Axiata IAR2021

Advancing Asia
INTEGRATED ANNUAL REPORT 2021

Advancing Asia Sustainably
We are progressing towards becoming
The Next Generation Digital Champion
by encouraging digital inclusion across our
footprint spanning ASEAN and South Asia.
In 2022, we are accelerating on climate action
by launching our Net-Zero Carbon Roadmap.
Digital Telcos Digital Businesses Infrastructure
Malaysia Indonesia Sri Lanka Bangladesh Cambodia Nepal

Ax iata G ro u p B erha d
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 1
Creating Value For All In 2021
Scan to view our Year In
Review video
Delivering Value To A Trusted Digital Partner Supporting Governments And Building Modern, Agile And Minimising Environmental
Shareholders Connecting Societies Communities Digital Talents Impact
Revenue
163.1 million USD11.1 billion Diverse Talent Factory of Launched
RM25.9 billion mobile customers GDP contribution 13,181 employees Axiata Net-Zero
(2020: RM24.2 billion) across ASEAN and South Asia Carbon Roadmap
USD5.0 billion A highly skilled pool of regional
towards achieving net-zero by 2050
EBITDA Enterprise services for
Digital, Analytics
RM11.4 billion ~ 185,000 invested in capex and opex
and AI talents
and 45% reduction of emissions from
a 2020 baseline by 2030
businesses Supported
(2020: RM10.7 billion)
Boost Life eWallet users ~ 0.7 million jobs Collective Brain Signed the
PATAMI
9.7 million across Asia promoting hyper-collaboration and Science Based
RM0.8 billion co-creation between our diverse Target Initiative
(2020: RM0.4 billion) ~ 439,000 USD1.7 billion regional talents Business Ambition Pledge for 1.5°C
Boost Biz merchants in Malaysia total taxes and fees paid to
Cost Savings
~ 122,000 governments LEAP Won the Energy Management
RM2.0 billion Multi-year programme as a catalyst

category at the
(2020: RM1.8 billion)

Boost Indonesia merchants
Pledged to drive digitisation and innovation Sustainable Business
ADA helping RM115 million Awards Malaysia
Dividend Per Share > 3,300 clients over the next 10 years to Axiata Setting the tone with
2020/2021
9.5 sen in 10 countries across Asia Foundation AxiataCares - testament of our Digital Telcos’ green
Pacific grow their market share at Axiata to nurture employees’
(2020: 7.0 sen) innovation to reduce carbon intensity
Supporting wellbeing, health and safety,
> 44,000 45 technopreneurs career and personal growth, and edotco’s regional green commitment -
owned and managed
towers
through Digital Innovation Funds in
connectivity to communities
63%1 reduction
in 8 countries 4 countries Signed the in carbon footprint
United Nations edotco planted
Women’s ~ 38,500 trees
Empowerment in 6 countries
Principles
Note: 1
Final reduction percentage is awaiting verification process IAR, Value Creation Outcomes on pages 40 to 50
Ax iata G ro u p B erha d Overview Leadership Our How We Financial Our Operating Transparency & Additional
2
Table of Contents
IAR 2021 Insights Strategy Create Value Resilience Companies Accountability Information
Creating Value For All In 2021
Overview Our Operating Companies

4 About This Report 63 2021 Overview Of Digital Telcos’ Performance
6 This Is Axiata 64 Celcom Axiata Review
7 Our Investor Proposition 66 XL Axiata Review
8 Our Continuing Response To COVID-19 68 Dialog Axiata Review
70 Robi Axiata Review
Leadership Insights 72 Smart Axiata Review
10 Chairman’s Message 74 Ncell Axiata Review
13 In Conversation With The President & 76 edotco Group Review
Group Chief Executive Officer 78 Boost Review
80 ADA Review
Our Strategy
Transparency & Accountability
28 Key Trends - Our Changing World
30 Considering What Matters 83 Committed To Accountability
31 Stakeholders Engagament 84 Our Governance Structure
33 Our Risks Linked To Strategy 85 Who Governs Us
37 Evolving And Adapting Our Strategy To Capture 86 An Experienced Leadership
New Normal Growth Opportunities 89 Our Governance At A Glance
90 Embedding Sustainability Into Our Governance Structures
How We Create Value 91 Board Leadership And Effectiveness
95 Board Committees
39 Our Value Creation Model
97 Board Accountability
40 Outcome 1: Delivering Long-Term Value To Shareholders
99 Internal Control And Risk Management
41 Outcome 2: Building A Modern, Agile And Digital Asian
101 Communication With Stakeholders
Talent Factory
43 Outcome 3: Becoming A Trusted And Reliable Digital
Additional Information
Partner
45 Outcome 4: Supporting Governments And Communities In 104 Corporate Information
Our Markets 105 Notice Of Annual General Meeting
47 Outcome 5: Enabling Digitally-Connected Societies 111 Statement Accompanying Notice of Annual General
49 Outcome 6: Minimising Environmental Impact Meeting
• Proxy Form
Financial Resilience
52 Financial Review
55 Consolidated Statement Of Comprehensive Income
55 Consolidated Statement Of Cash Flows
56 Consolidated Statement Of Financial Position
57 Group Financial Snapshot
58 Group Financial Position
59 Key Performance Indicators
60 Our Share Price Performance
61 Our Dividend Policy
Navigation
This is Axiata’s Value Creation Model (VCM)

graphic. The VCM graphic will guide you on pag es 28
s,
rend to
where you can find particular sections within yT 29
this report which explains how we create value. Ke
Strategy
+ Financial Resilience
Our Six Capitals page 37
pages 52 to 61
Value Creation
02 1
FC Financial page 39
to
, pages 83
SRC Social & Relationship
+ + +
HC Human
Input Output Outcomes
ance
MC Manufactured page 39 page 39 pages 40 to 50
rn
Intellectual
ve
IC
Go
Risks Linked
Outlook
NC Natural to Strategy pages 25 to 26
pages 33 to 36
Stakeholders
Navigation Cross References Capitals Material Matters

Icons Refer to IAR, Capital providers supply us with the necessary funding Customers Community Sustainable Customer Service
FC
SNCR and GAFS for our business, in addition to cash generated from Business Growth
The following operations and investment. Regulators and Supply Chain
Suppliers Network Quality Management
icons help Our skilled regional workforce is a pivotal part of Government
Refer to website
to align our
HC
Axiata’s business model. Our engaged, diverse, and and Coverage
innovation driven employees contribute to the success Community
integrated Shareholders Media
of our business. Digital Inclusion Development
narrative so that 4P Goals
readers can get Our strong brand equity and trust, culture, Employees Digitisation and Business Ethics and
IC
Performance digitalisation and analytics efforts, as well as our Compliance
a greater sense Modernisation
digitised procedures and processes differentiate us in
of the inter- the marketplace.
People Fair Employment Data Privacy and
connectivity and 10 Key Focus Areas
Continuous and ongoing close engagements and and Welfare Cyber Security
SRC
inter-relatedness Partnership partnerships with our key stakeholders, among others, Positioning for New
are key towards ensuring we maintain strong and 1 6 Digitisation and Analytics
of our business. Norms Talent Regulatory and
trusted relationships with our stakeholders. Stakeholder Development Political Risk
Planet & Society 7
2 OpCos Transformation Management
Our network infrastructures and data centres are an
MC
important source of competitive differentiation. Our Employee Health, Climate Action
3 New Growth Areas 8 Organisation 5.0
Manufactured Capital also includes office buildings for Safety and
our workforce. Resource and Waste
4 Cost Management 9 Industry Consolidation Wellbeing
Management
We consume energy in our operations and use land to New Engagement Portfolio Optimisation
NC 5 10
house our towers and other infrastructure. Model and Value Illumination
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 3
Enabling Smart Security

Utilisation of 5G technology to provide IoT
solutions to enhance island-wide security in
Pulau Langkawi, Malaysia
CELCOM’S 5G SAFETY AND SECURITY
SMART CITY SOLUTIONS
Overview
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 4
About This Report
Reporting Philosophy Enhancing our Environmental, Social and Governance (ESG) Disclosures
In line with our purpose of Advancing Asia, Sustainability reporting combines economic performance, social responsibility and environmental commitments. This requires an organisation to
Axiata Group Berhad (Axiata) is transforming have a business strategy that incorporates ESG elements to drive sustainable long-term growth.
societies across our footprint through our
connectivity and digital solutions. Our reporting
philosophy is grounded in our aim to provide
our stakeholders with transparent, relevant and
integrated information that will enable them to
The United Nations
make better and more informed decisions about FTSE4Good Bursa Malaysia Global Reporting Science Based Target
Sustainable Development
Axiata. We have developed our 2021 Reporting (F4GBM) Index Initiative Standards Initiative (SBTi)
Goals (UN SDGs)
Suite in line with our stakeholders’ value creation
expectations. We remain committed to the Axiata remains a constituent of We align our sustainability Axiata is the first
UN SDGs, and doing our part in the F4GBM Index series following disclosures with GRI Standards telecommunications company
alleviating global environmental our December 2021 review which and continue to be guided by in Malaysia to commit to SBTi
Scope and Boundary
and social issues as a leading resulted in a 4-star ESG Grading GRI sustainability disclosure corporate net-zero standards.
Our Integrated Annual Report (IAR) 2021 covers regional telecommunications and Band1. Similarly, our FTSE Russell reporting principles in terms of We have undertaken the setting
the strategic business activities and outcomes digital conglomerate. Through ESG score improved from 3.1 to content and quality. Our aim is to of long-term science-based
of our Triple Core Businesses of Digital Telcos, various sustainability initiatives 3.4 during the year. 2021 was provide transparent, cohesive and targets to reach net-zero
Digital Businesses and Infrastructure within our we are contributing to advancing also the year which saw Axiata’s comprehensive disclosures to emissions no later than 2050,
11 markets of operation in ASEAN and South SDG 4 on Quality Education and inaugural listing as a constituent our regional stakeholders. with an intermediate target of
SDG 13 on Climate Action as of the FTSE4Good Bursa Malaysia 45% reduction in operational
Asia. It spans the period of 1 January 2021 till
key impact areas throughout Shariah Index. emissions by 2030.
31 December 2021 and includes significant
our footprint.
subsequent events up to 31 March 2022.
Materiality
Our materiality assessment was conducted in
line with Bursa Malaysia Securities Berhad (Bursa
Malaysia) Main Market Listing Requirements, and Carbon Disclosure Project MSCI ESG Rating Sustainability Accounting Task Force on Climate-related
incorporates our stakeholders’ inputs as well as (CDP) Worldwide Standards Board (SASB) Financial Disclosures (TCFD)
the business’ perspectives. In order to assess the
material issues that impact our ability to create Each year, Axiata participates Our focus on maintaining our We have committed to working We look forward to embarking
value over the short, medium and long term, we in the CDP assessment. As of MSCI ESG Rating has enabled us towards aligning our sustainability on our TCFD journey in 2022
have included risks identified through our risk 2021, Axiata’s CDP rating was D, to retain our reputable ranking disclosures according to the to help us understand the
management process. Throughout this IAR, we reflecting further areas to improve on the global index. In 2021, our SASB Standards for the implications, risks and
present our strategic responses to these material on. We are leveraging our insights MSCI ESG rating increased to ‘AA’ Telecommunications Industry. opportunities that climate
on best practices and have (Leader) from the position of ‘A’ In line with this, we have begun change could have on our business
issues.
identified areas to improve our (Average) which we had held for organising our SASB Telco operations across our regional
climate action efforts. The launch a five-year period previously. indicators in order to publicly markets. Through the adoption of
of our Net-Zero Carbon Roadmap disclose SASB standards in TCFD recommendations, we seek
in 2022 and alignment with SBTi is our future reports. to further advance our robust
a significant step towards this end. and future-proofed investment
proposition and use our insights
to guide the execution of Axiata’s
Net-Zero Carbon Roadmap.
Note: 1
The 4-star ESG Rating refers to the Top 25% by ESG Ratings amongst public listed companies in FBM EMAS
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 5
About This Report
Reporting Suite Forward-Looking Statements Images

Our business operates in a volatile The Axiata Prism featured on
Integrated landscape and is therefore subject the covers of these reports and
Annual Report 2021 to external events that could section dividers symbolise our
Disclosures Reporting Frameworks result in actual future performance catalytic role in helping societies
Management Discussion & Analysis: • Malaysian Code on Corporate Governance 2021 differing from those projected in embrace digitalisation for improved
• Leadership Insights • Bursa Malaysia Main Market Listing Requirements the forward-looking statements outcomes. With its solutions,
• Our Strategy • Companies Act 2016 throughout this IAR. programmes and infrastructure,
• How We Create Value • Value Reporting Foundation/International Axiata’s transformative impact
• Financial Resilience Integrated Reporting Council’s (IIRC) International drives productivity, enables
Assurance
• Axiata’s Operating Companies Integrated Reporting <IR> Framework
Our Audited Financial Statements digital inclusion and empowers
• Abridged Audited Financial Statements • Malaysian Financial Reporting Standards (MFRS)
Printed Version • Corporate Governance Overview Statement • International Financial Reporting Standards (IFRS) (AFS) are disclosed in the communities to benefit from new
• FTSE4Good Bursa Malaysia requirements Governance and Audited Financial opportunities to build a more
Online Version
Statements 2021 and have been fully sustainable future.
audited. Limited assurance has been
provided on selected disclosure(s) Improvements in Axiata’s IAR 2021
Governance & Audited
Financial Statements 2021 within our Sustainability and • Creating Value For All In 2021 (on
National Contribution Report page 1): Value creation highlights
Disclosures Reporting Frameworks
(SNCR) 2021. • About This Report (on page 4):
Governance & Compliance Documents • Malaysian Code on Corporate Governance 2021 Explaining our ESG disclosures
• Full Directors and Management Profiles • Bursa Malaysia Main Market Listing Requirements
Approval by the Board • Key Trends - Our Changing World
• Statement on Risk Management and Internal • Companies Act 2016
Control • Malaysian Financial Reporting Standards (MFRS) The Board of Directors (Board) (on pages 28 to 29): Linking
• Board Audit Committee Report • International Financial Reporting Standards (IFRS) applied its collective mind to ensure external environment to Strategy
• Additional Compliance Information the integrity of this IAR as guided and Risks
Financial Statements by the IIRC’s International <IR> • Considering What Matters (on
Printed Version
• Directors’ Report Framework and other disclosure page 30): Linking our Material
Online Version • Audited Financial Statements Matters to ESG commitments
requirements:
• Independent Auditors’ Report • Our Value Creation Model (pages
• Tan Sri Shahril Ridza Ridzuan 39 to 50):
Sustainability & National • Dato’ Izzaddin Idris - Contextualised explanation of
Contribution Report 2021 our trade-offs
• Dato Dr Nik Ramlah Nik
Disclosures Reporting Frameworks Mahmood - Linking our Outcomes with our
• Dr David Robert Dean Capitals, Material Matters, 4P
• Sustainability Framework • Bursa Malaysia Sustainability Reporting Guide
• Sustainability Governance • GRI Standards (Core) • Khoo Gaik Bee Goals and Stakeholders
• Sustainability Material Matters (Management • FTSE4Good Bursa Malaysia requirements • Thayaparan S Sangarapillai • Our Operating Companies (on
Approach and FY2021 Initiatives) • AA1000 Stakeholder Engagement • Tan Sri Dr Halim Shafie pages 64 to 81):
• Our Commitments • ISAE 3000 (Revised) - Limited Assurance - ESG disclosures for our OpCos
• Ong King How
• Third-Party Assurance Engagement - Message from OpCo CEOs on
• Syed Ali Syed Salem Alsagoff
• Nurhisham Hussein 2021 key achievements
Online Version
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view our IAR online
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 6
This Is Axiata
As a regional mobile telecommunications and digital conglomerate, Axiata is in a prime position to navigate the new normal towards a more sustainable future. We have developed differentiated
empower entire societies across our footprint of 11 countries in ASEAN and South Asia to seize the and segmented offerings across our three core businesses of Digital Telcos, Digital Businesses and
opportunities of the digital age. Our role is integral in helping Consumers, Homes and Enterprises Infrastructure based on our deep insights into our customers’ needs.
Our Purpose Our Footprint

Advancing Asia Across
ASEAN and
Our Vision Malaysia Indonesia Sri Lanka Bangladesh Cambodia Nepal Pakistan Myanmar Laos Thailand Philippines
South Asia
The Next Generation Digital
Champion by 2024
Our Values
Shareholding Structure Digital Telcos
(As at 31 March 2022)
Uncompromising Integrity,
Exceptional Performance (UI.EP)
Our Goals
Our Digital Telcos are leveraging the digital ecosystem digital and technological convergence solutions as
The 4Ps that Define Our Success to provide differentiated and segmented digital Homes shift to become the new centre of gravity,
products and solutions for Consumers, Homes and and enabling Enterprises to digitally transform in
Enterprises. They are answering Consumers’ need their quest to drive their growth.
for unlimited and nomadic digital mobility, providing
Performance People
Digital Businesses
To be one of Asia’s To be recognised as 36.74% Khazanah Nasional Berhad
largest mobile a top talent brand
telecommunications and an Asian Talent
and digital groups in Factory
all financial metrics
as we grow in market Our full spectrum fintech player in Malaysia, with a Our Data and Artificial Intelligence company designs
18.39% Permodalan Nasional Berhad
capitalisation and growing presence in the Indonesia market, is helping and executes integrated digital, analytics, marketing
generate strong Return grow the digital economy by advancing digital and and eCommerce solutions, and is helping brands drive
on Invested Capital financial inclusion for micro-SMEs via fully digitised their digital and data maturity towards achieving their
against Cost of Capital financing, payments and insurance based on rich business goals.
Employees Provident Fund transaction data.
17.03%
Board
Infrastructure
Partnership Planet & Society

10.92% Foreign Shareholdings
To be the number one To be recognised as
choice for customers a responsible Digital
and partners by Champion, in creating
As at the end of 2021, edotco is the 7th largest edoto is championing regional connectivity and
offering superior a digitally inclusive
TowerCo globally. Named the “2021 Asia Pacific bridging the digital divide in eight countries through
customer experience and environmentally 16.92% Others Telecoms Tower Company of the Year” by Frost next generation technology to provide seamless
while continuing to sustainable society & Sullivan for the fifth consecutive year, it is connectivity and contributing to the climate change
build trust with all our acknowledged by Credit Suisse as one of three agenda though green tower designs and renewable
stakeholders Malaysia-based ASEAN unicorns. energy use.
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 7
Our Investor Proposition
On track to reposition as a High Dividend Company, A financially resilient business Driving structural changes to future-proof the
driven by disciplined execution Group
• Operating Free Cash Flow of RM1.9 billion • Proposed Celcom-Digi merger

Cost/GB to be Group EBIT
• Strong cash balance of RM7.0 billion • Boost-RHB consortium formed for Digital Bank licence
(in USD) Margin
application in Malaysia
• Resilient balance sheet
< 10 cents/GB > 20% • Acquisition of majority shares in Link Net Indonesia
- Gross debt/EBITDA of 2.6x
- Net debt/EBITDA of 2.0x • RM246.4 million SoftBank Corp. investment in ADA
Within - Dividend per share of 9.5 sen in 2021, progressing • ADA’s acquisition of Awake Asia to deliver end-to-end
5 years towards becoming a High Dividend Company by
2024
eCommerce solutions
• Celcom’s acquisition of Infront and Bridgenet, Dialog’s
Return On Invested • Boost’s maiden tranche of Senior Class A Medium Term of H One and XL Axiata’s of Hipernet to strengthen
Dividend/Share
Capital (ROIC) Notes (MTN) rated A1 by RAM Rating Services Berhad on Enterprise market proposition
(in RM)
> Weighted Average the back of a commendable non-performing financing • edotco’s acquisition of Touch Mindscape and
> 20 sen Cost Of Capital (WACC)
(NPL) rate of less than 3% from funds disbursed to D’Harmoni assets to strengthen its presence in
finance SME’s working capital, supply chain and invoice Malaysia, and proposed acquisition of approximately
financing to help them grow their businesses 1,000 towers from XL Axiata in Indonesia
IAR, In Conversation With The PGCEO and Financial Resilience on pages 14 and 52 to 61 IAR, Outcome 1 on page 40 IAR, In Conversation With The PGCEO and Our Operating
Companies on pages 15 and 64 to 81
Acknowledged as an industry leader in ESG Harnessing the strength of our diverse Continuously delivering value and growth
talents across our regional footprint
• ESG Ratings on the FTSE4Good Bursa • Commence the adoption of Task • Highly skilled and capable leadership across • Axiata’s investor proposition ensures shareholders
Malaysia Index upgraded to 4-star1 Force on Climate-related Financial all our regional businesses derive returns from growth and yield
Disclosures’ recommendations
• MSCI ESG Rating upgraded to ‘AA’ • Regional Group-wide collaborations towards
in 2022 Revenue 7% EBITDA 7%
• 3rd place in PwC Malaysia’s Building becoming The Next Generation Digital
Trust Awards 2021
• Axiata’s Board of Directors ranking Champion via: RM25.9 billion RM11.4 billion
in Malaysia Board Diversity and - LEAP Programme
• Committed to the United Nations Study Index 2021 conducted by - Collective Brain PATAMI 100%
Women’s Empowerment Principles the Institute of Corporate Directors
• Continuously enhancing driving digital
• Established the Axiata Net-Zero Malaysia in collaboration with Willis
skills in line with IR 4.0 advancements as a
RM818.9 million
Carbon Roadmap aligned to GSMA Towers Watson:
- 1st in the Overall Top 312 Bursa- Modern, Agile and Digital workforce
industry decarbonisation by 2050 • Achieved Cost Excellence – total savings of
listed Companies category • Strong Employee Value Proposition - RM2.0 billion
• Signed the Science Based Target - 1st in the Top 10 Companies by recognised by LinkedIn as one of the
Initiative Business Ambition Pledge - Opex savings - RM696 million
Market (≥ RM2 billion) companies Top 15 Companies in Malaysia as the Best
for 1.5°C - Capex savings - RM1.3 billion
Place to Grow Your Career
IAR, Chairman’s Message on page 11 IAR, In Conversation With The PGCEO on page 24 IAR, Chairman’s Message, In Conversation With The PGCEO and
Financial Resilience on pages 10, 13 and 52 to 61
SNCR, Employees on pages 59 to 68
Note: 1
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 8
Our Continuing Response To COVID-19
• Contributed RM5 million in medical • ‘Dialog with Manusath Derana’ • Launched Smart Axiata Food Support Programme to raise funds
equipment to Malaysian medical frontliners provided relief to hospitals and and matched donations to send food packages to vulnerable
via the Greater Klang Valley Special Task families in areas under lockdown families in remote areas
Force under the Ministry of Health • Partnered with Bank of Ceylon and • Extended additional benefits to customers, including free calls, data
Wavenet International to establish the National and validity extension
1390 COVID-19 Integrated Home-based Care • Used network to send automated messages that supported national COVID-19
• Provided > 21,000 SIMs, and 300 Solution, a digital platform and outreach centre awareness campaigns
laptops and dongles to > 21,000 for COVID-19 patient homecare • Plug-and-play Wi-fi service Smart @ Home supported customers by offering free
students from lower income families • Donated National Patient Bed Management deliveries of Smart @ Home
to attend school online Solution to the Ministry of Health to minimise • Supported employees during lockdowns by providing food packages, emergency
• Bantuan Komuniti Prihatin gave food packs, devices admission time supplies and flexible work options
and cash to > 3,500 low income earners, delivery • Enhanced urgently required critical care • Worked with Phnom Penh Municipality and Ministry of Post and
riders and frontliners infrastructure in 18 hospitals Telecommunications to set up 21 vaccination centers capable of administering
• Donated food packs for > 12,000 students at • Extended ‘Suwa Diri’, a free communication vaccinations to 4,200 people per day
institutions of higher learning via Bantuan Siswa facility for critical care health workers
Prihatin nationwide
• Distributed > 250 devices to frontliners to provide • Provided 160 units of high flow oxygen concentrators to Ministry
them Internet connectivity of Health and Population for distribution to different remote health
• Provided vaccination assistance at five national • Kept track of employee health institutions, health posts, isolation centres where it is not feasible
vaccination centres daily through an employee health to ensure supply of oxygen cylinders
• Contributed oxygen tanks and concentrators to information app • Collaborated with UNDP to manage COVID-19 vaccinations by providing free
> 5 hospitals nationwide • Ensured testing and treatment access to vaccination registration portal
• Continued extending free daily 1GB Internet for coverage for employees and family members • Supported the government in the dissemination of COVID-19 vaccination
people to access education, employment and other suffering from COVID-19 messages leveraging our infrastructure and network
online platforms • Supported the National Call Center-333 in • Collaborated with UNDP to manage COVID-19 vaccinations by providing free
• Ensured employees safety and containment combatting the pandemic crisis across the access to vaccination registration portal
of COVID-19 through measures such as staff country • Launched Ncell COVID-19 Hotline Service with Dhulikhel Hospital providing 24/7
vaccination programmes, strict adherence to • Robi-10 Minute School held ‘Lockdown Live’ for free health teleconsultation on COVID-19
COVID-19 SOPs at the workplace, and equipping our students to prepare for national examinations • Continued giving free access to government hotlines 1133 and 1115
frontliners with COVID-19 safety kits and ‘Government Live’ in collaboration with
Ministry of Education
• Via ‘Sena Kallayan Sangstha’, distributed food • Gave employees • Provided food aid, hygiene
• Held drive-through and walk-in packs to lower income families USD100 to improve supplies and medical aid
vaccinations at XL’s Indonesia • Food support to > 6,600 sales field forces their WFH experience, across our footprint for
Bangkit Vaccination Centre (SVIB) during Eid al-Adha covering expenditure for home > 5,000 people
in Depok, West Java to simplify and speed up the • Collaborated with NGOs Songjog and Footsteps office furniture and gadgets, • Bangladesh – meals for
vaccination process with > 61,000 people vaccinated to donate oxygen cylinders to the public COVID-19 test kits, physical and ~ 3,500 children in Dhaka, Narayangonj,
• XL’s walk-in SVIB Medan, North Sumatra provided • Provided 1,500 data packs for doctors and mental health services, and other Rangpur and Rajshahi District
COVID-19 vaccinations with > 28,000 people medical staff to conduct COVID-19 tests consumable items • Malaysia
vaccinated • Distributed masks and sanitisers in Chattogram • Unlimited leave days for self-care, - Food and essential items relief to
• AXIS Vaccination Programme held vaccination drives through Chattogram City Corporation personal learning, to support ~ 1,000 families
at universities, institutes and schools with > 18,200 an unexpected event at home - Together with Immaret contributed 500
students vaccinated or loved one in need, and/or PPE sets to Klinik Kesihatan Gombak
• XL employees collaborated with Indonesian Red • Distributed COVID-19 self-care religious commitments. This was volunteers
Cross to hold a convalescent plasma donation drive kits to employees on top of fixed annual leave days - COVID-19 and flood relief for 150 families
to help COVID-19 patients • Ensured employees had the provided under the pre-existing in Kedah and 150 families in Sarawak
• Provided 15% discount to upgrade XL Prioritas and right tools and resources to WFH employment package - Collaborated with National Cancer
free Internet packages for PRIO Flex reloads • Continuously engaging with the team to • Ensured the wellbeing of our Society Malaysia to roll out mobile
• Gave free 2GB data daily for customers to access ensure their wellbeing employees during this pandemic COVID-19 vaccination programme
online learning apps for learning from home and MS • Increased employee insurance coverage for by implementing initiatives such benefitting 800 underprivileged people,
Office 365 for WFH COVID-19 as ‘Are You Okay’ calls old folks and the disabled in Kedah
IAR 2021
Overview Leadership
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Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 9
Building Future Visionaries

Fostering curiosity, nurturing ambition and
empowering young minds in Indonesia to
create a better and brighter tomorrow with
critical awareness and insightful questions
XL AXIATA FUTURE LEADERS
Leadership
Insights
IAR 2021
Overview Leadership
Insights
Our
Strategy
How We
Create Value
Financial
Resilience
Our Operating
Companies
Transparency &
Accountability
Additional
Information 10
Chairman’s Message
ADVANCING ASIA DIGITALLY

Continued Value Creation for Our Stakeholders The Group is supporting technopreneurs in building resilient Supported
Axiata has consistently exemplified its commitment to digital ecosystems that are becoming more relevant in
the new normal through its venture funds spanning four
~ 700,000
include its regional communities in its value creation jobs in a year which
endeavours. With the pandemic firmly establishing countries. In 2021, the Axiata Digital Innovation Fund
has seen rising
connectivity and digital enablement as a necessity, Axiata in Malaysia, Smart Axiata Digital Innovation Fund in
unemployment
is meeting the new increased demands of more than Cambodia, Dialog Axiata Digital Innovation Fund in Sri
163 million subscribers and over 185,000 enterprises by Lanka and Robi Venture in Bangladesh have collectively
supporting communities and businesses through digitalised provided funding to 45 digital start-ups and ventures to
Contributed a total of
advance the development of local digital ecosystems in
shifts.
their respective countries. USD11.1 billion
Tan Sri Shahril Ridza Ridzuan to the Gross Domestic
As a valuable nation building partner, Axiata contributed
a total of USD11.1 billion to the Gross Domestic Product of Axiata has also maintained its growth trajectory towards Product of the 11
the 11 countries it operates in, and directly and indirectly becoming a compelling investment for shareholders and countries it operates in
Dear Stakeholders, supported some 700,000 jobs in a year which has seen investors. In view of the Group’s solid performance, a
rising unemployment. The Group is championing digital dividend of 9.5 sen per ordinary share for the year was
On behalf of the Board of
inclusion by grooming future Asian leaders through its announced, including the interim dividend of 4 sen per Pledged
Directors (Board), I am honoured
to present my first statement as
regional programmes of Axiata Young Talent Programme ordinary share declared for the financial period ended 30
June 2021.
RM115 million
(AYTP) in Malaysia, XL Future Leaders in Indonesia and for the next 10 years to
Chairman of Axiata Group Berhad SmartEdu in Cambodia. As at the end of 2021, a total IAR, Our Continuing Response To COVID-19 on page 8 Axiata Foundation
(Axiata), having been appointed of 2,693 Malaysian, 1,100 Indonesian and 41 Cambodian
IAR, In Conversation With The PGCEO on page 13
on 1 January 2022. talented youths have been given the opportunity to further
IAR, How We Create Value on pages 39 to 50
develop their potential, as well as grow their skillsets and
SNCR, Social Value Creation on pages 58 to 84
It is heartening that Axiata has stayed true knowledge to thrive in the digital economy.
to its purpose of Advancing Asia throughout
the year by creating significant value for
In 2021, Axiata expanded its philanthropic outreach by
its broad base of global stakeholders. In
pledging RM115 million for the next 10 years to Axiata
pursuit of its ambition to become The
Foundation to be channelled towards its Education
Next Generation Digital Champion by
pillar which includes its signature Axiata Young Talent
2024, Axiata and its Group of Companies
Programme. The Foundation’s coverage has also been
(collectively “the Group”) remain on track in
expanded to include Community Investments – to enrich
delivering the Axiata 5.0 Vision sustainably
through strong business growth as well as and empower communities through digital inclusivity – and
operational and financial resilience. Environment – to empower communities to do their part
towards green and sustainable development, in alignment
IAR, Our Investor Proposition on page 7
with Axiata’s climate action strategy. Scan to watch a video of the
IAR, In Conversation With The PGCEO on page 13 Chairman’s Message
Nurturing young talents through our Axiata Young Talent Programme
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Championing Sustainable Growth partners. Personal data is only used for specifically Committing to Climate Action Axiata’s
Axiata is among industry leaders in adopting stated purposes, and retained only for as long as
reasonably required, while data analysis technologies
The telco industry has a unique role to play in MSCI ESG Rating
Environmental, Social and Governance (ESG) practices.
Testament to this, in 2021 the Group’s MSCI ESG Rating employ techniques for anonymisation of the data. The
addressing climate action by not just reducing
emissions within its own operations, but also upgraded
was upgraded to ‘AA’ from ‘A’, and its ESG Rating on common Group-wide policy adoption ensures that
the same high standards are practiced regionally at all
providing digital solutions that will enable our to ‘AA’
the FTSE4Good Bursa Malaysia Index (FTSE4Good) customers to achieve their emissions goals. With from ‘A’ in 2021
from three-star to four-star1. Axiata remains one of OpCos. This approach was a key driver in improving regards to the latter, Axiata’s contributions are
the Top 10 constituents by market capitalisation on the Group’s average Privacy Maturity Level by 91% to shaped by its investments in digital solutions and
FTSE4Good. 2.67 in 2021 based on the Capability Maturity Model improved network capabilities.
Integration (CMMI). FTSE4Good
In addition, Axiata has taken on board
The Group has stepped up on our commitment
ESG Ratings
Axiata’s Digital Trust and Resilience 2023 (DT&R2023)
recommendations of the Malaysian Code on Corporate
Governance (MCCG) 2021 which has enhanced the cyber security strategy has employed a comprehensive to achieve industry decarbonisation by 2050 in upgraded to
Board’s oversight on sustainability-related issues approach in protecting its digital assets by focusing on line with the GSMA’s ambition. During the year, the
Group developed its Net-Zero Carbon Roadmap
4-star1
and considerations in discharging their governance the synergy of function, Crown Jewel monitoring and from 3-star
protection, addressing new capabilities and adopting and articulated its commitment to adopt the
function. The Sustainability Steering Committee
new technologies in being future fit and building a recommendations of the Task Force on Climate-
continues to strengthen Group-wide alignment
cyber savvy culture through awareness and training. related Financial Disclosures (TCFD) Framework, both
towards achieving common ESG objectives and Group’s average Privacy
This resulted in the Group levelling up its National of which will be implemented in 2022. Axiata was also
goals. This has been executed within the Stakeholder Maturity Level based on
Institute of Standards and Technology (NIST) Cyber the first Malaysian telco to join the Science Based
Management Key Focus Area under the Operational
Security Maturity to 3.7 in 2021 on the CMMI scale of Targets Initiative (SBTi) Business Ambition for 1.5°C CMMI improved by
Excellence Pillar of the Axiata 5.0 Vision.
1 to 5, putting Axiata above the world average and campaign in 2021.
91% to 2.67
With sustainability firmly embedded within the Axiata regional averages of companies in Asia Pacific, Latin IAR, In Conversation With The PGCEO on pages 16 to 17 in 2021
5.0 Vision, it is now one of the considerations in America and Europe.
IAR, Outcome 6 on pages 49 to 50
evaluating both Group and OpCo CEOs’ Performance SNCR, Environmental Stewardship on pages 47 to 56
Scorecards. Embedding sustainability-related Key Axiata continues to diligently monitor current and
Performance Indicators (KPIs) in the Performance emerging risks within its regional operations. While
Scorecard is a key driver for the execution of Axiata’s none of the markets that the Group operates in
sustainability strategy Group-wide across its regional currently regulate net neutrality, paid peering, zero
markets. rating and related practices, Axiata ensures that
all its business practices in these areas are in full
Enhancing Digital Trust and Resilience compliance with local anti-competition legislation and
is continuously monitoring potential risks in this space.
Considering how data usage has surged in the post-
pandemic reality, Axiata has upheld its customers’ right IAR, Transparency & Accountability on pages 83 to 102
to data privacy. The Group’s T.R.U.S.T. (Transparent, SNCR, Responsible Business Practices on pages 88 to 90
Rights, Use, Security and Transfer) principles are GAFS, Building Digital Trust Through Data Privacy and Cyber
ingrained into its Privacy Policy, procedures and Security on pages 35 to 37
guidelines within the organisation and for third-party
The Smart team in Cambodia participates in an annual tree
planting initiative
Note: 1
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Engaging and Developing Our Talents Strong Leadership for Continuity of Vision Future-Proofing the Business
In creating value for our people, our focus revolves around curating On behalf of the Group, I would like to record our deepest As the pandemic continues to exert an influence on global
a Modern, Agile and Digital culture and enhancing Diversity, Equity appreciation to Tan Sri Ghazzali Sheikh Abdul Khalid for his steady recovery and instability in global politics rises, Axiata treads into
and Inclusion whilst creating enabling mechanisms for employee hand at the helm providing guidance to the Group throughout his 2022 with cautious optimism. Having found its footing in serving
wellbeing, professional and personal growth. tenure as a Board Member since 24 March 2008, and as Chairman the growing needs of digitalisation, Axiata is armed with a resilient
from 1 November 2018 till his retirement on 31 December 2021. balance sheet and a steady pipeline of corporate activities aimed
We have continued to refine the AxiataCares initiative, as part of our at capturing new growth areas.
unique employer value proposition which embodies our philosophy of His contributions have been numerous and outstanding as part of
People First, Always. Adopting a holistic approach, AxiataCares caters the founding Board that was responsible for shaping Axiata’s rise The era of 5G is unfolding across our region and with it, a new future
for the employee experience through channels that nurture mutual from its humble beginnings into the globally recognised regional of seamless and high-quality connectivity is set to redefine how we
trust between the employee and the company, fosters a conducive mobile telecommunications and digital conglomerate it is today, live, work and transact. As Axiata strides ahead to reposition the
environment of partnerships and friendships amongst colleagues and and we are immensely grateful for his stewardship and guidance. business and seize new growth, the Board is cognisant of significant
enables them to meaningfully contribute to communities externally. shifts shaping the future of telco and digital service providers. We
On a personal note, I would like to thank Tan Sri Ghazzali for enabling will be resolute in our efforts to ensure stringent monitoring and
Significant efforts and resources are also directed at honing digital
a smooth leadership transition by providing me his constructive mitigation of risks. This is key to ensuring the business remains
and innovation related competencies as well as talent development
feedback and insights between the period of my appointment as operationally resilient and agile to capture opportunities that will
programmes to accelerate our people’s development and leadership
an Independent Non-Executive Director on 29 November 2021 till further secure Axiata’s position as a trusted and reliable digital
capabilities. Axiata FastForward, our virtual university platform
the date he stepped down. partner to all its stakeholders.
featuring seven academies – Leadership and Management, Customer
Experience, Technology, Sales and Marketing, Ways of Working, IAR, In Conversation With The PGCEO on page 19
The Board is also heartened by the steady leadership that Dato’
Finance and Business and Digital – curates learning journeys based on
Izzaddin Idris has demonstrated in his first year as President and
competencies to continuously upskill and reskill our people in line with
becoming a Modern, Agile and Digital organisation. As a Group with
Group CEO, as he provides continuity in the execution of the Acknowledgements
regional presence, emphasis is also placed on building platforms to Axiata 5.0 Vision. The Group’s strong operating performance in On behalf of the Group, our sincere appreciation goes to the
facilitate cross cutting collaborations and partnerships. 2021 is testament to this. governments and regulators of Axiata’s markets of operation for
their continuous support. To the Axiata Family’s diverse regional
Diversity, Equity and Inclusion initiatives are gaining traction across Axiata has followed through with its Board Refresh Programme talents, we are indebted to you for your outstanding performance
the Group. To further infuse these values into Axiata’s culture, it to heighten its corporate governance practices by appointing in yet another challenging year. We extend our sincere gratitude
launched the Women of Axiata and Male Allies initiative for our people Nurhisham Hussein as a Non-Independent Non-Executive Director to the Group’s shareholders for their unfailing faith in Axiata’s
in March 2021, joined the 30% Club Malaysia in June 2021 towards effective 25 January 2022. We look forward to working closely with value creation abilities. As we step into 2022, Axiata reasserts its
increasing female representation at Board and senior levels, and Nurhisham and are confident his strategic insights and knowledge commitment to maintain its momentum on a sustainable value
signed the United Nations Women’s Empowerment Principles Charter will help the Group maintain its growth momentum. creation path for all its stakeholders.
in February 2022. As an example of our commitment to advancing
women in leadership, Axiata appointed four female executives into I am deeply aware of the responsibility the Board carries in
CXO2 level roles across the Group in 2021. ensuring that we continue to deliver on Axiata’s vision for the long
term and look forward to working collaboratively with my fellow Tan Sri Shahril Ridza Ridzuan
As a positive indicator that we are tackling the right areas with our Board members to sustain the Group’s value creation and growth Chairman
People and Culture initiatives, our Employee Engagement Survey trajectory.
for 2021 yielded a score of 91%, demonstrating a resilient and
highly engaged workforce across the Group despite the challenging IAR, Transparency & Accountability on pages 83 to 102
operating environments in our markets.
IAR, In Conversation With The PGCEO on page 24
IAR, Outcome 2 on pages 41 to 42
SNCR, Employees on pages 59 to 68
Note: 2
CXO refers to any Chief Officer role that reports to the CEO
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In Conversation With The President & Group Chief Executive Officer
EXECUTING F O R N E X T
Axiata Group Berhad (Axiata or the Company) and its Group Tasked with steering this regional mobile telecommunications
of Companies (collectively “the Group”) occupy a unique and digital organisation into a greener data and connectivity
position to respond to next normal needs as countries led future, we speak to Axiata’s President & Group Chief
accelerate their digitalisation efforts across its footprint. Executive Officer (PGCEO), Dato’ Izzaddin Idris to gain more
Unprecedented demand for data and converged services, insights on Axiata’s continuing plans to navigate emerging
fintech solutions and enterprise digitalisation, as well as opportunities and secure sustainable growth. At the same
the global sustainability agenda continue to shape Axiata time, Axiata is also balancing the constantly evolving dynamics
Group’s evolution in line with its purpose of Advancing Asia. In of regulatory, technological, environmental and competitive Scan to watch a video
embracing a holistic approach to deliver on its Purpose, Axiata of the President &
factors to ensure sustained returns to its shareholders.
Group Chief Executive
Dato’ Izzaddin Idris Group is well placed to help societies reduce carbon emission Officer’s Message
levels through its mobile telecommunications technologies. IAR, Key Trends on pages 28 to 29
Progressing with the Axiata 5.0 Vision

