7UDQVIRUPDWLRQDO1HWZRUN 95% % of % of 100% Millions) ` ( shareholding 5 90% 1 100% 9 100% 23 90% 25 100% 31 100% 45 90% 36 98.50% 209 71.76% 105 70% Community Community Contribution ^ 786 100% 923 100%        Capital period # reporting reporting during the Expenditure Expenditure

------100% 100% - 135 - 100% - - - 100% - - - - 100% - - - - 100% -   Dividend Proposed Proposed After After            (Loss) 3URǂW                   Taxation Taxation    ------    38 for 45 121 130 199 414 731 114 196 584 220 Taxation Taxation Provision Provision 618 183 435 710 100% 292 (115) 407 97 100% 336 13 323 69 100% (71) (85) 14 576 100% (37) (154) 117 - (62) 3 (65) 183 100% (154) (30) (124) 150 100%     (Loss) Before Before 3URǂW   Taxation Taxation - (2) - (2) - 100% - 12 6 6 - 100%                                 ------296 - 296 - - - 100% ------43 - 43 - - - 100% ------(22) - (22) - - - 100% - - - - (105) - (105) - - - 100% - - 395 (346) - (346) 139 80.10% - 4 302  Investments* Investments* Turnover 4 0 - - 77 - - 248 - 248 - - - 100% 47 - - Total Total Liabilities              Assets Assets      31                                                  Reserves Reserves Total - - - - - (0) - (0) - 71.76% - 219 0 ------100% 1 16 449 432 490 23 7 16 162 100% 1 1 1 1 0 522 1 1 329 2 1 1 236 1 658 308 421 ------100% 0 1 (0) 32 0 340 307 0 - 272 - 77 (0) 97 - (20) (0) 183 - 100% 100% 0 1 (6) 19 25 8 (18) (0) (18) - 100% 32 498 30 0 30 0 - 0 0 0 - 71.76% 51 (67) 42 23 42 (225) 546 729 575 140 5 135 172 100% 892 (776) 102 230 (589) 402 761 285 (78) - (78) 14 95% 598 288 690 173     Share Share                         Capital                                      0.845 1.000 1.000 1.000 1.000 1.000 1.000 0.454 0.454 1.000 1.000 1.000 1.000 0.115 0.115 0.115 0.115 0.115 0.098 0.070 0.653 0.845 8.540 0.590 1.000 1.000 Rate as Rate 66.255 66.255 49.246 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 75.447 95.411 31, 2016 of March March of Exchange Exchange ODWLQJWRVXEVLGLDU\FRPSDQLHVIRUWKH\HDUHQGHG0DUFK FHPEHU 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK Apr '15 to Mar '16 Mar '15 to Apr Apr '15 to Mar '16 Mar '15 to Apr -DQ WR0DU  0DUFK -DQ WR'HF  'HFHPEHU Reporting Period Reporting Period End Financial Year -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU Apr '15 to Mar '16 Mar '15 to Apr Apr '15 to Mar '16 Mar '15 to Apr /.5 /.5 XAF Reporting Currency USD '16 Mar '15 to Apr 0:. -DQ WR'HF  'HFHPEHU CDF +.' GBP '16 Mar '15 to Apr India INR '16 Mar '15 to Apr India INR '16 Mar Sep '15 to India INR '16 Mar '15 to Apr India INR '16 Mar '15 to Apr Sri Lanka India INR '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr &RQJR%UD]]DYLOH Registration United States of of States United America Netherlands USDNetherlands '16 Mar '15 to Apr USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Republic of Congo of Republic Netherlands USD '16 Mar '15 to Apr NetherlandsNetherlands USD USDNetherlands '16 Mar '15 to Apr '16 Mar '15 to Apr USD '16 Mar '15 to Apr Bangladesh BDT '16 Mar '15 to Apr India INR '16 Mar '15 to Apr 8QLWHG.LQJGRP b Netherlands USD '16 Mar '15 to Apr c Democratic a Mauritius INR '16 Mar '15 to Apr a b Netherlands USD '16 Mar '15 to Apr DL DM DK DJ DJ DG EH EH EH 6HSWHPEHU Limited Limited 1HWKHUODQGV %9 %KDUWL$LUWHO&RQJR+ROGLQJV%9 EG Name of the Subsidiary the Subsidiary Name of Note of Country %KDUWL$LUWHO%XUNLQD)DVR+ROGLQJV%9 EG %KDUWL$LUWHO*DERQ+ROGLQJV%9 EG %KDUWL$LUWHO$IULFD%9 %KDUWL$LUWHO1LJHU+ROGLQJV%9 EG %KDUWL$LUWHO5'&+ROGLQJV%9Congo (RDC) S.a.r.l.) EG %KDUWL$LUWHO&KDG+ROGLQJV%9 EG $LUWHO1HWZRUNV.HQ\D/LPLWHG DI .HQ\D .(6 -DQ WR'HF  'H %KDUWL$LUWHO.HQ\D%9 EG %KDUWL$LUWHO0DOL+ROGLQJV%9%KDUWL$LUWHO.HQ\D+ROGLQJV%9%KDUWL$LUWHO0DODZL+ROGLQJV%9 EG EG EG %KDUWL$LUWHO -DSDQ .DEXVKLNL.DLVKD DG -DSDQ -3< %KDUWL$LUWHO 8. /LPLWHG 21 Networks Limited Telesonic a India INR '16 Mar '15 to Apr 19 Limited Bharti Telemedia a India INR '16 Mar '15 to Apr 1718 Limited Smatrx Services w.e.f. Limited(subsidiary 20 Limited Network a Mauritius USD '16 Mar '15 to Apr 16 Limited Indo Teleports 1415 Limited Lanka (Private) Bharti Infratel Bharti Limited Hexacom 13 Limited Lanka (Private) a Sri Lanka 12 Bharti (Mauritius) Airtel International 11 Ltd Pte Bharti (Singapore) International a Singapore USD '16 Mar '15 to Apr 10 Ltd Bharti Pte Airtel Holdings (Singapore) a Singapore SGD '16 Mar '15 to Apr 25 Bharti Airtel International 2324 Limited Wynk Services Bharti Limited Infratel a India INR 22 Data Limited Nxtra a India INR '16 Mar '15 to Apr 33 34 Airtel Congo S.A. c Sr Sr No. 9 Bharti Airtel (USA) Limited 27 28 S.A. Airtel Burkina Faso 31 a Burkina faso XOF 30 S.A. Airtel Tchad a Chad XAF 26 32 Airtel Gabon S.A. a Gabon XAF 44 S.A. Niger Celtel a Niger XOF 43 35 36 Celtel Airtel Congo (RDC) S.A. (Formerly 29 42 Airtel Malawi Limited a Malawi 40 39 37 38 41 6 34 Networks Limited Bangladesh Infratel 5 SAS Bharti Airtel (France) Limited Bharti Airtel (Hongkong) a b Hongkong France EUR '16 Mar '15 to Apr 1 Airtel Bangladesh Limited a Bangladesh BDT '16 Mar '15 to Apr 7 Bharti Airtel Services Limited a India INR '16 Mar '15 to Apr 2 Limited Bank Airtel Payments 8 6WDWHPHQW3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUH

352 Annual Report 2015-16 126-355 Bharti Airtel Limited 02-39 | Corporate Overview 40-125 | Statutory Reports Financial Statements % of % of Millions) ` ( shareholding 7 100% 5 75% 20 60% 41 79.06% 10 13 96.36% 100% Community Community Contribution ^       Capital period # reporting reporting during the Expenditure Expenditure

------100% 100% - - - - - 940 Dividend Proposed Proposed After After   (Loss) 3URǂW         Taxation Taxation  - - - for 194 (288) (285) Taxation Taxation Provision Provision 549 227 322 - 872 35 100% 263 175 88 - 365 6 100% (312) (52) (260) - 338 - 100% (Loss) Before Before 3URǂW     Taxation Taxation                       - - - - - (196) - - (196) ------100% - - - 100% - - - 428 - - 428 - - - 100% - - (2) - (2) - - - 100% - - - - (512) - (512) - - - 100% - - - - 135 - 135 - - - 100% - - 380 57 323 - - - 100% ------100% ------100% - - (282) - (282) - - - 100% - - 