Tenaga Nasional Bhd · MYX:TENAGA

Tenaga Nasional Bhd — CLSA 18th Investors Forum 2011

47 slides from Tenaga Nasional Bhd's conference presentation, 2011

1. Slide 1: Tenaga Nasional Berhad

   (200866-W) (200866-W) ! "# " $% &

2. Slide 2: Agenda

   ' ( )* +, - . / + * % ",- / 0 " & ,- 1& +, , -, ," ," +0 •23 4 +( + • + +* 3( ++ + •' . - ,-, ,** 5, 6 # ) 6 +

3. Slide 3: SRIs)

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4. Slide 4: # - ,5 ," % - . (+ ! +, (+ + =? /

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5. Slide 5: # ,+ ,- ' / 5+B - ,-, ' . /3032 ' &= !

   # 4 4 ,+ ,- ' / 5+B - ,-, ' . 6 /3032 ' &= ! ' )& 0> ? * +<032 +3032 == <032 3032 +3 @A4< @A48 @A45 @A41 @A44 @A33 @A3+ @A3/ @A37 @A3B @A3< @A38 @A35 @A31 @A34 ++ <032 @A? 7C@A? +3032 = A == @ 8

6. Slide 6: # - . ,- +* . , / " .. , / , +

   # 4 4 - . ,- +* . , / " .. , / , + ( D ! , )( D!,* 6 - ,7( - ,5 . * - . ,- " 6 * + =%>? > & - &, * ' 8! A ' =!= /3/3 + - # +6, - ,7( 5 > ? * +, + % </B ) 832* $ ? * *( ,"* & @ - +6, - . * . & ,5 ,5 +. 12 / 6, " ,, 2B2. @ 7+- 832 ! & 2 / , / @ - + : //+; 6 ' 2 7, B : <2 7, B; C = 7(+, ++ && ( ,, + 5

7. Slide 7: Agenda

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8. Slide 8: E . & 5 *, E/ E

   / %4 / " & ,- 1& +, 9 ' / 8 E 1- , 0 - 7(+, ++ + - &( , + + " 7(+, ++ & - 7, , - ,( - E . & 5 *, -, + 5 ( / & +, , (. E/ + ( - , ++ * E 9 -) 6 " + : ; 8 9 . "+ . + ., - .& ,+ E ( , " 7 > E 1& 6 )+ & 6 F " + 5,- + ,5 +. +, E " + - , , E , * 6 5 ( E .& 5 & , + + . 5 ", " Position for Growth ( > " 9 +

9. Slide 9: %4 / - ,5 . + '( , " + / + 5,- 1-

   %4 / - ,5 . + '( , " + / + 0 5,- 1- - F + " + 6 , 8 6 * " ' 4 8 4 = 4 > 4 4 $ 4 - ( - ( - ( - ( - ( - ( ( ++ + B ? 2B2? =B2? <B=? <B ? <B>? : ; - ,5 , " =<B$? 8 B ? <$B$? <=B$? <=B8? < B8? ! =B ? <B>? B ? 2B2? B$? B>? "# $% & ! B8? B ? B ? $B8? $B>? $B8? - ,5 "# +B , ( + - ,5 ' <B >B2 $B2 =B= B B$ :

10. Slide 10: 2nd Phase of 20-Year Strategic Plan

    2"d PHASE OF 20-YEAR STRATEGIC PLAN Geographical Expansion Growth Strategies to move TNB to the Next Level i Build a sustainable business by optimising Customer service costs of electricity improve communication business in Peninsular Malaysia & Sabah and engagement with enhance our human » capital

11. Slide 11: / %4 / " & ,- 1& +, (+ , , " ," ,

    / %4 / " & ,- 1& +, (+ , , " 6 7 ," , • "( / , +( +, - ,-, 7(+, ++ + ,. , " 6 & , :=? >? &B B 7 6 % 8; + "( ( B , & + * 6 1& , -, " ,5 ," " 6 ( 6 ( & 5, * " % 7(+, ++ & , B • H * 6 0 • 5 " 9 -) - :, , + -B; , &( +(, " , 7(+, ++ • , ,+ + 5,- + : C ! - +( , C , , "; + + &&, " + * *( ( 7(+, ++ , 6 * ,

