Bharti AirtelManagement Presentation – November

2016

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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 75% 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; RMS as of Q1’17 (RCOM’s revenues assumed to be average of last 2

quarters due to unavailability of data), 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 as of FY2016

• 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 Financial Year 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

7 out of 10 smartphones shipped in Q2 FY2016 were 4G enabled and 9 out of 10

smartphone sold by eTailers were 4G.

11

India: Transitioning to a Smartphone Market

Source: Ericsson Mobility Report; GSMA Intelligence, IDC, Gartner, GS Estimates

Opportunity

17

20

24

22

2729 29 28 28

34

11%

13%

14%17%

19%

21%22%

25%27%

30%

5%

10%

15%

20%

25%

30%

35%

15

17

19

21

23

25

27

29

31

33

35

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Smartphone shipments (Mn) Smartphone Penetration

1. For smartphones, financial year data is considered

2. Smartphone penetration is defined as Stock of Smartphones/Total Mobile Subscriber Base

10280624633241814119

xx4G smartphones stock

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

• One App for all the Apps

• Suite of apps including Hike, Juggernaut, Wynk Music, Video, Games, Ditto TV, Airtel Money under My Airtel App

• Additional features – Dialer, OpenNetwork

MyAirtel

• Carrier agnostic music and video apps with a curated library of ~2.5 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

• Offered in India and all 15 opcos in Africa

• KPI: Africa (Q2’FY17)

• 9.1 mn active customers, up 15.3% YoY, transacting c $3.7 bn / quarter

Airtel Money

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 2016 , IDC Asia

37.72

31.53

30.49

18.77

18.56

5.25

1.34

United Kingdom

United States

Japan

Russia

China

South Africa

India

Fixed broadband subscriptions per 100

capita, 2015Enterprise data services market growth

Opportunity

18

2. BULK INVESTMENTS IN PLACE

Spectrum Bank

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

• 3G/4G coverage pan-India

• Highest spectrum market share ex-MTNL/BSNL

Largest network of towers and base stations

• 95.1% voice population coverage

• Mobile broadband towers up 57% over the last year

Largest network of optic fiber

• Global and national long distance fiber – over 448,799 RKms

• Added c. 4,768 RKms over the past quarter

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

2. Based on 2015 auctions

19

Nominal value of

liberalized spectrum at USD 15.5

billion1

Industry leading revenue

yield/MHz at 2x avg with

same cost/MHz2

Wide spectrum presence: ~20.6%

spectrum market share

Largest optical fiber

network amongst private players

Prime spectrum to yield data

growth: 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

3G sub-Ghz available in 10 circles covering ~54%

of own revenues and ~45% of industry revenue

Pan India 3G and 4G – No Gaps

4G Carrier aggregation covers ~85% of own

revenues and ~85% industry revenues

10 20 8 22 19 19No. of circles present in

Spectrum holdings across bands; % of own revenues covered1

Investments

54

94

48

10085 85

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

Spectrum Band

Industry Spectrum (Mhz)

Industry Spectrum ex BSNL/MTNL (MHz)

Spectrum held by Bharti (MHz)

Bharti spectrum Market Share ex BSNL/MTNL

900 421 283 116 41.2%

1800 1159 1093 231 21.1%

2100 605 495 125 25.3%

2300 740 600 235 39.2%

Total 3432 2932 707 24.1%

21

Pan India 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 Y Y

Bihar — Y — Y Y Y Y Y

Delhi Y Y Y Y Y Y Y Y

Gujarat — Y — Y Y Y Y Y

Haryana — Y — Y Y Y Y Y

Himachal Pradesh Y Y Y Y Y Y Y Y

Jammu & Kashmir — Y — Y Y Y Y Y

Karnataka Y Y Y Y Y Y Y Y

Kerala — Y — Y Y Y Y Y

Kolkata Y — — Y Y Y Y Y

Madhya Pradesh — Y — Y Y Y Y Y

Maharashtra — Y — Y 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 Y Y

Number of circles

covered in 10 20 8 22 19 22 19 22

% of own revenues

covered 54% 94% 48% 100% 85% 100% 85% 100%

22

Africa: Invested for Growth

1H’172010

Capex Investments till date: $ 5.2 bn

Well funded out of EBITDA: $ 6.2 bn till date

Thus OFCF = $ 1 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: ~$3.1 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 53.7%1 Y-o-Y

