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Investor Presentation

Bharti Airtel LimitedJune 2009

DisclaimerThe 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

This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for any investment decision.

Investor Relations :- http://www.bhartiairtel.inFor any queries, write to: [email protected]

“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.”

3

Mobile Services Telemedia Services Enterprise Services

Bharti Airtel crosses 100 Mn customers

Third company in the world to cross 100 million subscriber mark in a Single country

Joins China Mobile and China Unicom in the 100M-Plus Club

Sixth largest integrated operator in the world after China Mobile, China Unicom, China Telecom, AT&T and Verizon

Started in 1995…took 13-1/2 years to reach 100 million mark

If Airtel customers were to form a single country, it would be 12th the largest country in the world

Continues to lead Revenue Market Share and Subscriber Market Share

Proud to lead the telecom revolution…positively impacting the lives of people

Plans to reach 200 million users in the next 2-1/2 years

Next phase of growth will come from Rural India which is still under penetrated

MNP and 3G will also act as catalyst in spurring further growth

What’s Next …

4


Advantage India

Deep Domestic Demand…Huge Growth Potential

Population: 1.1 billion→ increasing urbanisation→ relatively large youth population

GDP Growth (Real) : ~6.7%→ second highest growing economy

GDP Size (PPP adjusted): US$ 3 trillion→ fourth largest economy in the world

Telecom penetration: 38.88% (452.91 mntelecom subs)

→ one of the lowest→ Govt. target to reach 500 mn. telecom

subs by 2010Broadband penetration: 0.55% (6.40 mn)

→ one of the lowest→ Govt. target to reach 20 mn.

Broadband subs by 2010

Note: (1) Telecom and Broadband penetration is as at May 31st 2009, as per TRAI press release.

5


The Company...Bharti Airtel – An Integrated Telco

Wireless Services

2G/3GRural Market

Telemedia Services

Fixed Line

Broadband

DTH (Media)/IPTV

Enterprise Services

CarriersCorporate

Passive Infrastructure Services

Fully integrated telecom player offering end to end solutions

6


3rd LARGEST wireless operator in the world1

LARGEST operator in NLD, ILD and VSAT business

Bharti Airtel - positioning in the world and India

LARGEST private INTEGRATED telecom company in India

LARGEST WIRELESS operator in India

LARGEST private FIXED LINE operator in India

Note: (1) 3rd largest wireless operator in the world refers to in-country (single country) operator based on the number of subscribers.

LARGEST TELECOM company listed on Indian Stock Exchanges

6th LARGEST INTEGRATED telecom operator in the world

7


Latest Results – Q4 FY08/09

Key operating and financial metrics

Q4 FY 09 Y-on-Y

Customers 96.65 mn 50.0%

Revenue $ 1,928 mn 25.6%

EBITDA $ 785 mn 23.1%

Cash Profit $ 743 mn 24.8%

Net Income $ 440 mn 20.9%

EBITDA Margin 40.7%

Net Profit Margin 22.8%

ROCE 30.8%

ROE 32.6%

Continued Strong Performance

Wireless Customer market share leadership at 24.0%.

Total minutes on network carried in Q4 – 150 billion

Total employee strength – 24,538

Balance sheet strength:

Assets - $ 12 billion

Net debt - $ 629 million*

Net debt to EBITDA - 0.25 times*

Continues to be FCF positive on a standalone basis

Note: * Net Debt is excluding fully and compulsory convertible, non-cumulative, unsecured and interest free Debentures of US$ 738.

Company declared Maiden dividend of 20% of face value for the year.

Board has also proposed sub-division (share split) of existing equity shares of Rs. 10/- each into two equity shares of Rs. 5 each.

8


Segment contribution…Rev, EBITDA and Investment

Revenue

84%9%

18%4% 7% 1%

Mobile Services Telemedia ServicesEnterprise Services - Carriers Enterprise Services - CorporatesPassive Infrastructure Services Others

EBITDA

65%9%

20%

5% 7% -3%


Note: (1) Revenue and EBITDA is gross of inter segment eliminations.

INVESTMENTS

49%

11%13%1%

24% 1%


9


Performance dashboard - 3 line graph

Productivity Indicators = growing revenues + cost efficiencies + capital productivity

98,24596,33490,203

84,83378,191

33%34% 35% 35% 34%

74% 74% 73% 72% 70%

50,000

60,000

70,000

80,000

90,000

100,000

110,000

Q4F

Y08

Q1F

Y09

Q2F

Y09

Q3F

Y09

Q4F

Y09

Am

ount

in R

s. M

n

30.0%

40.0%

50.0%

60.0%

70.0%

Gross Revenue (Rs mn.) (LHS) Opex to Gross Rev (RHS) Capital Productivity

10


Recently in news...

