Introduction: MVNO definition and main business models MVNO definition MVNO business models Global and regional MVNO market context MVNO market worldwide MVNO market in the Middle East Regulatory context Most prevalent MVNO business models in the Middle East Market details: Case studies Discount: Renna Oman Niche, Ethnic: Virgin Mobile Saudi Arabia Ethnic: FRiENDi Jordan Conclusions: Key findings and recommendations Appendix: Acronyms and Definitions

Exhibit 1: MVNO market structure Exhibit 2: MVNO main operational business models Exhibit 3: MVNO Models, including those used in the Middle East Exhibit 4: MVNO business models Exhibit 5: MVNO business models (cont.) Exhibit 6: MVNO business models (cont.) Exhibit 7: MVNO business models (cont.) Exhibit 8: MVNO subscription market share by region, 2015 Exhibit 9: MVNO subscription as a percentage of total mobile subscriptions by region, 2015 Exhibit 10: MVNO subscription market share by country, the Middle East, 2015 Exhibit 11: MVNO subscriptions as a percentage of total mobile subscriptions by country, 2015 Exhibit 12: Regulatory drivers impacting MVNO markets Exhibit 13: MVNO regulations in specific Middle Eastern markets Exhibit 14: Number of MVNOs and market share per business model, Middle East, February 2016 Exhibit 15: Most prevalent MVNO business models in the Middle East based on their marketing approach, 2016 Exhibit 16: Non-national population as percentage of total population, 1990-2010 Exhibit 17: Examples of key Niche MVNO and MNO sub brand target segment in Middle East Exhibit 18: Cellact Israel solutions Exhibit 19: Main reasons to launch a retail MVNO model Exhibit 20: Renna promotional offers, February 2016 Exhibit 21: Oman mobile industry KPIs, 2015E Exhibit 22: Impact of MVNOs on MNO market share, 2008-2015 Exhibit 23: Renna subscriptions, Oman, 2011-2020 Exhibit 24: Examples of Virgin and FRiENDi products/services Exhibit 25: Saudi Arabia mobile industry KPIs, 2015 Exhibit 26: Virgin targeted Facebook campaigns, 2015 Exhibit 27: Virgin/FRiENDi subscriptions, KSA, 2014-2020 Exhibit 28: Jordan mobile industry KPIs, 2015 Exhibit 29: FRiENDi'S prices on international calls vs. Umniah Jordan prices, February 2016 Exhibit 30: FRiENDi subscription market share, Jordan, 2011-2020 Exhibit 1: MVNO market structure Exhibit 2: MVNO main operational business models Exhibit 3: MVNO Models, including those used in the Middle East Exhibit 4: MVNO business models Exhibit 5: MVNO business models (cont.) Exhibit 6: MVNO business models (cont.) Exhibit 7: MVNO business models (cont.) Exhibit 8: MVNO subscription market share by region, 2015 Exhibit 9: MVNO subscription as a percentage of total mobile subscriptions by region, 2015 Exhibit 10: MVNO subscription market share by country, the Middle East, 2015 Exhibit 11: MVNO subscriptions as a percentage of total mobile subscriptions by country, 2015 Exhibit 12: Regulatory drivers impacting MVNO markets Exhibit 13: MVNO regulations in specific Middle Eastern markets Exhibit 14: Number of MVNOs and market share per business model, Middle East, February 2016 Exhibit 15: Most prevalent MVNO business models in the Middle East based on their marketing approach, 2016 Exhibit 16: Non-national population as percentage of total population, 1990-2010 Exhibit 17: Examples of key Niche MVNO and MNO sub brand target segment in Middle East Exhibit 18: Cellact Israel solutions Exhibit 19: Main reasons to launch a retail MVNO model Exhibit 20: Renna promotional offers, February 2016 Exhibit 21: Oman mobile industry KPIs, 2015E Exhibit 22: Impact of MVNOs on MNO market share, 2008-2015 Exhibit 23: Renna subscriptions, Oman, 2011-2020 Exhibit 24: Examples of Virgin and FRiENDi products/services Exhibit 25: Saudi Arabia mobile industry KPIs, 2015 Exhibit 26: Virgin targeted Facebook campaigns, 2015 Exhibit 27: Virgin/FRiENDi subscriptions, KSA, 2014-2020 Exhibit 28: Jordan mobile industry KPIs, 2015 Exhibit 29: FRiENDi'S prices on international calls vs. Umniah Jordan prices, February 2016 Exhibit 30: FRiENDi subscription market share, Jordan, 2011-2020