TELEKOM MALAYSIA BERHAD CONNECT COMMUNICATE COLLABORATE

NON-DEAL ROADSHOW 2014

Edinburgh – Boston – Washington DC 3-5 September 2014

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securities and neither this presentation nor anything contained in it shall form the basis of, or be relied on in connection with any contract

or commitment or investment decision.

This presentation has been prepared solely for use at this presentation. By your continued attendance at this presentation, you are

deemed to have agreed and confirmed to Telekom Malaysia Berhad (the “Company”) that: (a) you agree not to trade in any securities of

the Company or its respective affiliates until the public disclosure of the information contained herein; and (b) you agree to maintain

absolute confidentiality regarding the information disclosed in this presentation until the public disclosure of such information, or unless

you have been otherwise notified by the Company.

Reliance should not be placed on the information or opinions contained in this presentation or on its completeness. This presentation

does not take into consideration the investment objectives, financial situation or particular needs of any particular investor.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information,

opinions and conclusions contained in this presentation. None of the Company and its affiliates and related bodies corporate, and their

respective officers, directors, employees and agents disclaim any liability (including, without limitation, any liability arising from fault or

negligence) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with it.

This presentation contains projections and “forward-looking statements” relating to the Company’s business and the sectors in which the

Company operates. These forward-looking statements include statements relating to the Company’s performance. These statements

reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. It

is important to note that actual results could differ materially from those anticipated in these forward looking statements. The Company

does not undertake to inform you of any matters or information which may come to light or be brought to the Company’s attention after

the date hereof.

The forecasts and other forward-looking statements set out in this presentation are based on a number of estimates and assumptions

that are subject to business, economic and competitive uncertainties and contingencies, with respect to future business decisions, which

are subject to change and in many cases outside the control of the Company. The directors and officers of the Company believe that

they have prepared the forecasts with due care and attention and consider all best estimates and assumptions when taken as a whole to

be reasonable at the time of preparing the presentation. However, the Company’s forecasts presented in this presentation may vary from

actual financial results, and these variations may be material and, accordingly, neither the Company nor its directors or officers can give

any assurance that the forecast performance in the forecasts or any forward-looking statement contained in this presentation will be

achieved. Details of the forecasts and the assumptions on which they are based are set out in the presentation.

This presentation may not be copied or otherwise reproduced without the written consent of the Company.

Disclaimer

2

3

2

3

•About TM

4

•TM 1H2014 Results Performance

1 •Country & Industry Overview

5

•High Speed Broadband Update

•Business Priorities 2014

6 •Key Updates

Country & Industry Overview as at 1Q2014

* As at 2H2013

4

Total Households in Malaysia =

6.96mn

Cellular penetration rate in Malaysia =

143.7%

Broadband penetration rate in Malaysia =

67.3%

Voice Revenue

22% market share

Fixed Broadband

92% physical market share

Fixed Line

98% physical market share

Data Revenue*

71% market share

Broadband Revenue

29% market share

TM’s Market Share as at 2Q2014

Source: MCMC, Company Financial Results; Group Regulatory & BMI Team Analysis

Market size: RM4.15bn Market size: RM2.53bn Market size: RM1.06bn

Market size: 3.7mn Market size: 2.4mn

Note: Industry figures are forecasted due to unavailability of Q2 2014 MCMC statistics at the point of calculation.

* as at 31 July 2014 •Note : EPF : Employees Provident Fund

Source: Bloomberg ^ For the period 22 April 2008 – 28 August 2014 * For the period 25 April 2008 – 28 August 2014 ** For the period 18 November 2009 – 28 August 2014

YTD Growth

TM Share price: +13.5%

FBMKLCI: +0.5%

Moody’s A3

S&P A-

Fitch A-

RAM AAA

CREDIT RATING

FBMKLCI^ 83.77%

TM^ 340.81%

AXIATA* 49.53%

MAXIS** 80.12%

DIGI^ 258.34%

TM Share Price

28 Aug 2014 : RM6.30

22 April 2008: RM3.05

TOTAL RETURN TO SHAREHOLDERS

SHARE PRICE PERFORMANCE

Authorised Capital :

RM3,528,003,015.00

Issued and Paid-up Capital:

RM2,567,023,489.80

Date of Incorporation:

12 October 1984

Date of Listing:

7 November 1990

Snapshot of TM

Capital Structure

TM Shareholders*

Source : TM Website (www.tm.com.my)