12. Slide 12: / %4 / " & ,- 1& +, , # / * . -

    / %4 / " & ,- 1& +, 0 9 , # / * . - ,- + :# / +;

13. Slide 13: ",5 K" *, L K7 6 *, L

    / %4 / " & ,- 1& +, 0 9 5 + + 5 +. / ,- 9 5 +. / ,- • 9 + ,5 +. + 6, 7 * -(+ " , ++ + 6 & , , 6, 7 ",5 K" *, L K7 6 *, L :6 , ,5 5 + 1& ," 1,+ , " - & -, ; & @ - + ",5 9 + + - ,- ,5 + B 9 +& ,-,& , 7 ,. , ++ -, 5 B • -(+ - ( ,+ * ,5 +. 6, -- & 7 ,+)+B • / @ - + + , & + 1 J(, , * ( . , ,. (. * 9 6 ,"

14. Slide 14: ( ! FG F ( ! FG

    / %4 / " & ,- 1& +, 0 , 1& , - : .& F " , "/ @ - +; * ' ,+ ,- , "! 1-333 ( ! FG ,7 / 6 , /7<> ; #&& (. ! +, 9 ' ,+ ,- ; ,& , - - , & @ - , "! ,&' & 0 73-333 > ( ! FG 9H> #; && 0 ( ,7 H // E 433> ; I113-333 7I ; H 9H> & & " & " E +<3-333 7I ; & 9H> , 9H> & - $% 9 & 9H> #&&- #; && H & 6 H & - #" , G -

15. Slide 15: / %4 / " & ,- 1& +, /,& , -(+ , + C

    / %4 / " & ,- 1& +, 0 /,& , -(+ , + C * ,- ', - " //+! , % + , //! , /<3> ; & H + ' ., //! " & 583> ; & ' , ( //! " & /J5<3> ; & = , ( //! +, : , ; / J 733> ; & 8

16. Slide 16: Agenda

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17. Slide 17: +( + 2%. + :2 3( ; • ++ * << B . ,

    23 4 +( + 2%. + 2 :2 3( 4 ; • ++ * << B . , , • 2B8? , - + , (& 5 ( - .& 3( 4 " ,+ $B ? ,- + , & , " 1& + + • ,, *( - + * B2 7, , * . , ,+ , • 9 ' . ", =B=? - . & B ? & * & 5, (+ J( >

18. Slide 18: E B<? - + , (& ( " , + <B=? - + ,

    23 4 +( + 0 4 % %4 +,+ E B<? - + , (& 5 ( " , + <B=? - + , & , " 1& + + E = B ?' - + , & , " / *, +( , " * . ," ( ++ E / *, ,7( 7 6 + * .& * $ 2B . M. 23 23 , - 4 4 ? , (, " & , 0 5 ( !<8 B> !$$ B B< & , " 1& + + : $! > B8; : ! B ; <B= & , ", - . =B < =B< < B & , "& *, 2!<==B2 !2 =B := B ; 1 % + - ,

19. Slide 19: +( + 3( % %3( +,+ 3( ++ , ,+ ,7( ," ( ++

    23 4 +( + 0 3( % %3( +,+ 3( ++ , 23 4 ,+ ,7( ," ( ++ '( 6 + (. - ," , ,+ , * , C ' ,+ , C ," +(. & , +( , " , 6 9 ' ", . $ + 4 4 4 + 3 3 2 3 ,+ : H ; 53-<3301 5/-/8801 /B-7/B08 /7-81/03 /B-/830/ 5 ( //-B<305 //-44103 5-5/80B 5-<370< 5-5810+ & , " 1& + + :6 , ( +8-B3B0+ +4-+3B0/ <-8+301 8-3150/ 5-B38

20. Slide 20: , " / ,- 0 2 B2 + B> * $<B ? ' (

    23 4 +( + 0 .& + / , ", (- , * $<B ? ' ( ," / ,- + ," , ,+ , * , ' ,+ , 5 " , " / ,- 0 2 B2 + F)6 ", +,+ 4 4 / 6, ( , - + 02 B + F)6 + F)6 8 B> 2 B 4 ' 4 4 ' 4 B B> 2B= 2B= / <B 2 B2 2 B2 <B B B B> B B8 2B 2B< / G >B$ 2 B B B2 2B B> B< 2B< B / B$ / G6, ( , - + = B=? > B ? B B B 3 A +C A /C A 7C A BC

