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Grameenphone Ltd. 4th Quarter 2020 Results

Yasir Azman, CEO

28 January 2021

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Disclaimer

The following presentation is being made only to, and is only

directed at, persons to whom such presentation may lawfully be

communicated (’relevant persons’). Any person who is not a

relevant person should not act or rely on this presentation or any of

its contents. Information in the following presentation relating to the

price at which relevant investments have been bought or sold in the

past or the yield on such investments cannot be relied upon as a

guide to the future performance of such investments.

This presentation does not constitute an offering of securities or

otherwise constitute an invitation or inducement to any person to

underwrite, subscribe for or otherwise acquire securities in

Grameenphone Ltd. The release, publication or distribution of this

presentation in certain jurisdictions may be restricted by law, and

therefore persons in such jurisdictions into which this presentation is

released, published or distributed should inform themselves about,

and observe, such restrictions.

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Q4 2020

Highlights

An unprecedented 2020

Overcoming operational barriers

Efficiently managing challenges

A foundation for 2021

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Slower than expected economic recovery from pandemic in the fourth quarter

• Tower Co. operations have commenced

• Update on BTRC Audit*

REGULATORYENVIRONMENT

• Sluggish recovery in economic activity

• Drive on GA & data; integration with MFS

• Customer engagement through digital channels

• Improved 4G conversion, reaching 19.8 Mn users

Q4 2020*More details on Business Highlights

OPERATIONAL

UPDATE

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COVID-19 situation update

• Over 533K* cases reported; deaths have crossed 8000*

• Educational Sector preparing to reopen

• Detection rate declining; uncertainties remain

• In collaboration with authorities and partners, GP has

provided aide to medical front-liners, emergency food

assistance to families, free minutes for customers who were

unable to recharge during the pandemic

• Sales and distribution remain uninterrupted while GP

continues to maintain precautions for its employees,

stakeholders, partners and customers

Q4 2020*DGHS data as of 27 Jan’21

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BDT 98.2 Bn paid to National Exchequer in 2020

Child Online Safety, in partnership with UNICEF

Bangladesh, launched to educate 2.5 million

children and build awareness for 20 million people

GP focused on Youth Skill and Employment as one

of its key areas for creating impact in the society

and the nation, working with government,

development, and private sector representatives

to commemorate National Youth Day

GP will continue its collaborative efforts in helping

communities recover from the pandemic

Empowering Societies

Q4 2020

79.0 Mn (+3.4% YoY) connected

41.3 Mn (+1.7% YoY) access to internet

19.8 Mn (+65.6% YoY) empowered with 4G

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Grameenphone Ltd. 4th Quarter 2020 Results

Jens Becker, CFO

28 January 2021

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Solid operational performance despite economic uncertainty

-2.8% YoY GrowthSubscription & Traffic Revenue*

63.4%EBITDA Margin **

7.2% CAPEX/Sales***

7.65Earnings Per Share

Q3 2019

*Revenues generated by own subscription (excludes interconnection)** EBITDA before other items, as per IFRS 16 ***Capex excluding license & lease; Capex/sales = moving average last 4 quarters Q4 2020

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1.4Mn new subscribers in Q4’20 driven by strong acquisition

Total Subscribers (Mn)

Q4 2020

99.6%Population Coverage

96.2%Geographic Coverage

91.1%4G Population

Coverage

Q3’20

79.0

75.3

Q4’19 Q1’20 Q2’20 Q4’20

76.5

74.5

77.6

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Revenue development impacted by slower economic recovery

*Daily revenues generated by own subscription (excludes interconnection)

Total Revenue (BDT Bn) and Growth (YoY)

Q4 2020

DSTR* (BDT Mn) and Growth (YoY)

36.2 36.2 33.1

35.6 34.8

Q1’20Q4’19

4.2%

3.7%

-2.8%

Q2’20

-8.2%

Q3’20

-3.7%

Q4’20

-3.7%

370 374342

366 359

4.8% -1.4%

Q2’20

3.0%

Q4’19 Q3’20Q1’20

-8.1%-2.8%

Q4’20

-2.8%

• De-growth in voice revenue, partly offset by growth

in data revenue

• Total revenue growth impacted by reduction in local &

int’l call termination rate

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Continued growth in data revenue

Q4 2020*Revenues generated by own subscription (includes interconnection)** Minimum 150 KB usage within last 3 months

• Data revenue growth mainly driven by 2.9% growth

in data ARPU

Data Revenue (BDT Bn) and % of Service Revenue*

• Continued expansion of 4G network along with 4G

conversion

Active Data Users** (Mn) and % of Sub-base

8.0 8.5 8.4 8.7 8.4

Q2’20

22.5% 24.8%

Q4’19

24.0%

Q1’20

25.7%

Q3’20

24.6%

Q4’20

+5.1%

40.6 40.4 40.9 42.0 41.3

Q1’20Q4’19 Q2’20

53.1% 53.6% 52.2%54.8%

Q3’20

54.1%

Q4’20

+1.7%

Data Revenue (Bn) % of Service Revenue Active Data User % of Sub-base

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Growth in data usage continued with YoY +51.4% in Q4’20

