m2 flying start

M2’S MOBILE WHOLESALE BUSINESS OFF TO A FLYING START WITH DODO
Melbourne, September 25 2006. Diversified telecommunications services provider M2
Telecommunications Group Limited (ASX: MTU) has made a strong start to its new Optus
mobile wholesaling business by finalising commercial agreements with Dodo Australia and
several other wholesale customers. Dodo Australia is Australia’s fifth largest Internet service
provider (ISP) with more than 250,000 customers.
M2’s wholesale business, operated through its wholly owned subsidiary, Wholesale
Telecommunications Services Pty Ltd (WTS), was launched just 3 months ago. This followed
the joint M2/Optus announcement on May 30 this year detailing M2’s appointment as
wholesale aggregator of Optus mobile services. The agreement enables other
telecommunications companies, ISPs and aspiring mobile service providers to gain wholesale
access to the Optus mobile network via WTS.

M2 presently trades on an earnings multiple of approximately nine times earnings, with a
dividend yield of around 8.5%, fully franked. M2’s shares closed at 32c on Friday.