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Always with You TNM Is a Licensed Mobile Telecommunications Operator in Malawi Enjoying 62% and 33% Market Share in Post-Paid and Pre-Paid Sector Respectively

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Always with You TNM Is a Licensed Mobile Telecommunications Operator in Malawi Enjoying 62% and 33% Market Share in Post-Paid and Pre-Paid Sector Respectively Annual Report for the year ended 31December 2008 always with you TNM is a licensed mobile telecommunications operator in Malawi enjoying 62% and 33% market share in post-paid and pre-paid sector respectively. TNM’s “always with you” brand is clearly identified as Malawian and portrays best customer value and service availability. TNM’s principal colour green, is fresh and synonymous with Malawi’s prosperity derived from agriculture and the environment. TNM offers services and products designed to meet the needs and desires of its subscribers in Malawi which is primarily divided into price- conscious pre-paid and premium-paying post- paid subscribers TNM’s growth strategy > Constantly improve and expand infrastructure and capacity; > Grow the depth and availability of telecommunications services; > Promote telecommunications accessibility to Malawians; and > Protect and promote customer loyalty Key achievements > Successful IPO on the Malawi Stock Exchange +88% growth in subscribers > Refurbishment and upgrade of key infrastructure > Renewal of MK150m TNM Super-league sponsorship > 105 new base stations constructed > Coverage extended to an additional 67 areas > New products and services were introduced > More focused corporate social responsibility Financial highlights 88% growth in subscribers to 627,000 16% growth in revenues 5% growth in profit after tax 9% decline in EBITDA Revenues���� MK�� 6.7bn�� EBITDA����� MK�� 2.7bn�� Profit after tax���� MK�� 1.5bn�� ARPU����� MK�� 1,032���� ARPU ����� US$�� 7.37�� Shareholders’ funds��� MK�� 6.2bn��� Long-term debt���� MK�� -����� Market capitalisation��� MK�� 33.1bn�� Shares in issue at 31 Dec 2008�� 10,040,450,000�� Earnings per share��� MK�� 0.17�� Market price per share��� MK�� 3.30�� Return on equity���� %�� 25�� EBITDA margin���� %�� 42 2 ������ Subsciber growth Capital investment Revenue growth Profit before tax 2500 700 000 3500 000 700 000 650 000 600 000 3000 000 600 000 2000 550 000 500 000 2500 000 500 000 450 000 1500 MKm MKm MKm 400 000 2000 000 400 000 MK ’000 350 000 300 000 1500 000 3 000 1000 250 000 200 000 1000 000 2 000 150 000 500 100 000 500 000 1 000 50 000 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 TNM’s investment thesis Through continued improvement of service, growth in subscribers and expansion of its existing mobile network capacity from current core capacity of 1 million subscribers to 1.5 million subscribers by 31 December 2009,TNM offers investors potential for both capital and dividend growth. 3 FinancialOur statement highlights of vision Vision � Always with you Mission Our mission is to be "Malawi’s premier mobile company of choice, offering best in class mobile telecommunication services to people everywhere." Premier means best in terms of: > Customer value > Customer service > Employee talent > Consistent and predictable growth As Malawi’s Premier mobile company we will enable people and businesses to realise their full potential. In doing so, our mobile services will contribute to the growth and development of the Malawi economy. Values Customers We value all our customers and treat them with respect, providing friendly, courteous, knowledgeable and prompt service at all touch points.We never forget that they come to us by choice.We seek and are driven by our customers' feedback.We are committed to direct relationships and outperforming the competition with value and a superior customer experience. Integrity We operate with unyielding integrity, obeying all laws and adhering to a stringent code of business conduct.We will not tolerate unethical business conduct by our team members. sWe will act with integrity and respect towards all. Excellence We continually raise our performance to exceed customer and shareholder expectations.We strive to be the best in quality and in everything we do. People We are an equal opportunity employer and we value, respect and empower our people. Providing an environment where diverse individuals can develop and are expected to perform to their full potential.Teamwork is key; respecting new viewpoints, diversity, building trust, enhancing communications, and sharing best practices to deliver world-class products and services. Malawian Identity We are committed to our roots and our corporate social responsibility, Green or otherwise.We share an infectious sense of mission to make an impact on society and community at large.We reach out to and empower our customers in ways never before possible. Our goal is to develop mobile telecommunication services and offerings that are accessible and within reach of every Malawian. In so doing giving every Malawian the means and ability to reach their full potential and allow them to play a full role in the development of Malawi. The TNM Super League TNM is the proud sponsor of the biggest Football League in Malawi, since 2005, with an unprecedented MK150 million initial three year contract. Football is a game of passion, the most loved sport in the world and Malawi is no exception. It is a game for all.We believe that with carefully crafted sponsorship, we will make a difference to the standards of football in Malawi and touch the Malawians’ lives in ways that will make positive impact socially and economically. The TNM Mug TNM has been a friend to golf for many years. In 2007 TNM cemented this relationship by committing to the sponsorship of the most prestigious tournament in Malawi, the Malawi Open.This tournament, attracts the cream of Malawi golfers. TNM is proud to be associated with this tournament which is instrumental in developing talent in this sport. 