Investor Presentation

September 8, 2008 Table of Contents

1. Economic Backdrop 3

2. Industry Overview 5

3. Overview of 9

4. Grameenphone Operational Performance 18

2 1. Bangladesh Economic Backdrop

3 Bangladesh: Large Growth Economy

7th most populous nation with 55% of people in the 15-64 age group.

Demographics Population (2007E) 140.6 million Population Growth Rate (2007) 1.3% Population Distribution (2001 Census) 0 – 14 years: 39.1% 15 – 64 years: 54.7% 65+ y ears: 6.2% Rangapur Median age Dinjapur Total: 22.8 y ears Male: 22.8 y ears Female: 22.9 y ears Literacy Rate of ages 15 and above Male: 53.9% Sylhet Female: 31.8%

Religion Muslim 83%, Hindu 16%, other 1% BANGLADESH Area 147,570 sq. km Population Density (2007E) 952 per sq. km Legal System Based on English Common Law Bogra Faridpur Comilla Economic Indicators GDP Per Capita FY2007E US$482.3

Khulna Reserves of foreign exchange and gold Dec 2007 US$5.1 billion Barisal Annual CPI Inflation 2007 7.2% Av g. Exchange Rate (BDT/US$, 2007) 68.9

Interest Rate (Money Market Rate 2007) 5.0%

Market Cap / GDP (%) (Jul 2008) ~36.0%

Source: Population and growth from Bangladesh Bank. Other figures from Economist Intelligence Unit, July 2008. CIA – The World Factbook, July 2008. 2001 Bangladesh Census.

4 2. Industry Overview

5 Bangladesh - Premium Telecom Market

One of the fastest growing telecom markets with significant future growth potential

135% Pakistan 115% Banglade sh Vietnam 95% India 75%

Sri Lanka Indonesia 55%

Philippines 35% Thailand China Malaysia Singapore 15% Hong Kong Korea Japan Taiwan Mobile Subscriber MobileCAGR (2003-2Q’08) Subscriber (5%) 140.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0%

Mobile Penetration (as of 2Q’08) Note: Size of bubble denotes relative population of country. Developed Mar ket Developing Market Population as of 2008. Source: Bangladesh Bank for Bangladesh and EIU for others. Mobile subscribers as of 2Q’08. Source: BTRC for Bangladesh and Informa Telecoms & Media for others.

Key Telecom Market Variables 2007 2Q’08 Mobile Penetration (1) 24.4% 31.1% Fixed Line Penetration (2) 0.8% 0.9% Internet Penetration (2) 0.4% -- (1) Subscribers for 2007 and 2Q’08 from BTRC. Subscribers for 2003-2005 taken from Ministry of Finance Economics Review and subscribers for Mobile Subscriber CAGR (2003-2Q’08) (1) -- 100.5% 2006 taken from Pyramid Research. (2) Source: BTRC for fixed-line subscribers, ITU for Internet penetration. Population from Bangladesh Bank.

6 Wireless Market Overview

Bangladesh Wireless Market Evolution NTT DoCoMo acquired 30% in TMIB (pending approval) Warid Telecom entered market (May 2007) 43.7

SingTel acquired 45% in PBTL 34.4 (May 2005) 31.1% Orascom purchased 21.5 (September 2004) 24.4%

9.3 15.5% 4.2 Subscribers (mm) 1.9 3.1% 6.8% Penetration 1.4% 2003 2004 2005 2006 2007 Q2'08

Subscription Market Share 6.3 % 7.6% 2 .1% 2.1% 9 .4% 7.1% 4 .7% 5.6 % 2.5% 2.4% Warid 4.1% 3.9%

Teletalk 21.1% 26.4 % 22 .4% 27.0% 18.6 % 18.0%

CityCell 9.8 % 8.9% 11.1% 15.2% 20.6 % 2 1.6% AKTEL Banglalink 59.8% 57.5% 59.8% GP 50 .1% 48.0 % 4 6.5%

2003 2004 2005 2006 2007 Q208 (e) (1) Subscribers for 2007 and Q2’08 from BTRC, subscribers for 2006 from Pyramid Research and subscribers for 2003-2005 taken from Ministry of Finance Economic Review.

