FY21 Financial Results Presentation For the year ended 31 March 2021

Yuen Kuan Moon, Group CEO 27 May 2021 Forward looking statement – Important note

The following presentation contains forward-looking statements by the management of Singapore Telecommunications Limited (""), 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that could cause actual results, performance or events to differ materially from those in the statements as originally made.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.

2 Agenda

1. FY21 financial overview

2. Strategy

3. Capital management & dividend

4. Outlook

5. Appendix Revenue EBITDA Performance impacted by . COVID-19 S$15,644m S$3,832m . Structural challenges  5% YoY  16% YoY . Intense competition FY21 financial But gaining momentum . Robust ICT growth overview Underlying NPAT Free cash flow . mobile service revenue now on growth S$1,733m S$3,395m trajectory  30% YoY  10% YoY . Strong performances by Airtel in India & Africa

Final dividend 2.4 ₵/share

Total dividend 7.5 ₵/share 4 FY21 revenue by business segments FY21 Revenue -5% 16,542

-568 -4% (ex-NBN) S$15,644m 15,975  5% YoY 1 -295 15,644 -34 -87 Growth in : -230 15,336 308 7 o ICT revenue (H2FY21 vs H1FY21 growth of 14%) led by NCS & data centre services FY20 NBN mig FY20 Singapore Australia Group Group International FY21 NBN mig FY21 o Optus mobile service revenue ex-NBN Consumer Consumer Enterprise Digital Group ex-NBN (H2FY21 vs H1FY21 growth of Life 2 FY21 key revenue drivers 11% ), with take-up of higher- -5% ARPU Optus Choice plans 205 -260 Offset by : 16,542 207 -187

Prolonged COVID-19 impact on Primarily take-up NBN migration o Strong of higher-ARPU -863 growth by revenue roaming, prepaid, equipment plans by Optus tapering off 15,644 NCS & in customers sales & digital advertising data centre Roaming, prepaid, equipment services o NBN migration revenue tapering sales & digital advertising in Australia impacted by COVID-19 o Continued voice erosion 1 Down 8% in constant currency FY20 ICT Mobile service NBN mig Pay TV/ COVID-19 FY21 2 revenue ex related revenues Up 5% in constant currency roaming & prepaid fixed voice 5 -16% EBITDA 4,541

-568 -11% (ex-NBN) S$3,832m 3,974  16% YoY 1 -146 3,832 -278 3,524 308 • Lower roaming -114 34 -3 58 • Lower NBN migration revenue & fixed margin erosion in Australia 1 Down 18% in constant currency FY20 NBN mig FY20 Singapore Australia Group Group Others Jobs support FY21 ex-NBN NBN mig FY21 ex-NBN Consumer Consumer Enterprise Digital Life scheme (JSS)

Share of Regional +4% -254 Associates’ PBT 426 -64 -31 1,712 S$1,712m 1,642 -8  4% YoY

• Recovery in India offset by price competition in • Associates’ performance impacted by COVID-19 FY20 Airtel Telkomsel Globe AIS Intouch FY21 6 NPAT -49% Mainly Airtel’s net Mainly non-cash Underlying NPAT exceptional losses Underlying NPAT -30% impairment 2,457 charges on S$1,733m Amobee & -710 Trustwave  30% YoY 56 1,733 (1,382) -218 149

1,075 Higher D&A due to stronger (1,179) NPAT A$. Higher net finance expense due to Airtel Africa pre IPO 554 S$554m investment gains last year  49% YoY FY20 NPAT FY20 FY20 EBITDA Share of D&A/ Net Taxation FY21 FY21 FY21 NPAT Exeptional Underlying associates’ finance exp & MI Underlying Exceptional losses NPAT PBT NPAT losses

-10% Free Cash Flow 3,781 S$3,395m -568  10% YoY -4% (ex-NBN) 3,395 3,213 -4 . Lower earnings & NBN migration 55 308 -178 3,087 revenue in Australia . Increase in capex mainly from

FY20 NBN mig FY20 ex-NBN Operating Associate Cash capex FY21 ex-NBN NBN mig FY21 cash flow dividends 7 Agenda 1. FY21 financial overview

