(200866-W)

INVEST MALAYSIA
2010

Shangri-La
30th – 31st March 2010
AGENDA

q Highlights Of 1QFY’10 Results

q Demand

q Fuel Costs

q Managing Debt

q 2nd Phase: Geographical Expansion

q Others

2
HIGHLIGHTS OF 1QFY’10 RESULTS
Financial Results
• 39.3% Increase in Operating Profit Resulting from Lower Generation Costs
• Net Profit Attributable to Equity Holder’s of RM706.3mn

RM'mn 1Q 1Q Varianc e
FY '09 FY'10 %
Revenue 7,414.6 7,338.3 (1.0)
Operating expenses (6,580.2) (6,179.9) (6.1)
Operating inc ome 56.4 82.8 46.8
Operating profit 890.8 1,241.2 39.3
Forex
- Transac tion Gain 2.0 0.9 55.0
- Translation Loss (1,439.7) (45.4) 96.8

Share of results of assoc iates & jointly c ontrolled entities

(net of tax ) 7.8 (4.5) (157.7)
Profit/(Loss) before financ e c ost (539.1) 1,192.2 321.1
Financ e inc ome 51.6 40.9 (20.7)
Financ e c ost (285.2) (260.0) 8.8
Profit/(Loss) before tax ation (772.7) 973.1 225.9

Taxation and Zakat

- Company and subsidiaries (106.1) (251.2) (136.8)
- Deferred taxation (61.9) (24.4) 60.6
Profit/(Loss) for the period (940.7) 697.5 174.1

Attributable to:
- Equity holders of the Company (944.1) 706.3 174.8
- Minority interests 3.4 (8.8) (358.8)
(940.7) 697.5 174.1

3
HIGHLIGHTS OF 1QFY’10 RESULTS
Year-On-Year Analysis
• 8.6% Decline In Cost Per Unit Sold
Improvement in EBITDA Resulted From the • Significant Improvement in Margin from
11.3% Reduction in Generation Costs 1.8 sen/kwh to 3.2 sen/kwh in FY2010

RM mn FY 2009 FY 2010
GROUP
1Q 1Q Average selling price : 31.0 sen/kwh
Total Units Sold (GW h) 22,587.0 23,117.5
30.4 27.8
Revenue 7,414.6 7,338.3
1.3 1.1
Operating Expenses (w ithout deprec iation) 5,822.8 5,259.3 3.4 4.0
Operating Inc ome 56.4 82.8 1.2
1.0
3.1
EBITDA 1,648.2 2,161.8 3.0
1.0
EBITDA Margin (%) 22.2% 29.5% 1.0

7.0 4.1
Deprec iation and Amortisation 757.4 920.6
EBIT 890.8 1,241.2
67.1% 63.7%
EBIT Margin (%) 12.0% 16.9%
Financ e Cost 285.2 260.0
13.6
13.4
Profit Before Tax & Forex Translation 667.0 1,018.5

Net Profit Before Forex Translation 495.6 751.7

Translation Gain / (Loss) (1,439.7) (45.4)
Net Profit attributable to : 1 Qtr FY 2009 1 Qtr FY 2010
Equity Holders (944.1) 706.3
YTD FY’09 YTD FY’10
Minority Interest 3.4 (8.8)
ASP 32.2 31.0
CPU 30.4 27.8
IPP R&M Depreciation Finance Cost
Staff Cost MARGIN 1.8 3.2
Fuel General Exp & Other Subsidiary Cost 4
HIGHLIGHTS OF 1QFY’10 RESULTS
Financial & Technical Performance (Q-o-Q)

Financial Ratios
43.1%
Gearing % Interest Coverage
% ROA ROE %
8.3 sen Basic EPS
9.0% 22.0%
80 18.7%
9 40
(6.9%) 174.8%
8.0% 17.4% 29.8 34.9
70 8 7.1
7.0% 15.8% 30
17.0%
7.0% 7
60 54.3
5.8 16.3
49.3 5.7% 5.8% 20
6.0% 6
47.0 45.9 11.1%
50 12.0%
5.0% 5 10
4.1
40 3.9%
4.0% 4
7.0% 0
30 3.0% 3
-10
20 2.0% 2
2.0%
(21.8)
10 1.0% 1 -20

