19th July 2007

SIAS dialogue with SingTel

Francis Heng

Group CFO

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Forward looking statements - important note

The following presentation contains forward looking statements by themanagement of Singapore Telecommunications Limited ("SingTel"), relating tofinancial trends for future periods, compared to the results for previous periods.

Some of the statements contained in this presentation that are not historical factsare statements of future expectations with respect to the financial conditions,results of operations and businesses, and related plans and objectives. Forwardlooking information is based on management's current views and assumptionsincluding, but not limited to, prevailing economic and market conditions. Thesestatements involve known and unknown risks and uncertainties that could causeactual results, performance or events to differ materially from those in thestatements as originally made. Such statements are not, and should not beconstrued as a representation as to future performance of SingTel. In particular,such targets should not be regarded as a forecast or projection of futureperformance of SingTel. It should be noted that the actual performance of SingTelmay vary significantly from such targets.

“S$” means Singapore dollars and "A$" means Australian dollars unless otherwiseindicated. Any discrepancies between individual amounts and totals are due torounding.

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Proportionate revenueoutside Singapore1

Proportionate EBITDAoutside Singapore2

1. Consolidated revenue plus proportionate share of associates – FY 06/07

2. Consolidated EBITDA plus proportionate share of associates – FY 06/07

Regional

Mobile

Singapore

Australia

2% Others

26%

23%

49%

35%

Singapore

Australia

1% Others

38%

30%

31%

Regional

Mobile

Successful transformation continues In FY94 90% of revenue in Singapore – 50% in IDD

76% 70%

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Number ofcustomers1 (‘000)

1,800

16,900

9,000

1,200

6,700

132,7002Total

38,900

37,100

21,100

SingTel: a major mobile operator in Asia

1. As at March 2007

2. Warid subscriber numbers are included to illustrate proforma SingTel group subscriber numbers as at March 2007

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Transaction details

• SingTel acquiring 30% stake in

Warid Telecom for cash

consideration of US$758m1

Overview

• Warid is the 3rd largest mobile

operator in Pakistan with 9.7m

customers and 17% market share2

Acquisition of Warid Telecom Details of Warid Telecom

Latest addition to SingTel Group

1. Cash consideration is subject to adjustments upon completion

2. As at April 2007

Country

• Pakistan has large population base

of over 160m and low cellular

penetration of 36%

Network

• US$775m invested in network

• Approx 1,830 Base Stations

covering 60% of addressable

population as at June 2007

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Group performance

Strong earnings growth in FY07

1. Excluding exceptional items, exceptional tax credit and FX on interco loan, net of hedging

2. In A$ terms

3. Based on Group’s share of Regional Mobile associates post tax earnings before exceptionals

SingTel– strong telco revenue growth

Revenue• excluding C2C

Underlying1 NPAT up 8%

Optus– investing for growth

Regional mobile– earnings driver Earnings up3 30%

Revenue2 4%

S$3.6bn

3%

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FY08 Outlook

Double digitunderlyingearnings growth

SingTel Group

medium term

aspiration:

“revenue to grow atlow single digit level”

“revenue comparableto market growth”

“double digitearnings growth”

Regionalmobile

SingTel

Optus

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Graham Bradley Tommy Koh

Deepak Parekh John Morschel Nicky Tan

Heng Swee KeatPaul Chan Simon Israel

Group CEOChua Sock Koong

ChairmanChumpol NaLamlieng

• 5 out of 11 non-Singaporean directors

• 9 out of 11 independent directors

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Broad diversity of talent & experience in the Board

Kaikhushru Nargolwala

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Total cash distributionper share1

1. Including interim dividends

20.5¢

Total ordinary dividend

• 4.5¢ interim div paid Jan 07

• 6.5 ¢ proposed final div

• 50% payout ratio

11¢

9.5¢Proposed special dividend

20.5¢ per share distribution to shareholders in FY07

Ordinary dividendper share

10

11

FY06 FY07

Ord

ina

ryd

ivid

en

dp

er

sha

re(c

en

ts)

10%

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0.8 0.9 1.0 1.0 1.1 1.31.7

1.91.2

0.8

1.1

0.7

2.33.0 1.5

2000 2001 2002 2003 2004 2005 2006 2007

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$b

n)

Cumulative payout since 20001

• 87% of NPAT

1. Cash distribution as % of NPAT

S$20bn

S$3.3bn distribution to shareholders in FY07

•S$1.5bn special dividends•S$1.1bn final dividends•S$0.7bn interim dividends

S$2.3bn capital reduction

S$3.0bn capital reduction

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S$No. of shares

750 shares

(90) shares

240 shares

600 shares (S$1,140)Original allotment

Add bonus shares

S$4 profitNet Cost

S$920Dividends declared since IPO

S$224Capital reduction (2004 & 2006)

Shareholder with 600 Group A shares (1993)

IPO shares – loyalty shares and capital distributionlower effective purchase price

S$2.50 58¢

1996 2007

Cost per share

Shareholder of ST 2

shares (1996)

Cost per share

S$1.90

S$0.00

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SingTelAsia’s LeadingCommunications Company

www.singtel.com

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