• Announced Managed Services Joint Venture with Alcatel-Lucent to manage Bharti Airtel’s pan-India Broadband and Telephone services and help Airtel’s transition to Next Generation Networks.

• Offered Net PC by launching cloud computing service on broadband – a low-cost online computer for its broadband customers.

• Airtel digital TV launched “Magic dekho, talk time pao” offer - Exclusive offer only for Airtel Prepaid Mobile customers across the country where on buying a digital TV connection at Rs. 2000 with 3 months of Super Value Pack, the Airtel Prepaid Mobile customer receives 1000 minutes of local Airtel to Airtel talk time.

• Partnered with UK based in-flight solutions company, AeroMobile, to offer in-flight cell phone connectivity to its customers.

• Signed a 5 year multi million dollar content partnership deal with Manchester United (world’s second richest football club) to provide Airtel’s subscribers across India, Sri Lanka and Seychelles, exclusive access to United football’s content over mobile.

• Announced managed services deal with Comviva for its value added portfolio to manage around 2000+ of Airtel’s VAS nodes across India from various partners to meet the defined service level agreements.

11


Wireless Services

12


Sub Base : 415.25 mn→second largest market

Wireless Penetration: 35.8%→lowest in the world

HHI Index: very high→one of the most competitive market

Prepaid Base: 90%+→one of the highest in the world

Usage per sub per month:Minutes: 430

→one of the highestARPU: ~ US$ 5.95

→one of the lowestRate per minute: 1.4 cents

→ one of the lowest in the worldVAS: ~ 9%

→One of the lowest

Indian Wireless Market…KPIs

MUM

HP

DELHI

AP

CHN

MADHYA PRADESH`

TNKER

PB

DEL

UP(W)

MP

RAJUP(E)

KK

OR

HAR

JK

BH

WBGUJ

MAH

AS

NE

Metros

A Cat.

B Cat.

C Cat.

MUM

HP

DELHI

AP

CHN

MADHYA PRADESH`

TNKER

PB

DEL

UP(W)

MP

RAJUP(E)

KK

OR

HAR

JK

BH

WBGUJ

MAH

AS

NE

Metros

A Cat.

B Cat.

C Cat.

MUM

HP

DELHI

AP

CHN

MADHYA PRADESH`

TNKER

PB

DEL

UP(W)

MP

RAJUP(E)

KK

OR

HAR

JK

BH

WBGUJ

MAH

AS

NE

Metros

A Cat.

B Cat.

C Cat.

Metros

A Cat.

B Cat.

C Cat.

Kol

Note: (1) Subscriber numbers and wireless penetration numbers as at May 31, 2009 as per TRAI. (2) Other indicators on the slide are based on QE Mar, 2009 Global Wireless Matrix released by Merrill Lynch, and reflective of Industry numbers.

13


Net Adds in May…11.6 Mn, a more sustainable number than 15 Mn average net adds per month

in last quarterS-curve triggered

Rapidly Growing Wireless Market

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

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

Fastest Growing Market in the World

-

50100

150200

250300

350400

450

-1234567891011

Closing Customers (mn) Net Adds (mn)

14


Wireless Market Structure

77.22 74.08

58.17

41.24 36.4928.5032.72 28.18 26.61

12.96 15.10 11.01 10.74

99.55

-

20.00

40.00

60.00

80.00

100.00

120.00

Airt

el

Rel

ianc

e

Vod

afon

e

BSN

L+M

TNL

Idea

Tata

Oth

ers

(mn)

May-09 May-08 Net adds during the year

• Airtel continuously consolidating its market leadership position despite intense competition• Airtel current monthly net adds at 2.81 million vs. 2.46 million a year ago• Airtel ranks 1& 2 in 19 circles in terms of number of subscribers• 64% of net adds coming from B&C circles (rural India)

Airtel Continues to lead on Revenue Market Share

Subscriber Trends Customer Market Share – CMS (%)

24.0%

18.6%

14.0%

8.8%

17.8%

9.9%

6.9% 6.4%

9.2%9.4%

16.3%17.1%17.6%

24.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

Airt

el

Rel

ianc

e

Vod

afon

e

BS

NL+

MTN

L

Idea

Tata

Oth

ers

CMS(May'09) CMS(May'08)

15


Company Highlights on Wireless Services

16

Mobile Services Telemedia Services Enterprise Services16

Hello Tunes(Ring Back

Tones)

Portfolio Manager(Stock Tracker)

