Bharti Airtel. Management Presentation March 2017

Transcription

1 Bharti Airtel Management Presentation March 2017

2 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. Certain numbers in this presentation have been rounded off for ease of representation Investor Relations :- For any queries, write to: ir@bharti.in 2

3 Journey Through The Times Start up ( ) Land Grab ( ) Multiple Plays (2011 onwards) First launched in Delhi and HP Pan India footprint; India s largest telco Launch direct to home services (DTH) Acquired Zain; Present in over 20 countries 3G services launched First operator to launch 4G in India #3 operator in the world - Crossed 300 million customers 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 First operator to launch Pan India Payments Bank 300 million customers Source: Company Filings 3

4 What Guides Us Customer Centricity Win customers for life through differentiated experience, products and world class technology Performance Excellence Growth despite challenges Grow market share, strip out waste Accelerate non-mobile businesses Transparency & Ethical Governance Highest corporate governance and disclosure rankings 4

5 Investment Highlights 1 Large residual opportunity 2 Bulk investments already in place; good spectrum bank 3 Diversified operator with scale and dominance in marketplace 4 Demonstrated best in class execution 5

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 dependency 2 Industry consolidation, top 3 operators account for 78% RMS 3 Data India mobile broadband (3G/4G) penetration at 15% 4 Smartphone shipments show tremendous growth. Smartphone penetration at 24% 4 Data traffic to grow by a CAGR of 63% over the period 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 Q3 17, including Telenor, Airtel + Telenor merger is subject to regulatory approvals, 4. GSMA Mobile India Economy, as of

7 India, Africa have the lowest wireless penetration Opportunity Overall 80% but Rural ~ 51% Source: Ericsson Mobility Report

8 India: 2 nd largest mobile market in Asia, but long way from saturation Opportunity : ~54% of total mobile connected devices % CAGR 2015: ~50% of total mobile connected devices India Unique Subscribers Source: TRAI; Ericsson Mobility Report; GSMA; CISCO VNI 8

9 India: Industry Consolidation Underway via Revenue Shares Opportunity 10 Operators 14 Operators 12 Operators 10 Operators 36% 34% 30% 27% 64% 66% 70% 73% Market share Top 3 Others irms ~95% Industry consolidation via market share gains, with top 3 now accounting for over 78% of the industry revenues as of Dec 16 including Telenor (merger subject to regulatory approvals) Exits by many operators post Feb 2012 SC verdict (122 licenses cancelled), many rationalized their footprints Spectrum auctions fortified consolidation story Even further consolidation WIP Small players combining Other players evaluating Industry wide focus on improving operational and financial health Source: TRAI 1. Revenue shares are based on Financial Year Gross Revenues 9

10 India: Transitioning to a Smartphone Market Opportunity % % 160% 140% 120% 100% 60 83% 83% 80% % 44 29% 60% 40% 5% 20% 15% E 2017E 0% Smartphone shipments 7 out of 10 smartphones shipped in Q2 FY2016 were 4G enabled and 9 out of 10 smartphone sold by etailers were 4G. YoY Source: Ericsson Mobility Report; GSMA Intelligence, JPM estimates 10

11 driven by increasingly affordable handsets Opportunity High end smartphones (~ USD 165+) Low end smartphones (~ USD 35) 30 Mn 240 Mn 75 Mn 360 Mn Prices are expected to fall by 40 50% over the next 3 years for high-end smartphones Source: Ericsson Mobility Report; GSMA Intelligence 11

12 and growing appetite for data services Opportunity Source: Ericsson Mobility Report Airtel owned apps 12

13 will drive increase in consumption Opportunity Mobile data traffic data per month in India Source: GSMA Intelligence

14 We continue to innovate across areas that matter Opportunity MyAirtel Wynk Music, Video & Games Airtel Money One App for all the Apps Suite of apps including Hike, Juggernaut, Wynk Music, Video, Games, Ditto TV, Airtel Payments Bank under My Airtel App Additional features Dialer, OpenNetwork 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: 30 million downloads, highest consumption music app on Play Store in India Payments Bank launched in India. Airtel Money offered across all 15 opcos in Africa KPI: Africa (Q3 FY17) 8.8 mn active customers, up 6.6% YoY, transacting c $4.0 bn / quarter 14

