ePlanet Capital Fund II Portfolio Company FRiENDi GROUP Secures $25m in

Funding

San Jose, CA, April 28, 2011 --(PR.com)-- ePlanet Fund II portfolio company FRiENDi GROUP, the
leading MVNO/B-brand provider in the MENA region, has secured USD 25 million of funding to
accelerate future expansion plans across the Middle East, Africa and Asia region.

The new funding consists of USD 10 million equity from a combination of new and existing shareholders
and an innovative USD 15 million structured debt facility provided by Standard Bank Plc. The USD 10
million equity element is being provided by existing FRiENDi GROUP shareholders, led by Dolphin
International LLC of Oman, as well as by prominent new shareholder National Technology Enterprises
Company (NTEC), the venture capital arm of Kuwait Investment Authority (KIA). The new funding for
FRiENDi GROUP is seen as a vote of confidence from regional and international financial institutions
and investors in the future of the region's rapidly growing mobile telecommunications market.

Commenting on the new funding, Mikkel Vinter CEO, FRiENDi GROUP said: “The new funding from
distinguished financial institutions and investors is evidence that FRiENDi GROUP continues to break
new ground in the region, and will allow the company to accelerate its growth trajectory and make further
progress on delivering on the Group's strategic vision. We are delighted at receiving the Standard Bank
facility, which follows an exhaustive bankability review by Standard Bank of FRiENDi GROUP'S
operations, business model and its future prospects.” He also added, “ePlanet has made a number of
introductions to co-investors, companies and individuals in their network that have proved valuable to
FRiENDi GROUP. ePlanet has also been closely involved in the negotiation and securing of the debt
facility from Standard Bank, and we have benefited from ePlanet senior team member's investment
banking experience. ePlanet has provided invaluable support regarding strategic and operational planning
to both the FRiENDi GROUP and to our joint ventures in each of the countries in which we operate.''

Asad Jamal, Founder and Chairman of ePlanet, Friendi Group's largest institutional shareholder said:
“ePlanet is delighted to have NTEC join as a new shareholder and for Dolphin Group to increase its
investment in the company. ePlanet's global investment focus allows us to see investment opportunities
everywhere, and the wireless communications sector in the Middle East and Africa region remains one of
the most exciting in the emerging markets with industry analysts predicting that, over the next five years,
the region will experience the fastest growth in mobile data traffic in the world. FRiENDi GROUP's
innovative and now proven business model, including a growing focus on mobile data, has allowed it to
become one of the fastest growing telecom companies in the Middle East, and with the injection of new
capital, we are confident that this growth can accelerate."

Ashraf Hameedi, ePlanet Capital representative on the FRiENDi GROUP Board commented "ePlanet is
delighted to have assisted the company's strong management team in achieving this important financing
milestone. Emerging markets based expansion and growth stage companies face considerable challenges
accessing domestic and international credit markets. As a pioneer of global venture, expansion and
growth stage investing, ePlanet hopes that FRiENDi GROUP's success in raising a senior secured term
loan facility will inspire financial markets to more actively extend credit to such emerging markets

Page 1/3
PR.com Press Release Distribution Terms of Use
companies."

###

Page 2/3
PR.com Press Release Distribution Terms of Use
Contact Information:
ePlanet Capital
Amira Atallah
408-236-6500
aatallah@eplanetcapital.com
eplanetcapital.com

Online Version of Press Release:

You can read the online version of this press release at: http://www.pr.com/press-release/317336

Page 3/3
PR.com Press Release Distribution Terms of Use