0 0.0% -3.0% 0 -30

FY'07 FY'08 FY'09 FY'10 FY'07 FY'08 FY'09 FY'10 FY'07 FY'08 FY'09 FY'10 FY'07 FY'08 FY'09 FY'10
1Q Annualised 1Q 1Q

Technical Performance

Unplanned Outage Rate SAIDI

% mins % mins
2.8 25 22.9
T&D Losses (based on moving System Minutes
3 22.5 14 4
average)
11.2
3 12 3
20 17.7 10.0 2.5
9.4 9.6
10 3
2 1.7 1.8 14.2
15
1.4 8 2 1.7
2
10 6 2
1
4 1
1 5 0.4
2 1 0.2

0 0 0
0
FY'07 FY'08 FY'09 FY'10 FY'07 FY'08 FY'09 FY'10 FY'07 FY'08 FY'09 FY'10
FY'07 FY'08 FY'09 FY'10
1Q 1Q 1Q 1Q

5
HEADLINE KPIS : FY2005 – FY2010

Most Targets That Were Set in 2005 Were Met Ahead of Target
Date

FY2010 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010

Target Set Actual

Actual Actual Actual Actual Actual Target
in 2005 1QFY'10

Return on Assets * 1
6.5% 2.2% 3.3% 6.3% 4.6% 4.0% 4.5% 5.8%
(ROA)

*
Achieved Gearing < 60.0% 64.9% 58.1% 49.9% 46.9% 46.5% 44 - 46% 45.9%

Unplanned No targets **
Outage Rate set for 1st 6.1% 4.7% 2.2% 3.3% 2.9% 3.6 - 4.0% 1.4%
(UOR) Phase
No targets 2
T&D Losses set for 1st 10.5% 11.0% 10.0% 9.5% 9.7% 9 - 9.5% 10.0%
Phase

Achieved Sys. Minutes

9.0 14.0 7.3 9.3 6.6 1.0 5-7 0.2
(mins)

Achieved SAIDI (mins) < 100.0 148.0 101.6 83.0 78.0 68.6 68 - 72 14.2

* Key drivers are:

- Demand growth at 2.3% (adopted forecast)
- Coal price at USD85/mt
- Gas price at RM10.70/mmbtu Note: 1 based on adjusted annualised net profit
2 based on 12-month moving average (as total system)
6
** Excluding KEV
BUSINESS AS USUAL TO SUSTAIN EFFICIENCY: FY2005 – FY2010

RM mn FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Ac tual
Item Ac tual Ac tual Ac tual Ac tual Ac tual Target
1QFY'10

Average Collection Bill (with PLMaH)

49.0 43.0 28.0 28.0 28.0 23.0 24.0
(days)

Debt Mix (RM vs Others) (%) N/A 52 : 48 55 : 45 53 : 47 51 : 49 N/A 52 : 48

Current Ratio (%) N/A 1.4 1.5 1.68 1.65 N/A 1.69

Land Sales * N/A 51.5 359.2 105.4 10.0 N/A N/A

Improved Procurement
N/A N/A N/A 118.1 197.4 N/A 18.6
Strategy/Planning

Savings from Medical Expenses (26.2) (17.6) (20.7) (49.7) (49.7) N/A 4.6

Savings from Overtime (15.3) 19.6 (5.7) (3.0) (3.6) N/A (8.8)

Notes:
* Based on S&P signing

7
HIGHLIGHTS OF 1QFY’10 RESULTS
Cashflow
Cash Balance Continues to Improve

Group Company
FY 2009 FY 2010 FY 2009 FY 2010
3 Mths 6 Mths 9 Mths 12 Mths 3 Mths 3 Mths 6 Mths 9 Mths 12 Mths 3 Mths

Cashflow From Operations 778.1 2,486.9 4,711.5 7,409.9 1,550.0 301.8 1,831.2 3,524.8 5,930.4 1,022.1
(-) Capex (683.4) (1,800.5) (2,795.8) (4,128.4) (635.8) (601.8) (1,638.3) (2,467.1) (3,575.1) (557.2)
(-) Interest Servicing (258.2) (617.3) (857.5) (1,188.8) (234.9) (180.2) (438.7) (596.0) (829.8) (169.7)
(+) Dividend from Subs/ 0.0 54.0 54.0 54.0 0.0 54.0 54.0 54.1 16.4
Assocs.

