1

StarHub’s 1Q-2009 Results

7 May 2009

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Management Team

Terry CLONTZCEO

TAN Tong HaiCOO

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Forward-looking Statements

The following presentation may contain forward-looking statements by StarHub Ltd (“StarHub”) relating to financial trends for future periods.

Some of the statements in this presentation which 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. These forward-looking statements are based on StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside StarHub’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks and uncertainties. Because actual results could differ materially from StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about the future, such forward-looking statements are not and should not be construed as a representation, forecast or projection of future performance of StarHub. It should be noted that the actual performance of StarHub may vary significantly from such statements.

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Financial:

Revenue & EBITDA stable

Operational:

Strengths:• Revenue growth: Mobile Pre-paid, Pay TV & Data Services• Low churn maintained

Challenges:• Weak economy • Increased cost of services

Overview (1Q-2009 vs 1Q-2008)

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Key Financial Highlights

Total Revenue 531 535 -1%

Service Revenue 508 507 0%

EBITDA 168 168 0%

EBITDA Margin 33.0% 33.1% 0% pts

Taxation (19) (21) 8%

Net Profit After Tax 82 80 3%

Earnings Per Share (Diluted) 4.8¢ 4.67¢ 3%

Capex Cash Payments 51 59 14%

% of Capex to Revenue 10 11 1% pts

FCF / Fully Diluted Share 6.71¢ 1.78¢ 277%

Net Debt to 2008 EBITDA ratio 1.05x 1.25x 0.20x

S$ million 1Q-2009 1Q-2008 Change

Note: Numbers may not add up due to rounding.

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Business Expansion (1Q-2009 vs 1Q-2008)

Pay TV

Fixed Network Services

Mobile

Cable Broadband

Post-paid (-5%)Pre-paid (3%) Pre-paid (-6%) Post-paid (9%)

Data & Internet (13%) Voice (-13%)

(50% of revenue mix)

(19% of revenue mix)

(12% of revenue mix)

(15% of revenue mix)

Line of Business Service Revenue Customer Base

- 3% 1%

5%

9%

4%

9%- 3%

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364 361

239 242

155 175

1Q-2008 1Q-2009

Hubbing Scorecard

Expanding Hubbing Households (‘000)Expanding Hubbing Households (‘000)

Single Service HH Triple Service HHDouble Service HH

758K777K

54%

Note: Numbers may not add up due to rounding.

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134.4135.3

133.8

135.7 135.3

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Total Households ARPUARPU (S$)

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NGNBN - OpCo

• IDA awarded the OpCo RFP bid to StarHub on 3 April 2009

• Nucleus Connect incorporated on 14 April 2009

• To be commercially operational in 1Q-2010

Strategic Update

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Business Overview

Financial OverviewFinancial Overview

Outlook

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EBITDA & EBITDA Margin By Service Platforms

1Q-2008 1Q-2009

EBITDAEBITDA

(S$ millions)

EBITDA Margin as % of Service Revenue

Fixed Cable Mobile

1Q-2008 EBITDA 1Q-2009 EBITDA

Service PlatformService Platform

(S$ millions)

24.0%

35.6%37.2%

25.9%

36.6% 37.4%168 168

33.1% 33%

EBITDA Margin as % of Service Revenue

12

7649

73

83

6067

1Q-2008 1Q-2009

Cost of Equipment Cost of ServicesTraffic Expenses Cost of Sales / Revenue

Operating Efficiencies

59 60

115 125

4439

1Q-2008 1Q-2009

Depreciation Other G&AMarketing & Promotion Operating Expense / Revenue

Other Operating ExpensesOther Operating ExpensesS$ millions

Cost of SalesCost of SalesS$ millions

209199

39%

37%

218 225

42%41%

Note: Numbers may not add up due to rounding.

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80 82

64

80

87

FY-2008 FY-2009

1Q 2Q 3Q 4Q

Profitability

101 101

82

101

99

FY-2008 FY-2009

1Q 2Q 3Q 4Q

Profit Before TaxProfit Before Tax

(S$ millions)

383

Net Profit After Tax Net Profit After Tax

(S$ millions)

311

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59

51

1Q-2008 1Q-2009

Capex & Free Cash Flow

Capex (cash payments)Capex (cash payments)

(S$ millions)

Cash capex as % of Operating Revenue

10%11%

31

115

140

126

82

FY-2008 FY-2009

1Q 2Q 3Q 4Q

Free Cash FlowFree Cash Flow

(S$ millions)

378

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Business Overview - MobileBusiness Overview - Mobile

Outlook

Financial Overview

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Mobile – Highlights (1Q-2009 vs 1Q-2008)

Pre-paid revenue grew 3%Pre-paid revenue grew 3%

Pre-paid ARPU rose by $2Pre-paid ARPU rose by $2

Post-paid customer base increased 9%Post-paid customer base increased 9%

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Mobile Net Adds

Post-paid Net Adds (‘000)Post-paid Net Adds (‘000)

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1713

1012

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Pre-paid Net Adds (‘000)Pre-paid Net Adds (‘000)

(40)

(71)

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4031

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

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Mobile

457 533 586 632 672

368328 293 259 229

975 935 864 874 914

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

3G Post-paid 2G Post-paid Pre-paid

Customers (‘000)Customers (‘000)

1,799 1,7651,7421,796

200.4207.7205.5

211.6210.6

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Post-paid Revenue (S$M)Post-paid Revenue (S$M)

Pre-paid Revenue (S$M)Pre-paid Revenue (S$M)

62.657.7 58.9

64.6 64.3

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Note: Numbers may not add up due to rounding.

