Investor Presentation

Bharti airtel limited

August 2011

Disclaimer
The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time. There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc may be done at your end. You may also contact us directly for any questions or clarifications at our end. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. Actual results, performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number of factors, including without limitation future changes or developments in our business, our competitive environment, telecommunications technology and application, and political, economic, legal and social conditions in India. It is cautioned that the foregoing list is not exhaustive

The information contained herein does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.

Investor Relations :- http://www.airtel.in For any queries, write to: ir@bharti.in

The Company...Bharti airtel An Integrated Telco

Wireless Services 2G 3G Rural Market Telemedia Services Fixed Line Broadband IPTV

Enterprise Services Carriers Corporates Passive Infrastructure Services Infratel Indus DTH Pay per view / HD Interactive Services including Gaming

Fully integrated telecom player offering end to end solutions and entering new geographies

The CompanyBharti airtel

No. of circles (India) 15 Today Countries 19

22

1996

2001

2003

2004

2010

Fully integrated telecom player offering end to end solutions and entering new geographies

Growth trajectory reflected in the numbers

1996
Single Circle Operator < 25k ~ USD 17 mn ~ USD 2.5 mn ~ USD 1.4 mn ~ USD 16 mn Company Profile Customers Revenue EBITDA Cash Profit Market Capitalization

2011
Largest integrated private telecom operator ~ 221 mn ~ USD 13 bn ~ USD 4 bn ~ USD 4 bn ~ USD 30 bn

Continuing on our journey of Value Creation

Note: 1) 2011 financials are as per FY 2011 results. 2) Exchange rate: Financials as of 31st Mar 11 : Rs 44.65

Financials & Positioning

Key financial metrics

FY 11 (in Mn) Customers Revenue EBITDA Cash Profit Net Income EBITDA Margin (%) ROCE (%) 220.9

Positioning in the world & in India

3rd LARGEST in -country wireless operator in the world (1) LARGEST private INTEGRATED telecom company in

$ 13,319 $ 4,472 $ 3,983 $ 1,354 34.6 10.8

India 5th LARGEST Mobile telecom operator in the world Amongst the largest providers of Passive infrastructure (by towers) (2)

Note: FY11 numbers are as per IFRS as per March11 quarterly report. Exchange rate for Re to $ conversion: 44.65. (1) 3rd largest wireless operator in the world refers to in-country (single country) operator based on the number of subscribers. 5th largest mobile operator on basis of number of subscribers.(2) Through its subsidiary Bharti Infratel & Indus Towers in which Bharti Infratel owns 42% stake.

Latest Results 1Q12

Key operating and financial metrics

Q1 FY 12* Customers Revenue EBITDA Cash Profit Net Income EBITDA Margin ROCE 230.8 mn $ 3,798 mn $ 1,276 mn $ 1,085 mn $ 272 mn 33.6% Y-on-Y 25.9.% 45% 34%

Continued Strong Performance

Wireless CMS Wireless RMS Total MOU carried in Qtr Balance sheet strength: Assets $ 33.2 bn $ 13.4 bn 2.8 Times 19.8% 30.0% 251.9 bn

26% -25%

Net debt Net debt to EBITDA (annualized)

Continues to be FCF positive on at South Asia 8.2% Level.

Includes full quarter numbers for Africa Exchange rate as of 30th Jun 2011: 44.72 **RMS as per March quarter released by TRAI

Performance dashboard - 3 line graph

175,000 165,000 Total Revenue (Rs.mn) 155,000 145,000 135,000 125,000 115,000 105,000

73.6%

169,749 72.1% 70.8% 162,930 71.2% 157,721 152,294 69.9%

80%

70%

60%

50% 122,438 45.3% 42.5% 46.9% 44.8% 44.6% 40%

30% Q111 Q211 Q311

Opex to Total Revenue (RHS)

Q411

Q112
Capital Productivity (RHS)

Total Revenue (Rs. Mn) (LHS)

Productivity Indicators = growing revenues + cost efficiencies + capital productivity

The above chart is for Airtel Consolidated including Africa

Wireless Services

Indian Market
Overall Telecom Market
Population 1.2 billion Relatively large youth population Telecom penetration c.73.97% (~885.99 mn telecom subs) Sub number should go upto 1 Billion by 2015 Broadband penetration 1.64% (12.32 mn) VAS Usage per user ARPU Rate per minute 369 min ~ US$ 3.67 ~ US$ 0.01 ~ 13.5% Sub Base Wireless Penetration Operational metrics per month

Wireless Market
c.851.70 mn c.71.11%

Govt. target to reach 20 mn. Broadband subs by 2011

Lot of opportunity ahead.

Note: (1) Subscriber numbers and wireless penetration numbers as on June 30, 2011 are as per TRAI (2) Other indicators on the slide are based on Global Wireless Matrix 1Q11 dated 28th Apri11 by Merrill Lynch, and reflective of Industry numbers.