FREE CASH FLOW (163.5) 123.1 1,112.2 2,146.7 679.3 (480.2) (191.8) 515.7 1,579.6 311.6

(+) New Debt 330.7 628.0 652.1 592.2 109.1 40.2 65.0 249.2 289.0 53.4
(-) Repayment (438.7) (1,404.8) (1,615.8) (1,796.7) (393.7) (120.4) (754.0) (1,139.9) (1,178.2) (237.6)
(+) Proceeds from 0.8 0.8 1.6 15.2 17.6 0.8 0.8 1.6 15.2 17.6
Issuance of Shares
Cash Flow After
Debt Servic e (270.7) (652.9) 150.1 957.4 412.3 (559.6) (880.0) (373.4) 705.6 145.0

Others 53.4 (208.3) (438.8) (174.5) 85.8 45.3 (207.2) 315.9 271.2 42.9

Net Cash (217.3) (861.2) (288.7) 782.9 498.1 (514.3) (1,087.2) (689.3) 976.8 187.9
Currency translation
differences 2.0 2.6 (1.9) (2.9) (5.2) 0.0 0.0 0.0 0.0 0.0

Cash Balanc e 5,168.6 4,525.3 5,093.3 6,163.9 6,656.8 3,698.6 3,125.8 3,523.7 5,189.8 5,377.7

Cash Balance as at 30th Nov 2009 (RM mn)

TNB KEV SESB LPL MTM TNBJ TNEC UNITEN TSG TNB ES ILSAS OTHERS GROUP

5,377.7 518.5 147.8 24.4 50.3 418.3 19.4 8.4 30.3 9.7 36.8 15.2 6,656.8 8
AGENDA

q Highlights Of 1QFY’10 Results Announcement

q Demand

q Fuel Costs

q Managing Debt

q 2nd Phase: Geographical Expansion

q Others

9
DEMAND
Analysis of Electricity Growth M-o-M in Peninsula
As at 2QFY’10, Peninsula Reported 8.0% Growth Y-o-Y

FY 2009 FY 2010
UNITS SALES
Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb
Gwh
Industrial

3,501 3,238 3,086 3,007 2,847 2,500 2,609 2,911 2,956 3,081 3,178 3,346 3,330 3,092 3,429 3,276 3,353 3,402
Growth
(%)

0.4 (1.4) (4.3) (8.2) (15.1) (27.5) (16.1) (14.7) (13.1) (12.8) (7.0) (6.1) (4.9) (4.5) 11.1 9.0 17.8 36.1
Commercial

Gwh

2,349 2,416 2,177 2,193 2,262 2,122 2,162 2,332 2,422 2,446 2,429 2,549 2,385 2,323 2,495 2,353 2,465 2,412
Growth
(%)

1.1 12.2 (2.1) 0.5 1.2 (1.4) 3.4 3.5 1.9 5.0 6.4 9.1 1.5 (3.9) 14.6 7.3 9.0 13.7
Gwh
Domestic

1,318 1,465 1,309 1,312 1,351 1,305 1,371 1,358 1,533 1,491 1,456 1,524 1,541 1,373 1,452 1,370 1,488 1,409
Growth
(%)

(0.9) 13.3 (0.5) 4.2 6.5 (0.4) 6.8 5.4 7.1 10.5 9.0 13.5 16.9 (6.3) 10.9 4.4 10.1 8.0
Gwh

100 107 101 100 106 113 98 103 105 103 99 229 106 106 111 114 125 108
Others

Growth
(%)

(1.0) 9.2 2.0 2.0 1.9 11.9 2.1 6.2 2.9 1.0 0.0 118.1 6.0 (0.9) 10.0 14.0 17.9 (4.4)
Gwh

7,268 7,226 6,673 6,612 6,566 6,040 6,240 6,704 7,016 7,121 7,162 7,648 7,362 6,894 7,487 7,113 7,431 7,331
TOTAL

Growth
(%)

