders (32) (161) -80%

• Accelerated depreciation due to network swap in Pakistan

• 3Q14 mainly relate to impairment of Telecel Globe


32

Debt by entity

Outstanding debt (USD million) Type of debt

Entity Loans Bonds Other Total

GTH Holding 1,030 11 1,040

Pakistan 316 79 2 396

Banglalink 124 300 15 439

Algeria 518 - 0 518

Total at principal amount 1,987 379 28 2,394

Interest accrued & arrangement fees 119 3 122

Total gross debt 2,106 382 28 2,516

1.5x

-

stable QoQ

0.1x YoY

Net debt / underlying1 LTM EBITDA

2.0x

-

stable QoQ

1.5x YoY

Gross debt / underlying1 LTM EBITDA

1 Underlying EBITDA excludes Algeria transaction

As at 30 September 2015


For your inquiries, please contact:

Ola TayelInvestor Relations Manager

E: [email protected]: +202 2461 5120F: +202 2461 5055/54W: www.gtelecom.com

33

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