TUAS LIMITED — AGM Information 2022

Dec 1, 2022

==> picture [115 x 51] intentionally omitted <==

2 December 2022

ASX Market Announcements Office Australian Securities Exchange

Dear Sir/Madam

Tuas Limited AGM – Chairman’s Address and CEO Presentation

Attached is the Chairman’s address together with the CEO’s presentation to the Annual General Meeting (AGM) of Tuas Limited (ASX:TUA) to be held at 11am (Sydney time) today.

The AGM will be held online. Shareholders and proxyholders will be able to listen, view presentations, vote and ask questions during the meeting in real-time through the Computershare virtual platform at the URL https://meetnow.global/MD9QMKC

Authorised by:

Tony Moffatt Company Secretary Tuas Limited

www.tuas.com.au ABN: 70 639 685 975 Tuas Limited c/- Level 11, 117 Clarence Street Sydney, NSW 2000 Investor.relations@tuas.com.au

Page 1

How to ask a question

• To ask a written question select the Q & A icon

• Select the topic your question relates to from the drop-down list

• Type your question in the text box and the send button press

• To ask a verbal question follow the instructions below the broadcast window.

==> picture [326 x 350] intentionally omitted <==

How to vote

• When the poll is open, select the vote icon at the top of the screen

• To vote, select either For, Against or Abstain

• You will see a vote confirmation

• To change or cancel your vote “click here to change your vote” at any time until the poll is closed

==> picture [43 x 36] intentionally omitted <==

==> picture [52 x 35] intentionally omitted <==

==> picture [288 x 71] intentionally omitted <==

----- Start of picture text -----

Items of Business
2A Re-elect Mr Sam Sample as a Director
----- End of picture text -----

==> picture [288 x 78] intentionally omitted <==

----- Start of picture text -----

FOR AGAINST ABSTAIN
2B Re-elect Ms Jane Citizen as a Director
----- End of picture text -----

==> picture [253 x 57] intentionally omitted <==

==> picture [114 x 52] intentionally omitted <==

CHAIRMAN’S ADDRESS

Mr David Teoh

Page 4

Agenda

==> picture [114 x 52] intentionally omitted <==

1. Financials

2. Business Updates

3. Outlook

4. Q&A

N.B.: All dollar amounts are Singapore Dollars.

Page 5

Tuas Group Financial Results

==> picture [114 x 52] intentionally omitted <==

(in S$’m)	FY22	Q1 FY23 (unaudited)
Revenue	57.4	19.0
EBITDA	15.5	6.6

• All Q1 FY22/23 numbers are unaudited.

Page 6

Cash Flow

==> picture [114 x 52] intentionally omitted <==

	FY22 S’000	Q1 FY23 S’000
Opening Cash and Term Deposits	94,583	49,554
Cash receipts from customers	64,021	20,442
Cash paid to suppliers and employees	(41,490)	(14,115)
Interest Received	44	92
Net cash from operating activities	22,575	6,419
Acquisition of Plant & Equipment	(35,079)	(11,929)
Acquisition Intangible Assets	(31,991)	(419)
Net Cash used in investing activities	(67,070)	(12,348)
Lease Liabilities and Finance Cost paid	(544)	(163)
Net Cash used in financing activities	(544)	(163)
Effect of exchange rate fluctuation	10	(300)
Ending Cash and Term Deposits	49,554	43,162

• All Q1 FY22/23 numbers are unaudited.

• Cash includes cash held in term deposits to secure bank guarantees.

Page 7

Subscribers

==> picture [114 x 52] intentionally omitted <==

==> picture [672 x 358] intentionally omitted <==

----- Start of picture text -----

('000)
700
600
640
500
587
540
400 487
418
300 392
358
282
200
100 172
0
Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23
----- End of picture text -----

• Subscribers as of end Oct 2022 at ~640,000

• ARPU for Q1 FY23 at $9.21 (FY22 at $9.19)

Page 8

Key Drivers

==> picture [114 x 52] intentionally omitted <==

==> picture [7 x 5] intentionally omitted <==

----- Start of picture text -----


----- End of picture text -----*

==> picture [335 x 331] intentionally omitted <==

----- Start of picture text -----

1
1
----- End of picture text -----

==> picture [214 x 335] intentionally omitted <==

Unlimited Mobile to Mobile Calls and SMS to SIMBA Lines for All Plans

• $10/30 days for 1st 90 days.

