Slide 1: Executive Summary Macroeconomic Indicators Slide 2: GDP at Factor Cost: Quarterly (2010-11 - 2013-14), Inflation Rate: Monthly (Jul 2013 - Dec 2013) Slide 3: Gross Fiscal Deficit: Monthly (Feb 2013 - Jul 2013), Exchange Rate: Half Yearly (Oct 2013 - Mar 2014) Slide 4: Lending Rate: Annual (2008-09 - 2011-12), Trade Balance: Annual (2010-11 - 2013-14), FDI: Annual (2009-10 - 2012-13) Introduction Slide 5-8: VoIP - Overview, Evolution of VoIP in India, Categories of VoIP Telephony Services, VoIP Delivery Setup Framework Market Overview Slide 9-11: Market Overview - Global, Market Overview - India, VoIP Usage by Key Sectors Drivers & Challenges Slide 12: Drivers and Challenges - Summary Slide 12-19: Drivers Slide 20-21: Challenges Competitive Landscape Slide 22: Porter's Five Forces Analysis Slide 23-27: Competitive Benchmarking Slide 28-47: Major Public Players Slide 48-71: Major Private Players Recent Developments Slide 72-73: Key Recent Developments - VoIP in India Market Opportunities Slide 74: Opportunities in the VoIP Service Market Strategic Recommendations Slide 75-77: Recommendations Appendix Slide 78: Key Ratios Description Slide 79: Sources of Information

Macro Economic Indicators 1. GDP at Factor Cost: Quarterly (2010-11 to 2013-14) 2. Inflation Rate: Monthly (Jul-Aug 2013 - Nov-Dec 2013) 3. Gross Fiscal Deficit: Monthly (Feb 2013 - Jul 2013) 4. Exchange Rate: Monthly (Oct 2013 - Mar 2014) 5. Lending Rate: Annual (2008-09, 2009-10, 2010-11, 2011-12) 6. Trade Balance: Annual (2010-11, 2011-12, 2012-13, 2013-14) 7. FDI Annual (2009-10, 2010-11, 2011-12, 2012-13) Market Overview 1. VoIP Subscribers (Global) - Market Size & Growth (Volume-Wise; 2012 - 2018e) 2. VoIP Consumption - Major Regions (Global) (2012) 3. Internet Telephony - Usage (Minutes of Usage; 2012 - 2018e) 4. VoIP Usage by Key Sectors (India) (2013) Drivers & Challenges 1. Broadband Subscribers Base - India (2007 - 2013) 2. Market Size - Smartphone Users (2009 - 20012) 3. Wireless Subscriber Base - India (2009 - 20013) 4. Market Growth - Subscribers of 3G Services (2013e, 2015e) 5. PC Base India - Size and Growth (2012, 2015e) 6. Growth & Size - Enterprise Mobility Market (2013e - 2015e) 7. Total No. of Household (2005, 2015e, 2025e) 8. Aggregate Annual Disposable Income (2005, 2015e, 2025e) Competitive Landscape 1. Competitive Benchmarking - Key Ratios of 3 Major Companies - Operational & Financial Basis (2012-13) 2. Company profiles (All Companies) a. Financial Snapshot b. Key Business Segments (for Public Players only.) c. Key Geographic Segments (for Public Players only) d. Ownership Structure (for Private Players only) Market Opportunities 1. VoIP Revenue Opportunity - Growth (Value-Wise; 2013e - 2018e) Competitive Landscape 1. Public Trading Comparables 2. Company Profiles (All Companies) a. Company Information (All Companies) b. Products and Services (All Companies) c. Key People (All Companies) d. Shareholders of the Company (Only Private Companies) e. Key Financial Performance Indicators (Only Public Companies) f. Key Ratios g. Business Highlights (All Companies) Appendix 1. Key Ratios Description 2. Sources of Information

Public Companies 1. Bharti Airtel Ltd. 2. Mahanagar Telephone Nigam Ltd. 3. Reliance Communications Ltd. 4. Sify Technologies Ltd. 5. Tata Communications Ltd. Private Companies 1. Aircel Cellular Ltd. 2. SwiftMail Communications Ltd. 3. YOU Broadband India Pvt. Ltd. 4. Novanet Ltd. 5. Microsoft Corporation India Pvt Ltd.