Safe harbor

• Neither the information nor any opinion expressed in this presentation constitutes an offer, or invitation to make an offer, or to buy any security issued by the company. This presentation contains predictions, estimates or other information regarding the Company's operations which are forward looking in nature. While these forward looking statements represent our best current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially and may involve risk and uncertainty. This presentation is prepared for general purposes only and does not have any regard to the specific investment objectives, financial situation and particular needs of any specific person. No liability for any loss will arise with the company as a result of the action taken on the basis of information contained herein.

•For a discussion of the risks and uncertainties that may cause results to differ, you should review GTL’s filings with stock exchanges, including the annual report and quarterly disclosures.

GTL Q3 FY09 resultsJanuary 15, 2009

Analyst Presentation Jan I I

2

Telecom

Business Network Services

Global Headquarters Mumbai, India

Founded 1987

Global Presence

Domain Expertise

Stock Listed on BSE, NSE

Associates 5,940 (As of Dec. 31, 2008)

36 countries spread across Africa,Asia- Pacific,

Middle East Asia,North America,South Asia and

Western Europe

GTL at a Glance

3

Value Chain

NetworkServices

Network

Planning & Design

ProfessionalServices

InfrastructureManagement

NetworkOperations &Maintenance

NetworkDeployment

Energy

Management

Passive

Telecom Infrastructure

Services

GTL GTL Infra

4

GTL Q3 Results at Glance

Dec 31, 2008 Dec 31, 2007

Rs.Cr. Rs.Cr.

International 141.00 98.92 43%

Domestic 326.82 351.39 -7%

Total Net Sales & Services 467.82 450.31 4%

Cost of Sales, Services & Delivery 354.36 335.17 6%

Gross Profit 113.46 115.14 -1%

Selling & Marketing Expenses 8.42 14.00 -40%

Administration Expenses 35.18 34.44 2%

EBIDTA 69.86 66.70 5%

Interest ( Net ) and Finance Charges 19.00 16.10

Depreciation 13.04 12.65

Profit before Other Income and Tax 37.82 37.95

Other Income ( incl. Exchange Gain/( Loss )) (1.24) 4.30

Profit before Tax & Extra-ordinary Items 36.58 42.25 -13%

Net Profit After Tax 32.14 39.25 -18%

Change on

Y-o-Y

BasisGTL (Consolidated)

Quarter ended

5

Telecom Industry Scenario

Economy Telecom Industry Regulations

Global

Economic

Slowdown

Liquidity Crunch

in Global Markets

Deferment in N/W

expansion plans

Margin Pressures

Delay in

introduction

of new services

Uncertainty on 3G

& WiMAX

Guidelines

Delay in

MNP

implementation

High

Interest

Cost

GTL has revised its revenue guidance for FY 2008-09 at Rs. 1,850 -1,900 Crs;

Net Profit Margin expected at 7%-8%

6

GTL’s Strategy Moving Forward

Pursue new areas

of Growth

Cautious Approach

Towards M&A

Strengthen Capital

Discipline

� Focus on opportunities in Energy Management

� Jointly bid with Major OEMs for Domestic and

International MNS contracts

� Focus on targets in International markets with

positive cash-flows

� Adopt Earn-out approach for future Buyouts

� Critically evaluate internal cost framework

� Identify future cash requirements

� Return excess cash to shareholders

Focus on sustained growth & optimum utilization of cash

7

Orders won during the quarter

Customer Circles / Country Service Segment

Indus 6 Circles Network Deployment

Alcatel- Lucent 5 Circles Network Deployment

Aircel 4 Circles Network Deployment

DataCom 4 Circles Network Deployment

BSNL 3 Circles Network Deployment & O&M

NSN Oman, UAE Network Deployment & O&M

HuaweiTanzania, Nigeria,

Middle EastNetwork Deployment

Ericsson UKNetwork Deployment

O&M & Professional Services

Alcatel- Lucent France Professional Services

International

Domestic

8

Order Visibility

Rs. Crs

Region Amount

India 1,650

Middle East & Africa 449

APAC 140

Europe 180

North America 15

Total 2,434

9

Measures to improve Cost Efficiency

Improve

Operational

Efficiency

Rationalize

Manpower cost

Reduce

Administrative

Cost

� Centralize Project Management processes in India

� Redirect Off-shore engineering work to low-cost

centers in India & APAC

� Identify & eliminate duplication of work and

merge/ consolidate support functions

� Introduce variable pay component linked to

Company’s performance

� Emphasize on greater use of IT systems & video

conferencing

� Reduce communication & traveling expenses

Company expects to save Rs. 60-70 Crs on an annual basis

10

Proposed Buy Back of GTL SharesProposed Buy Back of GTL Shares

11

Features of Proposed Buy Back of Shares

Promoter will not participate in the Buy Back of Shares

The objective of the Buy- back exercise is as outlined below:

� To return money to the shareholders in an investor friendly manner

� To create positive impact on share performance by-

� Reducing weighted average cost of capital

� Improving ROE

� Increasing EPS

Method of Buy- Back

Buyback Amount (Rs. Crs)

Buy Back Price (Not exceeding Rs.)

Open Market Route

(Through Stock Exchange)

225

260

12

Rationale for price of Buy-Back

Note: Net Cash= Net Current Assets – Long Term Debt; Figs as on March 31, 2008 on consolidated basis

Rs. Crs

Scenario 1 Scenario 2

170 181

5 8

850 1,448

331 331

Assumed Share Price of GTL Infra 29 35

28.97 28.97

840 1,014

Add:Other Quoted Investments 35 35

875 1,119

2,056 2,898

9.4 9.4

219 308

Criteria

Aggregate Company Value (A+B+C)

Business

Value

Net Cash

Business Value (A)

PAT of the Company in 2010E

Current P/E (X)

Net Cash (B)

No.of Shares held in GTL Infra (In Crs.)

Investments

No.of Shares (Fully Diluted Basis)

Value per Share

GTL's Investment value in GTL Infra

Total Investments (C )

13

Cash Returned to Shareholders

Total Cash returned to Shareholders post proposed buyback & Dividend

in last 3 years will be Rs. 726 Crs

Rs. Crs

Particulars Financial Period Amount

Dividend @ Rs. 20/Share FY 2005-06 190.10

Dividend @ Rs. 2.5/Share FY 2006-07 24.36

Buyback of Shares @ Rs. 300/ Shares FY 2008-09 258.88

Total Cash Distributed to Shareholders (Since FY 2005-06) 473.34

Proposed Buyback of Shares FY 2008-09 225.00

Proposed Dividend FY 2008-09 28.00

726.34Total Cash Returned to Shareholders

Thank you