Grameenphone Accounts

Grameenphone Ltd. Balance Sheet as at 30 September 2009 As at 30 September 2009 Taka As at 31 December 2008 Taka Assets: Non current assets : Property, plant and equipment, net Intangible assets Investment in shares of X-Net Ltd. Long-term receivables and deposits Current assets: Inventories Deferred cost of connection revenue Accounts receivable, net Advances, deposits and prepayments Cash and cash equivalents Total assets Equity and Liabilities: Shareholders’ equity: Share capital Share premium Capital reserve Deposit from shareholders General reserve Retained earnings 9,759,451,110 7,746,770,728 11,164,739 87,517,386,577 558,006,053 460,987,825 4,062,177,954 2,516,651,241 11,585,842,838 19,183,665,911 106,701,052,488 85,553,852,589 8,193,645,543 4,467,968 12,658,694 93,764,624,794 407,184,697 360,712,137 4,146,483,267 2,494,777,907 7,020,671,289 14,429,829,297 108,194,454,091 12,151,748,220 13,748,237 14,446,452 1,880,178 2,139,729,365 18,210,680,632 32,532,233,084 12,151,747,970 13,743,987 14,446,452 1,882,996 2,139,729,365 13,266,605,231 27,588,156,001

Non-current liabilities: Loans and borrowings, net of current portion Bond obligation Deposit from agents and subscribers Finance lease obligations, net of current portion Deferred tax liabilities Long term payables and provisions Employee benefits – provision for gratuity 1,521,822,293 2,339,250,336 438,494,708 5,356,860,247 17,312,527,979 158,085,320 14,582,980 27,141,623,863 1,907,356,334 4,216,405,145 482,653,949 5,046,935,826 18,535,226,437 164,633,966 22,122,040 30,375,333,697

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Current liabilities: Accounts payable Payable to government and autonomous bodies and other operators Income tax payable Unearned revenue VAT payable Loans and borrowings – current portion Bond obligation – current portion Finance lease obligations – current portion Deferred connection revenue Interest payable on loans and borrowings Local interest bearing short-term borrowings Provision for expenses Advance against PPO Total equity and liabilities 4,312,118,476 8,765,874,748 14,027,575,590 1,492,458,745 2,429,467,867 1,032,926,068 1,891,308,782 541,320,343 486,314,012 7,096,346,441 4,951,484,469 47,027,195,541 106,701,052,488 ,795,800,229 11,152,680,130 10,077,565,649 1,260,211,260 2,226,760,000 1,406,260,610 1,160,709,556 474,142,173 153,997,529 4,992,322,916 9,393,872,169 4,136,642,172 50,230,964,393 108,194,454,091 1 Grameenphone Ltd. Profit and Loss Account for the Period ended 30 September 2009 for the quarter ended 30 September 2009 Taka 2009 for nine month ended 30 September 2009 Taka 2008 for the quarter ended for nine month ended 30 September 2008 30 September 2008 Taka Taka

Revenue Cost of network operations: Direct cost of network revenue Network operation and maintenance expenses Depreciation and amortisation Gross profit Other income, net Operating expenses: General and administrative expenses Selling and distribution expenses Bad debt expense Depreciation and amortisation Operating profit Finance costs, net i Gain on sale of investment Gain/(loss) on disposal of property, plant and equipment Compensation to BTRC p Profit before tax Income tax expenses Profit for the period Earnings per share Basic earnings per share Proforma earning per share (based on Pre-IPO number of shares at Taka 10) 6,519,762,705 48,562,672,834 14,959,558,852 44,561,016,676 (3,212,687,275) (893,267,770) (3,791,288,263) (7,897,243,308) 8,622,519,397 11,677,583 (9,291,310,484) (3,550,156,190) (11,182,458,708) (24,023,925,382) 24,538,747,452 34,027,983 (3,376,266,639) (1,485,415,628) (3,430,419,469) (8,292,101,736) 6,667,457,116 8,868,699 (10,503,438,356) (3,368,230,515) (9,723,354,113) (23,595,022,984) 20,965,993,692 9,165,016 (1,866,352,862) (1,112,486,900) (16,317,478) (417,368,829) (3,412,526,069) 5,221,670,911 (434,773,842) (434 3 842) (353,894) 4,786,543,175 (3,038,107,707) 1,748,435,468 5,438,924,375) (1,827,828,414) (53,719,330) (1,258,850,791) (8,579,322,910) 15,993,452,525 (1,580,713,492) (1 80 13 492) 7,960,532 (61,851) 14,420,637,714 (7,896,835,077) 6,523,802,637 (1,637,283,066) (1,092,121,473) (54,293,202) (391,987,595) (3,175,685,336) 3,500,640,479 (504,574,735) ( 04 4 3 ) (5,986,532) 2,990,079,212 (1,693,922,299) 1,296,156,913 (4,522,785,034) (5,320,496,421) (140,375,747) (1,250,110,420) (11,233,767,622) 9,741,391,086 (1,345,277,184) (1 34 2 184) 33,293,536 (2,230,765,302) 6,198,642,136 (5,818,553,533) 380,088,603 1. 439 1. 439 5. 369 5. 369 0. 107 1. 067 0. 031 0. 313 2 Grameenphone Ltd.

