DBS Vickers

Pulse of Asia Conference 2022

Arthur Lang, Group CFO

5 January 2022

1
Forward looking statement – Important note

The following presentation contains forward-looking statements by the management of Singapore

Telecommunications Limited ("Singtel"), 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events to differ materially from those in the statements as originally made.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 Singtel.

“S$” means Singapore dollars, "A$" means Australian dollars and “US$” means United States dollars. Any
discrepancies between individual amounts and totals are due to rounding.

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 Singtel
Not just Singapore, not just telco

764m mobile customers across Singtel Group

Intouch
AIS
Bharti Airtel 21% of ordinary shares
#1 in Thailand
Investor in telcos, media & technology
#2 in India 23% of ordinary shares Singtel
43.7m mobile customers
32% effective interest 46.0% market share #1 in Singapore
India Mobile
323.5m mobile customers Globe
4.2m customers
29.9% market share #1 in Philippines 49.7% market share
South Asia 47% of ordinary shares2
2.8m mobile customers 84.0m mobile customers Fixed broadband
54.3% market share 0.66m customers
Africa
43.4% market share2
122.7m mobile customers

1 3
2
8 10
45 69 Optus
Africa 11 14
#2 in Australia
7 12
13 100% subsidiary
Mobile
Telkomsel 9.8m customers
#1 in Indonesia 31.2% market share1
35% effective interest
Home
173.5m mobile customers
1.3m customers
59.1% market share

Bharti Airtel’s African Presence: 1. Niger, 2. Nigeria, 3. Chad, 4. Gabon, 5. Congo Brazzaville, 6. DR Congo, 7. Zambia, 8. Uganda, 9. Rwanda, 10. Kenya, 11. Tanzania, 12. Malawi, 13. Madagascar, 14. Seychelles
1. As of 30 June 2021 (all other data is as of 30 Sep 2021)
2. Singtel has 21.5% interest in Globe’s voting shares 3
Singtel
Not just Singapore, not just telco

795m1 mobile customers across Singtel Group

Financial Digibank JV

Digital media

Gaming

Others
Health Education Others (Data Insights, Ecommerce, Adtech & etc)

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Financial
Highlights

5
5
Improved first half profit
Half year ended 30 Sep 2021
EBIT
Operating revenue EBITDA (before associates’ contributions)

S$7,653m S$1,929m S$572m

▲ 3% (Stable1) ▲ 1% (▼ 2%1 ) ▼ 4% (▼ 6%1 )
▲ 5%2 ▲ 16%2 ▲ 71%2

Regional associates’ PBT Underlying net profit Net profit

S$1,009m S$983m S$954m

▲ 17% (▲ 19%1 ) ▲ 105% (▲ 108%1 )
▲ 21% (▲ 24%1 )
▲ 56%2 ▲ 293%2

Interim dividend : 4.5 cents/share or 76% dividend payout

FY22 dividend : Expected to be at upper half of 60-80%3 dividend policy range
1. Constant currency - assuming constant exchange rates from corresponding half year in FY2021.
2. Excludes Optus’ NBN migration revenues (1HFY22: A$51m, 1HFY21: A$209m) & Jobs Support Scheme credits (JSS) from the Singapore government (1HFY22: S$4m, 1HFY21: S$94m).
3. Barring unforeseen circumstances, the Group expects to pay dividends at the upper half of its dividend policy range of between 60% and 80% of underlying net profit for FY22. 6
Strong contribution from regional associates
Share of regional associates’ pre-tax profits (S$’m)

1,009 ▲ 21%1
Airtel – marking a turnaround
833
472 Telkomsel ▲ 1%
1H PBT Focus on quality customers have
paid off

S$1.0b 467

181 Globe Stable

Regulatory reforms to support a
more sustainable industry & propel
182 India’s Digital economy
1H div from assoc 160 AIS ▼ 4%

S$1.3b 166
49 Intouch ▲ 1% Strong investor support in recent
US$2.9b rights issue
147 Airtel ▲ N.M.
48
-30
H1FY21 H1FY22
1. Up 24% in constant currency. 7
 Strong financial position
Free cash flow (S$’m) Lead in sustainable financing
+4%
1,771 ▪ First telco in Asia Pacific to
1,705 53 NBN & JSS launch sustainability-linked
192 Singapore1 bond framework
309
▪ Aims to cut greenhouse gas
359 Australia1 emissions by 42% by 20302
213