2. Strategy

3. Capital management & dividend

4. Outlook

5. Appendix Resurgence of COVID-19

Meeting our challenges Structural changes in telecoms sector head on

Elevated capital investment cycles

9 To be a leading communications & digital services provider

Reallocate Reinvigorate Capitalise on Champion People capital, unlock the core growth trends & Sustainability value

Differentiate & win in 5G B2B digital services growth Drive monetisation & value Build a future-ready . Transform NCS into Asian crystallisation across the workforce Advance digital B2B digital services portfolio transformation champion Foster diversity, equity, Strategic review of Amobee inclusion & wellbeing Lead in customer Digital ASEAN opportunity & Trustwave experience . Grow multi-local digital Advance digital ecosystems leveraging Cultivate select group of enablement customers across our capital partners footprint Step up ESG stewardship Explore “asset-right” capital Rapid digitalisation fuelling management infrastructure demand . Leverage infrastructure assets to unlock value & drive growth

10 Reinvigorate the core

Consumer Singapore Consumer Australia Group Enterprise

Extend market Drive profitable Sharpen the core leadership growth & lead in 5G

. Drive 5G adoption & . Invest in 5G & deliver speed . Co-create 5G services & unlock monetisation leadership business models with models enterprise customers . Deliver customer-led . Drive productivity & cost differentiation through . Protect market leadership improvement through digitalisation e.g. Optus in Singapore & Asia, grow digitalisation Living Network share in Australia

. Grow digital businesses in . Focus on profitability . Digitalise operations & adjacent sectors improve cost to serve

11 Reinvigorate the core - Drive 5G adoption & unlock monetisation models

Network Superiority New Use Cases

Singtel first telco in Singapore to : Co-creating new use cases in partnership with - launch 5G standalone network strategic Enterprise customers - reach speeds of up to 1.2 Gbps (3.5GHz band) & to 3.2Gbps (28GHz band)

Optus 5G speed leadership in Smart Smart Smart Cloud Sydney & Melbourne factory cities port gaming

Service Innovation Exciting Showcases

Singtel next-gen entertainment 5G Unboxed expanding our with Bookful, MelodyVR & RiotGo touchpoints & demonstrating the powered by 5G power of 5G

Optus WCA winner for Best Access Optus Stadium bringing 5G to life Innovation & Acomm Award for best for our customers mobile solution

12 Capitalise on growth trends - Transform NCS into Asian B2B digital services champion

Specialise Digitalise Regionalise

2 Strategic Business Groups to be created: NCS NEXT - focus on digital, cloud & Focus on 3 key markets Gov+ to invest in digital government platform services, and build IP-led capabilities specialisation Telco+ to increase sell-to, sell-with & innovation across Singtel group and Singapore Australia Greater China beyond Artificial Cloud 5G intelligence computing Expand footprint through inorganic Expedite growth in enterprise sector acquisitions & strategic partnerships Set up NEXT Innovation Triangle, comprising innovation centres in Singapore, Melbourne & Shenzhen Healthcare & Comms, Media Financial Services, Transport & Tech Industrial & Commercial Expand cyber security capabilities with injection of Trustwave’s technology services in Asia

13 Capitalise on growth trends - Grow multi-local digital ecosystems leveraging customers across our footprint

Compelling opportunities in digital services A step change in approach

SEA internet 744m economy worth Go Multi local mobile customers Develop localised digital ecosystems in each 1 US$100b across Singtel Group market & on track towards US$300b Partnerships in 20252 Partner with digital natives & local service providers to scale, mainly through significant minority stakes

Structure Enable agile & focused execution We have the right levers Customer relationships & insights Value creation Strategic investors & partners with Trusted brand complementary capabilities 5G leadership

1. Includes Airtel Africa. 14 2. Google, Temasek and Bain, e-Conomy SEA 2020. Capitalise on growth trends - Grow multi-local digital ecosystems : The journey has begun

Digital partnerships Wide range of digital enablers to tap into JV with Grab for digital bank licence in Singapore & regional opportunities

Invested US$450m in ; LinkAja Payments raised >US$100m of funding

Structure Digital media New corporate structure to sharpen digital focus

Value creation Gaming Airtel Africa money raised US$300m from strategic investors; valued at US$2.6b

