Singapore Exchange Limited Building Tomorrow s Market, Today

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2 Singapore Exchange Limited Building Tomorrow s Market, Today Singapore Exchange

3 SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward

4 SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward

5 SGX: Fundamentals Sound business model: customer-oriented, innovative, technology-driven Strong financial position: well-positioned for M&A opportunities, attractive dividend policy Solid management: vision, execution capability

6 SGX: Our Four-Pillar Strategy Create a more exciting product array supported by an efficient, world-class infrastructure Extend global distribution of SGX products Establish SGX as an Asian access point for global markets Unlock existing asset value and enhance shareholder value

7 Securities Market Trading Volume Trading Value (billion units) (S$ billion) FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 20 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY First Half (Jul Dec)

8 Securities Market Trading Volume Trading Value (billion units) (S$ billion) FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 20 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY First Half (Jul Dec) FY Second Half (Jan Jun)

9 Derivatives Market H FY00 2H FY00 1H FY01 2H FY01 1H FY02 (millions) Others Total Euroyen MSCI Taiwan Nikkei Eurodollar First Half FY2001 (millions) First Half FY2002 (millions) Contracts Trading Volume

10 SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward

11 FY2002 Half Year Results

12 SGX Consolidated Profit And Loss (unaudited) (S$MM) First Half FY2002 First Half FY2001 Change % Operating Revenue (5.4) Operating Expenses (76.3) (70.5) 8.3 Operating Profit (30.7) Non-Operating Revenue Net Profit Before Exceptional Items & Tax (22.9) Exceptional Items (7.0) (20.5) (65.9) Tax (10.7) (10.0) 7.3 Net Profit After Tax Minority Interests Net Profit After Tax & Minority Interests NA 15.8

13 Performance By Market Operating Revenue First Half FY2002 First Half FY % 6% 25% 7% 66% 68% Total Operating Revenue = S$102.7MM Total Operating Revenue = S$108.7MM Securities Market Derivatives Market Other Operations

14 Performance By Market Operating Revenue (S$MM) First Half FY2002 First Half FY2001 Securities Market Derivatives Market 28.8 Other Operations 6.1 Total Operating Revenue

15 Revenue Mix First Half FY2002 First Half FY2001 8% 6% 6% 8% 5% 6% 16% 15% 49% 16% 14% 51% Total Operating Revenue = S$102.7MM Total Operating Revenue = S$108.7MM Clearing & Related Income Listing & Membership Fees Access & Terminal Fees Price Information Fees Account Maintenance & Processing Fees Others

16 Operating Expenses First Half FY2002 First Half FY % 19% 13% 14% 13% 12% 43% 11% 10% 46% Total Operating Expenses = S$76.3MM Total Operating Expenses = S$70.5MM Staff Costs Depreciation Occupancy Costs Others System Maintenance & Rental

17 Operating Expenses First Half First Half (S$MM) FY2002 FY2001 Variance Staff Costs Occupancy Costs System Maintenance & Rental Depreciation Other Operating Expenses Total Operating Expenses

18 SGX Consolidated Balance Sheet (unaudited) (S$MM) As At 31 Dec 2001 As At 31 Dec 2000 Net Current Assets Net Non-Current Assets Net Assets Shareholders Equity Minority Interests Total Equity & Minority Interests Net Tangible Assets Per Share (cents)

19 SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward

20 Going Forward Create a more exciting product array. Launch new securities and derivatives products: STI-ETF REITS DT-ETS products Equity options. supported by an efficient, world-class infrastructure Develop Straight-Through-Processing (STP) capability for the institutional market

21 Going Forward Create a more exciting product array supported by an efficient, world-class infrastructure International Listings Develop and implement a listing strategy with a regional outlook Build on Singapore strengths China and India focus

22 Going Forward Extend global distribution of SGX products Attract new members Extend adoption of SGXAccess

23 Going Forward Establish SGX as an Asian access point for global markets Extend Exchange networks SGX-TSE strategic alliance GLOBEX R Alliance Create necessary infrastructure for B2B exchanges

24 Going Forward Unlock existing asset value and enhance shareholder value Unlock hidden assets embedded in SGX by: Developing new services Reviewing existing services Revisiting existing fee structures Continue to seek acquisition opportunities around our core businesses which are accretive to shareholder value

25 SGX Share Price Performance 1.50 S$ Last Done Price on 31 Dec 2001 : S$ IPO Price : S$ Nov'00 Dec'00 Jan'01 Feb'01 Mar'01 Apr'01 May'01 Jun'01 Jul'01 Aug'01 Sep'01 Oct'01 Nov'01 Dec'01

26 SGX Share Price Performance Against STI 130 Relative Prices / Indices * Nov'00 Dec'00 Jan'01 Feb'01 Mar'01 Apr'01 May'01 Jun'01 Jul'01 Aug'01 Sep'01 Oct'01 Nov'01 Dec'01 SGX STI * SGX s IPO Price of S$1.10 was used as Base 100

27 Interim Dividend (Cents Per Share) FY2002 FY2001 Gross Dividend Tax at 24.5% Net Dividend Book Closure Date 15 Mar Feb 2001 Payment Date 27 Mar Mar 2001

28 Singapore Exchange Limited Building Tomorrow s Market, Today Thank You Singapore Exchange