7 Overview of Key Telecom Regulations

 Current License fee BDT50.0 mm + annual revenue sharing of 5.5% of collected rent and call charges + VAS License License  All current wireless licenses except for Warid and Teletalk to expire in 2011

 Tariff Range fixed between Taka 0.25 to Taka 2.00 ( 0.4cents - 3cents ) Tariff and promotions Tariff and promotions  Promotional tariffs allowed for a maximum of three consecutive months

 Current Interconnection charge fixed at BDT0.40 (0.6 cents )  New interconnection regime in 3Q’08 and 4Q’08 to replace bilateral connections between operators with operators Interconnection Interconnection connecting to an interconnection exchange (ICX) for routing domestic call and to International gateways (IGW) for international calls with revenue sharing agreement between all parties

 Bangladesh Telecom Regulatory Commission (BTRC) manages and distributes spectrum amongst various parties Spectrum Spectrum  Spectrum Management Committee has been set up to manage radio frequency

 No regulations specifically concerning the foreign ownership of telecommunications companies in Bangladesh Foreign Ownership − However foreign companies were prohibited from participating in the bidding process for licensing of Foreign Ownership international voice and data gateways (IGW, ICX). The draft guidelines for Wi-Max license however allows foreign companies to participate if 60% or less foreign ownership of the applicant company. Current operators may not apply - USD:BDT = 68.58 (As on March 31, 2008. Source: Bangladesh Bank.)

8 3. Overview of Grameenphone

9 Introduction to Grameenphone

The largest telecommunications operator in Bangladesh by revenue and subscriber base.

 Grameenphone Limited (“GP”, the “Company”) was established in 1996 and commenced services on March 1997 as a joint venture between of and Grameen Telecom

 GP is a strong wireless operator in Bangladesh with approximately 20.3 million subscribers at June 30, 2008 with 46.5% of the Bangladesh wireless market

 For the fiscal year ended December 2007, GP generated total revenues of US$792 mn and underlying EBITDA of US$396 mn, representing an EBITDA margin of 50.1%

 GP operates on the GSM 900 standard with a total bandwidth of 7.4 MHz; and the GSM 1800 standard with a total bandwidth of 7.2 MHz

 The Company has a comprehensive network, with over 10,000 base stations, covering 97% of Bangladesh’s population and is GPRS/EDGE enabled

USD:BDT = 68.58 (As on March 31, 2008. Source: Bangladesh Bank.)

10 GP Milestones

Jan 2006 Launch of Business Soluti ons, customized Significant Contributions to the development of offering for businesses wireless telecommunications in Bangladesh. Jan 2006 Reached 6 million subscribers

Apr 2005 Jul 2006 Feb 2007 Jan 2008 Reached 3 million Launch Cellbazaar Re-launching of Introduces Bl ackBerr y subscribers Business Soluti ons services to Bangladesh

Mar 1997 Aug 2003 Apr 2005 Feb 2006 Feb 2007 Apr 2008 Commenced operation Reached One million Launched Electronic Launch of Community Launching New VAS ; Brand positioning and on the Independence subscribers Recharge system Information Centre Bull Stock Information, launching of “stay Day of Bangladesh (Flexi load) Missed Call Alert close” campaign

1997–1999 2000–2002 2003 2004 2005 2006 2007 2008

Jun 1998 2001 Oct 2003 Aug 2004 Apr 2005 Nov 2006 Apr 2007 May 2008 Launched mobile to Launched Prepai d Reached 2 million Launch of “” Celebrated 10 million Re-Brandi ng of Djuice Launched “Customer mobile ser vice (without Launched WAP product with PSTN subscribers brand targeting the subscribers i n 10 yrs & Care” Campaign service PSTN access) connecti vity youth segment launched new GP logo

Aug 1999 2002 Aug 2005 Nov 2006 Apr 2007 June 2008 Launched first Prepai d Reached 4 million Launch of Healthline Launched PayForMe Reached 20 million Bangladesh Business Ser vice in the country subscribers Ser vice subscribers Award for “Best Joint venture Enterprise” Sep 2005 Dec 2006 Dec 2007 Launched EDGE and Launched Smile Reached 16 million Voice SMS for the first Prepaid & xplor e subscribers time i n Bangladesh Postpaid