374 (107) 3 (110) - 86 - 100% - - 948 (847) - (847) - 4 - 100% - 186 Investments* Investments* Turnover 0 - - 991 - 991 - - - 100% Total Total  Liabilities               Assets Assets                                             Reserves Reserves Total ------100% ------100% ------100% ------100% 1 1 1 1 (906) 38 40 1 1 (120) - - (2) - (2) - - - 100% 0 (11) 3 14 - - (1) - (1) - - - 100% 1 327 417 89 ------0 - 100% 3 185 1 0 - 0 ------100% 5 292 0 1 1 - - 615 583 615 582 ------100% 100% 0 - 1 2 6 0 - 203 203 ------100% 0 - 4 (360) 1 177 0 2 (0) (26) 108 398 108 422 - - - - (0) (8) 0 - (0) (8) ------100% 100% 1 2 (16) (7) 2 1 17 6 - - - - (6) (0) - - (6) (0) ------75% 100% 1 (405) 839 1 1 0 454 453 - 1 0 0 0 - - - 100% 0 1 (17) (8) 9 1 26 8 - - 33 - 19 40 3 - 16 40 ------100% 90% 1 - 166 165 ------100% 3 2 150 (0) 169 16 2 0 - - - (2) - (0) - (2) - - (0) - - - - 100% - 100% 0 434 61 67 12 (422) 210 620 - 67 (114) 1 (115) - 8 - 100% 166 803 977 8 - - (2) - (2) - - - 100% 247 133 (179) Share Share           Capital 0.021 0.333 0.333 0.030 0.098 4.911 0.653 0.030 0.020 0.017 6.025 0.017 6.025 0.020 0.115 0.115 0.098 0.017 0.333 0.115 0.017 0.115 0.115 0.021 Rate as Rate 66.255 17.251 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 66.255 17.251 66.255 66.255 66.255 66.255 66.255 66.255 17.251 66.255 66.255 66.255 31, 2016 of March March of Exchange Exchange ODWLQJWRVXEVLGLDU\FRPSDQLHVIRUWKH\HDUHQGHG0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF -DQ WR'HF  'HFHPEHU 'HFHPEHU -DQ WR'HF  'HFHPEHU Reporting Period Reporting Period End Financial Year -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF -DQ WR'HF  'HFHPEHU 'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF -DQ WR'HF  'HFHPEHU 'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF -DQ WR'HF  'HFHPEHU 'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU -DQ WR'HF  'HFHPEHU Reporting Currency TZS 0:. -DQ WR'HF  'HFHPEHU TZS 0:. -DQ WR'HF  'HFHPEHU XAF XAF USD Ghana GHS Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Registration Netherlands USD '16 Mar '15 to Apr 7DQ]DQLD Netherlands USD '16 Mar '15 to Apr .HQ\D .(6 -DQ WR'HF  'HFHPEHU 7DQ]DQLD Uganda UGS NetherlandsNetherlands USD USD '16 Mar '15 to Apr '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Netherlands USD '16 Mar '15 to Apr Sierra LeoneSierra SLL Netherlands USD '16 Mar '15 to Apr &RQJR%UD]]DYLOH Netherlands-HUVH\ USD '16 Mar '15 to Apr a Mauritius USD a a Mauritius USD a a a Zambia ZMW a Mauritius USD FI DI DH &RQJR%UD]]DYLOH GH %KDUWL$LUWHO*KDQD+ROGLQJV%9 EG (Mauritius) Limited %KDUWL$LUWHO1LJHULD%9 EG $LUWHO7DQ]DQLD/LPLWHG %KDUWL$LUWHO0DGDJDVFDU+ROGLQJV%9 EG (Mauritius) Limited) Zebrano (Formerly %KDUWL$LUWHO1LJHULD+ROGLQJV,,%9 EG %KDUWL$LUWHO1LJHULD+ROGLQJV%9 EGH Name of the Subsidiary the Subsidiary Name of Note of Country %KDUWL$LUWHO6HUYLFHV%9 EG %KDUWL$LUWHO=DPELD+ROGLQJV%9$LUWHO0RELOH&RPPHUFH .HQ\D /LPLWHG EG $LUWHO0RELOH&RPPHUFH 7DQ]DQLD /LPLWHG (Formerly ZMP Limited) (Formerly %KDUWL$LUWHO8JDQGD+ROGLQJV%9%KDUWL$LUWHO7DQ]DQLD%9 EG EG $IULFD7RZHUV19 