1Q14 Results Presentation 14 April 2014

1

Forward looking statements – Important note

This presentation and the following discussion may contain forward looking statements

by M1 Limited (“M1”) relating to financial trends for future periods

Some of the statements contained in this presentation or arising from this discussion

which are not of historical facts are statements of future expectations with respect to

financial conditions, results of operations and businesses, and related plans and

objectives. Such forward looking statements are based on M1’s current views and

assumptions including, but not limited to, prevailing economic and market conditions

and currently available information. These statements involve known and unknown risks

and uncertainties that could cause actual results, performance or achievements to differ

materially from those in the forward looking statements. Such statements are not, and

should not be construed, as a representation as to future performance or achievements

of M1. In particular, such statements should not be regarded as a forecast or projection

of future performance of M1. It should be noted that the actual performance or

achievements of M1 may vary significantly from such statements.

2

Overview

Service revenue increased 2.1% YoY to S$204m

EBITDA margin at 40.0% of service revenue

Net profit after tax increased 4.4% YoY to S$43m

Mobile customer base stable at 2.10m

Customer acquisition cost decreased 3.1% YoY to S$309

Fibre customer base grew to 90,000

Moderate growth in FY2014 net profit after tax

Performance

highlights

for 1Q14

Outlook

Financial

highlights

for 1Q14

3

Financial highlights

Performance highlights

Developments and outlook

Agenda

4

Operating revenue (S$m)

162 163 164156 162

607644

28 27 2429 30

117114

16 1636

14 15

4862

36 72

1643 37

305 188

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

Handset sales

Fixed services

International call services

Mobile services

-1.2%

-13.8%

240245 242243

279

1,077

1,008

-6.4%

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

Service revenue (S$m) 200 207 206 207 204 772 820

5

Cost of sales (S$m)

7 8 97 8 25 31101018

11 9

41 391917

917 15

64 7062 64 60

98

57

385

284

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

Handset costs

Traf f ic Expenses

Other costs

Wholesale costs of f ixed services

-6.5%

-33.3%

96

-17.7%

100 9589

515

424

134

6

Other operating expenses (S$m)

53

733 13 135 4 3 76

22 2477 6

6622 258 88 2 8

32 2520 192020

19

76 7826 2729 28

27

97109

28 29 31 2727

111115

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

Depreciation & amortisation

Staf f costs

Facilities expenses

Leased circuit costs

Advertising & promotion

Other G&A expenses

Doubtful debt provision

+1.2%

+0.4%

9796

373388

97 99 97

+3.9%

7

EBITDA & net profit after tax

EBITDA (S$m) & margin

on service revenue

Profit after tax (S$m) & margin

on service revenue

77 78 79 8279

312300

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

+3.2%

+3.1%

+4.1%

3941 40 41 43

160

147

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

+4.4%

+5.7%

+9.4%

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

EBITDA margin

(on service revenue)39.5% 37.1% 37.7% 38.2% 40.0% 38.9% 38.1%

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

PAT margin

(on service revenue)20.5% 18.9% 19.2% 19.6% 21.0% 19.0% 19.5%

8

Capex & free cash flow

Capex (S$m) Free cash flow (S$m)

5559 57

5

41

152

176

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-25.0%

+742.9%

+15.5%

12

21

46 46

33

123125

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

+163.3%

-29.0%

+2.3%

9

Financial leverage

S$m 1Q2013 1Q2014 Change

Cash & cash equivalents 53.9 103.9 92.8%

Net debt 196.1 146.1 -25.5%

Net assets 398.4 446.3 12.0%

Net debt/equity (x) 0.5 0.3 -33.5%

Net debt/EBITDA (x) 0.6 0.5 -28.5%

EBITDA/Interest (x) 61.0 83.1 36.2%

Net assets per share (cents) 43.4 48.2 11.1%

EPS - diluted (cents) 4.5 4.6 3.3%

10

Financial highlights

Performance highlights

Agenda

Developments and outlook

11

Mobile customers

Postpaid customer base (‘000) Prepaid customer base (‘000)

1,107 1,116 1,125 1,130 1,138

1Q13 2Q13 3Q13 4Q13 1Q14

938 985 1,007

979 966

1Q13 2Q13 3Q13 4Q13 1Q14

12

Postpaid mobile

Postpaid mobile revenue (S$m) Postpaid monthly ARPU (S$)

135 140 140 143 145

530 558

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

+7.1%

+1.6%

+5.4%

52.0 53.6 53.4 54.4 55.1 52.8 53.4

62.3 62.261.8 62.3 61.1 61.8 62.7

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

ARPU allocated to handset sales

+0.2%

+2.0%

-1.4%

13

Prepaid mobile

Prepaid mobile revenue (S$m) Prepaid monthly ARPU (S$)

2122 22

21 19

77

86

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-10.4%

-8.8%

+10.9%

15.5 15.6 14.7

13.6 12.6

15.4 14.8

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-7.4%

-18.7%

-3.9%

14

Mobile market share

Overall market share* Postpaid & prepaid market share*

* - Based on published statistics available at the time of submission

25.3% 25.7% 25.6% 25.1% 24.9%

1Q13 2Q13 3Q13 4Q13 Jan-14

25.7% 25.6% 25.3% 25.0% 24.8%

1Q13 2Q13 3Q13 4Q13 Jan-14

Postpaid

25.0% 25.7% 25.8% 25.2% 25.1%

1Q13 2Q13 3Q13 4Q13 Jan-14

Prepaid

15

Postpaid mobile

Acquisition cost

per postpaid customer (S$) Monthly churn rate (postpaid)

Note: Cash basis

319332 326

396

309

371

346

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-3.1%

-22.0% -6.7%

1.1% 1.1%1.0%

1.2%1.1%

1.3%

1.1%

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

16

Mobile data ARPU & non-voice contribution

Data plan ARPU (S$) Mobile data and SMS contribution

to service revenue

26.5% 28.4% 29.7% 31.0% 32.7%

24.1%28.9%

13.0%12.8%

12.6%12.4%

12.3%

13.6%

12.7%

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

SMS

Mobile Data

39.5%41.2%

42.3% 41.6%

45.1%43.4%

37.6%

22.0 21.3

20.4 19.6 19.5

23.2

20.8

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-11.4%

-0.5% -10.3%

17

Fibre monthly ARPU (S$) Fibre Customer base (‘000)

Fixed services

48.2 47.3 46.243.6

41.7

50.8

46.1

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-13.5%

-4.4% -9.3%

60

67

77

8590

1Q13 2Q13 3Q13 4Q13 1Q14

18

International call services

International retail minutes

(million mins)

International call services

revenue (S$m)

313329 314

337 324

1,303

1,186

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

+0.3%

-3.1%

+9.8%

29 3028

2427

117114

1Q13 2Q13 3Q13 4Q13 1Q14 FY12 FY13

-17.2%

-11.9%

-2.1%

19

Financial highlights

Performance highlights

Developments and outlook

Agenda

20

Developments and outlook for 2014

Continual network investments

Plan to launch VoLTE in the coming months

Upgrade to LTE-Advanced by end-2014

Mobile

services

Enterprise segment

Incentives for SMEs to take up high-speed connectivity and

ICT solutions

Enhance our product and service offerings

Fixed

services

Capex to be around S$130m

Estimate moderate growth in FY2014 net profit after tax

Financial

guidance

21

Thank you