Singapore Exchange Limited Building Tomorrow s Market, Today

Singapore Exchange Limited Building Tomorrow s Market, Today Singapore Exchange

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

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

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

Securities Market Trading Volume Trading Value (billion units) 140 120 100 (S$ billion) 200 180 160 140 80 60 40 20 21.8 25.0 13.5 26.4 36.3 64.6 44.8 44.1 120 100 80 60 40 58.8 48.0 35.2 58.2 47.9 90.2 76.2 61.6 0 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 20 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY First Half (Jul Dec)

Securities Market Trading Volume Trading Value (billion units) (S$ billion) 140 127.5 200 186.1 120 100 119.1 93.7 180 160 140 154.8 146.3 80 60 40 39.6 44.1 39.4 64.3 44.1 120 100 80 60 106.9 101.0 91.3 109.0 61.6 20 40 0 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)

Derivatives Market 10 12 14 16 18 1H FY00 2H FY00 1H FY01 2H FY01 1H FY02 (millions) 12.5 14.6 12.9 15.1 15.9 0.9 0.9 Others 12.9 15.9 Total 3.3 1.1 Euroyen 1.8 2.1 MSCI Taiwan 2.4 2.4 Nikkei 4.5 9.4 Eurodollar First Half FY2001 (millions) First Half FY2002 (millions) Contracts Trading Volume

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

FY2002 Half Year Results

SGX Consolidated Profit And Loss (unaudited) (S$MM) First Half FY2002 First Half FY2001 Change % Operating Revenue 102.7 108.7 (5.4) Operating Expenses (76.3) (70.5) 8.3 Operating Profit 26.4 38.2 (30.7) Non-Operating Revenue 11.6 11.1 4.0 Net Profit Before Exceptional Items & Tax 38.0 49.3 (22.9) Exceptional Items (7.0) (20.5) (65.9) Tax (10.7) (10.0) 7.3 Net Profit After Tax 20.3 18.8 Minority Interests 1.4 - Net Profit After Tax & Minority Interests 21.7 18.8 8.0 NA 15.8

Performance By Market Operating Revenue First Half FY2002 First Half FY2001 28% 6% 25% 7% 66% 68% Total Operating Revenue = S$102.7MM Total Operating Revenue = S$108.7MM Securities Market Derivatives Market Other Operations

Performance By Market Operating Revenue (S$MM) First Half FY2002 First Half FY2001 Securities Market 67.8 74.1 Derivatives Market 28.8 Other Operations 6.1 Total Operating Revenue 102.7 27.4 7.2 108.7

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

Operating Expenses First Half FY2002 First Half FY2001 19% 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

Operating Expenses First Half First Half (S$MM) FY2002 FY2001 Variance Staff Costs 33.1 32.7 0.4 Occupancy Costs 8.8 7.0 1.8 System Maintenance & Rental 9.8 8.0 1.8 Depreciation 10.2 9.8 0.4 Other Operating Expenses 14.4 13.0 1.4 Total Operating Expenses 76.3 70.5 5.8

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 536.0 285.9 821.9 640.7 182.6 823.3 Shareholders Equity Minority Interests Total Equity & Minority Interests 819.4 2.5 821.9 823.3-823.3 Net Tangible Assets Per Share (cents) 81.94 82.33

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

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

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

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

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

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

SGX Share Price Performance 1.50 S$ 1.40 1.30 Last Done Price on 31 Dec 2001 : S$1.24 1.20 1.10 IPO Price : S$1.10 1.00 0.90 0.80 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 Share Price Performance Against STI 130 Relative Prices / Indices * 120 110 100 90 80 70 60 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

Interim Dividend (Cents Per Share) FY2002 FY2001 Gross Dividend Tax at 24.5% 3.0000 0.7350 3.0000 0.7350 Net Dividend 2.2650 2.2650 Book Closure Date 15 Mar 2002 23 Feb 2001 Payment Date 27 Mar 2002 8 Mar 2001

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