• Incremental subscriber share 46.2%1 Y-o-Y

Source: 1. TRAI. Incremental based on Jun’15-Jun’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

• 363 mn1 wireless subscribers globally

• Over 1.44 trillion minutes of calls (LTM)

• Over 753Bn MBs of data over the last year

Homes Services (Fixed Line & Broadband)

• 2.1 mn1 broadband & internet customers

• Revenue growth – 15% YoY

Digital TV

• Pan India DTH, 12.4 mn1 subscribers – top 3 player

• Revenue growth – 20.9% YoY

Airtel Business (Large enterprises and carriers)

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

Tower Infrastructure Services

• Bharti Infratel – 38,832 towers1 across 11 circles

• 42% stake in Indus Tower which has 121,330 towers1

across 15 circles

• Revenue growth – 9% YoY

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

EBITDA contribution (Q2’17)

Scale

64.6%

3.5%

3.1%

8.7%

7.3%

12.5%

0.2%

Wireless India

Homes

Digital TV

Airtel Business

Tower Co

Africa

SA

25

Profitability & Scale across Diversified Segments1

Global Telco – Multiple businesses create opportunity for Convergence

363 million customers as of Sept’2016

$3,838

$858 $251

$727

$8,565

$1,192

$446

9.9%

5.4%

11.8%

13.0%

32.3%

3.0%3.5%

4.4% 7.4%

7.9%

16.2%

17.8%

-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

YoY RevenueGrowth

EBITDA Growth

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 Expansion2

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

Source: Company filings

1. As of FY 2016 2. 1H’17 numbers are annualized to derive 2017 numbers

Scale

32.6%

30.3%

32.5%

34.2%

35.4%

38.0%

2012 2013 2014 2015 2016 1H'17

102%+ YoY Incremental Margins

678

1,603

157

10,435

11,745

14,151

15,064 14,742

14,992

2012 2013 2014 2015 2016 2017E*

795

1,692

812 914 849

678

1,603

2013 2014 2015 2016 1H'17

Organic Inorganic

1,055

27

4. BEST IN CLASS EXECUTION

Q2’17 highlights

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

– Mobile revenue up 7.9% YoY via industry leading net subscriber additions, incremental RMS

– Data volumes up 55%, Data ARPU up 4.2% YoY

– Voice volumes grew 11.1% YoY, highest in the last 20 quarters

• Africa– Revenue growth 3.7% YoY

– Data volumes up by 116% YoY, now 16.3% of mobile revenues

– Voice volumes up 9.2% YoY

– Airtel Money has 9.1 mn active customers, up 15% YoY, transacting c. $3.7 bn / quarter

• Strong operating leverage– EBITDA margin expansion of 370 bps YoY

– Net Income before exceptional items up 18.3% YoY

Driving increased Profitability

• Incremental EBITDA margins at 79% YoY

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

• 34% of consolidated EBITDA comes from businesses other than India mobility

• 23% from India non-mobile businesses

• 11% from International mobility businesses

• Robust EBITDA growth in Indian non-mobility businesses – 7.1% YoY in Airtel Business and 29.3% in Digital TV

• Non wireless segments contribute 27% to India operating profit (Q2’17)

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

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

• Ditto TV, Juggernaut

• 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

Airtel carries over 1.41 trillion minutes

Secular volume growth 10.4% Y-o-Y

Execution

Source: Company Filings

282,138

290,459

307,988

314,831 313,403

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

33,488

32,610

33,771 34,191

36,570

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

INCREASING MARKET SHARE IN RURAL INDIA

Source: TRAI

27.3%27.1%26.5%26.1%25.7%Airtel: Rural subscriber share

Execution

107.6

110.3112.4

117.5

122.0

46.9%47.1% 47.1%

47.6%

47.9%

46.5%

47.0%

47.5%

48.0%

48.5%

49.0%

49.5%

50.0%

100.0

105.0

110.0

115.0

120.0

125.0

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

No. of rural subscribers % of rural subscribers out of total subscribers

33

Fastest Growing Data Business in India

34

First brand to own and launch 4G in India

3G and 4G Pan India

4G at 3G prices

Annualized data revenues c. $2.15 bn

Airtel recognized as the smartphone network

Data usage per customer up 31% YoY

Data revenues and growth

Data as a % of Mobile revenues

Data volumes growth (bn MBs)

