Investor presentation

November 2009

Tata Teleservices (Maharashtra) LimitedTata Teleservices (Maharashtra) Limited

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Business overview

• TTML spearheads Tata Group’s presence in the telecommunication sector exclusively in the revenue rich circles of Mumbai and Maharashtra

• Benefits of economies of national scale with sister company, Tata p yTeleservices Limited (TTSL), together with the nimbleness and agility of a regionally focused player

Wireless Wireline Others

• CDMA• GSM

• Landline• Leased lines• Broadband internet access• Video conferencing

• Passive infrastructure• Distribution outlets

• WiFi

• 9.04 million mobile subscribers (as of Sep 09)

• 0.60 million wireline subscribers

• 64K broadband subscribers

• 2,155 owned towers• c.685 exclusive distribution

outlets

• 9,300 kms of optic fibre cable• 1,175 towns and cities across Mumbai and Maharashtra

64K broadband subscribers outlets

1

Significant ramp‐up in subscriber base

9,000

10,000

Launched "Digital Mumbai" project

GSM services launched;grabs highest (33.7%)

incremental market share in Q2FY09

6,000

7,000

8,000

ubsc

ribers

Mumbai project

NTT and Tata enter into strategic

partnership

10 million subs(Oct L h d

Launched "True Paid" mobile

service

4,000

5,000

6,000

000 s

u

Crossed 3 million CDMA

Crossed 5 million CDMA subs Crossed 8

million CDMA subs

(Oct 09)

Launched CDMA services

1 000

2,000

3,000

Crossed half a million wireline

subs

million CDMA subs

Tata and Virgin enterinto a JV

subs

Launched Non-Stop-

Oct-09

0

1,000

Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09

Mobile long validity product

2

Direct play in two of the most lucrative telecom circles in India

India

Maharashtra

(excl Mumbai) Mumbai

Population (mm) 1 1,167 101 20

Wireless subs (mm) 3 471.7 36.3 22.5

Per capita income (INR) 2 33,283 47,051 73,930

Wireline subs (mm) 3 37.3 3.1 2.9

Market subs growth (H1FY10 over H1FY09) 50% 45% 42%(H1FY10 over H1FY09)

TTML subs growth (H1FY10 over H1FY09) 62% 52%

Source: 1 MMRDA report (Population and Employment profile of Mumbai Metropolitan region), Wikipedia2 Economic Survey of Maharashtra 2008-09; 3 TRAI Subscriber Reports (as of Sep 2009)

3

Significant scale benefits by aligning with Tata Teleservices

Synergies in procurement Synergies in sales1 2

• Joint negotiation with suppliers and service providers delivering significant economy of scale benefits

• Common national billing architecture and joint sales approach towards large corporate customers

Common branding Infrastructure sharing3 4

Common backend IT and billing • Common backend IT and billing platform, serviced for both TTML and TTSL by Tata Consultancy Services (TCS)• TTML benefits from the nationwide

branding and marketing campaigns of TTSL

4

Investment highlights

11

Diversified business portfolio

11

Experienced

88 22Experienced management

team Strong market position

Multi-channel distribution

platform77

Expansive and state-of-the-art infrastructure

Strong brand positioning

Strong track record in

Revenue and EBITDA

33

55

EBITDA growth

66Focus on

innovation 44

55

5

Diversified business portfolio1

Product offerings Customer segments

Mobile Retail

M k tCDMADiversified revenue

base Mass market

Student

CDMA

GSM

Data / internet

base

- extensive suite of telecom services

- products/services

Rural market

High value

Executives

Data cards

WiFi

Broadband

products/services catering to specific target

consumer segments

Cross-selling

Youth

SMEs

Large Corporates

Fixed wireline services

Video-conferencing

A di f i

- ability to leverage customer relationships and

provide offering across product categories

- data and voice products Audio-conferencing

Leased line circuits

- data and voice products sold as combo / bundle

Comparatively de-risked business portfolio catering to many consumer segments through a wide array of products and services