Oct 2005 Dec 2006 Reached 5 million Launched Bill Pay subscribers Ser vice

11 Key Strategic Initiatives

 Limit decline in APPM, with quality offering, higher % contribution from VAS ConsolidateConsolidate Premium Premium Position Position  Maintain reputation for superior network coverage / reliability and retain high income subscribers

ExploitExploit Untapped Untapped Potential Potential  Tailored strategy envisaged, including bundled product with handsets inin Rural Rural / Low/ Low Income Income  Increase distribution and penetration into rural areas SubsSubs

CapexCapex and and Operational Operational  Continued discipline over operating costs and capital expenditures EfficienciesEfficiencies to to Improve Improve  Recently entered into long term capex contract with Huawei FCFFCF Generation Generation

 Launch of Stay Close Campaign in April 2008 ContinueContinue to to Reinforce Reinforce GP GP Brand and Brand Values Brand and Brand Values  360 degree media campaign to reinforce key messages across all customer sub-segments

 Substantial scope for increasing revenues from non-voice services IncreaseIncrease Revenue Revenue from from Non Voice Services Non Voice Services  Further expand presence as one of the largest providers of Internet access in Bangladesh

12 GP Products and Services

Comprehensive line of products and services

GP Smile Prepaid GP xplore Postpaid

 Target Market: Youth  Target Market: Mass Consumers  Target Market: High Income Mass and  Product Type: Prepaid  Product Type: Prepaid Professionals  Focus on Music, Messaging and Community to  Offering competitive tariff, easy recharge and  Product Type: Postpaid appeal to the youth balance check facilities etc.  Offering competitive tariff with features such as  Completely separate from the Grameenphone unlimited internet, flat call tariff, easy bill brand payment facilities etc.

GP Business Solutions GP Public Phone GP Village Phone

 Target Market: Business  Target Market: Urban Low Income Segment  Target Market: Rural  Product Type: Postpaid & Prepaid  Product Type: Prepaid for calling businesses  Product Type: Prepaid for calling businesses  Customized solutions for Corporations, SME  Low tariff appealing to use the phone to  Catered specifically to the rural subscribers to and SOHO businesses generate businesses with bonus on usage generate income from phone business through  Provides closed user group functionality, subsidized tariff business messaging, Blackberry services, priority customer service etc.

Source: Company.

13 Innovative Data Portfolio

Market leader in providing non-voice services

Messaging Services Music and Data Infotainment Innovative Services

MMS and mobile email services, Dedicated WAP portal for value Wide range of services to keep Offers award winning CellBazaar Blackberry service and added services. Branded instant subscribers updated with latest and Healthline service. “PayForMe” service messenger service news, stock information, beauty Community Info centers provide tips etc. internet to rural population

MMS The Mobile Store

GP World Instant Messenger Romance 24 Hour Healthline Voice SMS

Bull Stock Information Utility Bill payment service Missed call Alerts Business SMS Internet

Welcome Tunes

Pay f or Me (Collect call Service)

Source: Company.

14 Network Overview

Advanced, countrywide GSM network

Voice Coverage (Mar. 2008) Data Coverage (Mar. 2008) Key Network Equipment Vendors