0.4 5.8 (2.8) (3.0) (5.7) (13.8) (5.2) (4.9) (4.1) (2.6) 0.4 4.1 1.3 (4.6) 12.2 7.6 13.2 21.4

1st Qtr FY’09 2nd Qtr FY’09 3rd Qtr FY’09 4th Qtr FY’09 1st Qtr FY’10 2nd Qtr FY’10
1.1% (7.6)% (4.7)% 0.6% 2.7% 13.8%

2Q YTD FY 2009 YTD FY 2010

Growth (%) (3.2) 8.0
10
DEMAND
System Weekly Peak Demand (Peninsula)
Electricity Demand Growth Signals a Better Outlook

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

15,200
14,890MW
14,700 (25/03/10)
14,200

13,700

13,200

12,700

12,200
MD

11,700

11,200

10,700

10,200

9,700 Peak Demand

FY 2006 12,990 MW Week 52
9,200 FY 2007 13,620 MW 8/8/2007
FY 2008 14,007 MW 21/5/2008
FY 2009 14,245 MW 12/8/2009
8,700 FY 2010

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
t
WEEK NO. 11
DEMAND
Weekly Electricity Demand Growth (Peninsula)
Electricity Demand Growth Signals a Better Outlook

Weekly
WeeklyGeneration (GWh)
Generation (Gwh) - Week
– Week Ending
Ending 21/03/2010
21st March 2010

2,100

2,000

1,900

1,800

1,700
GWh

1,600

1,500

1,400

1,300

1,200
1Jan 3 5Feb 7 9Mar11 13 Apr
15 17 May
19 21 23Jun
25 27 29
Jul 31 33
Aug35 37Sep39 41 Oct
43 45 Nov
47 49 Dec
51

2007 2008 2009 2010 12

DEMAND
Analysis Of Electricity Growth By Sectors (Group)
Both Peninsula and SESB Reported Positive Demand Growth

1st Qtr FY’10 = -1.4% 1st Qtr FY’10 = 2.3%

(1st Qtr FY’09 = 23.4%) (1st Qtr FY’09 = -0.6%)
RM mn -5.1% Gwh +0.4% Industrial Com. Domestic Others
+2.2%
3,200 11,000 1st Qtr FY’09 -1.4% 3.9% 3.9% -34.6%
10,000
2,800
9,000 +4.0%
2,400
8,000

2,000 7,000
+5.0% 6,000 +6.9%
1,600
5,000
1,200 4,000

800 3,000
-27.6% -12.1%
2,000
400
1,000
0 0
Industrial Commercial Domestic *Others Industrial Commercial Domestic *Others

1 Qtr FY'09 1 Qtr FY'10 1 Qtr FY'09 1 Qtr FY'10

* Includes Specific Agriculture, Mining, 1QFY'09

Sen/
1QFY'10
Sen/ Growth
Public Lighting, LPL & EGAT KWh KWh %
(-) Indicates Negative Growth UNITS SOLD GWh GWh
- TNB 21,167.4 21,743.2 2.7
- EGAT (Export) 79.8 3.9 (95.1)
- SESB 924.5 992.1 7.3
- LPL 415.3 378.3 (8.9)
Total units sold (Gwh) 22,587.0 23,117.5 2.3
REVENUE RM mn RM mn
Sales of Electricity
- TNB 6,854.2 32.4 6,814.3 31.3 (0.6)
- EGAT (Export) 17.3 21.7 2.3 59.0 (86.7)
- SESB 235.0 25.4 247.5 24.9 5.3
- LPL 170.0 40.9 107.4 28.4 (36.8)
Total Sales of Electricity 7,276.5 32.2 7,171.5 31.0 (1.4)
Goods & Services 51.0 76.5 50.0
Deferred Income
TOTAL REVENUE
87.1
7,414.6
90.3
7,338.3
3.7
(1.0)
13
AGENDA

q Highlights Of 1QFY’10 Results Announcement

q Demand

q Fuel Costs

q Managing Debt

q 2nd Phase: Geographical Expansion

q Others

14
FUEL COSTS
Industry Generation in Peninsula (TNB & IPPs)
30.5% Increase in Coal Generation Resulting from Reduction in Gas Allocation & Higher Demand

Fuel Cost (RM mn) Units Generated (Gwh)