6

Strong market position2

Reliance17.3%

Reliance21.0%

Incremental (Q2FY10)Wireline – market share End of period (as of Sep 09)

#1 private fixed line provider

TTML61.7%

Bharti20.9%

Bharti28.9%

TTML50.1%

#1 Rural Direct Exchange Line (DEL) provider(under DoT’s Universal Service Obligation Scheme)

Reliance18.3%

Ai l

MTNL4.3%

BSNL7.3%

Loop4.2%

Wireless – market share

#1 operator with incremental market share

Note: Among private operators

TTMLMTNL

BSNL6.0%

Bharti4.1%

Loop3.9%

Vodafone18.1%TTML

15.4%

Aircel0.8%

incremental market share

#1 fixed wireless operator

#1 PCO operator

TTML33.1%

Idea10.3%

Aircel5.6%

0.8%

Idea16.1%

Bharti15.5%

Revenue market share has increased steadily to 10.3% (Q1FY10)

Robust market position with a history of strong growthRobust market position with a history of strong growth

Note: TRAI, Sep 2009

Reliance21.6%

Vodafone14.5%

o us a e pos o a s o y o s o g g oo us a e pos o a s o y o s o g g o

7

Expansive infrastructure3

f h f d h f bTTML’s Fiber Network in Mumbai • State of the art infrastructure integrated with fiber, covering 1,600 kms and 20,000 buildings in Mumbai

• Supporting TTML’s “Broadband Anywhere, Anytime” vision for Digital Mumbai™

• Expansive network layout connecting key business and commercial locations

TTML s Fiber Network in Mumbai

5,643

4,000

5,000

6,000

commercial locations• Reliable network with 24x7 support

GSM launch

449 565 679 812 939 1,148 1,166 1,1751,319 1,538 1,757 2,059 2,367 2,681 2,703

0

1,000

2,000

3,000

Towns covered (EOP) Wireless cell sites (EOP)

Only congestion free network across Mumbai and MaharashtraAs per successive TRAI reports

#1

Unique competitive advantage through an extensive fiber network in the city of MumbaiUnique competitive advantage through an extensive fiber network in the city of Mumbai

p p

# 1 wireless service provider in terms of overall customer satisfaction across Mumbai and MaharashtraIndependent studies commissioned by the TRAI

#1

q p g g yq p g g y

8

Expansive infrastructure

Increased tower base on the back of strong Increased tower base on the back of strong Improved tenancy profile expected to reach Improved tenancy profile expected to reach

1 40

1.60

Ra

tio

Increased tower base on the back of strong growth in CDMA and GSM

Increased tower base on the back of strong growth in CDMA and GSM

Improved tenancy profile – expected to reach 2.0x by end of FY10

Improved tenancy profile – expected to reach 2.0x by end of FY10

2,000

2,500

ers

1.37 1.41 1.431.52

1.20

1.40

Occu

pa

ncy R

404 433 500 519

967 1,0591,329

1,636

0

500

1,000

1,500

No

of

tow

e

1.00Q3FY09 Q4FY09 Q1FY10 Q2FY10

• Significantly reduced time to market for GSM launch• Spectrum allocation in Sep 2008 and Nov 2008 in Mumbai and Maharashtra, to launch in Aug

2009 f th f t t t k ll t

0Q3FY09 Q4FY09 Q1FY10 Q2FY10

Ground based Roof top

2009 – one of the fastest network rollouts

• Minimal incremental capex for GSM through reuse of CDMA infrastructure• Reused 90% of CDMA sites• Initial rollout focused on revenue rich and population dense areas• Launch across major cities and National / State Highways across Mumbai & MaharashtraLaunch across major cities and National / State Highways across Mumbai & Maharashtra

• 3G ready GSM and CDMA networks permit reduced time to market for 3G (HSDPA and EVDO Rev-A) launch