Indoor Coverage 0 ~ (78) dBm Outdoor Coverage 0 ~ (95) dBm

 Almost 100% Population coverage

 The Network is EDGE/GPRS enabled

15 Network Overview (Cont’d)

GP Fiber Networks

Fiber Lengths • Highway fiber: 2,325 km

TGC • Railway fiber: 1,831 km DH1 DPRP TX Sayed Lalmo nirhat • Aerial Fiber: 35 km DPGP pur Bada Kaunia G1 rganj Rang DPT pur WNR Parbatip • PGCB fiber: 286 km ur Biramp ur RW Gaiban da Joypurhat Bonarp Dewang ara anj N Bogra Netrokona Jawar Bazar Sylh SYALH1 Bogra Jam Pearpur et alpu Santahar Switch Sarishabari r Mymonsingh Mohongan RSTALT Lalabazar RSTWNR Atrai G Gouripurj F Hatikamrul Switch o Atharobari e Kulaura Natore Sirajgong Gafargaon NandangasiNTBNP1 Kishorgong n Rajshahi Tangail c Abdulpur Ullapara Shaestganj Mirzapur Bajitpur Srimangalh Elenga u Bhangora Joydebpur Bharob bazar Saistagong Pakshi Ishwardi g Tongi o Brahmon baria n Poradhaha Kustia Narsingdi Pangsha Rajbari g Kamlapur Akhaura Gandaria Chuadanga Narayangong NGMGGP DHHBD1 CMELTP CMMNMP Comilla Mubarakgang CMKLBP FPBBR1 Laksam Jessore Jessore CMPTDP Switch Chandpur Noapara CGMIRP Siramoni Chatkhil F e Khulna Batazore n FNSDRP Mirersharai Kaukhali i CGMIRP Barishal Khulna Bagerhat CGSKDP Switch Switch Hathazar CGHTZP CGOR Vandaria i CGSLCP S Old Railway station Tushkhali Central Railway Building

HW Fiber SDH Node position BR Fiber MSC position PGCB Fiber Remote BSC position

16 GP Centers & Community Information Centers

Convenient one-stop shop for clients’ everyday wireless communication needs

GP Center GP Community Information Center

More than 550 CICs at 64 Districts in 427 Upzillas as of June 30, 2008 Flagship sales and service point shops designed to serve GP subscribers GP v alue added services such as FlexiLoad, Ring tones downloading etc. Typical GP Center Inauguration

Internet surfing Content on health, & e-mailing agriculture, etc.

E-gov ernment services GP CIC Telemedicine services 82 GP centers as of March 31, 2008 aimed at servicing GP customers

Sales and recharge of connections Chatting with Voice, Ty ping, Scanning, Various Product related information and Services Picture, & Video Printing, E-Fax, & conferencing CD Writing Genuine Handsets, GPRS, EDGE Modem and Accessories Any other solution required by GP subscribers f or seamless service

Multimedia education for children (Meena Cartoon, courtesy of UNDP)

17 4. Grameenphone Operational Performance

18 GP Key Metrics

GP Mobile Subscribers Revenue (mm) (US$ mm) 132.1% 791.8 109.4% 20.3 17.8 56.8% 665.5 16.5 49.6% 43.3% 10.8 429.8 54.9% 53.2% 48.3% 94.1% 286.2 5.5 19.0% 217.0 215.0 182.6 14.0% 2.4 8.0% 1.1

2003 2004 2005 2006 2007 Q2 08 Q2 08 2003 2004 2005 2006 2007 Q108 Q208

GP Subscribers (mm) Y-o-Y Grow th Revenue ($mm) y .o.y. grow th

EBITDA (1) (US$ mm)

396.5 64.5% 389.0 61.0% 57.6% 374.2 50.1% 47.3% 43.3% GP achieved significant 247.4 28.2% 56.2% 49.1% subscriber and revenue growth 175.3 during the rapid growth of 118.3 103.0 93.3 60.7 Bangladesh’s wireless sector

2003 2004 2005 2006 2007 Q108 Q208

EBITDA ($mm) Margin %

Note: (1)2007 and Q208 EBITDA (in Blue) is normalized and excludes extraordinary expenses/charges. USD:BDT = 68.58 (As on March 31, 2008. Source: Bangladesh Bank.) : Source: Company.

19 Operational Performance

GP Subscribers (mm), Prepaid as % Total GP Market Share (1)

20.3 59.8% 57.5% 59.8% 17.8 16.5 50.1% 48.0% 45.7% 46.5%

96.5% 97.6% 97.9% 93.1% 10.8 87.6% 78.8% 5.5 95.1% 2.4 1.1

2003 2004 2005 2006 2007 Q108 Q208 2003 2004 2005 2006 2007 1Q 2008 2Q 2008

Net Adds (‘000)

GP has built a commanding market share and has strong 2,503 2,032 1,867 subscriber additions despite 1,355 1,354 1,165 1,338 1,322 884 945 intense competition

Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208

Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208

Source: Company. (1) Subscribers for 2007 and 1Q’08 from BTRC. Subscribers for 2003-2005 taken from Ministry of Finance Economic Review and subscribers for 2006 taken from Pyramid Research.

20

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