21. Slide 21: times sen -, C

    23 4 +( + 0 8%4 / * . - ,- +% , -, C - ,- , -, ,+ % Gearing % Basic EPS times Interest Coverage sen 80 93.8 100 10 70 90 9 7.6 73.6 60 80 49.9 8 6.7 6.8 6.6 59.8 46.9 46.5 6.4 70 50 7 42.5 39.8 60 6 40 5 50 30 4 40 30 21.2 20 3 16.6 2 20 10 1 10 0 0 0 FY'07 FY'08 FY'09 FY'10 3QFY'11 = FY'07 FY'08 FY

22. Slide 22: & - 5 ' - D 7 & D( D( (" & - 5

    23 4 +( + 0 +,+ * - ,-, 6 % % , / , +( 23 4 !/ , +( & B ? 6 4 % %4 4 4 & - 5 ' - D 7 & D( D( (" & - 5 ' - D 7 & D( ' 2!22 2! $ 2!< $ 2! >= 2!282 2!< !$=> 2!8 2!< 2 2!822 2!22 2!<2 2!2>> 2! > 2!8 2! $ 2!< 2 2!<<8 2! < 2!= < 2!<$> 2!8 2 (+ , ' )2* :<B$; :<B8; B $B >B 2=B 2B> B2 8B8 <B> 8B B> B< : B=;

23. Slide 23: +( + % %4 +,+ * (+ , , / , +( : C

    23 4 +( + 0 4 % %4 +,+ * (+ , , / , +( : 9 C //+; • & + + <2B ? * (+ , ,1 • B$? ' - , , + , , ,7( 7 + ( ,. • ," , ,+ , * , ' ,+ , ( + : . ; ,+ : 6 ; ( $ + , - ( $ + , - & 4 ' 4M 4 ' 4M . ? & 4 ' 4M 4 ' 4M 6 ? ' 7-41/01 7-B8403 )<+701* )+/04* ' B3-5//08 7<-1<104 )B-18705* )++04* = 7-1/507 B-8+408 54/

24. Slide 24: Average Coal Price (CIF)

    23 4 +( + 0 J(, . / -( . + ,. * 4 B8 . YTD FY’04 FY’05 FY’06 FY’07 FY’08 FY’09 FY’10 9 months FY’11 Average Coal Price (CIF) 34.0 49.8 52.8 45.3 76.4 90.2 88.2 103.0 (USD/metric tonne) /<03 B8 /303 >B ++2 9 :.. ; +<03 B= B8 B= +303 882 # J" >B$ B= >B= <03 /72 @J & 303 @A?3B @A?3< @A?38 @A?35 @A?31 @

25. Slide 25: +( + ( + +,+ + * , * . , ' ,+ ,

    23 4 +( + 0 ( + +,+ + * , * . , ' ,+ , ,+ && 1,. ,1 ,. + + * , (+, " + ( + C ,+ : ; ( + / , 2 3( 4 ' 2 3( 4 ' 2 3( 2 3( 4 4 4 ' 4 4 ' 4 ( + ( + F# 6 F# 6 : . ; : 6 ; : . ; : 6 ; ', G 7-41/01 B3-5//08 7-B8403 7<-5140/ 4051 4084 9 ," 7-1/507 /4-1470B B-8+408 7/-4B503 +/013 +B03/ 9 #" 1+0/ /3504 4/404

26. Slide 26: Agenda

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27. Slide 27: + +* 3( ++ + " + (. ( + " + -( ,.