• Tower business subsidiary provides monetisation options; financial closure achieved in Apr-09M t f th it ll t d ith fib lti i i d k t bilit• Most of the sites well-connected with fibre resulting in improved marketability

9

Strong brand positioning4

Support of strong sponsor brandsSupport of strong sponsor brands

• Well-known brand internationally

• Innovator and domain-leader in telecom space

• Leverage goodwill associated with Tata brand across many consumer sectors

• Leader in 3G technology

World class product / service brandsWorld class product / service brands

• Among the most admired telecom service brands

• Launched with a unique “pay-per-second” value proposition

• Express wireless broadband service

• Feature-rich wireless phone for home/office use and internet access

• Tailored and relevant service to growing youth segment

Top Service Brands in IndiaET Brand Equity Ratings 2009#7

Most admired telecom brandDrizzlin Survey, 2009#2

10

Innovative product offering5

PRODUCTSPRODUCTS

• Hi-Definition Video Conferencing-largest public room roll-out in India

Cisco TelePresence™

PRODUCTSPRODUCTS

• Fixed wireless phone with internet access

TATA WALKY

Photon+

• Ultra high speed broadband ethernet products (speeds up to 100 Mbps to the home)

Power Launcher

Wireless EPABX Gateway

• First datacard for wireless internet access

Plug2Surf (Photon Whiz)

• Express wireless broadband service (speeds of 3.1 Mbps)

SERVICESSERVICES

Pay per second billing model –

• Allows penetration into unwired buildings – patent filed

Non Stop Mobile (NSM)

Tata DoCoMo Dive-in

y p gfirst to offer the unique value proposition, along with TATA

DOCOMO launch

O t WAP t l

iChannel

GPRS li ti

Tariff Truepaid – first to offer full talk time

Non Stop Mobile (NSM) – pioneered long validity

tariffs

SMS Gateway

P t hi ith Mobile VAS

Focus on market defining products and services - creating a niche as an “innovator” and “d i l d ”

• Operator WAP portal –content rich design

• GPRS application –ticker updates on news, stocks, movies, business etc.

• Partnership with Netcore Inc. for Bulk SMS

“domain leader”

11

Strong track record in Revenue and EBITDA growth6

RRAGR k hAGR k h RevenuesRevenuesAGR market shareAGR market share

8.5%

9.6%10.3%

8 0%

9.0%

10.0%

11.0%

1,0971,423

1,7902,058

1,023 1,0631,0001,5002,0002,5003,000

INR

cr

CAGR (FY06–09): 23%

EBITDAEBITDAConsistent growth in revenues in-line with

7.0%

8.0%

Q1FY08 Q1FY09 Q1FY100

5001,000

FY06 FY07 FY08 FY09 H1FY09 H1FY10

I

revenues in-line with the ramp-up in subscriber base

Margin erosion in 303486

600

316 279

26.2%

11.4%

21.3%27.2%

28.9% 30.9%

100200300400500600700

EB

ITD

A

(IN

R c

r)

5 0%10.0%15.0%20.0%25.0%30.0%35.0%

Marg

in (

%)

CAGR(FY06–09): 69%

Capex / SalesCapex / Sales

grecent quarters on account of one-time GSM launch expenses

L i t t i 71%67%1,500 80%

es

125303 279

0100

FY06 FY07 FY08 FY09 H1FY09 H1FY100.0%5.0%

Large investment in establishing a robust network footprint

599 5711,208

807 758

71%55%40% 39%

0

500

1,000

FY06 FY07 FY08 FY09 H1FY10

Ca

pe

x

(IN

R c

r)

0%

20%

40%

60%

Ca

pe

x /

sa

le(%

)