15 Significant opportunities exist in payments bank and DTH Digital payments will touch $500bn in India by 2020 No. of pay DTH subscribers projected to increase to 74mn by 2017 Opportunity Payment Instrument Mix for Countries (2015) No. of DTH subscribers Card Digital Other Paper Cash P 2017P Source: BCG-Google Digital payments 2020, KPMG-FICCI Indian Media and Entertainment Report

16 Fixed broadband and enterprise services market has huge growth potential Opportunity Fixed broadband subscriptions per 100 capita, 2015 Enterprise data services market growth India South Africa China 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 Russia Japan United States United Kingdom Source: Broadband Commission Report 2016, IDC Asia 16

17 Payments Bank Untapped Opportunity Opportunity There is a need to drive Financial Inclusion in India to digitize cash and bring the unbanked in the folds for organized banking sector Cash v/s non-cash transaction value Unbanked Population (Mn) 35% 65% PMJDY made large dent in unbanked 185 Cash Non Cash ~65% percent consumer transaction by value are currently in cash PMJDY Accounts (Till Aug '16) Unbanked Out of 230 Mn accounts opened in PMJDY, 25% are zero balance accounts and a higher number are non transacting Source : PMJDY website, PWC Report Payments Bank will act as Enabler for Financial Inclusion 17

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 95.3% voice population coverage Mobile broadband towers up 28.3% over the last year Largest network of optic fiber Global and national long distance fiber over 453,607 RKms Added c. 4,808 RKms over the past quarter 18

19 India: Investments to Yield Results Investments Nominal value of liberalized spectrum at USD 15.7 billion 1 Industry leading revenue yield/mhz at 2x industry avg with same cost/mhz 2 Wide spectrum presence: ~22% 3 spectrum market share Largest optical fiber network amongst private players Prime spectrum to yield data growth: Pan India 3G & 4G Source: 1. Including Qualcomm, Videocon, Aircel licenses,telenor excluding administered spectrum 2. Based on 2015 auctions 3. Includes Telenor (merger is subject to regulatory approvals) 19

20 India: Superior Spectrum Position Investments Spectrum holdings across bands; % of own revenues covered 1 No. of circles present in G (900) 3G (2100) 3G (900 & 2100) 4G (1800) 4G (2300) 4G (1800 & 2300) xx % of own revenues covered 3G sub-ghz available in 10 circles covering ~50% of own revenues and ~44% of industry revenue Pan India 3G and 4G No Gaps 4G Carrier aggregation covers ~84% of own revenues and ~85% industry revenues 4G capability on 900Mhz is in 10 circles Source: TRAI, Department of Telecom, Company Filings 1. Including Qualcomm, Videocon, Aircel licenses, Telenor (merger is subject to regulatory approvals) excluding administered spectrum; revenues as of Q

21 Aggressive Network Build - Monetize Spectrum Investments Mobile broadband towers ( 000) - India Total 3G Network Sites ( 000) Africa 1 67% 70% % 70.0% % 63% 65% % % % % % 45.0% % 35.0% % % % 55% 50% 45% 40 Q4'15 Q3'16 Q3' % 3.0 Q3'15 Q3'16 Q3'17 40% Mobile broadband towers Mobile broadband towers % of total towers 3G sites % of total sites Source: Company filings, as of Q

22 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 % 94% 45% 100% 83% 100% 83% 100% * Including Telenor, merger is subject to regulatory approvals 22

23 Africa: Invested for Growth Investments Q 17 Capex Investments till date: $ 5.3 bn Well funded out of EBITDA: $ 6.4 bn till date Thus OFCF = $ 1.1 bn Further focus on business re-contouring Tower Sales in 11 countries Divestment of 2 countries to Orange Announced merger of Ghana operations with Millicom Total proceeds: $ 3.25 bn Already received: ~$3.1 bn 23

24 3. AIRTEL: DIVERSIFIED OPERATOR WITH SIGNIFICANT SCALE Profitability 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 significant 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 share 1 Allowing Airtel the best chance to capitalize on the opportunities ahead, with bulk of investments already done Source: 1. TRAI 24

