Hi Mr. Mohamed,

I have the pleasure to present to you the operation of the IPO of TELNET Holding on the Tunisian Stock Market.

You will find attached the document presenting the company, their performances and the updated evaluation for the IPO.

Hoping that interests you and be a part of your investment objectives, please contact me if you have any question or need additional information.

In the other side, we are looking for new investors from the GCC region which are interested by our stock market opportunities. So, and according to your large experience and the quality of your contacts, I hope we can do great business together.

I look forward to hearing from you soon.

Best regards,

Fakhri Makhlouf

Back Office

E-mail: fakhri.makhlouf@axiscapital.com.tn

Axis capital - BMCE Group

www.axiscapital.com.tn

67. Av Med V- 1002 Tunis

Tel: 00 216 71 905 232-

Fax 00 216 71 904 522