18TH ANNUAL GENERAL MEETING

Presentation to Shareholders
22 June 2010
AGENDA

Axiata Overview

2009 Performance

1Q 2010 Performance

Addressing MSWG Questions

2
Axiata at a Glance
One of the largest and fastest growing telcos in Emerging Asia Mobile Telecom

Thailand
Iran

Cambodia
Pakistan

India Malaysia

Bangladesh Singapore

Sri Lanka
Indonesia

Legend:
Subsdiaries
Associates

10 Countries, 130 million customers

Note: Subscribers as of 1Q 2010

AGM 2010 3
AGENDA

Axiata Overview

2009 Performance

1Q 2010 Performance

Addressing MSWG Questions

4
Key Highlights of 2009 performance

 All round strong financial results and growth in 2009

 Strategies at Axiata and OpCos were executed well, showing tangible results

 OpCo engagement model significantly improved

 Top management across the group significantly enhanced with strong diversity

 Stronger fundamentals (management, processes, strategy) for sustainability

Successful Completion of Phase 1 : Revenue RM13.1 bn 31%

(‘07 to ‘09) EBITDA RM5.2 bn 25%
Subscribers 120 mn 202%

AGM 2010 5
2009 Performance Summary : Group
Strong 2009 results – an all round performance across all major OpCos

OPERATING REVENUE (RM mn) EBITDA (RM mn) ADJUSTED PATAMI (RM mn) Subscribers (mn)

+15% +18% +44% +34%

39%

38%

 All round strong financial results and growth

 Strong results, particularly at Celcom, XL and Robi

EBITDA Margin

AGM 2010 6
2009 Performance Summary : Group
Improved Leverage and Free Cash Flow

Net Debt / EBITDA (x)

Strengthened capital structure with
4.6x 3.8x
further deleveraging of balance
2.4x
sheet with lower Net Debt / EBITDA 2.0x

at 2.0x
Gross Debt/EBITDA FY 2008 FY 2009

Group turned Free Cash Flow RM 2.1 bn 265%

positive

Cash On Hand : RM2.0 bn

*Free Cash Flow : EBITDA less Capex

AGM 2010 7
2009 Performance Summary
Strong performance at Celcom, XL and Robi through execution of strategies. Dialog
showed signs of continued quarterly improvement

Q o Q Performance Y o Y Performance
Revenue EBITDA PATAMI Revenue EBITDA PATAMI

Group 9% 19% 33%* 15% 18% 44%*

-3%

Celcom 6% 6% 2% 13% 11% 19%

XL 12% 18% 3% 14% 21% >100%

Dialog 7% 33%* >100%* 1% 4%* 45%*

Robi 24% >100% >100% 36% 58% >100%

Note: QoQ denotes 4Q09 vs 3Q09 . YoY denotes FY 2009 vs FY2008.

* Norrmalised

AGM 2010 8
2009 Performance Summary
Perfectly consistent upward trends at Group, Celcom and XL
REVENUE

+9% +12%
+10% +7% +6% +8%
+19%
+4% -2% +14%
3,694
3,164 3,381 +5% 4,033
2,418
2,867 +0.3% 1,699 3,328
3,592
2,978 2,926
1,606
1,544
1,471 1,476

4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q09 4Q 08 1Q 09 2Q 09 3Q 09 4Q09

Axiata Group (RM million) Celcom* (RM million) XL (IDR billion)

EBITDA

+19% +18%
+19% +5%
+3% +5% +6% +31%
+15%
+36% +0% +9%
1,559
1,244 1,309 759 1,965
1,045 682 716 1,454 1,672
767 664 664 1,021 1,113

31.7% 36.4% 39.3% 38.7% 42.2% 45.1% 45.0% 44.2% 44.6% 44.7% 34% 38% 44% 47% 49%

4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09
Axiata Group (RM million) Celcom (RM million) XL (IDR billion)

*2008 - Fibercomm excluded due to demerger (for comparison purpose)

AGM 2010 9
2009 Performance Summary
Encouraging trends at Dialog and Robi

REVENUE
+24%
+2% +7% +7%
+4%
-4% +11%+4%
9,574 6,052
8,797 8,780 8,945
8,475 4,580 4,898
4,392
3,947

4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

Dialog (SLR million) Robi (BDT million)

EBITDA
>+100%
-61%
+27% +19% +53%
+56% +45%
>+100% 2,686 2,140 2,322
2,252 1,399
1,778
1,136 962 829

392 13% 20% 25% 28% 24% 32% 47% 17% 38%
5%
4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

Dialog (SLR million) Robi (BDT million)

AGM 2010 10
2009 Performance Summary : Subsidiaries
Celcom’s excellent execution of segment marketing and broadband focus
delivered strong performance
Revenue (RM mn) EBITDA (RM mn) & Margins (%) PATAMI (RM mn)
+13% +11%
19%