    + +* 3( ++ + 6 " + 5 (. ( + 5 " + -( ,. ,- + * 8$$B . , , * , ,- + * =>8B . , , * ,+ , 8B<? , - + , 5 " - & ,- C B ?, - + , - - +(. & , '' B2 9 >

28. Slide 28: • " / . C ( + +* 23 4 - + 7 B

    + +* 3( ++ + 0 & , " 1& + + I 3( +,+ • $B ? - + , & , " 1& + + * 23 4 ,+ , * . " / . C ( ++ ( ," +(. & , * , C ' ,+ , • " / . C ( + +* 23 4 - + 7 B 7 2=B8? * . 3 4 . 4 3 3 23 & -, / . !22<B= !2= B< !2= B 3 5+ 23 " / . ! 28B !> >B !2 B= 8 B=. C , " & % % 8 B$ // /( - + + 2! =$B 2! 88B< 2! $B8 3 5+ 23

29. Slide 29: + +* 3( ++ + ( I 3( , ,1 + (. ,5 ,

    + +* 3( ++ + 0 ( I 3( , ,1 6 + (. ,5 , +, " , ' ,+ , > > ' ' $

30. Slide 30: • 8 D( I2 D(

    + +* 3( ++ + 0 ( IH ) 5 " + (. :. . +-* ; . . +-* ; ( H F , • 8 D( I2 D( • + 5 I ' - •2 ' - I> ' - F - -" H 9 • I • + D( I < D( • I2 + ' ! • - I < - • > - I $ - F ) * • & I & •8 I • < ' - I/ + • < I 8 ! " # ! $% & ' ( ) ( ' * $+% 2

31. Slide 31: 9, "C ,", : & -, 0 . . +-* C . . +-*

    + +* 3( ++ + 0 / + - ( +- ( , - . ' +! + (&& ,+ 1& - 7 ! 8 . . +-* / ' / + (. '( , " , - / , + (. '( , " 9, "C ,", : & -, 0 . . +-* C . . +-* ; +, % , D , ' 5 &. :D' ; , - / , • ( 6 0 I G $ . . +-* : & -, 0 28 . . +-* ; • ( 6 0 + I2 D( $ . . +-* 9, "C 6, : & -, 0 . . +-* C . . +-* ; • ( 6 0 I2 + G $

32. Slide 32: + +* 3( ++ + ( +,+ % 3( / ,- + C +(.

    + +* 3( ++ + 0 ( +,+ % 3( / ,- + C +(. & , • / ,- + & 7 B ? • +(. & , - + 7 8B2? > % I> , # %+ + ! - . $ +: & % ; 4M 4M :?; 5 " / ,- +( . : 'F ;G 9 8803 1103 77072 ," +108 +B08 /+0<2 + 30< 30B /3032 1<0+ +3703 /+032 5 " / ,- +( . /1503 7+803 +30+2 : F ;: ; ! % +/ % -/ % / . (! -0 1/ . +( . & , +70/

33. Slide 33: + +* 3( ++ + ( I 3( , C ' ,+ , +,+

    + +* 3( ++ + 0 ( I 3( , C ' ,+ , +,+ , ' ,+ , - + 7 8$$B . =>8B . +& - ,5 * . 3 4 23 4 ' : 6 ; : . ; /-<33 +-833 +-+/505 5<807 +-B33 /-333 +-/33 +-<33 +-333 +-/+/03 133 8$$B . +-333 84105 833 B3<05 B33 <33 =>8B . +<50/ 7B0+ /33 +80B 3 /50B B40B /70< 3 +508 +C@A++ /C@A++ 7C@A++ +C@A++ /C@A++ 7C@A++ 9

34. Slide 34: Agenda

    ' ( )* +, - . / + * % ",- / 0 " & ,- 1& +, , -, ," ," +0 •23 4 +( + • + +* 3( ++ + •' . - ,-, ,** 5, 6 # ) 6 + 2<

35. Slide 35: + . H >F F

    ' . 0 + . H ) / )' . :/ , +( ; * 4 >F 4 F : & % (" / , ; 8!<>= H : $F 8F ; H 7 7 - 7 4#7 +8-333 +<-<33 +<-333 +B-<33 +B-333 +7-<33 +7-333 +/-<33 +/-333 ++-<33 ++-333 +3-<33 +3-333 4-<33 + / 7 B < 8 5 1 4 +3 ++ +/ +7 +B +< +8 +5 +1 +4 /3 /+ // /7 /B /< /8 /5 /1 /4 73 7+ 7/ 77 7B 7< 78 75 71 74 B3 B+

36. Slide 36: 0 H >F F

    ' . 0H ) - ,-, ' . 6 :/ , +( ; * 4 >F 4 F H ) , : 6 ;IH ) , "< & 2=

37. Slide 37: Agenda

    ' ( )* +, - . / + * % ",- / 0 " & ,- 1& +, , -, ," ," +0 •23 4 +( + • + +* 3( ++ + •' . - ,-, ,** 5, 6 # ) 6 + 2>