1 Roaming allowance for 57 destinations.

Page 9

Service Coverage Parity

==> picture [114 x 52] intentionally omitted <==

==> picture [771 x 438] intentionally omitted <==

Page 10

5G Updates

==> picture [114 x 52] intentionally omitted <==

• IMDA Key Milestones:

• 60% outdoor coverage by end CY23.

• 95% outdoor coverage by end CY26.

• • Current SIMBA coverage (with 5G sites integrated): >30%

Page 11

Outlook

==> picture [114 x 52] intentionally omitted <==

• Singapore reopening will support continued growth

• 5G network rollout on-track

• No change to FY23 CAPEX guidance: $45M- $50M

Page 12

Disclaimer

==> picture [114 x 52] intentionally omitted <==

This presentation contains certain forward-looking and unaudited information.

Such information is based on estimates and assumptions that, whilst considered reasonable by the company, are subject to risks and uncertainties. Actual results and achievements could be significantly different from those expressed in or implied by this information.

Page 13

==> picture [114 x 52] intentionally omitted <==

Q & A - Operations

Page 14

==> picture [114 x 52] intentionally omitted <==

Formal Business

Page 15

Proxy Results

==> picture [114 x 52] intentionally omitted <==

Item 2: Adoption of the Remuneration Report

Votes For	Votes Against	Open	Abstain
128,245,393	377,189	1,447,905	21,268
98.6%	0.29%	1.11%	N/A

Page 16

Proxy Results

==> picture [114 x 52] intentionally omitted <==

Item 3: Election of Director – Bob Teoh

Votes For	Votes Against	Open	Abstain
299,173,681	90,088	1,471,980	59,903
99.48%	0.03%	0.49%	N/A

Page 17

Proxy Results

==> picture [114 x 52] intentionally omitted <==

Item 4: Re-election of Director – Sarah Kenny

Votes For	Votes Against	Open	Abstain
299,214,627	32,798	1,500,509	47,718
99.49%	0.01%	0.5%	N/A

Page 18

==> picture [114 x 52] intentionally omitted <==

Q & A - Resolutions

Page 19

==> picture [114 x 52] intentionally omitted <==

Thank You

Page 20

==> picture [132 x 58] intentionally omitted <==

CHAIRMAN’S ADDRESS

TUAS LIMITED

ANNUAL GENERAL MEETING

2 DECEMBER 2022

Good morning everyone and welcome to the Tuas Limited 2022 Annual General Meeting. My name is David Teoh, I am the Executive Chairman of the Company. Thank you for your virtual attendance today.

A quorum of members is present and I therefore declare the meeting open.

I would like to introduce my fellow Directors today:

• Ms Sarah Kenny;

• Mr Alan Latimer;

• Mr Robert Millner; and

• Mr Bob Teoh.

We are also joined by our CEO, Mr Richard Tan, and our CFO, Mr Harry Wong.

I’d like to welcome our auditors, KPMG, including Ms Caooimhe Toouli, the audit partner.

The notice of meeting was dispatched to all shareholders. I propose that the notice of meeting be taken as read.

This is only the second Annual General Meeting for the Company and it has been an exciting period for the business. As shareholders know, the Group’s business is running a mobile telecommunications network in Singapore through our newly branded business, Simba Telecom.

Our CEO Richard Tan will update shareholders on Simba’s performance which has been very good over the 12 months since we last met. Our rebranding from TPG Singapore to Simba Telecom went smoothly and we have continued to grow our customers, revenue and EBITDA through the year.

I am very proud of our wonderful group of employees in Singapore and Malaysia. I would like to congratulate them on their achievements and thank them for all their efforts.

On behalf of the Board, I would also like to thank all our shareholders for their continued support of the Company.

As Chairman of the Meeting, I now declare the polls open on the formal resolutions for the meeting.

I now invite CEO Richard Tan to run through a management presentation on the last year’s achievements.