Fuel 1st Qtr V arianc e Fuel 1st Qtr V arianc e
Type YTD FY '09 Y TD FY'10 RM mn % Type YTD FY '09 Y TD FY'10 Gw h %
Gas 1,704.9 1,296.5 (408.4) (24.0) Gas 14,617.0 13,495.5 (1,121.5) (7.7)
Coal* 1,230.8 1,174.5 (56.3) (4.6) Coal 7,239.5 9,449.8 2,210.3 30.5
Dist. 12.3 34.3 22.0 178.9 Dist. 0.1 48.9 48.8 > 200.0
Oil 0.7 42.7 42.0 > 200.0 Oil 0.6 117.4 116.8 > 200.0
Hydro 0.0 0.0 - - Hydro 1,575.0 1,418.7 (156.3) (9.9)
Total 2,948.7 2,548.0 (400.7) (13.6) Total 23,432.2 24,530.3 1,098.1 4.7
* Includes fuel adj:
YTD FY2009 = RM375.3mn
YTD FY2010 = (RM237.0mn)

DISTILLATE
RM34.3mn
1.3%
IPP Oil
TNB 17.4 42.7
16.9 0.7% Oil
1.7%
0.6% Hydro
GAS 117.4 GAS
COAL 1,418.7
RM1,296.5mn 0.5% 13,495.5Gwh
RM1,174.5mn 5.8% TNB
TNB 50.9% 55.0%
46.1% 5,636.9
504.2
Distil.IPP 23.0%
IPP 19.8%
0.0
823.5
0.0%
32.3% IPP
7,858.6
IPP 32.0%
IPP
5,469.2
792.3 Distil.TNB
22.3% TNB
TNB 31.1% 48.9
351.0 3,980.6
0.2% COAL
13.8% 16.2%
9,449.8Gwh
38.5%

TOTAL : RM 2,548.0mn TOTAL : 24,530.3Gwh

Fuel Cost/Gwh : 10.39sen
Total Coal Consumption = 4.3mn MT
15
FUEL COSTS
Coal Requirement
Coal Procurement Estimate for FY2010 at 17.6 mn MT

A B C D E F G H I J K L
18.0 17.6

16.0 17% Ongoing negotiations

14.0 12.5
12.6
11.6
12.0
38% Index Linked
Tonne (mn)

10.0 (45% secured)

8.6
7.6 7.9
8.0

6.0
45% Fixed Price
(secured)
4.0

2.0

0.0
FY'04 FY'05 FY'06 FY'07 FY'08 FY'09 FY'10
Total Consumption Estimated 16
FUEL COSTS
Coal

TNB Average Delivered Price vs TNB Tariff

120.0

USD85/MT
100.0 implemented
Mar’09

USD75/MT
80.0 implemented
July’08

60.0

40.0

20.0

0.0

USD45/MT TNB Average Delivered Price TNB Tariff

implemented
Jun’06 * Price based on 5,500CV
17
AGENDA

q Highlights Of 1QFY’10 Results Announcement

q Demand

q Fuel Costs

q Debt Management

q 2nd Phase: Geographical Expansion

q Others

18
DEBT MANAGEMENT

RM (bn)

34
32.5
32
30.9
30.0
30 29.2
28.3
28 27.7
27.1

26

24.0
24
22.7 22.6
22

20
FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
19
DEBT MANAGEMENT
Analysis of Debt Exposure & Forex

31st Aug’09 28th Feb’10

Others
USD RM0.02bn USD
RM5.49bn 0.09% RM5.13bn
RM
Yen 24.3% 22.9%
RM11.69bn
RM5.47bn
51.8%
24.2% RM
Yen
RM11.62bn
RM5.58bn
51.3%
24.9%

* Total Debt RM22.6 bn * Total Debt RM22.4 bn

Net Debt RM16.5 bn Net Debt RM15.3 bn

Gearing (%) 46.5 Gearing (%) 45.0

Net Gearing (%) 33.8 Net Gearing (%) 30.7

Fixed:Floating 92.9% : 7.1% Fixed:Floating 93.9% : 6.1%

[ Based on final exposure, Fixed:Floating 98.7% : 1.3% ] [ Based on final exposure, Fixed:Floating 98.8% : 1.2% ]

