Investors

These Headline KPIs have been set and agreed upon by the Board of Directors and Management of Axiata Group (“Group”) and shall not be construed as forecasts, projections or estimates of the Group or representations of any future performance, occurrence or matter as they are merely a set of targets/aspirations of future performance aligned to the Group's strategy which have been derived on the assumptions that the Group shall operate under the current business environment under which they had been determined.

FY 2012 Headline KPIs

	FY2012 Headline KPIs
Revenue Growth (%)	5.3%
Earnings before Interest, Tax, Depreciation and Amortisation (“EBITDA”) Growth (%)	1.8%
Return on Invested Capital (“ROIC”) (%) Return on Capital Employed (“ROCE”) (%)	11.3 8.9%

In establishing the FY2012 Headline KPIs, the Management of Axiata has made the following assumptions:-

1. No material increase in competition in the mobile market space of the Group’s major operating countries;
2. No material regulatory changes impacting the operating companies (“OpCos”);
3. No material change in currency rates, liquidity shortages and interest rates affecting our operations;
4. No material change in CAPEX budget spending in all OpCos; and
5. No divestment, merger and acquisition.

	FY2011 Headline KPIs	FY2011 Achievement	FY2011 Achievement at Constant Currency
Revenue Growth (%)	10.0%	5.3%	7.5%
EBITDA Growth (%)	10.3%	1.0%	2.9%
ROIC	12.6%	12.2%	12.5%