NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES

We refer to our announcement dated 2 December 2010 in relation to the Proposed Disposal (“Previous Announcement”).

On behalf of TM’s Board of Directors, we are pleased to announce that TEMSB has completed the bookbuilding exercise for the Axiata Shares on 2 December 2010 (“Placement”).

90,000,000 Axiata Shares have been placed to successful third-party institutional investors under the Placement at a price of RM4.60 per Axiata Share. Accordingly, the balance Axiata Shares held by TEMSB after the Placement is 101,458,007 shares (“Balance Sale Shares”).

Certain effects of the Placement (before taking into consideration of any expenses relating to the Placement) are as illustrated in the table below:

Gross proceeds raisedRM414.0 million

Gain on disposalRM209.7 million

Increase in TM’s consolidated earnings per share⁽¹⁾5.86 sen

Note:
⁽¹⁾ Based on TM’s existing number of ordinary shares in issue of 3,577.4 million.

In addition, as mentioned in the Previous Announcement, we wish to highlight that TEMSB may dispose of the Balance Sale Shares through other private placement(s) and/or open market disposal(s).

This announcement is dated 3 December 2010.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to, or absent registration or qualification under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. TM and/or TEMSB do not intend to register any portion of the offering in the United States and/or to conduct a public offering in the United States.

No prospectus which complies with the requirements of the CMSA and the guidelines of the SC has been registered with the SC pursuant to the CMSA or with any other regulatory body in Malaysia. No securities may be offered or sold to any person in Malaysia, except to a person falling within Schedule 6 of the CMSA.

FORWARD-LOOKING INFORMATION

Forward-looking statements in this announcement are based on current expectations. These statements are not guarantees of future events or results. Future events and results involve some risks, uncertainties and assumptions that are difficult to predict. Actual events and results could vary materially from the description contained herein due to many factors including changes in the market, changes in the business and financial condition of TM, Axiata and their respective subsidiaries, and changes in the capital markets in general.