Cash Flow Statement for the period ended 30 September 2009 for the Period ended 30 September 2009 Taka Cash flows from operating activities: Cash receipts from sales or for the performance of service Payroll and other payments to employees Payments to suppliers and contractors Finance income received Finance costs paid Income tax paid Net cash flow from operating activities Cash flows from investing activities: Payment for acquisition of property, plant and equipment Proceeds from sale of property, plant and equipment Payment for acquisition of intangible assets (software ; P Net cash used in investing activities Cash flows from financing activities: Local interest bearing short-term borrowings Proceeds from Issuance of bond Payment of long term borrowings Payment of finance lease obligation Payment of dividend Proceeds from PPO/IPO Fresh Issue Net cash flow from financing activities Net changes in cash and cash equivalents Cash and cash equivalents at beginning Cash and cash equivalents at closing (4,992,322,916) (825,261,655) (49,186,058) (1,579,727,236) 1,682 (7,446,496,183) 4,565,171,549 7,020,671,289 11,585,842,838 3,477,975,533 (487,855,239) (874,540,430) (1,506,816,748) 608,763,116 2,151,865,021 804,635,376 2,956,500,397 (8,675,952,693) 22,786,858 (3,882,586,913) (12,535,752,748) (16,174,726,493) 71,223,379 (991,601,751) (17,095,104,865) 48,750,095,689 (2,930,071,674) (14,857,736,569) 34,769,596 (1,280,112,968) (5,169,523,594) (24,202,675,209) 24,547,420,480 45,829,550,398 (1,744,361,394) (20,114,444,721) 19,341,884 (1,532,572,097) (3,819,307,300) (27,191,343,628) 18,638,206,770 for the Period ended 30 September 2008 Taka 3 Grameenphone Ltd. Statement of Changes in Equity for the period ended 30 September 2009 Deposit from shareholders Taka 1,882,996 1,882,996 1,882,996 (2,818) 1,880,178

Share capital Taka Balance as at 31 December 2007 Net profit for the period up to September 2008 Final dividend for the year 2007 Bonus issue in 2008 Balance as at 30 September 2008 Balance as at 31 December 2008 New issue during 2009 Net profit for the period up to September 2009 Final dividend for the year 2008 Balance as at 30 September 2009 2,430,349,594 9,721,398,376 12,151,747,970 12,151,747,970 250 12,151,748,220 Share premium Taka 13,743,987 13,743,987 13,743,987 4,250 13,748,237 Capital reserve Taka 14,446,452 14,446,452 14,446,452 14,446,452 General reserve Taka 2,139,729,365 2,139,729,365 2,139,729,365 2,139,729,365 Retained earnings Taka 21,510,953,768 380,088,603 (1,506,816,748) (9,721,398,376) 10,662,827,247 13,266,605,231 6,523,802,637 (1,579,727,236) 18,210,680,632 Total Taka 26,111,106,162 380,088,603 (1,506,816,748) 24,984,378,017 27,588,156,001 1,682 6,523,802,637 (1,579,727,236) 32,532,233,084 4

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