Bharti AirtelManagement Presentation – August

2016

Disclaimer

Certain numbers in this presentation have been rounded off for ease of representation

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

2

1998 2004

300

million

customers

First

launched

in Delhi

and HP

Pan India

footprint;

India’s

largest

telco

2008

Launch

direct to

home

services

(DTH)

2010

Acquired

Zain;

Present in

over 20

countries

2011 2012

3G

services

launched

2014

First

operator

to launch

4G in

India

2015

#3

operator

in the

world -

Crossed

300 million

customers

Source: Company Filings

Start up (1995 - 2000) Land Grab (2001 - 2010) Multiple Plays (2011 onwards)

Journey Through The Times

Launch of

Airtel

Money in

India

2013

3

2016

Pan India

data

operator

with 4G

across

334 towns

and 3G in

21 of 22

circles

Only

operator

in India

with pan

India 3G

& 4G

What Guides Us

4

• Win customers for life through differentiated experience, products and world class technology

Customer Centricity

• Growth despite challenges

• Grow market share, strip out waste

• Accelerate non-mobile businesses

Performance Excellence

• Highest corporate governance and disclosure rankings

Transparency & Ethical Governance

Investment Highlights

5

Large residual opportunity

Bulk investments already in place; good spectrum bank

Diversified operator with scale and dominance in marketplace

Demonstrated best in class execution

1

2

3

4

6

1. LARGE RESIDUAL OPPORTUNITY

Voice Secularity

• Under-penetrated geographies

• Unique mobile users at c. 50% of total SIMs (large dual-SIM user base)1

• Declining age dependency2

• Industry consolidation, top 3 operators account for 73% RMS3

Data

• India mobile broadband (3G/4G) penetration under 13%3

• Smartphone shipments show tremendous growth

• Smartphone data traffic growth forecasted to grow 22x over 6 years4

Untapped Opportunities

• Payments Bank and other non-mobile businesses

Source: 1. Cisco VNI forecasts, Ericsson Mobility Report 2. UN estimates, 3. TRAI, 4. Ericsson Mobility Report

7

India, Africa have the lowest wireless penetration

Source: Ericsson Mobility Report 2016

Overall 80% but

Rural – ~ 51%

Opportunity

8

India: 2nd largest mobile market in Asia, but long way from saturation

Source: TRAI; Ericsson Mobility Report; GSMA; CISCO VNI

506

562

619

660

697

734

2015

2016

2017

2018

2019

2020

7.7% CAGR2015: ~50% of total

mobile connected devices

2020: ~54% of total mobile

connected devices

India Unique Subscribers

Opportunity

9

10 Operators 14 Operators 12 Operators 10 Operators

Market share

Industry wide focus on improving operational and financial health

• Industry consolidation via market share gains, with top 3 now accounting for over 73% of the industry revenues

• Exits by many operators post Feb 2012 SC verdict (122 licenses cancelled), many rationalized their footprints

• Spectrum auctions fortified consolidation story

Source: TRAI

1. Revenue shares are based on Gross Revenues

64% 66% 70% 73%

36% 34% 30% 27%

2009 2012 2014 2016

Top 3 Others

iRMS

~95%

India: Industry Consolidation Underway via Revenue Shares

Opportunity

10

India: Data only 22% of mobile revenues

Source: Company Reports, BAML

72% 71%

66%

46% 45%42%

35% 35% 34%

29%

22%

12%

Sou

th K

ore

a

Jap

an

Ho

ng

Ko

ng

Thai

lan

d

Taiw

an

Sin

gap

ore

Ch

ina

Ind

on

esi

a

Mal

aysi

a

Au

stra

lia

Ind

ia

Ph

ilip

pin

es

Data as a % of Revenue (2015)

Opportunity

11

India: Transitioning to a Smartphone Market

Source: Ericsson Mobility Report; GSMA Intelligence, IDC, JP Morgan estimates

93%83%

69%55%

41%

24%8%

7%17%

31%45%

59%

76%92%

2012 2013 2014 2015E 2016E 2017E 2018E

Feature phones Smartphones

148M smartphones expected in 2016 - 60% would be 4G capable

Opportunity

12

… driven by increasingly affordable handsets

30 Mn

240 Mn75 Mn 360 Mn

2014 2020 2014 2020

Source: Ericsson Mobility Report; GSMA Intelligence

Prices are expected to fall by 40–50% over the next 3 years for high-end smartphones