6,324 2,822
2,541
5,606
1,540
45.2% 44.6% 1,294

FY 08 FY 09 FY 08 FY 09 FY 08 FY 09

 Despite high industry penetration, Revenue grew 13%, >2x industry

average

( Malaysia)
 Strong EBITDA growth of 11%, >5x industry average

 15 consecutive quarters of revenue growth

 Exceeded industry average in almost all key measurements

AGM 2010 11
2009 Performance Summary : Subsidiaries
XL’s (Indonesia) execution on yield focus strategy showed strong performance
in all financial metrics
Revenue (IDR bn) EBITDA (IDR bn) & Margins (%) PATAMI (IDR bn)
+14% +21%
>+100%
13,880
6,205
5,132 1,709
12,156

42% 45%
-15

FY 08 FY 09 FY 08 FY 09 FY 08 FY 09

 Strong Revenue growth of 14% (vs. industry average of 9%)

 Significant EBITDA growth of 21%, ~2x industry average

( Indonesia)
 PAT turned profitable

 Subscribers grew 21% to 31.4 million

 Outperformed all competitors in almost all key measurements

AGM 2010 12
2009 Performance Summary : Subsidiaries
Dialog ( Sri Lanka ) faced some challenges, but turnaround plans showing
encouraging results
Revenue (SLR mn) EBITDA (SLR mn) & Margins (%) PATAMI (SLR mn)
-1% -0.4% (Normalised: +4%) >-100% (Normalised: -45%)

36,278 35,774
7,887 7,853

22% 22%

FY 08 FY 09 FY 08 FY 09 FY 08 FY 09
-2,879

-12,208

 Normalised EBITDA (adjusted for non-recurring charges)

improved by 4%
( Sri Lanka)

 4 consecutive quarters of strong EBITDA improvements

AGM 2010 13
2009 Performance Summary : Subsidiaries
Robi ( Bangladesh ) showed successful turnaround in 2009, with significant
growth in revenue and profitability
Revenue (BDT mn) EBITDA (BDT mn) & Margins (%) PATAMI (BDT mn)
+36% +58%
>+100%

19,922 6,691
14,617
4,235
857
29% 34%

FY 08 FY 09 FY 08 FY 09 FY 08 FY 09

-1,178

 Spectacular Revenue growth of 36%

 Significant Profit growth improvement – EBITDA increased
( Bangladesh) 58%, PAT turned profitable with growth of more than 100%
 Highest quarterly Revenue achieved with growth recorded for
5 consecutive quarters

AGM 2010 14
209 Performance : Associates
Idea had a strong performance despite challenging industry. M1 showed table performance

COMPANY HIGHLIGHTS YEAR ON YEAR PERFORMANCE OVERVIEW

Strong 2009 results amidst challenging Revenue Subs EBITDA 20% PAT
sector conditions 23% 48% 8%

Launch of new mobile services, NGNBN EBITDA PAT

and iPhone to provide exciting new Revenue 2% Subs 8% 2% 0.1%
opportunities

Note : Idea based on their financial calendar ending March 2010

AGM 2010 15
AGENDA

Axiata Overview

2009 Performance

1Q 2010 Performance

Addressing MSWG Questions

16
1Q 2010 Performance Summary : Group ( Quarter on Quarter)
The momentum continues...

OPERATING REVENUE (RM mn) EBITDA (RM mn) ADJUSTED PATAMI (RM mn) Subscribers (mn)

2% 3% 8% 8%

3,813
3,756 594 120.0 129.7
1,678
551
1,636
44% 44%

4Q09 1Q10 4Q09 1Q10 4Q09 1Q10

4Q09 1Q10

AGM 2010 17
1Q 2010 Performance Summary
Strong Q o Q performance at Celcom and XL with profit turnaround in Dialog. Short
term pressure at Robi in pursuit of growth.
Q o Q Performance Y o Y Performance
Revenue EBITDA PATAMI Revenue EBITDA PATAMI

Group 2% 3% 65% 31% 52% >100%

-3%

Celcom 0.2% 2% 7% 15% 16% 24%

XL 3% 9% 18% 42% 92% >100%

Dialog 2% 18% >100% 16% >100% >100%

Robi 5% 1 33% 91% 35% 11% >100%

1 Normalised for International Gateway (IGW) Revenue recognised from 4Q09 with finalisation of agreements at year end
Note: QoQ denotes 4Q09 vs 1Q10 . YoY denotes 1Q09 vs. 1Q10

AGM 2010 18
1Q 2010 Performance : Affiliates ( Quarter on Quarter )
Idea had a solid all round performance while M1’s revenue and profitability was up

