Extension in publication date of 2006 consolidated financial statements

Extension to File 2006 Audited Financials/Annual Report

To whom it may concern:

Extension to File 2006 Audited Financials/Annual Report

Dubai Holding Commercial Operations Group LLC (“DHC Group”), as the agreed on reporting entity in relation to the Notes listed on the DIFX under Dubai Holding Commercial Operations MTN Limited US$ 5,000,000,000 Debt Issuance Program, is required as per Appendix A2.1.1 # 13 of the DFSA Offered Securities Rules (OSR), to file its 2006 Audited Financials/Annual Report within 120 days from the date of the financial period ending 31 December 2006, for DHC Group will be by 30 April 2007, as per the amended OSR Version 6 dated October 2006.
DHC Group would like to announce that it will be filing its 2006 Audited Financials/Annual Report by 31 May 2007 instead of 30 April 2007. DHC Group has informed the DFSA in writing of the extension required to file.

The delay in finalization of DHC Group's financials for 2006 is for the following reasons:

1- Recent acquisitions in 2006, in particular Tunisia Telecom and Maltacom. In accordance with International Financial Reporting Standards (IFRS 3), DHC Group was required to carry out a "purchase price allocation" which is a lengthy and complex process especially in the telecom industry. Due to the dependency on a third party consultant, this exercise was only completed recently and is currently being reviewed by our auditors.

2- The audited financials for DHC Group's investments in subsidiaries and associates where minority or majority stakes were held were finalized late and accordingly the audited results became available only in mid April. Due to the size and nature of such investments, DHC Group's auditors will only rely on the audited financials.

3- Several of DHC Group's investments report under General Accepted Accounting Principles (GAAP) while DHC Group itself reports under IFRS. Accordingly, conversion from GAAP to IFRS is required and is a lengthy process, especially when, for example, one of DHC Group's major investments reports under Tunisian GAAP.

4- Recent amendments to IFRS 39 require a restatement to the 2005 audited financials.
This resulted from a usually standard process by the International Financial Reporting Interpretations Committee to amend specific elements of the standard and hence affecting DHC Group's accounting policies not only for the current year but also for the previous year.
5- Complex treasury transactions. Due to several cross border acquisitions and as part of a hedging strategy, DHC Group has entered into complex cross currency swaps and derivatives to hedge currency and interest rate exposures. In accordance with IFRS 39, such structures require hedge effectiveness testing and to be fair valued. Due to the complex nature of these transactions, we referred such complex transactions to our auditor’s technical team in London to provide additional comfort on the accounting treatment.

6- At the end of 2006 DHC Group also decided to amend the interpretation of the accounting policy related to the development of Infrastructure. This required the testing by and agreement of the various subsidiaries of DHC Group. The matter was concluded in March 2007 after several discussions with DHC Group's auditors.
7- Finally, DHC Group comprises of more than 105 subsidiaries including several holding companies which involve several layers of consolidations. This also prolonged the consolidation process.

DHC Group confirms that the delay is a one-off incident, and is not in any way due to any change in the financial position of DHC Group which would adversely affect the Note Holders (for the purposes of the US$5,000,000,000 Debt Issuance Program, a “Noteholder” means the bearer of any Note and the Receipts relating to it, “holder”(in relation to a Note, Receipt, Coupon or Talon) means the bearer of such Note, Receipt, Coupon or Talon and capitalised terms have the meanings given to them in the Offering Circular, the absence of any such meaning indicating that such term is not applicable to the Notes).
Best Regards,

Fadel Al Ali
Chief Financial & Operating Officer
Dubai Holding Commercial Operations Group LLC
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