Mynt valued at ~US$1b in latest Others Health Education funding round

15 Capitalise on growth trends - Leverage infrastructure assets to unlock value & drive growth

Our value proposition – powering the digital economy

Large & unique portfolio of infrastructure assets

High EV/EBITDA1 multiples for infrastructure assets 24x 18x 11x 9x Data centres Towers Fibre Satellite

Strong pipeline of high quality assets with investments in next- gen infrastructure & green technologies

Co-develop sustainable infrastructure with partners

Open approach to partnerships & ownership to optimise for value & growth

1. Based on last 12 months EV/EBITDA multiples for the peer group. Average of last 5 years. 16 Reallocate capital, unlock value - Drive monetisation & value crystallisation across the portfolio

Progress with Optus tower divestment April 2021 Completed restructuring of Divesting up to 70% Optus towers to Australia Tower Network (ATN)

mobile tower & rooftop April 2021 sites across Australia 2,312 Launched sale process June 2021 committed new builds 565 Target receipt of indicative bids

2H 2021 current tenancy ratio 1.6x Expected signing of sales & purchase agreement 17 Reallocate capital, unlock value - Strategic review of Amobee & Trustwave

Reposition Amobee & Trustwave to: In turn allow Singtel to:

Sharpen focus to capture growth Reshape portfolio to ensure optimal allocation of opportunities resources

Maintain strong proposition in high-growth ICT Attract strategic partners with sector, with cyber security as a key product offering complementary capabilities to enterprise customers

Reset the business & execute Focus on value creation successfully

18 FY21 Financial Results Presentation For the year ended 31 March 2021

Arthur Lang, Group CFO 27 May 2021 Agenda 1. FY21 financial overview

2. Strategy

3. Capital management & dividend

4. Outlook

5. Appendix Strong balance sheet positioned for growth Net debt Diversified funding sources

S$12,365m S$1.0b subordinated perpetual securities Stable YoY . Largest SGD corporate perpetual in almost a decade with the longest non-call period . Attractive funding cost 3.3% p.a.4 31.8% Net debt gearing1

Net debt: EBITDA & S$750m sustainability-linked revolving credit facility share of associates’ 2.2x . Inaugural launch under “OLIVES”, Singtel’s sustainable financing program pre-tax profits . Largest SGD denominated sustainability-linked loan in Singapore . Interest coverage Interest rates discount pegged to ESG targets (climate risk, carbon management, workplace health & safety) 14.3x ratio2

Average debt Strong credit ratings years 3 5.3 maturity A S&P A1 Moody’s

1. Ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and minority interests. 2. EBITDA & share of associates’ pre-tax profits/Net Interest Expense. 3. Excludes lease liabilities S$2.2b. 4. Based on initial distribution rate only. The rate resets occur on 14 Oct 2031 and every 10 years thereafter. 21 Capital management approach

Introduce Recycle Diversify Improve new capital assets funding ROIC partners efficiently sources

Disciplined capital Leverage third party Opportunity to unlock Alternative funding allocation capital latent value options (e.g. perps) & term out debt Support . investments for core (e.g. 5G) . sustainable dividends . optimal capital structure & investment grade credit ratings

22 Dividend policy Between 60% and 80% of underlying net profit

Dividend Sustainable dividends policy In line with earnings and cash flow generation

Reviewed regularly to reflect progress of the Group’s transformation

23 Agenda 1. FY21 financial overview

2. Strategy

3. Capital management & dividend

4. Outlook

5. Appendix The Group will continue to invest for medium to long-term growth by leveraging its core competencies, while maintaining a strong balance sheet through a more active capital management programme.

FY22 Outlook Dividends from the regional associates ~S$1.3b~S$1.3b

Capital expenditure (including 5G networks) ~S$2.4b~S$2.4b Optus A$1.5b Rest of Group S$800m

25 Agenda 1. FY21 financial overview

2. Strategy

3. Capital management & dividend

4. Outlook

5. Appendix Bridging the valuation gap

Potential Upside

S$b

Shares trading at significant discount to X SOTP4 48.4 40.6 38.2

Associates 40.6 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$2.46 $2.93

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 25 May 2021. 3. Based on Bloomberg consensus of analyst target prices. 27 4. Sum-of-the-parts valuation. 28