5

Khazanah 28.9%

EPF 14.3% Amanah

Raya 12.1%

Foreign 17.4%

Free Float 27.3%

Malaysia’s leading ISP with >2.2 million broadband

customers

About TM

6

Malaysia’s broadband champion and leading integrated information

and communication company with over 60 years of experience

Malaysia’s premier BPO provider

Malaysia’s largest fixed data provider with

>50% market share

Enhanced global capacity

245 185 214

479 399

2Q13 1Q14 2Q14 1H13 1H14

329 294 345

629 639

2Q13 1Q14 2Q14 1H13 1H14

2,614 2,620 2,822

5,038 5,442

2Q13 1Q14 2Q14 1H13 1H14

RM mn

RM mn

Normalised EBIT

Normalised PATAMI RM mn

Reported PATAMI

Revenue

7

Key 1H2014 Highlights

214

+8.0%

+7.7%

+1.5%

+17.3%

-12.4%

+15.5%

211 214

+8.0%

+4.7%

-16.5%

427 425

RM mn

Data

RM mn

RM mn RM mn

Voice

Others*

Internet 1H14

1H13

RM mn

RM mn

RM5,442mn

RM5,038mn

*Others comprise other telco and non-telco services (i.e ICT-BPO, MMU tuition fees, customer projects)

Strong growth in Internet and Others revenue

+14.0%

+0.1%

8

-4.5%

+2.2%

-2.5% +13.3%

+6.4%

+6.3% +5.0% +28.1%

+34.5%

+29.1%

1H2014 Highlights: Group Total Revenue by Product

1,957 1,983 2,137 3,811 4,120

2Q13 1Q14 2Q14 1H13 1H14

Revenue growth across all lines of business

9

Global & Wholesale

1H14 1H13 RM5,442mn RM5,038mn

* Others comprise revenue from VADS, Property Development, TM R&D, TMIM, UTSB and MKL

Retail

RM mn RM mn RM mn

Others*

Retail (C+S+E+G): 76% Retail (C+S+E+G): 75%

+9.2%

+7.7%

+9.0%

+15.7%

-3.7%

-5.1%

+8.1% +6.6% +9.5%

Retail 75%

Global & Wholesale

16%

Others 9%

Retail 76%

Global & Wholesale

15%

Others 9%

1H2014 Highlights: Group Total Revenue by Lines of Business

20.4 20.6

16.7 16.4

21.8 22.3

11.6 10.9

6.6 6.9

6.2 6.1

3.6 3.20.8 1.7

1H13 1H14

Bad debt

Marketing expenses

Supplies & material

Maintenance cost

Other operating cost

Manpower cost

Direct cost

Dep & Amortisation

350 268

184

158

97

119

1H13 1H14Access Core Network Support System*

RM mn

1H2014 Highlights: CAPEX & OPEX

Business As Usual (BAU) Capex

12.5 10.0

Note: * gross CAPEX

Cost % of Revenue ¹

1 Revenue = Operating Revenue + Other Operating Income

Note: The classification of cost is as per financial reporting

Capex / Revenue (%)

10

RM mn

Total Cost / Revenue ( %)

% of Revenue

RM4,463.8

87.7%

RM4,866.8

88.1%

HSBB Capex

Total Capex

42%

29%

29%

Access Core Network Support System*

56% 29%

15%

Access Core Network Support System*

631 545

*Due to reclassification of long term debt due within the next 12 months to current liability (RM1.5bn)

7,136.7

162.6

8,076.7

4,865.0

1,151.0

1,999.5

51.4

9.8

15,376.0

5,722.2

1,847.7

440.9

2,514.9

918.7

5,770.5

3,172.8

1,590.2

1,007.5

(48.3)

14,572.0

852.3

15,376.0

11

As at 31 Dec 2013

7,458.0

159.4

8,837.6

5,570.6

1,245.3

1,952.1

49.3

20.3

16,455.0

6,958.2

2,594.6

481.6

3,026.8

855.2

5,366.1

2,694.2

1,563.8

1,108.1

1,592.1

14,002.7

860.2

16,455.0

Shareholders’ Funds

Non-Controlling Interests

Deferred & Long Term Liabilities

Long Term Borrowings

Deferred Tax

Deferred Income

Derivative financial liabilities

Other payables

Current Assets

Trade Receivables

Other Receivables

Cash & Bank Balances

Others

Current Liabilities

Trade and Other Payables

Short Term Borrowings

Others

Net Current Assets/(Liabilities)*

Property Plant & Equipment

Other Non-Current Assets

RM Million As at 30 June 2014

1H2014 Highlights: Group Balance Sheet & Key Financial Ratios

30 June 14 31 Dec 13 30 June 14 31 Dec 13Return on Invested Capital 7.21% 7.68% Gross Debt to EBITDA 1.89 1.92

Return on Equity 11.74% 14.80% Net Debt/EBITDA 1.12 1.04

Return on Assets 6.42% 6.27% Gross Debt/ Equity 0.96 0.90

Current Ratio 1.30 0.99 Net Debt/ Equity 0.55 0.55

WACC 7.03% 6.67% Net Assets/Share (sen) 203.4 199.5

30 June 14 31 Dec 13

1

Based on Normalised PATAMI 2

1

31 Dec 13 30 June 14

2

Based on Normalised EBIT 1

Net adds (in thousand)