25 Multiple plays, multiple opportunities Scale Mobile Services across 17 countries 365 mn 1 wireless subscribers globally Over 1.40 trillion minutes of calls (LTM) Over 776Bn MBs of data over the last year Airtel Business (Large enterprises and carriers) Over 230,000 Rkms 1 across 50 countries, 5 continents Homes Services (Fixed Line & Broadband) 2.1 mn 1 broadband & internet customers Revenue growth 10.8% YoY EBITDA contribution (Q3 17) Africa, 14.8% SA, 0.2% Tower Infrastructure Services Bharti Infratel 38,997 towers 1 across 11 circles 42% stake in Indus Tower which has 122,044 towers 1 across 15 circles Revenue growth 9.4% YoY Digital TV Pan India DTH, 12.6 mn 1 subscribers top 3 player Revenue growth 17.7% YoY Tower Co, 8.3% Airtel Business, 9.5% Digital, 3.5% Homes, 3.9% Wireless India, 59.9% 1. Bharti Airtel Quarterly Report and KPI sheet for quarter ending December 31,

26 Profitability & Scale across Diversified Segments 1 Scale $9,000 USD Rev $8,000 YoY Revenue Growth $8, % 71.1% 32.3% 33.0% 28.0% $7,000 EBITDA Growth $6,000 $5,000 $3,838 $4, % 13.0% 16.2% 17.8% 23.0% 18.0% 13.0% $3,000 $2,000 $1,000 $- 9.9% 5.4% 7.9% 4.4% 7.4% $1, % 3.5% $727 $446 $858 $251 Africa Tower Infra SA Telemedia India Wireless Airtel Business Digital TV 8.0% 3.0% -2.0% 365 million customers as of Dec 2016 Global Telco Multiple businesses create opportunity for Convergence 1. As of FY

27 Scale brings Operating Leverage Overview Revenue Market Share - India Presence in 17 countries #3 Operator in the World #1 in India & #1 or #2 in 11 countries in Africa US$ bn Revenue 1 US$ 5.22 bn EBITDA addressable population 1 Only operator with Pan India 3G & 4G 32.7% 32.9% 33.1% 31.6% 31.6% Q3FY16 Q4'16 Q1'17 Q2'17 Q3'17 RMS of 35.6% including Telenor Scale Customer Market Share - India Spectrum Scale India % 24.8% 24.1% 24.3% 23.6% Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 CMS of 28.4% including Telenor Industry Spectrum ex- Bharti Spectrum Industry MTNL/BSNL Spectrum held Market Share ex- Spectrum Band Spectrum (MHz) (Mhz) by Bharti (Mhz) MTNL/BSNL , % % % % Total % Multi layer data spectrum in key cities Source: Company filings 1. As of FY YoY refers to Sept 15-Sept Includes Telenor; merger is subject to regulatory approvals 27

28 Driving increased Profitability Execution Reducing costs. Consolidated opex growth -5.1% YoY Scale and Profitability across diversified segments Among Top 3 in every non-mobile segment (TowerCo, DTH, Homes, B2B) 39% of consolidated EBITDA comes from businesses other than India mobility 24% from India non-mobile businesses 15% from International mobility businesses Robust EBITDA growth in Indian non-mobility businesses 10.8% in Homes, 17.7% in Digital TV, and 12.5% in Airtel Business Non wireless segments contribute 36% to India operating profit (Q3 17) Africa showing signs of growth with bulk operating investments already in place monetization to catalyze FCF growth. Turned PBT +ve in constant currency 28

29 4. Leader in India Revenue and Customer Market Share 1 Execution RMS 36% 23% 19% 4% 5% 6% 6% 1% Airtel + Telenor Vodafone Idea (Incl Spice) Reliance BSNL+MTNL Tata Tele Aircel Others VLR CMS 30% 20% 19% 7% 7% 6% 4% 6% <0% VLR Customers (Mn) Airtel + Telenor Vodafone IDEA RCOM BSNL/MTNL Aircel/Dishnet Tata Jio Others 1. RMS is calculated on the basis of gross revenues. Source: TRAI 2. RMS is as of 9M 17 and CMS is as of Dec Airtel and Telenor merger is subject to regulatory approvals 29

