Telekom Malaysia Berhad reported its 1H 2009 results, showing a 2.9% increase in revenue compared to the previous quarter, driven by a 0.9% year-over-year growth in non-voice revenue. The company's EBITDA margin improved due to reduced operating costs and higher demand for broadband services, leading to a significant growth in fixed-line and broadband customers. However, the presentation includes forward-looking statements that suggest caution, as actual results may differ due to various risks and uncertainties.

1. TELEKOM MALAYSIA BERHAD
1H 2009 RESULTS (TM Group – continuing operations only)*
21 August 2009
* Results of TM Group post demerger

2. Disclaimer
This presentation is not and does not constitute an offer, invitation, solicitation or recommendation to subscribe for, or purchase, any 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.
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2

3. TM Group – continuing operations only
Key 1H 2009 Highlights
+2.9%
REVENUE QoQ
RM mn +1.1%
4,234
4,115 2,105 2,129
Revenue up 2.9% in 2,105 2,129
challenging market 1H08 1H09 1Q09 2Q09
supported strongly by YoY +0.9%
non-voice revenue growth 8.6% 2,109 2,129
2,129
17.2% 13.3% 19.6% 2,109
Voice Data Internet Others 2Q08 2Q09
EBITDA PATAMI
EBITDA margin better than full-year RM mn
+17.3%
guidance of low to mid 30s due to lower
1,640 +28.2%
operating cost 1,398
294
33.0 37.9 229
1H08 1H09 1H08 1H09
Ebitda Margin (%)
Broadband* Fixed Line +0.1%
Streamyx customers grew to 1.370 million In thousand +18.4% In thousand
with fixed line recorded its first positive 4,316
4,320
growth backed by higher demand from 1,157 1,370
Business & Residential customers 1H08 1H09 1H08 1H09
* Exclude hotspots
Capex
Cost management remains as key initiative -27.2%
RM mn
and evident through lower Capex spending 714
520
for BAU but expect higher spending in HSBB (Gross) 428
3
BAU (Business As Usual)
2H09 mainly for HSBB 1H08 1H09

4. TM Group – continuing operations only
Key 1H 2009 Performance Highlights Higher 1H09 EBITDA margin on the back of higher revenue
& lower cost
Reported
RM mn Growth Growth Growth
2Q09 1Q09 2Q08 1H09 1H08
Q on Q Y on Y YTD on YTD
Revenue
Revenue 2,127.9
2,129.0 2,105.4
2,105.4 +1.1%
+1.1% 2,109.2
2,109.2 +0.9%
+0.9% 4,234.4
4,233.4 4,115.1 +2.9%
+2.9%
EBITDA
EBITDA 824.1 816.2 +1.0% 787.0 +4.7% 1,640.3 1,398.5 +17.3%
EBITDA margin
EBITDA margin 35.8%
37.5% 38.3%
38.3% -2.5pp
-0.8pp 36.0% -0.2pp
+1.5pp 37.0%
37.9% 33.0%
33.0% +4.0
+4.9pp
Depreciation
Depreciation 531.2
528.5 519.7
517.1 +2.2%
+2.2% 540.9
534.8 -1.8%
-1.2% 1,050.9
1,045.6 1,035.8
1,025.9 +1.5%
+1.9%
Net Finance Cost
Net Finance Cost 57.4 30.2 90.1% 42.4 35.4% 87.6 168.5 -48.0%
PATAMI Loss
FX ( Gain) (123.2) 175.5 -170.2% 74.9 -264.5 52.3 (43.9) 219.1%
Profit Before Tax
Profit Before Tax 358.9 91.3 +293.1% 128.8 +178.6% 450.2 238.1 +89.1%
Broadband Customers
PATAMI 266.0 27.7 +860.3% 114.7 +131.9 293.7 229.1 +28.2%
(‘000)
Fixed Line Customers
Broadband* Customers
(‘000)
1,370 1,333 +2.8%
+2.8% 1,157 +18.4%
+18.4% 1,370
1,370 1,157
1,157 +18.4%
+18.4%
(‘000)
Fixed Line Customers
(‘000) 4,320 4,290 +0.7% 4,316 +0.1% 4,320 4,316 +0.1%
* Exclude Hotspot Customers & Net of Churn
Note:
• EBITDA Margin is calculated as percentage of EBITDA against Total Revenue + Other Operating Income
4

