1. Investor Presentation
May 2011
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2. Safe harbor
Certain statements in this presentation may be forward-looking statements. Such forward-
looking statements are subject to certain risks and uncertainties like government actions,
economic developments, technological risks, and many other factors that could cause the
actual results to differ materially from those contemplated by the relevant forward-looking
statements. Tulip Telecom Limited will not be in any way responsible for any action taken
based on such statements and undertakes no obligation to publicly update these forward-
looking statements to reflect subsequent events or circumstances.
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3. Agenda
Overview
Investment highlights
Appendix
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4. Tulip Telecom overview
Overview Services offered
 Established in 1992 as Tulip Software Private Ltd.
 Market capitalization of US$500mn as on May 31, 2011
 Provides enterprise connectivity services through wireless
and fiber last mile network coupled with data centers
 Strong financial performance with revenue of US$502mm
and EBITDA of US$142mm in FY11 Enterprise data Network Managed
Data center
connectivity integration services
 Widespread Reach: Present in over 2,200 cities
across India
Shareholding pattern – Mar 31st, 2011 Leader in the fast-growing MPLS market*
Total EDC market Total MPLS market
Others1 13.3%
Tata Communication
Others Others 25.9% Tulip Telecom
18.7%
24.2% 30.6%
FIIs 17.7% Bharti
BSNL Airtel Bharti 10.2%
Promoter 69.0% 14.5% 17%
BSNL 11.8% Sify 9.3%
Tulip Telecom Reliance
12.9% Communication RCOM 12.2%
12.7%
FY10: US$1,317mm FY10: US$528mm
*Source: Frost and Sullivan FY 09-10
Note: US$1 = INR46.8; ¹ Others include Mutual funds and public individuals
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5. Shifting towards high margin managed services and data
infrastructure business
VPN business Fiber business Managed services + Data infrastructure
NI business NI business
Fiber business 10% 10%
20% VPN business Managed services
66% &
VPN business Fiber business Connectivity (Fiber+RF)
NI business 20% 70% data infrastructure
business
20%
14% 70%
 Focus area for next level of growth
 Fixed cost annuity model  Improved service offering
 Higher margins, higher ARPU and larger clients
 Recurring revenue model ensures
visibility and cash flow sustainability  Enables provision of other services such as IPLC,
DLC and internet
 Strong margin of 30%+
 Key growth and revenue contributor
Horizon 1 Horizon 2 Horizon 3
2008 - 10 2010 - 2012 2015
 Core area of operation with expertise in  Tulip sources whole sale fiber bandwidth for  Significant opportunity in 3rd party data center
providing data connectivity over a wireless inter city connectivity on lease from its services
network competitors
 Tulip already focusing on growing its data
 Competitive advantage lies in providing higher
 Services include symmetric internet center business
provisioning, rural connectivity solutions and uptime than its competition due to it sourcing
fiber bandwidth from multiple vendors  Competitive advantage lies in bundling data
virtual private networks
services along with storage offering
 Comprises of Enterprise IP & rural connectivity
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6. Strong financial performance
500 CAGR (’06-’11): 35.7% $502mm
$420mm
Strong revenue profile
 Revenue of US$502mm in FY11 with a 06-11 CAGR of 36% Revenue
400 $345mm
 Revenue growth expected to continue with the ongoing fiber
300 $260mm
roll-out
$180mm
■ ~70% of the order inflow is expected to be contributed by the 200
fiber business in the next few years $109mm
100
0
FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY 2011
 EBITDA of US$142mm in FY11 with a 59% 06-11CAGR 150 EBITDA EBITDA margin CAGR (’06-’11): 58.9% $142mm 50%
$112mm
Robust EBITDA
 Business mix has shifted towards the high margin enterprise 120
data services
margins
90 $72mm
■ Roll-out of fiber to further increase the EBITDA in the future 16% $52mm
25%
60 27% 28%
13%
$28mm 20% 21%
30 $14mm
0 0%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
 ROE of 25% in FY11 80 CAGR (’06-’10): 45.4%
Significant return for
PAT $65mm
$59mm
 High PAT CAGR of 45% (’06-’11) $54mm
shareholders
60
40 $40mm
$21mm
20
$10mm
0
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