12

FY06 FY07 FY08 FY09 H1FY10

Multi‐channel distribution platform7

Multi-channel distribution strategyMulti-channel distribution strategy

Owned / Franchisee Distributors RetailersPortalstores Distributors Retailers

c.685 branded stores exclusively retail only TTML products and

Portal

1st telecom operator in India to offer products

through ‘iChoose’ portal

Large network of c.1,000 distributors for selling the entire array

Extensive handset / starter pack distribution reach through presence TTML products and

services, occupying 0.2 million square feet of

prime retail space

through iChoose portal

Beta site for broadband customers just launched (www.digitalmumbai.in)

selling the entire array of products

reach through presence at over 30,000 multi-brand retail outlets

Recharge vouchers ( g ) gdistributed through more than 60,000

outlets

Among the largest branded telecom retail chain in Mumbai and MaharashtraAmong the largest branded telecom retail chain in Mumbai and Maharashtra

13

Experienced management team8

• B.Tech from IIT, Delhi; • B.E in Electronics from • MBA from University of , ;Masters and Doctorate in International Relations from Oxford University

• 14 years of experience within the Tata Group, including with Tata Sons at the Chairman’s office

• Honored by the World Dr. Mukund

G Rajan

IIT, Roorkee• Founding member of the

company heading the overall network responsibility

• 30 years telecom experience, including senior responsibilities at MTNL

Haridev KhoslaPresident

yStrathclyde

• 30 years of experience having worked with Microsoft, Bharti Airtel, Lucent / AT & T, Samsung and TTSL

Milesh RuparelPresident Corporate • Honored by the World

Economic Forum as a Young Global Leader in 2007

G RajanManaging Director

MTNLPresident –Network & Technology

President – Corporate, Marketing, SCM, HR &

Admin

• B.Sc, AICWA, FCA• 20 years of experience in

corporate finance having

• B.Tech (Anna Univ), MBA (BIM, Trichy), MS (Chicago)

• B.E in Electronics• 20 years of telecom

experience having worked corporate finance having worked with Idea Cellular, Madura Coats, Allergan India

S VenkatesanCFO

( g )• 14 years of experience

having worked with IDBI, Motorola, Tata Infotech

Shankar VaradarajanVP - PMO

experience having worked with Escorts Communications, LG Information and Communications and TTSL at various leadership positions

Raja SrinivasSVP –

Strategy & Special Special Projects

• B.E from IIT Kharagpur, MBA from IIM Ahmedabad

• 20 years of experience having worked with Asian Paints Mudra Reliance

• BE in Electronics & Communications

• 15 years of experience in marketing, sales, product / program / channel

• B.Sc. (Madras University)• 22 of experience in sales,

marketing and service functions in FMCG and telecom industriesPaints, Mudra, Reliance/ program / channel

management for IT & telecom companies

Ramesh IyerVP –

Enterprise business

Abdul KhanSVP – GSM Marketing

telecom industries

T N SrinivasanVP –

Customer Service

Ri h i i t l d ithi th T t G

14

Rich experience in telecom and within the Tata Group

Future Strategy

• Network coverage substantially completed; only capacity sites to be added

• Target customer churn from competitors as well as first time users

• MNP will aid subscriber migration

Wireless - CDMAWireless - CDMA Wireless - GSMWireless - GSM

• Business expected to generate strong cash flows

• Maximise spectrum utilisation

• Provide high quality voice and data biliti

MNP will aid subscriber migration

• Build the Tata DoCoMo brand

• Build 3G capabilities

• 3G-ready network

access capabilities

• Maintain market leadership across • Leverage the vast fibre optic network to

WirelineWireline Data businessData business

Mumbai and Maharashtra

• Offer range of services including leased lines, carrier business, conferencing facilities and toll-free services

offer a range of services, under TTML’s “Broadband Anywhere, Anytime” vision for Digital Mumbai™

• Develop the Wifi network in Mumbai to reduce last mile costs

Broaden customer base and offer diverse product offerings

• Focus on enterprise and high value segments

15

Thank You