5. TM Group – continuing operations only
Normalised EBITDA
In RM mn 1Q09 2Q09 2Q08 1H09 1H 08
Reported EBITDA 816.2 824.1 787.0 1,640.3 1,398.5
ESOS Cost 4.5 7.4 33.2 11.9 93.6
(Appreciation)/ Diminution in value of quoted (6.2) (45.0) 10.3 (51.2) 58.0
shares
USP prior year adjustment - - (35.2) - (35.2)
PATAMI
Provision for VOIP Doubtful Debts - - - - 112.9
(Gain) / Loss on sale of Assets - (26.8) (14.1) (26.8) (25.7)
Normalised EBITDA 814.5 759.7 781.2 1,574.2 1,602.1
Normalised EBITDA Margin 38.2% 34.6% 35.8% 36.4% 37.8%
Reported EBITDA Margin 38.3% 37.5% 36.0% 37.9% 33.0%
5

6. TM Group – continuing operations only
Normalised PATAMI
In RM mn 1Q 09 2Q 09 2Q 08 1H 09 1H 08
Reported PATAMI 27.7 266.0 114.7 293.7 229.1
ESOS Cost 4.5 7.4 33.1 11.9 93.3
(Appreciation)/ Diminution in value of (6.2) (45.0) 10.3 (51.2) 58.0
quoted shares
USP prior year adjustment - - (26.0) - (26.0)
Provision for VOIP Doubtful Debts - - - - 83.6
(Gain) / Loss on sale of Assets - (26.8) (14.1) (26.8) (25.7)
Unrealised Forex Loss / (Gain) on Long 175.5 (123.2) 74.9 52.3 (43.9)
Term Loans
Loss termination of Ranged Accrual / Long - - 15.9 - 82.0
Dated Swap
Reversal of Excess Current / Deferred Tax (1.6) 0.6 (51.9) (1.0) (51.9)
Normalised PATAMI 199.9 79.0 156.8 278.9 398.5
6

7. TM Group – continuing operations only
Retail remains key contributor for the Group with growth
Total Revenue by Line Of Business
from Wholesale & Global
RM mn +2.9%
1H09
4,115 4,234
+0.9%
RM mn +1.1% 1H08
2,109 2,105 2,129
Note: Breakdown is before inter-co elimination
77
Note: Total revenue is after inter-co elimination. Revenue of segment is before inter-co elimination

8. TM Group – continuing operations only
Efforts on Internet & Data continued to drive Non-Voice
Total Revenue by Product
contribution to total revenue
RM mn
+2.9% 1H09
4,115 4,234
+0.9%
RM mn 1H08
+1.1%
2,109 2,105 2,129
8
8
Note: Total revenue and revenue of segment are after inter-co elimination

9. TM Group – continuing operations only
QoQ Business & Residential fixed customers recorded
PHYSICAL HIGHLIGHTS
positive growth
Broadband* Customers Growth
In thousand
+18.4%
1,370
1,280 1,333
1,229
1,157
* Exclude Hotspots
Fixed Customers Growth
+0.1%
In thousand
-0.2% -0.2% -0.2% +0.7%
4,316 4,308 4,297 4,290 4,320
ARPU (RM) 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009
+1.5% Business* 85 79 77 74 78
Residential* 25 24 23 21 21
Streamyx Broadband ** 93 94 90 87 88
* Call usage only
** Streamyx Gross ARPU only
+0.3%
9

10. TM Group – continuing operations only
Revenue growth YoY despite challenging economy
Total Revenue By Products
Retail
Revenue by Product
Revenue by Business Unit
RM mn
+2.8%
1H09
3,389
3,296
44% 51%
56% 49%
Note : Breakdown is before inter company elimination
+3.6%
RM mn
+5.9%
1,682 1,743
1,646
45% 53%
50%
55% 50% 47%
Note: Based on after inter-co elimination 10

11. TM Group – continuing operations only
Wholesale Overall growth driven by Data & Leased services
Revenue by Product Revenue by Customer Segment
RM mn +16.8%
467
400*
63%
59%
41% 37%
RM mn +30.8%
+20.3%
255
212
195*
63%
58% 64%
42% 37%
36%
DC : Domestic Carrier
ASP : Application Service Provider
•Prior year comparative has been adjusted to be consistent with the business realignment in 2Q09
11
Others : Include internet

12. TM Group – continuing operations only
Focusing on higher Data revenue with higher margin & long
Global
term customer commitment while sustaining Voice business
Revenue by Product Revenue by Region
RM mn +5.8% 1H09
436
412*
45% 50%
55% 50%
-10.8% 1H08
RM mn
-10.4%
231* 230
206
46% 44%
56%
54%
56%
44%
•Prior year comparative has been adjusted to be consistent with the business realignment in 2Q09
12
Others : Include internet