Source: Company filings; Note: US$1 = INR46.8
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7. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11.5% by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach ~ US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with Indian data center space poised for high growth
strong bias to growth ■ Third party Data center space to grow at a
■ Historical top-line growth of 20%+ 6 3 CAGR of 32.8% by 2014
■ Robust EBITDA margins of 25%+
5 4
Strong management team Tulip is best positioned to attain market leadership in
■ Led by experienced and visionary management Indian data center space
■ Prior experience with global firms including HP, ■ Largest single site data center in India
IBM, Cisco, EMC
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8. 1 Indian EDC market: Poised for exponential growth
going forward
Overview Key segments of the market
■ Indian enterprise data connectivity market to show strong growth in future
■ CAGR (FY10 – 15): 12% from US$1.3bn in „10to about US$2.3bn in „15 Enterprise Data
Connectivity
■ Key segments: International private leased circuit (IPLC), domestic leased US$1317mm
circuit (DLC), MPLS/ VPN, VSAT and internet
■ MPLS/ VPN is the fastest growing segment due to its cost advantages,
increased reliability and network security
IPLC DLC MPLS/IP VPN Internet VSAT Ethernet
■ Key drivers for strong future growth: US$126mm US$237mm US$528mm US$309mm US$92mm US$25mm
■ Economic growth: GDP expected growth to be 8.5% in FY11 and
9% in FY12
■ Corporate expansion: Geographical expansion and growing demand to Ongoing
Fibre Wireless
increase efficiency US$316mm US$211mm
Existing
■ Rural market: e-governance initiatives, Mission mode projects etc
Market share (%) – Enterprise data connectivity Strong future growth in EDC market (US$mm)
Tata Communication
Others
18.7%
24.2%
Bharti Airtel 2271
BSNL 1,768 2,001
17% 1,596
14.5% 1,317 1,423
Tulip Telecom Reliance Communication
12.9% 12.7% FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
Source: Company website and filings, research reports
¹ Includes Asynchronous transfer mode (ATM) and Frame Relay (FR)
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9. 1 Key customer segments driving the EDC market
in India
 Computerization of RRB‟s
BFSI  Inter-bank connectivity
 Interlinking branches & ATM Networks
 Real time connectivity for usage of Enterprise applications
Retail & FMCG  Connectivity to warehouses
 Bandwidth required per store
 Improving connectivity in rural India State governments
Government  E-Governance initiatives State electricity board
National e-Governance Programs
 High speed connectivity to remain connected to clients
IT/ITeS  Voice channels
 Rising BPO/Back office likely to lead to demand for IP & IPLC
 Driven by Enterprise applications like ERP, SCM, CRM
Manufacturing  Investments in IP-VPN & VOIP
 E-Business to drive cost efficiencies and economies of scale
 Usage of DLC as backhaul & NLD Traffic carriage
Telecom  ILD expected to increase with increase in voice traffic
EDC market - Split by verticals EDC market - Split by horizontals EDC market - Split by geography
Others 12% East 5%
IT/ITeS 29% SMB 32% North 28%
Manufacturing 11% West 33%
Large 68%
Govt. 20%
BFSI 29%
South 34%
Source: Frost & Sullivan
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10. 1 MLPS / VPN continues to the fastest growth segment
within the EDC market
Segment Overview of segment Key players Segment size (US$mm) and growth (%)
1 ■ Point-to-point private line communication Others 12.4%
internationally Bharti
Tata 126
19% 119 113 108 103 99
IPLC ■ Key demand from IT, ITeS and BFSI sectors Comm.
49%
■ Contributes ~10 % to total markets RCOM
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
19.6%
2 ■ Point-to-point private line communication RCOM
Others 11.7%
domestically 12.6% BSNL
DLC ■ Contributes ~18 % to total market Tata 39.3%
237 243 249 255 261 267
Comm.
16.0%
Bharti 20.4% FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
3 ■ Provide access to organization‟s network
using public telecom infrastructure
MPLS/ VPN ■ Dominant growth driver of the enterprise 712 844 996 1170
528 606
data market
■ Contributes ~40% of the total market FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
4 ■ Most common and widely accepted Others 22.2% Tata
■ Critical to integration of IT and telecom Comm.