High end smartphones (~ USD 165+) Low end smartphones (~ USD 35)

Opportunity

13Source: Ericsson Mobility Report

…and growing appetite for data services

Airtel owned apps

Opportunity

14

… will drive increase in consumption

Source: Ericsson Mobility Report

Opportunity

15

• Offered in India and all 15 opcos in Africa

• KPI: Africa (Q1’FY17)

• 8.6 mn active customers, up 23% YoY, transacting c $5 bn / quarter

Airtel Money

• Carrier agnostic music and video apps with a curated library of 1.8 million songs and over 5000 movies & 20,000 other video content

• Wynk Music: 25 million downloads, most downloaded music app on Play Store in India

Wynk Music, Video & Games

• Makes internet discovery easy for first time users

• 53 million page views within 4 months of launch

• Accredited as “Best Mobile Service of the Year for customers” at GSMA Global Mobile Awards 2015 at Barcelona

One Touch Internet

We continue to innovate across areas that matter

Opportunity

Significant opportunities exist in payments bank and DTH

16

Digital payments will touch $500bn in India by 2020

Source: BCG-Google Digital payments 2020, KPMG-FICCI Indian Media and Entertainment Report 2016

44

55

74

2015 2016P 2017P

No. of pay DTH subscribers projected

to increase to 74mn by 2017

Card Digital Other Paper Cash

Payment Instrument Mix for Countries (2015) No. of DTH subscribers

Opportunity

Fixed broadband and enterprise services market has huge growth potential

17

2015 2021

Collaboration services and Enterprise Mobility

are fast growing verticals and are estimated to

register growth of 18.9% and 20.7% respectively

over the FY’15 to FY’21 period

Source: Broadband Commission Report 2015 , IDC Asia

37.4

30.4

29.3

17.5

14.4

3.2

1.2

United Kingdom

United States

Japan

Russia

China

South Africa

India

Fixed broadband subscriptions per 100

capita, 2014Enterprise data services market growth

Opportunity

18

2. BULK INVESTMENTS IN PLACE

Spectrum Bank

• Successful re-farming of sub-GHz spectrum for 3G

• 3G gap circles covered

• 4G coverage pan-India

Largest network of towers and base stations

• 95.1% voice population coverage

• Mobile broadband towers up 89% over the last year

Largest network of optic fiber

• Global and national long distance fiber – over 444,031 RKms

• Added c. 8,876 RKms over the past quarter

Source:

1. Including Qualcomm, Videocon, Aircel licenses, excluding administered spectrum

2. Based on 2015 auctions19

Nominal value of

liberalized spectrum at USD 13.4

billion1

Industry leading revenue

yield/MHz at 2x avg with

same cost/MHz2

Wide spectrum presence:

21.0% spectrum

market share

Largest optical fiber

network amongst private players

Prime spectrum to yield data growth:

Virtually Pan India 3G &

4G

India: Investments to Yield ResultsInvestments

Source: TRAI, Department of Telecom, Company Filings

1. Including Qualcomm, Videocon, Aircel licenses, excluding administered spectrum 20

India: Superior Spectrum Position

Pan India 4G, 3G available in 21 circles

3G sub-Ghz available in 10 circles covering 50%

of own revenues and 45% of industry revenue

4G Carrier aggregation covers 69% of own

revenues and 64% industry revenues

54%

92%

48%

88%81%

69%

0

20

40

60

80

100

3G (900) 3G (2100) 3G (900 & 2100) 4G (1800) 4G (2300) 4G (1800 & 2300)

10 19 8 18 17 13No. of circles present in

Spectrum

Band

Industry

Spectrum

(MHz)

Industry Spectrum

ex BSNL/MTNL

(MHz)

Spectrum held

by Bharti

(MHz)