30 Increasingly gaining revenue market share Execution Airtel Vodafone Idea 30.8% 31.3% 0.5% 1.8% 32.9% 33.1% Airtel + Telenor combined entity RMS is 35.6% as of Dec % 23.3% 23.4% 23.5% 16.2% 0.0% 2.5% 0.2% 18.7% 18.7% 18.7% 0.0% Combined V+I gained 0.2% RMS Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Source: TRAI 30

31 Strategic Pillars for execution Execution Go to Market Excellence Win with a Brilliant Network Experience Win with Valuable Customers War on Waste Win with People Digital Airtel, Vibrant Vibrant Brand Brand 31

32 Strategic Pillars: Go to Market Excellence Execution Game changing innovations Creating opportunities Unlimited voice packs Simplified Pricing. From 6500 Postpaid plans to Myplan Customized plans as per customer usage Infinity Options with unlimited benefits Wynk Music, games. Airtel Movies Ditto TV, Juggernaut Payments Bank, Airtel Money Strategic Partnerships Wynk + Samsung presence in all new Samsung shipments Brand Equity s Most Trusted Brands 2016 Airtel continues to be no. 1 in Telecom Jumps eight spots to no. 3 across all sectors and brand Source: Ericsson Mobility Report 32

33 Driving increased brand awareness Execution Airtel 4G ad Top television in Dec 2016 Awareness (%) - 82 Brand recall (%) - 95 Ad reach index - 78 Source: Mint Ipsos TV AdIndx Survery 33

34 Airtel launches India s first payments bank Execution Highlights Committed to an investment of Rs 3,000 crore across its national operations Completely digital and paperless bank. Account opened within minutes using Aadhaar based e-kyc 250,000 airtel retail outlets will act as Banking Points, more than the total ATMs in the country. Expected to scale to over 600,000 Banking Points in coming months Plan to develop a nationwide merchant ecosystem of over 5 million merchants, more than a million merchants already on boarded Launched Airtel Payments Bank app and Online Card in collaboration with MasterCard for convenient banking and cashless payments More than 1 Mn accounts already opened Benefits Interest rate of 7.25 % p.a. on deposits in savings accounts The customer s mobile number will be his/her bank account number Free Personal Accidental Insurance of Rs. 1 Lac with every Savings Account One minute of Airtel mobile talk-time for every Rupee deposited at the time of opening a savings account. Easy deposit and withdrawal facility across a wide network of Airtel retail outlets USSD and IVR in 12 languages for non-smartphone customers 34

35 Voice: Significant growth Execution 330,217 36,570 35, , , ,988 33,771 34, ,459 32,610 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 SIM consolidation in the industry due to unlimited voice offers Volume Growth Value Growth Airtel carries over 1.48 trillion minutes 1 Secular volume growth 10.8% Y-o-Y Source: Company Filings 1. LTM Dec

36 Fast growing data business Execution First brand to own and launch 4G in India 3G and 4G Pan India Annualized data revenues c. $2 bn (India) Airtel recognized as the smartphone network Mobile broadband base stations ( 000) - India Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Africa data volumes (mn MBs) Africa data revenues (USD mn 1 ) 19,254 22,787 27,655 34,269 36, Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'FY16 Q4'FY16 Q1'FY17 Q2'17 Q3'17 Source: Company filings 1. In Constant Currency 36

37 INCREASING MARKET SHARE IN RURAL INDIA Execution Airtel: Rural subscriber share 27.1% 28.4% 29.5% 30.2% 30.6% % 48.8% 48.7% 48.8% % 48.6% % 48.4% 48.2% % % 47.8% 47.6% 47.4% QFY16 3QFY16 4QFY16 1QFY17 2QFY % No. of rural subscribers % of rural subscribers to total subscribers Source: TRAI 37

38 Strategic Pillars: Win with Brilliant Network Experience Execution Eliminate frustration Invest in tools An open network Blocked calls Repeat calls Dropped calls Frustration index Capex Outflow FY 16 (mn) Guidance (bn) 9M 17 India & SA $2,379 $2.2 - $2.4 ~ $2.1 bn Africa $771 $0.6 - $0.7 $275 mn Largest capital expenditure of Rs. 60,000 crore over 3 years towards a comprehensive network transformation 38

