Egypt Telecommunication Regulation Law – February 2003 Part 5 - Egyptian Company for Telecommunication (Telecom Egypt) Article 60 – License to Telecom Egypt and exclusivity clause The NTRA shall issue – free of charge – and up to 31 December 2005 one license for each activity or service provided by Telecom Egypt established according to Law No. 19 of 1998, whether such activity or service was directly provided by the Company or through other companies established by the Company with others as long as it owns the majority in the capital. Such exemption of fees shall not apply to Frequency Usage License fees or Mobile Telephone Services License fees. Telecom Egypt shall, during the period mentioned above, have the exclusive right to establish, operate and exploit international transmission networks between Egypt and any other country through international gateways via submarine and terrestrial cables, microwave links and satellites for fixed services and provide Telephone, Fax, Telex and Telegraph Services over such networks. The NTRA Board of Directors shall have the right to issue a resolution enabling Telecom Egypt to exclusively perform some other activities and services which are being carried out only by Telecom Egypt at the date of applying this Law. This shall be effective within a limited period determined by the resolution without violation to the acquired rights of other licensed companies. In all cases, Telecom Egypt shall undertake to provide the Telecommunication Services, exclusively offered by it, to whoever is requesting it in accordance with its available technical capabilities. Article 61 – Rights and obligations of Telecom Egypt Telecom Egypt shall, after obtaining the necessary license from the NTRA, have the right to provide new Telecommunication Services, and in that case, it shall have the same rights and obligations of Providers of such services, in accordance with the rules issued by the NTRA in this regard. Article 62 - Telecom Egypt Capital The capital of the company shall be divided into equal nominal shares and the Company Statute shall determine the nominal value of each share, provided that it shall not be less than ten pounds and shall not exceed one thousand pounds. Article 63 - Allocation of Shares Upon a decree from the Cabinet, shares can be offered for sale at a partial value of the Company capital provided that the greater part of the capital remains State owned. The Company employees shall have priority to acquire a percentage of the offered shares in the order of (5 %). National Telecom. Reg.Authority 23