Bharti spectrum

Market Share ex

BSNL/MTNL

900 421.0 282.8 110.2 39.0%

1800 991.5 925.3 212.1 22.9%

2100 520.0 410.0 100.0 24.4%

2300 580.0 440.0 170.0 38.6%

Spectrum holdings across bands; % of own revenues covered1

Investments

1. Including Qualcomm, Videocon, Aircel licenses, excluding administered spectrum

21

Pan India1 3G and 4G footprint Investments

3G (900) 3G (2100)

3G

(Carrier

Agg) 3G Total 4G (TDD) 4G (FDD)

4G

(TDD+FD

D) 4G Total

Andhra Pradesh Y Y Y Y Y Y Y Y

Assam Y Y Y Y Y — — Y

Bihar — Y — Y Y Y Y Y

Delhi Y Y Y Y Y Y Y Y

Gujarat — Y — Y — Y — Y

Haryana — Y — Y Y Y Y Y

Himachal Pradesh Y Y Y Y — Y — Y

Jammu & Kashmir — Y — Y Y — — Y

Karnataka Y Y Y Y Y Y Y Y

Kerala — — — — Y Y Y Y

Kolkata Y — — Y Y Y Y Y

Madhya Pradesh — Y — Y Y Y Y Y

Maharashtra — Y — Y Y — — Y

Mumbai Y Y Y Y Y Y Y Y

North East Y Y Y Y Y Y Y Y

Orissa — Y — Y Y Y Y Y

Punjab Y — — Y Y Y Y Y

Rajasthan Y Y Y Y — Y — Y

Tamil Nadu — Y — Y Y Y Y Y

Uttar Pradesh (East) — Y — Y — Y — Y

Uttar Pradesh (West) — Y — Y — Y — Y

West Bengal — Y — Y Y — — Y

Number of circles covered in 10 19 8 21 17 18 13 22

% of own revenues covered 54% 92% 48% 98% 81% 88% 69% 100%

22

Africa: Invested for Growth

20162010

Capex Investments till date: $ 5.1 bn

Well funded out of EBITDA: $ 6.0 bn till date

Thus OFCF = $ 0.9 bn

Further focus on business re-contouring

Tower Sales in 11 countries

Divestment of 2 countries to Orange

Total proceeds: $ 3.25 bn

Already received: $ 2.8 bn

Investments

23

3. AIRTEL: DIVERSIFIED OPERATOR WITH SIGNIFICANT SCALEProfitability and scale across diversified segments

• Dominant position to capitalize with bulk investments in place

• Only operator with diversified portfolio

• Scale leading to operating leverage

• Generating c. $1 bn yearly organic free cash

Leadership across geographies

• Leader in India, #1 or #2 in 12 African countries

Leading market shares

• Highest revenue market share and subscriber market share1

• Incremental RMS 53.4%1 Y-o-Y

• Incremental subscriber share 39.3%1 Y-o-Y

Source: 1. TRAI. Incremental RMS is Mar’15-Mar’16. Incremental CMS is Apr’15 – Apr’16

Allowing Airtel

the best

chance to

capitalize on

the

opportunities

ahead, with

bulk of

investments

already done

Multiple plays, multiple opportunities

24

Mobile Services across 18 countries

• 358 mn1 wireless subscribers globally

• Over 1.41 trillion minutes of calls (TTM)

• Over 671Bn MBs of data over the last year

Homes Services (Fixed Line & Broadband)

• 2.0 mn1 broadband & internet customers

• Revenue growth – 11% YoY

Digital TV

• Pan India DTH, 12.1 mn1 subscribers – top 3 player

• Revenue growth – 22.2% YoY

Airtel Business (Large enterprises and carriers)

• Over 230,000 Rkms1 across 50 countries, 5 continents

Tower Infrastructure Services

• Bharti Infratel – 38,642 towers1 across 11 circles

• 42% stake in Indus Tower which has 120,739 towers1

across 15 circles

• Revenue growth – 6% YoY

1. Bharti Airtel Quarterly Report for quarter ending June 30, 2016

EBITDA contribution (Q1’17)

