29 October 2009

Singapore Post Limited (Reg. No. 199201623M)

Q2 & H1 FY2009/10 Results Financial year ending 31 March 2010

Contents• Overview

• Group Results

• Segment Results

• Financial Position, Dividend

• Summary

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that could cause actual results, performance or events to differ materially from those in the statements as originally made.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.

Forward-looking Statements – Important Note

3

Revenue

Q2 FY2009/10 Results – Highlights

Full quarter consolidation of Quantium Solutions Group (formerly G3 Worldwide Aspac)

Operating expenses Higher expenses with Quantium Solutions Group

Underlying net profit

Excluding benefits from government relief schemes, amortisation of deferred gain on intellectual property rights and other one-off items

8.6%

Overview

Dividend Interim dividend payable 30 November 20091.25 cents

10.4%

7.9%

4

Overview

Acquisition of Quantium Solutions Group –Platform for regional expansion

Positioning Group for growth• Continual management of costs and capacity • Strengthening and building network and businesses

for future growth• Extending core competencies into region

Strategic investment in company focused on postal innovation and technology

Leveraging innovation

5

Q2 FY2009/10 P&L

$M Q2 FY08/09 Q2 FY09/10 Change % change

Revenue 120.7 130.3 +9.5 +7.9%

Other income 7.3 13.1 +5.7 +78.1%

Operating expenses 83.4 92.1 +8.7 +10.4%

Operating profit 44.6 51.2 +6.6 +14.8%

Share of assoc & JVs 3.0 <0.1 (2.9) (98.7%)

Net finance costs 1.7 2.2 +0.5 +31.7%

Profit before tax 45.9 49.0 +3.1 +6.8%

Income tax 8.4 8.4 - +0.1%

Net profit* 37.4 40.5 +3.1 +8.3%

Underlying net profit* 38.7 35.4 (3.3) (8.6%)

* Profit after tax attributable to equity holders of the Company; underlying net profit excludes one-off items.

6

33.036.2

30.432.1

13.516.5

6.5 7.3

Labour and relatedexpenses

Volume-relatedcosts

Selling & Adminexpenses

Depreciation

Q2 FY08/09 Q2 FY09/10

$3.2M9.6% $1.7M

5.6%

$3.0M22.2% $0.8M

12.8%

$M Q2 FY08/09

Q2 FY09/10 Chg % chg

Op. Expenses 83.4 92.1 +8.7 +10.4%

Operating Expenses Breakdown

$M

• Increase mainly attributed to consolidation of Quantium Solutions Group

7

H1 FY2009/10 P&L

$M H1 FY08/09 H1 FY09/10 Change % change

Revenue 241.6 252.0 +10.5 +4.3%

Other income 15.7 23.9 +8.2 +52.3%

Operating expenses 163.7 176.8 +13.1 +8.0%

Operating profit 93.6 99.1 +5.5 +5.9%

Share of assoc & JVs 4.0 1.4 (2.6) (64.9%)

Net finance costs 3.4 4.1 +0.7 +21.5%

Profit before tax 94.3 96.4 +2.2 +2.3%

Income tax 17.0 16.2 (0.7) (4.3%)

Net profit* 76.9 79.9 +3.0 +4.0%

Underlying net profit* 77.7 72.3 (5.4) (6.9%)

* Profit after tax attributable to equity holders of the Company; underlying net profit excludes one-off items.

Segment Results• Mail

• Logistics

• Retail

Financial Position, Dividend

Summary

9

Mail – Q2 FY2009/10 Results

91.787.6

Q2 FY08/09

Q2 FY09/10

Mail Revenue

4.4%

$M

34.6 33.5

Q2 FY08/09

Q2 FY09/10

Mail Operating Profit

3.4%

$M

56.5 56.8

28.925.3

4.4 4.21.9 1.4

Domestic Mail InternationalMail

Hybrid Mail Philatelic

Q2 FY08/09 Q2 FY09/10

Mail Revenue Breakdown$M

0.5%

12.6%

4.2% 26.1%

10

Mail – H1 FY2009/10 Results

184.3173.6

H1 FY08/09

H1 FY09/10

Mail Revenue

5.8%

$M

72.265.5

H1 FY08/09

H1 FY09/10

Mail Operating Profit

9.3%

$M

114.1110.9

58.651.5

8.6 8.53.0 2.7

Domestic Mail InternationalMail

Hybrid Mail Philatelic

H1 FY08/09 H1 FY09/10

Mail Revenue Breakdown$M

12.1%

2.8%

1.7% 9.0%

11

Logistics – Q2 FY2009/10 Results

18.8

45.6

Q2 FY08/09

Q2 FY09/10

Logistics Revenue

142.1%

$M

2.23.2

Q2 FY08/09

Q2 FY09/10

Logistics Operating Profit$M

42.7%

Logistics Revenue Breakdown$M

28.2

14.813.2

3.8 3.8

QuantiumSolutions Group

Speedpost WFD* & others

Q2 FY08/09 Q2 FY09/10

10.6%

* Warehousing, Fulfilment and Distribution

1.9%

12

Logistics – H1 FY2009/10 Results

36.9

80.0

H1 FY08/09

H1 FY09/10

Logistics Revenue

117.2%

$M

4.76.0

H1 FY08/09

H1 FY09/10

Logistics Operating Profit$M

27.7%

45.7

28.9 26.0

7.7 7.7

QuantiumSolutions Group

Speedpost WFD* & others

H1 FY08/09 H1 FY09/10

Logistics Revenue Breakdown$M

0.1%

10.0%

* Warehousing, Fulfilment and Distribution

13

Retail – Q2 FY2009/10 Results

16.5 16.9

Q2 FY08/09

Q2 FY09/10

Retail Revenue$M

3.0 2.9

Q2 FY08/09

Q2 FY09/10

Retail Operating Profit

3.7%

$M

2.2%

Retail Revenue Breakdown$M

5.3 5.3 5.2 5.36.1 6.4

Retail - Agency,Products & Others

Financial Services Inter-segment

Q2 FY08/09 Q2 FY09/10

0.9% 1.4%5.7%

14

Retail – H1 FY2009/10 Results

33.0 33.4

H1 FY08/09

H1 FY09/10

Retail Revenue$M

6.1 5.9

H1 FY08/09

H1 FY09/10

Retail Operating Profit

4.5%

$M

1.3%

11.0 10.5 9.9 10.1

12.112.8

Retail - Agency,Products & Others

Financial Services Inter-segment

H1 FY08/09 H1 FY09/10

Retail Revenue Breakdown$M

1.6%4.0%

5.7%

15

Financial Position, Dividend

Net debt

Financial Indicators

Net gearing

$171.4M

0.67x

EBITDA to interest expenses 28.5x

• Interim dividend payment of 1.25 cents

• Date payable – 30 November 2009

Dividend

160.8173.7 170.3

70.888.5

FY06/07 FY07/08 FY08/09 H1FY08/09

H1FY09/10

Net Cashflow from Operating Activities

16

Summary

Q2 & H1 FY2009/10 results

• Consolidation of Quantium Solutions Group acquired in May 2009

• Impact of weak economic environment

• Healthy cash flows and financial position

Positioning SingPost for growth

• Continual management of costs and capacity

• Strengthening and building network and businesses for future growth

• Extending and expanding into region