Weighted Average Cost of Debt 5.16% Weighted Average Cost of Debt 5.06%
[ Based on final exposure, 5.32% ] [ Based on final exposure, 5.26% ]

USD/RM : 3.53 USD/RM : 3.41

100YEN/RM : 3.75 100YEN/RM : 3.82

USD/YEN : 94.13 USD/YEN : 89.27

20
AGENDA

q Highlights Of 1QFY’10 Results Announcement

q Demand

q Fuel Costs

q Managing Debt

q 2nd Phase: Geographical Expansion

q Others

21
2ND PHASE: GEOGRAPHICAL EXPANSION
20-Year Strategic Plan
T7
SERVICE
EXCELLENCE 2010
Position • Improve Core Operations
for Growth
under T7 Strategy
• Place TNB as the best
performing company in
Malaysia by 2007 and as the
Regional best by 2010
GLOBAL
LEADERSHIP 2025
• Excel in:
- All business areas
OVERSEAS - Reputation as a
INVESTMENT 2020 strong business
partner
- Ability to continue
to create
• Improve financial shareholder value
GEOGRAPHICAL position and human
EXPANSION resource readiness of • TNB acknowledged as
(SERVICES) 2015 TNB amongst the most
admired companies
• Venture into
• Expand works and power/energy related
globally
services related to the investments in the
energy sector international arena
• Creation of new revenue
stream leveraging on
TNB’s knowledge and
competencies in the
energy business
22
2ND PHASE: GEOGRAPHICAL EXPANSION
Overseas Business Opportunities

Current Overseas Ventures

Generation
1. Shuaibah - 900MW/880,000 m3/day Power & Water Desalination Plant
th
- PCOD: 14 Jan 2010
2. Shuaibah - 150,000 m3/day Water Desalination Plant
th
- PCOD: 17 Nov 2009
3. Liberty Power Ltd - 235MW IPP to supply power to WAPDA

Investment made by TNB USD79.7mn

Total Principal Loan Amount – for 11 facilities USD227.5mn
Total Principal Paid (A) USD94.1mn
Balance – Unpaid Principal (B) USD133.4mn
Total Interest Receivable as at 31/8/2009 USD107.1mn
Total Interest Paid (C) USD38.4mn
.
Balance – Unpaid Interest (D) USD68.8mn
TOTAL AMOUNT PAID BY LPL (A+C) USD132.5mn
TOTAL UNPAID BALANCES (B+D) USD202.1mn

REMACO (O&M)
1. Shuaibah - 900MW/880,000 m3/day Power & Water Desalination Plant
- Contract Value: USD1mn/year, 25 years
2. Liberty Power Ltd - 235MW IPP to supply power to WAPDA
- Contract Value: USD1.5mn/year, 25 years
3. Hubco, Pakistan
- Contract Value: USD5mn/year, 5 years
TNEC
1. District Cooling – BMC, 30,000RT
- Project Cost: RM144.2mn
2. District Cooling – Al-Reef, 8,000RT
- Project Cost: RM58.6mn
23
AGENDA

q Highlights Of 1QFY’10 Results Announcement

q Demand

q Fuel Costs

q Managing Debt

q 2nd Phase: Geographical Expansion

q Others

24
RESERVE MARGIN
Reserve Margin Reducing & Capacity Remains Stagnant

50,000 50%
Installed Capacity
Available Capacity
45,000 Reserve Margin for Installed Capacity
Reserve Margin for Available Capacity 40%

40,000 Demand Forecast

30%
35,000

Reserve Margin (%)

30,000
Capacity (MW)

20%

25,000

10%
20,000

15,000
0%

10,000

-10%
5,000

0 -20%
2010 2011 2012 2013 2014 2015 25
Source: Planning
DISCLAIMER

All information contained herein is meant strictly for the use of this

presentation only and should not be used or relied on by any party for any

other purpose and without the prior written approval of TNB. The

information contained herein is the property of TNB and it is privileged

and confidential in nature. TNB has the sole copyright to such information

and you are prohibited from disseminating, distributing, copying, re-

producing, using and/or disclosing this information.

26
 THANK YOU

“Powering The Nation’s Progress”

www.tnb.com.my 27