Service ARPU, AMPU and APPM

Q4 2020

156 156146 153 146

213 215201

217209

Q3’20

0.730.73 0.73

Q1’20Q4’19 Q2’20

0.700.71

Q4’20

-6.4%

Data ARPU, AMBPU and APPMB

66 71 69 70 68

0.03

Q4’19

0.03

2,603

0.031,912

0.03

Q2’20 Q3’20

0.02

Q4’20

2,225

2,582

2,894

Q1’20

+51.4%

AMBPUARPU (BDT) APPMB (BDT)

• Growth in AMBPU mainly driven by 4G conversion

ARPU (BDT) AMPU APPM (BDT)

• Service ARPU impacted by lower contribution from

voice & interconnect

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Efficient opex management resulted into YoY -5.6% growth

Q4 2020

Opex (BDT Bn) and Margin**

*EBITDA before other items**As per IFRS 16

EBITDA* (BDT Bn) and Margin**

11.1 11.1 10.3

10.8 10.5

Q1’20

30.8%30.7%

Q4’19

30.2%31.1%

Q2’20 Q3’20

30.1%

Q4’20

-5.6%

Opex (BDT Bn) Margin %

23.0 22.9

20.6 22.6 22.1

Q2’20

63.5%62.4%

63.6%

Q4’19

63.2%

Q1’20 Q3’20

63.4%

Q4’20

-3.9%

EBITDA (BDT Bn) Margin %

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Gaining investment momentum with continued 4G network expansion

Q4 2020

• 2,659 new 4G sites rolled out in Q4’20

• Total number of sites stood at 16,547 along

with 14,080 4G sites

*Capex excluding license & leaseCapex/sales = moving average of last 4 quarters

*Capex (BDT Bn) and Capex/Sales%

3.9

0.4

2.5

3.2

4.0

7.1%9.7%

Q4’19

7.0%

Q2’20Q1’20

6.3%

Q3’20

7.2%

Q4’20

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Net profit positively impacted by lower finance cost and tax expense

Q4 2020

NPAT (BDT Bn) and Margin*

*As per IFRS-16

Earnings Per Share (BDT)*

9.2

10.7

7.3

8.9

10.3

Q1’20 Q2’20

25.4%

Q4’19

29.6%

22.0%25.0%

Q3’20

29.7%

Q4’20

+12.3%

NPAT (BDT Bn.) Margin %

6.81

7.92

5.38

6.59

7.65

Q4’19 Q1’20 Q2’20 Q3’20 Q4’20

+12.3%

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OCF de-growth driven by lower EBITDA

Q4 2020

*OCF (BDT Bn) and OCF/Sales%

*OCF equals EBITDA minus Capex (excluding license & lease) as per IFRS 16**Net Debt = Short term debt + Long term debt - Cash and Cash equivalents (excl. restricted cash) ; 12 months rolling EBITDA as per IFRS 16

Net debt (BDT Bn) and Net debt/EBITDA**

19.0

22.5

18.1 19.4

18.1

54.6%62.1%

54.8%52.6%

Q2’20Q4’19 Q1’20 Q3’20

52.0%

Q4’20

-4.9%

OCF/Sales %OCF

(3.9)(3.4)

5.0

(0.04)

Q4’19

(0.04)

0.01

Q2’20Q1’20

0.01

0.06

Q3’20 Q4’20

0.9

0.5

Net Debt Net Debt/EBITDA

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Contribution to National Exchequer

• BDT 98.2Bn (equaling 70.4% of total revenues) contributed to national exchequer in 2020

• Contribution in the form of taxes, VAT, duties, license/spectrum fees & revenue share

31 December 2020

58.6 61.8

84.2 86.0

98.2

2018 20192016 2017 2020

12.7Bn 4G license payment

853.7

Total

Figures in BDT Bn.

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2020

Recommended 275% of PuC cash full year dividend for 2020

BDT 27.5Dividend Per Share

2020 (Full Year)

99.86%Payout Ratio2020 (Full Year)

BDT 27.54Earnings Per Share

2020 (Full Year)

• Shareholders as of the record date 17 February 2021 will be entitled

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Strong resilience in managing unforeseen challenges have paved the foundation for 2021, many uncertainties remain

We are dedicated to using our technology expertise and digital know-how in supporting recovery from COVID-19

Technology leadership and superior customer experience supported by strong digital distribution are key value drivers for future growth

Q4 2020

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Thank You

Q4 2020

*In consideration of the local regulations, Grameenphone Ltd. does not provide any forward looking statements.