Scale

65.0%

3.0%

3.1%

7.9%

7.0%

14.2%

0.0%

Wireless India

Telemedia

Digital

Airtel Business

Tower Co

Africa

SA

25

Profitability & Scale across Diversified Segments1

Global Telco – Multiple businesses create opportunity for Convergence

357 million customers

$3,838

$858 $251

$727

$8,565

$1,192

$446 3.0%3.5%

4.4% 7.4%

7.9%

16.2%

17.8%

9.9%

5.4%

11.8%

13.0%

32.3%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

33.0%

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

Africa Tower Infra SA Telemedia India Wireless Airtel Business Digital TV

USD Rev

EBITDA Growth

YoY RevenueGrowth

208% 71.1%

Scale

1. As of FY 2016

Scale brings Operating Leverage1

26

Overview Consolidated Revenues ($ Mn)2

Operating Free Cash ($ Mn)Significant Margin Expansion

Presence in 18 countries

#3 Operator in the World

#1 in India & #1 or #2 in 12 countries in Africa

US$ 14.74 bn Revenue

US$ 5.22 bn EBITDA

2.02 addressable population

Only operator with Pan India 3G & 4G

32.57%

30.34%

32.47%

34.17%

35.40%

2012 2013 2014 2015 2016

61%+ YoY IncrementalMargins

Source: Company filings

1. As of FY 2016 2. Adjusted for constant currency

10,435

11,745

13,095

14,056

14,742

10,000

10,500

11,000

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

2012 2013 2014 2015 2016

689 795

1,692

812 917

678

1,603

2012 2013 2014 2015 2016

Organic Inorganic

1,490

2,520

Scale

27

4. BEST IN CLASS EXECUTION

Q1’17 highlights

• India – Broad based revenue growth across mobile, DTH, Homes, Enterprise segments

– Mobile revenue up 9.1% YoY via industry leading net subscriber additions, incremental RMS

– Data volumes up 55%, Data ARPU up 12% YoY

– Voice volumes grew 8.3% YoY

• Africa– Revenue growth 2.0% YoY

– Data volumes up by 106% YoY, now 16.5% of mobile revenues

– Voice volumes up 7.6% YoY

– Airtel Money has 8.6 mn active customers, up 23% YoY, transacting c. $5 bn / quarter

• Strong operating leverage– EBITDA margin expansion of 270 bps YoY

– Net Income before exceptional items up 25.6% YoY

Driving increased Profitability

• Incremental EBITDA margins at 72% YoY

• Scale and Profitability across diversified segments• Among Top 3 in every non-mobile segment (TowerCo, DTH, Homes, B2B)

• 33% of consolidated EBITDA comes from businesses other than India mobility

• 21% from India non-mobile businesses

• 12% from International mobility businesses

• Robust EBITDA growth in Indian non-mobility businesses – 12.2% YoY in Airtel Business and 25% in Digital TV

• Non wireless segments contribute 24% to operating profit (Q1’17)

• Africa showing signs of growth with bulk operating investments already in place –monetization to catalyze transition to FCF neutrality

28

Execution

Strategic Pillars for execution

29

Execution

Vibrant Brand

Go to

Market

Excellence

War on

Waste

Win with

People

Win with a

Brilliant

Network

Experience

Digital Airtel, Vibrant Brand

Win with

Valuable

Customers

30

Execution

Creating opportunities

• Night cash back, night plans – Reduced rates during night usage

• Myplan – Customized plans as per customer usage

• Family – Tailor made plan and share benefits with family

• Infinity – Options with unlimited benefits

• Wynk – Music, movies, games

• Payments Bank, Airtel Money

Strategic Partnerships

• Airtel + Uber – Integrated mobile money wallet & free 4G internet usage in parts of the country

• Airtel + Oyo – Partners for WiFi and DTH services

Source: Ericsson Mobility Report

Strategic Pillars: Go to Market Excellence

Game changing innovations

Driving increased brand awareness

31

Awareness (%) - 84

Brand recall (%) - 96

Ad reach index - 81

Source: Mint Ipsos TV AdIndx Survery

Likeability (%) - 84

Enjoyability(%) - 84

Believability (%) - 75

Claim (%) –75

Ad diagnostic -

80

Airtel 4G ad – Top television in April 2016

Ad diagnostic score

Execution

Voice: Significant growth

32

Value Growth

Volume Growth

Significant gap b/w realized & rack rates;

