M1 and its shareholders

M1 is committed to maintaining open communications with shareholders, analysts and interested parties. During the year, M1 released quarterly, interim and full-year results to the public within one month of period end, and all materials and presentations relating to results were immediately made available on our website, after mandatory posting with the Singapore Exchange (SGX). Presentations, followed by question and answer sessions, were also held on the same day of every results’ announcement, including briefings conducted jointly for analysts and the media for half and full-year results.

As at 21 February 2007, the free float^ of M1 shares was 39.3%, most of which was held by institutional investors across Asia, UK and USA. As such, senior management’s time is focused accordingly. For year 2006, M1 undertook one roadshow covering UK and USA, and participated in three investor conferences – one in Hong Kong, and two in Singapore.

Through the Investor Relations team, M1 responded to enquiries from shareholders, analysts and other interested parties. We continue to encourage shareholders to make use of M1 Investor Relations’ website at (www.m1.com.sg) for corporate information and the latest updates on the Company. Apart from the usual timely release of news, presentations and financial reports, shareholders can also access an on-demand audio webcast of our most recent quarterly results’ briefing and Q&A session with the investment community.

M1’s Annual General Meeting (AGM), held on 28 March 2006, provided shareholders the opportunity to ask questions of the board, including the chairmen of the audit, remuneration and nominating committees.

M1 is committed to creating long-term value for our shareholders, and therefore, continues to favour a sustainable dividend policy and will strive to return excess cash to shareholders in the absence of value-enhancing opportunities.

In line with this approach, M1 maintained its dividend payout ratio at 80% of net profit after tax for FY2006, and total regular dividend declared for FY2006 was 13.3 cents per share, compared to 13.1 cents per share for FY2005.

In addition, during the announcement of M1’s FY2006 results on 22 January 2007, M1 proposed a 10% capital reduction exercise to return approximately S$221.6m to shareholders, compared to a special dividend of S$120.8m proposed during FY2005 results’ announcement.

In terms of total shareholder return (comprising capital gains plus cash distributions made in the year), M1’s return to shareholders for year 2006 was 13.7% on amount invested at the start of the same year, compared to 22.4% for year 2005.

FINANCIAL CALENDAR FOR 2007