1. How did Axiata’s strategy secure growth in 2021?
Upon finetuning our strategy to reset for a vastly different Ongoing efforts to inculcate the Modern, Agile and Digital mindset
operating landscape beginning 2020, Team Axiata intensified across Axiata Group, and the empathetic approach towards Staying the course in executing the 10 Key Focus Areas of the
our pace in 2021 to execute the 10 Key Focus Areas guided by crafting our employee journeys enabled the team to adjust Axiata 5.0 Vision has enabled Axiata to deliver improvements
Three Core Pillars of the Axiata 5.0 Vision which are Sustainable well to hybrid ways of working, a decision taken in the interest across all metrics2 as depicted in the charts that follow:
Growth, Operational Excellence and Structural Changes. of prioritising employees’ safety and wellbeing throughout
the unyielding pandemic environment across our markets. We Revenue EBITDA
IAR, Axiata 5.0 Vision on page 37 remain on track towards building and sustaining Axiata as a high (RM billion) (RM billion)
performing organisation that is rapidly transforming to become 24.2 25.9 10.7 11.4
Whilst executing measures to secure future growth, management The Next Generation Digital Champion.
was intensely focused towards accelerating the business and 7.0% 7.0%
ensuring cost excellence amidst challenging macroeconomic and In ensuring a balanced outcome across our businesses, it was
regulatory factors, hyper-competition in the industry as well as also heartening that Axiata maintained positive ratings in global
continuing COVID-19 triggered uncertainties. sustainability indexes and benchmarks during the year, as we laid
the foundations to launch our Net-Zero Carbon Roadmap in 2022.
Internally, we ramped up digital transformation across the 2020 2021 2020 2021
Across the footprint, our Operating Companies (OpCos) continue
businesses to serve post-pandemic shifts as customers supporting their respective communities and governments in
increasingly sought to interact and transact digitally with getting through challenges posed by COVID-19, as well as natural
each other. Ultimately, the emphasis was on building effective disasters and emergencies. We continued to contribute positively PATAMI Underlying PATAMI
sustainable business solutions across five core areas of Axiata’s towards strengthening the digital ecosystems of the markets within (RM million) (RM billion)
digitisation framework namely: which we operate. Here in Malaysia, we also expanded the scope 365.2 818.9 0.9 1.3
and focus of Axiata Foundation to include Community Investments
• Product and Services and the Environment, in addition to the existing Education focus.
>100% 57.5% 1
• External Interfaces
• Internal Processes In terms of performance, our OpCos contributed to a healthy
• Infrastructure and Platform expansion in Group revenue as they pivoted to cater to accelerated
• Organisation and Culture data demand, connectivity and digitalisation needs across the
2020 2021 2020 2021
region. In constant currency, revenue excluding device (ex-device)
expanded by 8.3%1 to RM25.1 billion lifted by all OpCos except Ncell.
Notes: 1
Financial results % growth at constant currency 2
On a reported basis
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How did Axiata’s strategy secure growth in 2021? (cont’d)
Operational Excellence initiatives including our cost excellence programme, Collective Brain model, Driven by our cost savings initiatives, we surpassed internal targets to achieve total cost savings
and leveraging on digitisation and analytics yielded results, as Earnings Before Interest, Tax, of RM2.0 billion, of which RM696 million was opex in nature, and RM1.3 billion from better capex
Depreciation and Amortisation (EBITDA) expanded by 8.5%1 year on year (YoY) to RM11.4 billion management. However, Operating Free Cash Flow (OFCF) dropped 43.1% to RM1.9 billion largely due
mainly contributed by Celcom, Dialog, edotco and Axiata Digital Services (Axiata Digital)3. to XL’s accelerated capex and backlog capex at edotco.
Underlying PATAMI4 grew by 57.5%1 to RM1.3 billion due to improved EBITDA across all OpCos, Overall, Axiata closed the year with a resilient balance sheet as gross debt/EBITDA held at 2.6x
reduced losses from Axiata Digital and lower net finance cost, offset by accelerated depreciation of and a healthy cash balance of RM7.0 billion. With this, we are able to confidently defend against
3G assets in Celcom and Robi. market uncertainties, as well as capitalise on potential opportunities to further strengthen our value
proposition in this digital era.
IAR, Financial Resilience on pages 52 to 61
2. How is the Company tracking towards future-proofing Axiata Group?
Last year, I shared Axiata’s Investors/Shareholders perspective Progress made in 2021 towards meeting our 2024 targets.
of 5:10:20:20 to reposition ourselves as a High Dividend
Company.
Aspirational targets to reposition Axiata
Where do we stand today? I am pleased to report that we 2020 Progress in 2021 as a High Dividend Company by 2024
are tracking well, encouraged by the disciplined execution of
initiatives aimed at producing results in these six focus areas:
Year 1 Year 2 Achieve these targets within 5 years
1. Grow Revenue by > RM6 billion through contributions from
mobile, enterprise, digital businesses and infrastructure
2. Reduce Opex growth by < RM3 billion on concerted efforts
to improve data cost per GB and data margin, with voice
expected to decline to less than 5% of total cost USD0.25/ ~ USD0.23/GB Reduce cost per GB to < USD0.10
3. Reduce Depreciation and Amortisation growth by GB
< RM1 billion with the sunsetting of 3G networks and capex
optimisation
4. Reduce Financing Cost by > RM100 million through cheaper
funding, capitalising on the low interest rate environment in 9.0% 12.8% Increase Group EBIT margin to > 20%
2020 with the issuance of USD1.5 billion bonds
5. Keep Mobile Capex < RM5.5 billion (20% intensity) leveraging
on Collective Brain initiatives especially from efficiencies
identified and optimisation efforts around the Procurement
and Network functions 7 sen 9.5 sen Increase dividend per share to > 20 sen
6. Refine Financial Strategy through an optimised Capital
Allocation Framework including alignment of OpCos’
dividend policy
IAR, Financial Resilience on pages 52 to 61
Notes: 3 Established in 2014, Axiata Digital Services is the digital services arm of Axiata, whose digital business portfolio 4
Underlying PATAMI excludes forex related (forex/derivative gains/losses, hedging cost) and others
includes Boost and ADA
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How is the Company tracking towards future-proofing Axiata Group? (cont’d)
In order to catalyse long-term value creation for our shareholders, Axiata continues to expand into Thus in 2021, Axiata Group embarked on a series of corporate activities to further secure our value
adjacent businesses. Whilst the mobile business continues to be the foundation, we are also keenly proposition in supporting digital led recovery and growth.
seeking organic and inorganic growth opportunities in fixed, infrastructure, enterprise and digital.
Repositioning the business for new normal shifts
Proposed Celcom-Digi merger Disposal of 5% stake in XL to Indonesian Investor Application for Digital Bank Licence by Boost Holdings Sdn Bhd
• Synergistic benefits arising from the combination of Ferrymount Investments Ltd, a Special Purpose Vehicle (Boost) in partnership with RHB Banking Group
scale, experience, competencies and financial strength between Procap Partners Ltd and Tiga Investments • Joint application submitted in June 2021
of global telcos Telenor and Axiata, coupled with Pte Ltd • Plans in place for regional expansion and potential monetisation of
market knowledge of two well-established Malaysian • Leveraging on the principals of Procap and Tiga the fintech business
companies Investments’ extensive knowledge, experience, business
• To build a world-class Innovation Centre focusing on partnerships, linkages to the digital ecosystem, and
research and development, development of 5G use investments in and global capital markets to drive SoftBank Corp.’s investment in ADA
cases, supporting the local digital start-ups ecosystem operational synergies and further develop digital and • Leveraging on SoftBank Corp.’s network of portfolio companies to
and nurturing a knowledge-based workforce value-added services, as well as improve user experience provide digital marketing solutions
• Using funding and synergies to develop AI models for precision
targeting, invest in content analytics, and establish data platforms
Celcom’s acquisition of Infront Consulting Group (M) XL’s proposed acquisition of PT Hipernet Indodata to deliver insights and help businesses pivot for growth
Sdn Bhd and Bridgenet Solutions Sdn Bhd • Enables XL to add to its Enterprise customer coverage and
• Enhanced Enterprise proposition with two strengthen its product proposition
acquisitions – Infront for Cloud services and managed ADA’s acquisition of Awake Asia
networks capabilities and Bridgenet for cyber • Integrated eCommerce practice marries Awake Asia’s deep
security and networking solutions Dialog’s acquisition of H One Private Ltd eCommerce expertise with ADA’s media, creative and analytics
• H One is the largest reseller of Microsoft enterprise solutions to drive online sales for brands through:
solutions in Sri Lanka, and the acquisition is aimed at - Digital marketing deeply linked to eCommerce revenue generation
Proposed joint acquisition of Link Net with XL supplementing Dialog’s wide range of Enterprise solutions - Consumer data and analytics leveraged to uplift eCommerce sales
• To drive future growth by leveraging on synergies suite - Reaching vast audiences in super apps and marketplaces
between Link Net and XL through their combined
positions in wireless communication services,
edotco’s acquisition of Touch Mindscape
sharing backbone and transmission networks and
extensive customer base • Strategically adds a portfolio of approximately 1,000 tenanted towers to edotco’s operations in Malaysia, with tower portfolio in the states
• Well positioned to capitalise on the growing of Melaka, Negeri Sembilan and Pahang having high co-location ratios of 2.4x5, 3.8x5 and 3.4x5 respectively along with long-term contracts
Enterprise market, and increased exposure to high in place, thus guaranteeing recurring cash flow into the future
Average Revenue Per User (ARPU) customers, as • Strategic advantage of building towers in states it was unable to in the past
well as the fast growing fixed broadband market • Secures a strategic fibre network in the East Coast of Malaysia, backed by long-term customer contracts
2022 • Completion of the Celcom-Digi merger upon receiving the relevant approvals
and successful integration of the two businesses
• Awaiting outcome of digital banking licence application and if successful, launching its services
• Boost and ADA’s regional expansion in ramping up towards realising their unicorn status ambitions
Focus • Completion of the Link Net acquisition with XL and offering customer-focused • Alongside expansion in Malaysia and Indonesia, edotco will continue to explore portfolio
converged solutions for Homes and Enterprises in Indonesia optimisation opportunities in footprint countries in line with its growth plans
IAR, Our Investor Proposition on page 7 IAR, Our Operating Companies on pages 63 to 81 GAFS, Significant Milestones In 2021 on pages 19 to 20
Note: 5
As at 31 March 2022
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3. With these targets, how is the PGCEO Scorecard structured towards delivering the Stepping up on our Environmental, Social and
Axiata 5.0 Vision?
Governance (ESG) Commitments
The PGCEO’s performance assessment is based on the “Balanced Scorecard” approach and
4. What key ESG actions did you take in 2021?
comprises two differently weighted components - the Corporate Scorecard and the Strategic Key
Performance Indicators (KPIs) - which are designed to address business and stakeholder needs
dynamically whilst balancing short-term returns and long-term sustainability. For 2021, the two Having established a strong foundation, especially under the social and governance pillars
components were as follows: through our various national contribution initiatives since inception, Axiata is on track to develop
a focused climate action plan to further strengthen its ESG responses. Among key actions taken
1. 65% was derived from the Corporate Scorecard where the focus is on growth aspects of the in 2021 are:
business through metrics covering Revenue, Cash Flow, Profitability, Market Share and Customer
Experience. These outcome-based, quantitative indicators were aimed at ensuring the rigor of
execution to achieve short-term business targets against a challenging macroeconomic and
industry environment
2. 35% was attributed to Strategic KPIs which covers Axiata’s 10 Key Focus Areas. While a Completion of the Group-wide carbon This will be the foundation enabling us to
majority of the Strategic KPIs are outcome-based and quantifiable, selected KPIs within this inventory exercise to audit, assess and develop a Group-wide target to reduce
component are qualitative in nature. Nonetheless, each of these KPIs were carefully selected capture the full impact of our operations carbon emissions aligned to the Science
to help future-proof the business and steer the organisation towards sustainable growth in the and the ways in which we use energy Based Target Initiative (SBTi). To support
long run this agenda, the Axiata Net-Zero Carbon
Roadmap will be launched in 2022
These Corporate Scorecard and Strategic KPIs were cascaded to all OpCo CEOs and Axiata Senior
Leadership Team Scorecards to ensure seamless alignment and accountability throughout the
organisation. The foregoing framework has been in force for the past decade and is expected to
continue in the foreseeable future.
During the year, the Board approved the inclusion of Sustainability as a Strategic KPI in line with the Formalised our net-zero target commitment Began preparatory work to embark on our
requirements of the Malaysian Code on Corporate Governance (MCCG) 2021. This is in addition to by signing the SBTi business pledge Task Force on Climate-related Financial
an existing Strategic KPI to drive the national development agenda through efforts to groom local Disclosures (TCFD) journey
talents and build digital entrepreneurs. In aligning with the Sustainability KPI, I am a member of the
CEO Action Network (CAN) in Malaysia, contributing towards sustainability advocacy, capacity
building, action and performance throughout the ecosystem. Acknowledging that our networks result in carbon emissions, the Chief Technology Officer (CTO)
Council which represents all OpCos is taking into consideration our climate action agenda in
In striving for customer satisfaction, significant emphasis is placed on the Voice of Customer KPI the Network domain. Leveraging the Collective Brain model, they have incorporated efficient
that I share with OpCo CEOs to track service levels, which is reflected in market scores such as the energy use to drive a common direction towards reaching both cost reduction and carbon
Net Promoter Score and Digital Reputation Score, among others. emission targets. We are continuously seeking more efficient technologies that can be adopted
to enhance our energy efficiency. Our direction moving forward is to deploy renewables as a
In summary, my KPIs are focused on steering Axiata in its ongoing transition from a pure-play source of energy where it is practical and cost efficient.
mobile business into a diversified mobile telecommunications and digital organisation driving digital
inclusion and serving evolving connectivity needs as societies increasingly embrace the digital Additionally, Axiata’s OpCos continued with their own environmental programmes. Many of our
economy. OpCos already have in place effective product end life management programmes that provide
clear guidelines to improve material efficiency and reduce mobile e-waste. These include
edotco’s Carbon Neutrality Framework, Dialog’s Waste Management Programme, Robi’s e-Waste
Recycling Programme, as well as Ncell’s Resource and Waste Management Programme and its
IAR, CAN Case Study on page 32
Waste Management Solution.
IAR, Axiata 5.0 Vision on page 37
IAR, Net Promoter Score and Digital Reputation Score on page 43 IAR, Outcome 6 on pages 49 to 50 SNCR, Environmental Stewardship on pages 47 to 56
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5. What is the motivation behind Axiata’s SBTi commitment? Strengthening our Foundation as The Next Generation
This is an investment for the future which if not done today, will entail a higher outlay later. Digital Champion
The SBTi commitment is based on our desire to adopt widely accepted standards in emissions
reductions and net-zero targets in line with climate science. As a mobile telecommunications 6. What are the focus areas of Axiata’s transformation to become The Next
and digital organisation with a vast footprint in both ASEAN and South Asia, our investment in Generation Digital Champion?
network expansion is critical to bridge the digital divide. However, that comes with the price
of an increasing carbon footprint and it is incumbent upon us to mitigate the environmental
We set off on this transformational journey a decade ago by leveraging the digital ecosystem. We
impacts of potentially higher energy consumption from our networks and operations, whilst
expanded into digital businesses via Axiata Digital in 2013. As for our traditional mobile operators,
also implementing innovative solutions to address our energy needs.
the ambition was to transform into Digital Telcos. As we usher in the era of digitalisation and 5G, we
are strengthening our foundations towards realising our future goals by undertaking the following
initiatives:
2022
Focus 1 2
• Launch the Axiata Net-Zero Carbon Roadmap to achieve net-zero emissions no later than ‘Digitising our Core’ across all key functions Leveraging Analytics to accelerate our
2050, with a near term 2030 target to reduce operational carbon emissions by 45% from through ‘API-fication’, simplification and evolution in a way which is relevant to
the 2020 baseline process digitisation in order to achieve the dynamic and competitive landscape
Operational Excellence we operate in
Our three-objective strategy for climate action is as follows:
3 4
Transforming our IT Blueprint to an Open Moving our infrastructure and applications

Digital Architecture to Cloud, enabling us to quickly and cost
effectively scale our digital apps and touch
Decarbonising network Transforming our value Driving an inclusive points to cater to the exponential rise in
operations chain climate agenda digital service channels in the new normal,
thus providing excellent customer services
anytime, anywhere
• Embark on our TCFD journey to deep dive into our climate-related risks and opportunities
and expand our net-zero commitment to Scope 3 emissions, which covers the entire Of course, we need people with the right skillsets to drive our transformation. To this end, we reasserted
value chain of our operations control over IT Software Development by setting up our own software development and IT operations
(DevOps) company Axiata Digital Labs (ADL) which now has over 1,100 software engineering
professionals. ADL has not only reduced Group-wide development cost, but also set a standard by
transforming our Business Support System (BSS) with its middleware platforms such as the Digital
Telco Enabler (DTE) and AXP platforms, which are the bedrock of our digital stack.
Taking this a step further, we spearheaded a community of Analytics professionals, Axiata Certified
Experts (ACE), to employ a structured approach in developing our people’s Analytics skills, with the
intention of moving ‘Analytics to the Edge’. Our objective is to establish best practices in AI and Data
Governance with a reference architecture enabling interoperability and portability of codes. Leveraging
off our early success with external API marketplaces for both long and short tail businesses, we have
IAR, Outcome 6 on pages 49 to 50 built a very large community of over 50,000 developers and hundreds of short tail partners.
SNCR, Environmental Stewardship on pages 47 to 56
IAR, Outcome 2 and 3 on pages 41 to 42 and 43 to 44 SNCR, Next Generation Digital Champion on pages
SNCR, Net-Zero Carbon Roadmap on page 49 21 to 45
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7. How has Axiata improved its network in line with its ambition? 8. How far has Axiata progressed in transforming its traditional mobile OpCos into
Digital Telcos?
Our internal initiatives such as the cross-OpCo CTO Council are fuelling improvements in this area.
2021 has been an extraordinary year for our Digital Telcos which delivered over 40% YoY EBIT
growth. Advancements in this area are driven by a unique tool Axiata has developed to help OpCos
1 2 continuously up their game with respect to digital transformation.
Efficiency gains from network Collaboration amongst OpCos enable
This unique tool is our signature LEAP (Learn, Engage, Accelerate and Perform) Programme,
transformation programme better adjustment to demand shifts
a multi-year initiative designed to accelerate digitisation across all functions of the business. Since
LEAP’s inception in 2018, we have seen a total of 480 digitisation initiatives, spanning across
Standardised network planning Unified design and planning approach process automation, API-fication of our platforms and Micro-Services proliferation across multiple
methodologies and guidelines as well between OpCos has enabled Axiata Group business functions. We have also established “end-to-end digital” telco models in our OpCos,
as subsequent design reviews and to support the 40% growth in network leading examples being Celcom’s 100% digital service Yoodo, and XL’s fully digital Live.On offering.
optimisations of OpCos’ network plans have traffic in 2021
resulted in major gains including reduced Of course, monitoring our YoY performance is critical to ensure we are on track, and we are doing
cost of delivery, in terms of both capex and so with a portfolio of metrics:
opex expenditures
LEAP Digital Big Data Digital Telco AI Maturity Index

Maturity (LDM) Architecture (BDA) Model (DTM) which determines
3 4
which tracks Index to assess our which charts the our AI Maturity
Sunsetting of 3G networks ongoing Concluded three successful Open RAN the digital ability to process financial outcomes levels to create
to prepare for 4G and 5G spectrum commercial pilots to better serve rising transformation of and analyse Big achieved and scale business
efficiency connectivity needs in the region our OpCos across Data through digital impact
all functions, both transformation
In 2021 major advances were made by Formed strategic partnerships with leading front-end and across our OpCos
Celcom and Smart, as we sunsetted some global network solutions providers namely back-end
4,000 sites or 55% of our legacy networks, Mavenir and Parallel Wireless, and Infosys
compared to the previous year as systems integrator (SI) to successfully
conduct Open RAN commercial field pilots
in Malaysia, Indonesia and Sri Lanka Over the past three years, all our OpCos have shown significant progress across all these metrics.
Moving forward, we will continue to evolve our products and services, external and internal
interfaces, platform architectures, and Talent and Culture constructs, to be on par if not ahead of
global best practices in digital transformation. On a broader perspective, Axiata will focus on taking
AI to the next level of industrialised scale so that technological advancements create sustainable
business outcomes. Axiata Group will also continue to have stronger focus on data governance
and management, to ensure the highest standards of protocols and privacy protection for its
consumers while putting special focus around AI governance and ethics at the centre of its digital
agenda.
IAR, Outcome 3 and 4 on 43 to 44 and 45 to 46 SNCR, Network Quality And Coverage on pages 25 to 28 IAR, Outcome 2 on pages 41 to 42 IAR, Our Operating Companies on pages 63 to 81
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9. How are Axiata’s OpCos preparing for 5G?
An evolution from past technology, 5G is a catalyst for the future, delivering the promise of enhance products, services and experiences. With roll outs gaining traction across the world, 5G
greater speed, capacity, reliability and much lower latency. It will revolutionise how we interact is also taking off in Asia, with most of our footprint markets poised for deployment in the short to
with technology in our daily lives, transform industries and elevate user experiences to new levels. medium-term. In line with this, our OpCos continue to be supportive of national 5G ambitions in their
Enabling higher performance, improved efficiencies and real time precision, industries such as respective countries and work is ongoing to prepare for roll outs, even as we step up internally on our
agriculture, transportation and logistics, education, advanced healthcare, manufacturing, retail and digital transformation to lead our customers and communities into the 5G era. Briefly:
public service, among others, stand to benefit from 5G enabled advancements and innovations to
• Collaborated with ecosystem partners • Requested for 5G trial frequency and • Partnered with Samsung for
in preparation for 5G awaiting decision users to access Dialog’s 5G trial
• Conducted Malaysia’s 1st Voice over • Presented amended 5G Trial Plan network
5G New Radio in accordance with the Nepal • Launched Dialog 5G Innovation
• Trial calls Telecommunication Authority’s Centres in 12 Universities and
• Deployed world’s first large scale FDD revised Working Procedure 3 industrial companies to
Smart 8T8R Network with Huawei spearhead development of 5G
ecosystem
• Launched 5G trials in 15 areas • Extended partnership with digital • Secured approximately 250 5G sites
across Indonesia security provider Subex Ltd to with Digital Nasional Berhad (DNB)
• Partnered with 2 universities to strengthen risk management • Malaysia to roll out Phase 1 5G in 2022
co-develop IoT digital solutions capabilities towards launching • Installed 1st 5G In-Building Solutions for
running on the 5G network innovative 5G services DNB at Ministry of Finance
In Malaysia, on 16 March 2022 the Government announced its invitation to Mobile Network Operators Celcom together with other MNOs will work closely with the Ministry of Finance, Ministry of
(MNOs) to participate in a public-private partnership for the MNOs to acquire a 70% equity Communications and Multimedia, and DNB to further understand the implementation model,
stake in DNB, the entity tasked with driving the country’s single wholesale 5G network roll out. including the proposed shareholding offer and transaction process.
SNCR, Network Quality And Coverage on pages 25 to 28

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10. How is Axiata driving growth in the Enterprise segment?
Digitalisation is reshaping the ASEAN and South Asian regions into compelling engines of growth. In I am happy to report that our strategy is delivering results. The in-market Enterprise ICT acquisitions
order to capture opportunities arising from the rapid digitalisation throughout the more than 540 have grown our OpCos’ capabilities across Axiata’s footprint, including for Cloud engineering, cyber
million population within the region, some 75 million enterprises are leveraging on digitalisation to security and managed connectivity expertise. Our existing Enterprise business has started to scale,
drive growth and competitiveness. As at the end of 2021, our Enterprise segment throughout our with these acquisitions adding new customers across the industry segments we operate in. For
six Digital Telco operating markets are catering to the needs of around 185,000 enterprises with example, the acquisition of H One, a leading Cloud consultancy and Microsoft’s key partner in Sri
plenty of room to capture new growth in digital enablement. Lanka, supplements Dialog’s expansive suite of Enterprise solutions to facilitate the acceleration of
digital transformation for multiple flagship clients.
Over the past two years, we have launched an aggressive but focused thrust to elevate our
Group-wide Enterprise capabilities to reach market best standards. This is being driven along four To further strengthen our Enterprise proposition, in 2021 we added Google Cloud to our line up of
principal dimensions as follows: global enterprise technology partners enabling our OpCos to offer Google Workspace as part of
their integrated ICT portfolio and solution bundles to small and medium businesses. Three of our
1. Making targeted acquisitions of in-market ICT leaders in our key operating markets to leading OpCos have launched one stop SME digital kits offering simple and efficient Google solutions
augment the capabilities of our OpCo Enterprise business. We will continue on this trajectory in conjunction with government initiatives to digitalise SME business operations. Within Axiata Group,
with similar focus and discipline going forward ADL plays a catalysing role in providing the DevOps support required to drive the development of
2. Building on our acquisitions in previous years, we are establishing aggressive synergy Enterprise solutions, for example Google Cloud Platform, within all our Digital Telcos.
multipliers by combining the capabilities of our new assets with the extensive go-to-market
reach of our OpCos As we pave the way for 5G networks in our markets, we are developing Beyond Connectivity solutions
3. Securing a portfolio of best-in-class partnerships and combining with hyper-scalers and ICT for Business-to-Business (B2B) or B2B2X. We believe this specialised B2B application development
majors to deliver cutting edge IR 4.0 solutions for Enterprises within our operating markets will primarily hinge on the ability to partner or collaborate at speed and with zero-touch, with the
4. Applying consistent investment and focus to ramp up our organic skills and capabilities in likes of hyper-scalers, other telcos and local solutions providers. We have recorded key wins in some
the Enterprise space, with specific attention on sales and delivery capabilities including those of our markets where our OpCos are offering Beyond Connectivity Enterprise services that include
centred on ADL Security as a Service (SaaS), Equipment, Cloud, Data Centre, Application and IT services.
Evolving our Enterprise Solutions to Cater to Regional Demand
Offering a full suite of products and services to serve Enterprise ICT and connectivity needs Partnerships to grow
competencies with
technology leaders
Supported by ADL as our Regional Delivery Centre
Cloud resources and expertise in Track record with delivery of Cloud Equipped to provide range of
DevOps, IT infrastructure, Automation solutions in Telco, IoT platforms, fintech Enterprise Cloud solutions including
& Security & applications presales, demonstrations & workshops
2022 • Scale up to build a regional Enterprise solutions provider by leveraging on the

internal capabilities of our Digital Telcos, Digital Businesses and ADL assets
• Continue securing new technology and capability partners with extensive solutions and proven
industry transformation expertise for various verticals and smart services including logistics and
Focus • Identify potential acquisitions in Indonesia, Cambodia and Nepal to strengthen ports, healthcare and agriculture, among others
presence in those markets
IAR, Outcome 3 on pages 43 to 44 IAR, Our Operating Companies on pages 63 to 81
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11. Are Axiata’s Digital Businesses on track towards unicorn status? 12. What’s next for Boost?
Axiata’s digital story began in 2013 when we set up Axiata Digital to identify and Boost has advanced into a formidable fintech player in Boost’s 5 Pillars
acquire opportunities within the digital ecosystem that were potentially relevant Malaysia, and is bolstering its presence in the adjacent high-
to us. Since then, we have undergone three distinct phases in our evolutionary growth Indonesia market in line with its regional expansion
journey to where we stand today, where our Value Illumination strategic focus is plans. • ~ 9.7 million users
to build two unicorns.
• One of the
2021 has been an exciting year for us, as we ‘graduated’ our digital businesses In strengthening Boost, we have consolidated the five lines
of businesses that have been incubated as part of our digital
top three eWallets
and set them off on their path to profitability with the ambition of unicorn status
by 2024. We consolidated all our fintech offerings under the Boost umbrella to business growth strategy over the years. The consumer
evolve into a full spectrum regional fintech business. eWallet business was re-branded to Boost Life and has gained
As for ADA, we are currently augmenting its product and service propositions by
mainstream adoption in Malaysia as one of the top three ~ 561,000
providers in the eWallet space. We carved out our merchant
leveraging on synergies and partnerships established during the year to focus on business as Boost Biz, while the credit business that originated merchants
new growth areas which includes Enterprise solutions. with Aspirasi which pioneered the provision of loans to small
businesses and SMEs in Malaysia has been consolidated into
Evolving Axiata’s Digital Businesses
Boost Credit. In the Indonesian market, Boost Indonesia’s Disbursed
current focus is on small merchants, while Boost Connect > RM900 million in
which was originally Apigate provides Cross Border Payments.
loans in Malaysia and
2013 - 2015
Phase 1: Inception and Experimentation

Indonesia
• Acquisition of various digital and Internet ventures for learning In June 2021, the consortium formed by Boost with RHB
and experimentation Banking Group applied for a digital banking licence under the
• Investment of USD200 million framework issued by Bank Negara Malaysia. Boost has also
been steadily building its proposition as a regional fintech ~ 122,000
provider, and in March 2022 became the first fully regional
digital financier to obtain an investment grade A1 rating for its
merchants
maiden tranche of Senior Class A Medium Term Notes.
2016 - 2018
Phase 2: Growth and Expansion

• Learnings from digital ventures led to incubation of new Having run the distance in laying the foundations for a well- Serves over
structured fintech driven business, Boost is now ramping
businesses namely Boost, ADA, Aspirasi and Apigate
up towards becoming a Regional Digital Financial Services
100 digital partners
Champion with the business continuing to chalk new milestones and providing them with
in this nascent industry which promises high growth in the access to over
future. 1 billion consumers
Phase 3: Value Capture
• 2018: Sumitomo Corp invested USD20 million in ADA
2022 • Explore monetisation/fund raising in 2022 or 2023 to support Boost’s regional growth
Beyond 2018
• 2019: Mitsui & Co., Ltd invested in Axiata Digital establishing a ambitions
pre-money valuation of USD500 million Focus • Launching of the digital bank, if successful with the digital bank licence application
• 2019: Monetised minority stake digital ventures with Pegasus 7
Ventures Pte Ltd at a valuation of USD140 million
• 2020: Great Eastern Holdings invested USD70 million into Boost
• 2021: SoftBank Corp. invested USD60 million into ADA
IAR, Outcome 5 and Boost Review on pages 47 to 48 and 78 to 79

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13. What are the prospects for ADA?
ADA, our digital analytics and AI company, has always been at the forefront of digital transformation ADA is on a steady growth path, as revenue in 2021 soared by 89.4% YoY on the back of the expansion
since its inception in 2018 – recognising the opportunity to change the game for marketing and of our customer engagement business and our clients’ increased focus on digital transformation.
business operations with data and analytics. In just a short span of time, we have already witnessed With its robust digital ecosystem and support by Sumitomo Corporation as an investor as well as
the mark that ADA has made in the industry especially with the recent strategic investment of other partners, ADA is well positioned to become one of the largest digital services providers as
RM246.4 million from SoftBank Corp., enabling the company to develop and invest in more data they ride the digitalisation wave as an enabler for enterprises seeking to grow their digital maturity.
solutions to serve their clients better. The acquisition of Awake Asia also allowed ADA to deliver end-
to-end eCommerce solutions across its footprint of 10 markets in South and Southeast Asia.
SoftBank Corp.’s RM246.4

million strategic investment
3,361 engaged brands
into ADA to accelerate our
across 10 markets
analytics, data and AI digital
marketing capabilities
Merger with Awake Asia 65 industry awards, including

to expand ADA’s eCommerce 2021 Campaign Asia’s Tech Agency
solutions and footprint to the Highlights of the Year
10th market in Vietnam for the 3rd consecutive year
Marketing Solutions recorded

Revenue soared by 89.4% > 50% revenue
YoY, with Customer Engagement growth in 6 markets,
Solutions (CES) growing close to 2x doubling average revenue
per client in 2021
2022 • Identifying strategic partnerships and acquisitions as ADA seeks to become the largest
digital services provider in Asia Pacific (APAC)
• Deeper and more integrated industry-focused analytics to empower better decision
making amongst our clients
Focus • Adapting capabilities and enabling our pioneering clients into the new Metaverse frontier
IAR, Outcome 3 and ADA Review on pages 43 to 44 and 80 to 81
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14. Can you share more about edotco’s expansion plans?
edotco has progressed in its journey to become The Next Generation TowerCo by complementing its its presence to nine markets across ASEAN and South Asia with a portfolio of close to 50,000
traditional towerco products with value-added and innovative offerings. The company recorded its owned and managed towers. Coupled with the acquisition of Touch Mindscape in Malaysia involving
strongest growth in terms of Built-to-suit (B2S) and co-location in most of its markets and contributed approximately 1,000 towers, edotco has clearly been accelerating its strategy towards becoming a
approximately RM2.0 billion to Group revenue during the year. As at the end of 2021, edotco has Top Five Global TowerCo by 2024.
become the seventh largest towerco in the world based on the numbers of owned and managed
sites in its portfolio, a step closer to its ambition of becoming a Top Five Global TowerCo by 2024. Given its resilient business model and strong balance sheet, there is enough headroom to fund
edotco’s ongoing organic and inorganic expansion plans through a combination of borrowings and
In March 2022, edotco set a new milestone by penetrating into the Indonesia market through its internal funds. At the same time, we are also cautious about business risks in Myanmar and keeping
proposed acquisition of approximately 1,000 towers from XL, which upon completion will expand a close watch on further developments in the market.
On Track to Realise edotco’s Vision
Continue to deliver scale and profitability

via organic and M&A growth opportunities – delivered highest Environmental
B2S and co-location in 2021 and completed the acquisition of • Supporting Axiata’s Net-Zero by 2050
Touch Mindscape and D’Harmoni assets in Malaysia commitment
Social
Expand our strong foothold in ASEAN • Tower 2 Community (T2C) to improve
by entering the Indonesia market through the proposed
lives of communities
acquisition of XL towers
• edotco Academy to nurture innovation
Accelerated and sustainability consciousness amongst
Momentum Towards youth
Introduce 5G-ready products and services ESG as a
Becoming the • Bionic Organisation to build a future-
to strengthen our position as the preferred core enabler for
Top 5 Global ready workforce
5G network roll out partner sustainable growth
TowerCo & The Next
Generation TowerCo
Governance
Enrich our product portfolio • Anti-Bribery and Anti-Corruption Policy
to include Tower Plus solutions and continue to invest in
implemented across the board
innovative next generation towerco solutions
• Strong Health, Safety & Environment
for sustainable growth
culture
• Digitalisation to enhance governance
Leverage on Analytics • Highest standards of integrity and
for prescriptive capabilities to drive sales and compliance to protect stakeholders’
enhance customer experience interests
2022 • edotco’s foray into Indonesia has provided it with a strong foothold in one of Asia’s most sought-after tower and telecom markets
• edotco plans to aggressively pursue organic and inorganic growth to scale up its operations and cement its leadership position in the region
Focus • To realise value from its acquisitions
IAR, edotco Review on pages 76 to 77
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Leveraging Regional Synergies to Build Resilience

15. What is Axiata’s approach to drive its talents? 16. How does this Winning Culture translate into real action?
Axiata Group has been resilient and agile in responding to The Axiata Winning Culture acts as an enabler to integrate our collective knowledge, and leverage on each other’s strengths to
challenges and opportunities arising from the post-pandemic co-create solutions – in short, helping each other out as Team Axiata.
surge in digital use, as driven by our high performing workforce.
We are future-proofing our workforce through the execution Initiatives such as Collective Brain, Expert Working Group Councils and People Circles have been able to drive vast improvements
of our People Strategy which seeks to sustain an inclusive Group-wide as a result of collaborative decisions made by our OpCo leaders across ASEAN and South Asia, a true reflection of
and winning culture through high organisational effectiveness, how we are leveraging “the best of us for the benefit of all of us”. Among others, we have been able to centralise Procurement
nurturing people capabilities and maximising talent potential, negotiations, as well as streamline and harmonise Network and IT functions.
towards propagating The Axiata Winning Culture.
We are on track to achieve targeted capex and opex savings of RM3 billion to RM4 billion by 2024 through design optimisation in
The Axiata Winning Culture essentially consists of three core Network and IT, and Procurement negotiations. In 2021, we delivered on total savings of RM2.0 billion, of which RM1.1 billion was
facets – The Axiata Way to forge a unique identity in upholding derived from the Collective Brain approach. It is clear that we are sustaining our momentum to achieve our target of delivering cost
core values and leveraging on our agility and innovation to savings of between RM3 billion and RM4 billion by 2024.
deliver goals without compromising ethics and integrity; Core
Values to harmonise Group values whilst acknowledging the Business verticals have successfully adopted a collaborative approach towards their ways of working
nuances and uniqueness of each of our OpCos; and building
a modern mindset and workspace in an agile and digital Our Collaboration Platforms
ecosystem in line with our Modern, Agile and Digital (M.A.D.)
aspiration.
The Axiata Winning Culture leverages on the rich diversity

of our talents in the 11 markets we operate in, and harnesses
the spectrum of experience, knowledge and insights that our
multi-cultural, multi-gender and multi-generational workforce Expert Working Group People Function Collective Brain
possesses. In crafting our cultural constructs, we also (EWG) Councils Circles
acknowledge that our role is to bring about harmonisation
and not necessarily standardisation, as different businesses • Analytics • Performance • Harnesses the collective
and markets have their unique characteristics and nuances. • Enterprise Management & Rewards experience and capabilities
• Digitisation • Learning & Development of experts located across
• Cost Leadership • Talent Leads Axiata Group for Network,
• Sales & Marketing • Young Talent IT & Group Wholesale
• Products & Innovation • Wellbeing • Efficiencies gained
• Digital Customer • Governance through network design
Experience • Culture, Engagement & optimisation, procurement,
• Knowledge Management Diversity, Equity and digitalisation & other
Inclusion (DEI) operational aspects
SNCR, Employees on pages 59 to 68 IAR, Outcome 1 and 2 on pages 40 and 41 to 42

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Well-Poised for the Future

17. What is the outlook for Axiata?
Stepping into 2022, we are determined to sustain our growth momentum, and are imbued with a Against this backdrop, Axiata will continue riding the momentum already built in the Group-wide
sense of cautious optimism of our prospects ahead. While short-term uncertainties will prevail, signs execution of Axiata 5.0, to deliver value for both our business and stakeholders by executing the
are that the world is coming to terms with living and working with COVID-19, and it will progress from strategic priorities of our 10 Key Focus Areas. At the same time, we will augment our ESG proposition
a pandemic to an endemic phase, driven by increasingly high vaccination rates worldwide. as a responsible and sustainable organisation.
Short Term Medium Term
• Headline KPIs: Targeting mid-single digit for revenue excluding device growth driven by • Continue to seek out market consolidation opportunities across our footprint in line with
demand for data, digital content and enterprise digital transformation; substituting EBIT for new normal adjustments
EBITDA growth as a better measurement of our capital-intensive business, and have set a • Immerse Axiata in AI initiatives to future-proof the business by building an ‘AI First’
high single digit target in light of prevailing tough external conditions organisational mindset
• Capex for 2022 is targeted at RM7.1 billion across the footprint • Closely monitor emerging risks and opportunities, in line with the demands of climate
• Identify inorganic opportunities that enables Axiata to expand into adjacent areas to better change, energy transition and industry decarbonisation
serve customers and businesses, in line with Axiata 5.0 • Progress our Net-Zero Carbon Roadmap, TCFD and SBTi commitments
• Ongoing monitoring and mitigation of risks especially from regulatory challenges across • Remain committed to building a M.A.D. workforce with talent development and digital skills
footprint markets - the global chip supply shortage; uncertain macroeconomic environment programmes, and embracing the trust-based Flex@Axiata hybrid working environment
and geo-political conflicts; hyper-competition and evolving dynamics for digital/telco • Prioritise Diversity, Equity and Inclusion through our Women of Axiata and Male Allies
players; increased taxes in several of our markets; and developments in Myanmar initiative and our commitment to the United Nations Women’s Empowerment Principles
• Specifically in Sri Lanka, there are concerns on the escalating socio-economic and political Charter
crisis and its impact on our employees, customers and operations. Dialog continues to • Strengthen our position as a truly Digital Telco across our footprint through digital and
sustain its operations despite the challenges and we are closely monitoring the situation technological convergence for the Home and Enterprise segments
• Launch Axiata’s Net-Zero Carbon Roadmap and embark on our TCFD journey • With AI and IR 4.0 technologies embedded within our Digital Telco processes, manage
• Preparing for 5G roll outs and synergistic partnerships across markets, doubling down in future risks associated with AI within four major dimensions of Organisation, Customer,
high growth markets such as Indonesia and Bangladesh Workplace and Society
• Integration on track, awaiting regulatory approval for proposed Celcom-Digi merger in • Expanding our digital bank ambition and eCommerce proposition through our two digital
Malaysia businesses
• Completion of the Link Net acquisition • edotco to further strengthen its market proposition by diversifying into 5G ready towers,
• On the Ncell Capital Gains Tax matter, the arbitration tribunal set up under the rules of the products and offerings
International Centre for Settlement of Investment Disputes had postponed the hearing from • Focus on expanding edotco’s tower portfolio both organically and inorganically, as it
August 2021 to between 11-22 April 2022, with 4-5 July 2022 in reserve continues to leverage on advanced network technologies to provide innovative and
• Awaiting Bank Negara Malaysia’s approval for digital banking licence jointly applied with value-added products and services across its regional footprint
RHB Banking Group
• Seek regional expansion opportunities for Boost and ADA
• edotco remains in growth mode to increase its tower portfolio in the region
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What is the outlook for Axiata? (cont’d)
Long Term
• Our short and medium-term strategies will have strengthened our ability to accelerate our • Continue pursuing Operational Excellence and leverage on Group synergies through the
transformation as The Next Generation Digital Champion advancing the lives and livelihoods Collective Brain to become the lowest cost producer of data and deliver on our customer
of our customers throughout the region promise to fulfil their demands anytime, anywhere
• In tandem, we will focus on delivering on our fundamental Investor Proposition of a High • Driving sustainable growth will be priority as we work towards realising our targets under
Dividend Company, to provide shareholders with sustainable return on their investment with Axiata’s Net-Zero Carbon Roadmap, TCFD and SBTi commitments and continue to fulfil our
the following targets by 2024: digital inclusion and national contribution responsibilities
1. Group revenue > RM30 billion
2. edotco revenue > RM5 billion
3. Enterprise business to contribute 20% of total revenue
4. Mobile revenue comprising 80% of Group revenue
We believe that our robust business fundamentals and strong performance track record, beginning our Net-Zero Carbon Roadmap in the year ahead, which will drive our environmental
combined with our empathetic approach to become The Next Generation Digital Champion commitment to combat climate change and preserve the planet for future generations. For more
bringing meaningful value to our customers, communities and the planet sets up well to keep insight into our ESG agenda in the years to come, please refer to our Sustainability and National
delivering on our value creation promise moving forward. We are particularly excited about Contribution Report 2021.
IAR, Key Trends and Risks Linked To Strategy on pages 28 to 29 and 33 to 36
Acknowledgements
On behalf of Team Axiata, I would like to extend our sincere gratitude to Tan Sri Ghazzali Sheikh My appreciation also goes to all the Directors for their commitment in rigorously upholding the highest
Abdul Khalid who stepped down as Chairman of the Board of Directors on 31 December 2021 in line standards of governance. To all our shareholders, we thank them for their continued faith and trust
with his intention to retire. As one of the founding Directors since 2008, Tan Sri Ghazzali has played a in our ability to create value. We also wish to extend our appreciation to our stakeholders in the
significant role in contributing to the transformation of Axiata from a home-grown Malaysian company respective governments, agencies and business partners in all our markets, who continue to work
to the leading mobile telecommunications and digital organisation it is today. His exemplary service as collaboratively with Team Axiata to embrace the new digital paradigm.
Chairman, since 2018, has seen us through some of the most challenging years the world has faced,
and we are deeply grateful to him for his stewardship and guidance. Backed by our strong fundamentals we are confident that despite the challenges that lie ahead, we
will continue to engender sustainable long-term growth, as mapped out under the Axiata 5.0 Vision.
Taking his place, we are extremely pleased to welcome Tan Sri Shahril Ridza Ridzuan who took the
reins as Chairman on 1 January 2022. Tan Sri Shahril holds a distinguished record serving at some of
the most outstanding Malaysian corporate institutions. With his extensive experience, expertise and
network of relationships, we are confident he has many valuable insights to share as he guides us to Dato’ Izzaddin Idris
deliver on our stakeholders’ expectations most responsibly. President & Group Chief Executive Officer
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Connecting SMEs To The Digital Future

Utilising Cloud technology to help businesses
digitise and grow, with advanced technology
tools boosting collaboration, productivity and
generating data-based insights
AXIATA ENTERPRISE CLOUD SOLUTIONS
Our
Strategy
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Information 28
Key Trends - Our Changing World
Digital Acceleration Climate Change

Operating • Acceleration in ‘offline-to-online’ digital migration for work, education and economic transactions • Climate change agenda has accelerated with all industries, including the telco
Environment caused a surge in demand for data and digital solutions sector, committing to industry decarbonisation by 2050
• Mobile voice service marginalised as majority of users adopted Over-The-Top (OTT) voice • Acceleration in replacement of traditional energy sources with renewables across
applications all sectors
• Change in data usage profile from business districts to residential areas as more people are • Businesses’ ability to address climate-related risks is becoming an increasingly
working/learning from home important factor that banking and financial institutions consider when making
• Proliferation of customer data in a hyper-connected world has heightened the need for enhanced decisions on loans and funding
controls, transparency, security and protection surrounding data privacy and cyber security
Strategic • There is need for differentiation of Axiata’s digital telco proposition from mobile competitors by • Axiata is cognisant that if we do not heed the call for action on climate change, our
Implications leveraging on IR 4.0 technologies business will lose its credibility in the marketplace, thus damaging our reputation.
• Digital businesses primed to expand market share and further build revenue streams It also puts us at risk of non-compliance with increasingly stricter environmental
• Critical to maintain continuous network service as interruptions would lead to loss of service confidence legislation across our all our markets
and market share • The climate change agenda dovetails with Axiata’s drive for Operational
• Need to ensure that the Group upholds strong data privacy and cyber security standards Excellence As Part of Our DNA, as initiatives addressing climate risks will offer us
• By being an early mover and expanding network coverage to underserved areas, Axiata will be able both operational excellence and cost efficiencies
to capture greater market share • edotco is supporting Axiata to be net-zero through various initiatives such as
• Accelerated adoption of digital technologies will require employees to be upskilled/ reskilled renewable energy sites, tower innovation using alternative materials, sites
solarisation and a regional reforestation programme, among others
Way Forward • Harnessing Group synergies and leveraging regional presence to strengthen the value proposition of • Signed the Science Based Target Initiative Business Ambition Pledge for 1.5°C
Axiata’s digital telcos and digital businesses and plan to launch the Axiata Net-Zero Carbon Roadmap
• Aligning the Group’s Network Transformation Programme and future network strategy with sectoral • Commencing the adoption of the Task Force on Climate-related Financial
technological advancements, particularly on 5G technology Disclosures’ (TCFD) recommendations to improve and increase reporting of
• Embarking on organic and inorganic expansion opportunities for all three lines of businesses to cater climate-related financial disclosure and information
for new normal shifts • Maintaining environmental awareness and product end life management
• Offering Beyond Connectivity Enterprise solutions for B2B and B2B2X which include Security, programmes across all OpCos
Equipment, Cloud, Data Centre, Application and IT services • Seeking efficient technologies which can enhance network energy efficiency
• Building a Modern, Agile and Digital (M.A.D.) workforce with the digital, analytics and AI skills to drive and reduce GHG emissions
our Axiata 5.0 Vision • edotco to maintain its momentum towards achieving net-zero through the
• Inculcating cyber savvy culture into the workforce through cyber and data privacy awareness training edotco Carbon Neutrality Framework
and attack simulation assessments • Chief Technology Officer Council to continue leveraging on the Collective Brain
• Axiata Supplier Code of Conduct ensures that vendors and business partners adhere to a high to incorporate efficient energy use in our regional network in line with both cost
standard of data protection and compliance controls reduction and carbon emission targets
• Executing the three-year cyber security strategy, Digital Trust and Resilience 2023, to improve
processes, technology and people, under the oversight of the Axiata Board, Board Risk and
Compliance Committee and Risk and Compliance Management Committee
• Maintaining our National Institute of Standards and Technology (NIST) cyber maturity level above
the Asia Pacific and World average benchmarks and focusing on enhancing trust and resilience by
evolving to a risk-based approach in addressing cyber threats
Link to Our Strategic Response Link to Risks Our Strategic Response Link to Risks
Strategy • Market Risk • Technology Risk • Strategic & Investment Risk
1 3 6 8 5 7
and Risks • People Risk • Cyber & Data Privacy Risk • Regulatory Risk
• Strategic & Investment Risk • Governance & Compliance Risk
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Key Trends - Our Changing World
Macroeconomic Factors Regulatory Environment Hyper-competition

Operating • Heightened macroeconomic risks actuated by prolonged • Robi and Ncell successfully acquired more spectrum for 4G to • Customers more conscious of price points, service type/scope
Environment global lockdowns cope with increased consumer demand and responsive customer service
• Supply chain disruptions caused inflationary pressure on SIMs • Regulatory environment poised for 5G • Rise in data consumption offset by intense price competition in
and delay in delivery of network equipment • Policymakers returning to pre-COVID-19 policy agenda markets
• Technology sector remains exposed to broader economic including modernisation of sectoral legislation and regulatory • Telcos are facing limited incremental revenues, which combined
headwinds, with considerable pressure on working capital and framework, and development of national digital economy with rising operating costs are pressuring margins
liquidity blueprints in some markets • Intensified competition as demand for faster mobile and fixed
• As a multinational company operating in various markets, • Greater scrutiny of big tech over digital competition in the wireless connections create more viable alternatives to wired
Axiata is subject to foreign exchange risk in terms of currency region similar to anti-trust action in US, Europe and China connections, along with new opportunities for bundled service
value fluctuations may result in Asia Pacific policymakers introducing digital offerings and business models for service providers
• Escalating socio-economic and political crisis in Sri Lanka, regulations • Ever-expanding options for high-quality communication and
causing shortages in basic necessities, inflation and more than Internet services from telecom, cable, wireless and satellite
60% depreciation of Sri Lankan Rupee against the USD Internet providers are scaling up competition between diverse
players
Strategic • Economic slowdown led to customers tightening spending • Proactive regulatory management as a core component of • Renewed focus on customer experience, Digital Telco
Implications across the board Stakeholder Management under the 10 Key Focus Areas of the transformation to cater to digital and technological
• Supply chain disruptions impacting mobile handsets and Axiata 5.0 Vision convergence, and focusing on Enterprise needs for digital
network equipment could lead to future dips in revenue • Consistently partnering with industry association groups to transformation
• Currency volatility could affect earnings collectively carry our positions to regulators and policymakers • Need to enhance and improve our network in line with new
• Continue with prudent financial management to build financial • Developed public policy thought piece titled “Impact of demands
resilience policymaking and the State of mobile broadband connectivity in • Ensure that our employees have the digital skills and talents to
• In Sri Lanka, steep currency decline, heightening cost of living South Asia” used to advocate for lower sectoral taxation policies provide our differentiated products and services
and power cuts impacting employees, customers and Dialog’s for our South Asian markets
operations
Way Forward • Maintaining a strong balance sheet and liquidity position • In general throughout 2021, Axiata OpCos have improved on • Retaining focus on our regional triple core businesses which
• Continue reducing financing cost and optimising capital their regulatory compliance performance and will continue does not confine our risks to one country or one sector
structure amidst uncertain macroeconomic backdrop doing so into the future • Differentiating ourselves through an intelligent Omnichannel
• Continuing with Cost Excellence Programme by leveraging on • Proactively managing stakeholders including support from the Customer Experience (CX) and better customer service
the Collective Brain, disciplined cost management and ensuring Government of Malaysia as well as Malaysian Embassies and • Accelerating our Network Transformation Programme
capex efficiency High Commissions abroad to protect our investments overseas • Focus on the digitisation of our human capital across the
• Business Continuity Plan to address potential risks arising • Conducting joint advocacy campaigns with the GSMA, People Lifecycle by embedding digital HR and Analytics
from our footprint spanning countries across Asia, through International Telecommunication Union (ITU) and other • Towards becoming a Digital Telco, our community of Analytics
a systematic identification of critical business processes and international bodies on industry related matters professionals, Axiata Certified Experts (ACE) are developing
adequate recovery actions • Maintaining policies and procedures in alignment with the our people’s Analytics skills
• Axiata Procurement Centre monitors the performance of Malaysia Anti-Corruption Commission Act Section 17A on • Driving efficiencies and innovations through investment in
our vendors and continuously develops new relationships to Corporate Liability with appropriate control mechanisms, new technologies, initiatives focused on cost improvements,
manage potential disruptions to supply chains automated systems and staff awareness programmes in place and establishing strategic ties with OTT and digital product
• Oversee and control the Group’s treasury and funding matters • Upholding strict compliance, and fair and transparent developers to create products and services that meet evolving
• Develop hedging strategies which are governed strictly by the practices of government policies in all operating markets, with customer needs, with the aim of increasing customer wallet
treasury policies dedicated personnel and resources to constantly monitor all share, customer retention and maintaining profitable growth
• Monitor current and future outlook of the relevant economies relevant developments and maintain ongoing and courteous • Closely monitor the competitive landscape, explore and make
and foreign exchange markets relationships with governing authorities appropriate investments to upgrade our technology and
• Dialog to continue sustaining operations despite challenges platform, as well as reviewing the relevance of our products
and services to stay in the game
Link to Our Strategic Link to Risks Our Strategic Link to Risks Our Strategic Link to Risks
Strategy Response • Financial Risk • Strategic & Response • Market Risk • Governance & Response • Financial Risk • Operational Risk
and Risks • Market Risk Investment Risk • Geo-Political Risk Compliance Risk • Market Risk • Strategic &
1 4 5 10 7 1 2 3 6 8 9 10
• Operational Risk • Regulatory Risk • Technology Risk Investment Risk
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Considering What Matters
Considering our material matters enables Axiata to gain a deeper understanding of how our Our Material Matters
internal and external stakeholders perceive and respond to the key sustainability issues that
we face, and identify those that potentially have the most positive or negative impacts on our
Anchored on our aspiration to be The Next Generation Digital Champion by 2024, we ensure
efforts to create value for both our business and our stakeholders. We conduct our materiality
the way we operate integrates ESG elements. This structure guides our value creation
assessment once every two years, or when there is a significant change in our business or disclosures and narrative for our stakeholders on how we are Advancing Asia.
operating environment, with the last one led by an independent consultant in 2020. In 2021, Group
Sustainability conducted an internal annual review of our material matters to ensure its continued
relevance to the Group. The internal review reaffirmed that there were no changes to the material Our Material Matters for Next Generation Digital Champion:
matters and its prioritisation from 2020.
Sustainable Business Growth Digital Inclusion
We approach our material matters by grouping them into our Next Generation Digital Champion, Network Quality and Coverage Digitisation and Modernisation
Environmental, Social and Governance (ESG) Pillars. Our approach gives us better insights into how
our material matters are linked to ESG factors that are important to our business, and affect our
ability to execute our strategy towards achieving the Axiata 5.0 Vision. This has enabled us to embed
sustainability factors into our business model, strategy, assessment of risks and opportunities, as
well as our business operations, thus strengthening integrated thinking throughout the Group.
Our Material Matters for Our Material Matters
Environment: for Governance:
Our Materiality Assessment Methodology Environment
Climate Action Business Ethics
Guided by Bursa Malaysia’s Sustainability Reporting Guidelines and Toolkits as well as the Global and Compliance
Reporting Initiative (GRI) Standards, we employed the following process in assessing our material Resource
and Waste Next Governance Data Privacy and
matters: Management Generation Cyber Security
Digital Regulatory and
Review of Material Stakeholder Sustainability Impact Champion Political Risk
Matters Engagement Assessment
• Reviewed and • Conducted a • Conducted workshops

updated our material structured stakeholder within the Group Social
sustainability matters in prioritisation exercise to further prioritise
response to changes in • Identified the influence sustainability matters
our business landscape, and dependence of key from the business
risk environment, stakeholders perspective
internal policies, KPIs, • Obtained prioritised
emerging local and stakeholders feedback
global sustainability on sustainability matters Our Material Matters for Social:
trends, regulatory Fair Employment and Welfare Employee Health, Safety and Wellbeing Customer Service
developments and
stakeholder opinions Community Development Talent Development Emergency and Disaster Response
Supply Chain Management
SNCR, Materiality on pages 14 to 15

