Boustead Singapore Limited / Boustead Projects Limited

Joint FY2018 Financial Results Presentation

2018

MAY MAY 23 23 Disclaimer

This presentation contains certain statements that are not statements of historical fact such as forward-looking statements. These statements are based on current expectations, projections and assumptions about future events. Although Boustead Singapore Limited and Boustead Projects Limited (together ‘Boustead’) believes that these expectations, projections and assumptions are reasonable, these statements are subject to the risks (whether known or unknown), uncertainties and assumptions about Boustead and our business operations such as the general economic and business conditions in Singapore and globally; currency fluctuations between the Singapore dollar and other currencies; governmental, statutory, regulatory or administrative initiatives affecting our business; industry trends; future levels and composition of our assets and liabilities; future profitability of our operations; competition; changes in Singapore tax laws or similar laws and regulations; changes in or the failure to comply with government regulations including exchange control regulations if any.

You are advised not to place undue reliance on these statements as the forward-looking events referred to in this presentation may differ materially or not occur due to these risks, uncertainties and assumptions.

Investors should assume that the information in this presentation is accurate only as of the date it is issued. Boustead has no obligation to update or revise any statements, whether as a result of new information, future events or otherwise, except as required by law. Presentation Agenda

▪ Overview ▪ Boustead Projects Financial Review ▪ Boustead Group Financial Review ▪ Division Performance Review ▪ Questions & Answers Overview Introducing Boustead Engineering the world of the future

▪ Established in 1828 and Singapore’s oldest continuous business

▪ Listed on SGX Mainboard since 1975 OVERVIEW ▪ Progressive global infrastructure-related engineering services & geo-spatial technology group

Energy-Related Engineering

Real Estate Geo-Spatial Solutions Technology (Boustead Projects Limited) Our Global Network

OVERVIEW UK Canada Italy USA Spain Turkey China South Korea

Saudi Arabia India UAE Vietnam Thailand Venezuela Malaysia Singapore Indonesia Brazil

Argentina Australia

Our Global Footprint OVERVIEW Our Global Footprint

ASIA & EUROPE AFRICA THE OCEANIA AMERICAS

East Asia South West Asia Eastern Europe Southern East Africa North America China* Bahrain Hungary Europe Tanzania Canada*

OVERVIEW Hong Kong Iraq Poland Cyprus USA* Japan Jordan Russia Greece North Africa Macau Kuwait Slovakia Italy* Algeria Latin America & South Korea* Oman Ukraine Spain* Egypt Caribbean Taiwan Qatar Turkey* Libya Argentina* Saudi Arabia* Northern Tunisia Bolivia South East UAE* Europe Western Brazil* Asia England* Europe Middle Africa Chile Brunei Central Asia Finland Austria Angola Dominican Republic Indonesia* Azerbaijan Ireland Belgium Equatorial Mexico Malaysia* Turkmenistan Isle of Man Germany Guinea Netherlands Antilles Myanmar Lithuania Netherlands Peru Philippines Australia & Norway Switzerland West Africa Venezuela* Singapore* Oceania Scotland Cote d’Ivoire Thailand* Australia* Wales Gabon Timor-Leste New Caledonia Ghana Vietnam* New Zealand Nigeria Papua New Guinea South Asia Bangladesh India* Maldives Pakistan *Regional/local offices Sri Lanka Group Business Model

▪ Undertaking only high value-added activities

across value chain OVERVIEW VALUE CHAIN OF ACTIVITIES

ENGINEERING FABRICATION DELIVERY

In-house expertise for high Outsource low value-added: In-house expertise for high value-added: value-added: ▪Fabrication ▪Design ▪Installation ▪Manufacturing ▪Process engineering ▪Commissioning ▪Modularisation ▪Detailed engineering ▪Training ▪Value engineering

PROJECT MANAGEMENT

In-house expertise for high value-added: ▪Project management, procurement and quality supervision BP Group Financial Review Boustead Projects Limited (BP) BP GROUP FINANCIAL REVIEW Total profit PBT margin Profit before(“PBT”) incometax Other gains/losses Gross Gross profit Revenue BP Group Netassetvalue Earningsper agreements with for (excludes other gains/losses and expenses associated Adjustedtotal profit margin AusGroup share per and – TripleOne Financial Results share net Somerset) S S$29.2m S$29.2m S$35.5m S$65.2m $201.3m FY2018 S$0.1m 79.0cts 9.1cts 18% 32% S S$25.4m S$36.2m S$44.9m S$14.7m S$58.5m $228.3m FY2017 71.7cts 11.3cts 20% 26% Chg +10 +15 +11 (%) - - - - - 19 20 21 99 12 BP Group Revenue

▪ Both design-and-build and leasing businesses contributed lower revenue

-12%

y-o-y BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group PBT

▪ Core PBT grew excluding impact of other gains

-21%

y-o-y BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group Total Profit

▪ Core total profit grew excluding impact of other gains

-20%

y-o-y BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group Cash Flow

▪ Net cash used in financing activities for borrowing

repayments, share buy-backs and dividends BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group Return on Shareholders’ Equity

▪ Lower ROE due to absence of other gains BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group Earnings per Share

▪ Tracking net profit

-19%

y-o-y BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP Group Net Asset Value per Share

▪ Higher NAV per share following shareholders’ equity increase and share repurchases