1 paisa upside adds $200 mn to top line

290,802

282,138

290,459

307,988

314,831

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Airtel carries over 1.41 trillion minutes

Secular volume growth 8.2% Y-o-Y

32,791

34,620

33,669

34,940

35,293

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Execution

Source: Company Filings

Increasing market share in rural India

101.3

107.6

110.3112.4

117.5

45.9%

46.9%

47.1% 47.1%

47.6%

45.0%

45.5%

46.0%

46.5%

47.0%

47.5%

48.0%

100

102

104

106

108

110

112

114

116

118

120

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16

Airtel's Rural Subscriber Base % of Rural Subs in Airtel's base

Source: TRAI

27.1%26.5%26.1%25.7%25.4%Airtel: Rural subscriber share

Execution

Fastest Growing Data Business in India

34

First brand to own and launch 4G in India

4G services Pan India post spectrum deals with Aircel

and Videocon

4G at 3G prices

Annualized data revenues c. $2.12 bn

Airtel recognized as the smartphone network

Data usage per customer up 28% YoY

Data revenues and growth

Data as a % of Mobile revenues

Data volumes growth (bn MBs)

26,471

29,406

32,278

34,146 35,667

20,000

22,000

24,000

26,000

28,000

30,000

32,000

34,000

36,000

38,000

102.0

115.0

134.0

146.8

158

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Execution

Source: Company Filings

5.40%

5.60%

5.80%

5.90%

6.10%

23.7%

23.30%

23.10%

21.50%

19.20%

Q1'17

Q4'16

Q3'16

Q2'16

Q1'16

Other Non Voice Non Data Data %

Data Growing Exponentially in Africa

35

Source: Company filings

1. In Constant Currency

Africa data volumes (mn MBs) Africa data revenues (USD mn1)

Execution

117.8

126.7

133.6

147.0

154.5

Q1'FY16 Q2'FY16 Q3'FY16 Q4'FY16 Q1'FY17

13,843

16,483

20,049

23,646

28,539

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

36

Strategic Pillars: Win with Brilliant Network Experience

Blocked calls Repeat calls Dropped

calls

Frustration index

An open networkInvest in toolsEliminate frustration

Capex Outflow FY’16 (mn) Guidance (bn) Q1’17

India & SA $2,379 $2.2 - $2.4 ~ $620mn

Africa $771 $0.7 - $0.8 $112mn

Largest capital expenditure of

Rs. 60,000 crore over 3 years

towards a comprehensive network

transformation

Execution

Strategic Pillars: Win with Valuable Customers

37

Execution

Airtel India: Postpaid

subscriber base inching up,

Data ARPU up 12% YoY

Source: Company Filings

181

193

200

196

202

5.6%

5.8%

5.9%6.0%

6.1%

5.5%

5.6%

5.7%

5.8%

5.9%

6.0%

6.1%

6.2%

165

170

175

180

185

190

195

200

205

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Data ARPU Post Paid Customers

38

• Airtel has industry wide lowest churn at 3.6%

• Led to rationalization of Gross Acquisition Costs

Source: As per company’s reported numbers

India: Churn %

• In Africa, churn decreased from 6.7% in March 2016 to 5.0% in June 2016

Africa: Churn %

Quality Subscriber AcquisitionsExecution

3.3%

3.5% 3.4%

3.3%

3.6%

Jun'15 Sept'15 Dec'15 Mar'16 June'16

5.4%5.8% 5.9%

6.7%

5.0%

Jun'15 Sept'15 Dec'15 Mar'16 June'16

39

Adding valuable customers across verticals

Data: 58.9 mn, growth – 19% YoY

DTH: 12.1 mn, growth – 17% YoY

DSL: 1.8 mn, growth – 24% YoY

Mobile broadband net adds1 (‘000) DTH net adds (‘000)

Home broadband net adds (‘000)Airtel customer base (Q1’17)