Rapidly Growing Indian Wireless Market

Net Adds in June 11.4 Mnlesser than over last 3 months average run rate of 16.3 Mn

S-curve triggered

Closing Subscribers 900 800 700 600

Net Adds 26 24 22 20 18 16 14 12 10 8 6 4 2 -

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

(m n)

500 400 300 200 100 -

M ay -04

M ay -05

M ay -06

M ay -07

M ay -08

M ay -09

M ay -10

India - Fastest Growing Market in the World

Note: (1) Actual Data as per Industry Association Releases and Industry Estimates in India.

M ay -11

N ov -03

N ov -04

N ov -05

N ov -06

N ov -07

N ov -08

N ov -09

N ov -10

Wireless Market Structure in India

Subscriber Trends
25%

Customer Market Share CMS (%)

23%
21 .6%

1 80 1 60 1 40 1 20

1 69 1 43 1 34 1 08 1 42 12 1 99 77 67 95 91 70 56 57 36 35 35 22 28

21% 19%

1 9.9% 1 7.5% 1 6.8% 1 7.2% 1 6.6%

1 06

17% 15% 13% 11% 9% 7%

(mn)

1 00 80 60 40 20

1 2.4% 1 .7% 1

1 3.2% 1 .2%1 1 0.8% 1 .4% 1 0.7%1 9.0%

21

BSNL+MTNL

BSNL+MTNL

5% Reliance

Idea

Reliance

Idea

Tata

Tata

Others

Vodafone

Jun-1 Jun-1 1 0

Net adds during the year

CMS( June' 11)

Vodafone

CMS( June' 10)

Airtel continuously consolidating its market leadership position despite intense competition

Airtel current monthly net adds at 2.1 million vs. 3.0 million a year ago Airtel ranks 1& 2 in 16 circles in terms of number of subscribers Over 65% of net adds coming from B&C circles (rural India)

Airtel Continues to lead on Revenue Market Share

Note: Based on subscriber data for India as on June 30 2011 as per TRAI press release.

Others

Airtel

Airtel

AirtelPerformance Indicators (Operational)

Customers & Market Share
100% 99.2% 97.5%

Prepaid/Postpaid
98.2% 98.1%

21.5% 180

20.8%

20.3%

97.3%

20.0%

19.8%

22%

96% 92% 88% 96.0% 96.1% 96.2% 96.3% 96.3%

18% 120 162.2 169.2 14%

60

136.6

143.3

152.5

84%

10%

80% 76% Q111 Q211 Prepaid Subs Q311 Q411 Q112

0 Q111 Q211 Cust omers (mn) Q311 Q411 CM S (% ) Q112

6%

Prepaid Net Adds

ARPU & RPM

490
60 50 40 30 20 1 0 Q11 1 Q211 RPM (Paise) Q311 Q411 Q11 2 44.83 44.44 44.1 9 43.1 3 42.76 21 5 300 202 1 98 194 1 90 250 200 1 50 1 00 50 0

MoU/Sub/Month & MON

480 454 449 449 445 280,000 218,190 228,331 230,000

480 470 460 195,197 196,196 205,018

180,000 450 440 430 420 Q111 Q211 Q311 Q411 Q112 M oU/ Sub (M in) Tot al minut es on Net work (M n M in) 80,000 130,000

ARPU (INR)

Current positioning and way forward

Leadership Positioning
Revenue
Revenue size (>$ 9 Bn) Revenue Market Share

Growth strategy and plans

New Revenue Streams
Changing face of growth through M-Com, Mentertainment & 3G

Cost
Improving cost efficiencies

Net Adds Maximizing usage

Driven by rural strategy

Non financial vitals

Brand Distribution Churn lower than industry Spectrum Mix (900/1800 MHz)

Lowest cost GSM network

Increasing the usage through U&R drive Wallet share

Telemedia Services

A Snapshot
Largest private operator having presence in the voice , broadband , IPTV and data. Focus on SMB segment & Broadband at Homes Key Performance Indicators
1. 2. 3. 4. 5. 6. 7. Voice (wire-line) and Data (DSL) Presence in 87 top cities of India. Target Segment : Retail and Small and Medium Enterprises. Customer base: 3.3 million (end June 2011) Broadband (DSL with speeds>256 kbps) penetration at 43.1% of customer base. Average ARPU for Quarter ended Jun11 $ 21.3 per month. Segment contributing to 7% of overall revenues of the company. EBITDA margin of over 45.5%.