EG %KDUWL$LUWHO6LHUUD/HRQH+ROGLQJV%9 EG $LUWHO0RELOH&RPPHUFH%9 EG %KDUWL$LUWHO'7++ROGLQJV%9 EG S.A. $LUWHO0RELOH&RPPHUFH+ROGLQJV%9 EG 61 62 Airtel Ghana Limited 53 Channel Sea Management Company 60 51 52 54 Bharti Holdings Limited Airtel Rwanda 59 5556 Montana International S.A. Airtel Madagascar 58 Nigeria Limited MSI-Celtel a a Mauritius e Madagascar Nigeria USD MGA NGN 57 Sr Sr No. 63 64 a Nigeria NGN 80 Limited Airtel (Seychelles) a Seychelles SCR 65 6667 Limited Airtel Mobile Commerce a Malawi 81 6869 Ghana Limited Airtel Mobile Commerce (Mauritius) Holdings Limited Celtel a Ghana a Mauritius GHS USD 70 Zambia Limited Airtel Mobile Commerce 82 Uganda Limited Airtel Mobile Commerce a Uganda UGS 49 ## Limited 48 50 4647 Airtel (SL) Limited Airtel Networks Zambia Plc a c Zambia Leone Sierra SLL ZMW 7172 (SL) Limited Airtel Mobile Commerce S.a.r.l. Tchad Airtel Mobile Commerce a a Leone Sierra Chad SLL XAF 83 84 Ghana Limited Airtel Towers a Ghana GHS 45 73 74 S.A. (Gabon) Airtel Money a Gabon XAF 85 86 Services (SL) Limited Airtel DTH 75 Limited Malawi Towers a Malawi 87 Services Nigeria Limited Airtel DTH e Nigeria NGN 76 S.A. Niger Airtel Money a Niger XOF 88 Limited (SL) Company Airtel Towers a Leone Sierra SLL 77 Cellulaire Malgache de Téléphone Société 9091 S.A. Congo Towers S.A. Towers Madagascar a Madagascar MGA 92 Congo S.A. Mobile Commerce a 78 79 Limited Indian Ocean Telecom a 6WDWHPHQW3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUH

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354 Annual Report 2015-16 126-355 Bharti Airtel Limited 02-39 | Corporate Overview 40-125 | Statutory Reports Financial Statements - Millions) ` ( consolidation Not Considered in Not Considered - (45) - (161) - (1) 10 - March 31, 2016 March  3URǂW/RVVIRUWKH\HDUHQGHG consolidation Considered in Considered  114 441 (4.3)   audited audited  Net Worth Net Worth as per latest latest as per shareholders shareholders Balance Sheet attributable to attributable to capital capital capital capital capital LQǃXHQFH % of share share % of % of share share % of % of share share % of % of share share % of % of share share % of Description Description RIKRZWKHUH LVVLJQLǂFDQW PHQWVRIYHQWXUHULQYHVWRU 30.14%  Extent of of Extent DUHKROGLQJRIWKH&RPSDQ\ holding % - 35% 10 50% 34 10% Amount of Amount of Investment Investment Joint Venture in Associate / in Associate ODWLQJWRVXEVLGLDU\FRPSDQLHVIRUWKH\HDUHQGHG0DUFK 260 186 26% company as of March 31, 2016 March as of company shares     Number of of Number  Share of Associates / Joint Ventures held by the held by / Joint Ventures Associates of Share FDUU\LQJYDOXHRILQYHVWPHQWVLQWKHVWDQGDORQHnjQDQFLDOVWDWH PLWHG EHFDPHVXEVLGLDU\RI%KDUWL$LUWHO/LPLWHGZHI$XJXVW VKDUHKROGLQJRI%KDUWL,QIUDWHO/LPLWHGDVDJDLQVWHNjHFWLYHVK -XQH 0DUFK 'HFHPEHU 0DUFK 0DUFK Latest Audited Audited Latest Balance Sheet Date Company Limited Company 7DQ]DQLD Telecommunications Limited Company Name of the Associate / the Associate Name of Joint Venture

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