Internet BSNL 26.1%
335 364 407 457
infrastructure 11.7% 309 315
■ Contributes ~23% of the total market RCOM Bharti
12.0% 26.4% FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
5 ■ VSAT (Very Small Aperture Terminal) is 2 way
ground station with dish antenna
VSAT ■ Used to transmit data from small remote 146
92 100 109 120 132
earth stations
■ Contributes ~7% of the total market
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
Source: Company website and filings, research reports; Note: US$1 = INR46.8
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11. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11.5 by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach ~US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with Indian data center space poised for high growth
strong bias to growth ■ Third party Data center space to grow at a
■ Historical top-line growth of 20%+ 6 3 CAGR of 32.8% by 2014
■ Robust EBITDA margins of 25%+
5 4
Strong management team Tulip is best positioned to attain market leadership in
■ Led by experienced and visionary management Indian data center space
■ Prior experience with global firms including HP, ■ Largest single site data center in India
IBM, Cisco, EMC
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12. 2 Market leadership in India in last mile enterprise
connectivity
■ Presence across 2,200 cities
■ 4 operational data centers with potential Chandigarh
Rural
network
capacity of ~100,000 sqft Delhi
Lucknow
Strong ■ #1 player in MPLS/ VPN Bhopal
pan-India ■ #5 player in Indian EDC market Ahmedabad
Kolkata
Data center
presence Mumbai Pune High capacity
Hyderabad Fiber
Point to Point
Bangalore Wireless
Chennai
Kochi
Ahmedabad Chennai
■ Last mile connectivity due to the wireless spectrum held in B
Pune Bangalore
Data Center
High Capacity Fiber
the 2.8 / 3 GHz band that provides faster connectivity A Point to Point Wireless
Central NOC in New Delhi
rollout at lower capex Mumbai Hyderabad
D Redundant NOC in Mumbai Regional
Last-mile ■ Tie-ups with telcos to lease bandwidth for inter-city NOC‟s in all Class B cities
C ISDN RAS in all Class A & B Cities
wireless data transfer
connectivity ■ Uptime of ~99.9% Delhi
■ Competitive advantage in providing higher uptime than its Chandigarh
Rural
network
competition due to it sourcing fiber bandwidth from
Lucknow
multiple vendors Kolkata Bhopal
Kochi
Pre-rollout client acquisition ensures quick End-to-end offerings help cross selling
Focus on Enterprises/Corporates
breakeven services
■ Tulip typically surveys and identifies potential ■ Tulip‟s dedicated focus on enterprise/corporates vs. ■ Presence in network integration, network
customers with minimum connects for quick break- competitor‟s mass market strategy management, data center, SWAN, etc enables it to
even ■ Ideally placed to reap the benefits of growth in MPLS cross sell its high profit data services to customers
■ This model assures that every POP rolled out is VPN segment
profitable
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13. 2 Last mile fiber-based connectivity to turbo-charge revenue
growth; to raise addressable market size over 5-fold
■ Amount of bandwidth that can be offered on wireless is limited, Addressable
1 Market addressed market post fiber
from 64 KBPS to 2 MBPS
Business segment ($mm) pre fiber lay-out lay-out
■ Rolled out its 'last mile fiber' network in the key business
districts of 50 major cities including Delhi and Mumbai MPLS VPN wireless 211 211
Why Tulip is
■ 10 key commercial business districts (metros) while other are MPLS VPN (Fiber) – 316
investing in fiber
tier-2 & tier-3 cities Total MPLS VPN 211 528
business
■ Network caters higher bandwidth requirements in CBDs of (2 IPLC – 126
MBPS to 155 MBPS) DLC – 237
■ Addressable market increases ~5x and increased services Internet – 309
including DLC, IPLC
Total 211 1,200
■ Fiber segment expected to contribute 70% of order inflow in next Order inputs break-up
2
few years
NI business
■ Has got ~600 customers on board in Q1 with 70% of the 12%
Business mix is contracts being fresh deals versus wireless to fibre substitution
changing ■ Future growth driver for the enterprise market Fiber
VPN business
■ Higher margins and higher ARPU FY10 business
68%
20%
■ Fixed cost annuity model
■ Fibre business to de-risk its business model which was entirely
3
dependent on IP VPN segment growth
■ ARPU of fibre business can grow manifold depending on NI business
bandwidth speed offered 10%
Higher margin ■ Will yield relatively higher EBITDA margin vis-a-vis TTSL own IP VPN
recurring business VPN Business business
Fiber
FY12E business
■ Annual recurring revenues at significant 78% in FY10 vis-à-vis 20%
70%
one time installation revenues which was over 50% in FY07
¹ Average revenue per connect; Note: US$1 = INR46.8
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14. 2 Tulip has a pan-India network presence in 2,000 cities
Delhi Telcos with national Fiber
Mumbai Bangalore
Utilities with national fiber
Chennai
 Tulip has significant fiber capacity leased from national players like Reliance Infocomm, Vodafone, Powergrid
 Using its last mile, Tulip can provide wireless services up to 2MBPS
Inter-City Primary Link Inter-City Redundant Link High End Router
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15. One of the leading players in the Indian EDC market,
2 with leadership in the MPLS segment
Operating metrics
Network Integration 
    
Segments
IPLC
DLC     
VPN/MPLS     
Managed Services/Data Center     
Network
No of cities 2200 95 44 NA NA
Data Center('000 Sqft) - operational 100 NA 405 45 NA
EDC Share (FY 10) 12.9% 17.0% 12.7% 18.7% 14.5%
MPLS Market Share (FY 10) 30.6% 10.2% 12.2% 11.9% 11.8%
Source: Company filings, research reports
Note: Operating metrics as of December 2009 unless otherwise mentioned
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16. Tulip compares well with the international players
Operating and financial metrics (US$mm)
Country India Asia N. America & U.S. U.S. & Europe U.S. N. America,
Europe Europe & others
Primary regional presence National Multi-region Multi-region Metro Metro National National
Network
Route miles („000s of miles) 4 29 67 NA 21 28 NA
1
No. of cities / metro areas 2,200 100 160 14 21 75 NA
Focus area Large corporates Large corporates Small & medium Small & medium Large corporates Large corporates Large corporates
corporates corporate
      
Presence
Long haul fibre / under sea cable
Data centre       
Metro connect       
FY11A Revenue 502 Private 263 452 410 1,273 2609
FY11A EBITDA 142 Private 72 57.1 170 436 400
Financials
FY11A EBITDA margin (%) 28.2% Private 27.2% 12.6% 41.6% 34.2% 15.3%
Market cap 500 Private 711 393 1,635 2,785 924
Source: Company filings, FactSet, Bloomberg
Note: Market data as of Mar 04, 2011; SMBLC – Small and medium business
1 Figure for Tulip represents number of cities, for Pacnet represents points of presence
US$1 = INR46.8; 1km = 0.62mile
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17. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11.5% by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach ~ US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with
strong bias to growth Indian data center space poised for high growth
■ Historical top-line growth of 20%+ 6 3 ■ Third party Data center space to grow at a
■ Robust EBITDA margins of 25%+ CAGR of 32.8% by 2014
5 4
Strong management team Tulip is best positioned to attain market leadership in
■ Led by experienced and visionary management Indian data center space
■ Prior experience with global firms including HP, ■ Largest single site data center in India
IBM, Cisco, EMC
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18. The global data center sector displays a strong growth profile as
3
a result of solid underlying business economics
Global business and consumer IP traffic (in petabytes per month)
CAGR (2009-2013E) Growth rates 2009E 2010E 2011E 2012E 2013E Business IP traffic Consumer IP traffic
Business IP traffic: 31.8% Business IP traffic 37.2% 36.3% 33.0% 29.8% 28.0% 32,129
Consumer IP traffic: 38.4% Consumer IP traffic 45.4% 45.4% 46.2% 35.3% 27.7%
25,168
18,601
12,726 12,833
10,022
8,755 7,722
6,020 5,805
3,103 4,258
2008 2009E 2010E 2011E 2012E 2013E
Source: Cisco, 2009
Overview Main growth drivers
 The global data center sector is continuing to strongly leverage on:
Internet traffic growth
 The proliferation of internet-based business and consumer applications; and
 The growing migration to outsourced IT infrastructure services
Increased need for data
 Server demand is a function of the growing demand for network-based computing;
network-based computing, in its turn, is a function of the organic growth in internet
connectivity, bandwidth, commerce and company-based applications Technology infrastructure
 Higher broadband penetration, availability and usage should continue to drive a growing
base of IP traffic worldwide which will ultimately benefit a whole spectrum of data center
Bandwidth hungry devices
services, from colocation to complex managed hosting providers
Online storage need
Controlled supply and surging demand
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19. 3
Supply and pricing fundamentals are highly attractive
Global internet data center supply and demand Global internet data center utilization
Change in Supply Change in Demand 96%
91%
16.0% 15.0%
14.0% 14.0% 84%
12.0% 78%
9.0% 73%
7.5% 7.0%
6.0% 6.0% 65%
5.0%
3.5%
2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013
Global data center demand is expected to outweigh supply Major data center markets will be full by the end of 2012
Source: Tier1Research Internet Datacenter Supply 2010 Source: Tier1Research Internet Datacenter Supply 2010
Infrastructure-as-a-Service (IaaS) pricing index Wholesale and colocation pricing dynamic
$2,900 700 Colocation Overlap Wholesale
$2,800
MRR per cabinet or server
600
$2,700 500
Cost per kW
$2,600
400
$2,500
300
$2,400
200
$2,300
100
$2,200
$2,100 0
$2,000 0 250 500 750 1000 1250 1500 1750 2000
1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 Committed kW
Pricing trends are positive due to increased demand for Pricing varies widely depending on geographic locations,
services, power and interconnection proximity to dense networks, quality of facility, size of deal, etc.
Source: Wall Street research Source: Tier1Research Internet Datacenter Supply 2010
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20. These trends are creating a large and attractive market
3
opportunity
Global Data Center Revenue ($bn) Global Data Center Ownership Increasing IaaS Adoption ($bn)
$200 Data Center IT Spend 45%
laaS Spend
Insource $180 laaS % of Data Center 40%
84% $160 35%
$18.5 Outsource $140 30%
$15.5 9% $120
25%
$12.9 $100
20%
$10.8 Long-Term $80
Lease 6% $60 15%
$40 10%
$20 5%
$0 0%
2009 2010 2011 2012 2009 2011 2013 2015 2017 2019
 The industry will benefit from the continued  Data center capacity remains primarily in-  IaaS adoption will grow to 40% of data
growth in annual spending on Internet data house (84%) and the market for colocation center spending by 2020
center revenue services remains under penetrated  Growth will continue to be fueled by
 Revenue growth in the market is  Industry surveys indicate that 67% of favorable secular trends
projected to grow 20% annually companies will need data center space  IaaS spending is projected to reach ~$80
within 36 months billion by 2020
 New York, Silicon Valley, Northern
– Additionally, 24% have reported they  70% of companies have indicated they
Virginia, Chicago, Dallas and Los
have already run out of capacity will need at least 3k sq. feet of space
Angeles are the leading North American
internally within the next 3 years
markets
Large market Under-penetrated Strong growth
Source: Tier1Research, Gartner, IDC, Wall Street research
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21. 3
Data infrastructure opportunity in India
Market size and Growth rate (FY10–11) Segment size (US$mm) and growth (%)
3rd party data
25
Managed Security
center
662 726 791 855
534
20 321
Growth rate–FY10–11 (%)
Third party data center FY10 FY11 FY12 FY13 FY14
15
Mgd. Security
662
10 470 534
321 406
256
470
FY10 FY11 FY12 FY13 FY14
5
Unified Communications
Un. Comm.
0
0 100 200 300 400 500 600 700 800 900 1,000 449 470 513 556 620
Market size
FY11: US$1,453mm FY10 FY11 FY12 FY13 FY14
Data Centre Managed Security Unified Communications
Colo and Hosting  Colo Identity access  Federated access control IP  IP Telephones
 Hosting  Single sign on/access control  IP contact center
 Authentication  IP and Hybrid PBX
Op Center  OP center Managed services  Managed Services and
Content/Application  Content acceleration
Perimeter protection  IDS/IPS and integration Integration
acceleration  Application acceleration
 Content filtering, Firewall
Platform security  Vulnerability management, NAC Unified  Unified Communication
Storage  Storage advanced services communication
 Server security mgmt
 Managed storage  Desktop/laptop mgmt
Video conferencing  Video conferencing
SSL VPN  SSL VPN
Source: Company‟s internal estimates worked out in 2010 ; Note: FY refers to year ending March 31; US$1:INR46.8
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22. 3
Indian Data Center sector–Poised for strong growth…
Indian Data Center market revenue forecast (US$mm) Market overview
■ Indian Data Center market is expected to touch US$2.1bn by 2011 from
US$1.4bn in 2009
2,162
■ Current penetration of Data Centers in India is ~54.5%
1,722 ■ 3rd party datacenter space in 2009 was ~2mm sq ft, which is expected to
1,435
grow at a CAGR of 32.8% to reach ~8.8mm sqft by 2014
■ Broker research estimates that 6-7 mm sq ft of new data center space will be
needed in India over the next four years (2014), of which over 90% will be
used to hosted / outsourced data centers
FY 2009A FY2010E FY2011E ■ Manufacturing, BFSI and IT/ITeS are key verticals driving demand
Key growth drivers
Data Center vertical split (US$mm) Demand for increased productivity and reduction in costs
Others Others Issues like cost pressures, increasing management time and high
10%
11% investments in technology and infrastructure
Communication Communication Manufacturing
and media 6% and media 6% 53%
IT/ITES Dropping International bandwidth cost
IT/ITES
14%
15%
BFSI
Better technology
BFSI
16% Manufacturing
15%
54%
Compliance to clauses of the Indian IT Act or ISO certification
FY09: US$1,435mm FY11: US$2,162mm
SMEs now embracing these technologies faster than ever before
Source: IDC Note: US$1:INR46.8
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23. 3
… supported by significant Third party Data Center opportunity
Favorable third party data center opportunity Key advantaged from third party/hosted Data Center
Third party  Minimal investment in Capex
17.9%
Lower Capex  Reduced cash outflows
requirement  Better return on investment
 Regulatory need of maintaining historical
Captive Focus on core data for companies
82.1% business  Focus on core competency
Adoption in 2009
 Huge scale of operations
Economies  Cost efficient business model
of scale
Third party
23.3%  More accountability to different clients
Operational and  Deployment of latest technology
power efficiency
Captive  Redundancies in safety of data
76.7%
Enhanced  Superior investments in technology to ensure
security maximum security
Future adoption by 2011
Source: IDC Report (Dec 2009)
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24. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11.5% by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach ~ US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with Indian data center space poised for high growth
strong bias to growth ■ Third Party Data center space to grow at a
■ Historical top-line growth of 20%+ 6 3 CAGR of 32.8% by FY 2014
■ Robust EBITDA margins of 25%+
5 4
Tulip is best positioned to attain market
Strong management team leadership in Indian data center space
■ Led by experienced and visionary management ■ Largest single site data center in India
■ Prior experience with global firms including HP,
IBM, Cisco, EMC
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 23

25. 4 Tulip plans to be a market leader in data infrastructure sector
Existing data centers New acquisitions
 4 operational data centers Inorganic expansion plans (mm sq ft)
■ 1 in Delhi & Bangalore and 2 in Mumbai
 SADA - Located in Bangalore; India‟s largest data
■ New data centers coming up in Hyderabad, Chennai, Pune
and 0.9 1.0
center, 3rd largest single site data center in the world
 Potential capacity of ~100,000 sqft 0.1
when it goes live
 Only provider to have termination from all telcos Current SADA Total
 Margins linked to utilization (can go up to 50%) acquisition
 Facility can house up to 16,000 racks
Funding plan: US$190mm
Key customers Debt 11%
 60MW power supplied through 3 x 20MW substations Equity
partner(s)
Tulip 34%
 Provision to house over 2,000 technical staff 25%
Internal accruals
30%
Source of funds (1st 3 years)
Bangalore Data Center–3rd largest Data Center globally and largest single site Data Center in Asia
000’s Sqft
1,100 990 900
750 750 700
550 538 485 470 407
Lakeside Tech QTS Metro, Tulip Telecom, NAP of Next Microsoft, Microsoft, Phoenix One, DuPont Fabros, Microsoft, SuperNAP, Las
Center, Georgia Bangalore Americas, Generation Chicago Dublin Phoenix Chicago Quincy & San Vegas
Chicago Miami Data, Cardiff Antonio
Source: Company; 1 TDCSPL indicates Tulip Data Center Services Private Ltd;
Note: US$1:INR46.8; Tata Communications (Chennai and Mumbai (Prabhadevi)) have presence in managed services; Data center for Tulip compared against peers refers to proposed facility at Bangalore when fully
completed
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 24

26. 4 Tulip compares favourably with peers in the industry …
990,000 Built up Current raised
Built-up and 575,000 650,000
Current raised 495,000 400,000
280,000 187,500 210,000
80,000 150,000 60,000 82,000
(Sq. ft.)
