Rome, Italy – December 1, 2008 – Weather Investments S.p.A. (“Weather Investments”) today announced a capital increase by its main shareholders including the Sawiris Family, and funds managed by private equity firms Apax Partners LLP, Madison Dearborn Partners, LLC and TA Associates, Inc. for an amount of $554M (€436 million) in cash.  The funds will be used to repay existing debt at its subsidiary Weather Capital SP1 which is one of two vehicles owning the controling stake in Orascom Telecom Holding S.A.E.  This is in addition to the previous Weather Capital SP1 debt reduction in June 2008 of $923M (€646 million) bringing the total debt reduction since June to over $1.47 Billion. 

Chairman and CEO Mr. Naguib Sawiris stated "we are proud to announce that even at this difficult time in the global financial markets, we continue the restructuring of our capital base and have de-leveraged the most critical component of our debt.  These newly injected funds soldify the medium term prospects of Weather Investments and enable it to focus on its strategy of cost and expenditure optimization with margin enhancement across all our assets with the goal of maximizing free cash flow."  

About Weather Investments
Weather Investments S.p.A. is a leading international telecommunications company offering mobile, fixed, Internet and international communication services to over 100 million subscribers in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan, and Tunisia and has acquired in 2008 a license to operate mobile services in North Korea and Canada. Weather Investments operates through its subsidiaries Orascom Telecom Holding S.A.E., Wind Telecomunicazioni S.p.A. and Wind Hellas S.A.. Weather is the entry point of choice for both technically advanced attractive markets and high growth, under penetrated emerging markets.

About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $40 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. Significant recent investments by funds advised by the Apax Partners Tech & Telecom team include: Bezeq, Intelsat, NXP, SMART Technologies, TDC, TIM Hellas and Versatel. For more information visit: www.apax.com.

About Madison Dearborn Partners
Madison Dearborn Partners (MDP), based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. MDP manages funds with more than US$18 billion in equity commitments. MDP invests in management buyout and growth equity transactions across a broad spectrum of industries. MDP is a leading investor in the communications industry. Its wireless investments have included Nextel Communications, Nextel Partners, MetroPCS Communications, Inc., Omnipoint Corporation (acquired by Voicestream), Alaska Native Wireless (joint venture with AT&T Wireless), and Clearnet Communications (acquired by Telus). Other investments include XM Satellite Radio, Intelsat and Univision. More information about MDP can be found at www.mdcp.com.

About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced private equity firms in the world. With offices in Boston, Menlo Park and London, the firm manages $12 billion in capital and has invested in more than 380 companies. TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the telecommunications, technology, financial services, business services, healthcare and consumer industries. The firm has extensive expertise investing in communications companies, including Asurion, Bachtel Cellular Liquidity, Idea Cellular, MetroPCS Communications and SBA Communications. More information about TA Associates can be found at www.ta.com.