2. TNM’s listing e.g. TNM’s Initial Public Offering (IPO) Press brief July 24 2008

3. What is a listing or IPO (Initial Public Offering)… An IPO is a first offer by a company (TNM) to the general public to acquire new shares in the company (so it is not a sale of shares by existing shareholders). All the proceeds of the IPO accrue to the company itself. Upon successful completion of the IPO the company will list on a Stock Exchange (MSE) and the shares will be freely tradable.

4. Background of the TNM IPO… Reinforces the TNM brand as truly Malawian e.g. 100% Malawian owned Offers equity participation to all Malawians, both institutional and individual Capital raised will be fully used to further develop the TNM network (capacity, quality, services)

5. Motto of the Listing: “Dividends and Growth” Driven by: The quality of TNM’s earnings A commitment to maintain and grow TNM’s market share through ongoing investments (capacity, quality, services) A commitment to enhance shareholder value through dividends and capital growth

6. What will happen… In line with the requirements of the Malawi Stock Exchange and after TNM’s IPO 20% of the total shares will be in free float e.g. held by public shareholders This requirement leads to the issuance of in excess of 1 billion new shares to the public Although value of the shares needs final decision making entry level will be kept low to encourage broad public participation

7. What is expected… TNM’s Initial Public Offering (IPO) will be the single biggest in the history of the Malawi Stock Exchange (MSE) TNM’s IPO will mean the introduction of a new asset class on the MSE TNM’s shares are set to be the most traded

8. When will it happen… TNM’s IPO is expected to take place in Q4 Next steps (July/August/September): Launch of dedicated TNM investors web site Design of the IPO prospectus Underwriting Offer period (October) Shares allocation and distribution (end of October) Listing (early November)

9. When is there more news… Next Press Brief planned for second half of September to discuss in more detail. End of next week: Register on the Stakeholder Relations Section of our website to receive news as soon as it is available, see www.tnm.co.mw For now: Thanks for attending!!!