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Stakeholders Engagement
Axiata’s commitment to create long-term value for our ecosystem of stakeholders throughout our continuous engagements with our stakeholders which are conducted through multiple channels.
regional footprint in ASEAN and South Asia takes into account the feedback we receive from our The table below provides highlights of engagement activities and outcomes in 2020.
Customers Regulators and Government Shareholders Employees
Why They Are We value each of our customers and Our regulators and authorities specify As owners of Axiata, shareholders provide Our innovative and diverse workforce
Important the experience that they have on our the national laws and regulations that us with the financial capital needed to is essential to delivering the best digital
network, and the impact of our solutions determine the licence and scope of sustain our growth. They are entitled to experience for our customers. We drive
and services. We are committed to our activities in our respective markets receive a return on their investment and a culture of high performance and
delivering optimum performance to meet operation. They provide our OpCos be apprised of developments in the Group. accountability that attracts, develops,
our customers’ expectations and improve access to operating licences, and impose and retains the best talent to deliver our
user experience. regulatory measures which have potential business strategy.
cost implications for the Group.
How We Engage We undertake a range of surveys across We proactively engage with country We conduct an Annual General Meeting to Axiata conducts an annual Employee
our markets to understand customer regulators and authorities through industry meet and be accountable to shareholders. Engagement Survey, regular Townhalls
satisfaction levels and expectations. meetings, thought leadership platforms, We also organise regular investor and a range of digital platforms to stay
Scores are benchmarked against our and capacity building workshops to roadshows and analyst meetings to engaged with employees across the
peers, and the data analyses, among support and enable the digital ecosystem. engage shareholders on current corporate Group.
others, drive operational excellence. developments.
Matters Raised • Network quality and availability • Spectrum allocations and licensing fees • Financial performance • Long-term business strategy and
• Improving customer experience • Taxation and industry long-term • Long-term business strategy performance
• Price of packages, products and sustainability • Board composition • Career and talent development
service differentiation • Compliance with regulations and • ESG strategy and performance, which opportunities
customer service standards includes management of climate-related • Work-life balance and employee
• Information security and data risks wellbeing support which has heightened
protection • Share price performance and outlook during pandemic
• IR 4.0 and digitalisation towards the • Support of the United Nations • Pay and remuneration
Digital Economy Sustainable Development Goals • Diversity and inclusivity
• Developing local digital talents and (UN SDGs)
national talent pipelines
• Integration of Environmental, Social
and Governance (ESG) matters into
the business operations, particularly
climate change
Axiata’s • Be the lowest cost producer relative to • Investing in the development of local • Transparency in corporate reporting and • Providing job opportunities to local
Response our customer promise telecommunication infrastructure disclosures through multiple platforms, citizens
• Drive operational excellence in relation • Contributing directly and indirectly and sharing of these reports for wider • Group and OpCo Talent Development
and Results
to customer expectations to the development of the local and public awareness programmes
• Creating digital lifestyle products and regional digital economy • Briefings and engagements with • Transforming towards a Modern, Agile
self-service customer care solutions • Supporting digital innovation funds to shareholders on emerging topics in the and Digital (M.A.D.) organisation
• Support during the pandemic for drive the development of local and industry and national landscape
customers – for remote assistance on regional digital ecosystems
products, product deals and packages, • Deploying world-class cyber security
and reliable connectivity and data privacy practices
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Stakeholders Engagement
An Illustrative Case Study of Our Industry
Engagements in 2021: CEO Action Network
(CAN) Malaysia
Community Media Suppliers
Background
Why They Are We are present in a diverse and fast The media provides a platform to Our suppliers provide us business critical
Established in 2020, CAN is a closed-door
Important developing economic region. We communicate with our key stakeholders products and services that enable us to coalition of peer-to-peer business leaders
recognise that strong community and local communities. Media channels drive our business strategy. We work comprising CEOs and Board members of
participation and engagement is allow us to promote new products and in partnership to deliver best value for major companies in Malaysia. CAN aspires to
needed as part of our social licence to services, corporate announcements and our operations as well as develop their catalyse the integration of ESG into business
operate. thought leadership. capabilities and capacity. models to create an ecosystem for sustainable
businesses and sustainable development. It is
following through on this through a dedicated
Working Group, Workstreams and members
How We Engage Building relationships with the We engage with the media through We conduct engagements with key
actively driving initiatives addressing three
community through partnerships with interviews, press releases, conferences suppliers to understand solutions and
focus areas of advocacy, capacity building
local NGOs to foster digital inclusion and other engagement activities. services that can drive operational and sustainability performance.
initiatives, corporate responsibility excellence. We recognise outstanding
programmes and needs assessment of suppliers through the Biennial In 2020, Axiata Group became one of
local stakeholders. We communicate Axiata Supplier Awards, and address the 54 members of CAN and have been
our initiatives through digital and print opportunities for improvement during actively participating in the Policy Advocacy
media. performance management and the Workstream. We are also engaging with
Annual Supplier Forum. various stakeholders including our supply
chain, regulators and policy makers, the
government, and our cross-sectoral peers to
Matters Raised • Support of the UN SDGs • Corporate developments • Performance against Supplier Code of share industry best practices and strategies
• Building capacity of future leaders • Financial and market performance Conduct that can future proof companies.
• Pre- and post-disaster assistance • Industry trend and issues • Emerging corporate developments and
• Addressing local social needs • Technology breakthroughs understanding the long-term strategy The Issue
• Developments in digital connectivity • National policy matters • Opportunities for vendor development • The Climate Change agenda requires urgent
and of the wider digital ecosystem for • Supplier support and continuity of action through an ‘All of Government and
society at large during the pandemic services during pandemic Whole of Society’ multiple stakeholder
approach to effectively mitigate and limit
Axiata’s • Digital and Financial Inclusion initiatives • Providing regular performance, • Sourcing local vendors environmental impacts
covering aspects of digital skills, and network and Mergers and Acquisitions • Supporting the Bumiputera • With almost 70% of ESG impacts arising from
Response
businesses’ supply chains, it is necessary to
and Results digital connectivity and inclusivity updates Empowerment Agenda in Malaysia
elevate SMEs’ awareness and focus on the
• Disaster Management and Response • Implementation of the Axiata 5.0 to build local, regional and global
importance of ESG factors to reduce risks
initiatives Vision to advance our digital footprint champions and obtain their support to achieve targets
• Developing national talent towards • Verticalisation of procurement services
becoming future leaders across the Group to provide scale Our Response
• Established Digital Innovation Funds in • Supporting local direct and indirect In September 2021, Axiata joined CAN
three countries to spur innovation and employment through our supply chain members to publicly pledge to 14 Collective
local entrepreneurship • Value chain discussions for telco Commitments covering the three categories
industry to operate during pandemic as of environment, people and governance. We
an essential infrastructure service have committed to achieving our goals by
2023 or within three years of becoming a
member of CAN.
SNCR, Responding To Our Stakeholders on pages 16 to 18
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Our Risks Linked To Strategy
Financial Risk Risk Level: Market Risk Risk Level: People Risk Risk Level:
Risk Category Financial Risk Strategic Risk Operational Risk

Risk Movement Increased in 2022 Unchanged Unchanged
Context • Exposure to foreign exchange (forex) currency volatilities across 11 • Operating in emerging markets with challenging • Increasing demand for digital and compliance-based
markets of operation, specifically the socio-economic and political crisis macroeconomic and geopolitics talents
in Sri Lanka • Fragmented market structures and high infrastructure • Loss of key talents remains a pressing concern
• Exposure to funding and cashflow constraints in anticipation of Merger costs • Health and safety of all employees are a key priority,
and Acquisition (M&A) activities, as a result of limited balance sheet • Rapidly advancing IR 4.0 and telco technologies largely due to COVID-19
headroom
• Challenging COVID-19 operating environment could cause difficulties in
meeting financial targets
Impact • High risk impact • High risk impact • High risk impact
• Inability to pay shareholder dividends, ensure sustainable growth and • Failure to meet financial targets will affect profitability • Business disruption
continue as an ongoing business concern and competitive ability, with greater cost leakages
Mitigating Risk Owners: Axiata Treasury Management Centre Risk Owners: OpCo CEOs Risk Owners: Group People Division
Actions and • Closely monitoring forex movements and formulates hedging strategies • Aggressive M&A, focusing on industry consolidations • Active talent hiring agenda and robust talent
Opportunities to minimise exposure on foreign loans in targeted markets development programmes
Arising • Monitoring Gross Debt/EBITDA level to ensure it is within the set threshold • Seeking opportunities for telco infrastructure sharing • Competitive salary packages benchmarked against
• Revisiting investment/funding plans, reviewing product plans, monitoring to reduce investment costs peers, attractive performance-based rewards and a
OpCo dividend policy and setting financial guardrails • Investing in new technologies for the competitive positive working environment
• Reviewing business structure to identify business leakages and enhance edge • Imposing stringent working protocols and SOPs for
the business model • Establishing strategies with digital players to meet Work-In-Office and Work-From-Home arrangements
• Closely monitoring developments in Sri Lanka and impacts on Dialog’s evolving customer needs and reap higher revenue to combat COVID-19
business, as well as in Myanmar on edotco’s business, where the latter’s yield per customer • Enhancing the AxiataCares programme at Group and
potential impact to the Group is less than 5% of our net assets OpCo levels
• Whilst developments in Ukraine have no direct impacts on our businesses
as yet, we are closely tracking the likely indirect impact of the conflict
Key Risk • Composition of local vs foreign currency borrowings across all OpCos • ROIC < WACC • Turnover rate
Indicators • Gross Debt/EBITDA level • Achievement of cost savings target • Employee engagement survey
• OpCos actual vs budget financial performance
Changes for • Strengthened the monitoring of internal processes and governance • Improved ways of doing business • Improved employee wellbeing programme
2021 • Reviewed business plans to maximise business outputs/profitability • Strategic move towards digitisation and digital • Tightened SOPs and daily tracking of employees’
whilst enhancing business cost optimisation initiatives markets health declaration
• Enhanced AxiataCares programme
Link to Our Strategic Response Our Strategic Response Our Strategic Response
Strategy
1 2 3 9 2 3 4 9 3 4 7 8
and Material
Matters Link to Material Matters Link to Material Matters Link to Material Matters
• Sustainable Business Growth • Network Quality and Coverage • Talent Development
• Emergency Disaster and Response • Customer Service • Fair Employment and Welfare
• Data Privacy • Employee Health, Safety and Wellbeing
• Digital Inclusion
• Sustainable Business Growth
• Business Ethics and Compliance
• Regulatory and Political Risk
Risk Level: Medium Level Medium to Medium High Level Medium High Level High Level
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Geo-Political Risk Risk Level: Strategic and Investment Risk Risk Level: Technology Risk Risk Level:
Risk Category Strategic Risk Strategic Risk Operational Risk

Risk Movement Unchanged Unchanged Unchanged
Context • Political instabilities, civil unrest and other social tensions • Industry restructuring and rationalisation via market • Continuous investments in new technologies, upgrades and
• Adverse regulatory changes and uncertainty in policy convergence and consolidation equipment
making • Challenges and investment cost of growing the digital and • Rapid technological advances may result in premature
Enterprise business obsolescence of key technology and equipment before
their end life cycle
Impact • High risk impact • High risk impact • High risk impact
• Disruption of business operations, with negative market • Sustainable business growth • Business disruption
sentiment eroding investor confidence in the longer term
Mitigating Risk Owners: OpCo Management, Group Regulatory Risk Owners: Mergers and Acquisitions Committee, Risk Owners: Group Technology
Actions and • Closely collaborate with OpCos to track market geo-political Group Corporate Development • Constantly reviewing and refreshing our technology to
Opportunities developments, and tap into their local expertise, familiarity • Active M&A activities balanced by robust due diligence remain relevant whilst maintaining financial prudence
Arising and connections to assess changing scenarios to evaluate, manage and anticipate potential risks and • Future proofing is a critical criterion in network equipment
• Maintain a neutral stance and foster healthy government challenges selection and built into the procurement process
relations across all markets • Post-acquisition transitional teams to ensure alignment and • Increasing digitisation and automation efforts to ensure
• Contribute to national socio-economic development through adoption of Axiata’s organisational, operational and cultural optimum technology utilisation
various CSR programmes values • Proactively conducting studies on technological
• Seeking out opportunities for infrastructure sharing to advancements, especially in 5G, while charting future
manage cost whilst maintaining strategic alliances network strategy
• Closely monitoring the market landscape to anticipate • Monitoring the implementation of various systems and
other developments that may heighten competition applications across all divisions and seeking out opportunities
for consolidation and synergies
Key Risk • General elections and key geo-political events that may give • ROIC < WACC • ROIC < WACC
Indicators rise to political instability and civil unrest • Digitisation and automation across all functions
Changes for • Improved monitoring processes of key geopolitical events, • Improved due diligence exercise with the increased • Improved processes and internal control
2021 and anticipating emerging risks importance of non-quantitative factors, especially
anti-bribery and anti-corruption compliance and due
diligence
Link to Our Strategic Response Our Strategic Response Our Strategic Response
Strategy
1 3 7 8 1 3 6 7 8 9 10 2 3 4 5 6
and Material
Matters Link to Material Matters Link to Material Matters Link to Material Matters
• Sustainable Business Growth • Network Quality and Coverage • Network Quality and Coverage
• Business Ethics and Compliance • Customer Service • Digital Inclusion
• Talent Development • Digital Inclusion • Digitisation and Modernisation
• Fair Employment and Welfare • Sustainable Business Growth • Supply Chain Management
• Regulatory and Political Risk • Digitisation and Modernisation • Community Development
• Community Development • Talent Development
• Supply Chain Management
Risk Level: Medium Level Medium to Medium High Level Medium High Level High Level
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Regulatory Risk Risk Level: Cyber and Data Privacy Risk Risk Level:
Risk Category Compliance Risk Operational Risk

Risk Movement Unchanged Unchanged
Context • Broad range of telco regulations, depending on market maturity • Maintaining customer data confidentiality, integrity and system availability
• Potential increase in tax and levies imposed by the relevant regulatory bodies • Providing protection against cyber security attacks and data privacy breaches
• Inspiring customer confidence, and digital trust and resilience as a competitive differentiator
Impact • High risk impact • Service interruption resulting in loss of service confidence and market share
• Policies and regulations could disrupt business operations, impair returns and long-term • Business disruption, and exposure to penalties for breach/leakage of confidential information
growth prospects, as well as limit our flexibility to respond to market conditions, competition and non-compliance of regulatory requirements such as the Personal Data Protection Action
and new technologies 2010
• Compromising customers’ confidence may lead to business loss
Mitigating Risk Owners: Group Regulatory Risk Owners: Group Risk and Compliance
Actions and • Collaborating with other telco players to present a united voice advocating strict compliance, • Maturing cyber security and data privacy across all OpCos against global benchmarks and
Opportunities and fair and transparent policies best practices by adopting and aligning to internationally recognised standards such as the
Arising • Active engagements and dialogues with regulatory and government officials to anticipate NIST Framework, IAPP1/ CIPM2 and CMMI3 based Privacy Maturity models
emerging regulations, and address and highlight concerns of the telco sector, to advocate • Establishing a long-term Data Privacy and Cyber Security Strategy Framework and Roadmap,
sustainable regulatory regimes ensuring alignment and standardisation across all OpCos to meet strategic objectives
• Participating in government consultations and industry events, to foster collaboration and • Embedding Cyber Security and Data Privacy controls by design across all business facets by
knowledge sharing for best industry policies and practices incorporating the related standards and requirements in:
• Dedicated Subject Matter Experts (SMEs) to monitor regulatory compliance at Group level - Protecting our hardware and software
and across all OpCos - Improving Training and Awareness
- Reducing third-party risk through the Supplier Code of Conduct and improved contract
clauses
- Periodic automated assessments and remediation to identify gaps
• Incorporating Cyber Security and Data Privacy performance metrics into OpCos’ KPI
scorecards
Key Risk • Regulatory Compliance scorecard • Monitoring cyber-attacks/breach/incidents and their impact on business operations
Indicators • Emerging regulatory requirements and government policies that may impact our business • Maturity level assessment defined in the Cyber Security and Data Privacy scorecard across all
• Record tax hike/pressures and penalties across all OpCos OpCos
• Measuring the mean time to respond on cyber events and its improvement trends
Changes for • Improved regulatory compliance monitoring and insights • Expansion of scope of processes and internal controls
2021 • More agile responses in adopting and adapting to adverse regulatory changes • Improvements in monitoring use-cases and response plans
* Use of automation for improvements in scale, speed and repeatability
Link to Our Strategic Response Our Strategic Response
Strategy
4 7 2 3 4 7
and Material
Matters Link to Material Matters Link to Material Matters
• Network Quality and Coverage • Network Quality and Coverage
• Data Privacy • Customer Service
• Digital Inclusion • Data Privacy
• Sustainable Business Growth • Sustainable Business Growth
• Climate Action • Business Ethics and Compliance
• Business Ethics and Compliance • Regulatory and Political Risk
• Digitisation and Modernisation
• Regulatory and Political Risk
• Resource and Waste Management
Notes: 1
IAPP = International Association of Privacy Professionals 3
CMMI = Capability Maturity Model Integration Risk Level: Medium Level Medium to Medium High Level Medium High Level High Level
2
CIPM = Certified Information Privacy Manager
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An Illustrative Case Study on How We Identified and Mitigated

Operational Risk Risk Level: Governance Risk Risk Level: against Anti-Bribery and Anti-Corruption (ABAC) Risks
The Issue
Risk Category Operational Risk Compliance Risk
Following the introduction of Section 17A of the Malaysian Anti-
Risk Movement Unchanged Unchanged Corruption Commission (Amendment) Act 2018 that came into effect
in June 2020, there was a need to review and monitor the Gifts,
Context • Complex end-to-end telco business with three distinct • Ensuring high ethical standards and good corporate
Donations and Sponsorships (GDS) transactions across Axiata Group.
business segments of Digital Telcos, Digital Businesses and governance To strengthen governance, the GDS Policy and GDS Committee
Infrastructure • Section 17A of the MACC4 Act came into effect in June 2020 were introduced in June 2020. However, the manual review process,
• Supply chain disruptions due to global lockdowns imposed and has taken centre stage in corporate governance focus document record-keeping and approval poses a risk of human error,
as a result of the pandemic • Heightened investor focus on ESG risks inconsistencies of record-keeping and operational inefficiencies.
Impact • High risk impact • High risk impact
Our Mitigation Plan
• Business disruption • Loss of investors’ confidence
• Potential material penalties in the event of breach/ To mitigate these risks, we rolled out a digitisation initiative in 2021 to
non-compliance with the MACC Act related to ABAC automate the process. Our aims were to improve lead time, transparency
and reporting, as well as process GDS transactions across Axiata Group.
Mitigating Risk Owners: Group Technology, Group Procurement Risk Owners: Group Risk and Compliance, Group People Known as the VITAL system, its name is in line with the VITAL values and
Actions and • Monitoring vendor performance, especially for major and Division, Group Sustainability principles embedded in our ABAC Policy.
Opportunities high risk vendors • Axiata’s Code of Conduct guides personnel conducting
Arising • Monitoring supply availability, according to current and business for/on behalf of the Group
future needs • Implementation of Group-wide Corporate Compliance
• Exploring alternative vendors to reduce dependencies Programme to build strong governance in conformance Gift, Donation
• Establishing clear Business Continuity Management (BCM) to the TRUST principles defined in the MACC Act, and & Sponsorship System
plans to address supply chain risks, disruptions, and strengthening Axiata’s compliance maturity System Login
the business recovery strategy based on multiple crisis • Establishment of a strong governance structure with the
simulation scenarios BRCC and the Risk and Compliance Management Committee
• Establishing the Sustainability Steering Committee and Email
developing the Sustainability Roadmap ensuring Group- Features of
Approval The VITAL
wide efforts towards common goals System Request
Form
Key Risk • Service/supply disruption and business downtime • Non-compliance/breach cases/deviation from Group’s
Indicators • Performance of major and critical vendors governance policy instruments
Automated
• Bribery and corruption charges that may lead to corporate Business
liability charges Process Status
• Regulatory fines Tracker
Changes for • Improved supply chain management strategy • Improved the governance structure, process and culture,
2021 • Strengthened monitoring process to specifically manage especially in the area of ABAC compliance
COVID-19 impacts and government sanctions imposed on
identified high risk vendors Value Created
• Increase operational efficiency when executing GDS related
Link to Our Strategic Response Our Strategic Response transactions process
Strategy • Ease the process and mobility of doing business with both web and
and Material 3 4 7 8 3 7 8
app based features
Matters Link to Material Matters Link to Material Matters • Track and monitor the completion status of all GDS transactions logged in
• Network Quality and • Digitisation and • Data Privacy • Enable cross-referencing and checking to ensure no overlap of
Coverage Modernisation • Sustainable Business Growth transactions thus reducing fraud risk
• Customer Service • Community Development • Climate Action • Store all related supporting documents in a secured environment
• Track patterns, outliers of the GDS transactions recorded and
• Data Privacy • Employee Health, Safety • Business Ethics and Compliance
provide valuable insights to management of key high risk areas that
• Digital Inclusion and Wellbeing • Regulatory and Political Risk
may require attention
• Sustainable Business Growth • Emergency Disaster and • Resource and Waste Management
• Generate automated reporting across the Group thus allowing
• Supply Chain Management Response consistency and depth of information being reported to the GDS
Committee
GAFS, Statement On Risk Management And Internal Control on pages
Note: 4
MACC = Malaysian Anti-Corruption Commission Risk Level: Medium Level Medium to Medium High Level Medium High Level High Level 25 to 32
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Evolving And Adapting Our Strategy To Capture New Normal Growth Opportunities
Axiata’s journey towards becoming The Next Generation Digital Champion by 2024 is steered through the execution of our Axiata 5.0 Vision
Our strategy guides us towards developing an inclusive regional connectivity and digital ecosystem We are stepping up on core competencies and organisational efficiencies, and contributing
that empowers communities and businesses to build a better future for themselves. With the digital towards strengthening digital ecosystems in line with our goal to drive long-term value creation.
age having firmly arrived, our three core businesses are primed to serve new normal shifts and Having built positive traction through the Group-wide execution of Axiata 5.0 over the past three
demands, to continue delivering strong growth momentum. years, we remain committed to disciplined execution of our strategy to deliver on our promise of
inclusive and sustainable growth in line with our purpose of Advancing Asia.
VISION
The Next AXIATA 5.0 VISION: 3 CORE PILLARS AND 10 KEY FOCUS AREAS
Generation SUSTAINABLE OPERATIONAL STRUCTURAL

Digital GROWTH EXCELLENCE CHANGES
Champion
by 2024 1 Positioning for New
Norms
4 Cost Management
To be the lowest cost producer of data
9 Industry Consolidation
Explore Mergers and Acquisitions
Emerging as the winner among and deliver on our Customer Promise where opportunities arise
the gainers by optimising assets,
ASPIRATIONS
accelerating digital and managing
Digital Telcos interfaces 5 New Engagement Model 10 Portfolio Optimisation &
Transform from Mobile-Centric Transformation via the virtual Value Illumination
Telcos to Converged Digital centralisation of the Collective Brain Driving organic growth and identifying
Operators, to become #1 or strong
#2 in all our markets
2 OpCos Transformation strategic inorganic transactions
Each OpCo to zero in on key focus
areas to achieve long-term strategic 6 Digitisation & Analytics
Digital Businesses objectives
Leveraging on Data Analytics, AI and
Create 2 “Unicorns” ML as a core differentiator
Infrastructure 3 New Growth Areas

Capturing double-digit growth in 7 Stakeholder Management
Top 5 Global TowerCo
Greater focus on regulatory and
Enterprise, Home and Digital Value
sustainability matters and our role as
Added Services
nation building partners
8 Organisation 5.0
IAR, In Conversation With The PGCEO, Reimagining and refining evolving
Key Trends and Our Risks Linked To competencies
Strategy on pages 13 to 26, 28 to 29 and
33 to 36
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Advancing Healthcare For Everyone

A digital healthcare and wellbeing assistant in
Nepal that connects with doctors, therapists
and lifestyle advisors
NCELL TELEMEDICINE
How We
Create Value
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Our Value Creation Model
INPUT OUTPUT OUTCOMES
• Gross debt/EBITDA ratio of 2.6x illars and 10 Ke • Differentiated 1.

ore P yF
FC • Debt Equity Ratio of 1.6x : 3C oc connectivity services Delivering Long-Term Value to
• Operating expenses of RM14.5 billion a 5.0 us
Ar Shareholders IAR, page 40
at ea
• Capital expenditure of RM7.2 billion xi s • Seamless connection
A
• More than 13,1811 employees from • Comprehensive digital

2.
platforms for businesses
HC 42 nationalities across Asia IAR, page 37 Building a Modern, Agile and
• RM195 million spent on talent Ou Digital Asian Talent Factory IAR, page 41
O S • Data-driven digital
development since 2009 Ad r Pu LC
va TE advertising
n c r p os L
i ng TA
e GI
• Data privacy, cyber security and As DI • Differentiated 3.
ia
IC information security initiatives connectivity services Becoming a Trusted and
Our Aspirations
• Investment in digitisation and Reliable Digital Partner IAR, page 43
modernisation initiatives Our Vision
• Enterprise solutions/IoT
The Next Generation BUSINESS DIGITAL
Digital Champion by ACTIVITIVES BUSINESSES
• 2021 Brand Power Results: 2024 • Reliable network 4.
SRC - #1 in Sri Lanka, Bangladesh, Cambodia availability Supporting Governments and
& Nepal IAR, page 45
y, Communities in Our Markets
s rit
- #2 in Malaysia & Indonesia
a lue nteg ce IN
FR
• Fibre connectivity
rV gI an AS
Ou misin r form TR • Sustainable network
• 25,898 towers owned by edotco ro e UC 5.
P O u r G oa l s
MC • 19,084 towers managed by edotco mp nal TU tower solutions
co io RE Enabling Digitally-Connected
• Group-wide BTS infrastructure2 Un cept Societies IAR, page 47
• Group Plant, Property and Equipment Ex • End-to-end tower
(PPE) value of RM27.0 billion management services
Ne In A • Adverse Output: 6.
• Direct energy consumption of l ig n m la rs nc
e
ent With ESG Pil
xt
Ge na By-products: GHG Minimising
NC 0.87 million GJ ne
ov
er IAR, page 49
rat
i | G emissions Environmental Impact
• Indirect energy consumption of on
D ig c ial
ital C | So
6.72 million GJ ha m pion | Environment
TRADE-OFFS
Financial Capital (FC) Human Capital (HC) Intellectual Capital (IC) Social & Relationship Capital (SRC) Manufactured Capital (MC) Natural Capital (NC)
• Used our FC across all our capitals • Invested FC in training and • Invested FC in new technologies, • Expended HC manhours through • Enhanced MC by investing FC in • Energy consumption of our MC has
to sustain business growth development to drive digital skills digitisation and analytics, AI/ML volunteerism activities and FC to network upgrades and expansion negative impacts on NC
• Leveraged on our IC of Collective amongst our workforce, thus and Analytics at the Edge, thus support community programmes • Improved seamless user experience • Invested FC in IC for more efficient
Brain to drive cost optimisation to improving our IC and HC enhancing our IC in the longer term and initiatives from upgrades led to better technologies towards efficient
improve FC management • Our IC of Flex@Axiata offers • Our robust IC has enabled us to • Continued to grow our SRC by customer experiences to improve energy use in our MC of networks
• Continued paying dividends to employees remote working options expand and enhance our suite of helping communities to cope SRC and buildings
shareholders, thus boosting our via digital platforms thus further products for Consumer, Home and with the impacts of the COVID-19 • As we invest in MC, we are also • Invested our IC and FC to draw
SRC supporting IC Enterprise segments, to capture pandemic investing in advanced technologies up the Axiata Net-Zero Carbon
• In the longer term, FC spent on new normal opportunities which • Engaged with industry peers, to future proof ourselves, thus Roadmap to achieve net-zero by
wages for HC efforts to achieve the will augment our FC and improve regulators and governments improving IC 2050, thus enhancing our NC, MC,
Axiata 5.0 Vision will shore up our SRC in the longer term to contribute to sustainable SRC, IC and FC in the longer term
SRC, FC and IC • IC investments in shoring up data development through our
privacy and cyber security is key partnerships and thought
to inspiring customer trust, thus leadership, thus boosting SRC, IC
boosting our SRC and FC in the longer term
Note: 1 As at 31 December 2021 IAR, Our 6 Capitals on the Navigation page

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Outcome 1: Delivering Long-Term Value To Shareholders
How We Measure and Communicate Our Value

Our Value Creation Goals
• Maximise shareholder value by maintaining sustainable dividend Revenue EBITDA Normalised PATAMI Cash Balance
payout (RM billion) (RM billion) (RM billion) (RM billion)
• Sustained long-term business growth and profitability by ensuring 24.6 24.2 25.9 10.6 10.7 11.4 0.96 0.87 1.3 4.2 7.2 7.0
financial resilience
Activities and Processes to Create Value

• Achieved cost excellence with RM2.0 billion in savings, including
RM1.1 billion from Collective Brain initiatives 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
• Aligned OpCos’ dividend policy and payout ratio to support

Axiata’s aspiration to become a High Dividend Company by Dividend Per Share (DPS)/Dividend Payout Ratio (DPR) Cost Savings
2024 (RM billion)
• Disposed 5% stake in XL to Indonesian investor Ferrymount 9.0 sen + Special
2021: 2.0
Investments, bringing global and digital business partnerships to DPS Dividend of 7.0 sen 9.5 sen
further develop XL’s digital and value-added services 0.5 sen
• ADA closed its second round of funding, with RM246.4 million
investment from SoftBank Corp. which established a valuation
of > RM1 billion 2020: 1.8
DPR 1 86% 74% 66%
• edotco Malaysia completed the acquisition of Touch Mindscape
Group in December 2021 to bolster position in Malaysia
• Lower financing cost by taking advantage of the low interest
2019 2020 2021
rate environment through the 2020 dual-tranche offering of a 2019: 1.3
10-year Sukuk (issued at 2.163%) and 30-year Euro Medium Term

Notes (issued at 3.064%) Gross
• Monetised higher demand for data and content arising from debt/
change in consumer usage patterns amidst the pandemic with 2019 2020 2021
EBITDA With operational excellence as a Key
improved products, reliable network and strong distribution 2.4x 2.6x 2.6x
ratio Focus Area of the Axiata 5.0 Vision,
• Strengthened Enterprise offerings beyond connectivity with ICT
the Cost Excellence Programme
solutions, to ride on the digital transformation wave amongst
businesses continued to
• Activated new spectrum in Sri Lanka and Nepal leading to deliver strongly with
improved 4G network capacity and coverage, thus enhancing
competitiveness
Credit Ratings
Moody’s
RM2.0 billion savings
in 2021 across capex and opex
2019 2020 2021
Connectivity & Interdependencies in Our Business Model 2021
Baa2 Baa2 Baa2
Capitals Material Matters Collective Brain savings of
RM1.1 billion
S&P
FC SRC Sustainable Business Growth
2019 2020 2021
4P Goals Stakeholders BBB+ BBB+ BBB+
Performance Shareholders Media
Note: 1
DPR - Dividend Payout Ratio excluding special dividend IAR, Financial Resilience on pages 52 to 61
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Outcome 2: Building A Modern, Agile And Digital Asian Talent Factory

• Talent development platform geared towards being a Modern, Agile and Digital
(M.A.D.) Asian Talent Factory Advancing as Next Generation Digital Champion ACE, AGA & Axiata FastForward - AI & Analytics Talents
• Attract and retain talented employees • LEAP Digital Maturity Currently 177 data professionals,
• Diverse workforce with multiple opportunities for career advancements - 3 out of 6 OpCos at ‘Digital Leader’ stage targeting to certify 212 by end 2022
- 3 out of 6 OpCos at ‘Driving Digital’ stage Data Scientists
• Big Data Analytics Index 52
2022
Target
- Group Big Data Maturity improved to 92%9 in 2021 96
Activities and Processes to Create Value 44
from 87% in 2020
• Built a collaborative culture of digital and innovation through programmes and Cloud Engineers
- All OpCos are classified as Innovative Leaders based
platforms such as LEAP1, Collective Brain2, FastForward3 and Synapse4 2022
on TM Forum Global Big Data Analytics Maturity 29
Target
• Achieving operational excellence through the AI@Scale initiative driven by 75
Framework 44
AGA5 and creating an AI-first organisational mindset via ACE6
• Driving a robust data privacy and cyber security culture through a combined • AI Maturity Index Data Engineers
training programme and international standards based independent maturity - Group-wide average AI maturity increased from 24
2022
Target
assessment 29% in 2020 to 47%10 in 2021 55
31
• Leadership skills and internal talent development programmes of GAP7 and - 3 OpCos at Level 4 and advancing while the
OADP8 Data Analysts
remaining OpCos have demonstrated accelerated
• Introduced the Axiata Way, our unique identity where we take a balanced 26 2022
growth in maturity levels Target
approach to achieve our goals, without compromising our ethics and integrity 75
- All OpCos are well positioned to adopt an AI Factory 49
• Flex@Axiata for flexible working arrangements
approach to use case development Analytics Translator
• Workplace Transformation for hyper-collaboration and co-creation
• Ignite as an enhanced performance management system ADL 46
2022
Target
• People Quality Framework refined to elevate Culture Fit and Leadership • > 1,100 digital telco professionals: 100+ Certified 93
Cloud Professionals, 20+ UI/UX Experts, 100+ Agile 47
• AxiataCares for employee wellbeing, career growth and community service
• Pivoted our culture framework to Our Winning Culture, with our Core Values Specialists & 60+ AI/ML experts
Certified as at end 2021 Certified as at end 2022
as our foundation, and recalibrated M.A.D culture as part of our New Ways of
Working (WoW) Building Digital Trust with a Robust Data Privacy & Talent Development Health & Safety
• Elevated commitment to Diversity, Equity and Inclusion (DEI):
Cyber Security Culture
- Signed the United Nations Women Empowerment Principles Charter
- Launched Women of Axiata and Males Allies initiative
• Mandatory training for staff and vendors: > 90%
RM195 million Average LTIFR13 across
OpCos ranging from
- Joined 30% Club Malaysia towards increasing female representation at Board spent on Talent
and senior levels completion Group-wide & 99.5% completion at
Corporate Centre Development since 2009,
- Participated in Leadwomen Women Empowerment Training and Leadwomen
with 2021
Women in Leadership programmes • Almost all OpCo DPOs11 trained on CIPM12
- Established DEI Circle with representatives/advocates from all OpCos • Group average Privacy Maturity Level of 2.7/5.0, a
91% improvement from 2020
> 1,700 training 0 - 0.40
Connectivity & Interdependencies in Our Business Model • Group average Cyber Security Maturity Level of
hours
logged in 2021 Telco Industry
Capitals Material Matters 3.7/5.0, a 6% improvement from 2020
Benchmark of 0.8
Customer Service Employee Health,
FC HC
Talent Development Safety and Wellbeing
Notes: 1
LEAP = Learn, Engage, Accelerate and Perform programme to 8
OADP = OpCo Accelerated Development Programme
Fair Employment Digitisation and assess and accelerate OpCos’ digitisation initiatives across all functions 9
Includes XL, Dialog, Robi, Smart, Ncell, ADA and ADL
and Welfare Modernisation 2
A platform that integrates collective knowledge to co-create solutions 10
Includes XL, Dialog, Robi, Smart, Ncell, ADA, edotco and ADL
3
A virtual university with curated learnings based on competencies 11
DPOs = Data Privacy Officers
4
Axiata’s knowledge management portal 12
CIPM = International Association of Privacy Professionals Certified
4P Goals Stakeholders 5
AGA = Axiata Group Analytics Information Privacy Manager
People
6
ACE = Analytics Certified Experts 13
LTIFR = Lost Time Injury Frequency Rate
Employees Suppliers 7
GAP = Group AXcelerator Programme
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Outcome 2: Building A Modern, Agile And Digital Asian Talent Factory
Talent at Axiata Leadership at Axiata
Top Management Middle Management Leadership Positions in 2021 Gender Diversity in Leadership
• 42% filled internally
2019 125 2019 438 • 9 out of 12 CEOs15 filled by internal talents
• Nationalities of our leadership - 28 2021 2021
2020 158 2020 438 78% 22%
2021 128 2021 637
29% 2020 : 77% 2020 : 23%17

External : Internal Group Employee Engagement External 2019 : 86% 2019 : 14%
Hiring Ratio Survey Result

Nationalities Women in Leadership
SEI14 UI.EP of our
2019
2019 89% 2019 89%
Leadership16
20%
23 : 77 59% leadership positions18 held by women in 2021
12% Local
2020 92% 2020 93%
2021 91% 2021 94%

Footprint
4 female
2020 leadership appointments in 2021
29 : 71
Ethics High Performance Culture
Diverse Talent Base
2019 85% 2019 81%
2021
> 40 nationalities
2020 90% 2020 87%
54 : 46 8%
2021 90% 2021 88% employed across our OpCos
24%
Freedom for Collective Bargaining ADL’s Achievement

and Joining a Union Gender Diversity
Age and
ADL obtained Male : Female employee ratio Generational
• 2 Digital Telcos 2 Catayst Awards at TM Forum’s Digital Diversity
have employee unions Transformation World Series

for its Catalyst Projects: Male Female
:
• Unions represent • “Cross-industry marketplace for CSP collaboration, 68 32
68%
3.4%
Phase 3” in Visionary Impact category
30 years old and below
• “Measurements of Trust in AI” in Sustainability 31 - 49 years old
of our employees Leadership category 50 years old and above
Notes: 14
SEI = Sustainable Engagement Index 17
The 2020 figure for women in leadership covered employees in six SNCR, Employees and Responsible Business Practices on pages 59 to 68 and 88 to 90
15
12 CEOs comprise 7 telco CEOs (including Group CEO) and 5 non-telco digital telcos of Celcom, XL, Dialog, Robi, Smart and Ncell, as well as
CEOs (digital businesses and edotco) edotco and Corporate Centre. However, the 2021 figure has been GAFS, Building Digital Trust Through Data Privacy And Cyber Security on pages 35 to 37
16
Locals – Locals working in their respective OpCo country. Footprint – updated to include our digital businesses of Axiata Digital, Boost, ADA
Non-locals from Axiata’s footprint countries. External: Non-locals from and ADL
outside Axiata’s footprint countries 18
Women in Senior Management Teams (CEO-1) across Axiata Group
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Outcome 3: Becoming A Trusted And Reliable Digital Partner

• Provide amazing customer experience across our footprint Total Number of Mobile Total Number of Enterprise Brand Power Results4
Customers (million) Customers3
• Establish strong brand equity and trust
2021
• Establish digital platforms to cater to customer needs for innovative
digital products and services
2019 153
185,000
Total number of
2020 157 enterprise customers in 3 markets in 3 markets
– Dialog, Ncell & Smart – XL, Celcom & Robi
in 2021
2021 163
Activities and Processes to Create Value 2020:
#1 in 2 markets #2 in 4 markets
• ‘Digitising our Core’ through ‘API-fication’, simplification and process – Celcom & Dialog – Robi, XL, Smart & Ncell
digitisation to achieve Operational Excellence
• Network Transformation Programme to standardise and enhance
Digital Reputation Score5 Net Promoter Score
network and conducted three Open RAN commercial trials in Malaysia,
Indonesia and Sri Lanka
2021 2021
• IT Blueprint Transformation to an Open Digital Architecture (ODA)
• ADL1 as our DevOps company transforming our Business Support
System with its Digital Telco Enabler platform
• Acquisitions and partnerships to enhance Enterprise proposition in 4 markets in 2 markets in 1 market in 4 markets in 2 markets
• Developing Beyond Connectivity Solutions for B2B2 or B2B2X – Robi, Dialog, Ncell & – XL – Celcom – Celcom, Dialog, Ncell & – Robi & XL
• Leveraging on Digitisation and Analytics as core differentiators Smart Smart
• Leveraging AI on an industrialised scale to revolutionise the way Axiata 2020: 2020:
operates and democratise AI driven digital solutions #1 in 3 markets #2 in 2 markets #4 in 1 market #1 in 4 markets #2 in 2 markets
• Providing digitised customer experiences in line with new normal demands – Robi, Dialog & Ncell – XL & Smart - Celcom – Celcom, Robi, Dialog & Smart – XL & Ncell
• Yoodo, a brand under Celcom, is Malaysia’s first truly customisable digital
telco with 100% of its users managing their lines via the Yoodo app ABAC Plan ADA serving regional businesses
• Building customer trust and ensuring cyber resilience via Axiata’s Cyber
Security Strategy - “Digital Trust and Resilience (DT&R2023)”
• Strengthening Group ethics and integrity culture via the Anti-Bribery and • 99% completion rate • Serving ADA clients in diverse industries across 10
markets with our end-to-end digital solutions
Anti-Corruption (ABAC) Plan 2020 - 2023 on mandatory ABAC training • Presence across 10 markets including Singapore,
• Initial ABAC Risk Assessment completed by all Indonesia, Bangladesh and South Korea
Connectivity & Interdependencies in Our Business Model OpCos as at end 2021 • Grew to over 1,000 employees across 10 countries
bringing together many diverse capabilities in marketing
Capitals Material Matters technology, eCommerce, digital media and analytics
FC IC SRC
Network and Community Network Transformation IT Blueprint • Grew partnerships across all businesses, notably
Quality Coverage Development Programme Transformation Facebook and Google
Digitisation and Emergency and • Expanded telco ecosystem to new operators including
Modernisation Disaster Response DTAC, Smart Philippines, Mobifone and Telia
• Better seamless end user Published
Customer Service Data Privacy and Number of Clients
Supply Chain Cyber Security
experience
• Serve rising regional > 5,000
Management Digital Inclusion connectivity needs, APIs6 2021 2020 : 1,719
4P Goals Stakeholders especially in rural and across regional
underserved areas 3,361 2019 : 1,917
footprint
Partnership Customers Employees
Suppliers
Notes: 1
ADL = Axiata Digital Labs 3
Axiata began compiling Enterprise customers at Group-level beginning in 2021, in line with 5
Axiata started using Digital Reputation Score in 2020
2
B2B = Business-to-Business advancing its Enterprise proposition regionally 6
API = Application Programming Interface for building and integrating application software
4
Axiata began using Brand Power Results in 2020 to measure customer satisfaction
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Outcome 3: Becoming A Trusted And Reliable Digital Partner
Enhanced Enterprise Solutions Digitisation & Analytics as Enablers Digitised Customer Experience
Celcom Celcom Celcom