Blackberry

Airtel Live(Portal)

Life time validity product

Electronic Recharge /

Micro Prepaid

First mover advantage / Product innovations

focus on product innovations

Easy Music

Song Catcher

Call Home Service

Money Transfers

Music on Demand

Google search

M Commerce

iPhone

17


Performance Indicators - Financial

9931,101

1,2601,357

1,4301,558

1,614

9001,0001,1001,2001,3001,4001,5001,6001,700

Q208 Q308 Q408 Q109 Q209 Q309 Q409

EBITDA (USD mn) & Margin (%)Revenues (USD mn)

407

508490

432449 447

416

400

450

500

550

Q208 Q308 Q408 Q109 Q209 Q309 Q409

41.0 40.8 35.5 30.7 30.2 31.4 31.5

18


Performance Indicators - Operational

90.4% 91.0% 91.6% 92.3% 92.9% 93.5% 94.2%

100.8%

95.4%

85.0%

90.0%

95.0%

100.0%

105.0%

Q208 Q308 Q408 Q109 Q209 Q309 Q409

Prepaid Subs Prepaid Net Adds

7.0

6.06.46.5

6.97.0

7.2

1.21.31.21.3

1.41.5

1.5

5.0

5.5

6.0

6.5

7.0

7.5

Q208 Q308 Q408 Q109 Q209 Q309 Q4091.01.11.21.31.41.51.6

ARPU (US$) RPM (US Cents)

507

469 474

534 526 505 485130.7123.6

115.8105.289.173.864.4

300

350

400

450

500

550

Q208 Q308 Q408 Q109 Q209 Q309 Q4090.0

50.0

100.0

150.0

MOU / sub Total mins (bn)

MoU/Sub/Month & MON

Customers & Market Share Prepaid/Postpaid

ARPU & RPM

93.985.7

77.569.4

62.048.9

55.2 24.7%24.2%

23.7% 24.0%23.4% 23.6%

24.6%

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Q208 Q308 Q408 Q109 Q209 Q309 Q40922.0%

23.0%

24.0%

25.0%

26.0%

27.0%

28.0%

Customers (Mn) CMS (%)

19


Current Proposed

Presence Operational in 22 circles of India on GSM technology.

Launched Operations in Srilanka

Looking for options primarily in emerging markets.

Option in emerging markets….

Population Coverage

81% of population covering 5060 census towns and over 4 lakh non-census

towns and villages.

• Poised to cover all census towns and majority of non-census towns and

villages

• Penetration wider and deeper into rural India

Network Rollout & Strength

• Hive off of passive infrastructure into a separate independent tower company

• Largest GSM (900/1800 Mhz) network in India comprising of over 93,368

network sites

• Strong partners: Ericsson; Nokia; Huawei; Alcatel Lucent

• Network sites ~ 100,000 +

• Plan to get 3G license and spectrum.

Road map – Wireless Market

20


Current Proposed

Sales & Distribution

Network

• One of the widest distribution network.

• Following the FMCG company distribution model - Match Box

Approach

• Present in over a million PoP in India.

• Tie-up with IFFCO, an edge over others to reach out to Rural India

• Continue distribution expansion, especially in rural areas

Customer Service • Continuous improvement in CSAT scores

• Multi pronged service strategy in place

• Focus on service through service training and employee sensitivity

• Unified service backend for enhanced customer experience

Employee Engagement

• Significant improvement in employee engagement

• Awarded “Great Work Place 2008” by Gallup

• Sustain employee engagement

• Focus on employee capability development and leadership pipeline

Road map – Wireless Market

21


Current positioning and way forward…

BrandDistribution Churn lower than industrySpectrum Mix (900/1800 MHz)

Improving cost efficiencies

Lowest cost GSM network

Revenue size ($ 6 Bn)Revenue Market

Share

Increasing the usage through U&R driveWallet share

Driven by rural strategy

Changing face of growth through M-Com, M-entertainment & 3G

Leadership Positioning Growth strategy and plans

Revenue

Non financial vitals

Cost

New Revenue Streams

Net Adds

Maximizing usage

22


Telemedia Services

23


A snapshot

Largest private operator having presence in the voice and data (broadband).

Foraying into the media space - IPTV & DTH (Direct-To-Home) services.

