PeoplesTel

GCM subscribed for 26.5% of the equity in Peoples Telecom and Information Services Ltd ("PeoplesTel") for £2.6 million in February 2007 and subsequently increased the holding to 37% for a further £2 million in cash in February 2008.

PeoplesTel brings significant benefits to the development of the Phulbari Coal Project ("the Project") by ensuring that modern and extensive telecommunication networks and infrastructure are in place across all areas (mine site, transport corridor, port operations etc.) of the Project.

PeoplesTel has a licence to operate fixed, wireless local loop along with voice data, image and all forms of telecommunication services in Bangladesh. PeoplesTel has been in operation since 1989 as rural operator and converted to a national operator since 2005.

For further information about PeoplesTel, visit www.ptelco.net