In thousand

In thousand

+4.6%

+1.0%

Broadband Customer Growth

Fixed Line Customer Growth

4,370

2,109

Net adds (in thousand)

532

UniFi

12

*Call Usage Only ** Streamyx Net ARPU *** Blended ARPU

ARPU

577

+45 +44

2,153

4,377

In thousand

+30

607

2,184

+31

4,377

2,215

+31 +28

635

4,373

+16.8%

+3.2%

-1.2%

-0.4%

2,230

+15 +18

653

4,338

Continued growth in broadband customers

+21

2,251

+20

673

4,321

ARPU (RM) 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Fixed Line (DEL)* 31 32 31 33 30 31

Streamyx Broadband** 80 82 83 85 86 85

UniFi*** 178 180 183 185 188 187

Physical Highlights as at 1H2014

High Speed Broadband Update

116 IPTV Channels Wide range of HyppTV packages for home,

business, hospitality and multi-devices

Delivered >1.54mn premises covering 105 exchanges Activated more than 685,000 customers ~44% takeup Gross capex spent todate: RM7.7bn

13

> 1mn or 45% of customers on high speed broadband (4Mbps and above)

Business Priorities 2014 : Game Changing Year

14

MALAYSIA’S BROADBAND CHAMPION

Enabling a digital lifestyle – Life Made Easier, Business Made Easier Innovative offerings across segments Enhanced customer service Expansion of broadband services in under-served areas

INFORMATION & INNOVATION EXCHANGE

Full suite of converged communications services Integrated ICT player Beyond Connectivity

PERFORMANCE IMPROVEMENT PROGRAM 3.0

Continued growth Fundamental productivity shift Institutional health drivers

• Investment Agreement signed on 27 March 2014

• Partnership and collaboration between TM, Green Packet Berhad (“Green Packet”) and SK Telecom Co., Ltd. (“SK Telecom”) to develop and offer a full-suite of converged communications services using the LTE technology platform

• RM350mn capital injection in Packet One Networks (Malaysia) Sdn Bhd (“P1”) for an estimated 57% stake

• In line with a strategy to deliver high quality and reliable data services and expand

wireless broadband capabilities

• Completion expected before end of 3Q2014

Partnership To Develop Malaysia’s Next-Generation Converged Communications Services

15

Key Updates: Malaysia’s Next-Generation Converged Communications Services

… and Accelerate Our Vision to Become Malaysia’s Information & Innovation Exchange

Develop converged services capabilities

Strengthen core fixed business

Leverage on market opportunities

Enhance value of assets

Realise significant synergies

Establish avenues for future growth

Combined base:

~2,000 sites

Valuable spectrum assets

Extensive Fibre network

Extensive customer base

#1 Fixed Line

WiFi # 1 Fixed Broadband

Mobile Data IPTV

16

17

Wireless service via 4G OTT Application

Attractive IPTV Channels and Packages

New Products and Services

Key Updates: Towards Information and Innovation Exchange

THANK YOU

Appendix

19

20

Headline KPI

2014 2016

Revenue Growth

EBIT Growth

Customer Satisfaction Measure

5.0-5.5% 6%

5% 8%

72 72

1 Using TRiM index measuring end to end customer experience at all touch points. TRiM (Measuring, Managing and Monitoring) is a standardized indicator system. It analyzes, measures and portrays stakeholder relationships on the basis of standardized indicators. The TRI*M Index is an indicator of the status quo of a particular relationship. The index is made up of four points of view on the stakeholder relationship, e.g. for customer loyalty: overall rating, recommendation, repeat purchasing of product/services, and a company's competitive advantage. The information is based on surveys/interviews on a sample customer base.”

Telekom Malaysia Berhad ("the Company" or "TM") issues a statement to reiterate its stand on the Company's dividend policy. The

Company’s dividend policy as announced at the time of the demerger between TM and TM International Berhad (TMI) remains

valid. The policy states as follows:

“In determining the dividend payout ratio in respect of any financial year after the Proposed Demerger, our Company intends to

adopt a progressive dividend policy which enables us to provide stable and sustainable dividends to our shareholders while

maintaining an efficient capital structure and ensuring sufficiency of funding for future growth.

Upon completion of the Proposed Demerger, our Company intends to distribute yearly dividends of RM700 million or up to 90% of

our normalised PATAMI, whichever is higher.

Dividends will be paid only if approved by our Board out of funds available for such distribution. The actual amount and timing of

dividend payments will depend upon our level of cash and retained earnings, results of operations, business prospects,

monetization of non-core assets, projected levels of capital expenditure and other investment plans, current and expected

obligations and such other matters as our Board may deem relevant.”