50%

50%

76%

24%1,815

19

79 7774

7167

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

11.9 12.010.2 9.6

11.5

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

2220

22

25 24

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Mobile ARPU & Non-Voice Services

Post-paid ARPU (S$ per month)Post-paid ARPU (S$ per month)Pre-paid ARPU (S$ per month)Pre-paid ARPU (S$ per month)

Pre-paid non-voice services (% of ARPU)Pre-paid non-voice services (% of ARPU) Post-paid non-voice services (% of ARPU)Post-paid non-voice services (% of ARPU)

23.9 24.726.6 26.4

29.0

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

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1.01.01.00.9

1.1

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

7786

104

148

124

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Mobile Acquisition Costs & Churn Trend

Average Acquisition CostsAverage Acquisition Costs Monthly Churn Rate (Post-paid)Monthly Churn Rate (Post-paid)Per Gross Connection (S$) (%)

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Business Overview – Pay TVBusiness Overview – Pay TV

Outlook

Financial Overview

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Pay TV – Highlights (1Q-2009 vs 1Q-2008)

Revenue rose 5%Revenue rose 5%

ARPU increased S$1 to S$58ARPU increased S$1 to S$58

Digital customers penetration - 98% of base (517K)Digital customers penetration - 98% of base (517K)

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Pay TV Net Adds

Net Adds (‘000)Net Adds (‘000)

3

9

433

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

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1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Pay TV

Digital Customers( ) As a % of base

Pay TV Customers (‘000)Pay TV Customers (‘000)

453

(89%)

517

(98%)

504

(96%)473

(91%)

520 524511508

102.0100.598.4

102.197.2

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Pay TV Revenue (S$M)Pay TV Revenue (S$M)

439

(87%)

Pay TV ARPU (S$ per month)Pay TV ARPU (S$ per month)

57 5856 57 58

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

527

25

1.01.00.9

1.01.0

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Pay TV Churn

Average Monthly Churn Rate (%)Average Monthly Churn Rate (%)

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Business Overview - BroadbandBusiness Overview - Broadband

Outlook

Financial Overview

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Broadband – Highlights (1Q-2009 vs 1Q-2008)

Revenue decreased 3% Revenue decreased 3%

ARPU decreased by S$4 to S$55ARPU decreased by S$4 to S$55

Net customer additions of 31K (9% growth)Net customer additions of 31K (9% growth)

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Residential Broadband Net Adds

Net Adds (‘000)Net Adds (‘000)

67 7

10

7

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

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Residential Broadband

Broadband Customers (‘000)Broadband Customers (‘000)

383373365358352

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

62.464.262.662.364.1

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Broadband Revenue (S$M)Broadband Revenue (S$M)

Broadband ARPU (S$)Broadband ARPU (S$)

5957 57 57

55

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

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1.11.11.11.1

1.4

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Residential Broadband Churn

Average Monthly Churn Rate (%)Average Monthly Churn Rate (%)

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Business Overview – Fixed Network ServicesBusiness Overview – Fixed Network Services

Outlook

Financial Overview

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Fixed Network Services – Highlights (1Q-2009 vs 1Q-2008)

Revenue expanded 9%Revenue expanded 9%

Data & Internet revenue improved by 13%Data & Internet revenue improved by 13%

Data & Internet services contribute 85% of revenueData & Internet services contribute 85% of revenue

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79.177.675.172.7 74.5

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Fixed Network Services

Fixed Network Revenue (S$M)Fixed Network Revenue (S$M)11.512.313.313.2

14.5

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Voice (S$M)Voice (S$M)

67.565.3

61.860.059.5

1Q-2008 2Q-2008 3Q-2008 4Q-2008 1Q-2009

Data & Internet (S$M)Data & Internet (S$M)

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OutlookOutlook

Business Overview

Financial Overview

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FY2009 Outlook

Revenue: Service revenue maintained at 2008 level

EBITDA: EBITDA margin on service revenue revised to about 32%

CAPEX: As a percent of operating revenue,

cash capex to not exceed 11%

Dividend: Recommend 1Q-2009 interim dividend of 4.5 cents per share

Intend to pay a minimum annual cash dividend for FY 2009

at 4.5 cents per ordinary share per quarter, totalling 18.0

cents for the full year

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For enquiries, please contact:

Jeannie ONG Eric LOHHead, Corporate

Communications & Investor Relations

Senior Manager, Investor Relations

Office: (65) 6825 5168 Office: (65) 6825 5171

Email: jeannieo@starhub.com or ir@starhub.com

Email: ericloh@starhub.com or ir@starhub.com