• One stop SME Biz Suite, to offer digital packages • Celcom e-store recording > 100,000 transactions and • Celcom App highest rated app vs peers – 4.7 on Apple App Store & 4.3 on
as SME business solutions averaging > 700,000 visits per month Google Play Store
• Partnered with Microsoft for Cloud services and • Linked > 600 APIs as a part of digital development to • App transaction value reached > RM1.5 billion, with > 500,000 YoY active users
Telefonica for cyber security services enable critical business functions & > 50% total app penetration
• Completed 2 acquisitions to enhance Cloud, Cyber Yoodo XL
Security and Software-defined WAN services • > 1.1 million downloads & > 152,000 unique users • Added ShopeePay as digital payment method Live.On app, making it a 100%
XL • Linked 8 data sources which allows real-time digital experience
• Cloud-based productivity tools and connectivity monitoring of digital operations and dashboards Dialog
XL
• XL acquisition of Hipernet to strengthen Enterprise • MyDialog self-care app most downloaded app in Sri Lanka - > 7 million connections
• IoT solution for Smart Homes
product proposition and add to Enterprise Robi
Robi
customer coverage • Successfully launched “AI ML Recommendation • 66% increase in customer interactions at Digital Customer Touchpoints
Robi Engine” on its own OTT8 platform - “BINGE” - which • 99%+ customer interactions took place in selfcare channels
• Enriched solution capability with next generation resulted in 12% additional watch hour for 1.5 million of • 48% growth in MAU11
products such as ICT, IoT hyper-scaler Cloud and BINGE’s user base • 29% growth in monthly digital Chatbot unique users
others • Empowered > 500 employees through self-service BI9 • #1 self-care app user rating in the Bangladesh Telecommunication Industry - App
• Continued leadership in SME using Tableau to their own decisions using data Store Rating: 4.7 & Play Store Rating: 4.4
Dialog • Topped the AI Maturity chart among all Axiata • Streamlined access to data across different business functions through
• Increased delivery capabilities in Cloud solutions OpCos for the 3rd consecutive year, with TM Forum’s implementation of a single data lake
with acquisition of H One, the largest Microsoft assessment revealing Robi within the “Advancing” Smart
reseller in Sri Lanka and Maldives, as well as a category of AI Maturity • New self-care app SmartNas 3.0, with enhanced features and improved UI/UX
Cloud solutions provider for these 2 countries Dialog design
• SaaS7 offerings including digital marketing • Retail Hub enabling > 50,000 retail partners to Ncell
Smart perform automated transactions • Revamped Ncell App with new UI/UX and added features
• Utilising telco data to offer personalised and Smart
interactive advertising on Pleng, Smart’s music • Using Analytics for churn prediction model
• Streamlined access to data across different business Strengthened Data Privacy and Cyber Security
streaming app
functions through implementation of a single data lake
• The first Cambodian telco to offer ‘Sponsored
Ncell • Improved CMMI12 Maturity Level for NIST13 functions across all OpCos to 3.7
Data’ a B2B2C product for online businesses to
• Enhanced digital platforms - Distribution Management in 2021, from 3.5 in 2020
offer free data connections to their customers System, Single Retailer App, Social Distribution &
who are on Smart’s network • Cyber Defence staffing and skilling improved internally by 15% over use of
Customer App external resources
• Implemented Groupwide Data Privacy processes on Risk Assessment,
Analytics Use Cases Group Digital Interaction Ratio10 Improvement Privacy by Design, and Data Breach simulation exercises
• Synergistic programmes promoting collaboration led to development of
improvements in technical standards for Cloud, Telco and Application
• Repository of over 100 high impact use cases
Development
covering all major organisational aspects
• Implemented new technology to improve cyber security Group-wide
• Development of 44 brand new use cases which 2021 • Culture and People risk initiatives improved cyber awareness and reduced
have been commercially deployed 16.04 2020: 13.4
the threat of phishing exposure
• Top 15% of use cases have successfully been • 91% compliance on baseline security controls applied to critical IT assets
replicated across the majority of OpCos • 73% improvement in Mean Time to Respond times Group-wide
Notes: 7
SaaS = Security as a Solution 10
As of 2021, digital interactions refer to all customer queries, complaints and conversations IAR, In Conversation With The PGCEO on pages 13 to 26
8
OTT = Over the Top via self-care apps and other digital challenges. This differs from 2020 digital interactions
9
BI = Business Intelligence which included digital recharge transactions. Axiata began monitoring Digital Interaction SNCR, Digital Inclusion, Social Value Creation and Responsible Business Practices on pages 29 to 41, 58 to
Ratio in 2020 84 and 88 to 90
11
MAU = Monthly Active Users GAFS, Building Digital Trust Through Data Privacy and Cyber Security on pages 35 to 37
12
CMMI = Capability Maturity Model Integration
13
NIST = National Institute of Standards and Technology
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Outcome 4: Supporting Governments And Communities In Our Markets

• Contribute to the socioeconomic development of the Total National Contribution Contributing to Advancing National Digital & QoS Policies
countries we operate in (USD billion)
• Advance national digital ambitions and aspirations Celcom Smart
2019 8.4
Jalinan Digital Negara MyDigital National Digital Cambodia
2020 7.7
(JENDELA) Transformation Blueprint
• Improved 4G LTE network coverage and quality in rural
2021 11.1 areas by adding 385 BTS in 21 provinces
• 100% completion on roll out and upgrading of 4,165 sites
in line with JENDELA • All new locations are fully equipped with advanced LTE
Activities and Processes to Create Value • Advanced 5G services by successfully initiating Malaysia’s technology for better Internet speed
Number of Jobs Supported first Voice-over 5G New Radio (VoNR) trial call • Deployed QoS feature in EPC9 by prioritising numerous
• Continued supporting governments and communities Across the Region (million) • Celcom and Huawei deployed the world’s first large-scale OTT10 and VoIP11
FDD4 Smart 8T8R network for seamless 4G experience
throughout the region through the COVID-19 pandemic, Gross • > 1,000 sites upgraded in rural areas as part of USP5 Ncell
Domestic Product contributions, tax and fee payments and 2019 0.6 programmes
Digital Nepal
job creation 2020 0.6 XL
• Accelerated 5G roll out throughout our footprint to support • Collaborated with MoCIT12 and NTA13 to set up digital labs
2021 0.7 Indonesia Digital Roadmap in 60 government schools benefitting > 30,000 students
national 5G ambitions, and developed digital programmes and • Increased 4G population coverage to 76.6% in 2021, from
services to contribute to national digital policies • Collaborated with Huawei to test wireless broadband 58.1% in 2020
• Expanded and enhanced network coverage and quality in line with Total Taxes and Fees Paid solution - “Huawei RuralStar Pro” - featuring LTE
for backhaul in Kalimantan to expand broadband edotco
national Quality of Service policies and national digital agendas (USD billion) connection in remote areas
• Collaborated with BAKTI6 to optimise the USO7 scheme JENDELA Digital Digital
• Championed female empowerment through AYTP1 2019 1.3 in ~ 181 remote points in Maluku Islands and Papua
• Expanded 4G network in rural areas in West Kalimantan (Malaysia) Cambodia Bangladesh
programmes and GSMA’s Connected Women Initiative
2020 1.3 by adding > 260 4G BTS
• Provided humanitarian aid to communities in need in line with National Digital 5G Strategic
Robi Bangladesh
GSMA’s Humanitarian Connectivity Charter 2021 1.7 Policy for Plan & Policy
Smart City
• Sustained edotco’s community outreach programmes – Tower Digital Bangladesh Sri Lanka (Pakistan)
2 Community provided electricity from renewable energy Tower 2 Community Impacts • Robi’s 333 - the short code for accessing public • Malaysia – Awarded JENDELA Phase 1 Project under 14
sites, clean water and humanitarian relief; EVE2 programme services in Digital Bangladesh obtained Honourable clusters for 220 sites
Mention for Best Innovation Public Service at
enabled staff to give back to society and contribute to UN Bangladesh Innovation Awards 2021
• Cambodia – Orkide Botanic Fibre Project rolled out fibre
2021 to ~ 900 homes
SDG Goal 2 (Zero Hunger) > 11,000 families
• bdapps, an initiative by Robi, recognised as the
• Bangladesh – Exploring Fibre POC14 with partners
National App Store by Government’s ICT Division
• OpCos CSR3 programmes to elevate the socioeconomic status in Malaysia, Bangladesh, • With 73.7% of active subscribers being data users, and • Sri Lanka – Partnering with Hutch on Open RAN POC
of communities Pakistan & Sri Lanka 44.4% of active subscribers being 4G users, Robi is • Philippines – Ongoing roll out with Globe Telecom
leading the digitalisation drive in the industry customers
• Pakistan – Focusing on B2S15 roll outs and exploring fibre
Connectivity & Interdependencies in Our Business Model Dialog opportunities
National Digital Policy for Sri Lanka Boost

Capitals Material Matters
2020 • Added 453 new sites to the mobile network in 2021 PENJANA16 Economic
FC SRC
Network Quality Business Ethics > 7,800 families Shop Malaysia Online17
reaching a total of 4,380 sites by end 2021 Recovery Plan
and Coverage and Compliance in Malaysia, Sri Lanka, • Dialog is supporting TRCSL’s8 Gamata Sanniwedanaya
Digital Inclusion Project and has initiated 233 new site projects in 9 • RM50 ePENJANA Credits Programme
Regulatory and Bangladesh, Cambodia and
districts by end 2021, with 3 sites deployed by end 2021
Myanmar • Collaborated with MDEC18 on the Micro-SME
Community Political Risk • Coverage enhancements in 2021 resulted in e-Commerce campaign for smaller tier merchants to
Development improvements to coverage in 1,028 villages
Climate Action • Deployed 415 lamp poles and macro towers along
pivot from offline to online business models
2019
Emergency and Resource > 4,500 families railway tracks island-wide to facilitate Mission Critical
Communication Solutions (MCS) for SL Railways and
Disaster Response and Waste in Malaysia, Bangladesh, to ensure uninterrupted mobile connectivity for railway
Management Pakistan & Myanmar commuters
4P Goals Stakeholders
Notes: 1
AYTP = Axiata Young Talent Programme 8
TRCSL = Telecommunications Regulatory 14
POC = Proof of Concept
Regulators and 2
EVE = Employee Voluntary Engagement Commission of Sri Lanka 15
B2S = Built to Suit
Partnership Customers 3
CSR = Corporate Social Responsibility 9
EPC = Evolved Packet Core 16
PENJANA is the Malaysian Government’s
Government 4
FDD = Frequency Division Duplex 10
OTT = Over-the-Top Short-Term Economic Recovery Plan
Planet & Society Community 5
USP = Universal Service Provision 11
VoIP = Voice Over Internet Protocol 17
Shop Malaysia Online is a government
Suppliers 6
BAKTI = Telecommunications and Information 12
MoCIT = Ministry of Communications and initiative led by the Ministry of Finance under
Media Accessibility Agency Information Technology the Belanjawan 2021 eCommerce Programme
7
USO = Universal Service Obligation 13
NTA = Nepal Telecommunications Authority 18
MDEC = Malaysian Digital Economy Corporation
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Outcome 4: Supporting Governments And Communities In Our Markets
Empowering Women 2021 Contributions to Humanitarian Connectivity Charter
AYTP XL
• Axiata Virtual Girls Coding Challenge in • Sisternet – > 43,700 members
Malaysia – empowering > 50 undergraduate • Sispreneur – > 1,000 female entreprenuers
women to pursue career opportunities in ICT Dialog • > 1 million early warning SMS broadcasted to alert the public
• Partnered with Girls 4 Girls Malaysia to • Yeheli Thozi – > 120,000 active users and increase awareness of preparedness, in collaboration
help women develop courage and skills to • Ideamart for Women – > 4,500 individual engagements with the National Disaster Management Agency
take on public leadership – reached out to & 15.6% revenue contribution from female-led Ideamart
• Provided flood relief to > 1,500 beneficiaries, offering food
> 120 women businesses
Robi and cleaning assistance with the Malaysian Relief Agency,
Connected Women Initiative • Robi Ichchedana – > 1.2 million monthly active users and post-flood assistance by > 100 Celcom Volunteers
Celcom • Robi-CARE Girls Empowerment programme – > 100 girls
• Ibu Digital – 100 women • > 4,000 active female app developers on bdapps, with
• Digitalpreneur @ Lembah Subang – 31 women women comprising 20% of total app developers
• Google Bootcamp – > 2,300 female students
• Aid for victims of Seroja hurricane in East Nusa Tenggara
• CYDIP19 Students Competition – 131 female students
& earthquake in East Java and East Sulawesi
edotco EVE Highlights
• Distributed dry rations to > 44,000 individuals affected

~ 1,500 Provided necessities to
~ 1,400 students & by floods and lockdowns, and provided safety gear to 34
> 100 families & hospitals across Sri Lanka
families, students and ~ 1,600 families
orphanages > 4,250 people in Myanmar, Malaysia &
received food and essential from underprivileged Bangladesh received
items in conjunction communities in Malaysia, ICT support • Continued collaboration with the Department of Hydrology
with religious & cultural Pakistan, Myanmar & and Meteorology for the implementation of flood Early
celebrations in Malaysia Bangladesh Warning System to improve disaster preparedness and
save lives
CSR Programmes
Celcom Smart • Collaborated with Malaysia Relief Agency to provide aid to

• Committed to empower underserved communities by promoting • Partnered with UNESCO to provide Basic Education Equivalency families affected by floods in Hulu Langat and Nanding
digital inclusion and accessibility via devices assistance for lower Programme for youths who had left school to work to continue
income families, online tuition and digital entrepreneurship with their education - 2,102 students
training
Ncell
Dialog • Kicked-start Telemedicine and Health Informatics Programme
• Expanded Nenasa TV to 6 channels to bridge the gap for in collaboration with Dhulikhel Hospital to serve remote and • Provided aid to > 2,000 families in Malaysia, Bangladesh,
equitable education underserved communities with quality health care services Pakistan and Myanmar affected by floods and COVID-19
• Extended free connectivity and facilities to all Child Development • Collaborated with Zonta Club to provide literacy classes for 200
Centres in Sri Lanka women in rural areas
Note: 19
CYDIP = Celcom Young Digital Innovators Programme IAR, Our Continuing Response To COVID-19 and In Conversation With The PGCEO on pages 8 and 19
SNCR, Social Value Creation on pages 58 to 84

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Outcome 5: Enabling Digitally-Connected Societies

• Increase population coverage and connect underserved areas Developing the Regional Digital Ecosystem
• Aid digital and financial inclusion
ADIF Funding for Digital Start-Ups5 SADIF Funding for Digital Start-Ups DADIF Funding for Digital Start-Ups r-ventures Funding for Digital
(Malaysia) (Cambodia) (Sri Lanka) Start-Ups (Bangladesh)
(USD million) (SLR million) (BDT million)
• Invested RM63.2 million
between 2014 - 2021 2019 2.0 2019 278.0 2019 89.0
Activities and Processes to Create Value • Continuing to provide support
to investee companies 2020 2.5 2020 513.2 2020 96.0
• Regional technology venture funds supporting the development of the
digital economy – ADIF1, SADIF2, DADIF3 and R-Venture4 • 17 investee companies 2021 3.0 2021 546.0 2021 103.0
• Dialog powered the Venture Engine Start-up Acceleration Programme to recording an average YoY
help innovative and scalable start-ups and entrepreneurs growth of 34% in 2021
Invested in 10 companies Invested in 5 companies Invested in 13 companies
• Bangladesh’s largest online school Robi-10 Minute School continues to
provide students in Bangladesh with high quality online education
• Dialog, XL and Celcom empowering students with online and digital support Contributing to Digital & Online Education
• Smart supporting Krousar Thmey Foundation’s Words and Pictures app
for children with disabilities to learn new words, Sipar’s Mobile Library
Programme - a library on wheels traveling to remote areas nationwide -
and partnered with Sipar to establish a Vocational Orientation Center with
a digital library
• Enabling digital financial inclusion and a more secure transacting experience • Bantuan Peranti Prihatin & #MyBaikHati • Donated 500 smartphones and free • Guru.lk - empowering > 700,000 guru
via full spectrum fintech provider Boost5 in Malaysia and Indonesia, and – distributed > 300 laptops, tablets and data packages to students to take users, enterprises, schools, teachers
eZ Cash in Sri Lanka smartphones to students from lower income part in distance learning and students
• Bridging the digital divide for micro-entrepreneurs, fishermen and farmers families • Digital Madrasah Academy 4.0 • Nenasa Smart Schools – benefitting
by providing digital service solutions and support • Provided free Internet access & tuition Incubation Programme – > 1,300 > 250,000 students in 153 schools
• Yoodo (a brand under Celcom), Smart, Robi and Boost contributing to the content for national examination candidates registrants and > 110 students across Sri Lanka
development of the fast-growing eSports ecosystem at Community Internet Centres – 58 centres joined the programme • Nenadiri initiative - > 100,000 school
benefitting 1,445 students • Donated 100 laptops and Internet children from 470 schools obtained
Connectivity & Interdependencies in Our Business Model • CERDIK - > 4,000 educators from 1,164 schools access to 12 Islamic boarding Data Scholarships to attend online
took part in 5 webinar series to enrich their schools classes
Capitals Material Matters online teaching delivery
Network Quality and Coverage • Celcom Young Digital Innovators Programme
FC SRC MC enriching > 4,000 educators for online teaching
Digital Inclusion
Digitisation and Modernisation delivery and developing > 250 future innovators
Customer Service
Supply Chain Management • Words & Pictures app - SMS blast • Launched student plan providing
Community Development to encourage mobile downloads of combo pack of voice, SMS and
Emergency and Disaster Response Cambodian Sign Language app data for e-learning purposes, which
Data Privacy and Cyber Security • Sipar Mobile Library Programme - whitelists digital platforms such
• Robi-10 Minute School > 5,300 beneficiaries as Microsoft Teams, Google Meet,
- > 13.5 million social media based learners • Sipar Vocational Orientation Center Zoom and local education portals
4P Goals Stakeholders - > 3.5 million app based learners benefitted > 1,300 students - > 359,000 total activations
Regulators and
Planet & Customers Government
Society
Employees Community
Notes: The funding for SADIF, DADIF and r-ventures 1
ADIF = Axiata Digital Innovation Fund 5
The RM100 million ADIF was formed in 2014 to to
Suppliers Media (Robi Ventures) refers to cumulative value from 2
SAIDF = Smart Axiata Digital Innovation Fund help digital start-ups to enhance their innovative
the start of investments since 2018, and for Robi 3
DADIF = Dialog Axiata Digital Innovation Fund products and grow their businesses through
Venture since start of investments since 2019 4
r-ventures = Robi Ventures funding, know-how and market access. As at end
2020, ADIF has completed the disbursement of
funding and is now focusing on providing support
to the companies it has invested in
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Outcome 5: Enabling Digitally-Connected Societies
Bridging the Digital Divide Driving Financial Inclusion
Celcom
• Bantuan Komuniti Digital – provided > 60 courses on digital entrepreneurship via VOD6
• > 3,000 participants/ students/ entrepreneurs trained through Digitalpreneur, BeBoZz, Google Bootcamp & 2021 2021
Ibu Digital 9.7 > 439,000
Customers7 Merchants7
XL
in Malaysia in Malaysia
• Laut Nusantara improving livelihoods of fishermen - > 57,600 downloaders and > 48,500 active users
(million)
• Launched Desa Digital Nusantara to empower rural communities to embrace digital technologies
Dialog 2020 : 8.8 2020 : > 300,000
• Govi Mithuru improving livelihoods of small holder farmers - > 174,600 app users & > 804,400 interactive voice 2019 : 5.1 2019 : > 195,000
services users
• Sayuru – weather warning service for fishing and coastal communities - > 70,000 users
• Saviya – advisory services for dairy farmers - > 17,000 users
• Venture Engine has funded > 35 start-ups
Robi
• National app store bdapps empowering digital entrepreneurs - > 45,000 apps & > 25,000 developers earning 2021 2021
~ BDT295 million revenue Number of SMEs > 6,200 Total Loans Disbursed > 900
• Launched android app creation tool Appmaker+ to enable innovation in digital creation - > 3,000 developers Served by by Boost Credit in
developed > 350 apps Boost Credit in Malaysia & Indonesia
• Launched DigiCure as a one stop digital diabetic solution – onboarded > 45 doctors & > 3,000 app downloads Malaysia & Indonesia (RM million)
2020 : > 9,900 2020 : > 200
Smart
2019 : > 1,400 2019 : > 38
• Cambodia Entrepreneurship Day - > 6,000 youth participants, with 240 youths to be trained in entrepreneurship
Developing the eSports ecosystem
Yoodo • Supported the development of the Malaysian 2021 2021

• Collaborated with top game publishers in eSports grassroots scene by organising the Digital Partners7 > 100 Global Consumer >1
the world - Tencent Games and Moonton, for Yoodo PUBG Mobile Campus Championship and Reach7
tournaments including PUBG Mobile National supported the Varsity Esports League, organised [billion]
Championship and Professional League, Mobile by the Malaysian Higher Education Ministry
Legends: Bang Bang (MLBB) Professional League Smart 2020 : > 100 2020 : > 1
and M3 World Championship which garnered • Organised e-sports tournaments, and supported 2019 : > 80 2019 : > 0.4
> 125 million views local esports teams to participate in international
• Partnered with renowned global eSports tournaments - Held 6 tournaments with > 3,900
organisation Alliance, to establish the Yoodo participants
Alliance PUBG Mobile team which qualified • Partnered with Razer Gold to offer subscribers
and competed in the PUBG Mobile Global effortless purchases of virtual credit 2021 2021
Championship Robi > 122,000 4.3
Merchants7 eZ Cash
• Partnered with regional esports organisation, • Launched first ever fantasy gaming platform in
in Indonesia Registered Users
RSG to form Yoodo RSG MLBB team who became Bangladesh telecom industry, Game Plan
(million)
the champions of the MLBB Professional League - > 35,000 downloads
and Yoodo RSG Call of Duty Mobile (CODM) team - > 13,000 unique users 2020 : > 121,000 2020 : 4.0
who were crowned as the winner of the CODM Boost 2019 : > 115,000 2019 : 3.7
MYSG Championship 2021 • Launched one-stop gaming storefront Game
Connect in Malaysia
Notes: 6
VOD = Video on Demand SNCR, Digital Inclusion and Society on 29 to 41 and 76
7
In 2021, Boost consolidated into four core brands of Boost Life, Boost Biz, Boost Credit and Boost Connect. Additionally, there is Boost Indonesia which caters to the Indonesian market. to 84
Customer breakdown for 2021 refers to post-consolidation of Boost which rebranded the consumer eWallet business Boost into Boost Life, carved out Boost’s merchant business into Boost
Biz, rebranded the credit business Aspirasi into Boost Credit, and Apigate into Boost Connect. 2019 and 2020 numbers for Boost Life refer to the eWallet customers, for Boost Biz as
previous Boost’s merchants, for Boost Credit as Aspirasi customers, and Boost Connect as Apigate clients. Boost Indonesia’s focus is on small and medium merchants for General Trade
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Outcome 6: Minimising Environmental Impact

• Focused carbon reduction strategy towards achieving net-zero by 2050 in line with mobile industry Group-wide Total Energy Consumption 5
decarbonisation goals
• Optimise energy consumption through design innovations and renewable energy sources
Direct Indirect
11.41%: 0.87 million GJ

Network Fuel: 11.32%
Activities and Processes to Create Value
Facilities Fuel: 0.09%
• Launched Axiata’s Net-Zero Carbon Roadmap - 85% implementation of Green Office initiatives
outlining our approach towards achieving net- across all NTCs2 in 2021, compared to 75% in
zero emissions by no later than 2050, with a 2020 2021
near term target to reduce operational carbon - Sustainable waste management via edotco
emissions by 45% from a 2020 baseline Green Framework for site build, operation and 7.59 million GJ
• Set Group-wide targets for Scope 1 and Scope maintenance, and office commercial waste
2 emissions across our networks and facilities - Green sites in 2021 2020
towards > 2,000 solar technology sites 88.59%: 6.72 million GJ Total Energy Consumption
• Commence the adoption of the Task Force on > 17 wind or solar-wind hybrid sites
Climate-related Financial Disclosures’ (TCFD) > 120 solar air-conditioner sites Network Electricity: 6.98 million GJ
recommendations > 2 fuel cell sites 87.84%
• Signed the SBTi1 Business Ambition Pledge for > 17,000 lithium-ion battery sites Facilities Electricity: Direct - 0.55 million GJ
1.5°C - New energy solutions
• All OpCos represented in the Chief Technology > High-capacity energy solutions developed 0.75% Indirect - 6.43 million GJ
Officer Council and leveraging on Collective Brain for Philippines
to enhance network energy efficiency by using > New battery capacities for Bangladesh
more efficient technologies - 31 bamboo towers RFAI3 as at end 2021, Group-wide Total Energy Consumption by OpCos5
• Converting BTS sites to renewable energy and patent certificate obtained for bamboo
sources across the Group tower invention from Department of Patents
• Corporate centre environmental initiatives – Axiata Bangladesh 13.60% 2020
Green Spaces and Sustainability Champions OpCo - 18 carbon fibre towers RFAI as at end 2021
26.91% Total Energy Consumption
environmental awareness, waste management - Completed first Spun Pre-stressed Concrete
and product end life management programmes (SPC) Pole and first bamboo reinforced
6.98 million GJ
to improve material efficiency, recycle waste and concrete plinth POCs4 in Bangladesh and 4.02%
reduce mobile e-waste Malaysia respectively
• edotco’s initiatives - Total of 523 smart lamp poles – 508 in Sri 2020
5.85%
- Developed preliminary Carbon Neutrality Lanka and 15 in Bangladesh
Framework in alignment with recognised - Employed Just Nice Tower designs in
Celcom 23.44%
2021
standards Bangladesh and Cambodia, with POC ongoing XL 41.68%
- 63% reduction in carbon footprint per site as in Pakistan 10.25% 7.59 million GJ
a result of optimisation projects completed - Tree planting programme across the footprint edotco 0.05%
between 2014 and 2020
0.04% Dialog 9.95%
Connectivity & Interdependencies in Our Business Model Smart 6.01%
Capitals Material Matters Ncell 4.26%
Business Ethics and Compliance 39.33% Robi 14.61%
FC MC IC NC
Regulatory and Political Risk
Climate Action
Resource and Waste Management
4P Goals Stakeholders Notes:

SBTi = Science Based Target Initiative
1 5
In 2021, Axiata conducted an exercise to enhance our
NTC = National Tower Companies
2
collection, analysis and assurance processes for our
Planet & Society
Regulators and 3
RFAI = Ready for Active Installation refers to towers energy and emissions data which resulted in a revision
Employees
Government which have been built and in ready status for in 2020 emissions. For more information, refer to SNCR
installation page 50
Community Suppliers 4
POC = Proof of Concept
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Outcome 6: Minimising Environmental Impact
Group-wide GHG emissions5 OpCo Environmental Programmes
Total 2021: 1,309,834 tCO2e

Total 2020: 1,231,523 tCO2e
• Decommissioned 63 standby Gensets • Recycled 472 tonnes of company’s • Reduced paper use by 80%
• Converted 24H running gensets to commercial power supply at 52 sites e-waste in environmentally sustainable • Energy savings by environmentally
• Installed Advance Metering Infrastructure (AMI)8 at 157 sites, which reduced manner friendly sources:
194 kWh on average • Capacity to recycle 500 kg of office
Scope 16 - Fuel: 177,997.3 litres
• Obtained higher energy efficiency by introducing solar hybrid solution at waste per month - Electricity: 1,676,659.0 kWh
47 sites, which uses multiple energy sources from solar, battery and gensets • Deployed tower-mounted solar solutions
• Adoption of Charge-Discharge Cycling (CDC) of batteries at 24 sites to - Total CO2 savings: 1,457.0 tCO2e
across 35 sites, generating roughly 195.5 kW • 76% of total waste sent to landfill
47,865 74,017 reduce diesel dependency
tCO2e tCO2e
• 66% of waste recycled for animal
food; 43% of paper recycled
• Waste collection:
- 529.7 tonnes of e-waste
- 21.3 tonnes of waste paper and
cardboard
• Planted and maintaining over 6,000 trees along the 10.2 km Ring Road • Equipped 825 sites with solar panels - 12.1 tonnes of Polythene and
Green Belt stretch • Employees planted 2,021 mangrove Plastic
• Waste management programme – recycled 178.1 tonnes of metals and seedlings - 0.5 tonnes of Regi foam
plastics and recycled 218.5 tonnes of batteries according to environmental - 6 tonnes of food waste
practices and legislation
2020 2021
Scope 27 • Number of trees planted • YoY edotco Renewable Energy • edotco reduction of carbon emission per • Sustainable waste management
Generation site against target of 63% as a result of
optimisation projects completed between
2014 and 2020 908.8 tonnes
of e-waste collected &
1,183,658 1,235,817
tCO2e tCO2e recycled;
2021
2021
~ 38,500
60%
increase
20219
63% 545.1 kg
of recyclable items;
2020 : 23,750 2020 : 42% increase 2020 : 58%

38.9 kg
of mobile waste
2019 : 13,770 2019 : 47% increase 2019 : 54%
2020 2021
Notes: 5 In 2021, Axiata conducted an exercise to enhance our collection, analysis and assurance 8
Calculations on carbon emission reductions are based on in-house estimations which are SNCR, Environmental Stewardship on pages
processes for our energy and emissions data which resulted in a revision in 2020 emissions. currently undergoing an external audit and verification process which will be completed 47 to 56
For more information, refer to SNCR page 50 by the end of the second quarter of 2022
6
Direct GHG emissions from sources that are owned or controlled by the Group 9
AMI = Advanced Metering Infrastructure solution
7
Indirect GHG emissions resulting from the generation of electricity, heating and cooling or steam
purchased by the Group
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Realising Entrepreneurial Dreams

Empowering traditional entrepreneurs with
e-commerce tools such as DesaMall, a platform
for these artisanal craftsmen to promote and
sustain their business into the future
CELCOM DESAMALL@KPLB
Financial
Resilence
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Financial Review
Five-Year Group Financial Highlights
Revenue (RM billion) EBITDA (RM billion) PAT (RM billion) Normalised PATAMI (RM billion) ROIC (%)
24.4 23.9 24.6 24.2 25.9 9.2 8.3 10.6 10.7 11.4 1.2 -5.0 1.8 0.6 1.3 1.2 1.0 1.0 0.9 1.3 4.7 1.3 6.4 3.7 5.3
+7.0% +7.0%
+>100% +53.2% +1.6pp
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
(Note 6) (Note 5) (Note 4) (Note 3) (Note 2) (Note 1)
Notes:
Note 1 2021 normalised PATAMI excludes goodwill impairment (RM338.4 million), gain on Note 4 2018 normalised PATAMI excludes Idea (the Group’s associate company in India
disposal of towers (RM79.8 million), purchase price allocations amortisation (RM111.8 that was derecognised as an associate in 2018) related losses (RM3,862.5 million),
million) and foreign exchange losses and derivatives (RM116.5 million). one-off asset write-off, impairment and accelerated depreciation on property, plant
and equipment (gross: RM1,816.6 million), foreign exchange losses and derivatives
Note 2 2020 normalised PATAMI excludes accelerated depreciation and assets write- (RM208.9 million)Note 6, gain on disposal of towers (RM80.5 million) and purchase price
off (RM604.3 million), gain on disposal of towers (RM367.5 million), purchase price allocations amortisation (RM236.3 million).
allocations amortisation (RM113.1 million) and foreign exchange losses and derivatives
(RM3.5 million). Note 5 2017 normalised PATAMI excludes gain on disposal of towers (RM91.3 million),
purchase price allocations amortisation (RM159.2 million), loss on asset held-for-sale
Note 3 2019 normalised PATAMI excludes gain on divestment of non-core digital businesses (RM161.4 million), severance payment (RM62.8 million), loss on disposal of joint venture
(RM367.1 million), gain on disposal of associate (RM113.4 million), gain on disposal of (RM40.1 million) and foreign exchange gains and derivatives (RM165.6 million).
Idea rights (RM96.1 million), foreign exchange gains and derivatives (RM51.7 million),
gain on disposal of towers (RM82.2 million) and purchase price allocations amortisation Note 6 2018 is based on restated financials.
(RM121.8 million).
Note 7 From FY2019 onwards, based on post MFRS 16 “Leases”.
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Financial Review
Summary Breakdown of Revenue and EBITDA Summary Breakdown of Total Assets and Total Liabilities & Equity
REVENUE EBITDA TOTAL ASSETS TOTAL LIABILITIES & EQUITY
7.6% -1.1% -8.7% 8.7%

14.0%
5.6% 25.6% 24.8%
10.9% 26.3%
9.6%
37.2%
5.6%
7.4% 2.2%
FY2021 FY2021 FY2021 FY2021

6.8% 20.2%
15.3% RM25.9 billion RM11.4 billion 12.4% RM72.6 billion RM72.6 billion
9.7%
14.0%
4.9%
11.4% 30.0% 34.1% 29.9% 5.7%
10.7% 19.2%
Celcom Celcom Property, plant and equipment Borrowings

FY2021 25.6% FY2020 25.7% FY2021 24.8% FY2020 24.3% FY2021 37.2% FY2020 36.0% FY2021 26.3% FY2020 26.1%
XL Axiata XL Axiata Intangible assets Non-controlling interests

Dialog Dialog Right-of-use assets Reserves

Robi Robi Other assets Share capital

Smart Smart Deposits, cash and bank balances Other liabilities

Ncell Ncell Trade and other receivables Trade and other payables
edotco edotco Lease liabilities

FY2021 7.6% FY2020 7.8% FY2021 10.9% FY2020 10.2% FY2021 14.0% FY2020 14.2%
Others Others
FY2021 -1.1% FY2020 -3.0% FY2021 -8.7% FY2020 -10.6%
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All in RM Million unless stated otherwise FY2021 FY2020 FY20192 FY20182 FY2017 Notes:
1 Excludes foreign exchange gains/
1. Revenue 25,901 24,203 24,583 23,886 24,402 losses and derivatives, gain/loss
2. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 11,404 10,657 10,619 8,334 9,230 on disposal of associates and joint
3. Earnings from Associates and Joint Ventures 4 19 (3) (428) (404)
venture, gain on divestment of non-
core digital businesses, loss on asset
4. Profit Before Tax (PBT) 2,174 1,171 2,780 (4,073) 1,936 held-for-sale, one-off asset write-
5. Profit After Tax (PAT) 1,277 624 1,815 (4,975) 1,162 off, impairment and accelerated
6. Profit After Tax and Minority Interests (PATAMI) 819 365 1,458 (4,762) 909
depreciation on property, plant and
equipment, purchase price allocations
7. Normalised PATAMI 1
1,326 865 960 1,010 1,205 amortisation, gain on disposal of
8. Total Shareholders’ Equity 18,005 17,641 16,181 17,477 24,731 towers, severance payment, goodwill
9. Total Assets 72,550 67,962 66,534 63,855 69,911 impairment, Idea (the Group’s
associate company in India that was
10. Total Borrowings (exclude lease liabilities) 19,050 17,745 16,826 19,130 19,184 derecognised as an associate in 2018)
11. Total Lease Liabilities 10,171 9,629 8,840 N/A N/A related losses and gain on disposal of
12. Customers (million)3 163 157 153 149 348 rights.
Growth Rates YoY 2 FY2019 and FY2018 are based on

restated financials.
1. Revenue 7.0% -1.5% 2.9% -2.1% 13.2%
2. EBITDA 7.0% 0.4% 27.4% -9.7% 15.2% 3 From FY2018 onwards, customers
3. Total Shareholders’ Equity 2.1% 9.0% -7.4% -29.3% 4.9%
exclude Idea and M1 (the Group’s
associate company in Singapore that
4. Total Assets 6.8% 2.1% 4.2% -8.7% -1.2% was disposed in 2019) customers.
5. Total Borrowings (exclude lease liabilities) 7.4% 5.5% -12.0% -0.3% -13.8%
4 EBIT less tax over average invested
Share Information capital.
1. Per Share
5 From FY2019 onwards (Post MFRS
Earnings (basic) - sen 8.9 4.0 16.0 (52.6) 10.1 16): Gross debt (Total borrowings
Earnings (diluted) - sen 8.9 4.0 16.0 (52.4) 10.1 + Lease liabilities) over EBITDA;
FY2017 and FY2018: Total borrowings
Net Assets - RM 2.0 1.9 1.8 1.9 2.7
over EBITDA.
2. Share Price information - RM
High 4.19 4.60 5.26 5.70 5.49 6 From FY2019 onwards (Post MFRS
16): Debt (Total borrowings + Lease
Low 3.25 2.66 3.73 3.25 4.29
liabilities) over total shareholders’
equity; FY2017 and FY2018: Total
Financial Ratio
borrowings over total shareholders’
1. Return on Invested Capital4 5.3% 3.7% 6.4% 1.3% 4.7% equity.
2. Gross Debt to EBITDA 5
2.6 2.6 2.4 2.3 2.1
7 From FY2019 onwards, based on
3. Debt Equity Ratio6 1.6 1.6 1.6 1.1 0.8 post MFRS 16 “Leases”.
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Consolidated Statement of Comprehensive Income Consolidated Statement of Cash Flows

Financial Year Ended Financial Year Ended
31/12/2021 31/12/2020 31/12/2021 31/12/2020
RM’000 RM’000 RM’000 RM’000
Revenue 25,900,661 24,203,171 Receipts from customers and others 25,250,051 24,167,782
Operating costs: Payments to suppliers, employees and others (14,438,737) (15,053,690)
- depreciation, impairment and amortisation (8,094,868) (8,484,994) Payments of finance costs (1,398,060) (1,400,405)
- foreign exchange gains/(losses) 58,239 (196,083) Payments of income taxes and zakat (net of refunds) (576,240) (576,986)
- domestic interconnect, international outpayment and other Total cash flows from operating activities 8,837,014 7,136,701
direct costs (2,199,930) (1,822,171)
Purchase of PPE (net of disposal) (6,248,195) (4,518,966)
- marketing, advertising and promotion (2,192,658) (1,892,272)
Acquisition of intangible assets (net of disposal) (570,347) (596,723)
- other operating costs (7,963,233) (7,305,590)
Investments in deposits maturing more than three (3) months 80,400 601,802
- staff costs (2,071,006) (2,227,532)
Investments in subsidiaries (net of cash acquired) (1,400,993) -
- net impairment on receivables and amounts due from
Investments in associates (2,421) (16,797)
subsidiaries (69,817) (298,731)
Investments in joint ventures - (11,169)
Other gains - net 52,034 2,693
Interest received 149,820 192,101
Other income - net 398,655 516,393
Purchase of other investments (12,672) (1,953)
Profit before finance costs 3,818,077 2,494,884
Disposal of other investments 559 150,582
Finance income 150,982 177,183
Net proceeds from sale of towers - 580,790
Finance costs (1,565,069) (1,693,067) Payments for ROU assets (123,866) (22,495)
Foreign exchange (losses)/gains on financing activities (234,355) 173,395 Redemption of preference shares by an associate 5,837 -
(1,799,424) (1,519,672) Others 4,980 4,237
Associates Total cash flows used in investing activities (8,116,898) (3,638,591)
- share of results (net of tax) 11,689 17,862 Proceeds from borrowings and Sukuk (net of repayments) 668,241 1,393,400
Joint ventures Sale and leaseback of towers - 561,908
- share of results (net of tax) (7,706) 860 Additional investments in subsidiaries by NCI - 7,897
Profit before taxation 2,173,618 1,171,117 Capital injections in subsidiaries by NCI 247,237 294,000
Taxation and zakat (896,737) (547,072) Proceed from IPO of a subsidiary - 184,092
Profit for the financial year 1,276,881 624,045 Net proceed from partial disposal of a subsidiary 420,667 -
Repayments of lease liabilities (1,522,063) (1,328,392)
Profit for the financial year attributable to:
Share buyback of a subsidiary - (40,469)
- owners of the Company 818,900 365,155
Dividends paid (1,030,315) (852,732)
- non-controlling interests (“NCI”) 457,981 258,890
Others (309) 9,596
1,276,881 624,045
Total cash flows (used in)/from financing activities (1,216,542) 229,300
Earnings per share (sen) Net (decrease)/increase in cash and cash equivalents (496,426) 3,727,410
- basic 8.9 4.0 Exchange gains/losses and restricted cash 86,594 (20,353)
- diluted 8.9 4.0 Cash and cash equivalents at the beginning of the financial year 6,722,162 3,015,105
Cash and cash equivalents at the end of the financial year 6,312,330 6,722,162
Bank overdraft 213,632 116,555
Deposits and others 443,390 355,537
Total deposits, cash and bank balances 6,969,352 7,194,254
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Consolidated Statement of Financial Position

As at As at
31/12/2021 31/12/2020 31/12/2021 31/12/2020
RM’000 RM’000 RM’000 RM’000
CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE CURRENT ASSETS

COMPANY Inventories 222,747 141,663
Share capital 13,905,207 13,883,028 Trade and other receivables 5,060,933 4,362,395
Reserves 4,100,117 3,758,114 Derivative financial instruments 121 -
Total equity attributable to owners of the Company 18,005,324 17,641,142 Financial assets at fair value through profit or loss 65 138,113
Non-controlling interests 7,060,505 6,238,288 Tax recoverable 109,514 97,610
Total equity 25,065,829 23,879,430 Deposits, cash and bank balances 6,969,352 7,194,254
12,362,732 11,934,035
NON-CURRENT LIABILITIES
Assets classified as held-for-sale 47,889 30,593
Borrowings 14,819,079 14,773,895
Total current assets 12,410,621 11,964,628
Derivative financial instruments 91,162 121,784
Deferred income 260,360 445,237
LESS: CURRENT LIABILITIES
Deferred gain on sale and leaseback assets 307,754 422,817
Trade and other payables 13,555,061 12,001,948
Trade and other payables 1,116,080 1,303,042
Deferred income 3,609 3,820
Provision for asset retirement 747,795 640,507
Deferred gain on sale and leaseback assets 123,902 121,365
Deferred tax liabilities 1,377,516 1,086,780
Borrowings 4,231,416 2,971,544
Lease liabilities 8,412,149 7,894,276
Lease liabilities 1,758,846 1,734,320
Total non-current liabilities 27,131,895 26,688,338
52,197,724 50,567,768
Current tax liabilities 653,031 532,947
NON-CURRENT ASSETS 20,346,362 17,376,825
Intangible assets 21,722,687 20,634,399 Liabilities classified as held-for-sale 6,344 17,156
Contract cost assets 232,519 179,801 Total current liabilities 20,352,706 17,393,981
Property, plant and equipment 26,975,288 24,495,647 Net current liabilities (7,942,085) (5,429,353)
Right-of-use assets 8,983,213 8,518,895 52,197,724 50,567,768
Associates 257,898 274,635
Joint ventures 25,569 33,737
Financial assets at fair value through other comprehensive income 220,744 220,978
Financial assets at fair value through profit or loss 5,678 4,467
Trade and other receivables 1,280,866 1,315,895
Deferred tax assets 358,530 310,324
Total non-current assets 60,139,809 55,997,121
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Group Financial Snapshot

Demonstrating resilience and readiness to meet with growing data demand, connectivity Focused execution of the Axiata 5.0 Vision aimed at strengthening the Group’s foundations to
and digitalisation needs across its footprint, the Group closed its financial year ended position for the digitally accelerated environment yielded strong organic growth in revenue and
31 December 2021 (FY2021) on a steady footing, demonstrating robust operational performance EBITDA, and increased profits for the year.
against a challenging external environment.
Revenue EBITDA
• Group revenue improved by 7.0% to RM25,900.7 - 4G leadership in Robi • Group EBITDA increased by 7.0% to RM11,404.0 million with improvement from all OpCos
million for FY2021 with growth across all - Higher data subscribers at Smart except Ncell
Operating Companies (OpCos) except for Ncell - New tower builds in major markets of • Growth in EBITDA was mainly driven by higher revenue and diligent cost management
• Key growth drivers are as follows: Bangladesh and Malaysia for edotco
- Growth in prepaid and MVNO business at - Improvements in its customer engagement
Celcom business at ADA
- Higher data contribution at XL Axiata - Boost’s acquisition of new users and
- Growth across core business lines for Dialog merchants
PAT/PATAMI Cost Optimisation

• Group PAT and PATAMI both increased by more than 100% • In FY2021, there were lower one-off gains compared to The Group’s Cost Excellence Programme incrementally delivered
to RM1,276.9 million and RM818.9 million respectively mainly FY2020 when XL Axiata recognised a one-off gain on sale RM2.0 billion in cost savings and avoidance in FY2021 with over 500
driven by higher top lines, lower depreciation and amortisation and leaseback of telecommunication towers amounting to unique Group-wide initiatives completed.
and asset impairment, and lower finance costs, which were RM444.2 million (PATAMI: RM294.8 million) • The savings comprised of capital expenditure (capex) of RM1.3
partly offset by higher foreign exchange losses from financing • Adjusting for one-off items mainly from impairment of Ncell’s billion and operating expenses (opex) of RM0.7 billion across
activities, higher taxes and one-off impairment of Ncell’s goodwill, gains on foreign exchange and derivatives, Group
various functional areas, with the most significant savings derived
goodwill amounting to RM338.4 million normalised PATAMI for FY2021 stood at RM1,325.6 million
from Network and IT through strategic negotiations with vendors
and suppliers
Bridging of 2021 PATAMI to normalised/underlying 1 PATAMI • Other cost improvements included optimisation of business
operations, sales and marketing and new subscriber acquisition.
1,326 1,363
This involved digitisation, simplification and automation of various
business processes for sustainable efficiency results. Increasingly
(RM Million)
819 more share of savings were delivered through sustainable efficiency

+ 338 measures as in the past
• The Cost Excellence Programme continued to drive efficiencies
+ 174 throughout the Group, in line with Axiata’s target to become the
-5 + 37
lowest cost producer of data in all operating markets
FY2021 Forex and Ncell goodwill Others Normalised Forex FY2021

PATAMI Derivatives impairment PATAMI Translation Underlying
PATAMI
1
Numbers are based on constant currency
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Group Financial Position

As at 31 December 2021, the Group’s financial position remained robust with a healthy cash balance at RM7.0 billion and gross debt to EBITDA of 2.6x.
Total equity stood at RM25.1 billion Capital Investments

• Total equity increased by RM1.2 billion • The Group incurred capex investment of RM7.2 billion at 27.9% capex intensity to
• Increase in equity balance was mainly contributed by: support its continuous growth. These investments were mainly sourced from internal
- Profit of RM1.3 billion funds. The spend was in line with the Axiata 5.0 Vision to become The Next Generation
- Currency translation gains of RM303.6 million as a result of weakening of MYR against OpCos’ local currencies Digital Champion by 2024
- Dilution of equity interest in subsidiaries of RM246.3 million mainly from restructuring of digital businesses • Whilst uncertainties arising from the pandemic/endemic and consequent macro
- Partial disposal of a subsidiary of RM421.9 million economic challenges, government policies and regulatory risks in our footprint
- Increase was partially offset by dividends to shareholders and non-controlling interest of RM1.0 billion markets remain in 2022, Axiata will continue with the momentum already built in the
Group-wide execution of Axiata 5.0, that is anchored upon:
Total assets balance stood at RM72.6 billion - Sustainable Growth: Position for the ‘New Norms’ through opportunistic
investments, to continue OpCos transformation agenda and extract value from the
• Total assets increased by RM4.6 billion new growth areas of Enterprise, Home and Digital Value-Added Services (VAS)
• Property, plant and equipment (PPE) increased by RM2.5 billion resulting from the following: - Operational Excellence: Realise our goal of becoming a low-cost producer through
- Additions in FY2021 of RM7.2 billion mainly due to XL Axiata’s accelerated capex and backlog capex at the ‘Collective Brain’ engagement model; supported by Group-wide digitalisation
edotco and analytics initiatives
- Acquisition of subsidiaries amounting to RM247.3 million - Structural Changes: Continued execution of Portfolio Optimisation and Value
- Currency translation gains of RM99.7 million Illumination. Some of the transactions in the pipeline may have short to medium
- Increase was partially offset by depreciation during the financial year amounting to RM5.0 billion term impact but will be long term accretive to the Group
• Right-of-use assets (ROU) increased by RM464.3 million mainly due to:
- Additions in FY2021 amounting to RM2.1 billion mainly from XL Axiata, edotco and Celcom
- Currency translation gains of RM115.7 million Cash Position and Dividends Capital Allocation and Balanced
- Increase was partially offset by depreciation during the financial year of RM1.7 billion • The Group’s cash balance stands at RM7.0 Portfolio
• Intangible assets increased by RM1.1 billion, mainly driven by: billion • The Group is on track to be a “High
- Goodwill and other intangible assets recognised from acquisition of subsidiaries of RM1.7 billion • As a result of strong performance Dividend Company”
- Acquisition of spectrum licences and others during the financial year of RM405.6 million supported by a resilient balance sheet • The aspiration to pay more than 20
- Increase was partially offset by amortisation amounting to RM861.3 million and one-off impairment of Ncell’s and healthy cash balance, the Board of sen DPS by 2024 to be delivered
goodwill of RM338.4 million Directors approved a total dividend of 9.5 via disciplined execution of
• Increase in total assets was partly offset by reductions in deposits, cash and bank balances by RM224.9 million sen per ordinary share (FY2020: 7.0 sen ongoing and planned initiatives
per ordinary share) which translates to a • Towards ensuring a balanced
66% dividend payout ratio portfolio, the Group is focusing on
Total liabilities stood at RM47.5 billion
portfolio optimisation and value
• Gross liabilities increased by RM3.4 billion illumination by increasing growth
• Trade and other payables increased by RM1.4 billion due to higher capex spending at XL Axiata and renewal of Capital Structure and Capital Resources
rate and valuation multiple
spectrum licences at Robi • The Group’s debt to equity gearing ratio
• Gross borrowing (excluding lease liabilities) increased by RM1.3 billion mainly due to drawdown of loans to (total borrowing including lease liabilities
finance the acquisition of a subsidiary in edotco over total shareholder’s equity) stood at
• Lease liabilities increased by RM542.4 million. Total additions during the year amounted to RM2.0 billion, mainly 1.6x as at 31 December 2021
due to new sites rolled out in XL Axiata and edotco, which was partly offset by lease payment of RM1.5 billion
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Key Performance Indicators