Execution

Source: Company Filings

5.3%

5.4%

5.6%

5.8%

5.9%

24.6%

23.7%

23.3%

23.1%

21.5%

Q2'17

Q1'17

Q4'16

Q3'16

Q2'16

Other Non Voice Non Data Data %

115

134

147

158

178

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

29,406

32,278

34,146

35,66736,324

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

Data Growing Exponentially in Africa

35

Source: Company filings

1. In Constant Currency

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

Execution

15,805

19,254

22,787

27,655

34,269

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

117.4

123.8

137.4

145.3 146.6

Q2'FY16 Q3'FY16 Q4'FY16 Q1'FY17 Q2'17

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) 1H’17

India & SA $2,379 $2.2 - $2.4 ~ $1.3 Bn

Africa $771 $0.7 - $0.8 $211 Mn

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

Source: Company Filings

5.8%

5.9%

6.0%

6.1%

6.3%

5.5%

5.6%

5.7%

5.8%

5.9%

6.0%

6.1%

6.2%

6.3%

6.4%

0

0

0

1

1

1

1

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

25,484

30,881

35,460 36,572

41,335

10.8%

12.7%

14.1%

14.3%

15.9%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

Mobile broadband customers % of mobile customer base India

Mobile Broadband Customer BasePost-Paid (as % of total Customer Base)

38

• Airtel has industry wide lowest churn at 3.7%

• Led to rationalization of Gross Acquisition Costs

Source: As per company’s reported numbers

India: Churn %

• In Africa, churn decreased from 6.8% in March 2016 to 5.3% in Sept 2016

Africa: Churn %

Quality Subscriber AcquisitionsExecution

3.5% 3.4%

3.3%

3.6%3.7%

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

5.7%6.0%

6.8%

4.9%5.3%

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

39

Adding valuable customers across verticals

Data: 62.6 mn, growth – 23% YoY

DTH: 12.4 mn, growth – 17% YoY

DSL: 1.9 mn, growth – 22% YoY

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

Home broadband net adds (‘000)Airtel customer base (Q2’17)

Execution

3752

5397

4579

1112

4763

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

164

530

619

424

256

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

94 94

86

80

86

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

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 FilingsNote: 2014 and 2015 EBITDA margins are based on IFRS accounting

43.3%

43.4%

42.0%

41.7%

40.0%

38.0%

39.0%

40.0%

41.0%

42.0%

43.0%

44.0%

0

0.2

0.4

0.6

0.8

1

1.2

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

32.5%

34.2%

35.4%

37.5%

38.4%

2014 2015 2016 1Q'17 2Q'17

Opex to Total Revenues EBITDA %

Strategic Pillars: Win with People

Build a high performance

culture

Learning, mentoring, succession

planning

Build capabilities

and help people grow

Execution

41

42

Enhancing leadership Position across Geographies

RMS1 Rank # of circles Avg. RMS

#1 13 41.5%

#2 4 28.1%

#3 5 18.4%

No 1 Share

No 2 Share

No 3 Share

1. RMS is as of June’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%25%

Source: TRAI

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

23.5%

0.1%

0.5%

0.2%

24.7%

Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17

4G Launch

– pan India

Project

Leap, Wynk

Games

0.4%

AirtelIncremental market share 46.2% YoY

Subs in mn

AirtelIndustry wide lowest churn – 3.7%

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

256

176

5999

199

53

193

Entered into an

agreement to

acquire

Videocon and

Aircel’s spectrum

Execution

Enhancing India Revenue Market Share1

44

1%3%6%6%5%5%19%23%33%

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

2. RMS is as of Q1’17

AirtelIncremental revenue market share 53.7% YoY

Execution

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

30.4%

31.3% 31.3%31.6% 31.6%

32.7%

Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4'16 Q1'17

…with gaining highest incremental share

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Execution

30.8% 31.3%32.7%

23.3% 23.3% 23.3%

16.2%

18.7%19.2%

Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17

Airtel Vodafone Idea

0.5% 1.4%

-0.1%

0.5%

0.1%

2.5%

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 2.2x

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 (41%), INR (37%), EUR (15%), Rest (7%)

Interest: 100% floating to predominantly a fixed portfolio

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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

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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

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

well as enhanced financial flexibility

THANK YOU