This policy remains unchanged for 2009 and beyond. The Company is currently able to meet this dividend policy, because:

• The Company has sufficient consolidated cash and bank balances of RM1.144 billion as at 30 September 2008, and it is

confident that TMI is able to meet its obligation due to TM of RM4.025 billion by April 2009.

• In the event of a downturn in performance due to unforeseen circumstances, the Company wishes to state that its recurring cash

generation ability is sufficient to meet its current dividend policy.

• TM’s retained earnings is also sufficient to support this current dividend policy in the event of unforeseen shortfalls in normalised

PATAMI.

Given the unprecedented volatility in global markets, the Company will continue to examine the likely impact on its business,

cashflow generation, capital structure and methods in which excess cash beyond the dividend policy and prudent level of cash

required for operations, can be efficiently distributed to our shareholders.

Moving forward, TM is focused on building a strong foundation for its future growth and operational excellence.

TELEKOM MALAYSIA BERHAD (Bursa Malaysia Announcement Reference No TM-081113-37325)

Date Announced :13/11/2008

21

Reiteration of Dividend Policy

22

Return to Shareholders

1,191 1,264

1,012

635

881

1,039

2011 2012 2013PATAMI Normalised PATAMI

3,084

3,233

3,532

3,106 3,196

3,519

2011 2012 2013EBITDA Normalised EBITDA

9,151 9,994

10,629

2011 2012 2013

Group Results 3-Year Performance

PATAMI EBITDA

Revenue

RM mn

RM mn RM mn

33.3%

31.8%

EBITDA Margin

Normalised EBITDA Margin

33.5%

31.6%

32.9%

32.7%

23

EBIT

958

1,187

1,372

980 1,150

1,359

2011 2012 2013EBIT Normalised EBIT

RM mn

2,001 2,372

2,676

2011 2012 2013

2,013 2,205 2,512

2011 2012 2013

3,734 3,706 3,618

2011 2012 2013

Voice Data Internet RM mn RM mn RM mn

2012 2011

Total Revenue by Product

+12.8%

Non-voice Revenue now >65% of Group Revenue

Voice 41%

Data 22%

Internet 22%

Others* 15%

Voice 37%

Data 22%

Internet 24%

Others* 17%

+18.5% +13.9% +9.5% -2.4% -0.7%

24 *”Others” comprise other telco and non-telco services i.e ICT-BPO, MMU tuition fees, customer projects, Yellow Pages

2013

659 781 479

633 645

516

132 228

171

2011 2012 2013Access Core Network Support System*

401 338 269

343 278

129

395

276

299

2011 2012 2013Access Core Network Support System*

23.0 20.1 20.1

16.6 17.0 17.2

20.2 19.9 21.0

11.7 11.6 10.9

6.5 8.5 7.1

6.5 6.3 6.4

4.5 4.2 3.7

0.8 0.6 0.8

2011 2012 2013

Bad Debt

Marketing Expenses

Supplies & Material

Maintenance Cost

Other Operating Cost

Manpower Cost

Direct Cost

Dep & Amortisation

RM mn

Business As Usual (BAU) Capex

HSBB Capex**

12.4 8.9

Note: **gross CAPEX

BAU Capex / Revenue

Cost % of Revenue ¹

1 Revenue = Operating Revenue + Other Operating Income

RM mn

Note: The classification of cost is as per financial reporting

HSBB Capex / Revenue

25

RM mn

Total Cost / Revenue ( %)

RM8,313.2

89.7%

RM8,972.0

88.3%

% of Revenue

CAPEX & OPEX

1,139

892

697

6.6

1,424 1,654

1,166

15.6 16.6 11.0

RM9,378.3

87.2%

*Include Application, Support System & Others (building, land improvement, moveable plants, application & other assets)

4,112 3,876 3,738

237 483 635

2011 2012 2013

DEL UniFi

202

406 530

35

77

105

2011 2012 2013

UniFi Residential UniFi Business

1,686 1,583 1,580

237 483 635

2011 2012 2013

Streamyx UniFi

Broadband and Fixed Line customers

Total Broadband Customers

In thousand

In thousand

1,923

4,349 4,359 4,373

+7.2%

2,066 2,215

Strong broadband growth led by Unifi

Fixed Line Customers

UniFi Customers

In thousand

237

483

635

+7.4%

+0.3% +0.2%

+31.6% +103.8%

26

Any queries please email to : Rohaila Mohamed Basir

Investor Relations Telekom Malaysia Berhad

investor@tm.com.my

•Investor Relations • Level 11 (South Wing) • Menara TM •Jln Pantai Baharu •50672 Kuala Lumpur, Malaysia • Tel (603) 2240 4848/ 7366 / 7388