Grameenphone Ltd.May 8, 2012

First Quarter 2012

Tore JohnsenChief Executive Officer

Quality conscious acquisition . . .

+ 3%

Slide 3

+ 18%● Addition of 1.1Mn subscriptions

● Intensified market competition

● Customer centric services and value adding product offerings

● Consistent revenue growth with healthy profitability

● Growth contribution from the rural

Source: BTRC

31.98 33.82

35.25 36.49 37.63

43.8% 44.3% 43.6% 42.7% 42.1%

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Subscriptions (Mn) Market Share

Slide 4

Easy money transfer

Customer centricity . . .

eCare - the on-line portal for customers

Customized value propositions

Popularity of Data usage . . .

● 5.8Mn internet users, 143% increase from a year ago

● Mini-packs driving user growth

● Gaining popularity in the rural areas

● “Internet Utshab” and free internet campaign “GP Click” created a good momentum

+ 11%

+ 143%

Slide 5

2.4 3.0

3.4

5.2 5.8

7.5% 8.9% 9.8%14.4% 15.5%

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Data users (Mn) % of total Subs

15th Annual General Meeting . . .

● Successful completion of 15th AGM on 10 April 2012; 3rd AGM after listing

● Shareholders approved 2011 financial statements and 205% cash dividend (including 140% interim cash dividend) among other agenda

● Fast track dividend payment; 61,000 shareholders received dividend within 48 hours of AGM completion

● Physical distribution of dividend warrants completed on 21 April 2012

Slide 6

Q1 2012 Financial Results

Fridtjof RustenChief Financial Officer

12% Revenue Growth . . .

Total Revenue (Mn BDT)

+ 1.7%

+ 12.3%● Subscription driven revenue growth

● Growth from both voice and non voice services

● Customized campaigns for customer ease

● Good contribution from infrastructure sharing, data and roaming services

Slide 8

20,672

22,732 22,828 22,828 23,222

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

2,867

3,899

5,633

6,492

5,204

14%17%

25%28%

22%

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

9,886

12,066 13,200 12,458 12,789

48% 53% 58% 55% 55%

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Healthy profit margin . . .

EBITDA (Mn BDT) EBITDA Margin

NPAT (Mn BDT) NPAT Margin

● Consistent revenue growth and cost optimization

● Pressure on opex from currency devaluation and energy price hikes

● Stable EBITDA margin

Slide 9

8,788 8,969

11,912 10,961

9,930

6.51 6.64 8.82 8.12 7.35

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Key Financial Figures . . .

Net Asset Value (NAV)

NOCF (Mn BDT) NOCF/Share (BDT)

Net Operating Cash Flow (NOCF)

Earnings per Share (EPS) - BDT

Slide 10

50,899 45,662

32,391

38,883

44,087

37.69 33.82

23.99 28.80

32.65

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

NAV (Mn BDT) NAV/Share (BDT)

2.12

2.89

4.17 4.81

3.85

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

10,136

13,500

9,442

13,993 13,078

23,636

11,206

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Network Investment & Contribution to Govt.

Slide 11

Investments (Mn BDT)

Tax, VAT, Duties (Mn BDT)

2G renewal fees (Mn BDT)

● Continuous investment for network capacity expansion and quality improvement

● Invested BDT 174.7 billion since inception

● BDT 3.2 billion payment as income tax and BDT 2.1 billion as SIM tax in Q1’12.

● Accumulated contribution since inception BDT 256.4 billion

Network Investments

Contribution to National Exchequer

2,061

3,451

4,490

2,961

3,727

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Regulatory Landscape

2G License renewal● The Court has given judgment in favor of GP

declaring MCF for 2008 spectrum as illegal.

● The Court has directed GP to pay 100% fees toBTRC and 15% VAT to NBR while allowing to getrebate on the VAT.

● GP filed a petition seeking clarification from theAppellate Division on the above as the rebatemechanism contradicts with present VAT scheme.

Slide 13

Regulatory landscape . . .

3G License● BTRC has sent the draft 3G licensing guideline to

MoPT on 28 Mar’12.

● It is expected that the draft guideline will be openfor consultation by June 2012 and proposedauction to be initiated by Sept 2012.

Draft VAS guideline● MoPT has published a draft guideline on Value

Added Service (VAS) on 20 Mar’12.

● The draft guideline does not reflect internationalbest practice.

● An industry position paper has been submitted toMoPT and is expected to be reviewed anddiscussed with the industry on this issue.

Unpredictable regulatory regime● The Industry is experiencing initiation of various

directives, guidelines and policies without priorconsultation.

● This reflects the need for a long-term regulatoryroadmap for a sustainable industry growth.

● An industry aligned position paper on“Transparent Consultation Process on TelecomRelated Matters” has been prepared and will beshared with relevant stakeholders.