On 25 February 2021, the Group announced its Headline KPIs guidance for the financial year ended 31 December 2021. The Group’s 2021 Headline KPIs announced were as below:
FY 2021 FY 2021 FY 2021

Achievement Headline KPIs Achievement
@ Actual currency @ Constant rate1
Revenue Growth2 6.8% Low single digit 8.3%

EBITDA Growth 7.0% Low single digit 8.5%
Notes:
1
Constant rate is based on FY20 Average Forex Rate (e.g. 1 USD = RM4.202)
2
Revenue is based on revenue excluding device (revenue ex-device)
Despite another challenging year arising from the COVID-19 pandemic, the Group posted a strong Our digital businesses focus on two business verticals namely Digital Financial Services via Boost
set of results in FY2021 on the back of higher contribution across all OpCos (except for Ncell and Data and Artificial Intelligence via ADA. Positively, Boost posted lower losses driven by lower
in Nepal), digital businesses and infrastructure. Underlying profit improved, driven by growth in marketing expense whilst ADA recorded its third consecutive year of profit, benefitting from the
EBITDA, lower net finance cost and narrowed losses at digital businesses, moderated by the impact acceleration of digital marketing transformation amongst enterprises. Our regional tower company
of accelerated depreciation of 3G assets. edotco also recorded good performance driven by improved contribution from new tower builds in
its major markets of Bangladesh and Malaysia.
Year on year, Celcom in Malaysia recorded strong revenue recovery in tandem with positive
subscriber momentum, while EBITDA improved from cost optimisation initiatives. XL Axiata in Overall, the Group posted revenue ex-device growth of 6.8% and EBITDA growth of 7.0% in FY2021.
Indonesia registered low single digit revenue growth amidst heightened competitive pressures and Against headline KPIs at constant rate1, the Group exceeded targets of low single digit growth for
EBITDA margin remained healthy. Robi in Bangladesh and Smart in Cambodia benefitted from both metrics with 8.3% growth in revenue ex-device and 8.5% growth in EBITDA.
higher data contribution in tandem with higher data subscribers and usage, leading to high single
digit revenue growth. Dialog in Sri Lanka achieved double-digit growth in revenue and EBITDA, with
higher contribution across all segments of mobile, fixed and TV. Ncell in Nepal faced challenges in
the international long-distance business, prolonged lockdowns and increased competition although
diligent cost management led to improvement in EBITDA margin.
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Our Share Price Performance
In FY2021, Axiata’s share price rose 11.2% to end the year at RM4.16, outperforming the local Share price performance for the year was largely driven by positive sentiment arising from the
benchmark index FTSE Bursa Malaysia KLCI (FBMKLCI) which declined 3.7% to 1,567.53. Axiata’s market announcement of the proposed merger between Celcom Axiata and Digi in April 2021, supported by
capitalisation improved to RM38.2 billion on 31 December 2021 from RM34.3 billion on 31 December strong earnings delivery throughout the year. Other major announcements include the formalisation
2020, closing the year as the ninth largest company on FBMKLCI. In terms of foreign shareholdings, the of a joint bid for digital bank licence in Malaysia by Axiata and RHB in June 2021, and the proposed
figure inched up to 10.9% as at end 2021 compared to 10.4% in the preceding year. acquisition of Link Net by Axiata and XL Axiata in July 2021.
From 2009 to 2021, Axiata’s share price had increased by 69%.
Share Price Performance (2021) Share Price Performance (2009 - 2021)
Axiata (RM/share) FBMKLCI (pts) Axiata (RM/share) FBMKLCI (pts)
4.40 1,700 8.00 2,000
1,800
7.00
4.20
1,650
1,600
6.00
4.00 1,400
1,600
5.00
1,200
3.80
1,550 4.00 1,000
3.60
800
3.00
1,500
3.40 600
2.00
400
1,450
3.20 1.00
200
3.00 1,400 0.00 0
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21
Axiata FBMKLCI Axiata FBMKLCI

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Our Dividend Policy
Supported by robust performance in FY2021 and a healthy balance sheet, Axiata announced a The Board remains committed to our dividend policy whereby the Company intends to pay dividends
second interim dividend of 5.5 sen per share in February 2022, bringing full year dividend declared of at least 30% of its consolidated normalised PATAMI and endeavours to progressively increase the
for the financial year ended 31 December 2021 to 9.5 sen per share. This includes a first interim payout ratio over a period of time, subject to a number of factors including business prospects,
dividend of 4.0 sen per share paid in September 2021. The FY2021 dividend per share (DPS) of capital requirements and surplus, growth/expansion strategy, considerations for non-recurring items
9.5 sen is higher than FY2020 DPS of 7.0 sen, and translates to a dividend payout ratio (DPR) of 66%. and other factors considered relevant by the Board.
Axiata continues to focus on executing the 10 Key Focus Areas of the Axiata 5.0 Vision to deliver
high and sustainable dividends for our shareholders.
PRUDENT AND DISCIPLINED DIVIDEND PAYOUT
One-off Special
Decrease Increase
Step increase One-off Special Increase in DPR, Increase in DPR, Increase in DPR, Increase in Dividend given Prudent Increase in DPS,
Inaugural in DPR, for in DPR, in
in DPR with the Dividend, on in line with in line with in line with DPR, back to gain from M1 DPS of 7 sen in tandem with
dividend prudent and tandem with
growth in Group top of increased progressive progressive progressive 2015 level as disposal, on top amidst a global strong overall
announcement strategic strong overall
Net FCF ordinary DPR dividend policy dividend policy dividend policy committed of increased pandemic performance
reasons performance
ordinary DPR
Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield = Dividend Yield =
2.1% 3.9% 5.5% 3.3% 3.2% 3.1% 1.5% 1.7% 2.1% 2.1% 2.0% 2.5%
Total Dividend = Total Dividend = Ordinary Dividend = Total Dividend = Total Dividend = Total Dividend = Total Dividend = Total Dividend = Total Dividend = Ordinary Dividend = Total Dividend = Total Dividend =
RM0.9bn RM1.5bn RM1.9bn RM1.9bn RM1.9bn RM1.8bn RM0.7bn RM0.8bn RM0.9bn RM0.8bn RM0.6bn RM0.9bn
DPS1 = 10 sen DPS = 19 sen Ordinary DPS = DPS = 22 sen DPS = 22 sen DPS = 20 sen DPS = 8 sen DPS = 8.5 sen DPS = 9.5 sen Ordinary DPS = DPS = 7 sen DPS = 9.5 sen
23 sen 9 sen
Special Dividend = Special Dividend =
RM1.0bn RM0.05bn
Special DPS = Special DPS =
Temporary reduction in
12 sen 0.5 sen
Total DPS = 35 sen DPR in 2016 and 2017, Total DPS = 9.5 sen
due to prudent and strategic
considerations3
84% 85% 85% 86%
75% 74% 66%
70%
60% 64%
50%
30%
DPR2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
¹ DPS – Dividend per share

2
DPR – Dividend payout ratio excluding special dividend
3
The Group announced lower DPR in 2016 and 2017 based on two reasons. First, for prudent reasons, to mitigate against impacts of volatile forex and regulatory risk. Second, for strategic reasons, to enable 4G/data leadership investments as well as for possible
mergers and acquisitions (M&A) exercises in the areas of market consolidation. Axiata reverted to DPR of 85% in 2018.
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Advancing The Digital Economy

Enabling merchants to leverage the digital
economy via mobile transactions spanning
customer orders, inventory and supplier
management, as well as access
to supply chain financing
BOOST INDONESIA
Our Operating
Companies
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2021 Overview Of Digital Telcos’ Performance
Reporting By Geographical Location1
Malaysia (RM billion) Indonesia (IDR trillion) Sri Lanka (SLR billion)
141.9
109.2
116.8
58.8
26.8
120.1
26.0
50.9
(3.3)
94.2
23.0
22.9
46.7
43.5
25.2
33.9
13.3
10.0
10.8
10.8
12.0
17.1
0.9
6.6
2.8
0.8
0.4
0.4
0.3
13.1
6.6
8.5
2.6
6.2
2.6
8.3
0.7
0.7
2.3
6.7
1.3
7.5
7.3
1.9
1.1
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Bangladesh (BDT billion) Cambodia (USD million) Nepal (NPR billion)
349.6
268.2
187.0
326.7
287.5
134.8
315.3
178.9
167.8
127.2
(2.8)
68.0
70.0
68.3
28.8
41.5
54.2
81.4
23.9
32.2
35.5
24.1
75.6
74.8
37.0
33.1
74.4
67.6
72.1
14.0
57.5
41.9
18.9
16.6
13.0
31.8
68.1
58.1
15.3
0.17
6.7
1.8
1.6
2.1
3.1
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Notes: 2019 financial numbers are post International Financial Reporting Standards (IFRS) 16 (except for Indonesia, which is only from 2020)
1
Axiata’s reporting by geographical location is conducted for its Digital Telcos: Celcom, XL Axiata, Smart, Dialog, Robi and Ncell
2
2017 figures have been restated to exclude edotco Cambodia’s results, for like to like comparison with 2018 figures
3
Nepal’s financial numbers are based on financial year ended mid (15th/16th) December through the years 2017 to 2021
Revenue EBITDA PAT
4
Cambodia’s Revenue are pre IFRS 15 for the years prior to and up to 2019, 2020 and 2021 Revenue is post IFRS 15
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2021 was a challenging year but Celcom remained agile and resilient to Celcom continued to invest in network improvement initiatives to provide
Malaysia future-proof our business and meet the increasing demand for digitalisation reliable services and consistent experience with our widest network
Year of Investment/ during the pandemic. We addressed our customers’ reliance on our network coverage across the country including Sabah and Sarawak, in line with
Shareholding: to always remain connected while staying safe at home by introducing Jalinan Digital Negara (JENDELA)’s objectives. We will remain committed on
innovative and affordable products, and special relief initiatives during investing in digital capabilities to offer growth opportunities for businesses,
2008/100%
difficult times. Additionally, Celcom collaborated with various partners improve our consumers’ quality of life and stimulate Malaysia’s economic
to deliver cutting-edge solutions to drive digital transformations across development, which includes the anticipated 5G roll out. This supports our
Nature of Business: Malaysian enterprises. Major floods impacted certain parts of Malaysia late vision to enable digital inclusivity and become the nation’s Most Inspiring
Mobile Telecommunications last year that caused huge losses to many Malaysians. Celcom worked Digital Organisation.
quickly to restore affected services and allocated RM2 million for flood relief
Customers: Datuk Idham Nawawi assistance to assure Malaysians that they could depend on us during times
9.6 million CEO of Celcom Axiata of crisis.
Technology Deployed:
Mobile: Financial Review ESG Highlights
GSM/GPRS/EDGE, 3G/HSPA+, • Strong recovery through subscriber additions of > 900,000 subscribers in
LTE/LTE-A/VoLTE prepaid and postpaid segments
• Profitability grew faster than revenue and PATAMI improved > 5x of revenue
Fixed Network: • Revenue increased 6.5% with double-digit growth in prepaid revenue and
FTTx, WTTx robust postpaid performance Holistic energy management ~ 300,000 people benefitted Robust Anti-Bribery and Anti-
• EBITDA, excluding one-off impact of Employee Restructuring Programme in approach covering our from ~ RM8 million of CSR Corruption (ABAC) culture
No. of BTS: network, facilities, retail stores initiatives through the implementation of
2020, increased by 5.8% through revenue and improved cost management and offices such as Bantuan Komuniti ABAC Policies and Procedures,
2G : 10,758 • PATAMI increased 39.2% due to lower net finance cost and one-off gains Prihatin, Digitalpreneurs, The Blue Spirit (Code of
3G : 6,754 Reduced energy consumption Siswapreneurs and Tuisyen Conduct), Gifts, Donations
4G : 28,384 by implementing 52 Conversion Pintar among others & Sponsorships Policy &
Revenue (RM billion) Customers (million) Power Supply sites and Procedures and Supplier Code
158 Advanced Metering BeBozz provided opportunities of Conduct
Network Coverage Infrastructure sites, and to Malaysians to become digital
2020 6.2 2020 8.7
(by population coverage) 2021 6.6
+6.5%
2021 9.6 decommissioning 63 diesel entrepreneurs Conducted ABAC training and
2G : 95.22% Standby Genset sites - onboarded 35 entrepreneurs awareness programmes
3G : 73.41% and conducted training for our employees and
EBITDA (RM billion) Blended ARPU (RM) Rolled out sustainability sessions for 213 students vendors/suppliers
4G : 94.46% training for employees
2020 2.6 2020 48 covering topics such as climate Launched digital food pack Strengthened data privacy
+9.9% action, energy transition and initiative, Bantuan Komuniti through the implementation of
2021 2.8 2021 45
carbon footprint management Digital for the B40 segment the data privacy roadmap
to enhance their knowledge which provided Boost Wallet
EBITDA Margin (%) Smartphone Penetration (%) top ups to spend on local Strengthened cyber security
Organised awareness stores through the Celcom Corporate
2020 41.5 2020 87.7 programmes highlighting Information Security and
2021 42.8 2021 91.8 climate issues with more than Enhancing women’s digital Celcom Telecom Network
Scan to watch more from
700 attendees from across the skills Security Policy, and
our Chief Executive Officer, industry and worldwide via Ibu Digital, Digitalpreneur enhanced cyber security risk
Celcom Axiata PATAMI (RM billion) Data Usage (Per Data Sub @ Lembah Subang, Google management based on ISO
Industry representation by Bootcamp, CYDIP Teacher’s 27001 for information security
2020 0.7
Per Month) (GB) Celcom CEO at the CEO Webinar Series and CYDIP management systems and
+39.2% Action Network (CAN): Students Competition National Institute of Standards
2021 0.9 2020 18.5 Telecommunications Sector and Technology (NIST) cyber
2021 23.8 Round Table Series 2021, and security frameworks
representing Axiata Group
at Malaysia Climate Action
Scan QR code to visit Week 2021 to advocate for
Celcom’s website sustainability
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Celcom Axiata Review
Awards Highlights Outlook for 2022 and Beyond
Frost & Sullivan Best Practices Awards 2021 Frost & Sullivan Institute - 2021 Enlightened Growth Leadership • Expect limited growth in mobile market, with
• Excellence in Customer Experience - Telecommunications Industry declining data yield
Malaysia - Online Experience Business Media International (BMI) • Celcom will continue to play an active role in driving
• Excellence in Customer Experience - Telecommunications Industry • VISA Sustainable Brand Award 2021 the implementation of MyDigital, JENDELA and
Malaysia - Contact Center Experience accelerate 5G
International Business Review ASEAN Awards 2020 • Accelerate from a mobile-centric to a convergence-
Asia Responsible Enterprise Awards (AREA 2021) • Corporate Excellence Award - ICT & Telecommunications Sector centric organisation, from limited connectivity play
• Social Empowerment Category - Digital Entrepreneurship and to a comprehensive Enterprise services organisation,
Equity in Education and from traditional mobile model to a digital
operating model, embedding analytics and AI
• Drive seamless convergence experience and
Operating Environment
propositions across all channels and segments as
growth engine
• Heightened competition as telcos attempted recovery from • Industry shift to unlimited data model in line with demand for more • Deepen digitalisation efforts to fulfil customer
COVID-19 setbacks data at lower prices needs and address pain points whilst driving cost
• Increased data usage as customers used mobile devices and • The Government driving Malaysia’s transformation into a digitally optimisation
network as primary digital access nation through MyDigital, JENDELA and the acceleration of 5G • Evolve retail and distribution channels towards digital
• Surge in digital use with Work-From-Home (WFH) and e-learning channels and optimisation of existing channel mix
• Broaden and deepen Enterprise service portfolio with
Business Review 2021 new vertical industry solutions and lead innovations
in IR 4.0 and 5G
• Celcom invested approximately RM1 billion into network and systems - Conducted Malaysia’s 1st Voice over 5G New Radio trial calls • Continued focus on M&A and key partnerships
to support the 1.8 million subscriber and data traffic growth since the - Celcom and Huawei deployed the world’s first large scale Frequency between service providers and a wider ecosystem of
pandemic began in 2020 Division Duplex (FDD) Smart 8T8R Network technology companies
• Unprecedented double-digit growth in Prepaid revenue, PATAMI and • Synergistic 5G partnerships with: • Grow digital Value-Added Services through strategic
Subscribers despite challenging market climate - Huawei to develop Smart Solutions for Sunway City regional and global content partnerships to increase
• Expanded Home fibre presence, with strong YoY growth of > 2x - LG Uplus and Media Prima to deliver 5G content and services wallet share and drive higher customer engagement
growth in base and > 150% in revenue - PLUS to elevate mobility and connectivity experience • Implement Phase 2 of Digital Stack Transformation to
• Non-Mobile grew > 5% driven by M2M and Enterprise SMS - Cyber security to spearhead initiatives in understanding, leaning, enable nimble operations and go-to-market agility
• Maintained network resilience as data and voice traffic increased in managing, mitigating and reducing 5G security threats • Continue enhancing cost and operational efficiency
tandem with robust customer acquisition • Robust bad debt management, disciplined cost optimisation, cost by transforming cost base to deliver improvements in
• Improved customer experience via enhanced coverage and capacity control and capital allocation EBITDA and PATAMI
upgrades • Delivered > RM350 million in cost savings through the Collective Brain • Implement Flexible Working Arrangement (FWA) for
• Enhanced Enterprise proposition with two acquisitions – Infront for (CB) employees
Cloud services and managed networks capabilities and Bridgenet for • Achieved RM1.5 billion in transaction value through digitisation and • Continue building core and future competencies
cyber security and networking solutions analytics as enablers to develop new enhanced features such as towards building a high performing organisation
• Advanced on 5G: multiple payments
- Completed full Proof of Concept tests on Converged Core • Celcom Life App remained highest rated amongst peers on Google
functionality Playstore and iOS
- Completed 5G core readiness upgrade • Focused on finalising Celcom-Digi merger
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I am pleased to say that XL has consistently maintained and improved Not only did we try to provide the best services and products for our
Indonesia upon its performance in 2021, by digitising ourselves and transforming our customers, we truly focused on our Customer Experience, particularly in
Year of Investment/ business on an end-to-end basis. This strategy aligned with our vision of Digital. We also ensured that network performance remained strong as
Shareholding: becoming the #1 Converged Operator, and was successful in helping the well. This strategy of Customer Experience was what set us apart from
company manage and maintain business continuity in an environment that our competition. Instead of merely looking at what our competitors were
2005/61.48%
was greatly disrupted by the pandemic. We also had a strategy in place doing, we went one step further and focused on what our customers
to mitigate intense competition by focusing on our customers. Customer needed. It was this focus on the customers that enabled us to finish 2021
Nature of Business: centricity is vital to the success of the company. on a strong note.
Mobile
Customers: Dian Siswarini

57.9 million President Director of
XL Axiata
GSM, GPRS, EDGE, 3F, HSPA+, • Revenue growth of 3%, the fifth year in a row that XL outperformed the
DC-HSPA+, 4G LTE, 4,5G market
• Ex-device revenue rose 2.7% with a 5% increase in data contribution
No. of BTS: • Average Revenue Per User (ARPU) was stable at IDR36,000
2G/3G: 85,078 • EBITDA increased 1.7% moderated by higher sales and marketing expense to Modernising indoor BTS Improved customer Improved customer data
4G: 77,204 improve distribution channels RAN devices using convenience by protection by collaborating
• PAT rose > 100% to IDR1.3 trillion, the highest since 2013, from EBITDA flow air-conditioning (AC) to implementing the Zero with Helios Data to
Network Coverage through, boosted by lower depreciation and amortisation from 3G sunset in outdoor devices which Touch Operation platform implement Secure Data
(by population coverage) 2020 and lower net finance cost reduces electricity including network Sharing technology
2G Population coverage: > 92% consumption management automation
3G Population coverage: > 94% as part of digital
4G Population coverage: > 96% Revenue (IDR trillion) Customers (million) transformation strategy Enhanced data security
Managing energy use at via implementation of
2020 26.0 2020 57.9 the workplace by setting Data Leakage Prevention
+3.0%
2021 26.8 2021 57.9
operating hours for AC and Collaborated with Huawei Procedures and Data
electricity use, and using to bridge the digital divide Sharing Procedures for
EBITDA (IDR trillion) Blended ARPU (IDR thousand) automatic timed electrical in remote areas by testing internal and external parties
switches wireless broadband solution
2020 13.1 2020 36
+1.7% Huawei RuralStar Pro
2021 13.3 2021 36
Enhanced risk management
Promoting video by implementing new Anti-
EBITDA Margin (%) Smartphone Penetration (%) conferencing meetings Contributing to promote Bribery and Anti-Corruption
2020 50.2 2020 89 instead of face-to-face gender equality by and Gifts, Donations and
2021 49.6 2021 92 meeting to reduce business participating in the Sponsorships Policy and
trips, contributing to a international forum of the Procedures
Data Usage (Per Data Sub smaller carbon footprint G20 Empowerment and
PAT (IDR trillion)
Progression of Women’s
2020 0.4
Per Month) (GB) Economic Representation Elevated cyber security by
+246.6%
2021 1.3 2020 7.1 (Empower) operationalising end-to-
2021 13.6 end National Institute of
Standards and Technology
Cyber security Framework
Scan QR code to visit
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XL Axiata Review
Won 2 awards at WOW Brand Indonesia 2021, MarkPlus, Inc. Best Public Company Award 2021, Warta Ekonomi • Expectations for price competition to rationalise
• Live.on - Digital Operator category - “Indonesia Best Public Company 2021 with Prudent Trading Share” for with industry consolidation as a result of Indosat
• XL Axiata - Cellular Operators category the category of Infrastructure, Utilities and Transportation, sub-category and Hutchinson merger
of Telecommunication • With WFH and hybrid work as the new norm, data
Lauded as usage expected to grow
‘The Best in Building Digital Transformation’ Indonesia Customer Service Quality Awards 2021 by SWA Media Group • 5G spectrum auctions to be held in 2022 ahead of
at the TOP Digital Company Awards 2021 by Marketing Magazine • Cellular Operator Service Center for XL Center
full 5G commercial roll out
• Cellular Operator Apps for myXL
Recognised for innovative use of Big Data at Asosiasi Big Data & AI • In 2022, the focus will be on scaling up its
(ABDI) Award 2021 Gold Champion in the Corporate Social Responsibility Programme convergence offering, which XL has started in 2021
• Best Data Technology for Smart Intelligent City category at the Bisnis Indonesia Corporate Social Responsibility Award with the launch of “XL Satu” the first of its kind
• Best Data Governance for Enterprise Data Protection Excellence (BISRA) 2021 by Bisnis Indonesia & Habitat for Humanity Indonesia converged offering in the Indonesian market
• Consolidation of the industry is a positive and with
Selular Award 2021, Selular Robust governance recognised at the Indonesian Institute for Corporate less market players, the focus will move away from
• Most Innovative Data Package for “XL SATU Fiber” Directorship Corporate Governance Award 2021 pricing and be more on Customer Experience of
• Best Home Internet for XL Home • Top 50 Big Capitalisation Public Listed Companies which XL intends to play its part with its continued
• Best Non-Financial Sector for Big Capitalisation Public Listed
network investment and digitalisation initiatives.
Company
• XL will also focus on growing its contributions
from the Enterprise segment through a more
Operating Environment complete offering and opportunities for further
revenue growth in ex-Java regions which have
• Intense price competition as consumer wallet reduced • Remote working dominated business operations been performing well and increasing its overall
• Data usage heightened with WFH and digital lifestyles • Positive regulatory environment geared towards supporting contributions to XL’s business.
• Slight recovery in data pricing in the second half of 2021 as communities through the pandemic • XL to expand 5G coverage to provide best customer
competition rationalised experience
• Finalise the Link Net acquisition and leverage on
synergies to drive growth
Business Review 2021
• Boost Enterprise growth via strategic partnerships
to becoming leading ICT player
• Launched 5G trials in 15 key urban population centres across • Launched digital proposition for Home segment • Focus on convergence by scaling up Home offerings
Indonesia, including Bali, Medan, Makassar and Yogyakarta • Initiated omnichannel customer care transformation and significantly • Retain focus on cost management via operational
• Continued to aggressively roll out 4G network, and added 23,000 shifted from traditional to digital traffic efficiencies, and digitalisation and automation
4G BTS in 2021, to increase BTS count to > 162,000 across 458 • Drove efficient cost management through Operational Excellence • Drive further improvements via CB
cities and areas • Leveraged on Collective Brain (CB) to record 55% cost savings YoY • Enhance digital propositions in end-customer and
• Accelerated digital propositions resulting in Monthly Active Users • Employee productivity improved +5% YoY distribution channels
(MAU) growth of +67% for XL and +39% for AXIS • Partnered with high-speed broadband and cable TV operator Link • Become an AI-powered organisation
• Introduce 1st convergence proposition, towards becoming leading Net to sustain competitive positioning and ensure profitable growth • Continue building an agile organisation with high
convergence player in Indonesia • Acquired 51% stake in local service provider Hipernet to expand employee engagement and productivity levels
• Strong YoY growth in Enterprise and Home segments Enterprise customer coverage and strengthen product offerings
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Dialog is pursuing Axiata’s shared aspiration of becoming the Next investments in latest technology and infrastructure combined with agility,
Sri Lanka Generation Digital Champion by 2024. Guided by our purpose of will accelerate our journey towards positioning Dialog Axiata as the
Year of Investment/ Empowering and Enriching Sri Lankan Lives and Enterprises, we are striving Next Generation Digital Champion in Sri Lanka. We remain committed to
Shareholding: towards creating sustainable digital ecosystems across our footprint to transforming our country, underpinned by inclusive and equitable access
1995/82.74% benefit all our stakeholders. We are confident that our long-term strategies, to technology.
Nature of Business:
Communication Services,
Telecommunications Infrastructure
Services, Media and Digital
Services including Financial Supun Weerasinghe
Services and Dialog Enterprise Director/Group CEO of
Dialog Axiata
Customers:
17.6 million Financial Review ESG Highlights
Technology Deployed: • Delivered double-digit growth, as revenue improved by 18.1% driven by

Mobile: higher contributions across all segments of Mobile, Fixed and TV
GSM/EDGE, 3G/HSPA+, • Growth supported by the acquisition of Enterprise ICT service provider H
LTE/LTE-A, 5G Pilot One in January 2021
Fixed Network: Deployed solar powered Partnered with Ministry Implemented Anti-Bribery
• PATAMI increased 41.8% as a result of increased EBITDA and lower net sites in tower locations. Site of Sports and Youth on and Anti-Corruption (ABAC)
FTTx, DOCSIS, LTE, WIFI, Wibas
finance cost in Chavakachcheri was the “Youth Can” project to help risk register
Media: 1st 100% solar dependent talented youth develop their
IPTV, DTH (Satellite TV), ViU mini tower site skills in 6 areas
(Android Stick), ViU Hub 2.0 Revenue (SLR billion) Customers (million) Implemented ABAC Policy,
(Android TV) Gifts, Donations, and
2020 120.1 2020 16.3 137 sites converted to solar, Via the “Nenadiri” initiative, Sponsorships Policy, and
+18.1%
2021 141.9 2021 17.7 which run on a hybrid of provided Data Scholarships Supplier Code of Conduct
No. of BTS:
solar and grid or other to facilitate 103,478 which includes ABAC
2G: 5,187
source of electricity schoolchildren from 470 clauses
3G: 3,327 EBITDA (SLR billion) Blended ARPU schools country-wide with
4G Mobile Broadband: 4,667 online learning
4G Home Broadband: 2020 50.9 2020 373 Commenced E-Kunu, our Conducted mandatory
+15.6%
2,476 2021 58.8 2021 367 eWaste and general waste training on ABAC, cyber
recycling project Converted all Learning and security and data privacy
Network Coverage Development modules to for all employees
(by population coverage): EBITDA Margin (%) Smartphone Penetration (%) online programmes for
2G: 98.37% Partnered with Ministry of internal staff:
2020 42.3 2020 57
3G: 87.50% Environment on "Husma • Total of 3,641 Genie payment platform
2021 41.4 2021 63
4G Mobile Broadband: 95.10% Dena Thuru" initiative to programmes, with 61,087 received Payment Card
4G Home Broadband: 70.60% create awareness and inculcate training manhours Industry Data Security
PATAMI (SLR billion) Mobile Data Usage (Per Data a culture of preservation and • 405 e-Learning Standards (PCI-DSS) Version
urban forestry across Sri Programmes, with 42,237 3.2.1 certification for the 5th
2020 12.0
Sub Per Month) (GB) Lankan homes training manhours consecutive year
+41.8% • 3,236 Online Classroom
2021 17.1 2020 7.1
Programmes, with 18,850
2021 9.4
The 1st quad play telco in training manhours
South Asia to obtain the ISO
14001: 2015 certification in
environmental management
Scan QR code to visit in June 2021
Dialog’s website
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Dialog Axiata Review
Brand Finance Sri Lanka Ceylon Chamber of Commerce – Best Corporate Citizen | • Sri Lanka is engulfed in an economic and political crisis
• Most Valuable Brand (3rd consecutive year) Sustainability Award 2021 resulting from the impacts of COVID-19, significant tax
• Most Valuable Telecommunications Brand (14th consecutive year) • Ranked amongst Top 10 Corporate Citizens cuts and large sovereign debt repayments collectively
• Economic Contribution Award depleting the limited foreign reserves of the country.
SLIM People’s Choice: • Sector Based Sustainability Champions (Knowledge Service As a result, the Sri Lankan Rupee (SLR) depreciated by
• Telecommunication Brand of the Year (10th consecutive year) Sector) more than 60% against the USD since mid-March 2022,
• Youth Choice Brand of the Year (2nd consecutive year) causing a significant rise in inflation, prolonged power
• Service Brand of the Year (2nd consecutive year) The ISO 14001 Standard - Dialog Axiata Group is the 1st Quad Play cuts and shortage of essential fuel and medicine
Telco in South Asia to Receive the ISO 14001:2015 Certification • Dialog is sustaining its operations in this challenging
TM Forum Excellence Awards 2021 period, and will continue to monitor the situation and
• Winner - AI, Data & Insights category Recognised as the best network for Speed Leadership, Coverage respond accordingly
& Video experience leader during first and second half of 2021 by • Key focus areas for 2022 and beyond include prudent
Opensignal financial management to navigate macro uncertainty
driven by socio-economic and political crisis, forex
depreciation and inflation
• Further expand broadband coverage and capacity to
enhance customer experience, and sustain customer
• Macro uncertainty driven by COVID-19 pandemic and foreign • Multiple initiatives by the Telecommunications Regulatory market leadership and data market leadership
exchange concerns in Sri Lanka Commission of Sri Lanka (TRCSL) including preliminary steps to • DTV to focus on sustaining profitability despite impact
• Competitive industry landscape with aggressive 4G coverage and implement number portability, public consultation on introducing of forex depreciation via focus on revenue and cost
capacity expansion by competitors unified licensing framework and development of guidelines for management
• Mobile data usage grew > 55% for the year and fixed data usage value added services • Continued focus on digital services, including fintech,
surged > 75% driven by WFH and streaming related data demand healthtech, edutech and insuretech verticals
• Focused initiatives to drive Enterprise growth, with
Business Review 2021 emphasis on converged connectivity, work from
anywhere solutions, Data Centers, Security, ICT Apps
• Dialog improved mobile Customer Market Share (CMS) and • Acquired H One Private Ltd, the largest Microsoft enterprise and Analytics for enterprises
maintained strong leadership in Data Market Share (DMS) in 2021 solutions reseller in Sri Lanka, which contributed 13% to Enterprise • Leverage on H One to further expand on other hyper
• Home Broadband (HBB) achieved CMS leadership in the third revenue and recorded 45% YoY growth post acquisition scale opportunities and grow regionally
quarter of 2021, driven by significant subscriber growth of • Restructured Dialog Digital Services’ internal processes and portfolio • Ramping up digital transformation programme and push
> 490,000 subscribers during the year to better serve fintech, healthtech, edutech and insuretech towards achieving vision of “zero manual processes” via
• Dialog TV (DTV) recorded positive PAT for the first time since 2014, - Rebranded and relaunched Genie App as a comprehensive further automation of sales and front-end functions,
supported by rental revision, growth in advertising revenue and financial marketplace with multiple financial services including and improving digitisation of back-office functions
aggressive cost management digital payment solutions, digital savings, mutual funds, wealth • Continuously introduce new digital skills such as AI/ML,
• Dialog continued to secure key wins in Opensignal’s Mobile Network management, personal financial management and insurance Big Data Analytics, hyper automation, Cloud computing
Experience Report 2022 with awards for Video Experience, Games - MyDoctor merged with Doc990 to create a wide HealthTech and cyber security to our employees to achieve
Experience, Voice App Experience, Download Speed Experience, portfolio for customers business agility and robust growth
Upload Speed Experience and 4G coverage experience • In 2021, Dialog Axiata Digital Innovation Fund (DADIF) invested • Enhance employee engagement via a leadership
• Cost transformation programme yielded positive results contributing in Agrithmics, a digital platform connecting small hold farmers to engagement blueprint clearly identifying career
to cost savings of SLR5 billion via digitisation, tactical initiatives and agricultural businesses and financial institutions. To date, DADIF has transitions points for both management and specialised
transformational initiatives invested in seven digital start-ups with one exit skills
• Accelerated our journey to democratise analytical capability across
the organisation via Analytics at the Edge
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Despite pandemic challenges, I am proud to share that we turned the crisis Recognition of Robi’s bdapps as the national app store by the Government’s
Bangladesh into a powerful enabler in our digital transformation journey. With more ICT Division has helped us democratise the process of digital innovation in
Year of Investment/ than half our data subscribers comprising 4G users, we are aggressively Bangladesh and allowed us to forge a deeper relationship at the community
Shareholding: challenging the market leader on the data front. Our customers consume level. Supported by a highly engaged pool of talents, we secured industry
the highest volume of data in the industry and this continues to improve. leading growth for the third consecutive year. While the overall profit margin
1996/61.82%
is encouraging, the huge tax burden still looms large on our profitability.
Alongside tremendous data growth, Robi was yet again the AI Maturity Although data usage is growing exponentially, ever-sliding data prices
Nature of Business: champion in 2021 amongst all Axiata entities for the third consecutive remain a concern for sustainable growth.
Mobile Telecom Operator year. This award indicates our groundbreaking use of digital technologies
to unlock innovation. We have leveraged our strategic advantage for
Customers: M. Riyaaz Rasheed operational efficiencies, whilst introducing customised innovative digital
53.7 million Acting CEO/CFO of products and services.
Robi Axiata
GSM/EDGE, 3G/HSPA+, • Revenue ex-device rose 7.6% due to data revenue momentum
LTE/LTE-A
• Data revenue increased 11.8% in tandem with higher usage led by growth
in 4G subscriber base
No. of BTS:
• EBITDA improved by 2.7% moderated by higher network cost and sales
2G BTS: 14,800 Continuous efforts in carbon Female hire reached 21% Developed data privacy
3G BTS: 11,341 and marketing expense
sequestration, efficient use in 2021 on the back of roadmap and established
4G BTS: 14,810 • PATAMI surged by 16.1% lifted by lower net finance cost and tax which of energy resources and continued promotion data privacy team to elevate
cushioned the impact of higher depreciation and amortisation successful experimentation of gender equality and customer data privacy
Network Coverage with solar power generation inclusivity
(by population coverage): at a BTS site under the
Service Revenue (BDT billion) PATAMI (BDT billion) national Net Metering Training and awareness
2G: 99.6%
Scheme Launched the industry’s first programmes for employees
3G: 92.7% 2020 75.0 2020 1.6 motherhood management and critical stakeholders
4G: 98.1% +16.1%
2021 80.7 2021 1.8 programme, Compassion, to on data privacy and data
472 tons of e-Waste support female employees security
Device Revenue (BDT billion) Customers (million) from Technology, IT and
Admin recycled as part of
2020 0.7 2020 50.9 environmentally sustainable Upskilled employees in Big 11 Implemented vendor
2021 0.7 2021 53.7 drive Digital Technologies onboarding governance
process and enhanced
Total Revenue (BDT billion) Blended ARPU/month (BDT) vendor risk management
Implemented green Launched Robi Ask Niaz through Anti-Bribery and
2020 75.6 2020 121 initiatives at our corporate All Employee Learning Anti-Corruption clauses and
+7.6%
2021 81.4 2021 124 office: Programme, which covered Supplier Code of Conduct
• 10KW solar power 80% of all employees by
EBITDA (BDT billion) Smartphone Penetration (%) generation capacity end 2021
installed Engaged with vendors and
2020 32.2 2020 43.5 • Recycling office waste business partners to raise
+2.7% 2021
2021 33.1 53.0 • Schedule-based light awareness on enhanced
operations to reduce governance processes
Data Usage (Per Data Sub Per energy consumption
EBITDA Margin (%)
Month) (MB)
2020 42.6
Scan QR code to visit 2021 40.6 2020 2,878
Robi’s website 2021 4,062
IAR, How We Create Value on pages 39 to 50 SNCR, Bangladesh National Contribution Report on pages 109 to 111 GAFS, Profile Of Group Senior Leadership Team and Awards on pages 17 and 22
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Robi Axiata Review
19th Global Edition of the Business Leader of the Year Robi recognised as the most socially devoted brand in • Data to continue as key growth driver. Although, data price is
Awards – Innovation Leadership and Green Telecom Award Bangladesh for more than 3 consecutive years by Social Baker expected to continue to decline in a hyper-competitive industry
and ranked #1 in the world in the second quarter of 2021 • Robi will focus on business recovery by leveraging on key new
Bangladesh Innovation Award 2021 – 333, Robi’s platform normal drivers
to access public service in Digital Bangladesh, received Project Management Institute of Bangladesh’s Bangladesh • Continue accelerating digital adoption across all key functions to
Honourable Mention in the Best Innovation Public Service Project Management Symposium and Excellence Awards 2021 enhance digital capabilities and drive operational efficiency
category – PMO of the Year Award • Develop further digital channels for serving customers and focus
on high quality digital experiences for customers in line with the
Institute of Cost Management Accounts of Bangladesh evolving consumer behavior
(ICMAB) Best Corporate Award 2020 – Silver Award (Telco • Delivering diversified solutions for the Enterprise segment based on
category) their digital transformation needs
• Continue building synergies within our own platforms and through
partnerships to capture greater Enterprise market share
• Leverage on Operational Excellence and continue applying
Digitalisation and Analytics across the business
• SIM penetration at 106.9% in a four-player market • Data price fell by 32% due to competitive pricing as well as • Deliver improved financial performance through continued cost
• Mobile Internet penetration reached 67.3% with 6.5pp YoY the absence of regulation on data floor price transformation and optimisation to improve EBITDA
increment • Bangladesh Telecommunication Regulatory Commission • Focus on reducing cost/GB further with efficient spectrum utilisation
• 8.9% data revenue growth across the industry, while voice held auctions for 7.4 MHz of spectrum in 1800 band and and functional superiority
revenue increased at a lower rate of 3% 20 MHz in 2100 band • Continue leveraging on CB engagement in Enterprise, Network, IT
and Procurement
Business Review 2021 • Commercialise predictive network maintenance concept to ensure
better customer experience
• Data as a key driver for revenue growth resulted in high • Enhanced Collective Brain (CB) engagement to drive • Continuously strive towards embedding a digital DNA within the
data consumption initiatives towards streamlined data production cost and organisation to be more agile and adaptive and create scalable
• Increased digital adoption led to higher digital recharge procurement efficiency for Network and IT impact
and app penetration • Recognised as Champion in AI Maturity within Axiata Group • Focus on business preparedness and capitalising opportunities that
• Strengthened core offerings in data, voice and Digital for third consecutive year, and received LEAP Award for will arise from 5G deployment
Value-Added Services ‘Most Digitised OpCo’ • Drive towards infrastructural readiness for efficient deployment of
• Focused on developing digital portfolio in line with evolving • Robi’s app store, bdapps, recognised as national app store 5G Technology
customer demand via internal platform development as • Purchased spectrum of 2.6 MHz in 1800 and 5 MHz in 2100 • Becoming a data driven organisation through AI and analytics and
well as partnerships to generate maximum synergy and bands drive their monetisation through business applications such as churn
value • Upskilled employees’ capability in advanced technology prediction models, real time interactive dashboards and others
• Expanding presence in new growth areas and increased via training on AI/ML, data science, IoT, Blockchain, Cloud • Nurture organisation talents with contextual and future ready skills
Enterprise ICT penetration by developing digital portfolio computing and UI/UX design, among others such as but not limited to AI/ML, data science and blockchain,
catering to new market demands • Continued with momentum towards achieving an AI-led, among others
• Focused on reducing cost per GB data and maximising analytics driven organisation with talents possessing future
spectrum utilisation ready skillsets
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With our sights set firmly on becoming Cambodia’s #1 and most loved to grow and thrive in today’s digital age. Towards supporting this, Smart Axiata
Cambodia communication tech brand, Smart has accelerated our efforts in driving works closely with key stakeholders to deliver positive and meaningful change
Year of Investment/ improvements in network quality and coverage while simultaneously investing by offering initiatives and programmes geared towards delivering quality
Shareholding: in the development of our community through cause-driven initiatives. education for all, fostering digital talents and environmental stewardship.
Our initiatives impact all levels of society, from equipping high school and
2013/72.48%
In our mission to connect and make lives better, we tirelessly invest, expand university students with digital skills to growing the digital ecosystem by
and take appropriate measures in delivering excellent Internet experiences empowering local entrepreneurs with the necessary funding and training.
Nature of Business: while ensuring that our connectivity solutions are available and affordable to
Mobile Telecom Operator all. In delivering connectivity to our millions of customers in Cambodia while
implementing award-winning initiatives, Smart is proud to play a part in
Customers: Feiruz Ikhwan Beyond establishing ourselves as Cambodia’s leading telecommunications helping Cambodia achieve its aspirations of becoming a digital economy.
7.4 million Acting CEO/CFO of operator, we are equally driven to provide our community with opportunities
Smart Axiata
GSM/EDGE, 3G/HSPA+, • Revenue increased by 7.0% due to higher data contribution from growing
LTE/LTE-A
data subscriber base and usage
• EBITDA expanded by 4.5% as a result of higher revenue, offset by higher
No. of BTS:
network cost
2G: 3,211 Investing in renewable Continued to contribute Implemented Code of
3G: 1,962 • PAT grew by 3.0%
energy (RE) by incorporating to the Ministry of Post and Conduct for all vendors
4G: 3,255 solar farms and solar panels - Telecommunications’ USO
total of 825 RE sites Fund and the Capacity
Revenue (USD million) Customers (million) Building and Research Elevated ethics and integrity
Network Coverage
(by population coverage) Development Fund culture by conducting
2020 326.7 2020 7.5
+7.0% Prioritised employee training training and awareness
2G: 99.6% 2021 349.6 2021 7.4
and awareness programmes programmes for employees
3G: 63.5% on sustainability and green Committed 1% of annual covering Anti-Bribery and
4G: 95.7% stewardship concepts revenue to implementing Anti-Corruption (ABAC),
EBITDA (USD million) Blended ARPU (USD)
including clean energy, strategic programmes that Whistleblowing Policy and
2020 178.9 2020 2.9 single-used plastic and aim to build ICT talents and cyber security and data
+4.5%
2021 187.0 2021 3.3 energy efficiency develop Cambodia’s digital privacy
economy
EBITDA Margin (%) Smartphone Penetration (%) Monitoring carbon emission Conducted risk assessment
targets in line with Axiata’s Launched digital literacy exercise across all divisions
2020 54.8 2020 84 net-zero commitment talk show with experts to review and determine
2021 53.5 2021 88 from ministries, NGOs and risks within our operations
research organisations to
Collaborated with the deliver insightful discussions
PAT (USD million) Data Usage (Per Data Sub Ministry of Environment: on Internet safety
Per Month) (GB) • Employee volunteer
2020 70.1
+3.0% programme to plant
2021 72.1 2020 18.2 mangrove seedlings Signed MoUs with 10
2021 20.4 • Sponsored the National universities to offer a first-of-
Eco-School Competition its-kind, accredited blended
for schools across the entrepreneurship course
country to showcase their
green stewardship
Smart’s website Note: Smart’s Revenue are pre IFRS 15 for the years prior to and up to 2019. 2020 and 2021 Revenue
are post IFRS 15.
IAR, How We Create Value on pages 39 to 50 SNCR, Cambodia National Contribution Report on pages 100 to 102 GAFS, Profile Of Group Senior Leadership Team and Awards on pages 17 and 23
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Smart Axiata Review
Frost & Sullivan Asia Pacific Best Practices Awards 2021 Global Banking and Finance Review 2021 • Strengthening our mobile data
• Cambodia Mobile Service Provider of the Year 2021 • Best CSR Company Cambodia 2021 leadership while introducing new
• Cambodia Mobile Data Service Provider of the Year 2021 • Best Telecommunication Company Cambodia 2021 digital, entertainment and lifestyle
• Leading Company in Building Community Resilience Cambodia 2021 offerings in line with our aspiration to be
the #1 and most loved communication
tech brand in Cambodia by 2022
Operating Environment • Expand digital services by exploring
opportunities in Enterprise and IoT,
• Mobile-led telco industry, with top three mobile operators dominating more • Increasing smartphone adoption rate, digital literacy and social media as and Home Wi-Fi segments
than 90% of market share well as mobile data usage • Sustaining our momentum in building
• Data usage continued to rise as the market continued to experience an • Association of Telecommunication Operators in Cambodia officially a digital talent factory by creating
increase in customer demand at one of the lowest prices in the region launched in March 2021 employee development programmes
and building up technical capabilities
within our employees
Business Review 2021 • Leveraging on digitisation in internal
business operations to achieve
• Addressed digital divide in the country by expanding 4G coverage to rural - First Cambodian telco to offer a B2B2C product – Sponsored Data – operational excellence
communities with 385 additional sites across 21 provinces which allows businesses to sponsor data usage for customers to access • Sustaining our commitments in social
• Launched ‘SmartThomMorng! Monthly’, a new 30-day tariff plan that applications or websites and nation building contributions.
offered subscribers longer plan validity and more benefits - Beyond basic connectivity solutions, Smart is becoming an end-to-end Through strategic CSR and
• Maintained position as the digital champion in the industry through unique solutions provider with personalised bundling and high-quality services sustainability initiatives, Smart will
products and experiences: by leveraging on telco analytics deliver long term and positive impact
for communities while engaging with
- Launched Data SmartLoan and Data Pack to give customers a seamless - Ongoing activities to diversify our service portfolio by looking into the
key stakeholders in government and
surfing experience with an integrated data purchase plan through latest technology including such as data network management, network
across the ecosystem
Facebook, making Smart the first telco in the country to do so security and intelligent voice • Actively exploring opportunities to
- Streamlined e-gaming experience for subscribers with convenient • Extended product portfolio in the fixed broadband space through support the government’s digital
payment options and special deals on gaming currencies convergence offerings including online security for Consumers, special economy agenda through initiatives
- Revamped Smart’s self-care app, SmartNas, to provide more deals on Home IoT products and exclusive entertainment content such as development of ICT talents,
transparency and benefits to customers • Retained leadership as the lifestyle and entertainment provider through providing expertise to stakeholders
- Utilised cutting-edge customer experience management systems to innovative content offerings on social media platforms and cooperating with the authorities
enhance retail digital experience and operations across Smart Shops • Fostered growth of the local eSports industry by organising world-class on development initiatives
nationwide gaming tournaments and investing in Cambodian gamers and game • Address key environmental issues and
strengthen our stance as a responsible
- Integrated digital channels in customer journeys through the use of developers
and green digital champion in
gamification and dynamic adjustment of bonuses based on targeted • Perceived industry leader in Corporate Social Responsibility initiatives
Cambodia
transactions with more than 1% of revenue committed to CSR initiatives in line with
• Enhanced solutions for the Enterprise segment through numerous government priorities
initiatives:
- Pleng, Smart’s music streaming app, provides businesses with specific
targeted advertising campaigns
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The pandemic has highlighted the importance of resilience for businesses 2021 has been a milestone year as it reflected positive performance in
Nepal to be ahead of the curve. Going digital was critical to saving the day as many digitalisation activities including in areas such as digital platforms
Year of Investment/ corporates rushed to invest in digitalising their existing value chain. Success enhancement, internal processes automation, digital top-up, and the shift
Shareholding: in the digital space is much less about the technology itself, rather it is from traditional to digital marketing, to name a few, embodying agility
2016/80% a lot more about people and processes. For Ncell, digital transformation and adaptability. Going digital relates to the corporate mindset. It involves
has been on our agenda from the onset and we initiated and fast-tracked reorganising the company and reforming the culture, so that businesses
Nature of Business: several major initiatives around digitalising our customer and channel are less sensitive to externalities, can better compete and grow faster.
Mobile Telecom Operator engagement value chain, amongst others. As a result, our customers and
partners are now engaging with us digitally.
Customers: Andy Chong
16.8 million CEO/MD of Ncell Axiata
GSM, EDGE, 3G/HSPA+ • Challenged by economic pressures from lockdowns and intense
competition
No. of BTS: • Revenue reduced by 1.1% dragged by International Long Distance (ILD)
2G: 3,893 revenue
3G: 3,406 • EBITDA increased by 1.1% due to cost control, with healthy EBITDA margin Completed landscaping and Initiated trainee Enhanced governance
4G: 3,676 of 58.2% planting trees on 10.2 km programme to provide by forming the Board
• PAT rose more than 100% from a low base in FY2020 due to one-off of Green Belt Ring Road, on the job experience to Risk and Compliance
Network Coverage adjustments and continued greening and undergraduates and fresh Committee (BRCC), Risk and
(by population coverage) maintenance of the stretch graduates Compliance Management
2G Population Coverage: in collaboration with the Committee (RCMC) and
Department of Forest and Gifts, Donations and
92.47% Revenue (NPR billion) Customers (million)
Soil Conservation Embarked on Ncell Sponsorships Committee
3G Population Coverage: Accelerated Development (GDSC)
2020 41.9 2020 15.7
53.82% -1.1% Programme with 15
2021 41.5 2021 16.8
4G Population Coverage: Collaborated with the United employees from various
76.55% Nations Development departments Implemented Enterprise Risk
EBITDA (NPR billion) Blended ARPU Programme (UNDP) for the Management (ERM), Anti-
(NPR Per Month) Go Green programme as part Bribery and Anti-Corruption
2020 23.9
+1.1% of climate action initiative Revamped Ncell App with (ABAC) and GDS Policies
2021 24.1 2020 214 new UI/UX, enhanced and Procedures
2021 208 features, integrated
EBITDA Margin (%) Resource and waste Chatbot and a new system
management programmes for to improve customer Completed ABAC Risk
Smartphone Penetration (%)
2020 56.9 waste disposal in compliance experience Assessment for all
2021 58.2 2020 64.6 with environmental legislation departments and developed
2021 65.6 and material recycling risk registers
Rolled out e-Know Your
PAT (NPR billion) Customer (eKYC) to digitally
Data Usage (Per Data Sub
2020 3.1 Collaborated with Doko onboard customers and Conducted cyber security/
+118.2% Per Month) (MB) Recyclers to launch Scientific launched Retailers App and data privacy sessions
2021 6.7
Waste Management Solution Agents App for supply chain with vendors to reinforce
2020 2,043
on Smart Sustainability requirements
2021 3,411
practices for consumption
and disposal
Ncell’s website
IAR, How We Create Value on pages 39 to 50 SNCR, Nepal National Contribution Report on pages 112 to 114 GAFS, Profile Of Group Senior Leadership Team and Awards on pages 17 and 23
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Ncell Axiata Review
Global Business Outlook (GBO) Awards 2021 Employer Branding Institute, World Human Resource Development • Expectations for economic recovery in 2022 as the
• Telecom CEO of the Year Congress and Stars of the Industry Group pandemic subsides, with data growth on the back on
• Most Socially Responsible Telecom Company • Asia’s Best Employer Brand Award 2021 increasing adoption of digital lifestyles
• Ncell to scale up on adoption of digitalisation,
World Communication Awards (WCA) 2021 World Information Technology and Services Alliance (WITSA) progressive self-care digitalisation, optimisation of
Billing Support System structure
• The Social Contribution Award Global ICT Excellence Awards 2021
• Differentiate ourselves by using Digital Telco Enabler as
• Crisis Response Award • Merit Award for Innovative Health Solutions Award (Private
the digital transformation platform
Sector/ NGO) • Focus on capturing greater data market share by
HR Meet 2021, Growth Sellers Private Limited expanding coverage to increase data revenue
• National HR Excellence Awards 2020 Asian-Oceanian Computing Industry Organisation (ASOCIO) • To capture revenue growth opportunities in new
Awards 2021 coverage areas using market intelligence and data
TM Forum Catalyst Awards 2021 • Health Tech Award driven analytics
• TM Forum Catalyst Team Award for Sustainability Leadership • Continue focus on digitalisation to further promote
adoption, efficiency and resiliency in S&D and self-care
app and others
Operating Environment • Faster 4G upgrades [L900 expansion] for reaping
benefits from digitalisation
• Revenue pressured by lockdown and stiff competition from fixed • Significant increase in data usage and fixed wireless broadband • Product innovation and foster collaboration with
Internet and broadband. Economic challenges reduced customer as Ncell continued to garner strong share of the 4G customers in stakeholders
wallets the market • Loyalty programme for customers, churn management,
• Customer demand continued to accelerate and data pricing • Voice business impacted by greater OTT Voice usage and improvement in network/customer experience
continued to drop • To accelerate consumption of data usage via innovative
campaigns and offers
• Continuity to the momentum on cost efficiency
Business Review 2021 • Target high and medium value customer acquisition
• Focus on capturing greater value in the Enterprise
• Subscribers increased 7% due to high gross additions driven by • Expanded fibre connectivity and Data Centre for Enterprise segment and expand FWA revenue
comprehensive distribution process reengineering programmes segment • Focus on digitisation of sales and services, customer
and robust Customer Lifecycle Management (CLM) initiatives • Enhanced digitalisation of Value-Added Services portfolio, care management, and marketing and products
• Launched new digital initiatives: including expanding entertainment and content business towards becoming a Digital Leader
- Enhanced digital platforms – Distribution Management System • Undertook major initiatives to maintain profit margin by focusing • At the organisational level, to embed analytics into our
decision-making
(DMS), Single Retailer App (SRA), Social Distribution and on capex and opex savings and optimisation
• Maintain focus on opex and capex savings, and
Single Customer App (SCA) • Recorded opex savings of NPR705 million and capex savings of
optimisation
- Single Customer App adopted by 1.12 million users NPR2.0 billion • Improve cost per GB
- Automation of finance, procurement and logistics processes • Derived benefits from Collective Brain (CB) synergies • Focus on elevating Net Promoter Score by improving
- Digitisation of HR • Provided access to online learning and engagement portals network
• 29% contribution from digital recharge in 2021 including Synapse • Continue with CB collaborations in network, IT and
• Expanded Revenue Generating Base acquisition • On track with digitisation and transformation towards becoming finance
• Focused on Fixed Wireless Access (FWA) with increasing a Digital Telco
bundled services and sales
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2021 was a transformational year for edotco. As the pandemic caused a we supported national digital transformation initiatives such as Malaysia’s
Malaysia global surge in data traffic, large site roll outs and network uptime were JENDELA and Bangladesh’s Smart City, enabling mobile network operators
Year of Investment/ required to facilitate people working and schooling from home. to serve the unconnected.
Shareholding:
With these unique challenges, edotco delivered outstanding growth We also laid the foundation to build future societies premised on ESG
2012/63%
with record-breaking build-to-suit and co-location tenancies across our principles by being the first Malaysian telecommunications company
footprint, coupled with an aggressive M&A in our key markets to bring us to join the United Nations Global Compact (UNGC). Our Centre for
Nature of Business: closer to our Global Top 5 aspiration. Our priority also included delivering Design Excellence (CoDE) continuously innovates tower designs using
Telecommunications maximum shareholder value for their investment. alternative materials, structures and power systems to deliver on our green
Infrastructure and ambitions to foster a low carbon future. Our efforts have garnered global
Services Mohamed Adlan Internet access became a basic human right and edotco is conscientious accreditations and accolades, such as becoming one of the three Malaysia-
Ahmad Tajudin about our responsibility to help nations accelerate digital equality. In 2021, based ‘unicorns’ in Asia.
CEO of edotco Group
Group Malaysia Bangladesh Myanmar Cambodia Sri Lanka Pakistan Philippine Laos
25,898 5,041 13,198 2,127 3,082 504 1,907 25 14
Towers Owned Towers Owned Towers Owned Towers Owned Towers Owned Towers Owned Towers Owned Towers Owned Towers Owned
19,084 12,465 3,773 949 1,157 740 0 0 0
Towers Managed Towers Managed Towers Managed Towers Managed Towers Managed Towers Managed Towers Managed Towers Managed Towers Managed
40,943 10,349 18,846 4,266 4,343 509 2,588 28 14
Tenancies Tenancies Tenancies Tenancies Tenancies Tenancies Tenancies Tenancies Tenancies
1.58 2.05 1.43 2.01 1.41 1.01 1.36 1.12 1.00
Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio Tenancy Ratio
Financial Review ESG Highlights

