M1 Press Release

Results for first quarter 2011
Net profit up 8.2% to S$42.5 million

SINGAPORE, 15 April 2011 – M1 Limited (M1) today announced the unaudited group financial results for the three months ended 31 March 2011. Net profit after tax increased 8.2% to S$42.5 million.

Operating revenue at S$257.6 million increased 3.5% year on year due to higher service revenue and handset sales. Service revenue benefited from growth in mobile customer base, and higher contribution from fixed services.

Revenue from non-voice services rose by 4.9% points year-on-year to 34.7% of service revenue, driven by growth in mobile broadband and smartphone customer base.

M1’s total customer base stood at 1.934 million as at 31 March 2011. For the quarter, M1 added 23,000 customers, of which 14,000 were postpaid customers and 9,000 were prepaid customers. Monthly postpaid churn in the latest quarter improved to 1.2%, compared to 1.4% in the previous year.

“For 2011, we see exciting opportunities in the fixed segment, driven by enhanced experience on the new fibre network and progressive expansion of its coverage. Growth in the mobile segment will be driven by increased adoption of tablets and other mobile broadband devices.”

“Based on the current outlook and barring any unforeseen circumstances, net profit after tax for 2011 is likely to improve, compared to 2010,” said Ms Karen Kooi, Chief Executive Officer of M1.