Emirates Telecommunications Group Company PJSC (EAND.AD): First take on Vodafone stake sale - reduced overhang; increase B/S flexibility and prospects for shareholder return

Research evidence excerpt

Emirates Telecommunications Group Company PJSC (EAND.AD): First take on Vodafone stake sale - reduced overhang; increase B/S flexibility and prospects for shareholder return

any PJSC.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Emirates Telecommunications Group Company PJSC in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Emirates Telecommunications Group Company PJSC.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Emirates Telecommunications Group Company PJSC.

services provided were non-investment-banking, non-securities-related: Emirates Telecommunications Group Company

PJSC.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Emirates

Telecommunications Group Company PJSC. (For an explanation of the determination of significant financial interest, please

refer to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues.