Initial Public Offers 2003

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securities to be made in the United States will be made by means of a prospectus that will contain detailed information about our company and management, as well as financial statements. No money, securities or other consideration is being solicited by this press release or the information contained herein and, if sent in response to this press release or the information contained herein, will not be accepted.

Press Release 2 July 2009

GP Receives Consent for IPO

Grameenphone (GP) Ltd. received formal consent from the Securities and Exchange Commission (SEC) of Bangladesh on its Initial Public Offer (IPO) application today.

The approval comes after conclusion of a positive dialogue between the SEC and Grameenphone in recent weeks. GP filed its final IPO application with the SEC in December 2008 and had submitted the final prospectus in January 2009. Notably the valuation of the company and the offer price remains unchanged, as per the original application.

“We are very pleased to have received the official consent from the SEC today and look forward to an expeditious launching of the public offer and successful listing of our shares in country’s bourses” said Grameenphone CEO Oddvar Hesjedal, adding that “we (Grameenphone) are ready and will be following a fast process for fulfilling of certain necessary conditions and formalities.”

Among the conditions set by the SEC for the approval are that GP would have to convert the face value of the offered shares from BDT 1 per share to BDT 10 per share.

Grameenphone shareholders have further decided to revise the total offer size, including IPO and Pre-IPO, from 8.95 per cent to 10 percent of its total share capital. Reiterating that Grameenphone had run a thorough and compliant IPO process, the CEO thanked the authorities of the SEC and the exchanges, for their continuous support and expressed his gratitude to the PPO investors and IPO underwriters for their commitment and their patience.

Citigroup Global Markets Bangladesh Private Limited will continue to be the Private Placement Agent, Issue Manager and Lead Underwriter for our Pre-IPO and IPO.

Public Relations Department
Grameenphone Ltd.
Telephone: 9882990
Website: www.grameenphone.com
email: info@grameenphone.com

GRAMEENPHONE LTD.
Company Profile
July 2008

OVERVIEW
On July 23, 2008, Grameenphone Ltd. (“GP” or the “Company”) announced its intention to conduct an
Initial Public Offering (“IPO”) of its shares with listing on the Dhaka Stock Exchange and the Chittagong Stock Exchange, subject to necessary approvals and market conditions. It is anticipated that GP will raise gross proceeds of up to US$150 mm in the IPO through a sale of 100% primary shares. Prior to the launch of the IPO, GP also intends to conduct a Pre-Public Offer (“PPO”) to foreign and domestic institutions of up to an additional US$150 mm through a sale of 100% primary shares. As part of the PPO, GP also intends to conduct a sale of shares to its employees (the “Employee Offer”
or “EO”).

COMPANY OVERVIEW
GP was incorporated in 1996, commenced service in March 1997 and is currently the largest mobile
telecommunications operator in Bangladesh with 20.3 mm subscribers, as of June 30, 2008, representing a 46.5% market share (1). GP is a 62% owned subsidiary of Telenor Mobile Communications AS, a leading international telecommunications company based in Norway providing mobile communications services in 12
countries across Scandinavia, Eastern Europe and Asia with 147 mm mobile subscribers as of March
31, 2008. Grameen Telecom (“GTC”) owns 38% of GP and was established in 1995 with the objects,
inter alia, of improving the standard of living in rural Bangladesh. GTC is affiliated with Grameen Bank
and Professor Muhammad Yunus, winners of the Nobel Peace Prize in 2006. GP operates a digital mobile telecommunications network based on the GSM standard in the 900 MHz and 1800 MHz frequency bands, with 14.6 MHz of spectrum in total, covering approximately 97.8% of Bangladesh’s population as of June 30, 2008 and is EDGE/GPRS enabled, allowing customers to gain access to high-speed Internet and data services from anywhere within its coverage area.
GP is a market leader in introducing new products and services in Bangladesh; GP was one of the
first operators in Bangladesh to offer subscribers mobile to mobile service, EDGE, prepaid service,
voice SMS and “over-the-air” top-ups. In January 2008, GP became the first mobile operator in
Bangladesh to offer BlackBerry services. GP is one of the largest ISPs in Bangladesh, with
approximately 3.4 mm users accessing internet services from their mobile handsets.
In 2007, GP generated US$792 mm in revenues.
(1) Source: Bangladesh Telecommunication Regulatory Commission.
Dec 31

Mar 31
Year
2005 2006
2007
2008
Subscribers (mm) 5.5
10.8
16.5
17.8
Rev (US$ mm) $429
$666
$791
$218

% Growth -- 54.8% 19.0%
16.1%
Note: FX rate used for convenience purposes only: BDT/USD = 68.58. Source: Bangladesh Bank (March 31, 2008).

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Press Release 2 July 2009

GP Receives Consent for IPO