38. Slide 38: H , / , + " ,** - + >B ? + / ,-

    4 H , / , + 5 " ,** - + 7 >B ? + / ,- - + 9 + ,** 5,+, 5 . + + " 9 5 " 8B ?,- + ( ? (&6 ,+7 + ,** , - + 5,+, * ( " + & ,- 5 " B ?,- + & - 5 ( " + & ,- & 6 + - * ,- + * - ,-, - + * +7 ,- + ! ** - ,5 * . +(&& +, - D( = + D( + 7 + ,** 5, 6 6 + , = : ,", ( * 5,+, , $;! B> F. . 7 ( 7( ,+ +7 * ( , 6 2B> F

39. Slide 39: H , / , + , ,** : , ; . , ,. &

    4 H , / , + , ,** : , ; 5 . 6 , ,. & + ? + , * ( ! ** - ,5 + ' - 1 .& , 6, 7 1 ' . + ,- - +(. + 6 , 2 )H & . - +(. & , 7 6 (+ , 7 " ' 5 &. ( , : ' ; ( / . , C ' 5 &. * & @ - + C , , , ,5 + 2$

40. Slide 40: 7 2?; B> F. . 7 (B

    4 H 9 -)" ( 5 . ,. & . <? ,** @(+ . 5 . +(7. ,++, :" + & ,- , - + ,. ,** 5 . (- " + & ,- 7 2?; B> F. . 7 (B ,- + B + F)H ,** (- 7 2B>?B ' - ' - D( D( $ D( $$> < = & $ ,** 5, 6 ,** 5, 6 +(7. , I +(7. , 5 . 5 . ,- + " + * -,+, & ,- 2B> F. . 7 (B ,** , - + 7 >B ? :, - (+,5 * 7 + , - + ;B 5 . && 5 ? , *

41. Slide 41: ! F /338 F /331 > /334 F /334 F /3++

    4 H 5 . + 6 . . ,. C +,+ - , 5, 6 , " ,** , > /338 F /331 @ /334 F /334 > /3++ ! F /338 F /331 > /334 F /334 F /3++ C +/2 /7 K /B2 )7052* ( 50+2 ' ) >I * 80B3 +B07+ +3053 +3053 +7053 )% I> * B<033 5<033 1<033 1<033 1<033 , ) I ; * =B 2 B8 2 B2 2 B2 22B8 41

42. Slide 42: Agenda

    ' ( )* +, - . / + * % ",- / 0 " & ,- 1& +, , -, ," ," +0 •23 4 +( + • + +* 3( ++ + •' . - ,-, ,** 5, 6 # ) 6 + <

43. Slide 43: # # H -(+ C .., " . %4 ",- / & 5, +0

    # 4 # H 4 -(+ C .., " . %4 ",- / & 5, +0 • L • & • D&# + / + 0 5,- 1- - % H / + 01 / 8% J H ( L J 43

44. Slide 44: # # H / * & -, / . + (-, " + +

    # 4 # H 4 / * & -, / . + (-, " + + - + I ; > M (/ 8 / / ! + / 0 +. / 69 ! * 2 */ % -2' . 20 ) / : / 2 # 9 <<

45. Slide 45: # # H ( )* + (. D( • ( & "( ' >

    # 4 # H 4 9 ( )* + (. 7 D( • ( & "( ' > " ," * " ,+ ' •, , L++- > <0+2 , L+3 • % •" 45

46. Slide 46: ' ) ! / # / 9! # ! # # 9! # #

    ' ) ! / 5 # / 5 9! # ! # 9 # 6 69 9 9! 9 # 2 # # 2 8 ! ; # ! / 5 # # 9 ! ; 8 5 ! ;# # 5 9 # 5# ! / 9 #6 ! / / 0 6 05 9 0 < 5 0 = 5 # ! / <=

47. Slide 47: Tenaga Nasional

    TENAGA ~ NASIONAL cernap www.tnb.com.my 47

Tenaga Nasional Berhad — CLSA 18th Investors Forum 2011 on 6ix