Singapore Post Limited

Q4 & Full Year FY2008/09 Results(Financial Year ended 31 March 2009)

30 April 2009

© 2008 Singapore Post Limited. All rights reserved.(Registration number: 199201623M)

P2

Forward-looking Statements –Important Note

The following presentation contains forward looking statements by the management of Singapore Post Limited ("SingPost"), relating to financial trends for future periods, compared to the results for previous periods.Some of the statements contained in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. Forward looking information is based on management's current views and assumptions including, but not limited to, prevailing economic and market conditions. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not, and should not be construed as a representation as to future performance of SingPost. In particular, such targets should not be regarded as a forecast or projection of future performance of SingPost. It should be noted that the actual performance of SingPost may vary significantly from such statements.“$” means Singapore dollars unless otherwise indicated.

P3

Contents• Highlights

• Overview

• Group Results

• Segment Results

• Financial Position

• Dividend

• Summary

P4

HighlightsOverviewGroup Results

P5

Key Highlights

Q4 FY2008/09

2.9%Revenue Impact of economic downturn

Operating expenses

Costs controlled; savings from government’s relief measures

6.3%

Underlying net profit Decline in tandem with lower top line 3.2%

Dividend Total annual payout of 6.25 cents per share2.5 cents

Full Year FY2008/09

Underlying net profit $146.9M Net profit $148.8M

P6

Overview

G3 AspacReady platform for expansion

Positioning Group for growthManaging costs and capacity in downturn

Strengthening and building network and businesses for future growth

P7

Q4 FY08/09 Group Results

Revenue

Underlying net profit *

Q4 FY08/09 % change

$115.6M

$32.6M 3.2%

2.9%• Impact of recession

• Weakness in most business lines

• Cost management measures in place

• Underlying net profit declined in tandem with lower revenue

* Excluding one-off items and gains/losses on sale of investments, properties, plant and equipment.

P8

Q4 FY08/09 Segment Results

• S3 (Self Storage Solutions) for commercial and residential customers

• Strategic alliance with UOB to distribute HDB Home Loans

• Alternative channel via SAM for remittances to Indonesia

• Re-purposing of post offices completed

Mail

Logistics 0.5%

Retail

Revenue Operating Profit

4.8%

28.5%

35.5%

7.7%

2.1%

P9

Q4 FY08/09 Operating Expenses

(5.7)

Chg % c

85.0

Q4 FY08/09

(6.3%)90.7Operating Expenses

hgQ4 FY07/08$M

Operating Expenses Breakdown

11.7

31.9 30.5

15.7

6.9

31.133.9

14.1

Labour andrelated

Volume-related Selling & Admin Depreciationand impairment

Q4 FY07/08 Q4 FY08/09

$M5.8% 1.9%

41.0%

• Cost management measures implemented

• Selling & administrative expenses increased on higher professional fees and additional provisions for doubtful debts

• Depreciation expenses included one-off impairment charge last year

11.3%

P10

Q4 FY08/09 P&L

(3.2%)

+2.5%

+244.6%

+11.4%

(7.8%)

(6.3%)

+11.7%

(6.3%)

+27.4%

(2.9%)

% change

(1.1)

+0.9

+3.2

+4.1

(0.2)

(0.2)

+4.1

(5.7)

+1.8

(3.5)

Change

35.334.5Net profit*

40.035.9Profit before tax

(4.5)(1.3)Income tax

2.72.9Share of assoc & JVs

(1.9)(2.0)Net finance costs

32.633.7Underlying net profit*

39.235.0Operating profit

(85.0)(90.7)Operating expenses

8.66.7Other income

115.6119.0Revenue

Q4 FY08/09Q4 FY07/08$M

* Profit after tax attributable to equity holders of the Company; underlying net profit excludes one-off items and gains/losses on sale of investments, properties, plant and equipment.

P11

FY08/09 P&L

+4.9%

(0.3%)

+14.9%

+2.0%

(10.2%)

(4.3%)

+1.8%

+2.0%

+3.1%

+1.8%

% change

+6.9

(0.5)

+3.8

+3.5

(0.8)

(0.4)

+3.1

+6.4

+1.0

+8.5

Change

148.8149.3Net profit*

179.1175.5Profit before tax

(29.6)(25.8)Income tax

7.88.2Share of assoc & JVs

(7.2)(8.0)Net finance costs

146.9140.0Underlying net profit*

178.4175.3Operating profit

(335.9)(329.5)Operating expenses

33.232.2Other income

481.1472.6Revenue

FY08/09FY07/08$M

* Profit after tax attributable to equity holders of the Company; underlying net profit excludes one-off items and gains/losses on sale of investments, properties, plant and equipment.