• Total owned and managed towers grew by 34% whilst tenancy counts
grew by ~ 16% causing revenue to expand by 5.2%
• Organic and inorganic growth in major markets of Bangladesh and
Malaysia, as other markets contributed positively Sustainable waste management Impacted > 11,000 families The 1st telecommunications company
• EBITDA increased by 13.0%, benefitting from higher revenue, cost as guided by the edotco Green through our Tower 2 Community in Malaysia to become a signatory
Framework – collected and programme which provides of the UNGC in August 2021,
optimisation and better collection, resulting in lower bad debt provisions recycled 908.8 tonnes of e-waste electricity from renewable energy demonstrating our commitment
compared to FY2020, offset against one-off retirement benefit in and 545.05 kg of recyclable items sites, clean water and humanitarian to the 10 principles on Human
Malaysia and regulatory costs in Bangladesh in 2021 relief Rights, Labour, Environment and
Anti-Corruption in all aspects of our
• PATAMI surged by 72.9%, contributed by higher EBITDA and supported Maintaining our Tree Planting Provided humanitarian aid to business
by unrealised forex gain, offset against higher tax provisions Programme across our footprint > 5,000 people across our footprint
– planted ~ 38,500 trees by end according to community needs The 1st telecommunications company
Revenue (RM million) Tenancies 2021 in Malaysia to become a signatory
Enhanced occupational health and of the UNGC in August 2021,
2020 1,881 2020 35,170 63% reduction in carbon footprint safety management by obtaining demonstrating our commitment
Scan to watch more from +5.2%
per site from optimisation the ISO 45001 Certification in to the 10 principles on Human
2021 1,979 2021 40,943
our Chief Executive Officer, projects completed between Malaysia, Myanmar, Bangladesh and Rights, Labour, Environment and
edotco Group 2014 and 20201 Pakistan Anti-Corruption in all aspects of our
EBITDA (RM million) Tenancy Growth (%) business
Undertake a lifecycle approach Elevated our Diversity, Equity and
2020 1,095 2020 +7.5 to building green infrastructure, Inclusion commitment with a range Developed and executed our Integrity
+13.0%
2021 1,238 2021 +16.4 improve energy efficiency and of initiatives including our CEO, and Anti-Corruption Plan (IACP)
invest in renewable technologies Chief People Officer and Director of
PATAMI (RM million) Governance, Risk and Compliance Conducted mandatory e-learning and
Implemented Green Office becoming members of the 30% training programmes Company-wide
2020 140 initiatives across 85% of our Club Malaysia, to promote greater with 100% completion rate on UI.EP
Scan QR code to visit +72.9% National Tower Companies female representation at senior values, and Risk, Compliance and
edotco’s website 2021 242
(NTCs) leadership and Board levels Governance-related issues
1
Calculations on carbon emission reductions are based on in-house estimations which are currently undergoing IAR, How We Create Value on pages 39 SNCR, edotco National Contribution GAFS, Profile Of Group Senior Leadership Team
an external audit and verification process which will be completed by the end of the second quarter of 2022. to 50 Report on pages 115 to 117 and Awards on pages 18 and 23
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edotco Group Review
UN Global Compact Network Malaysia & Brunei Sustainability 1st telco in Malaysia accepted as UNGC signatory • Aggressive expansion by new market entrants
Performance Award 2021 recognised edotco under the Sustainable via new builds and tower acquisition
Development Goal Ambition Benchmark 8, in which all materials and Sustainable Business Awards Malaysia 2021 • Focus on growth by delivering scale and
products are recovered, recycled, or repurposed at the end of use • Winner - Workforce Category profitability by continuing to optimise cost,
• Significant Achievements - Energy Management Category
strive for double-digit growth and complete our
Recognised as one of three ASEAN ‘Unicorns’ by Credit Suisse
Southeast Asia footprint
Sustainability & CSR Malaysia Awards 2021 - Company of the Year for
Frost and Sullivan’s Asia Pacific Telecoms Tower Company of the Year Excellence in Environmental and Community Welfare • Introduce 5G-ready offerings to solidify our
for the 5th consecutive year position as the preferred 5G network roll out
partner through:
- Commercialising management and power
services for 5G related products
- Deepening of adjacent products such as
• Heightened competition in towerco space with companies supported
bandwidth services, in-building DAS and small
by strong shareholders entering Asian markets • Change of leadership in policymaker and/or regulator prompted
• 5G policy implementation concluded in Malaysia with consultation in formulation and execution of fresh stakeholder engagement in cells
Pakistan and Bangladesh at an advanced stage Malaysia, Philippines, Myanmar, Cambodia and Sri Lanka to ensure - Validate Network as a Service (NaaS) for rural
• Posts and Telecom Department of Myanmar continues to play active coherent sector policies implementation and a sustainable operating telephony use case
roles in managing various operational challenges emanating from the environment • Enrich product portfolio by introducing Tower
military coup and international sanctions Plus solutions
• Zero-touch operations through digitalisation to
Business Review 2021 streamline and automate key processes
• Leverage on analytics to drive Sales, Operations,
• Secured edotco’s first 5G active Distributed Antenna Systems (DAS) • Navigating towards profitability via cost initiatives, analytics-based Customer Experience and cost saving initiatives
from Digital Nasional Berhad (DNB) Malaysia, and leveraged on our in- colocations and loading revenue • Strengthen ESG compliance through a solid ESG
house Network and Planning Analytics (NaPA) tool to conduct a 5G • Diversifying the value chain by pursuing next generation infrastructure framework and adoption of best practices in
coverage planning study solutions towards becoming The Next Generation TowerCo sustainability
• Secured ~ 250 5G sites with DNB to roll out first phase of 5G in 2021 • Through R&D, CoDE is accelerating the roll out of advanced industry • Create a Bionic organisation and establish a
• Customer engagement on edotco 5G aspiration in Philippines and solutions:
Championship culture as part of our distinctive
Thailand - Low-cost solution designs for Malaysia, Myanmar, Pakistan and
• Solidified leadership in Malaysia via Touch Mindscape acquisition which Cambodia, providing between 12% and 20% in cost optimisation corporate culture
strategically added ~ 1,000 new tenanted towers to our portfolio, - Bangladesh – designed > 1,600 sites foundations in-house enabling • Solidify network roll out efforts via partnerships
enables edotco to build towers in states it was not able to previously, less reliance on vendors, and better budget management and quality with technology players, municipal councils and
and secured a fibre network assurance state agencies to solve “under connected” issues
• Secured strong foothold in the new market of Indonesia via acquisition - Cambodia – strengthened 28 sites to resolve overload issue and • Advancing regional thought leadership initiatives
of approximately 1,000 towers from XL Axiata released 77 sites for colocation
to encourage harmonisation of international
• Bangladesh and Pakistan delivered their highest completed new site - Designed and deployed first Spun Pre-stressed Concrete (SPC)
counts at ~ 2,800 and 300 sites respectively Tower in Bangladesh best practices in licensing and infrastructure roll
• Deployed NaPA to identify and cater to network “dark spots” to answer - Provided ~ 18,000+ design, drawing, Technical Site Survey Report out across in-country policies and regulatory
surging demand for data and Bill of Quantities related support to all NTCs frameworks
• Rapidly deployed units near hotspot locations such as quarantine
centres, hospitals and residential areas throughout our footprint
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Two words sum up the year in review for us at Boost: Ambition and needs of our consumers, while championing micro, small and medium-
Year of Investment/ Resilience. We are fast seeing the results of the confluence of efforts we’ve sized enterprises (MSME).
Shareholding: put in to lend strength to our value proposition of being a full spectrum
2017/75.36% fintech player in the region. In 2021, we saw exceptional revenue growth, As a digital bank aspirant, we look forward to creating an inclusive
and increased digital users across Boost, which is a testament to the strong financial digital ecosystem for users and merchants across the region and
Nature of Business: efforts by the team in one of our most challenging years. will continue to ramp up the momentum towards building up Boost as
Financial Technology (Fintech) an indomitable player that offers simplifies financial services access and
platform that offers end-to-end We have synergised our business lines encompassing payments, lending, innovative fintech solutions in Southeast Asia. I believe these aspirations
merchant solutions and cross-border payments, and pioneered innovative will give Boost a sustainable competitive advantage and future-proof the
full spectrum digital financial
offerings through scalable technology platforms that meets the diverse business for years to come.
service
Sheyantha Abeykoon
CEO of Boost
What We Do
Financial Review
Boost is the fintech arm of Axiata that unifies
financial services spanning payments, micro- • Gross Transaction Value (GTV) grew by 25.7% to RM5.0 billion, driven by growth in online and offline payments
financing, micro-insurance, cross border • Revenue soared by 65.4% following the acquisition of 0.9 million new users and 139,000 new merchants
content services and merchant solutions. • Boost’s loan book across Malaysia and Indonesia improved with total GTV of loans disbursed increasing by ~ 13x and 55x
We combine deep fintech, in-house data and respectively over 2020 and 2021
AI to meet growing and diverse needs of our • With Indonesia as a key growth engine, Boost Indonesia expanded 5x YoY to disburse upwards of IDR250 billion per month
customers and merchants across the region, in loans, making it one of the largest lending P2P operations in the country
with the aim of becoming a full spectrum
fintech player in Southeast Asia.
ESG Highlights
Our businesses are streamlined into four
core brands:
• Boost Life – provides financial services

Recognised as a leading eWallet Joined the DuitNow QR ecosystem Boost Credit
beyond eWallet and is a consumer platform • Adopted a robust Anti-Bribery and Anti-
by the government for its eBelia to support the regeneration of the
that serves the needs of all Malaysians Corruption (ABAC) Policy and Partner’s Code
initiative via RM150 eBelia credit Malaysian economy in a safe and
through extensive digital features ranging of Conduct
to empower youth under the contactless way
from bill payments to online shopping, buying • Progressively increased Syariah-compliant
PEMERKASA economic stimulus
groceries, food delivery, insurance purchase microfinancing offerings to benefit SMEs and
package
and many more underserved communities
Programmes educating the • Conducted in-depth analysis on the adequacy
• Boost Biz – the merchant business platform
community on eWallet and aiding in and effectiveness of risk management and
that offers more than just payment solutions
Selected for Go-eCommerce their business development internal controls within the company
for enterprises of all sizes, through self-
Onboarding campaign and Shop
serve online business tools and digitalisation
Scan to watch more from Malaysia Online initiatives under the Boost Connect
solutions
our Chief Executive Officer, Belanjawan 2021 programme by Boost Connect’s transformation • Improved third-party risk management to
• Boost Credit – formerly Aspirasi, it houses
Boost the Ministry of Finance and Malaysia programme ‘Camelot’ designed to strengthen and enhance business integrity
the micro-financing and micro-insurance compliance
Digital Economy Corporation deliver optimal business results built
business and is a pioneering Digital Alternative • Enhanced organisational risk governance
on three pillars - Stable, Secure &
financier in Malaysia and Indonesia through strengthening of resource capability,
Predictable Operations; Product as
• Boost Connect – formerly Apigate, Boost operational and risk management processes
Company-wide Gold Diggers a Differentiator; and Becoming Pat
Connect is a regional cross border payment • Continuously developing, enhancing and
Programme to enhance employee Neutral
and customer growth platform ecosystem strengthening data privacy policies and
outcomes procedures aligned with Group’s three-year
Scan QR code to visit provider driven by innovative products and
Boost’s website services Privacy Project
IAR, How We Create Value on pages 39 to 50 SNCR, Digital Inclusion on pages 29 to 41 GAFS, Profile Of Group Senior Leadership Team and Awards on pages 18 and 23
IAR 2021
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Strategy
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Financial
Resilience
Our Operating
Companies
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Accountability
Additional
Information 79
Boost Review
A+M Markies Awards 2021 Malaysia Technology Excellence Awards 2021 Boost
• Gold – Most Effective Use, Loyalty and CRM for Online Boost Day 8.8 • Fintech – Payments award for “Street Parking” • Awaiting results of digital banking licence application in 2022
and 12.12 • Fintech – Financial Services award for “Micro-Insurance (Boost • Financially empower the lower income segment and MSMEs, as
• Bronze – Most Creative Campaign Pivot, for Boost Raya Campaign Protect) we strive towards placing Boost on the global unicorn map
• Focusing on a spectrum of Merchant and B2B Business solutions
One of the winners of the Sustainable Brands Awards 2021 from digitising merchant solutions to food delivery, data as a
service, advertising, marketing and cataloguing
• Expanding and further strengthening Boost’s on-ground presence
with merchants in secondary cities and towns in key growth states
• Continue integrating services between OpCos to strive towards
• Heightened market demand for payment and microfinancing • Bank Negara Malaysia (BNM) issued the Merchant Acquiring an end-to-end merchant solution-based entity
services and digitalisation support Services Policy Document applicable to Boost Connect as a • Enable cross entity data consolidation to monitor performances
• Boost Indonesia faced competition from older Peer-to-Peer registered merchant acquirer across Boost to enable dynamic critical decision making
(P2P) fintech companies especially in Indonesia • Positive regulatory and policy environment supporting SMEs’ • Having established the building blocks for Boost to scale
• Digital consumption across entertainment and gaming surged business recovery regionally, we are committed to become a regional fintech
champion for MSMEs. We plan to replicate our playbook in new
Business Review 2021 high population markets in South Asia, especially Bangladesh, as
potential foothold opportunities
Boost • Developed multiple dynamic dashboards for instant insights on
• Formed in mid-2021 by consolidating and integrating five different data visualisation by using Tableau Boost Credit
subsidiaries - Boost Life, Boost Biz, Boost Connect, Boost Credit • Customers’ performance data and alternative data are continuously • Double down across various channels such as offline, online and
and Boost Indonesia – with fully digitised financing, payments and fed into the ML model to improve the accuracy and effectiveness ecosystems, among others, and across Boost entities to further
insurance for merchants and customers based on rich transaction of the credit scoring process scale outreach and access to financing to underserved MSMEs
data • Collaborate with strategic ecosystem partners to rapidly scale
• Lasting shift in volumes core from offline to online use cases and Boost Connect BNPL, enabling and facilitating quick and easy financing for
continued engagement growth • Launched Boost Connect Bundling platform for Celcom, which partners’ customer bases
• Having built Boost’s proposition as a fintech provider, in March enabled it to launch its Games and Edutainment Walla offering • Further optimise unit economics of products to improve
2022 became the first fully regional digital financier to obtain • Leveraged on OpCo synergies to launch Boost Connect Storefront contribution margins in pursuit of profitability
an investment grade A1 rating from RAM Ratings for our maiden housing top-ranked game titles:
tranche of Senior Class A Medium Term Notes - Smart Game Voucher Market for Smart Boost Connect
- ‘Game Connect’ for Boost Life • Explore new opportunities for Boost Connect payment platform
Boost Credit • In 2021, successfully transitioned the organisation into agile ways ecosystem to expand regional presence
• Submitted comprehensive application for Digital Bank Licence in of working by setting up five squads of cross-functional teams • Focus on next phase of growth by expanding the Storefront,
June 2021 with upcoming announcement in 2022 to define and drive product roadmaps, and a Camelot Guild to Bundling and voucher distribution business
• Embarked on the region’s first asset-backed securitisation provide support and guidance where required • Explore opportunities in new service verticals centred on
programme of Boost Credit loans to sustainably secure external • Achieved cost reduction of 39% YoY with an empowered culture consumer lifestyle demand
funding and optimise cost of capital to “Invest where it matters the most” across all functions • Continue to expand market coverage in Southeast and South Asia
• First ever non-banking institution to collaborate with Credit • Venture into payment gateway business as a natural progression
Guarantee Corporation (CGC), a BNM subsidiary, on a Portfolio to complement Boost’s financial service ecosystem
Guarantee scheme to effectively scale loan book growth
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Our Operating
Companies
Transparency &
Accountability
Additional
Information 80
2021 has been another great year for ADA, filled with accomplishments we Our business continues to be validated through the 65 awards we have
Year of Investment/ have been working towards since we first started in 2018. Our mission to won, including the prestigious Campaign Asia’s Tech Agency of the Year
Shareholding: digitally transform the marketing industry is still at the heart of what we do, award for the third consecutive year. Our team grew from 700 to over
2014/61.23% more so in the age of COVID-19 where the need for digital transformation 1,000 members across all ten countries, bringing together many diverse
is crucial for businesses. We recorded EBITDA YoY growth of 149% and capabilities in marketing technology, eCommerce, digital media and
Nature of Business: PATAMI growth of 7.5x1 from FY2020. We welcomed SoftBank Corp. as a analytics. While 2021 marked many new highs for ADA, it was also one
Integrated Digital Advertising, strategic shareholder, with a USD60 million investment to bring further data of the most challenging years for us due to the prevailing uncertainties of
Analytics, and Artificial and AI solutions to ADA clients. We also acquired Awake Asia to deliver the pandemic. We made sure our people were well taken care of, through
true end-to-end eCommerce solutions across our footprint. To enhance enhanced benefits and more team activities including Career Chats and
Intelligence Firm
our capabilities and solutions, we continued building strategic partnerships Lunch and Learn to inculcate a sense of togetherness through virtual
Srinivas Gattamneni with various players in the digital landscape, including Facebook, Google platforms. In 2022, we will continue to build ADA towards achieving our
CEO of ADA and our ecosystem of telco partners. unicorn ambition.
What We Do
Financial Review
ADA is a data and artificial intelligence company
that designs and executes integrated digital, • Revenue surged by 89.4% due to expansion of customer engagement business and increased client focus on digital
analytics, and marketing solutions. Operating transformation
across 10 markets in South and Southeast Asia, • YoY EBITDA growth of 149%
ADA partners with leading brands to drive their • PATAMI growth of 7.5x1 from FY2020
digital and data maturity, and achieve their
business goals.
ESG Highlights
ADA is creating value for brands across its
footprint by:
• Helping businesses achieve their data and

digital marketing maturity An equal opportunities employer, with an even distribution of women Completed Anti-Bribery and Anti-Corruption
• Using data, insights and cross domain teams to and men – Female : Male ratio in 2021: controls
catalyse business growth for our clients • Overall workforce - 50:50
• Integrating tech, media and creative to drive • Senior leadership - 38:62 Achieved National Institute of Standards and
meaningful business outcomes with digital • New hires - 47:53 Technology (NIST) Maturity levels of 2.74 out of
marketing 5.00
• Helping brands deliver seamless eCommerce In conjunction with International Women’s Day, doubled down on our
operations through our end-to-end eCommerce commitment to support working parents by extending maternity and Completed mandatory governance trainings
solution – digital marketing, eCommerce paternity leave including Data Privacy and Cyber security
insights, customer service, creative automation, Refresher, Digital Trust, Anti-Bribery and
and supply chain and logistics A full spectrum of talent development programmes to upskill our Corruption Awareness
Scan to watch more from • Guiding businesses in their digital transformation employees including Mentorship Programme, TikTok Learning
our Chief Executive Officer, journey through the relevant marketing Programme, Career Management Framework, enhanced Internal Conducted training for third-party Vendors and
ADA technology (MarTech) solutions Mobility Framework, FUSE portal for online learning, and customised third-party Service Managers on areas related to
• Deriving business insights from the telco and programmes and certifications governance
mobile ecosystem to create enhanced customer
experiences > 60,000 hours of learning content consumed on Coursera, LinkedIn Enhanced trainings on Enterprise Risk
• Delivering business messaging solutions and other learning platforms Management
through our strategic partnerships with top OTT
Scan QR code to visit platforms in the region Continued to prioritise employee health, safety and wellbeing
ADA’s website
Note: ¹ Related to ADS shareholding IAR, How We Create Value on pages 39 to 50 GAFS, Profile Of Group Senior Leadership Team and Awards on pages 18 and 23
IAR 2021
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ADA Review
2021 Campaign Asia Pacific (APAC) Agency of the Year The Drum Awards for Digital Advertising Asia Pacific 2021 • ADA’s vision is to be a sustainable and profitable
• Winner of Asia-Pacific Tech Agency of the Year for the third • Best Ad Ops Team (Winner) unicorn by 2024, as APAC’s largest digital
consecutive year services provider
• Southeast Asia Consultancy Agency of the Year (Silver) ASEAN Digital Transformation Award 2021 – Winner of Business to * Focus on continued performance growth across
• Southeast Asia B2C Marketing Agency of the Year (Bronze) Consumer (B2C) Subcategory Net Revenue, EBITDA and PAT by scaling existing
• Southeast Asia Mobile Marketing Agency of the Year (Bronze) business lines and capturing new growth from
emerging services and geographical expansion
• Integrating our services in Business Insights,
Operating Environment Digital Marketing, Creative, Marketing Technology,
eCommerce enablement and Customer
• More brands turning to online channels to engage consumers and as • Businesses seeking Marketing Technology and eCommerce solutions Engagement Solutions to create a virtuous cycle
new marketing/sales channel to drive business growth and digital maturity
that enables our clients to achieve data and
• Heightened competition from digital agency, data and analytics, • Metaverse to impact every part of our customers’ marketing funnel
digital maturity
digital media inventory, marketing technology, and eCommerce from customer experience and content, to media distribution
enablement players • Continue to focus on innovation and build a
sustainable growth engine through new products
and solution launches as well as cementing
Business Review 2021
strategic partnerships across our business pillars
• Enable our pioneering clients to venture into the
• Strategic investment and acquisitions: > Marketing Technology: Extended partnerships with Yellow
Metaverse
- SoftBank Corp. strategic investment into ADA of RM246.4 million Messenger, Optimizely, and HubSpot.
- Acquisition of Awake Asia to deliver end-to-end eCommerce > Business Insights: Extended partnerships with Human Inc for • Continue with hybrid working arrangement for
across our footprint knowledge sharing and joint pitches our employees’ safety and wellbeing
• Strengthened our competitive edge via new partnerships: • New products and services: • Expand employee learning modules and
- Service expansion - Launched new and innovative MarTech and e-Commerce programmes to stay ahead of the curve and
> Launched Marketing Technology and eCommerce enablement enablement solutions encourage a growth mindset
- Products, Data & Analytics - Added ~ 3.1 billion data points daily to XACT to glean consumer • Continue to encourage gender equity amongst
> Launched Southeast Asia’s first ever Recovery Index Dashboard insights our employees
that measures the level of activity in 10 markets through footfall - New products include Customer Explorer Insights 2.0, Integrated • Double down on cost savings and financial
and app usage Segment Optimisation, eCommerce insights tool, Financial
efficiencies initiatives ranging from process
> Rolled out new products including Customer Explorer Insights Services business insights dashboard and Over The Top (OTT)
improvement to automation
2.0, Integrated Segment Optimisation, eCommerce insights messaging solution
tool, Financial Services business insights dashboard and OTT • Grew our team to > 1,000 people across 10 countries, weaving
messaging solution together diverse talent capabilities in MarTech, eCommerce, digital
- New partnerships media and analytics
> Established new partnership with WhatsApp as an official • Launched Southeast Asia’s first ever Recovery Index Dashboard,
Business Solution Provider partner and API partner a data-driven dashboard to help brands navigate post-pandemic
> Customer Engagement/ Global Messaging: recovery by measuring activity levels in 10 markets through footfall
■ Extended partnerships with new mobile network operators and app usage
such as DTAC, Smart Philippines, Mobifone and Telia • Focused on cost savings and financial efficiencies
■ Established new strategic Southbound connections and • Automated key processes across HR and Finance
Google partnership • Drove process improvement initiatives across our organisation for
operational efficiency
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Bringing Convenience to Customers 24/7

Investment to support the NHAM24 Super
App which enables customers to order food
anywhere anytime, during pandemic lockdowns
SMART AXIATA DIGITAL INNOVATION FUND
Transparency &
Accountability
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Transparency &
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Additional
Information 83
Committed To Accountability
The Board of Directors of Axiata Group Berhad decision making and the execution of those decisions oversee all matters relating to sustainability practices OUR GOVERNANCE PRACTICES
(Board or BOD) strongly advocate and support within a disciplined framework of policies and within the Group. This timely evolution to dedicate
the principles of good corporate governance. procedures. a Board Committee on sustainability is aligned
• Leadership
The Board has continually strived to enhance with the increasing emphasis placed by regulators
The Company is headed by an effective Board
and strengthen the Group’s governance system Good governance exists in an environment where on sustainability matters as observed through the
of Directors, whose roles and responsibilities are
and processes to ensure that the highest levels roles and responsibilities are clearly defined, forums introduction of the new practices in the MCCG 2021.
all clearly defined. The roles of Chairman and
of corporate governance is practised Group-wide. are conducive for a robust debate and performance
the GCEO are held by separate individuals. The
is regularly reviewed. We outline our progress and The Board Risk and Compliance Committee’s (BRCC)
describe our governance efforts over the next few scope of responsibility and focus encompasses Chairman takes responsibility for leading the
This Corporate Governance Overview Statement
(CG Overview Statement) presents key governance pages. The Board provides effective leadership to Enterprise Risk Management, Compliance, Ethics, and Board, whilst day-to-day management of the
highlights for the financial year 2021 and up to the the Group and embraces the principles of ethical Cyber Security and Data Privacy. The combination of Group is delegated to the GCEO.
date of publication of this IAR, outlining how Axiata leadership in setting and implementing the Group’s the functions of Compliance and Ethics with Enterprise IAR, details on the Board of Directors and the
complies with the three principles, 43 practices and strategy. Risk Management provide an integrated focus on all Board’s role and activities on pages 85, 89 and 91
five Step-ups of the Malaysian Code on Corporate risk and compliance matters, directly and indirectly,
Governance 2021 (MCCG 2021) during the year under To ensure we make and execute good decisions and and a single, consistent interface with all other • Effectiveness
review. direction in the interest of the Group, its shareholders functions in the organisation and in the Operating The Board Nomination and Remuneration
and other stakeholders, the Board works continuously Companies (OpCos). Committee oversees many of the activities
This statement has been made in accordance with to maintain and develop its governance framework. which, together, underpin the effectiveness
the authority of the Board dated 23 March 2022 and The Board exercises independent judgement on all The BRCC also oversees the matter of corporate of the Board. It takes the lead on succession
finalised and updated until the date of the publication issues reserved for the Board’s review and approval, liability brought about by Section 17A of the Malaysian planning, taking account of the size and
of the Integrated Annual Report (IAR) 2021 with while simultaneously considering the needs of all Anti-Corruption Commission Act 2009 which came structure of the Board, evaluates the balance
delegated authority to the Board Annual Report stakeholders, and take full responsibility for the into effect on 1 June 2020. The provision of corporate of skills, experience, independence and
Committee (BARC)*. management, direction and performance of the liability will render directors and senior management knowledge of the Company on the Board, and
Group. personally liable for acts of corruption committed by reviews outputs from the annual effectiveness
This statement is complemented with a Corporate the company, either by personnel or parties acting evaluation of the Board.
Governance Report (CG Report) based on a HOW OUR CORPORATE GOVERNANCE ACTIVITIES on behalf of the company unless the company has IAR, details on the Board Nomination and
prescribed format pursuant to paragraph 15.25 of the CONTRIBUTE TO VALUE CREATION in place “adequate procedures” designed to prevent Remuneration Committee activities on page 95
Main Market Listing Requirements (Main LR) of Bursa Good corporate governance contributes to value persons associated with it from undertaking such
Malaysia Securities Berhad (Bursa Securities). The CG creation by ensuring accountability through reporting conduct. Axiata has put in place such a framework. • Accountability
Report is available on the Company’s website under and disclosure, effective risk management, clear The purpose of compliance management is to ensure The Board Audit Committee assists the
the Corporate Governance section as well as via an performance management, transparency and ethical the Group complies, in letter and spirit with all the Board in fulfilling its statutory and fiduciary
announcement on Bursa Securities. This statement and effective leadership. In addition, the diversity of laws, regulatory requirements and internal standards responsibilities by reviewing the financial
should also be read in conjunction with the Statement our directors in terms of gender, race, nationality and of protecting our company and management and statements and financial reporting process,
on Risk Management and Internal Control (SORMIC) professional background (refer pages 85 and 89) supporting our employees in doing the right things, the audit process, the adequacy and
and the Board Audit Committee (BAC) Report as facilitates an environment for constructive dialogue detecting and responding to situations of potential effectiveness of systems for internal controls,
well as other information in the Governance and and enables the Board to consider the needs of a wide non-compliance and driving a corporate culture of risk management and governance, and the
Audited Financial Statements 2021 (GAFS) and the range of stakeholder interests. integrity. process for monitoring compliance with law
Sustainability and National Contribution Report and regulations.
(SNCR) accompanying this IAR. The Board believes these qualities of governance, Although it has been four years since the inaugural
issue of our annual report in an integrated manner IAR, details on the Board Audit Committee activities
which are aligned with the principles of the MCCG 2021, on pages 97 and 98
Throughout the Financial Year Ended 31 December enable the Group to create value for stakeholders in a with IAR 2017 issued in 2018, matters relating to
2021 and continuing until the date of this IAR 2021, sustainable manner over the short, medium and long Environment, Social and Governance (ESG) remains • Relations with Shareholders
the Company has complied with the provisions of the term as described in the strategy section of this IAR. a core focus of Axiata and commands significant An open dialogue is maintained with
MCCG 2021 save for Practices 5.9 and 8.2, respectively attention. In keeping with the growing importance shareholders regarding strategic, governance
relating to the required number of women directors CHANGES IN OUR GOVERNANCE FRAMEWORK of ESG, we welcome the introduction of various ESG and other objectives. This is led by the GCEO
and senior management remuneration as well as recommended practices in MCCG 2021 by introducing
In underscoring Axiata’s commitment towards and the GCFO, whilst the Chairman and
Practice 9.4 which is the Step Up on the requirement to key performance indicators (KPIs) on ESG matters
sustainability as a Group-wide agenda, the Board had other Non-Executive Directors also engage
have all Independent Non-Executive Directors on the for the GCEO and OpCo CEOs as well as designating
resolved to expand the scope and rename the Board with shareholders as necessary. The views
Board Audit Committee. A more thorough description the Group Chief Corporate Officer as the senior
Annual Report Committee as the Board Sustainability and concerns of shareholders, as well as
of the manner in which the Company is addressing management member in charge of ESG. The Board
Committee (BSC) effective 8 April 2022. In addition engagement with them more generally, is
these departures is set out in the CG Report. also plans for at least a twice-yearly tabling of ESG
to the existing role it plays in the preparation of the considered by the whole Board.
matters to Board meetings.
The Board is committed to maintaining the highest Integrated Annual Report Suite, the BSC shall also IAR, details on our stakeholder relationships on
standards of good governance to promote quality pages 101 and 102
* Now known as the Board Sustainability Committee effective 8 April 2022

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Our Governance Structure
Main LR of Bursa Securities & Axiata’s Corporate Governance

COMPLIANCE GUIDELINES MCCG 2021
Companies Act 2016 Framework
Group Executive Council
Senior Leadership Team

Board Audit
Committee
(BAC) Board Mergers and Acquisitions
Nomination & Committee
Remuneration
Committee
(BNRC) Group Talent Council
Board Risk & Chief Technology Officer Council

Operating
Group
Shareholders
Board of Compliance
Management
Companies’
Organisation
Management
Directors Committee Team
Team
(BRCC) Chief Information Officer Council
Group Analytics Council

Board Annual
Report
Committee Risk & Compliance
Axiata Enterprise
(BARC)* Management Committee
Investment
Board Committee
(AEIB)
Digitisation Expert Working Group
Enterprise Business Expert

Working Group
Audit of financial data Facilitation and organisational audit Quality audit and inspections
ASSURANCE
(internal & external) (internal) (internal & external)

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Strategy
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Financial
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Our Operating
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Transparency &
Accountability
Additional
Information 85
Who Governs Us
Axiata’s Board composition reflects our belief in embracing diversity in Gender Tenure
age, gender, background and skills for Board members to collectively Male
8
Less than 1 year
2
provide rigorous oversight that enables the Company to fulfill our purpose Female 1-6 years
2 8
of Advancing Asia as we uphold our values of Uncompromising Integrity

Age Nationalities
and Exceptional Performance. In a fast-transforming world, our Board is
≤ 55 years old
committed to ensuring that the Company continues to deliver enduring value 4
56-60 years old

for our shareholders and greater ecosystem of stakeholders. 1
Malaysian British
> 60 years old
5
51 M 59 M 66 F 63 M 64 F
Tan Sri Shahril Ridza Ridzuan1 Dato’ Izzaddin Idris Dato Dr Nik Ramlah Dr David Robert Dean Khoo Gaik Bee
Nik Mahmood
Chairman, Managing Director/ Senior Independent Independent Independent
Independent Non-Executive Director President & Group Chief Executive Officer Non-Executive Director Non-Executive Director Non-Executive Director
67 M 73 M 47 M 46 M 53 M
Thayaparan S Sangarapillai Tan Sri Dr Halim Shafie Ong King How Syed Ali Syed Salem Alsagoff Nurhisham Hussein2
Independent Independent Non-Independent Non-Executive Director Non-Independent Non-Executive Director Non-Independent Non-Executive Director
Non-Executive Director Non-Executive Director Representative of Khazanah Nasional Representative of Permodalan Nasional Representative of Employees Provident
Berhad Berhad Fund
Notes: 1
Appointed as Director on 29 November 2021 and subsequently as Chairman on 1 January 2022 GAFS, Profile of Directors on pages 4 to 7
Age as at 31 March 2022 2
Appointed on 25 January 2022
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An Experienced Leadership
GROUP ORGANISATIONAL CHART
Board of Board Audit

Directors Committee
Managing Director/
Group Company President & Group Group Internal
Secretarial Chief Executive Audit
Group Company Group Chief
Officer
Secretary Internal Auditor
Corporate Centre Functions Digital Telcos Digital Businesses Infrastructure
Group Chief Executive Officer - Chief Executive Chief Chief Executive Officer -
Group Strategy
Corporate
& Technology Telecommunications Business/ Officer - Executive edotco Group Sdn Bhd
Group People Group Finance Development
Group Chief Group Executive Vice President Axiata Digital & Officer -
Group Chief Group Chief Group Chief
Strategy & Analytics Boost Holdings
People Officer Financial Officer Corporate
Technology Sdn Bhd1 Sdn Bhd
Development
Officer
Officer
• Celcom Axiata Berhad
• PT XL Axiata Tbk
Group
Group Risk & • Robi Axiata Limited
Corporate
Group Legal Compliance • Dialog Axiata PLC
Office Group Chief
Group General Group Chief Risk • Ncell Axiata Limited
Group Chief Information
Counsel & Compliance • Smart Axiata Co., Ltd.
Corporate Officer
Officer
Officer
Reporting Line
Our people are core to our success. We are specialists in our markets because we recruit, nurture, To this end, our senior leadership team leads the charge in the implementation of strategy, the progress
motivate, develop and reward talented professionals. This contributes profoundly to our reputation and made towards meeting targets and the management of risk, human resources and Group-wide issues
our market presence. It supports our ability to work closely with our clients and stakeholders in strong and initiatives. They are responsible for the maintenance of and compliance with Group operating
partnerships where trust and reliability are essential. We aim to create a positive experience for all our standards. They also discuss issues faced by individual businesses in addition to those common across
people with responsive and caring management, effective technology, quality working environment the Group to ensure that best practice and experience are pooled in meeting the Group’s objectives
and supportive collegiate colleagues. This enables us to deliver professional, high-quality, consistent and vision.
and compliant work product and services.
Notes:
Information as at 31 March 2022 1
Axiata Digital & Analytics Sdn Bhd (formerly known as Axiata Digital Advertising Sdn Bhd)
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Our diverse and experienced senior leadership team leverage on their Gender Tenure
combined skills and vast cross-industry experience to drive the Company’s Male
9
1-10 years
6
value creation journey. With clearly defined and focused portfolios, their Female More than 10 years
3 6
forward-looking leadership in executing the Axiata 5.0 Vision continues to

Age Nationalities
propel the Company towards sustainable performance and growth for the ≤ 55 years old
long-term. 8
56-60 years old

3
Malaysian Sri Indian German South
> 60 years old Lankan African
1
59 M 53 M 58 M 44 M 61 F 54 F
Dato’ Izzaddin Idris Dr Hans Wijayasuriya Vivek Sood Thomas Hundt Norlida Azmi Lila Azmin Abdullah
Managing Director/ Chief Executive Officer - Group Chief Financial Officer Group Chief Strategy & Group Chief People Officer Group Chief Corporate
President & Group Telecommunications Business/ Technology Officer Development Officer
Chief Executive Officer Group Executive Vice President
54 M 55 M 52 M 40 M 56 F 49 M
Anthony Rodrigo Asri Hassan Sabri Hadi Helmi Zaini Sooria Abid Abdul Adam Suryani Hussein Tan Gim Boon
Group Chief Information Officer Group Chief Corporate Officer Group Chief Internal Auditor Group Chief Risk and Group Company Secretary Group General Counsel
Compliance Officer
Note:
GAFS, Profile of Group Senior Leadership Team on pages 12 to 15
Age as at 31 March 2022
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OPERATING COMPANIES’ ORGANISATIONAL