132
1,167
Associates

1,051
Hedged against inflation
H1FY21 H1FY22

Net debt
Net debt: EBITDA &
associates’ PBT
Net debt gearing 87% 14.8x
of debt at interest rate
S$11.3b 1.9x 29.0% fixed rates3 cover4
(Sep 20: 78%) (Sep 20: 13.3x)
▼ S$1.4b (Sep 20: 2.3x) (Sep 20: 32.1%)
1. Ex NBN & JSS.
2. Cut scope 1 & 2 direct & indirect greenhouse gas emissions across its operations in Singapore & Australia from a 2015 baseline.
3. Post hedging, excluding lease liabilities.
4. EBITDA & share of associates’ pre-tax profits/ Net Interest Expense.
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Executing to our
strategic reset

9
Bridging the valuation gap
Potential Upside

S$b

Shares trading at significant discount to

X
51.6 50.7 SOTP4

38.6

Associates

38.6
Multiple levers to unlock value

Current value of Current market Consensus price Potential market

equity in value2 target2,3 value
Associates1,2

Share price2 S$2.34 S$3.07

1. Based on Singtel’s stakes in its listed Regional Associates (Telkomsel’s equity value estimated from its listed parent company, PT Telkom).
2. As of 4 January 2022.
3. Based on Bloomberg consensus of analyst target prices.
4. Sum-of-the-parts valuation. 10
Our strategic reset
To be a leading communications & digital services provider

Reinvigorate Capitalise on Reallocate capital, Champion people

the core growth trends unlock value & sustainability

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 Reinvigorate Differentiate & win in 5G
the core
Excite & win customers

S.E.A. Aquarium 4K Livestream 5G-powered night e-Racing

Fastest speeds Recent spectrum wins 5G take-up

>200k 5G customers in SG
Fastest 5G Mobile Operator
in Singapore & Australia for
Spectrum wins in
SG (2.1GHz) &
~1.5m 5G-capable device
customers in AU
H1 20211 AU (900MHz)

Co-create enterprise use cases

Purpose-built test bed to catalyse Partnership to build national

development of smart nation solutions bushfire defence system

Picture: ‘Powering Up Singapore With 5G’ event 1. Based on Ookla data. Optus & Singtel speed leadership were also recognised by other third party tests & benchmarks.
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 Reinvigorate
the core
Lead in customer experience
Champion digital sales & service

45% 75% 29% 83%

of sales of self-help of sales of self-help
transactions1 transactions1 transactions1 transactions1

Unique products & differentiated services

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The Optus Living Network

Unique SubHub
on-demand A platform to unite & simplify
features Call Translate Optus Pause Optus Sidekick customers’ subscriptions

1. For the half year to 30 Sep 2021.

Picture: Optus SubHub

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 Capitalise on Transform NCS into Asian B2B digital services champion
growth trends
Strong digital led growth

Revenue1 Digital revenue2 Digital as % of total

revenue

+9% +36% 48%

Creating Australia’s leading cloud specialist

NCS NEXT Cloud Acquired cloud
Centre of Excellence capabilities (Azure,
Launched in Melbourne Google)

Accelerating growth in digital services

Gaining digital
>1,200 talents recruited
in the region3 capabilities &
market access
1. NCS-originated revenue.
2. Revenue from Digital, Cloud, Platforms & Cyber services.
3. Covering Singapore, Australia, Greater China, Philippines & India. From Apr 2021 to Sep 2021.
Picture: NCS food delivery autonomous vehicle
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Capitalise on Digital ASEAN opportunity
growth trends

~US$18b Merger of Gojek1 & Tokopedia

to create largest technology
valuation2 group in Indonesia

rights issue to capture

~US$2.8b exponential growth in India’s
digitalisation & 5G journey

Grab-Singtel consortium
Applied for
awarded provisional
Malaysian digital
digital full bank licence
bank licence
in Singapore