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Segment ResultsFinancial PositionDividend

P13

Mail – Q4 FY08/09 ResultsMail Revenue

88.790.5

Q4 FY07/08 Q4 FY08/09

$M

2.1%Mail Revenue Breakdown$M

1.74.0

29.7

55.2

1.74.3

27.7

55.0

Domesticmail

Internationalmail

Hybrid mail Philatelic

Q4 FY07/08 Q4 FY08/09

0.3%

6.7%

8.7%Mail Operating Profit

30.832.4

Q4 FY07/08 Q4 FY08/09

$M

4.8%

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Mail – FY08/09 Results

Mail Revenue

365.3 368.5

FY07/08 FY08/09

$M

0.9% Mail Revenue Breakdown

6.615.6

118.9

224.1

6.317.4

117.4

227.4

Domestic mail Internationalmail

Hybrid mail Philatelic

FY07/08 FY08/09

$M

11.4%

1.4%

1.3%

3.8%

Mail Operating Profit

139.6141.5

FY07/08 FY08/09

$M

1.3%

P15

Logistics – Q4 FY08/09 Results

Logistics Revenue

17.0 17.1

Q4 FY07/08 Q4 FY08/09

$M

0.5%Logistics Revenue Breakdown

13.3

3.7

13.2

3.8

Speedpost Warehousing, Fulfilment,Distribution & Others

Q4 FY07/08 Q4 FY08/09

$M

1.9%

Logistics Operating Profit

1.01.6

Q4 FY07/08 Q4 FY08/09

$M

35.5%

P16

Logistics – FY08/09 Results

Logistics Revenue

72.468.6

FY07/08 FY08/09

$M

5.5% Logistics Revenue Breakdown

12.4

55.8

15.5

56.5

Speedpost Warehousing, Fulfilment &Distribution & Others

FY07/08 FY08/09

1.2%

24.2%

$M

Logistics Operating Profit

7.98.6

FY07/08 FY08/09

$M

8.6%

P17

Retail – Q4 FY08/09 Results

Retail Revenue

16.117.5

Q4 FY07/08 Q4 FY08/09

$M

7.7%Retail Revenue Breakdown

$M

6.3

4.7

6.55.4

4.76.1

Retail - Agency,Product & Others

Financial Services Inter-segment

Q4 FY07/08 Q4 FY08/09

14.5% 6.8%

Retail Operating Profit

2.73.8

Q4 FY07/08 Q4 FY08/09

$M

28.5%

P18

Retail – FY08/09 Results

Retail Revenue

65.361.6

FY07/08 FY08/09

$M

6.0%Retail Revenue Breakdown

22.1

18.621.0

24.2

19.521.7

Retail - Agency,Product & Others

Financial Services Inter-segment

FY07/08 FY08/09

$M

3.3% 5.0%9.5%

Retail Operating Profit

11.512.0

FY07/08 FY08/09

$M

4.2%

P19

Financial Position

Cash Flows Financial indicators

149.7160.8

173.7 170.3

139.4152.4 160.9 155.9

FY05/06 FY06/07 FY07/08 FY08/09

Net cash inflow from operating activitiesFree cash flow

$M$163.4MNet debt

Net gearing 0.64x

EBITDA to interest expenses 27.4x

Return on average equity 62%

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Dividend

Final dividend for FY08/09• Proposed final dividend of 2.5 cents per share for shareholders’ approval

• Total annual dividend of 6.25 cents per share for FY08/09

Dividend policy• Minimum annual payout of 5 cents per share

• Quarterly payments on 1.25 cents based on minimum payout

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Summary

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Summary

Q4 and full year FY08/09 results• Impact of economic downturn in second half of FY08/09

• Weakness in most business lines

• Healthy cash flows and financial position

Dividend• Proposed final dividend of 2.5 cents per share

• Subject to shareholders’ approval at AGM

Positioning SingPost for growth• Building and strengthening the Group during this downturn

P23

The complete set of financial statements is available on SGXNET and our website at www.singpost.com.