Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Chairman of Qatar Telecom (Qtel) Q.S.C. announced that the subscription to the Qtel Rights Issue successfully closed. The Rights Issue was managed by Qatar National Bank.

The value of shares subscribed to in Qtel’s capital increase reached QR 12,734,523,840. The value of shares offered for subscription to the capital increase was QR 5,866,665,920 indicating an oversubscription exceeding the targeted amount by QR 6,867,857,920. The subscription reached 217% The shares were allotted to subscribers in the ratio of one share for every three shares held as declared in the Rights Issue Terms and Conditions. The remaining shares were allotted to those who had oversubscribed pro rata to their oversubscription at 2.22%.

The subscription to the company’s capital increase through QNB and all its branches lasted for 12 days (June 8 to June 19 2008). Qtel issued 36,666,667 shares for subscription to the company shareholders registered in the Doha Securities market (DSM), Abu Dhabi Securities Exchange (ADX) and Bahrain Stock Exchange (BSE) on May 28, 2008 at the price of QR160 per share (nominal value of QR10 plus a premium of QR150).

QNB confirmed that the surplus amounts will be refunded to the subscribers starting June 29, 2008. QNB will also coordinate with the DSM, ADX and BSE in order to register and add the allotted shares to the shareholders’ accounts. These shares will be listed on the DSM, ADX