COMPANY HIGHLIGHTS QUARTER on QUARTER PERFORMANCE OVERVIEW

Strong 4Q finish amidst challenging Revenue Subs EBITDA 13% PAT

sector conditions 6% 11% 57%

Higher service revenue, handset sales and Revenue Subs EBITDA PAT
data revenue. Handset costs impacted 15% 2% 3% 6%
EBITDA

AGM 2010 19
Axiata Share Price has outperformed KLCI in 2010 and is the best
performing stock in the KLCI (Top 30) for the year to date
Period : 1 Jan 2010 – 21 June 2010

140%

29%
130% Axiata

120%

110%
KLCI 5%

100%

90%

80%

AXIATA KLCI

AGM 2010 20
AGENDA

Axiata Overview

2009 Performance

1Q 2010 Performance

Addressing MSWG Questions

21
QUESTIONS ASKED BY MSWG

Operations and Financial Performance

1. We note the EBITDA margin for the Group was 39.3%, helped by Celcom and XL which were at 44.6% and 44.7%
respectively. However, it was below the market leader. What would be the Group’s overall medium to long term ways
to improve EBITDA margin, amidst the competitive environment?

Response :

• Group EBITDA margin of 39.3% is a consolidated number derived from companies operating in different countries
and not comparable to other Malaysian operators.

• In Malaysia, Celcom in 2009, outperformed the competitors with an EBITDA growth of 11% and margin improvements
by 0.4 pp while other 2 major competitors showed decline in EBITDA and margins

• Similarly, XL led the Indonesian competitors in 2009 with improved margins while other 2 major competitors had
margin decline

• Improvements shown were the result of the initiatives of Cost Management Programme and variety of market
programmes to improve revenue contribution from its subscribers’ base.

AGM 2010 22
-22-
QUESTIONS ASKED BY MSWG

Operations and Financial Performance

3. It was reported that the Group incurred net impairment losses of RM83.6 million (2008: RM12.8 million), primarily for
PPE due to the write down of certain telecommunication network assets in which the assets were written down to its
recoverable values, net of reversal of impairment losses of RM5.2 million (2008: RM16.0 million) in relation to capital
work-in-progress made on a subsidiary’s long outstanding projects which were now completed.
a) Which is the subsidiary involved and why was this project long outstanding?
b) Given the long outstanding work-in-progress, was the impairment loss due to costs over-runs?

Response :

a) The subsidiary referred to is Celcom where these projects were completed after receiving necessary approvals from the
relevant authorities that resulted in the write-back of impairment loss provision in the year. The impairment loss
provision was made in the prior years based on the appropriate accounting policies and prudent accounting practice.
b) The impairment loss was contributed mainly by Dialog’s impairment of old and replaced network assets resulting from
the completion of its mobile network modernisation project during the year. The impairment in Dialog contributed
approximately 77% of total net impairment losses of the Group.
The breakdown of impairment losses of RM83.6 million are as follows:-

Dialog network modernization RM64.8 million

XL Capital Work-in-progress impairment RM11.9 million
Others (net of Celcom reversal of impairment loss RM5.2 million) RM6.9 million

AGM 2010 23
-23-
QUESTIONS ASKED BY MSWG

Balance Sheet and Strategies

8. In 2009, Celcom’s total capex was around RM770 million and major domestic Celcos would range between RM700
million to RM1.24 billion.
a) What would be the Group’s OpCos guided capex in 2010?
b) What is the Group’s plan(s) on the 4G LTE (Fourth Generation Long Term Evolution) technology?

Response :

a) Group CAPEX guidance for 2010 is RM3.6 billion

b) Axiata have been, and will continue to deploy and operate state of the art wireless networks using the GSM family of
technologies. The technology roadmap began with GSM, moving on to HSPA, HSPA+ and LTE. LTE trials have been
conducted by M1 with very positive results. The Group will pursue LTE as and when spectrum is made available.

AGM 2010 24
-24-
QUESTIONS ASKED BY MSWG

Corporate Governance Matters

9. It was reported that the Board was planning a holistic review of the Board’s composition and balance in 2010, taking
into account the various feedback and current and future needs of the Group, including diversity in terms of skill-
sets, ethnicity, gender and nationality which would be necessary for a regional group like Axiata.
Could the Board further enlighten the shareholders on how soon this would occur taking into cognizant of the two
less Board members as compared to last year?

Response :

• The Board led by the Board Nomination Committee has recently completed this process and resolved on the right
size and the criteria of candidates that the Board is looking at. The process for identification of candidates is
currently ongoing and this includes engaging the services of third party recruitment specialist and/or consultant to
assist the Board.

• The process is targeted to be completed by 3Q’2010. In the meantime, with the present Members, the Board is
sufficiently equipped to manage its role as the required expertise is still present and all legal requirements are met.

AGM 2010 25
-25-
Thank You

www.axiata.com

Axiata Group Berhad

company confidential
26