13. TM Group – continuing operations only
Cost % of Revenue Cost for 1H09 continued to be managed effectively
Cost % Of Revenue
RM mn
RM3,872.3 RM3,732.1 RM1,833.0 RM1,899.1
94.1% 88.1% 87.1% 89.2%
Total Cost / Revenue ( %)
13

14. TM Group – continuing operations only
Capex efficiency resulted in lower BAU Capex.
GROUP CAPITAL EXPENDITURE
HSBB Capex building up momentum
RM mn HSBB Capex
948
RM mn
516
714
-27.2%
1
520 326
102
17.4 12.3
BAU Capex HSBB Milestone
-36.4%
RM mn -18.6%
343 371 +38.5%
302
218
17.1 17.6 10.3 14.2
BAU Capex / Revenue ( %)
1
Others include building, land, moveable plants & other assets 14

15. TM Group – continuing operations only
Group Balance Sheet & Key Financial Ratios Cash position remains strong post capital repayment
As at 30 June 2009 As at 31 Dec 2008
RM Million
Shareholders’ Funds 6,835.9 10,248.1 Lower Shareholder Funds due to
Minority Interests 127.8 226.5 Capital Repayment of RM3.506bn
Deferred & Long Term Liabilities 8,928.5 8,587.3
Deferred Income higher mainly due
Long Term Borrowings 7,033.8 6,965.1 to HSBB of RM185mn
Deferred Tax 1,435.7 1,362.0
Deferred Income 459.0 260.2 Cash & Bank Balances remain strong
15,892.2 19,061.9 at RM2.821bn post final dividend
2008 & capital repayment
Current Assets 6,095.6 9,412.4
Trade Receivables 2,241.6 2,127.9
Other Receivables 656.4 763.4
Amount due from Axiata 0 4,025.0
Cash & Bank Balances 2,821.3 2,095.2
RM mn
Others 376.3 400.9 2
USD denominated
RM denominated
Current Liabilities 3,209.7 3,471.3
Trade and other Payables 2,535.8 2,812.6 1 3
Short Term Borrowings 41.9 34.9
Others 632.0 623.8
Net Current Assets 2,885.9 5,941.1
2010 2013 2014 2018 2025
Property Plant & Equipment 11,664.9 11,772.1 1 2 3
Note : USD 300m; USD 500m; USD 300m; Fx Rate 3.515
Other Non-current Assets 1,341.4 1,348.7
15,892.2 19,061.9
30 June 09* 31 Dec 08 30 June 09* 31 Dec 08
30 June 09 31 Dec 08 30 June 09 31 Dec 08
Return on Invested Capital 7.33% 4.50% Gross Debt/ Equity** 1.03 0.68
1 1
Return on Equity 6.53% 6.99% Gross Debt/ Equity*** 1.03 0.29
Return on Assets 5.67% 3.15% Net Debt/ Equity** 0.62 0.48
Current Ratio 1.90% 2.71 Net Debt/ Equity*** 0.62 0.09
Debt to EBITDA 2.15% 2.45 Net Assets/Share (sen) 193.4 296.5
1 Based on Normalised PATAMI *Annualised ** Before Amount Due from Axiata ** *After Amount Due from Axiata 15

16. TM Group – continuing operations only
Key Takeaways
Revenue Improvements Cost Management
• Double digit growth recorded for all Non-Voice • Effective BAU* Capex spending
businesses
• Lower operating cost contributed to encouraging
• Positive growth on Fixed Line & Broadband 1H09 EBITDA margin
customers
* Business As Usual
Balance Sheet Management HSBB
• 3 industry dialogues conducted thus far
•Completed 1st tranche monetization of housing
• Access infrastructure roll-out has commenced in
loans worth RM344mn
22 exchange areas
• Cash & Bank balances remain strong at RM2.8bn
• Retail trial by end 09 in TTDI, Subang Jaya,
Bangsar & Shah Alam follow by commercial
roll- out in 1Q10
Interim Dividend
• Interim tax exempt Dividend of 10sen or approximately
RM358mn to be paid to shareholders by end of Sept 09
• On track towards our Dividend Policy commitment
of RM700mn or 90% Normalised PATAMI
whichever is higher 16

17. Thank You
www.tm.com.my
investor@tm.com.my
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