Execution

2018

3752

5397

4579

1112

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

339

164

530

619

424

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

35

94 9486

80

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

40

Strategic Pillars: Win with War on Waste

• Increasing Opex

Productivity

• Smart procurement

• Frugal cost structure

• Maximizing sharing

• Network re-design

• Divestment of towers

Execution

Source: Company Filings

43.3% 43.3%43.4%

42.0%41.70%

40.5%

41.0%

41.5%

42.0%

42.5%

43.0%

43.5%

44.0%

0

0.2

0.4

0.6

0.8

1

1.2

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Opex to Total Revenues

Strategic Pillars: Win with People

Build a high performance

culture

Learning, mentoring, succession

planning

Build capabilities

and help people grow

Execution

42

Enhancing leadership Position across Geographies

RMS1 Rank # of circles Avg. RMS

#1 12 41.1%

#2 5 27.5%

#3 5 17.7%

No 1 Share

No 2 Share

No 3 Share

1. RMS is as of Mar’2016. For Africa, only for GSMA telecoms are considered

Source: TRAI; Company data, CIA World Factbook, World Bank

Market Position # of Countries

#1 5

#2 7

#3 3

Execution

Enhancing India Subscriber Market Share

43

19%5%6%10%17%19%24%

Source: TRAI

1. Subscriber market share is as of April 2016 above.

2. Q1 data is as of TRAI April 2016 and April 2015 respectively

23.5%

0.3%

0.5%

0.2%

24.4%

Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17

4G Launch

– pan India

Project

Leap, Wynk

Games

0.1%

AirtelIncremental market share 39.3% YoY

Subs in mn

AirtelIndustry wide lowest churn – 3.6%

Airtel Vodafone Idea (Incl Spice) Reliance Tata Tele Uninor Others

252

175

60103

198

52

195

Entered into an

agreement to

acquire

Videocon and

Aircel’s spectrum

Execution

Enhancing India Revenue Market Share1

44

1%2%6%7%5%5%19%23%32%

1. RMS is calculated on the basis of gross revenues. Source: TRAI

2. RMS is as of Q4’16

AirtelIncremental revenue market share 53.4% YoY

Execution

30.4%

31.3% 31.3%

31.6% 32%

Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4'16

Airtel Vodafone Idea (Incl Spice) Reliance BSNL+MTNL Tata Tele Aircel Uninor Others

STRONG CORPORATE

PROFILE

Financial flexibility & Balance Sheet Focus

Diversified debt profile; focus on deleveragingOver last 3 years:

Leverage: Net Debt to EBITDA down from 3x to 2.4x

Average Maturity: Average tenors pushed out from 2 years to 6 years

Diversified debt mix: 100% bank to a mix of bonds, bank, ECA and DoT debt

Currency diversification: 75% USD to a mix of USD (40%), INR (37%), EUR (16%), Rest (7%)

Interest: 100% floating to predominantly a fixed portfolio

46

Strategic initiatives undertaken include Airtel QIP, Infratel IPO & further sell down

Deleveraging in Africa via tower sales and divestment of 2 countries to Orange

Highest Standards of Corporate Governance

Credit Rating and Information Services of India (“CRISIL”) has

assigned its Governance and Value Creation rating “CRISIL GVC Level

1” to the corporate governance and value creation practices of Bharti

Airtel

Quarterly financials audited on Ind-AS basis

Diversified Board – 50% independent directors

SingTel representatives on the Board of the company

Ranked first in a listing of 100 emerging market multinational

companies as part of a study on corporate transparency and reporting

by Transparency International

IG rating from 3 International Rating Agencies

47

Ranked #1 in FTI Consulting’s “India Disclosure Index” for Mandatory

& Voluntary disclosure practices, for the second year in a row

Summary

India & Africa remain attractive markets, with large opportunities

We are extremely well positioned

• Large customer base

• Only operator with diversified portfolio

• Scale leading to operating leverage

• Generating c. $1 bn yearly organic free cash

Bulk investments in place, asset restructuring in progress

• Spectrum

• Network

• Deleveraging via asset monetization (Tower sales, sale to Orange, Bangladesh

merger)

We have to continue to drive best in class execution

48

………while maintaining strong balance sheet focus for returns as

well as enhanced financial flexibility

THANK YOU