+10%

y-o-y BP GROUP FINANCIAL REVIEW FINANCIAL GROUP BP BP GROUP FINANCIAL REVIEW Total Special dividend Ordinary dividend (proposed) Listing BP Group Proposed Dividends Since dividend FY2018 1.5cts 1.5cts - FY2017 2.5cts 1.5cts 1.0ct Group Financial Review Group Financial Results

FY2018 FY2017 Chg (%) Revenue S$414.1m S$433.8m -5 Gross profit S$151.8m S$143.6m +6 Gross margin 37% 33% Other gains/losses – net -S$4.3m S$17.0m NM

PBT S$54.0m S$67.7m -20 GROUP FINANCIAL REVIEW FINANCIAL GROUP PBT margin 13% 16% Profit attributable to equity S$25.4m S$33.3m -24 holders of the Company (“net profit”) Adjusted net profit S$29.5m S$25.0m +18 (excludes other gains/losses net of non-controlling interests) Earnings per share 4.9cts 6.4cts -23 Net asset value per share 62.7cts 61.7cts +2 Group Revenue Mix by Division

FY’17: 22% GROUP FINANCIAL REVIEW FINANCIAL GROUP

FY’17: 53%

FY’17: 25% Group Revenue

▪ Impacted by depressed global oil & gas market and challenging Singapore industrial real estate sector

-5%

y-o-y GROUP FINANCIAL REVIEW FINANCIAL GROUP Group Net Profit

▪ FY2017 net profit boosted by one-off gains at BP

Demerger of Boustead Projects GROUP FINANCIAL REVIEW FINANCIAL GROUP

-24% y-o-y Group Net Cash Position

▪ Healthy net cash position

+4%

y-o-y GROUP FINANCIAL REVIEW FINANCIAL GROUP Group Cash Flow

▪ Net cash outflows to financing activities for borrowing

repayments, share buy-backs and dividends GROUP FINANCIAL REVIEW FINANCIAL GROUP Return on Shareholders’ Equity

▪ Lower ROE due to absence of other gains

Demerger of Boustead Projects GROUP FINANCIAL REVIEW FINANCIAL GROUP Earnings per Share

▪ Tracking net profit

Demerger of Boustead Projects GROUP FINANCIAL REVIEW FINANCIAL GROUP

-23% y-o-y Net Asset Value per Share

▪ Higher NAV per share following share repurchases

Demerger of Boustead Projects

+2%

y-o-y GROUP FINANCIAL REVIEW FINANCIAL GROUP Group Orders Secured

▪ Recovery in orders at Energy-Related Engineering Division and Real Estate Solutions Division

+74%

y-o-y GROUP FINANCIAL REVIEW FINANCIAL GROUP Group Dividend

FY2018 FY2017

Interim dividend 1.0ct 0.5ct

Final dividend (proposed) 2.0cts 1.5cts

Total ordinary dividend 3.0cts 2.0cts GROUP FINANCIAL REVIEW FINANCIAL GROUP Group Dividend

▪ Payout ratio of 61% GROUP FINANCIAL REVIEW FINANCIAL GROUP Division Performance Review Energy-Related Engineering DIVISION FINANCIAL REVIEW ▪ Orders Orders secured PBT Revenue Division Energy industries & gas oilglobal inrecession Continued • excluded of inventories at an & oil gas business unit are Profitable if currency exchange losses and impairment Revenue, PBT &Orders Secured - Related Engineering FY2018 94.9m - 4.6m 80m ( S$) FY2017 96.5m 4.2m 40m ( S$) +100 Chg NM ( %) - 2 DIVISION FINANCIAL REVIEW ▪ Prospects Energy Slight improvement in prospects Slightimprovement • • Global & oil gas outlook: Current order book backlog: - - Focus onmanagement cost improvementin Global - Related Engineering eventsrecent in months indicateslight outlook S$89m Division Performance Review Real Estate Solutions DIVISION FINANCIAL REVIEW ▪ Orders Orders secured PBT Revenue Division Real Challenging industrial real estatelandscapeindustrial Challenging • • • Strong recovery in orders PBTdecrease due to absence of one cost saving Productivity improvements and unlocking of project Estate Solutions Revenue, PBT &Orders Secured FY2018 201.3m 35.5m 233m ( S$) FY2017 228.3m - 44.9m off gains 140m ( S$) Chg +66 ( - - %) 21 12 DIVISION FINANCIAL REVIEW ▪ Prospects Real overseas and in Singaporeon opportunities Capitalising • • Industrial Current - - Estate Solutions pipelinesSingaporeinand regionally Growingdesign andmarginschallenging Singaporebutcompetition expectedto remainintense Improvementin constructionactivitiesseen in order order book backlog: real real estate - and outlook: - build anddevelopment enquirybuild S$218m Division Performance Review Geo-Spatial Technology DIVISION FINANCIAL REVIEW ▪ PBT Revenue Division Revenue & Geo Australia and SouthAustraliaand East Asia inmarkets across exclusiveSteady demand • Record Record revenue - Spatial Technology PBT FY2018 116.6m 24.6m ( S$) FY2017 108.3m 21.9m ( S$) Chg +12 ( %) +8 DIVISION FINANCIAL REVIEW ▪ Prospects Geo Stable prospects Stable • • • currency currency headwinds may affect margins Continued expansion of workforce and potential for geo Smart cities transformations continue to drive demand Sustained - Spatial Technology - spatial technology capabilities demand demand from government agencies Thank You Questions & Answers