4 Historical highlights Our journey thus far:- 2008 In November 2008 TNM successfully raised over MK2.58bn in new capital and 2008 In September 2008, listed on the Malawi Stock The shareholders in MTL Mobile Exchange and significantly acquired direct shareholding in expanded its service offerings TNM 2007 In June 2007 TNM was re-branded to TNM with a brand promise,‘always with you’ 2007 In March 2007 TMB’s stake was acquired by MTL Mobile 2005 In April 2005 TNM recorded 100,000 customers 2002 In 2002 TNM launched international roaming 2000 In June 2000 TNM launched pre-paid services and in January 2001 TNM launched its SMS service 1996 TNM started commercial operations in January 1996 offering post-paid services with a capacity of 7,000 1995 TNM was launched subscribers. In the same year on 15 December 1995 with 36 capacity was increased to 10,000 base transceiver stations covering subscribers Blantyre, Lilongwe, Mzuzu and Zomba, the third network in Southern Africa after South Africa’s MTN and Vodacom 5 Stakeholder communications TNM has identified mechanisms and processes that promote enhanced levels of constructive stakeholder engagement Stakeholders are invited to register on TNM’s investor relations website and opt in to receive e-mail alerts on all corporate communications, regulatory announcements, annual reports, presentations, share prices and other investment related information. TNM encourages feedback from its community at all times. Online annual report����� Interactive online charting always with you Annual Report for the year ended 31December 2008 View our annual report online���� View share charts online Our corporate website: www.tnm.com.mw�� Our investor relations website: www.tnminvestor.com Our dividend policy “TNM expects to distribute between 40 and 60% of its annual profits after tax” TNM expects to distribute 1st interim � Dividend declared: � August �� between 40 and 60% of its annual Share register closed: �September�� profits after tax by way of a first Payment:�� September interim dividend declared in August, 2nd interim � Dividend declared: � December �� a second interim dividend declared Share register closed: �December�� in December and a final dividend Payment:�� January declared at the AGM in May.TNM Final� � Dividend declared: � May �� expects to pay three dividends Share register closed: �May�� annually:- Payment date:� June 6 Contents Chairman’s statement��� 8 Your directors��� 9 Management discussion and analysis� 10 Executive management�� 19 Corporate governance��� 20 Director’s annual report�� 23 Annual financial statements�� 27 Shareholder information�� 48 Shareholders’ diary 2008/9�� 54 Contact information��� 55 Notice of annual general meeting�� 56 Form of proxy��� 57 7 Chairman’s statement Dear shareholders and partners, In 2008 TNM proved its ability to innovate by introducing new It gives me great pleasure to report relevant products based on existing on your company in its inaugural and complementary technologies annual report as a listed company such as third-generation or 2.5G on the Malawi Stock Exchange. and GPRS.We plan to continue high levels of infrastructure TNM’s strong Malawian identity investment to enhance quality and was recognised by the record network coverage in 2009 in order support our company received in to remain competitive in a rapidly its initial public offer for growing and increasingly subscription. Over 33,000 competitive industry. stakeholders invested MK2.58bn which was immediately used to The extent of the financial expand and improve access to, and meltdown across the globe and the quality of, our services in indeed the performance of the Malawi. Our growth objectives are Malawi Stock Exchange has been consistent with broader National significantly negative, more so than policies and we have been fortunate expected, but I believe that Malawi’s to operate in a progressive telecommunications sector still environment within which offers a strong investment telecommunications services can opportunity. Our strong brand grow. identity, robust financial performance underpinned by a Our total investment into capacity strong balance sheet, shows that TNM is evolving into a leading and infrastructure of MK3.3bn in provider of telecommunications 2008 has enabled TNM to catch services in Malawi. up on previous years and lay a strong foundation for long-term My appreciation is extended to the growth.
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