In 2010, most major Indian wireless carriers were able to grow their subscriber bases and increase revenues, except for Reliance Communications. Vodafone increased revenues from 94 billion INR to 103 billion INR while margins declined from 28% to 20% between October 2009 to September 2010. Bharti Airtel grew subscribers from 119 million to 152 million and revenues from 53 billion INR to 50 billion INR while maintaining margins around 33%. Idea Cellular saw strong growth with subscribers up from 38 million to 58 million and revenues increasing from 31 billion INR to 40 billion INR, with margins around 20%.

1. In 2010, Indian wireless carriers (except for RCom) have been able to increase their revenues along with their subscribers base Source: Company Websites Note 1: Vodafone’s margin is from Oct ’09 to Sep ‘10 Key Performance Indicators of (Listed) Indian Wireless Carriers in 2010 +1% -2% -0.8% +3% +1% +1% -2% -3% -2.9% 2% Subs Growth RPM MoU Revenues Margins 119 mn to 152 mn INR 0.52 to 0.44 446 to 449 INR 94 bn to 103 bn 28% to 20% 94 mn to 125 mn INR 0.45 to 0.44 330 to 251 INR 53 bn to 50 bn 34.1% to 33.3% 38 mn to 58 mn INR 0.51 to 0.42 389 to 401 INR 31 bn to 40 bn 23.5% to 20.6% 91 mn to 124 mn INR 0.69 to 0.67 303 to 297 INR 55 bn to INR 69 bn 24% to 26% 1 5.0 mn to 5.1 mn NA NA INR 9.1 bn to 9.2 bn NA