39 Strategic Pillars: Win with Valuable Customers Execution Post-Paid (as % of total Customer Base) Mobile Broadband Customer as a % of total data customers 1 6.3% 6.4% 69% 1 6.3% 6.3% 6.2% 66% % 6.0% 6.1% 6.1% 6.0% 5.9% 5.8% 56% 61% 62% 0 5.7% 5.6% 0 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 5.5% Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Source: Company Filings 39

40 Quality Subscriber Acquisitions Execution India: Churn % Africa: Churn % 4.1% 6.8% 3.4% 3.3% 3.6% 3.7% 6.0% 4.9% 5.3% 4.9% Dec'15 Mar'16 June'16 Sept'16 Dec'16 Dec'15 Mar'16 June'16 Sept'16 Dec'16 Airtel has industry wide lowest churn at 4.1% In Africa, churn decreased from 6.8% in March 2016 to 4.9% in Dec 2016 Source: As per company s reported numbers 40

41 Strategic Pillars: Win with War on Waste Execution Opex Growth YoY EBITDA % 36.7% 3.9% 1.4% 35.2% Q3'15 Q3'16 Q3' % -5.1% Q3'15 Q3'16 Q3'17 Increasing Opex Productivity Smart procurement Frugal cost structure Maximizing sharing Network re-design Divestment of towers Source: Company Filings Note: Q3 15 numbers are based on IFRS accounting 41

42 Strategic Pillars: Win with People Execution Build capabilities and help people grow Learning, mentoring, succession planning Build a high performance culture 42

43 Enhancing leadership Position across Geographies Execution No 1 Share No 2 Share No 3 Share RMS 1 Rank # of circles Avg. RMS Market Position # of Countries # % # % # % #1 5 #2 7 # For India RMS is as of Dec Includes Telenor (merger is subject to regulatory approvals) 2. For Africa, only for GSMA telecoms are considered Source: TRAI; Company data, CIA World Factbook, World Bank 43

44 BEST IN CLASS EXECUTION Execution Q3 17 highlights India Broad based revenue growth across DTH, Homes, Enterprise segments. Mobile revenues hit in the quarter due to competition and demonetization Continue healthy customer acquisitions in Mobile India; added 5.9mn customers in Q3 17 Data volumes up 28.3% YoY Voice volumes grew 13.7% YoY Africa Revenue growth 5.4% YoY in constant currency Data volumes up by 91.0% YoY, now 16.7% of mobile revenues Voice volumes up 10.1% YoY Airtel Money has 8.8 mn active customers, up 6.6% YoY, transacting c. $4.0 bn / quarter 44

45 STRONG CORPORATE PROFILE

46 Financial flexibility & Balance Sheet Focus Diversified debt profile; focus on deleveraging Over last 3 years: Leverage: Net Debt (ex-dot) to EBITDA down from 2.51x as of Mar 2013 to Net Debt to EBITDA down from 3x to 2.7x (with fully loaded all spectrum auctions) Average Maturity: Average tenors pushed out from 2 years to ~5 years Diversified debt mix: 100% bank to a balanced mix of bonds, bank, ECA and DoT debt Currency diversification: >75% USD weight to a mix of USD (41%), INR (37%), EUR (15%), Rest (7%) Interest: 100% floating portfolio to predominantly a fixed portfolio Strategic initiatives undertaken include Airtel QIP, Infratel IPO & further sell down Deleveraging in Africa via tower sales and divestment of 2 countries to Orange 46

47 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 IG rating from 3 International Rating Agencies 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 Ranked #1 in FTI Consulting s India Disclosure Index for Mandatory & Voluntary disclosure practices, for the second year in a row 47

48 Summary India & Africa remain attractive markets, with large opportunities Bulk investments in place, asset restructuring in progress Spectrum Network Deleveraging via asset monetization (Tower sales, sale to Orange, Bangladesh merger, Ghana merger) We are extremely well positioned Large customer base Only operator with diversified portfolio Scale leading to operating leverage Generating significant organic free cash We have to continue to drive best in class execution while maintaining strong balance sheet focus for returns as well as enhanced financial flexibility 48

49 THANK YOU