Attract strong Take significant Cross-pollinate

Pivot & scale minority stake digital DNA
partners
1. Telkomsel invested US$450m into GoJek
2. Based on previous fund raising rounds
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 Capitalise on Rapid digitalisation fueling infrastructure demand
growth trends
Sizeable data centre (DC) business

Annual revenue1 H1 growth rate1 EBITDA margin

>S$250m +20% >60%

Building a regional DC platform with scale & quality assets

Strategic partnerships

~170MW

~70MW

>70MW 30-40 MW

Current DC capacity New cable landing station Potential regional Potential DC capacity
& DC in Singapore2 pipeline in next 3-5 years
Picture: DC West
1. Third-party revenue. 16
Capitalise on New cable landing station & data centre in Singapore
growth trends

▪ Integrated landing station & data centre

Core 1.1 ha (11,196 m2)
Site
operati
▪
ons ▪ Adjacent site to current Tuas cable landing
station

▪ Projected 30-40MW data centre capacity

Capacity &
▪ Focus on energy efficiency, green DC
green focus
technology & sustainable building design

▪ Planning, design & construction to take 3 to 4

years
Timeline
▪ Currently in the process of appointing
consultants

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 Reallocate capital, Drive monetisation & value crystallisation
unlock value

proceeds from divesting

~A$1.9b 70% stake in Australia
Tower Network in Oct 21

proceeds1 from divesting

~S$200m 4,000 towers to Mitratel
in Sep 21

valuation based on
~US$2.6b US$500m raised from
strategic investors1

~US$2b valuation in latest

round of funding2

Picture: Optus tower 1. Singtel’s proportionate share of the proceeds.

2. As of Nov 2021 18
 Champion people Key achievements
& sustainability

Climate change 2,458 1,053

& environment A- leadership score MWh of energy tonnes of carbon
for 5th consecutive generated by our solar emissions
year panels reduced

People &
future of work 2021 Gold winner of
One of the first
Social
companies in
Bloomberg HR Digital Enterprise
Singapore to be
Gender-Equality Transformation Champion of
part of The Valuable
Index Strategy the Year
500

Issued our first

Singtel Group
Sustainable Human Rights
value creation Statement (incl.
“OLIVES”, Singtel’s Ranked Top Telco1 Modern Slavery
sustainable financing in Australia)
programme

Picture: Singtel Digital Silvers program 1. Ranked Top Telco in the Global Child Forum study ‘The State of Children’s Rights & the Corporate Sector in Southeast Asia 2020’.
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Looking ahead

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20
Capital management framework for sustainable dividends & growth
FY22 highlights & guidance Medium to long term capital targets

Core
operations
S$0.2b H1FY22 free
cash flow1 Capital
recycling S$2b (excludes ~A$1.9b from Optus
towers divestment3)
Continued focus on profitable growth

Regional
associates’
dividends
At least S$1.3b Growth
investments NCS  Data centres  Digibank

Capex ~S$2.4b Capital

partners
Leverage third party capital to pursue
growth opportunities

Dividends
4.5c interim
dividend 76% Dividend
payout
Credit Maintain strong investment grade rating
FY22 dividend expected to be at upper ratings to achieve optimal capital structure
half of 60-80%2 dividend policy range

1. Ex NBN & JSS.

2. Barring unforeseen circumstances, the Group expects to pay dividends at the upper half of its dividend policy range of betwee n 60% and 80% of underlying net profit for FY22.
3. Completed in November 2021.
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Progressing on our strategic reset
Core operations poised for growth:
▪ Gradual re-opening of economies & resumption of cross-border travels
5G
▪ Increased 5G adoption & rollout of commercial services

Favourable trends from digitalisation provide immense market opportunities

Opportunities in the emerging markets from digital services, B2B services &
upswing in India

Strong balance sheet & diversified funding sources support growth ambitions

Relentless focus on ROIC to deliver profitable growth & sustainable dividends

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Disclaimer: This material that follows is a presentation of general background information about Singtel’s activities current at the date of the presentation. The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. It is
information given in summary form and does not purport to be complete. It is not to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This material should be considered with professional advice when deciding if an
investment is appropriate.