Broadband revolution to follow wireless revolution in India SMB opportunity across ICT stream

Enterprise Services

A Snapshot
Enterprise Services provides a broad portfolio of services to large Enterprise and Carrier customers Corporates: Single point of contact for all telecommunication needs for Top 2500 corporate customers, providing full suite of voice, data, and managed communications solutions Carriers: Wholesale voice and data services to over 130 domestic and 450 international telecommunications carriers, as well as ILD and NLD carriage for Airtels own customers Extensive national and international infrastructure Pan-India network with 148,792 Route kms of optical fiber, over 4,150 MPLS and SDH POPs Access network (terrestrial) in 87 cities, Wimax network in 143 cities, and over 1,500 local POIs International network with 225,000 Route Kms, connecting over 50 countries and 5 Continents. Key Performance Indicators (Q112) NLD Minutes Carried: 19.9 Billion ; ILD Minutes Carried: 3.1 Billion Revenue: Rs.10,410 Million (8 % Segment Contribution Share) EBITDA: Rs. 2,303 Million (22.1% EBITA Margin)

Emerging Growth Engines Passive Infra Africa

Financial Performance Passive Infra

Revenue
35.5
550 509 500 450 400 350 300 Q111 Q211 Q311 Q411 Q112
100 Q111 Q211 140 200

EBITDA
37.1 38.6 37.0 37.7
192 183 180 175

490 471 438

493

189

160

155

120

Q311

Q411

Q112

Focus on tenancy enhancementdriving Revenue & Profitability

The above nos for Revenue & EBITDA are in IFRS as per Quarterly Report & includes proportionate share (42%) in Indus .

Operational Performance Passive Infra

Infratel
Towers (nos) & Sharing Factor
34,000 1.73 33,000 32,000 31,000 31,196 30,000 Q111 Q211 Q311 Q411 Q112 1.40 32,424 31,831 32,792 32,942 1.50 1.65 1.65 1.68 1.70 105,000 1.60 103,000 101,000 99,000 97,000 Q111 Q211 Q311 Q411 Q112 104,901 106,438 107,789 108,586 108,922 1.80 109,000 107,000 1.75 1.78 1.80 1.83

Indus
Towers (nos) & Sharing Factor
1.77 1.87 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20

No of t ower s

Shar ing Fact or

No of t owers

Sharing Fact or

Sharing Revenue per Sharing Operator per Month (Rs)

Sharing Revenue per Sharing Operator per Month (Rs)

41,000 37,000 33,000 29,000 25,000 Q111 Q211 36,290 38,041

37,859 36,599

35,000 36,203 30,000 25,000 20,000 15,000 30,379 31,389 30,847 30,501

31,963

Q311

Q411

Q112

Q111

Q211

Q311

Q411

Q112

Shar ing Revenue per Shar ing Operat or per mont h

Shar ing Revenue per Sharing Operat or per mont h

Aims to enhance the tenancy ratio & be the preferred choice of vendor for all existing and new operators

Transaction Rationale

Shareholding and Management Control Brand Airtel

100% Cash Transaction

Global Stature Emerging Market Characteristics Strong Platform for Future Expansion

Focus on Core Middle East Operators

Clean / certainty of transaction

Manageable Deal Size Diversification of India Risk Avoid Greenfield

Low Competitive Intensity Significant Synergies

Speed in Transaction Repayment of Debt

The transaction meets the objectives of Airtel with long term strategic benefits and creates tremendous shareholder value

Differences between the two markets

India
Mobile Penetration 70%

Africa(1)
40%

Average Number of Competitors

10-12

3-5

Business Model

High usage, low pricing model

Low usage, high pricing model

Minutes of Usage

~445

~121

ARPU (US$)

~$4

~$7

ARPM (US cents )

And therefore huge opportunity space

Source: Global Insight, annual / quarterly reports. 1. Data pertaining to the 16African countries where Zain Africa has operations.

Another Growth Engine - Africa

Customer Base : 46.3 Mn Performance Indicators (CY 2011): Revenue: $ 2,878 Mn EBITDA: $ 6,30 Mn Prepaid Base: 99.3% one of the highest in the world Usage per sub per month: 121 Minutes one of the lowest ARPU: ~ US$ 7.3 Rate per minute: ~ US 6.3 one of the highest VAS: ~ 8.4% One of the lowest

Note: Above numbers based on Quarterly report ended 30 June ,2011.

Recent Honors

Bharti airtel Leadership in business

Economic Times Telecom Awards 2011 Innovative Product Value Added Service Customer Experience Enhancement Frost & Sullivan 2011 Asia Pacific ICT Awards Enterprise Telecom Service Provider of the Year Wholesale Data Service Provider of the year Mobile VAS Provider of the Year Indias Most Innovative company - Wall Street Journal Telecom Operator award 2011 - Won in 5 categories.
Most Admired company Best National Mobile operator

Recent Honours

Best VAS provider Best Enterprise services

Operator with Rural performance

DSCI Excellence Award 2011 for Security in Telecom- Security Leader of the Year' Bharti Airtel rated as Indias Best Enterprise Connectivity Provider- Users choice award Instituted by PC Quest Sunil Bharti Mittal : Global Game changer at Economic Times Telecom Awards 2011 Global Telecom Leader - Voice & Data magazine Akhil Gupta, Deputy Group CEO and MD - CFO India Hall of Fame by CFO India Manoj Kohli, CEO( International) & Joint MD - Telecom Man of the year - Tele.net Business world FICCI SEDF Corporate Social Responsibility Awards 2009-10

thank you