FY2007 Earnings Presentation May 2007 Confidential ©2007 VSNL. All Rights Reserved AGENDA Business Overview Srini Addepalli, VP Corporate Strategy 2006-07 Results Rajiv Dhar, Chief Financial Officer Strategic Direction N Srinath, Managing Director & CEO Q&A Confidential ©2007 VSNL. All Rights Reserved SAFE HARBOR STATEMENT Some of the statements herein constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Because actual results could differ materially from our intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained herein with caution. VSNL does not undertake any obligation to update or revise forward looking statements, whether as a result of new information, future events or otherwise. Confidential ©2007 VSNL. All Rights Reserved Business Overview Srini Addepalli, Vice President, Corporate Strategy Confidential ©2007 VSNL. All Rights Reserved VSNL I Overview India’s leading telecommunications services provider 135 years history, experience & expertise Part of the Tata Group since 2002 Listed in India (NSE, BSE) and the USA (NYSE ADRs) Six Acquisitions since 2003, incl. Tyco Global Network (TGN) & Teleglobe Confidential ©2007 VSNL. All Rights Reserved Shareholding ADRs, 6.18% Retail Investors, 3% Institutional Investors, 14.18% Tata Group, 50.11% Government of India, 26.12% As on March 31, 2007 Confidential ©2007 VSNL. All Rights Reserved Transformation to a Global Challenger VSNL in 2002 VSNL in 2007 Monopoly ILD Provider Wholesale Voice, Wholesale & Lines of Enterprise Data, Retail ILD (89%); Others (11%) Business Broadband Carriers; Retail (Dial-up) Carriers, Large Enterprises, Customers Customers Mobile Operators, Broadband Consumers India-Centric Play; negligible Global Infrastructure, Global Reach global operations Customers Revenues: $1.6 bn Revenues: $2 bn Financials# Market Cap: $1.2 bn Market Cap: $3 bn # March 31st of the year Confidential ©2007 VSNL. All Rights Reserved Successfully Integrated Acquisitions Global Network Broadband Confidential ©2007 VSNL. All Rights Reserved VSNL I Business Portfolio Consumer Broadband Consumer Voice Retail customers Enterprise Enterprise Enterprise Voice Connectivity Managed Services k r o w t e Mobile VAS N s s Carrier e Wholesale c IP Transit c customers A Connectivity Wholesale Voice e v i t c e l e S Global IP Core Network assets Global Transmission Network Confidential ©2007 VSNL. All Rights Reserved VSNL I Leadership Position #### Global Wholesale International Voice Global Submarine Cable Capacity International LD Services in India Enterprise Data Services in India Internet Services in India Confidential ©2007 VSNL. All Rights Reserved