CHART
A transitionary leadership at Smart was
established In late 2021, where Feiruz Ikhwan,
CFO of Smart assumed the role of Acting CEO.
This followed the assumption by Thomas Hundt,
the previous CEO of Smart, of the role of Group
Chief Strategy & Technology Officer.
Dato’ Izzaddin Idris
Managing Director/
In August 2021, M. Riyaaz Rasheed, the CFO President & Group Chief Executive Officer
of Robi was appointed to the position of
Acting CEO, upon notification by the previous
Managing Director & CEO of Robi of his intention
not to seek renewal of his contract expiring on
31 October 2021. M. Riyaaz Rasheed continues Dr Hans Wijayasuriya
Chief Executive Officer – Telecommunications Business/
to retain his role as CFO, which ensures a smooth Group Executive Vice President
transition and continuity of the business.
Mohamed Adlan Ahmad Tajudin, an internal Digital Telcos Digital Businesses Infrastructure
talent was appointed CEO of edotco in
November 2020. Previously serving as the Chief
Financial Officer and Director of XL, Adlan has
been with the Axiata Group for 18 years since
he joined Celcom in 2003 as Vice President,
Finance.
Datuk Idham Nawawi M. Riyaaz Rasheed Feiruz Ikhwan Srinivas Gattamneni Sheyantha Abeykoon Mohamed Adlan
These appointments demonstrate orderly Chief Executive Officer Chief Executive Officer Ahmad Tajudin
Chief Executive Officer Acting Chief Executive Acting Chief Executive
succession planning undertaken in accordance Celcom Axiata Berhad Officer/Chief Financial Officer/Chief Financial Axiata Digital & Analytics Boost Holdings Chief Executive Officer
Officer Officer Sdn Bhd1 Sdn Bhd edotco Group Sdn Bhd
with the Axiata Talent Management Framework.
Robi Axiata Limited Smart Axiata Co., Ltd.
The succession plans are presented to the Board
at least twice a year, the frequency of which
has been increased to be quarterly in 2022. The
plans include talent (both internal and identified
external talent) ready to take on senior roles
within different time frames and the intervention
required for key talent.
Supun Weerasinghe Andy Chong Yee Bin Dian Siswarini

The succession planning process provides
Director/Group Chief Chief Executive Officer/ Chief Executive Officer &
Axiata a ready pool of talent to plan ahead with Executive Officer Managing Director President Director
and when there is insufficient bench strength, Dialog Axiata PLC Ncell Axiata Limited PT XL Axiata Tbk
to scout the market and identify promising
candidates in advance of the anticipated Notes:
demand. Information as at 31 March 2022 1
Axiata Digital & Analytics Sdn Bhd (formerly known as Axiata Digital Advertising Sdn Bhd)
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Our Governance At A Glance
ROLE OF THE BOARD The attendance of the respective Directors at meetings of the Board and Committees held in 2021 are
The Board is responsible for setting the vision and strategy for the Company to deliver value to its provided below:
shareholders through implementing its strategic business plan. Under the Chairman’s leadership, Board
members share collective responsibility for corporate governance arrangements. The Board’s roles and Name of Board Members Board BAC BNRC BRCC AEIB BARC*
responsibilities are detailed in the Board Charter, which is available online at the Company’s website under
Tan Sri Ghazzali Sheikh Abdul Khalid~ 23/23
the Corporate Governance section. The last revision of the Board Charter was on 20 February 2020.
Tan Sri Shahril Ridza Ridzuan# 1/1
BOARD ROLES AND THEIR RESPONSIBILITIES Dato’ Izzaddin Idris 23/23 6/6 2/2 5/5
Dato Dr Nik Ramlah Nik Mahmood 23/23 15/15 6/6
Chairman Managing Director/President & Group Dr David Robert Dean 23/23 7/7 6/6 2/2
The Chairman is responsible for the operation and Chief Executive Officer
leadership of the Board, ensuring its effectiveness and The Managing Director/President & Group Khoo Gaik Bee 23/23 15/15 5/5
setting its agenda. Chief Executive Officer is responsible for Thayaparan S Sangarapillai 23/23 7/7 2/2 5/5
leading and managing the Group’s business
IAR, details on the Chairman on page 85 Ong King How 23/23 15/15
within a set of authorities delegated by the
Board and for the implementation of the Tan Sri Dr Halim Shafie 23/23 6/6
Group strategies and policies. Syed Ali Syed Salem Alsagoff 23/23 7/7 2/2
Senior Independent Non-Executive Director (SINED)
IAR, details on the Managing Director/President
SINED acts as an intermediary to convey concerns
& Group Chief Executive Officer on page 85
of the INEDs on the Board to the other members of Industry Experience Functional Experience
the Board and in the event of any dissension in the
execution of their duties. 2 Corporate Finance 2
3
Company Secretary
IAR, details on SINED on page 85
The Company Secretary plays an advisory Strategy/ Entrepreneurship 3
role to the Board in relation to the Company’s
Constitution, policies and procedures and Mergers and Acquisitions (M&A) 2
Independent Non-Executive Directors (INEDs)
compliance with the relevant regulatory
The primary responsibility of an INED is to protect Legal/ Regulatory 3
requirements.
the interests of minority shareholders and other
stakeholders. In addition, the INEDs play a key role in IAR, details on the Company Secretary on Audit/ Accounting/ Business Assurance 2
2 3
strategy and business performance. page 87
Talent Management/ Human Capital 1
IAR, details on INEDs on page 85 Information Technology Telecommunications
Finance, Banking & Investments
Public Services/ Government Relations
Others - Economics/ Sustainability/ 3
Sales/ Marketing/ Corporate
Internet/ Media/ Entertainment/ Digital Governance/ Capital Markets/
APPOINTMENT OF DIRECTORS Services/ Innovative Mobile/ Technology/ Islamic Finance
There is a clear and transparent process for the selection, nomination and appointment of suitable candidates Analytics
to the Board of Axiata and achieving board balance through diversity in skill set, experience, age, nationality,
and gender is a key objective. This principle is encapsulated in the Axiata Board Composition Framework. Board of Directors Total Hours For Board & Board Committee Meetings 2021
Based on this framework, both merit and diversity are factors considered hand in hand when selecting board
members.
132.38 hours
Independent 6 39.58 hours 24.00 hours
The formal process involves the Board Nomination and Remuneration Committee (BNRC) first identifying Board (Including
BNRC BAC
the gap in Board composition before sourcing for candidates. Subsequently, the BNRC evaluates and Board Retreats)
recommends to the Board suitable candidates who fulfil the requirements. Other criteria such as integrity, Non-Independent 3
existing commitments, potential risks and/or conflicts of interest and ability to bring a different perspective 6.52 hours 2.00 hours 17.50 hours
and increase diversity of the Board are also considered in the BNRC’s review. The process for Board Executive Directors 1 BARC* AEIB BRCC
appointment also mandates the BNRC and Managing Director/President & Group Chief Executive Officer to
engage external consultants and this has been utilised on many occasions.
Notes:
Additionally, the Board is in the process of adopting a Fit & Proper Policy where the proposed candidates Nurhisham Hussein was appointed on 25 January 2022
to be appointed to the Board or reappointments of directors to the Board are assessed to determine ~ Resigned on 31 December 2021
fitness and probity. This is also in keeping with the amendments to the Main LR made by Bursa Securities as #
Appointed on 29 November 2021
communicated to all listed issuers by way of a letter from Bursa Securities dated 19 January 2022. * Now known as the Board Sustainability Committee effective 8 April 2022
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Embedding Sustainability Into Our Governance Structures
At Axiata, we have strengthened our sustainability governance structure based on the • monitoring and managing of business sustainability practices and targets
enhanced alignment between the Group and OpCos for effective implementation of • keeping abreast of latest developments, e.g, global sustainability trends, sustainability related guidelines,
sustainability strategies and initiatives moving forward. standards and frameworks
• ensuring management of ESG risk on our Group Risk Profile, assessed and evaluated every quarter
Overall, Axiata Board of Directors is accountable for Axiata’s sustainable strategies. At the Board • educating our internal and external stakeholders through various communication platforms
level, we’ve actively brought forward topics of key sustainability issues and management across • raising skill sets and technical knowledge on current and core ESG developments of our sustainability
Group including development and implementation of the Net-Zero Carbon Roadmap, with emphasis contact points across the Group
on 2022 being the planning year that brings together a collaborative effort in organisational • continue to collaboratively work with functions across Axiata to further integrate ESG
readiness. This top-down approach marks our commitment to embracing sustainability as a Group- considerations into our risk management processes
wide agenda.
The alignment of the Group and OpCos sustainability activities, progress and achievements to
Sustainability-related key performance indicators (KPIs) have been included in our Group CEO and the Group’s sustainability agenda is overseen by the Group Sustainability team. In doing so, the
OpCo CEOs’ annual KPIs to ensure accountability to our sustainability commitments. Additionally, Group Sustainability team ensures the effective development, integration and implementation of
all OpCo CEOs sign-off on sustainability-related governance as part of internal control assurance. Group Sustainability objectives and initiatives as governed by the Sustainability Governance body.
Additionally, the team provides advisory support and capacity building for the sustainability teams
The management of sustainability at Group, is driven and supported by Axiata Sustainability Steering in our OpCos, which report indirectly to Group Sustainability.
Committee, established in 2020, which further strengthened sustainability governance at Group.
Our OpCos’ sustainability teams engage with local stakeholders to identify material issues and
Our Group Sustainability Team undertakes key roles related to our goals, acting as the custodian of aligning and customising our Group Sustainability Framework for local relevance. The OpCos are
our sustainability programmes, including: responsible for the governance, daily management and operations, programme implementation and
data collection as identified by the Group’s material matters. OpCos are also encouraged to produce
their own Sustainability Report in compliance with the Global Reporting Initiative (GRI) Standards.
Axiata Sustainability Steering Committee

Since the establishment of Axiata’]s Sustainability Steering Committee, consisting of Group Sustainability, OpCo
sustainability teams as well as key Group corporate functions, the Committee aims to encourage and ensure a more
streamlined and concerted approach towards progressing our sustainability agenda. The Committee meets quarterly to
ensure alignment across sustainability goals and encourages cross-collaboration in meaningful sustainability progress.
Group Chief Corporate Officer Compliance Advisory

Group Chief Conduct
Axiata Board with Group Group data support and
Executive stakeholder
of Directors* Sustainability consolidation capacity building
Officer engagement OpCo
Group Sustainability Team Policy of OpCos
Ultimate Management
Responsible
accountability for and Board of
for 10 Key
Axiata’s sustainable Directors
Focus Areas OpCo Sustainability Teams
business strategy
• Celcom • Smart Develop and
Compliance Engage with
• XL • Ncell implement
with OpCo stakeholders to
• Dialog • edotco programmes
Sustainability understand
• Robi • Axiata Digital leveraging on
Policy local needs
core business
Note: The Board Annual Report Committee was rescoped, remodeled and renamed as the Board Sustainability Committee effective 8 April 2022 to provide enhanced oversight on ESG management across Axiata Group
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Board Leadership And Effectiveness
BOARD FOCUS AREAS CODE OF CONDUCT AND ETHICS (CODE)

Monitoring of the Company’s performance and business planning for the year remain a priority for the The Code is in line with the practices in the Malaysian Code on Corporate Governance under both
Board’s deliberation despite a considerable amount of time and attention being devoted to strategic the 2017 and 2021 iterations as well as the provisions of the Securities Commission Guidelines on the
matters and mergers and acquisitions (M&A). Conduct of Directors of Public Listed Companies issued in July 2020. All of the OpCos adopt a code
of conduct similar to that of Axiata leading to a shaping of a common ethical culture within the Group.
The Board also considered new opportunities and new ways of engagement as well as reaping the The provisions of the Code are also embedded within the Employees Code of Conduct and our core
benefits of the Collective Brain initiative to leverage on the wide range of talent, skill and expertise values of Uncompromising Integrity and Exceptional Performance applicable across the Group.
available within the Group. Efforts were also expanded in assessing the various options available in
The Code is available online, https://www.axiata.com/sites/default/files/docs/Board-Code-of-Conduct-and-Ethics.pdf
unearthing and increasing value to and within the Group.
BOARD ACTIVITIES IN 2021 AXIATA ADVISORY PANEL

• The Board allocated approximately 30.6% of its time in 2021 during Board meetings focusing on The Axiata Advisory Panel (AAP) advises the Board on matters relating to the business of the Group
strategic matters and M&A. across its geographical footprint and other areas and location that the Group intends to venture. The
AAP comprises members with extensive and established knowledge and experience of the business
• At the Board Retreat held in October 2021, the Board focused on deliberating on Axiata’s strategic and industry environment that Axiata is involved in.
direction across its businesses and footprint, taking into account the state of the telecommunications
industry and the direction that the industry is heading to. The current members of the AAP are Tan Sri Jamaludin Ibrahim and Gita Irawan Wirjawan. In the course
of the year, the counsel and advice of the AAP were sought as required. A briefing and engagement
PRIORITIES FOR 2022 session was organised in July 2021 for the Board to assess the political climate and developments in
The focus of the Board for 2022 would be to ensure Axiata sustains its growth momentum while corporate Indonesia.
delivering value through the execution of the Axiata 5.0 Vision to become The Next Generation Digital
Champion by 2024 and repositioning Axiata as a High Dividend Company. Axiata’s ESG proposition BOARD EFFECTIVENESS EVALUATION
is expected to be augmented with the launch of the Net-Zero Carbon Roadmap in 2022 and the The Board engaged the services of Towers Watson (Malaysia) Sdn Bhd (TWM) to assist with the 2021
commencement of its Task Force on Climate-Related Financial Disclosures (TCFD) journey to deep Board Effectiveness Evaluation (2021 BEE) of the Board’s performance.
dive into the Group’s climate-related risks and opportunities. Focus shall also be placed on regional
expansion opportunities of our core businesses to enable Axiata to better serve our customers. TWM is a professional HR consultancy firm that specialises in facilitating board reviews. Board
members (except Tan Sri Shahril Ridza Ridzuan and Nurhisham Hussein whose appointments were
TOPICS FOR DISCUSSION AT BOARD MEETINGS only after the start of the BEE) and selected members of the Senior Leadership Team were invited
to participate in interviews and complete a questionnaire, which amongst others, addressed the
performance of the Board and its Committees, and the Board’s role in integrating sustainability
5.6%
considerations in Axiata’s corporate strategy in line with the emphasis of the Malaysian Code on
Corporate Governance 2021. The specific assessments included those of the Board and each Board
30.6% members’ skill set. These were structured along both self-assessment and peer reviews extending
specifically to independent directors and the Managing Director/President & Group Chief Executive
24.0% Officer (GCEO).
Strategy, M&A, Funding & AEIB

BAC & BRCC
14.0% Business Performance & Planning
Human Capital Management & BNRC
25.8% Governance & BARC*

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BOARD EFFECTIVENESS EVALUATION (CONT’D)
STRENGTHS BOARD RE-ELECTION

The 2021 BEE was undertaken with an intermediate approach In respect of the Directors standing for election/re-election, the BNRC and Board took into consideration the self and peer ratings and
involving three modules, which were Interviews with the Board other feedback on the areas evaluated as undertaken in the 2021 BEE with the following findings:
of Directors and selected members of the Senior Leadership
Team (qualitative), Board, Committee, Self and Peer Assessment
Dato’ Izzaddin He is acknowledged for his integrity and compliance to regulations along with a diligent and successful
(quantitative), and Composition and Diversity Assessment
Idris undertaking of duties and responsibilities expected within the stipulated time frame.
(quantitative). Some of the key findings of the 2021 BEE are
as follows:
As the Managing Director/President & Group Chief Executive Officer of Axiata, his wide ranging strategic,
commercial, operational and leadership experience in the corporate sector brings a well rounded perspective
• The Board composition enables diversity of thought as
in steering Axiata’s growth across its footprint and complements the diversity of the Board.
Board members provide multiple perspective given their
diverse background and experiences Dato Dr Nik As a Senior Independent Non-Executive Director, she is acknowledged for her effective and tactful communication
• There is a high degree of trust in the GCEO and a Ramlah Nik with stakeholders along with an objective manner of seeking as well as incorporating information and feedback
professional relationship between the Board and Mahmood into the decision making process.
management
• On Boardroom conduct and dynamics, there is a Her extensive experience in policy and regulatory reform, capital market regulation as well as corporate
good level of respect with acknowledgement of each governance are valuable to Axiata’s business that is continuously pursuing strategic growth opportunities and
individual’s strengths and no domineering person on the operating across multiple jurisdictions.
Board
Dr David He is acknowledged for demonstrating good understanding of fundamental issues affecting Axiata and its
IMPROVEMENT Robert Dean stakeholders, strength in probing Senior Management and showing foresight which enables him to anticipate
opportunities and provide practical advice to the Board.
The findings of the 2021 BEE have also recommended areas
for continuous improvement which reinforced the continuing This, together with his wealth of international experience in the technology and telecommunications space,
agenda of the Board in the following areas: enables him to provide macro industry perspective and insights which contribute to his effectiveness as the
Chairman of the BRCC and AEIB, especially from a strategy and business outlook and ability to probe on risk
• On the matter of corporate strategy and direction matters.
setting, the Board should continue to deliberate and
define the role and focus of Axiata and the Board Tan Sri Shahril The Board had at its meeting on 23 March 2022 recommended the re-election of Tan Sri Shahril Ridza Ridzuan.
moving forward Ridza Ridzuan His profile is set out in the ‘Profile of Directors’ section of the Governance & Audited Financial Statements 2021
• In order to further enhance the effectiveness of on page 4.
board governance and oversight, clear demarcation
of responsibilities between Group and OpCos and Nurhisham The Board had at its meeting on 23 March 2022 recommended the re-election of Nurhisham Hussein. His profile
delegated authority to Board Committees would make Hussein is set out in the ‘Profile of Directors’ section of the Governance & Audited Financial Statements 2021 on page 7.
for more efficient use of Board meeting time and more
effective deliberation and decision making of the Board
• More time should be spent on deliberating Senior
The assessment in respect of Directors’ independence in the 2021 BEE was carried out using the criteria prescribed under the Main LR of
Management succession planning and providing
Bursa Securities. All Independent Directors assessed have declared adherence to all the relevant stipulations in accordance with Paragraph
mentoring and coaching support to Senior Management
1.01 and Practice Note 13 of the Main LR of Bursa Securities.
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PROFFESSIONAL DEVELOPMENT AND EDUCATION

New directors receive a comprehensive and tailored induction programme in order that they are
10% Legal/ Compliance/ Corporate Governance
fully informed about the Group’s activities on joining the Board. They are apprised of the business
operations and environment, fiduciary duties and responsibilities, and the Board’s expectations in Digital Services/ New Businesses/
respect of a director’s commitment, ethical behaviour and the need to keep abreast of regulatory 28% Technology
Strategy/ Industry Outlook
changes and trends.
Others - Audit, Risk Management, Finance,
2021 Sustainability & M&A
Training is an area delegated to the Board Nomination and Remuneration Committee as part of its brief DIRECTORS’
to ensure that the Board continues to possess the skills, experience and knowledge to meet the needs TRAINING 31%
of the business. Training requirements are discussed and relevant and suitable training programmes ATTENDED
are periodically made known to the directors all of which are facilitated and assisted by the Group
Company Secretary.
Briefings During The Year

Several of the in-house presentations by external speakers during the course of the year were as 31%
follows:
REMUNERATING FAIRLY
• Sector Outlook and Total Shareholder Return (TSR) Expectation
• Building an ICT Business Non-Executive Directors (NED)
• Economist: Macro & Market As a regional company, the remuneration philosophy is to develop a remuneration structure that
• Value Creation commensurates with the Directors’ responsibilities at both Board and Board Committee levels and is
sufficient to attract, incentivise and retain quality Directors. The remuneration packages differentiate
There is also a Telco Primer organised for new directors appointed to the Board of Axiata if the person the Chairman and ordinary members of the Board and Board Committee to reflect the larger role
is not from the telco industry. and responsibilities of the Chairman.
OpCos Induction Programme – all new directors appointed on the Board of Axiata will have the The following table outlines the remuneration structure for NEDs of the Group in 2021:
opportunity to attend an Axiata Board Induction as well as induction programmes organised and
conducted by OpCos. These programmes by the OpCos are conducted once a year and Axiata
Monthly Fees1 Meeting Allowances2
Directors are encouraged to participate in at least one of these visits depending on their availability.
(RM) (RM)
Unfortunately, travel restrictions imposed due to the COVID-19 pandemic had not allowed for such
visits in 2021. Remuneration NEC3 NED NEC3 NED
Board of Directors 30,000.00 20,000.00 3,000.00 2,000.00
2021 DIRECTORS’ TRAINING AREAS
Board Audit Committee (BAC) 4,000.00 2,000.00 3,000.00 2,000.00
The Group Company Secretary actively disseminates training programmes to the Directors, which
Board Risk and Compliance Committee
amounted to 36 in 2021 and includes 6 on digital services, new business and technology. Inclusive of
(BRCC) 3,000.00 1,500.00 2,250.00 1,500.00
in-house programmes, the Directors attended 75 training programmes in 2021, mainly in the areas of
digital services, new business, technology, strategy and industry outlook. Board Nomination and Remuneration
Committee (BNRC) 1,200.00 800.00 1,500.00 1,000.00
Other Board Committees Nil Nil 1,500.00 1,000.00
Notes: 1
In accordance with Shareholders’ approval, Axiata pays Board and Board Committees’ Directors’ fees on a monthly basis
2
Meeting allowances are paid on a per meeting basis, notwithstanding any adjournment and number of days
3
NEC refers to Non-Executive Chairman
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REMUNERATING FAIRLY (CONT’D) Benefits

Non-Executive Directors (NED) (cont’d) Benefits comprises annual overseas business development trips, leave passage, travel allowance, travel
In 2021, a review of the NEDs’ remuneration structure was conducted by Aon Malaysia Sdn Bhd. The allowance for Non-Resident NEDs, equipment, telecommunication facilities, insurance and medical.
review covered the following areas:
At the 29th AGM of the Company, the Shareholders approved the extension of Travel Allowance for
i. Quantum of fees and meeting allowance for Board and Board Committees; Non-Resident NEDs for their attendance at Board and Board Committee meetings virtually. The total
ii. Frequency and timing of payment of fees; extended Travel Allowance paid in 2021 including accrued extended Travel Allowance for 2020 is
iii. Review of Benefits package; RM183,400.00. The extended Travel Allowance is expected to continue to be paid to the Non-Resident
iv. Review of travel allowances; NEDs after the 30th AGM until the restrictions imposed on global travel are fully uplifted and travel may
v. Rates of Committees; and be safely undertaken thereafter.
vi. Mix of cash and equity.
Executive Directors (EDs)
Based on the analysis which included benchmarking Axiata against Malaysian similarly sized and The Company’s policy on remuneration for the EDs is formulated to ensure that the level of remuneration
regional-based international telecommunication peers, the recommendation was to increase the is generally set to provide market competitiveness to attract, retain and motivate an ED of the highest
Chairman monthly fees to align with median and to align Board Committee ratios to P50 among calibre to competently manage the Company.
similar-sized companies in Malaysia. The BNRC and Board had considered the proposal and decided to
recommend for the increase in monthly fees for the Board Committees and to align the BRCC meeting The remuneration is therefore structured to link various components of the package with corporate
allowances with that of the BAC. and individual performance. It also takes into account total compensation of comparable companies
(of similar size and complexity to Axiata locally; and in the same industry in the region), based on
In enabling Axiata to bring its focus on sustainability to the next level, the BNRC had recommended benchmarking conducted by independent consultants.
and the Board resolved to rescope, remodel and rename the Board Annual Report Committee as
the Board Sustainability Committee (BSC) with expanded roles and responsibilities which includes The current remuneration framework of the EDs consists of basic salary, benefits-in-kind and Employees
oversight of the Sustainability Practices of the Group and the preparation of the Integrated Annual Provident Fund (EPF) contributions, as a guaranteed component. On top of this, the EDs are eligible for
Report Suite. In line with this, the Board recommended the proposed payment of BSC monthly fees two types of performance-based incentives which are the Short-Term Incentive Plan (STIP) linked to
and meeting allowances. a particular financial year’s targets and the Long-Term Incentive Plan (LTIP) which is linked to a 3-year
long-term target.
The revised remuneration structure for NEDs of the Group which will be tabled for Shareholders’
approval at the 30th Annual General Meeting is as below: For the STIP, the performance of the EDs is measured based on the achievement of the annual KPIs.
These KPIs comprise not only quantitative targets, such as annual revenue, EBITDA, PATAMI or Return
Monthly Fees1 Meeting Allowances2 on Invested Capital (ROIC) and relative performance of the OpCos, but also qualitative targets which
(RM) (RM) include strategic milestones and initiatives that need to be achieved and implemented in a given year,
on areas such as strategy, innovation, business development, synergy, human capital management,
Remuneration NEC3 NED NEC3 NED
financial management and societal development. The weightage of the qualitative and quantitative
Board of Directors 30,000.00 20,000.00 3,000.00 2,000.00 targets may be adjusted to accommodate the Group’s aspirations.
BAC 9,000.00 4,000.00 3,000.00 2,000.00
BRCC 9,000.00 4,000.00 3,000.00 2,000.00 For the LTIP, the performance of the EDs is measured on the achievement of a combination of ROIC
and Earning Per Share (EPS) including aggregate overall performance within the vesting period.
BNRC 5,000.00 3,000.00 1,500.00 1,000.00
BSC 2,500.00 1,500.00 1,500.00 1,000.00
Other Board Committees Nil Nil 1,500.00 1,000.00
Notes: 1
In accordance with shareholders’ approval, Axiata pays Board and Board Committees’ Directors’ fees on a monthly basis
2
No new meeting allowance paid if meeting is adjourned to or continued on a different date or time
3
NEC refers to Non-Executive Chairman
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Board Committees
Activities in 2021
Board Nomination and
BNRC
Remuneration Committee Nomination Structural Changes to Board Composition
• Considered the changes to the Board of Axiata involving the The following changes to the composition of the Board of Axiata and OpCos
Members appointment of one new Director and retirement of one Director in occurred during the year 2021 and in early 2022:
• Dato Dr Nik Ramlah Nik Mahmood 2021 and the appointment of one new Director in 2022 • Appointment of Tan Sri Shahril Ridza Ridzuan as Director and Chairman of
(Chairman) (SINED) • Reviewed and recommended the proposal for appointment and Axiata in place of Tan Sri Ghazzali Sheikh Abdul Khalid
• Khoo Gaik Bee (INED) contract renewal for Key Management • Appointment of Nurhisham Hussein as Director of Axiata
• Ong King How (NINED) • Reviewed reports on Directors’ training including making • Appointment of Muhammad Afhzal Abdul Rahman as Director of Celcom
recommendations thereof • Appointment of Tan Sri Dr Halim Shafie as Director and Chairman of Smart in
• Reviewed changes proposed in respect of the nomination of Axiata place of David Lau Nai Pek
Nomination nominee directors on OpCos’ Boards • Resignation of Simon Perkins as Director and Thomas Hundt as CEO and
• Oversee the selection and assessment • Reviewed and recommended the extension of employment Director of Smart
of Directors and ensure that Board contracts of key personnel of Axiata Group • Appointment of Thayaparan S Sangarapillai as Chairman of Robi in place of
composition meets the needs of Axiata • Discussed the recommendations of the 2021 BEE and follow-up Dato’ Izzaddin Idris
• Propose new nominees to the Board of actions for 2022 BEE • Appointment of Kamal Dua, Nasir Uddin Ahmed and Dr M Sadiqul Islam as
Directors of Axiata and any Committee • Succession Planning and Talent Management Review Directors and resignation of Badal Bagri and Kamran Bakr as Directors and
of the Board • Reviewed the suitability of the Directors due for re-election at the Mahtab Uddin Ahmed as Managing Director and CEO of Robi
• Facilitate and review Board induction 2021 AGM • Resignation of Tan Sri Jamaluddin Ibrahim as Commissioner of XL
and training programmes • Reviewed and recommended the GCEO’s succession plan • Appointment of Raja Noorma Othman and Amali Nanayakkara as Directors
• Assess Directors on an ongoing basis and resignation of Mahtab Uddin Ahemd as Director of Ncell
• Recommend or approve, as the case • Appointment of Dr Indrajit Coomaraswamy as Director and resignation of
may be, the key management of Axiata Remuneration
James Maclaurin as Director of Dialog
Group The BNRC considered and recommended to the Board the following • Appointment of Norlida Abdul Azmi, Abraham Verghese TV Abraham and
matters: Asuka Nomura as Directors and Saiful Bahri Hassan as Alternate Director of
Remuneration • GCEO KPI 2020 - Performance Evaluation and Remuneration edotco
• Recommend to the Board the • Company Bonus Payment and Salary Review Budget • Resignation of Darke Mohamed Sani, Charles Campbell Green III, Thayaparan
remuneration of the EDs in all its • 2021 Restricted Share Plan Grant and Vesting S Sangarapillai and Rossana Annizah Ahmad Rashid as Directors of edotco
forms, drawing from outside advice as • Reviewed and recommended the reward and retention programme • Resignation of Thayaparan S Sangarapillai as Director and Mohd Khairil
necessary (implementation details) and proposed new compensation Abdullah as CEO and Director of Axiata Digital Services Sdn Bhd (ADS)
• Assist the Board in determining the framework • Appointment of Dato’ Izzaddin Idris as Director and Chairman of Axiata Digital
policy and structure for the remuneration • Top Management Remuneration Revision & Analytics Sdn Bhd (formerly known as Axiata Digital Advertising Sdn Bhd)
of Directors and Senior Management of and Boost Holdings Sdn Bhd in place of Mohd Khairil Abdullah
Axiata Group
• Administer the Performance-Based
Employee Share Option Scheme Priorities for 2022
and Restricted Share Plan (Axiata
Share Scheme) and Axiata Group • To constantly evaluate and assess the composition of the Board in meeting the necessary skill, experience and competency as determined by the
Performance-Based Long-Term Incentive Board skill set matrix and to undertake efforts to fill any gaps that may arise
Plan in accordance with the Bye-Laws • To review top Management succession planning
of the Axiata Share Scheme and Axiata • To monitor follow-up actions based on the 2021 BEE findings and decide on the approach for the 2022 BEE
Group Performance-Based Long-Term • Routine matters such as performance bonus, increment for employees and KPIs for GCEO
Incentive Plan (Bye-Laws) as approved • To formulate, implement and monitor the proposed Fit & Proper Policy planned to be undertaken by the the first half of 2022
by shareholders of the Company • Other new matters proposed by Management/Board
The roles and responsibilities of BNRC are available online, https://www.axiata.com/sites/default/files/docs/Terms-of-Reference-Board-Nomination-and-Remuneration-Committee.pdf

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Board Committees
Axiata Enterprise Activities in 2021 Activities in 2021

Board Annual Report
AEIB Investment Board BARC
Committee*
Committee • The AEIB considered and evaluated a • Provided a holistic view of the Group’s
number of opportunities arising in the businesses and how value is created, with
enterprise segment and provided due the continuing adoption and application of
Members Members
recommendations of the same to the Board the globally recognised and best practice
• Dr David Robert Dean (Chairman) • Thayaparan S Sangarapillai (Chairman)
reporting framework of the International
(INED) (INED)
Integrated Reporting Council’s (IIRC)
• Dato’ Izzaddin Idris • Dato’ Izzaddin Idris
Integrated Report
• Thayaparan S Sangarapillai (INED) • Khoo Gaik Bee (INED)
• Initiated discussion on applying the IIRC’s
• Syed Ali Syed Salem Alsagoff (NINED)
Integrated Reporting framework as the
• Review and approve the content design, framework in Axiata’s annual report to
• Approve investments in enterprise concept and structure of the annual shareholders and stakeholders
business up to USD15.0 million report and other related reports • Engaged with consultants, professional
• Approve divestment of enterprise • Review and approve the overall content bodies and stakeholders to develop
business up to USD15.0 million provided of the annual report and ensure a roadmap towards applying the IIRC
it is an investment previously approved compliance with the Main LR of Bursa framework for its annual report
by AEIB Securities • Conducted reviews of Axiata’s Integrated
• Approve all M&A related expenses to • Review and recommend for the Board’s Annual Report Suite
be incurred by Axiata or by related approval related statements in the annual
OpCo pursuant to the foregoing report as required by the Main LR of
matters, provided that such expenses Bursa Securities, some of which may
have been budgeted and approved by require prior review by the Board Audit
Axiata Enterprise division, Axiata or the Committee or other Board Committee of
respective OpCo as the case may be Axiata
• Review and recommend for the Board’s
approval additional disclosures to be
made in the annual report taking into
account the Company and Group’s
position at any particular time and set the
best disclosure framework to reflect the
performance and image of the Company
which is vital to the shareholders and
stakeholders who are the primary
recipients of the annual report
On 8 April 2022, the Axiata Board

resolved to rename the BARC as the Board
Sustainability Committee with expanded
roles and responsibilities which includes the
oversight of the Sustainability Practices of
the Group and preparation of the Integrated
Annual Report Suite.
The roles and responsibilities of AEIB are available online, https://www.axiata.com/sites/default/files/docs/Terms-of- The roles and responsibilities of BARC are available online, https://www.axiata.com/sites/default/files/docs/Terms-of-
Reference-Axiata-Enterprise-Investment-Board-Committee.pdf Reference-Board-Annual-Report-Committee.pdf

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Board Accountability
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
Activities in 2021
BAC Board Audit Committee
Nomination Other recurring work include:
• Continued to work with Management in enhancing the whistleblowing • Reviewed and approved the Internal Audit Plan and Budget 2022
Members 2.0 channel establishment across all OpCos in line with Section 17A • Reviewed the execution of all 2021 Audit Plan across the Group in terms
• Thayaparan S Sangarapillai (Chairman) of MACC Act 2009 (Revised 2018) Adequate Procedures aimed at of audit findings and timely closure of major audit issues. A total of 158
(INED) transparency and integrity in the business internal audit reviews were completed across the Group
• Dr David Robert Dean (INED) • Reviewed and approved the enhanced Axiata Group Internal Audit • Supported extensive internal audit assignments Groupwide in the area
• Syed Ali Syed Salem Alsagoff (NINED) Charter and the Internal Auditing Procedures and Guideline Manual of Procurement, IT User Access Management, Cyber Security, Data
• Reviewed the Board Audit Committee membership composition across Privacy, and Related Party Transactions which have contributed to
the Group for continuity in leadership and roles and recommended to improvements in controls across the Group
BAC currently comprises three members Management the areas for improvements • Supported relevant competency development of auditors across the
of which two are INEDs and one is • Continued to review the progress of the Group on alignment with the Group
NINED whereby all BAC Members are Securities Commission’s (SC) Guidelines on Conduct of Directors of • Reviewed and recommended the Statement on Corporate Governance,
financially literate, well above the level Listed Corporations and Their Subsidiaries (issued on 30 July 2020) Statement on Risk Management and Internal Control and BAC Report
needed for an Audit Committee. Their including the corporate governance (CG) disclosure practices across all for inclusion in the Annual Report to the Board for approval
appointments are made by the Board on OpCos • Reviewed the quarterly financial results and the financial statements for
the recommendation of the BNRC and in • Reviewed the effectiveness of IA function in all OpCos via the OpCos IA the year ended 31 December 2021, prior to recommending to the Board
consultation with the BAC Chairman. Supervision Dashboard mechanism for approval
• Reviewed the governance, risks and internal controls of Business Control • Discussed and resolved all Key Accounting Matters which arose during
Group Chief Internal Auditor (GCIA) acts Incidents (BCIs) across the Group the year
as the Secretary of the BAC and meeting • Reviewed and recommended for approval the Policy on Accounting and • Reviewed the accounting impact and accounting entries arising from
dates are synchronised to coincide Tax Records Retention & Retrieval M&A deals and revised accounting policies when required for better
with the key dates within the financial • Reviewed and recommended for approval the Branding, Advertising, governance and controls
reporting and audit cycle with ample Marketing and Sponsorship Policy • Reviewed the potential exposure of major investments made by the Group
time for a report to be prepared for the • Reviewed the Accounting treatment for the proposed settlement of • Reviewed compliance by Axiata Group and its OpCos with the accounting
Board, particularly on irregularities and Axiata Digital Services Sdn Bhd (ADS) Long Term Incentive Plan (LTIP) standards issued by International Financial Reporting Standards (IFRS)
significant finding on matters of concern. • Encouraged the pilot of Continuous Auditing using analytics amongst and incorporated in Malaysian Financial Reporting Standards (MFRS)
the internal audit teams across the Group to modernise the internal • Reviewed on a quarterly basis the related party transaction entered into
Axiata’s internal audit function reports audit works with the use of technologies by Axiata pursuant to the shareholders mandate on Recurrent Related
directly to the BAC and the Internal • Reviewed the Group foreign currency exposure, the impact of currency Party Transactions (RRPT) procured at the 29th AGM of the Company
Audit (IA) Charter is also approved by translation on Axiata Group’s financial statements, and debt level held on 15 June 2021 and the reporting of these transactions in the 2021
the BAC. including restructuring on financial risks of the Group considering Financial Statements
ongoing COVID-19, oil price and currency volatility • During the financial year ended 31 December 2021, Axiata has granted
a total of 3,123,700 shares under the Performance Based Long Term
Incentive Plan (details provided under Note 14 of the Audited Financial
Statements) at the Share Reference Price of RM3.45 for 28 February
2021 and RM3.79 for 15 August 2021 for Restricted Share Plan (RSP)
grant respectively. The BAC has reviewed the allocation of the above
shares granted to eligible employees (as defined in the Bye-Laws of the
Performance Based Long Term Incentive Plan) and noted its compliance
with the conditions for the allocation of share options/shares as
approved
The roles and responsibilities of BAC are available online, https://www.axiata.com/sites/default/files/docs/Terms-of-Reference-Board-Audit-Committee.pdf

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Board Accountability
Board Audit Committee
Activities in 2021 Priorities for 2022
• Held two (2) private meetings with the external • Continue to review the effectiveness of Anti-Bribery and Anti- • Review of Groupwide Business Controls Incidences (BCIs) Report
auditors on 23 February 2021 and 24 November 2021 Corruption (ABAC) operationalisation • Review of the execution of all 2022 Audit Plan, audit findings and
without the presence of Management. The topics • Review of Groupwide 3G Network Decommissioned & Fixed Assets closure of major audit issues
that were discussed were key matters noted from Management • Continuous enhancement of Internal Audit Function effectiveness,
audits, the sufficiency and adequacy of information • Continuous enhancements of CG as well as Group oversight independence, objectivity, resources adequacy, and competencies
provided to external auditors to perform the audit in relation to the MCCG 2021 and SC’s Corporate Governance • Continues to ensure that internal auditors are given the right training
and cooperation provided by the Management Strategic Priorities 2021-2023 (dated 24 November 2021) (CG on relevant and new competencies such as continuous auditing
• Reviewed and approved appointment of external Strategic Priorities) • Continue to support Internal Audit to explore artificial intelligence
auditors, taking into consideration their competencies, • Continuous review of BAC membership composition to support in audits as a pilot initiatives to keep Internal Audit relevant with
commitments, objectivity and independence Board on changing governance and regulatory landscape in relation technologies evolution
• Reviewed and recommended to the Board the fees to the MCCG 2021 and CG Strategic Priorities • Support the expansion of “Continuous Auditing” footprint in
payable to the external auditors • Review of BAC Terms of Reference across the Group to align with keeping up with the business digitalisation and IR 4.0 technologies
• Reviewed and approved the non-audit services to the changing landscape of MCCG 2021 and CG Strategic Priorities • Continuous enhancement on Quality Assurance review on Internal
the external auditors after due consideration that • Reviews Group Financial Statements to reflect the true and fair Audit activities
the transparency and independence of the external view of the business results and the financial position of the Group, • Review of Whistleblow Policy, standard operating procedures (WB
auditors remain intact and that they are in line with IFRS and MFRS SOP) throughout the Group
• Reviewed business control incidents including fraud • Review external auditors audit plan, auditors independence/ • Continuous monitoring of security, independence, and awareness of
• Reviewed the Whistleblow Dashboard, investigations objectivity, and external audit findings whistle blowing channel established by Management for employees
outcome and consequence management • Continuous review of the Group Treasury Operations in relation to and other stakeholders
• Reviewed Data Privacy governance, risks cash in hand, interest earnings, foreign and local debts, compliance • Continuous review of Whistleblowing awareness and
management and internal controls implementation to debt covenants, and interest expenses optimisation communications in the organisation and with business partners/
• Continued to assess adequacy and effectiveness of • Review of Groupwide Network Capex Efficiency & Capex suppliers
cyber security programmes as cyber security risks Procurement under Collective Brain initiative • Continue to review the effectiveness of Related Party Transactions
continue to evolve and escalate • Continuous review of the carrying value of assets and its useful (RPT)
life, and goodwill for impairment in particular those assets which • Continue to review the effectiveness of cyber security, IT systems
are still on the old technology (2G, 3G and 3.5G) with 4G network access, and procurement, Data Privacy, and risks management
expansion and the upcoming 5G technology roll out systems
• Continuous review of the Group foreign currency exposure, impact • Review the governance, risks, and internal controls on Environmental,
of currency translation on Axiata Group’s Financial Statements Social and Governance (ESG) initiatives
consequent to volatile economic environment, geo-political
situations, oil price movement, interest rate movement and currency
volatility
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Internal Control And Risk Management
Board Risk and Roles and Responsibilities Activities in 2021 Priorities for 2022
BRCC Compliance
Committee • The BRCC’s duties and responsibilities include areas • Continued to monitor and enhance the stature of Data • Oversee the development, implementation
of Enterprise Risk Management (ERM) (including Privacy, Cyber Security, Enterprise Risk, Compliance & and review of the Group Risk and Compliance
Business Continuity and Crisis Management), Ethics Governance with firm maturity targets framework, policy and plans for a system and
Members Cyber Security, Data Privacy, Compliance, Ethics • Strengthened GRC culture via various awareness process of risk and compliance management
• Dr David Robert Dean and Integrity which include but not limited to and training initiatives namely the first virtual • Ensure that adequate systems of internal
(Chairman) (INED) requirements imposed by capital market authority, annual Group Risk & Compliance (GRC) conference controls are developed, implemented,
the central bank (e.g. e-money, forex controls, participated by more than 200 participants both monitored, maintained and assessed by
• Dato Dr Nik Ramlah Nik at Senior management and Board level across the
Mahmood (SINED) AMLA, etc), Local Authorities (e.g. site permits, management in line with the BRCC governance
Group, roll out of ERM training module, refresher of
health and safety), and domestic trade (e.g. anti- instruments
• Tan Sri Dr Halim Shafie (INED) Data Privacy and Cyber security training module,
profiteering and commercial dealings of our dealers/ • Ensure that management considers and
• Dato’ Izzaddin Idris cross collaboration of ESG risk workshop, Integrity
distributors) and Data Privacy days and launch of our quarterly implements appropriate risk responses to all
• To review and recommend the risk management GRC newsletter the significant risks
The primary function of the and compliance methodologies, and risk tolerance • Rolled out the Axiata Anti-Bribery and Anti-Corruption • Express the committee’s formal opinion to the
BRCC is to assist Axiata Group levels for the approval by the appropriate authority Plan: 2020-2023 and ongoing implementation of Board on the effectiveness of the system and
Berhad (Axiata or the Group) in accordance with Axiata Limits of Authority Digital Trust & Resilience2023 (DT&R2023) strategy process of risk and compliance management
• To review and assess the adequacy and efficiency of • Embedded and aligned GRC principles in the day-to- • To closely monitor the implementation progress
Board of Directors (Board) to
the governing policies, framework, and structure in day business operation with focus in the areas of M&A of the Corporate Compliance Programme and
fulfil its responsibilities on risk place for managing risks and compliance activities, third-party risk management and ESG risk. the adequate procedures to remain compliant
management and compliance. • To ensure adequate infrastructure, resources, and Additionally, continuously aim to ensure alignment with the requirements of Section 17A of
The BRCC is responsible for systems are implemented for effective risk and of GRC processes with its distinct verticals namely the Malaysian Anti-Corruption Commission
ensuring robust processes are in compliance management. This includes ensuring Cyber security, Data Privacy, ABAC Compliance and (Amendment) Act 2018
place for identifying, assessing, that the staff responsible for implementing risk and Enterprise Risk Management • Oversee and monitor the adequacy of internal
compliance management systems perform their • Ensured a Robust Cyber Defence framework with controls specifically related to fraud risks (and
and monitoring;
responsibilities independently continuous monitoring through the Group Security any incidents of fraud)
• To review the management’s periodic reports on risk Operations Centre (GSOC) • To monitor and oversee the effective execution
i. key business risks to safeguard • Reviewed related GRC policies and framework to align
and compliance management activities, exposure, of the Cyber Security Strategy DT&R2023,
shareholders’ investment and with the latest ISO and other related standards
and mitigating/remedial actions Axiata Anti-Bribery and Anti-Corruption Plan:
the Company’s assets; • Strengthened the governance process with the
• To ensure that all governance instruments are establishment of SORMIC Methodology for SORMIC 2020 – 2023 and establish the functional ERM
ii. cyber security risks and risks reviewed and updated continuously to reflect Strategic Plan for 2021 – 2023
Assessment Review 2020, GRC Policies and LOA
relating to data privacy; and changes in the operating environment reviews and implementation of various governance • Review the effective execution of the Cyber
iii. risks arising from non- • To ensure ongoing awareness programmes, instruments across the business Defence capability and the establishment of
compliant practices and communication, training and education on risk and • Fostered cross-collaboration with the OpCos GRC the new Cyber Fusion Centre in Kuala Lumpur
behaviours, particularly compliance management teams to build synergy and teamwork within the GRC • Review insurance cover to ensure adequate
relating to Anti-Bribery and • To provide advice to the Board on risk and fraternity coverage is applied
Anti-Corruption (ABAC) and compliance strategies and coordinate the activities • Focus on building technical capabilities within
of various standing Board committees for risk the GRC fraternity via formal training and
regulatory compliance matters Axiata maintains a risk register and the same is reviewed and
oversight professional certification
• To promote a healthy risk and compliance culture updated every quarter. This comprises risks specific to the • Focus on automation and digitisation initiatives
and behaviour that ensures the effectiveness of divisional activities of the business as well as more Group- with planned roll out of integrated Cyber
the risk and compliance management processes wide risks affecting its long-term strategy and vision. security and ERM risk management systems, roll
(e.g. discourage excessive risk-taking, bribery and out of VITAL systems to track Gifts, Donations
The Group has established the ERM framework as a
corruption due to misaligned KPIs and remuneration and Sponsorships (GDS) management system
standardised approach to rigorously identify, access,
schemes) report and monitor risks facing the Group. The framework • To enhance the SORMIC Assessment Review
• To consider other matters relating to risk and benchmarked against ISO 31000:2018, is adopted across the 2022 to have an integrated approach within
compliance management, including relevant Group. A risk reporting structure has been established based GRC and other assurance functions
legislature applicable in all operating areas of Axiata on the ERM framework to ensure prompt communication with
Group as referred to by the Board or by BRCC on its the BRCC and the Board.
own accord
The roles and responsibilities of BRCC are available online, https://www.axiata.com/sites/default/files/docs/Terms-of-Reference-Board-Risk-Management-Committee.pdf

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Internal Control And Risk Management
Activities in 2021 Priorities for 2022