Key Performance Indicators

1. Voice (wire-line) and Data (DSL) Presence in 95 top cities of India.

2. Target Segment : Retail and Small and Medium Enterprises.

3. Customer base: 2.8 million (end May,2009)

4. Broadband (DSL with speeds>256 kbps) penetration at 39% of customer base.

5. Average ARPU for Quarter ended March’09 $ 21.0 per month.

6. Segment contributing to 9% of overall revenues of the company.

7. EBITDA margin of over 42.1%.

Broadband revolution to follow wireless revolution in India

24


Telemedia Services

Business Units Media SMBs Homes

Products • DTH• IPTV

• Voice• Data• Mobile Services

• Broadband• Voice

Goal

A Pan-India DTH Businesses; and a targeted IPTV Presence in top metros

One-Stop Shop for All Airtel Services and Solutions to SMBs

Dominant Broadband & Fixed Voice share of the affluent in targeted 95 cities

Strategies

• Best-in-class technology:

• World-class Installation & Customer Service

• Interactive VAS to Drive ARPU enhancement

• One Airtel Synergies for Distribution, Brand & IT

• Data Products: Internet, MPLS etc

• Integrated Solutions to Drive Share of wallet

• Strategic Alliances• Indirect Channel to

Drive Penetration

• Deeper & Not Wider: 95 Cities

• Vertical & Not Horizontal: Hi-Rise

• Network Enhancement to Deliver 8+ MBPS

• New Products & VAS to drive Flat, Combo Plans

25


Product Portfolio

Our Media Play

http://airtel.in/wps/wcm/connect/Airtel.in/airtel.in/home/foryou/home+phones/fixed+line/pg_fy_hp_fl

http://airtel.in/wps/wcm/connect/Airtel.in/airtel.in/home/foryou/broadband+internet/speed+on+demand/pg_fy_bi_sod

26


Performance Indicators

2,7262,619

2,1782,283 2,394

2,509

2,075

9921,072

922853795751705

1,250

1,500

1,750

2,000

2,250

2,500

2,750

Q208 Q308 Q408 Q109 Q209 Q309 Q4090

200

400

600

800

1,000

1,200

B&T Customers ('000) DSL Customers ('000)

143

150

157

167 166 168

140

150

160

170

180

190

Q208 Q308 Q408 Q109 Q209 Q309 Q409

716973

666662

55

40.045.050.055.060.065.070.075.080.0

Q208 Q308 Q408 Q109 Q209 Q309 Q409

39.7 43.4 43.8 42.2 43.6 41.7 42.1

Customers (overall & DSL) ARPU (USD)

Revenues (USD mn) EBITDA (USD Mn) & Margin (%)

22.6 22.4 22.3 22.3 22.5 21.6 21.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Q208 Q308 Q408 Q109 Q209 Q309 Q409

27


Enterprise Services

28


A snapshot

Carrier: - one of the largest carriers of voice and data, both domestic and international.

Corporate: - providing end to end telecom solutions to large corporate and Small &

Medium Businesses.

Present Competition:

National Long Distance: BSNL; Reliance; VSNL; Vodafone; Tata

International Long Distance: VSNL, Bharti, Reliance, BSNL

29


Enterprise Services – Carriers NLD

LegendExisting OFC RouteUnder Execution

Kolkata

Mumbai

Chennai

Hyderabad

Bangalore

Jaipur

Ahmedabad Bhopal

Chandigarh

Delhi

Nagpur

Lucknow

Jalandhar

ErnakulamCoimbatore

Kolkata

Mumbai

Chennai

Hyderabad

Bangalore

Jaipur

Ahmedabad Bhopal

Chandigarh

Delhi

Nagpur

Lucknow

Jalandhar

ErnakulamCoimbatore

Voice Network

captive traffic (group traffic) ~ 90 %NLD minutes carried (Q4FY09) 11.7 Bn Minoptic fibre capacity (Q4FY09) 101,337 km

30


Chennai

Colombo

Cox’s Bazaar

Melaka

Satun

Palermo

AnnabaBizerte

i2i

UNITY

AAG

AA

GSJC

SJC

Nasugbu

Guam

La Union

Tungku

Sri Racha

Mersing

Vung Tau

Hawaii

San Luis Obispo

Hong Kong

Chikura

Los Angeles

Kuantan

Songkhla

KarachiFujairah

Muscat

Suez

Tripoli

Alexandria

Catania

MumbaiJeddah

Djibouti

MarseillesMonaco

Tajoura

GibraltarSesimbra

LondonBude

Port Sudan

Mogadishu

Mombasa

Dar es Salaam

Toliary

Maputo

Mtunzini

EASS

y

EIG

SMW4SMW4

EIG

IMEWE

IMEWE

Singapore

Enterprise Services – Carriers ILD

SEA-ME-WE-4 Connectivity to Westi-2-i Connectivity to EastILD minutes carried (Q4FY09) 2.8 Bn MinILD gateways 4landing stations 2

