1Q16 Results Presentation 13 April 2016

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 was S$203m

• EBITDA margin at 40.9% of service revenue

• Net profit after tax declined 6.9% YoY to S$43m

• Mobile customer base increased 13,000 QoQ to 1.94m

• Mobile data revenue was 53.1% of service revenue

• Fibre customer base grew 9,000 QoQ to 136,000

• Fibre revenue increased to 12.0% of service revenue

Performance

highlights

for 1Q16

Financial

highlights

for 1Q16

3

Financial highlights

Performance highlights

Developments and outlook

Agenda

4

Operating revenue (S$m)

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

Service revenue (S$m) 204 204 205 209 203 831 822

167 167 166168

163

671 668

19 17 17 16 16

89 69

19 20 22

99

25

71 86

90 73 7325

54

245335

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

Handset sales

Fixed services

International callservices

Mobile services

-12.6%

-16.3%

278258

295 308277

1,076

1,158

+7.5%

5

Cost of sales (S$m)

8109

710

33 3810

11

109 9

38 34

11

10

9

9

10

52 3976

110 96 91

122

330

419

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

Handset costs

Traffic Expenses

Other costs

Wholesale costs offixed services

-23.9%

-30.1%

150

+17.2%

105

138

119

453

531

124

6

Other operating expenses (S$m)

3 24 3

8

11 95

7

1 5 724 2478 6 6

2030 26

88 88 8

30 322121

27 29

3

81 82

273029 31 29

114118

31

21 21

3230

114 118

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

Depreciation &amortisation

Staff costs

Facilities expenses

Leased circuit costs

Other G&A expenses

Advertising &promotion

Doubtful debtprovision

-1.2%

-4.6%

104 105

404 409

100102 99

+1.3%

7

EBITDA & net profit after tax

EBITDA (S$m) & margin

on service revenue

Profit after tax (S$m) & margin

on service revenue

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

PAT margin

(on service revenue)22.3% 21.7% 21.9% 20.8% 20.9% 21.2% 21.7%

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

EBITDA margin

(on service revenue)40.8% 41.0% 42.3% 42.2% 40.9% 40.4% 41.6%

8383 84 87 88

342336

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-0.1%

-5.6%

+1.9%

46434444 45

179176

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-6.9%

-2.5%

+1.5%

8

Capex & free cash flow

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

42

2540 38

26

140 133

40

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

Cost of spectrum

51.1% +

4.4%-

9.8%-

(11)

64

34 31

52

93

106

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

+13.4%

90.8%+

300%+<

9

Financial leverage

S$m 1Q2015 1Q2016 Change

Cash & cash equivalents 17.8 11.6 35.1%

Net debt 236.0 299.9 27.1%

Net assets 450.3 436.7 -3.0%

Net debt/equity (x) 0.5 0.7 31.1%

Net debt/EBITDA (x) 0.7 0.9 25.6%

EBITDA/Interest (x) 78.2 66.8 -14.5%

Net assets per share (cents) 48.2 47.0 -2.5%

EPS - diluted (cents) 4.9 4.5 -6.5%

10

Financial highlights

Performance highlights

Agenda

Developments and outlook

11

Mobile customers

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

1,157 1,169 1,180 1,195 1,208

1Q15 2Q15 3Q15 4Q15 1Q16

713 714 711 733 734

1Q15 2Q15 3Q15 4Q15 1Q16

12

Postpaid mobile

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

145147 147 147 149

591 591

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-1.8%

-3.1%

+0.0%

55.0 54.5 53.5 53.8 51.7 55.6 54.2

58.6 62.162.0 61.2 61.6 61.7 62.4

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

ARPU allocated to handset sales

-4.9%

-5.5%

-1.1%

13

Prepaid mobile

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

19 19 1919 19

8077

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-2.2%

-2.3%

-4.0%

15.1 14.9 14.6 14.0

13.2 14.5 14.7

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-5.7%

12.6%-

1.4%+

14

Mobile market share

Overall market share* Postpaid & Prepaid market share*

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

23.1% 23.2% 23.2% 23.4% 23.3%

1Q15 2Q15 3Q15 4Q15 Jan-16

24.4% 24.5% 24.6% 24.6% 24.6%

1Q15 2Q15 3Q15 4Q15 Jan-16

Postpaid

21.1% 21.2% 21.2% 21.7% 21.5%

1Q15 2Q15 3Q15 4Q15 Jan-16

Prepaid

15

Postpaid mobile

Acquisition cost

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

Note: Cash basis

1.0%1.0%1.0% 1.0%1.1% 1.1%

1.0%

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

392

342

313

398

321

355 363

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-18.1%

19.3%-2.3%+

16

Tiered data plans & mobile data contribution

Tiered data plans Mobile data contribution

to service revenue

70% 72% 73% 74% 75%

20%20%23% 22% 21%

1Q15 2Q15 3Q15 4Q15 1Q16

Postpaid customers on tiered data plans

Percentage of tiered data planscustomers exceeding data bundles

41.3%

44.9%48.0%

51.2%53.1%

35.6%

46.3%

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

17

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

Fixed services

108114

120128

136

1Q15 2Q15 3Q15 4Q15 1Q16

45.3 46.3 47.3 47.5 46.943.9

46.7

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

+3.5%

1.3%- 6.4%+

18

International call services

International retail minutes

(million mins)

International call services

revenue (S$m)

16 1619 17 17

89

69

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-16.2%

23.1%-

2.4%-

172

220

186206 201

813

1,131

1Q15 2Q15 3Q15 4Q15 1Q16 FY14 FY15

-22.0%

-7.5%

-28.1%

19

Financial highlights

Performance highlights

Developments and outlook

Agenda

20

Developments for 2016

• Enhanced product propositions to attract and retain customers

Improved SIM-only plans

Upsized data bundles

Increased coverage of Data Passport roaming service

• Capture growth opportunities in the Corporate and Government segments

Expedited investment in fibre network

Expanded suite of cloud-based offerings and smart vertical solutions

• Revised approach to content

Unbundling of content by Netflix and other OTT players

Enable access and optimise network for streaming experience

• Invest in new technologies to complement core business

21

Outlook for 2016

• Capex to be around S$140m

• Estimate stable performance for 2016

22

Thank you