CAIRO, Egypt -- Orascom Telecom Holding S.A.E. (“OTH”)announced that it has dropped out of the auction process for Iraq’s Mobilelicense, the license price reached US$1.25 billion in addition to a revenuesharing agreement of 18%. At this price OTH considered that this opportunitywould not meet its targeted equity rate of return in Iraq. OTH is currentlyevaluating alternatives to monetize the assets of Iraqna including sale or jointventure.

Orascom Telecom