31


Performance Indicators - Carriers

6,7747,898

9,39810,322

11,349 11,609 11,690

2,7722,6032,2842,0481,8501,5911,345

0

2,000

4,000

6,000

8,000

10,000

12,000

Q208 Q308 Q408 Q109 Q209 Q309 Q409

NLD Minutes (mn) ILD Minutes (mn)

197223

247

308334

348 344

160.0

200.0

240.0

280.0

320.0

360.0

400.0

Q208 Q308 Q408 Q109 Q209 Q309 Q409

Voice Minutes on Network

Revenues (USD mn) EBITDA (USD mn) & Margin (%)

68 72 79

0.020.040.060.080.0

100.0120.0140.0160.0

Q208 Q308 Q408

135 144158 155

Q109 Q209 Q309 Q409

34.5 32.2 32.0 43.9 43.2 45.4 45.1

32


Enterprise Services - Corporates

Voice services

Satellite services Managed data & Internet services

Managed e -business services

Managed customized integrated solutions

Mobile services

competition limitedsegment one stop telecom solutiontarget 2,000 top large corporatesleveraging integrated play

33


Performance Indicators - Corporates

28 27

4235

4034

40

0.0

20.0

40.0

60.0

Q208 Q308 Q408 Q109 Q209 Q309 Q409

41.9 41.9 57.0 45.7 41.4 42.9 49.3

Revenues (USD mn) EBITDA (USD mn) & Margin (%)

67 65

74 76

96

80 81

60.0

80.0

100.0

120.0

Q208 Q308 Q408 Q109 Q209 Q309 Q409

34


Passive Infrastructure Services

35


A snapshotBharti Infratel operates in 11 circles.Indus Tower operates in 16 circles.Standard Master Services Agreement with competitive rates already in place.Key focus areas:

To increase sharing factor (tenancy) from current levels of 1.34 for Infratel and 1.48 for Indus.Provide energy optimization solutions and other network management services.Evaluate other revenue streams.To reduce sharing revenue per sharing operator through increased sharing factor and efficiencies

Key performance Indicators (Infratel):Total Towers: 27,548 (nos)Sharing Factor: 1.34Sharing Revenue per sharing operator per month at Rs. 33,586.EBITDA margin: 40.1%

Key performance Indicators (Indus):Total Towers: 95,154 (nos)Sharing Factor: 1.48

Aim to be the preferred choice of vendor for all existing and new operators

36


Recent Honours

37


Awarded with top honors at the GSMA Mobile World Congress Conference 2008 in Barcelona for the category “Best Billing/

Customer Care solution”

Won Platinum Trusted Brand Award in Mobile

Service Provider category in Reader Digest Asia Trusted

Brand’s Survey

Bharti Airtel – Leadership in business Recent Honours

Bharti Airtel and IFFCO JV bagged the “Best Content

Service” award and Gujrat E-Gram project executed by

Bharti Airtel won “Best Project Management” award at the world Communications

Awards at London

Sunil Bharti Mittal, Chairman & Group CEO

• GSM Association Chairman’s Award 2008 • Chosen for Padma Bhushan Awards in 2007

Sarvjit Dhillon, Group Director

• Best Performing CFO in Telecom sector by CNBC-TV18 in Mar’09

Best Cellular Service Provider and Best

Broadband Service Provider at the 2008 V&D

100 Awards

Adjudged Wireless Service Provider of the Year 2009 -Frost & Sullivan Asia Pacific

ICT Awards( in recognition of innovation, vision ,

strategy and profitability)

Best Carrier India at the Telecom Asia Award 2008

Voted as the India’s Most Innovative company in a survey conducted by Wall

Street Journal

DisclaimerThe 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

This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for any investment decision.

Investor Relations :- http://www.bhartiairtel.inFor any queries, write to: [email protected]

“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.”

39


Option in emerging markets….

Renewed effort of possible partnership between Bharti and MTN

Potential transaction between the two would create a leading telecommunications service provider with combined subscriber base of over 200 million and revenues of over $20 billion.

Pursuant to the scheme, Bharti will acquire a stake of 49% in the enlarged capital of MTN and in turn, give MTN & its shareholders 36% economic interest in Bharti.

Bharti would have substantial participatory and governance rights in MTN enabling it to fully consolidate the accounts of MTN

MTN would have appropriate representation on the Bharti Board.

Both the companies will stand to benefit from sharing each other’s best practices in addition to savings from enhanced scale.

The two companies have decided to discuss the potential transaction exclusively with each other until 31st July 09.

Discussion at an early stage and may or may not lead to any transaction

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