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SINGAPORE PRESS HOLDINGS

1H FY 2008 FINANCIAL RESULTS1H FY 2008 FINANCIAL RESULTS

14 Apr 200814 Apr 2008

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�Sterling performance from Newspaper and Magazine with 10.9% increase in advertisement revenue

Operating profit surged 26.9% to S$238.3m

HIGHLIGHTS FOR 1H FY08

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Interim dividend up 1 cent (+14.3%) to 8 cents per share, payable on May 21, 2008

1H FY08 results boosted by continued strength of domestic economy

Double-digit growth in operating revenue of 16.7%

�Rise in revenue from Property operations, with contributions from Sky@eleven(S$40.3m) and Paragon (+8.9%)

3

(75.5)

(2.4)

16.7

216,802211,525Net Profit

61,27014,988Investment Income

26.9187,789238,284Operating Profit #

522,685610,152Operating Revenue

%S$’ 000S$’ 000

Change1H FY 20071H FY 2008

Group

* Restated to take into account the retrospective adjustments relating to FRS 40 – Investment Property# Recurring earnings of the media and property business, including Sky@eleven development

Restated *

FINANCIAL HIGHLIGHTS FOR 1H FY08

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Last year’s investment income included

� One-time gain from sale of investments� Dividend income from MobileOne Ltd� Profit from capital reduction exercise by StarHub Ltd

Performance of investment portfolio in FY08 expected to be challenging given continued volatility

Portfolio allocation to remain conservative

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Lower investment income due to one-off gains last year & continued market volatility

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Revenue recognition to-date : S$111.6m� 4Q FY07 : S$71.3m� 1Q FY08 : S$16.1m� 2Q FY08 : S$24.2m

Expected project revenue > S$650m

Manpower shortage and inclement weather have resulted in delays Not expected to have any significant impact on costs

Sky@eleven – Progress Update

Still on track for grant of Temporary Occupation Permit (TOP) in FY2010

5

6

8.0%8.5%

7.5%8.4%

5.6%

11.7%

14.5%14.6%

8.5%8.1%

13.8% 14.3%

10.5%10.2%10.2%10.9%10.7%

6.8%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

3QFY07 4QFY07 FY07 1QFY08 2QFY08 HYFY08

SPH Newspaper Advertisement Revenue Y-O-Y Growth %

* Classified includes Recruitment and Notices

Display Classified* Total

Continued Strong performance from Display and Classified

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7

-0.7%

-3.8%

12.6%

2.2%

-3.0% -2.3%

7.5%

-1.4%

16.1%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

ST SUT BT TNP ZB WB SM BH TM

Sustained circulation levels for newspapers

1H FY2008 Circulation Copies Y-O-Y Growth (%)

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Increase continued to be driven by new business initiatives & annual salary increment

1H FY2008 Staff Costs

Staff Costs increase (12.1%)

Headcount Increase(Feb 2008: 3,814; Feb 2007: 3,628)� Staffing for new media businesses� Increased operational needs for magazine

business

Annual Salary Increment� Followed NWC’s recommendation of

5% on average

8

9

602575587

608

11,323 11,15511,371

10,962

300

350

400

450

500

550

600

650

3QFY07 4QFY07 1QFY08 2QFY089,000

10,000

11,000

12,000

13,000

14,000

LHS - Prices (US$)RHS - Ave Mthly Consumption (MT)

Newsprint Costs

US$ MT

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Average Newsprint Charge-Out Price & Monthly Consumption

Going forward, significant increase seen in newsprint market prices, driven by recent supply crunch in Asia, higher prices for raw materials and energy

10N

ewsprint P

rice Trends

10

350

675

1000

91 Q1

92 Q1

93 Q1

94 Q1

95 Q1

96 Q1

97 Q1

98 Q1

99 Q1

00 Q1

01 Q1

02 Q1

03 Q1

04 Q1

05 Q1

06 Q1

07 Q1

08 Q1

US$ per metric ton

HK

(48.8 gs

m)

Euro

(45)U

S Eas

t (48.8)

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Efforts focused on sustaining operating margin

0

50

100

150

200

250

1H 04 1H 05 1H 06 1H 07 1H 0825%

27%

29%

31%

33%

35%

37%

39%

Note: Comparatives restated to take into account the retrospective adjustments relating to FRS 40 – Investment Property

S$m

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Recurring Income - Media & Property

Contribution from Sky@eleven

Recurring Earnings (S$’m) OperatingMargin

Operating Margin excluding Sky@eleven

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Online

Magazines

Outdoor

� Acquisition of Adkom for US$16m

� Operating margin above industry norm due to focus on luxury titles

� Fortified position as a major magazine publisher in the Asia-Pacific region

� A step closer to achieving revenue target of S$100m

� Launch of rednano.com.sg -Singapore’s first local search and directory engine

� The Straits Times Razor TV to be launched to target a rapidly-growing social networking market

� SPH Targeted Video Commercial (TVC) to enhance our media offerings to advertisers

� Expanding our reach in digital advertising through partnerships with SPC and SingHealth

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2Q FY2008

Strengthening our position with growth initiatives

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� Approx S$150m committed to online initiatives- S$100m for Search, Directories and Classified- S$50m for other online initiatives

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Investing in our growth for the future

� Secure the future of SPH’s long-term growth in a converging media landscape by leveraging on strength in print and advertising

� Continuing efforts to adopt new media paradigms to keep pace with latest online developments

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