RCMC Risk and Compliance Management Committee
• Quarterly RCMC meetings were held in • Establishing an Integrated Risk &
2021 to discuss the Group’s risk agenda Compliance governance function for the
• Key deliberations and risk and compliance Group and OpCos
Members activities in the year include: • Ensuring all risks of the Group are
• Dato’ Izzaddin Idris • Thomas Hundt • Lila Azmin Abdullah - Group and OpCos key risks and the appropriately managed through effective
• Vivek Sood • Anthony Rodrigo • Tan Gim Boon relevant mitigation strategy monitoring at the BRCC encompassing all
• Asri Hassan Sabri • Norlida Azmi • Abid Abdul Adam - Monitoring of the pandemic response relevant domains
Group-wide with the establishment of • Expansion of the Group Cyber Defence
BCM COVID-19 Committee taskforce. capability by establishing a future fit Cyber
- Assess Cyber threat and risks faced Fusion Centre
Roles
by the Group on protecting and • Ensuring execution of the Risk and
safeguarding the data privacy of our Compliance programmes on time and on
• The RCMC’s responsibilities include areas of Enterprise • Review the management’s periodic reports on risk customers, employees and other budget aligned to the DT&R2023 strategy
Risk Management (i.e. Business Continuity and Crisis and compliance management activities, exposure, and stakeholders • Ensuring the Group risk and compliance
Management), Cyber Security, Data Privacy, Compliance, mitigating/remedial actions - Business Continuity Programme and its programmes are effective and progressively
Ethics and Integrity and Telecommunication Regulatory • Ensure adequate infrastructure, resources, and systems for maturity level across Axiata OpCos improving to reach its planned maturity
Compliance, which includes but is not limited to effective risk and compliance management. This includes
- Enhanced Data Privacy and Cyber levels
requirements imposed by capital markets authority, ensuring that the staff responsible for implementing risk
Central Bank (e.g. e-money, forex controls, AMLA, etc.), and compliance management systems perform their
Security Governance • Strengthening of Anti-Bribery and Anti-
Local Authorities (e.g. site permits, health and safety), responsibilities independently of the risk-taking activities - Ensured a Robust Cyber Security Corruption compliance and practice across
and domestic trade ministry (e.g. anti-profiteering and • Ensure that all governance instruments are reviewed and Framework the Group
commercial dealings of our dealers/distributors) updated continuously to reflect changes in the operating - Strengthened Cyber Risk Management • Progressively improving Group-wide
• Ensure the Group (which includes all its subsidiaries/ environment - Maintained Threat Detection Privacy Programme to uplift Axiata’s
OpCos) adopts sound and effective policies, procedures, • Review the risk and compliance matters highlighted by the programmes data privacy capabilities, and reinforcing
and practices for all its Risk and Compliance functions Group Chief Risk and Compliance Officer on all strategic - Leveraged on Advanced Technology to our position as a trusted regional
and ensure adequate testing to improve its resilience and or investment transactions such as a merger, acquisition, drive our Cyber defence capabilities telecommunications and digital services
preparedness for any eventualities partnership, joint venture, etc., independently to identify
- Assessed the adequacy of our provider
• Review and recommend the risk management and any bribery and corruption risks, and compliance matters
compliance methodologies, policies (including framework) in relation to the transaction. Such risk and compliance Employees’ and Vendors’ Cyber • Promoting progressive risk and compliance
and risk tolerance levels for the approval of the appropriate matters should also be reported to the BRCC periodically Capabilities culture and behaviours across the
authority in accordance with Axiata’s Limits of Authority or as required - Strengthened our Cyber Partner organisation through Group risk and
• Review and assess the adequacy of the governing policies, • Monitor and provide regular updates to the BRCC on Ecosystem compliance programmes and forums,
framework, and structure in place for managing risk and ABAC compliance & integrity related matters • Defined standing agenda items to be purpose made e-learning training modules,
compliance as well as the extent to which these are monitored and reviewed regularly as part and active staff engagement
operating effectively of the RCMC and BRCC meeting agendas • Aligning the Risk and Compliance functions
that encompasses the relevant subjects of the Group to ensure a regulatory
Responsibilities across all verticals covered under the compliant, measured, consistent, and
oversight of RCMC and BRCC business focused application of practices
• Established the Compliance function at • Uplifting the skillset of risk and compliance
• Ensure ongoing awareness programmes, communication, • Consider other matters relating to risk and compliance Group and OpCos level as part of the practitioners across the Group
training and education on risk and compliance management management, including relevant legislation applicable in all Corporate Compliance Project in meeting
• Provide advice to the BRCC on risk and compliance operating areas of the Group as referred to by the Board or
the requirement under MACC Section 17A
strategies and coordinate the activities of various by the BRCC
management committees for risk oversight • Assess the results of the ABAC monitoring activities • Enhanced the overall Compliance
• Promote a healthy risk and compliance culture and behaviour conducted regularly based on the risk-based compliance maturity level (evolving state)
that ensures the effectiveness of the risk and compliance plan
management processes (e.g., discourage excessive risk-
taking, bribery and corruption due to misaligned KPIs and
remuneration schemes)
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Communication With Stakeholders
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS

The Board acknowledges the importance of effective communication channels between the Board, comprehensive, timely and continuous disclosures. Disclosures of corporate proposals and/or financial
stakeholders, institutional investors and the investing public at large to provide a clear and complete results are made not only in compliance with the Main LR of Bursa Securities but additionally include
picture of the Group’s performance and position as much as possible. items through media releases, sent on a voluntary basis.
The Board is therefore fully committed to maintaining high standards in the dissemination of relevant Axiata uses a number of formal channels to account to shareholders and stakeholders particularly:
and material information on the developments of the Group in view of its commitment to effective,
Direct Shareholder Communication and Engagement Communication via Mass Media Communication to Analysts and Investors
• The Integrated Annual Report, Sustainability and National • Press Conference on Financial Results and Corporate • Analyst & Investor Day
Contribution Report, Governance and Audited Financial Developments • Analyst/Investor Meetings
Statements and Notice of AGM - Website/Print at Request/ • Media Release on Financial Results and Corporate • Conference Calls on Financial Results and Corporate
Press Advertisement Developments Development
• Website updates on all corporate communication • Media Interviews on Corporate Developments • Investor Relations Website
• Announcements to Bursa Securities • Media Engagements and Networking • Conferences/Non-Deal Roadshows
• Social Media Reach and Engagement on all key channels • 26 Equity Research Coverage
• Media Outreach and Education
INVESTOR RELATIONS
Conferences, non-deal roadshows (NDR), large group meetings and one-on-one meetings
6 January 1 March 22 March 23 March 14 April 30 June 9 July

CGS - CIMB 13th Morgan Stanley 24th Credit Suisse Asian JP Morgan ASEAN TMT UOB Kay Hian Malaysia Morgan Stanley Virtual Maybank Kim Eng Invest
Annual Malaysia Virtual Virtual ASEAN STAR Investment Conference 1x1 Forum Corporate Day Flagship ASEAN ASEAN 2021 Malaysia
Corporate Day Corporate Day (Virtual) (Virtual) E-Conference Conference Week (Virtual)
29 July 27 August 13 September 5 October 20 October 8 December

UOB Kay Hian New JP Morgan ASEAN TMT CLSA Investors’ Forum Credit Suisse ASEAN Nomura Virtual Malaysia Axiata Analyst &
Economy Virtual & Fintech 1x1 Forum 2021 New Economy Corporate Day 2021 Investor Day
Conference (Virtual) (Virtual) Conference (Virtual) (Virtual)
Annual General Meeting

• In view of the COVID-19 pandemic situation and as per the Guidance FAQs on the Conduct of General • All questions from shareholders received by Axiata were addressed at the 29th AGM and the list
Meetings for Listed Issuers issued by the Securities Commission Malaysia, Axiata had successfully of questions and answers had been made available with the Minutes of the 29th AGM on Axiata’s
convened its 29th AGM as a fully virtual meeting conducted via live streaming website within 30 business days from the meeting date
• Members had joined the AGM online and remotely and also voted electronically using the Remote • The AGM had also served as the primary engagement platform between the Board and the
Participation and Voting (RPV) facilities provided by TRICOR Investor & Issuing House Services Sdn Shareholders of the Company
Bhd via its TIIH Online website • 28 days’ notice was given for the AGM held on 15 June 2021
• Shareholders and proxies of Axiata were able to submit their questions electronically via the TIIH • Business presentation by the Managing Director/President & Group Chief Executive Officer was
Online website before and during the AGM undertaken at the AGM
• In 2020, Axiata was amongst the first PLCs to appoint an Independent Moderator at the virtual • An enhanced and electronic fully virtual e-voting process via RPV
AGM in response to the call by Minority Shareholders Watch Group (MSWG) to do so. Axiata had • Poll voting on all resolutions and immediate announcement of results were also undertaken at the AGM
maintained the practice of appointing an Independent Moderator for its 29th AGM • The full recording of the AGM Webcast had been made available on Axiata’s website
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Communication With Stakeholders
FINANCIAL CALENDAR
Financial Results
25 May 2021 27 August 2021 26 November 2021 22 February 2022 23 March 2022
Unaudited consolidated Unaudited consolidated Unaudited consolidated Unaudited consolidated Issuance of audited
results for the first quarter results for the second results for the third results for the fourth financial statements for
ended 31 March 2021 quarter and half-year quarter ended quarter and financial year the financial year ended
ended 30 June 2021 30 September 2021 ended 31 December 2021 31 December 2021
Dividends
10 March 2021 25 March 2021 8 April 2021 30 August 2021 15 September 2021 24 September 2021
Notice of Book Date of Entitlement Payment for Interim Notice of Book Date of Entitlement Payment for Interim
Closure for Interim for Interim Tax- Tax-Exempt Dividend Closure for Interim for Interim Tax- Tax-Exempt Dividend
Tax-Exempt Dividend Exempt Dividend under Single-Tier Tax-Exempt Dividend Exempt Dividend under Single-Tier
under Single-Tier under Single-Tier System of 5.0 sen per under Single-Tier under Single-Tier System of 4.0 sen per
System of 5.0 sen per System of 5.0 sen per Ordinary Share System of 4.0 sen per System of 4.0 sen per Ordinary Share
Ordinary Share Ordinary Share Ordinary Share Ordinary Share
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103
Promoting Digital Healthcare

Sri Lanka’s premier digital health platform Doc990
offers a host of medical and lab services in a
convenient and efficient manner to suit today’s
busy lifestyles
DIALOG DOC990
Additional
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Corporate Information
BOARD OF DIRECTORS
Tan Sri Shahril Ridza Ridzuan Dr David Robert Dean Tan Sri Dr Halim Shafie Nurhisham Hussein
Chairman Independent Non-Executive Director Independent Non-Executive Director Non-Independent Non-Executive Director
Independent Non-Executive Director
Dato’ Izzaddin Idris Khoo Gaik Bee Ong King How

Managing Director/ Independent Non-Executive Director Non-Independent Non-Executive Director
President & Group Chief Executive Officer
Dato Dr Nik Ramlah Nik Thayaparan S Sangarapillai Syed Ali Syed Saleem
Mahmood Independent Non-Executive Director Alsagoff
Senior Independent Non-Executive Director Non-Independent Non-Executive Director
Group Company Secretary Investor Relations Share Registrar Auditors
Suryani Hussein Tel : +603 2263 8706 Tricor Investor & Issuing House PricewaterhouseCoopers PLT
LS0009277 Fax : +603 2278 3337 Services Sdn Bhd (LLP0014401-LCA & AF 1146)
Email : ir@axiata.com Registration No.: [197101000970 (11324-H)]
Level 10, 1 Sentral, Jalan Rakyat
Registered Office Unit 32-01, Level 32, Tower A Kuala Lumpur Sentral
Stock Exchange Listing Vertical Business Suite 50706 Kuala Lumpur, Malaysia
Level 5, Corporate Headquarters
Avenue 3, Bangsar South Tel : +603 2173 1188
Axiata Tower, 9 Jalan Stesen Sentral 5 Listed on Main Market of
No. 8, Jalan Kerinchi Fax : +603 2173 1288
Kuala Lumpur Sentral Bursa Malaysia Securities Berhad
59200 Kuala Lumpur, Malaysia Email : my_info@pwc.com
50470 Kuala Lumpur, Malaysia Listing Date : 28 April 2008
Tel : +603 2783 9299
Tel : +603 2263 8888 Stock Code : 6888
Fax : +603 2783 9222
Fax : +603 2263 8903 Stock Name : Axiata
Email : is.enquiry@my.tricorglobal.com
Stock Sector : Telecommunications & Media
Website
www.axiata.com
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Notice Of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT THE THIRTIETH ANNUAL GENERAL MEETING OF AXIATA GROUP Non- Non-
BERHAD (“AXIATA” OR “COMPANY”) WILL BE HELD AS A VIRTUAL MEETING CONDUCTED ENTIRELY Executive Executive
THROUGH LIVE STREAMING AND REMOTE VOTING USING THE REMOTE PARTICIPATION AND VOTING Chairman Director
FACILITIES FROM THE BROADCAST VENUE AT AUDITORIUM, LEVEL 32, AXIATA TOWER, 9 JALAN (“NEC”)/ (“NED”)/
STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, 50470 KUALA LUMPUR, MALAYSIA ON THURSDAY, per month Change per month Change
26 MAY 2022 AT 9.30 A.M. FOR THE FOLLOWING PURPOSES: (RM) (RM) (RM) (RM)
Approval sought at the 30th AGM
AS ORDINARY BUSINESS: i) Directors’ fees 30,000.00 No change 20,000.00 No change
ii) Directors’ fees of the Board Increase of Increase of
1. To receive the Audited Financial Statements for the financial year ended 31 December 2021 together with Audit Committee 9,000.00 5,000.00 4,000.00 2,000.00
the Report of the Directors and the Auditors thereon. iii) Directors’ fees of the Board
Nomination & Remuneration Increase of Increase of
2. To re-elect the following Directors, each of whom retires by rotation pursuant to Clause 104 of the Committee 5,000.00 3,800.00 3,000.00 2,200.00
Constitution of the Company (“Constitution”) and being eligible, offers himself/herself for re-election: iv) Directors’ fees of the Board Increase of Increase of
Risk & Compliance Committee 9,000.00 6,000.00 4,000.00 2,500.00
i) Dato’ Mohd Izzaddin Idris (Ordinary Resolution 1) v) Directors’ fees of the Board
ii) Dato Dr Nik Ramlah Nik Mahmood (Ordinary Resolution 2) Sustainability Committee 2,500.00 New 1,500.00 New
iii) Dr David Robert Dean (Ordinary Resolution 3)
(each of the foregoing payments being exclusive of the others).
3. To re-elect the following Directors, each of whom retires pursuant to Clause 110(ii) of the Constitution and
being eligible, offers himself for re-election: b) Benefits payable to NEC and NEDs from the 30th Annual General Meeting until the next Annual General
Meeting. (Ordinary Resolution 6)
i) Tan Sri Shahril Ridza Ridzuan (Ordinary Resolution 4)
ii) Nurhisham Hussein (Ordinary Resolution 5) 5. To approve the payment of fees and benefits payable by the subsidiaries to the NEDs of the Company
from the 30th Annual General Meeting until the next Annual General Meeting. (Ordinary Resolution 7)
4. To approve the following payment by the Company:
6.To re-appoint PricewaterhouseCoopers PLT having consented to act as the Auditors of the Company for
a) Directors’ fees with effect from the 30th Annual General Meeting until the next Annual General Meeting: the financial year ending 31 December 2022 and to authorise the Directors to fix their remuneration.
(Ordinary Resolution 8)
Non-Executive Non-Executive
Chairman (“NEC”)/ Director (“NED”)/ AS SPECIAL BUSINESS:
per month per month
(RM) (RM) 7. PROPOSED SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF
As approved at the 29th AGM A REVENUE OR TRADING NATURE
i) Directors’ fees 30,000.00 20,000.00
“THAT, in accordance with paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia
ii) Directors’ fees of the Board Audit
Committee 4,000.00 2,000.00 Securities Berhad (Bursa Securities) (Main LR), approval be and is hereby given for Axiata and/or its
subsidiaries to enter into recurrent related party transactions of a revenue or trading nature, as set out
iii) Directors’ fees of the Board Nomination &
Remuneration Committee 1,200.00 800.00 in Appendix I of the Circular to Shareholders dated 27 April 2022 (“Circular”) which is made available
together with the Company’s Integrated Annual Report 2021 at https://www.axiata.com/investors/agm/,
iv) Directors’ fees of the Board Risk &
Compliance Committee 3,000.00 1,500.00
which are necessary for the day-to-day operations in the ordinary course of the business of Axiata and/
or its subsidiaries on terms not more favourable to the related parties than those generally available to
the public and are not detrimental to the minority shareholders of Axiata;
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THAT such approval will continue to be in force and effect until: NOTES:
i) The conclusion of the next Annual General Meeting at which time the authority will lapse, unless the Virtual Meeting
authority is renewed by a resolution passed at such general meeting;
1. The Broadcast Venue is strictly for the purpose of compliance with Section 327(2) of the Companies Act
2016 and Clause 72(i) of the Company’s Constitution which stipulate that the Chairman of the meeting
ii) The expiration of the period within which the next Annual General Meeting is required to be held
shall be present at the main venue of the 30th Annual General Meeting (“AGM”) and in accordance with
under Section 340(2) of the Companies Act 2016 (but must not extend to such extension as may be Clause 72(ii) of the Company’s Constitution which allows a meeting of members to be held at more than
allowed pursuant to Section 340(4) of the Companies Act 2016); or one venue, using any technology or method that enables the members to attend and exercise their right
to speak and vote at the general meeting.
iii) Revoked or varied by resolution passed by the shareholders in general meeting,
2. No shareholders from the public are permitted to be physically present nor to be admitted at the
whichever is earlier; Broadcast Venue on the day of the 30th AGM.
3. Shareholders and proxies will have to register to attend the 30th AGM remotely by using the Remote
AND THAT the Directors be and are hereby authorised to complete and do all such acts, deeds and
Participation and Voting Facilities (“RPV”) according to the procedures as set out in the Administrative
things (including without limitation, to execute such documents under the common seal in accordance
Notes.
with the provisions of the Constitution, as may be required) to give effect to the aforesaid shareholders’
mandate and transactions contemplated under this resolution.” (Ordinary Resolution 9) 4. Shareholders and proxies may raise questions before the 30th AGM to the Chairman or Board of Directors
via our Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd (“Tricor”)’s TIIH Online website
8. To transact any other ordinary business for which due notice has been given in accordance with the at https://tiih.online, by selecting ‘e-Services’ to login and submit the questions electronically no later than
Constitution and the Companies Act 2016. Wednesday, 25 May 2022 at 9.30 a.m. The Chairman or Board of Directors will endeavour to address the
questions received at the 30th AGM.
FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of determining a Member who shall be entitled
5. Shareholders and proxies may also pose questions via real time submission of typed text at the 30th
to attend, speak and vote at this 30th Annual General Meeting, the Company shall be requesting Bursa Malaysia
AGM via Tricor’s TIIH Online website at https://tiih.online, by selecting ‘e-Services’ to login and submit the
Depository Sdn Bhd in accordance with Clause 75 of the Constitution and Section 34(1) of the Securities
questions electronically.
Industry (Central Depositories) Act 1991 to issue a General Meeting Record of Depositors as at 17 May 2022.
Only a depositor whose name appears in the General Meeting Record of Depositors as at 17 May 2022 shall Proxy and/or Authorised Representative
be entitled to attend the said meeting or appoint proxies to attend, speak and vote on his/her behalf.
1. A Member entitled to attend and vote at the above Meeting is entitled to appoint a proxy without any
By Order of the Board restriction to the qualification of the proxy to attend and vote in his/her stead.
2. The Company shall be entitled to reject any instrument of proxy lodged if the member is not shown to
have any shares entered against his name in the Register and/or subject to Clause 41 of the Constitution
in relation to the Record of Depositors made available to the Company.
Suryani Hussein (LS0009277)
Group Company Secretary 3. A Member entitled to attend and vote at the Meeting is not entitled to appoint more than two proxies
Kuala Lumpur, Malaysia to attend and vote on his/her behalf. Where a Member appoints two proxies, the appointment shall be
invalid unless the percentage of the shareholding to be represented by each proxy is specified.
27 April 2022
4. Where a Member is an authorised nominee as defined under the Securities Industry (Central Depositories)
Act 1991 (“SICDA”), it may appoint at least one proxy but not more than two proxies in respect of each
Securities Account it holds with ordinary shares of the Company standing to the credit of the said
Securities Account.
Every appointment submitted by an authorised nominee as defined under the SICDA, must specify the
CDS Account Number.
5. Where a member of the Company is an Exempt Authorised Nominee which holds ordinary shares in the
Company for multiple beneficial owners in respect of each securities account (omnibus account), there is
no limit to the number of proxies which the Exempt Authorised Nominee may appoint in respect of each
omnibus account it holds.
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6. The instrument appointing a proxy shall: Audited Financial Statements
a) in the case of an individual, be signed by the appointer or by his/her attorney; or 11. The Audited Financial Statements for financial year ended 31 December 2021 (FY21) under Agenda
b) in the case of a corporation, be either under its common seal or signed by its attorney or an officer 1 are laid before the shareholders pursuant to the provisions of Section 340(1) of the Companies Act
on behalf of the corporation.
2016 for discussion only and will not be put forward for voting.
If the instrument appointing a proxy is signed by an officer on behalf of the corporation, it should be
accompanied by a statement reading “signed as authorised officer under an Authorisation Document, Re-election of Directors who retire pursuant to Clauses 104 and 110(ii) of the Constitution
which is still in force, no notice of revocation has been received”. If the instrument appointing a proxy
is signed by the attorney duly appointed under a power of attorney, it should be accompanied by a 12. Clause 104 provides that one-third of the Directors of the Company for the time being shall retire by
statement reading “signed under a power of attorney, which is still in force, no notice of revocation has rotation at an Annual General Meeting of the Company. All the Directors shall retire from office at
been received”. least once in three years but shall be eligible for re-election. Dato’ Mohd Izzaddin Idris, Dato Dr Nik
Ramlah Nik Mahmood and Dr David Robert Dean are standing for re-election as Directors and being
Any alteration to the instrument appointing a proxy must be initialled. eligible, have offered themselves for re-election.
7. In view that this is a virtual meeting, we strongly advise the members who are unable to attend, speak
Clause 110(ii) provides that any Director appointed during the year shall hold office only until the next
and vote at this 30th AGM via the RPV to appoint the Chairman of the meeting as his/her proxy and
indicate the voting instructions in the Proxy Form. following AGM and shall then be eligible for re-election. Tan Sri Shahril Ridza Ridzuan and Nurhisham
Hussein, who were appointed on 29 November 2021 and 25 January 2022 respectively, are standing
a) Where a member of the Company is an authorised nominee as defined in the SICDA, the beneficial for re-election as Directors of the Company.
owner of the shares held by the authorised nominee may request the authorised nominee to appoint
him/her as a proxy to attend, speak and vote remotely via the RPV at the 30th AGM. The Board has recommended the re-election of the abovementioned Directors. The assessment of
the Directors seeking re-election, save for Tan Sri Shahril Ridza Ridzuan and Nurhisham Hussein, are
b) Where a member of the Company is an Exempt Authorised Nominee which holds ordinary shares provided in the Corporate Governance Overview Statement on page 92 of the Integrated Annual
in the Company for multiple beneficial owners in one securities account (omnibus account), each
Report 2021. Their profiles are set out in the Profile of Directors section of the Governance & Audited
beneficial owner of the shares or where the shares are held on behalf of joint beneficial owners, such
Financial statement 2021 (“GAFS”) from pages 4 to 7.
joint beneficial owners, shall be entitled to instruct the exempt authorised nominee to appoint the
Chairman of the meeting to attend and vote remotely at the 30th AGM via the RPV on his/her/their
behalf. Any Director referred to in Ordinary Resolutions 1 to 5 who is a shareholder of the Company will
abstain from voting on the resolution in respect of his/her re-election at the 30th AGM.
c) Authorised nominees, Exempt Authorised Nominee and corporate members are to refer to the
Administrative Notes for the 30th AGM for further details. Directors’ Fees and Benefits Payable by the Company
8. A corporation which is a Member, may by resolution of its Directors or other governing body authorise 13. a) Clause 117(i) of the Constitution provides that the fees of Director and the benefits payable to
such person as it thinks fit to act as its representative at the Meeting, in accordance with Clause 101 of
the Directors shall be subject to annual shareholder approval at a meeting of members.
the Constitution. Pursuant to Section 333(3) of the Companies Act 2016, if the corporation authorises
Shareholders’ approval on the Directors’ fees for the Board and Board Committees and benefits
more than one person, every one of the representative is entitled to exercise the same powers on behalf
of the corporation as the corporation could exercise if every one of the representative was an individual payable was obtained at the 29th AGM held on 15 June 2021.
member of the Company. However, if more than one of the representatives do not purport to exercise
the power in the same way, the power is treated as not exercised. A comprehensive review of Non-Executive Directors (“NEDs”) remuneration was last undertaken
by the Company and tabled to the shareholders for approval at the AGM in 2014. Despite the
9. The instrument appointing a proxy together with the duly registered power of attorney referred to earlier recommendation to undertake a review every 5 years, this exercise has been deferred for
in Note 6 above, if any, must be deposited at the office of Tricor at Unit 32-01, Level 32, Tower A, several years due to various considerations. Eventually, in 2021 Aon Malaysia Sdn Bhd (“Aon”) was
Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia appointed to conduct an analysis of the competitiveness of its NED remuneration framework,
or its Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, benchmarking against comparable peers. The objective is to ensure that remuneration and
No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia no later than Wednesday, 25 May 2022 at 9.30 benefits of board members is competitive, appropriate and in line with the prevalent market
a.m. The proxy appointment may also be lodged electronically via Tricor’s TIIH Online website at: practices. The review also encompass the remuneration framework of the subsidiary Boards.
https://tiih.online no later than Wednesday, 25 May 2022 at 9.30 a.m. For further information on the
electronic lodgement of Proxy Form, kindly refer to the Administrative Notes.
10. Pursuant to Paragraph 8.29A of the Main Market Listing Requirements of Bursa Malaysia Securities
Berhad (“Main LR”), all resolutions set out in the Notice of AGM will be put to vote on poll.
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The remuneration structure proposed for approval at this AGM takes into account the findings
Meeting Allowance (RM)
and insights presented by Aon. Despite a recommendation to increase the Chairman’s fees
to align with the practice of the P50 amongst similarly sized local peers and considering the Board/Board Committees NEC Change NED Change
Chairman’s non-membership of other board committees, this proposal is not pursued at this 30th Approval sought at the 30th AGM
AGM. The base retainer fee for NEDs is also proposed to be maintained.
Board of Directors 3,000.00 No change 2,000.00 No change
The Board has recommended revisions only in respect of the fee ratios for the Board Audit Board Audit Committee 3,000.00 No change 2,000.00 No change
Committee (“BAC”), Board Nomination and Remuneration Committee and Board Risk and
Board Nomination &
Compliance Committee (“BRCC”) which are proposed to be increased to align with prevailing
Remuneration Committee 1,500.00 No change 1,000.00 No change
P50 market practice amongst similarly sized firms in Malaysia. Synchronising the payout for
BAC and BRCC also follows prevailing market practice. The board committees which operate Board Risk & Compliance Increase of Increase of
with members with the appropriate skillsets facilitate the Board’s efficiencies by having specific Committee 3,000.00 750.00 2,000.00 500.00
oversight over matters assigned to them within their specific Terms of References. Revisions to Board Sustainability Committee 1,500.00 New 1,000.00 New
board committee fees and allowances serve to recognise the accountability and responsibility
of the members of the respective board committees. Other Board Committees 1,500.00 No change 1,000.00 No change
Further, in support of Axiata’s long-term sustainability agenda, the Board had decided that For reference, the amount of Meeting Allowances paid to NEDs of Axiata for Board and
stronger oversight through a board committee is required. Accordingly, the Board resolved to Board Committee meetings based on number of meetings held in FY21 are disclosed on
remodel, rescope and rename the Board Annual Report Committee to the Board Sustainability page 8 of the GAFS.
Committee (“BSC”) with expanded roles and responsibilities including the oversight of the
Sustainability Practices of the Group in addition to the preparation of Integrated Annual Report ii) At the 29th AGM of the Company, the Shareholders approved the extension of Travel Allowance
of Axiata. In line with this, the Board has recommended the introduction of a new monthly fixed for Non-Resident NEDs for their attendance at Board and Board Committee meetings
fee for BSC as incorporated under Ordinary Resolution 6. The details of the NEDs Remuneration virtually. The total extended Travel Allowance paid in 2021 including accrued extended Travel
Review is available on page 94 of the Integrated Annual Report 2021. Allowance for 2020 is RM183,400.00. The extended Travel Allowance is expected to continue
to be paid to the Non-Resident NEDs after the 30th AGM until the restrictions imposed on
b) Approval of the shareholders is sought pursuant to Section 230(1) of the Companies Act 2016, global travel are fully uplifted and travel may be safely undertaken thereafter.
stipulating amongst others, that the fees and benefits payable to the directors of a listed company
shall be approved at a general meeting. The benefits payable to the NEDs shall comprise the Place of Residence Travel Allowance (USD)
following:
South Asia/Asia Pacific/Central Asia 1,000.00 per trip
i) Meeting Allowance Europe/Africa/Middle East 2,000.00 per trip

North/Central/South America 3,000.00 per trip
Meeting Allowance (RM)
iii) Benefits such as annual overseas business development trips, leave passage, equipment,
Board/Board Committees NEC NED
telecommunication facilities, insurance and medical.
As approved at the 29th AGM
Board of Directors 3,000.00 2,000.00 c) Any NEDs who are shareholders of the Company will abstain from voting on Ordinary Resolution
6 regarding the Directors’ Fees and Benefits Payable by the Company.
Board Audit Committee 3,000.00 2,000.00
Board Nomination & Remuneration Committee 1,500.00 1,000.00
Board Risk & Compliance Committee 2,250.00 1,500.00
Other Board Committees 1,500.00 1,000.00
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Directors’ Fees and Benefits Payable by the Subsidiaries
14. Approval of the shareholders is sought to comply with the provisions of Section 230(1) of the Companies Act 2016, stipulating amongst others, that the fees and benefits payable to the directors of a listed company
by the subsidiaries shall be approved at a general meeting.
Aon’s analysis and findings had resulted in the formulation of a new Axiata Group NED Remuneration and Benefits policy. Subsidiaries will adopt the Group Framework and each will undertake its own review to determine
if any revision is necessary and the appropriate timing to effect such revision. Ultimately, any decision in respect of the Directors’ remuneration of the subsidiaries will be made by the shareholders of these companies
in accordance with the laws applicable in their respective jurisdiction.
i) Monthly Fees and Meeting Allowance
Monthly Fees (RM unless indicated otherwise) Meeting Allowance per Meeting (RM unless indicated otherwise)
Board BNRC/ Board Other
Company Designation of Directors BAC BRCC BNC/BRC of Directors BAC BRCC BNC/BRC Committees
Celcom Axiata Berhad NEC* 20,000.00 4,500.00 4,500.00 2,500.00 2,000.00 2,000.00 2,000.00 1,000.00 500.00
(“Celcom”) (Increased from (New) (New) (New) (No change) (No change) (Increase of (No change) (No change)
12,000.00) RM500.00)
NED* 10,000.00 2,000.00 2,000.00 1,500.00 1,500.00 1,500.00 1,500.00 750.00 350.00
(Increased from (New) (New) (New) (No change) (No change) (Increase of (No change) (No change)
RM8,000.00) RM300.00)
PT XL Axiata Tbk. President/Chairman IDR135M IDR30M IDR25M - IDR6M - - - -
BOC/Member IDR92M IDR10M – IDR10M IDR66M IDR6M - - - -
IDR72M (External)
Dialog Axiata PLC NEC USD1,463.00 - - - USD975.00 USD975.00 USD490.00 USD490.00 USD490.00
(AGM: USD650.00) (BNC & BRC)
NED USD1,125.00 - - - USD750.00 USD750.00 USD375.00 USD375.00 USD375.00
(AGM: USD500.00) (BNC & BRC)
Robi Axiata Limited NEC USD2,500.00 - - - USD300.00 USD300.00 USD225.00 USD150.00 -
(BNC & BRC)
NED USD2,000.00 - - - USD200.00 USD200.00 USD150.00 USD100.00 -
(BNC & BRC)
Independent NEC - - - - - BDT10,000.00 BDT10,000.00 BDT10,000.00 -
Independent NED BDT125,000.00 - - - - BDT8,000.00 BDT8,000.00 BDT8,000.00 -
Ncell Axiata Limited NEC USD2,500.00 - - - USD300.00 USD300.00 USD225.00 - -
NED USD2,000.00 - - - USD200.00 USD200.00 USD150.00 - -
edotco Group Sdn Bhd NEC 8,000.00 - - - 1,000.00 1,000.00 350.00 750.00 350.00
NED 6,000.00 - - - 700.00 700.00 250.00 500.00 250.00
Smart Axiata Co., Ltd NEC USD1,200.00 - - - USD300.00 USD300.00 USD150.00 USD150.00 -
(BNC & BRC)
NED USD1,200.00 - - - USD300.00 USD300.00 USD150.00 USD150.00 -
(BNC & BRC)
* Revision as approved and recommended by the Board of Directors of Celcom in April 2022 in accordance with Axiata Group framework. There has been no revision from approval at the 29th AGM for the other subsidiaries
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ii) Other customary benefits not available and/or provided by Axiata prevalent in these respective EXPLANATORY NOTES - SPECIAL BUSINESS
jurisdictions. Additionally, any benefit in the form of travel allowance payable by subsidiaries to
Non-Resident NEDs if any for attending meetings shall have the application of the same similarly I) Proposed Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or
extended to attendance virtually as indicated in Note 13(b)(ii) above. Trading Nature
Notes: The proposed Ordinary Resolution 9, if approved, will enable the Company and/or its subsidiaries to
For reference on the directorship of Axiata NEDs on the Board of subsidiaries and amount paid for enter into recurrent related party transactions with related parties in the ordinary course of business
the FY21, please refer to page 8 of the GAFS. Factors affecting the total amount include the number which are necessary for the Group’s day-to-day operations and are on terms not more favourable to
of meetings held for the Board and Board Committees and the number of NEDs involved in these the related parties than those generally available to the public and shall lapse at the conclusion of the
meetings. Any new appointments of Axiata NED on the Board of subsidiaries post the 30th AGM will next AGM unless authority for its renewal is obtained from shareholders of the Company at such general
apply the same rates as set out above. meeting. Detailed information on the Proposed Shareholders’ Mandate is set out in the Circular.
Payment of fees and benefits in Notes 13 and 14 will be made by the Company and the respective
subsidiary on a monthly basis and/or as and when incurred.
iii) Any NEDs who are shareholders of the Company will abstain from voting on Ordinary Resolution 7
regarding the Directors’ Fees and Benefits Payable by the Subsidiaries.
Re-appointment of Auditors
15. The Company and the BAC have undertaken an External Auditors Evaluation and Rotation Assessment
to assess the performance of external auditors. This assessment is undertaken when deciding on the
re-appointment of external auditors and takes into account the following criteria:
1. Independence
2. Scope of audit
3. Audit fee
4. Expertise and experience
5. Methodologies, techniques and audit facilities
6. Performance based on the annual audit scope and planning
The BAC and the Board had, at its meeting held on 17 and 21 February 2022 respectively, evaluated the
re-appointment of PricewaterhouseCoopers PLT (“PwC”) as Auditors of the Company, in the course of
which the criteria of assessment were duly considered. The BAC and the Board were satisfied with the
performance of PwC based on the criteria of assessment and that the requirements for consideration
as prescribed under Paragraph 15.21 of the Main LR are duly met. A recommendation is made for the
re-appointment of PwC as external auditors of the Company for the financial year ending 31 December
2022, in accordance with Sections 273(b), 340(1)(c) and Section 274(1)(a) of the Companies Act 2016.
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Statement Accompanying Notice Of Annual General Meeting

Pursuant To Paragraph 8.27(2) Main Market Listing Requirements of Bursa Malaysia Securities Berhad
DIRECTORS STANDING FOR RE-ELECTION AT THE 30TH ANNUAL GENERAL MEETING
The following are Directors retiring pursuant to Clause 104 and Clause 110(ii) of the Company’s Constitution and standing for re-election.
Clause 104: Retirement by rotation
1. Dato’ Mohd Izzaddin Idris

2. Dato Dr Nik Ramlah Nik Mahmood
3. Dr David Robert Dean
Clause 110(ii): Retirement after appointment to fill casual vacancy
1. Tan Sri Shahril Ridza Ridzuan

2. Nurhisham Hussein
The profiles of the above Directors are set out in the Profile of Directors’ section of the Governance & Audited Financial Statements 2021 (“GAFS”) from pages 4 to 7.
Save for Dato’ Mohd Izzaddin Idris, none of the above Directors have any interest in the securities of the Company and its related corporation. The interest of Dato’ Mohd Izzaddin Idris in the
Performance-Based Long-Term Incentive Plan of Axiata is disclosed on page 192 of the GAFS.
This page has been intentionally left blank.
PROXY FORM
(Before completing the form, please refer to the notes overleaf)
“A” I/We,
(NAME AS PER NRIC/CERTIFICATE OF INCORPORATION IN CAPITAL LETTERS)
with (NEW NRIC NO.) (OLD NRIC NO.) (COMPANY NO.)
of
(FULL ADDRESS)
(TELEPHONE/MOBILE NO.)
being a Member/Members of AXIATA GROUP BERHAD hereby appoint

(NAME AS PER NRIC IN CAPITAL LETTERS)
with (NEW NRIC NO.) (OLD NRIC NO.)
of
(FULL ADDRESS)
or failing him/her, the Chairman of the Meeting*, as my/our first proxy to vote for me/us on my/our behalf at the 30th Annual
General Meeting of AXIATA GROUP BERHAD to be held as a virtual meeting conducted entirely through live streaming and
remote voting using the Remote Participation and Voting Facilities from the Broadcast Venue at Auditorium, Level 32, Axiata Tower,
9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia on Thursday, 26 May 2022 at 9.30 a.m. or at any
adjournment thereof.
“B” If you wish to appoint a second proxy, please complete this section.
I/We,
(NAME AS PER NRIC/CERTIFICATE OF INCORPORATION IN CAPITAL LETTERS)
with (NEW NRIC NO.) (OLD NRIC NO.) (COMPANY NO.)
of
(FULL ADDRESS)
(TELEPHONE/MOBILE NO.)
being a Member/Members of AXIATA GROUP BERHAD hereby appoint

(NAME AS PER NRIC IN CAPITAL LETTERS)
with (NEW NRIC NO.) (OLD NRIC NO.)
of
(FULL ADDRESS)
or failing him/her, the Chairman of the Meeting*, as my/our second proxy to vote for me/us on my/our behalf at the 30th Annual
General Meeting of AXIATA GROUP BERHAD to be held as a virtual meeting conducted entirely through live streaming and
remote voting using the Remote Participation and Voting Facilities from the Broadcast Venue at Auditorium, Level 32, Axiata Tower,
9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia on Thursday, 26 May 2022 at 9.30 a.m. or at any
adjournment thereof.
Note:
*Strike out if inapplicable
For appointment of two proxies, percentage of
shareholdings to be represented by the proxies:
Percentage (%)
Proxy* “A”
Proxy* “B”
TOTAL 100%
* Please fill in the proportion of the holding to be presented by each proxy
My/Our proxy/proxies is/are to vote as indicated below:
Please indicate with an ‘X’ in the appropriate box against each resolution how you wish your proxy to vote. If no instruction is given,
this form will be taken to authorise the proxy to vote or abstain at his/her discretion.
Proxy “A” Proxy “B”

Resolutions For Against For Against
1. Ordinary Business
Ordinary Resolution 1 – Re-election of Dato’ Mohd Izzaddin Idris
2. Ordinary Resolution 2 – Re-election of Dato Dr Nik Ramlah Nik Mahmood
3. Ordinary Resolution 3 – Re-election of Dr David Robert Dean
4. Ordinary Resolution 4 – Re-election of Tan Sri Shahril Ridza Ridzuan
5. Ordinary Resolution 5 – Re-election of Nurhisham Hussein
6. Ordinary Resolution 6 – Directors’ Fees and Benefits Payable by the Company
7. Ordinary Resolution 7 – Directors’ Fees and Benefits Payable by the Subsidiaries
8. Ordinary Resolution 8 – Re-appointment of PricewaterhouseCoopers PLT as
Auditors
9. Special Business
Ordinary Resolution 9 – Proposed Shareholders’ Mandate for Recurrent Related
Party Transactions of a Revenue or Trading Nature
Signed this day of 2022
No. of ordinary shares held CDS Account No. of Authorised Nominee*

- -
* Applicable to shares held through a nominee account
Signed this day of 2022

Signature(s)/Common Seal of Member(s)
NOTES:
Proxy and/or Authorised Representative
1. A Member entitled to attend and vote at the above Meeting is entitled to appoint a proxy without any restriction to the qualification of the proxy to attend
and vote in his/her stead.
2. The Company shall be entitled to reject any instrument of proxy lodged if the member is not shown to have any shares entered against his name in the
Register and/or subject to Clause 41 of the Constitution of the Company in relation to the Record of Depositors made available to the Company.
3. A Member entitled to attend and vote at the Meeting is not entitled to appoint more than two proxies to attend and vote on his/her behalf. Where a
Member appoints two proxies, the appointment shall be invalid unless the percentage of the shareholding to be represented by each proxy is specified.
4. Where a Member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991 (“SICDA”), it may appoint at least one
proxy but not more than two proxies in respect of each Securities Account it holds with ordinary shares of the Company standing to the credit of the said
Securities Account.
Every appointment submitted by an authorised nominee as defined under the SICDA, must specify the CDS Account Number.
5. Where a member of the Company is an Exempt Authorised Nominee which holds ordinary shares in the Company for multiple beneficial owners in respect
of each securities account (omnibus account), there is no limit to the number of proxies which the Exempt Authorised Nominee may appoint in respect
of each omnibus account it holds.
6. The instrument appointing a proxy shall:
a) in the case of an individual, be signed by the appointer or by his/her attorney; or

b) in the case of a corporation, be either under its common seal or signed by its attorney or an officer on behalf of the corporation.
If the instrument appointing a proxy is signed by an officer on behalf of the corporation, it should be accompanied by a statement reading “signed as
authorised officer under an Authorisation Document, which is still in force, no notice of revocation has been received”. If the instrument appointing a proxy
is signed by the attorney duly appointed under a power of attorney, it should be accompanied by a statement reading “signed under a power of attorney,
which is still in force, no notice of revocation has been received”.
Any alteration to the instrument appointing a proxy must be initialled.
7. In view that this is a virtual meeting, we strongly advise the members who are unable to attend, speak and vote at this 30th AGM via the RPV to appoint
the Chairman of the meeting as his/her proxy and indicate the voting instructions in the Proxy Form.
a) Where a member of the Company is an authorised nominee as defined in the SICDA, the beneficial owner of the shares held by the authorised
nominee may request the authorised nominee to appoint him/her as a proxy to attend, speak and vote remotely via the RPV at the 30th AGM.
b) Where a member of the Company is an Exempt Authorised Nominee which holds ordinary shares in the Company for multiple beneficial owners
in one securities account (omnibus account), each beneficial owner of the shares or where the shares are held on behalf of joint beneficial owners,
such joint beneficial owners, shall be entitled to instruct the exempt authorised nominee to appoint the Chairman of the meeting to attend and vote
remotely at the 30th AGM via the RPV on his/her/their behalf.
c) Authorised nominees, Exempt Authorised Nominee and corporate members are to refer to the Administrative Notes for the 30th AGM for further
details.
8. A corporation which is a Member, may by resolution of its Directors or other governing body authorise such person as it thinks fit to act as its representative
at the Meeting, in accordance with Clause 101 of the Constitution. Pursuant to Section 333(3) of the Companies Act 2016, if the corporation authorises
more than one person, every one of the representative is entitled to exercise the same powers on behalf of the corporation as the corporation could
exercise if every one of the representative was an individual member of the Company. However, if more than one of the representatives do not purport to
exercise the power in the same way, the power is treated as not exercised.
9. The instrument appointing a proxy together with the duly registered power of attorney referred to in Note 6 above, if any, must be deposited at the office
of the Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd (“Tricor”), Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar
South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or its Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar
South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia no later than Wednesday, 25 May 2022 at 9.30 a.m. The proxy appointment may also be
lodged electronically via Tricor’s TIIH Online Website at https://tiih.online no later than Wednesday, 25 May 2022 at 9.30 a.m. For further information on
the electronic lodgement of Proxy Form, kindly refer to the Administrative Notes.
10. Pursuant to Paragraph 8.29A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the Notice of the
30th AGM will be put to vote on poll.
Members Entitled to Attend, Speak and Vote
11. For purposes of determining a member who shall be entitled to attend, speak and vote at the 30th AGM, the Company shall be requesting Bursa Malaysia
Depository Sdn Bhd, in accordance with Clause 75 of the Constitution and Section 34(1) of the SICDA, to issue a General Meeting Record of Depositors as
at 17 May 2022. Only a depositor whose name appears in the General Meeting Record of Depositors as at 17 May 2022 shall be entitled to attend, speak
and vote at the said meeting or appoint a proxy(ies) on his/her behalf.
2. Fold this flap to seal
AFFIX STAMP
HERE
The Share Registrar
Tricor Investor & Issuing House Services Sdn Bhd
[197101000970 (11324-H)]
Unit 32-01, Level 32, Tower A
Vertical Business Suite, Avenue 3
Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur, Malaysia
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Advancing Asia

INTEGRATED ANNUAL REPORT 2021

Digital Telcos Digital Businesses Infrastructure

Malaysia Indonesia Sri Lanka Bangladesh Cambodia Nepal

RM2.0 billion Multi-year programme as a catalyst

(2020: RM1.8 billion)

Creating Value For All In 2021

Overview Our Operating Companies

This is Axiata’s Value Creation Model (VCM)

Navigation Cross References Capitals Material Matters

Enabling Smart Security

About This Report

About This Report

Reporting Suite Forward-Looking Statements Images

Scan the QR code to

Our Purpose Our Footprint

Partnership Planet & Society

Our Investor Proposition

• Operating Free Cash Flow of RM1.9 billion • Proposed Celcom-Digi merger

Our Continuing Response To COVID-19

Building Future Visionaries

ADVANCING ASIA DIGITALLY

operating environments in our markets.

IAR, In Conversation With The PGCEO on page 24

IAR, Outcome 2 on pages 41 to 42

SNCR, Employees on pages 59 to 68

In Conversation With The President & Group Chief Executive Officer

Progressing with the Axiata 5.0 Vision

In Conversation With The President & Group Chief Executive Officer

How did Axiata’s strategy secure growth in 2021? (cont’d)

2. How is the Company tracking towards future-proofing Axiata Group?

IAR, Financial Resilience on pages 52 to 61

In Conversation With The President & Group Chief Executive Officer

How is the Company tracking towards future-proofing Axiata Group? (cont’d)

Repositioning the business for new normal shifts

In Conversation With The President & Group Chief Executive Officer

In Conversation With The President & Group Chief Executive Officer

Transforming our IT Blueprint to an Open Moving our infrastructure and applications

In Conversation With The President & Group Chief Executive Officer

LEAP Digital Big Data Digital Telco AI Maturity Index

In Conversation With The President & Group Chief Executive Officer

9. How are Axiata’s OpCos preparing for 5G?

SNCR, Network Quality And Coverage on pages 25 to 28

In Conversation With The President & Group Chief Executive Officer

10. How is Axiata driving growth in the Enterprise segment?

Evolving our Enterprise Solutions to Cater to Regional Demand

Supported by ADL as our Regional Delivery Centre

2022 • Scale up to build a regional Enterprise solutions provider by leveraging on the

In Conversation With The President & Group Chief Executive Officer

Phase 1: Inception and Experimentation

Phase 2: Growth and Expansion

IAR, Outcome 5 and Boost Review on pages 47 to 48 and 78 to 79

In Conversation With The President & Group Chief Executive Officer

13. What are the prospects for ADA?

SoftBank Corp.’s RM246.4

Merger with Awake Asia 65 industry awards, including

Marketing Solutions recorded