No. of
5 9 4 4 6 9
data centers
Pune New Delhi Pune
Noida
Location Kolkata
Delhi Hyderabad Delhi Hyderabad
Mumbai Mumbai Chennai Mumbai Chennai Mumbai Chennai Mumbai Chennai Mumbai Chennai
(3) (3) (2) (2) (4)
Bangalore (2) Bangalore Bangalore Bangalore Bangalore Bangalore (3)
 Government, BFSI, Telecom,  BFSI and ITeS  Government and IT/ITeS  Manufacturing, BFSI and  Media, Telecom, BFSI,  BFSI, Manufacturing,
Manufacturing and IT/ITeS IT/ITeS and C ontent providers ITeS and M/E
Industry focus
Source: IDC Report (Dec 2009), Research reports
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 25

27. 4 … and is a complete service provider
1
Co-location
and hosting      
services
Managed
services      
Portfolio
Value added
of
services      
services
Professional
services      
EDC      
 Acquired a 900K sq.  Globally consistent  Strong bandwidth  First play er to offer  Backing of existing  Largest built-up data
ft. data center in product line player cloud computing enterprise customers center space
rd
India (3 largest  Investing heavily in  Strong collocation service  Strong bandwidth  Strong bandwidth
Strengths globally) India and hosting player  Strong in energy player player
 Diversified into all efficient data centers  Aggressiv e
service offerings marketing
 Focus on capacity  Leverage brand  Targeting  Growing traction in  Leverage its existing  Traction from SME
expansion image of Tata group government and mobility and other set of customers and SMB s egment
 Traction from  Partnering with education sectors value added  Capacity expansion  Expected huge
Opportunities increased service group c ompanies  Focus on providing services in 1-2 years demand for Green IT
offerings like TCS for e- additional value  Focus on SME and BCDR services
Governance projects added servic es segment
hosting
1Service portfolio for Tulip includes capability to be added from newly acquired facility at Bangalore
Source: IDC Report (Dec 2009), Company website, Factiva, Equity research; Note: BCDR indicates Business Continuity and Disaster Recovery
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 26

28. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11..5% by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach~ US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with Increasing focus on Indian data center market
strong bias to growth ■ Third Party Data center space to grow at a
■ Historical top-line growth of 20%+ 6 3 CAGR of 32.8% by FY 2014
■ Robust EBITDA margins of 25%+
5 4
Strong management team Tulip is best positioned to attain market
■ Led by experienced and visionary management leadership in Indian data center space
■ Prior experience with global firms including HP, ■ Largest single site data center in India
IBM, Cisco, EMC
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 27

29. 5 Led by competent and visionary management
Lt. Col.H.S. Bedi Deepinder Bedi Sanjay Jain Rahul Ahuja Jitendra Israni
Rajesh Duggal
Chairman & Executive Director Chief Executive Officer Chief Financial Officer Chief Service Officer
President – Govt Business
Managing director
CEO
President President
Chief Financial Chief Marketing & Chief Service
Chief HR Officer Enterprise Government
Officer Product Officer Officer
Business Business
Chief Regional
Marketing Business
Commercial
Head Head - North
Officer Ministries
Regional
CSO- North Regional
Head of
Business
Procurement
Product Head Head - South
Regional Central Bodies
CSO- South Regional
Revenue Business
Assurance Head - East
Regional
State Bodies
CSO- East Regional
Legal Business
Regional Head - West
CSO- West Local Bodies
Channels
Others
NOC Manager
Network
Planning
360° Engagement Strategic
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services Pre Sales Alliance BFSI 28
Accounts

30. Tulip: Key investment themes
Strong play on the high growth Indian EDC market
■ EDC market to grow at a CAGR of 11.5% by 2015
■ MPLS is expected to grow at 17.2% 10-15 CAGR to
reach ~ US$1.2bn in 2015
Best in class customers across
business segments
1 Market leadership in the last mile wireless
■ Over 2,200 strong customer base business with fiber network to boost revenues
■ Customers include more than 90% of 7 2 ■ Dominance in the last mile connectivity
Top 500 ET companies ■ 5x increase in target market
Robust financial performance with Increasing focus on Indian data center market
strong bias to growth ■ Third Part Data Center Space to grow at a
■ Historical top-line growth of 20%+ 6 3 CAGR of 32.8% by 2014
■ Robust EBITDA margins of 28%+
5 4
Strong management team Tulip is best positioned to attain market
■ Led by experienced and visionary management leadership in Indian data center space
■ Prior experience with global firms including HP, ■ Largest single site data center in India
IBM, Cisco, EMC
360° Engagement
Enterprise Data Connectivity | Network Integration | Data Centre | Managed Services 29