Singtel Annual Report 2019

Reimagining
Annual Report 2019
Your Future
Singapore Telecommunications Limited

Annual Report 2019

(CRN:199201624D) `
31 Exeter Road, Comcentre
Singapore 239732
T +65 6838 3388
www.singtel.com
Copyright © 2019
Printed on environmentally friendly paper
Reimagining
Your Future
Much has changed over Singtel’s 140-year history. Technology and innovation has made
the mobile phone central to our daily lives. Fitting into the palm of our hands, they serve as
gateways to an exciting world of entertainment, information and services. We now stand
on the cusp of 5G - an era of hyper-connectivity and newer technologies that will further
revolutionise the way we work and play.
As a leading communications technology provider, we’re proud to be enablers of such

change. Innovation has always been at the core of our business. Our purpose is to keep on
pushing boundaries and making breakthroughs, both in our networks and services, so how
we live our lives, conduct our businesses, entertain ourselves, keep improving. We are here
for the long haul at Singtel, and we’re reimagining your future to bring a better one to you.
Table of Contents
Overview Business Reviews
An overview of our businesses, our performance, Insights into each of our business units
key achievements and value created, as well as our
strategy moving forward 29 Group Consumer
41 Group Enterprise
1 Financial Highlights 47 Group Digital Life
3 FY 2019 Achievements 53 Key Awards and Accolades
5 Chairman’s Message
7 GCEO Review Governance and Sustainability
9 Who We Are Our corporate governance, risk management and
11 Our Businesses and Strategy sustainability efforts
13 The Value We Create
55 Governance and Sustainability Philosophy
15 Board of Directors
57 Corporate Governance
21 Organisation Structure 87 Investor Relations
22 Management Committee 89 Risk Management Philosophy and Approach
28 Senior Management 100 Sustainability
29
Group Consumer
41
Group Enterprise
47
Group Digital Life
55
Governance and
Sustainability
Performance Additional Information

Our financial performance Our shareholders, transactions with interested persons
and other corporate information
107 Group Five-year Financial Summary
110 Group Value Added Statements 250 Interested Person Transactions
111 Management Discussion and Analysis 251 Additional Information on Directors Seeking
Re-election
261 Shareholder Information
Financials 263 Corporate Information
264 Contact Points
Audited financial statements
121 Directors’ Statement

131 Independent Auditors’ Report
137 Consolidated Income Statement
138 Consolidated Statement of Comprehensive Income
139 Statements of Financial Position
140 Statements of Changes in Equity
144 Consolidated Statement of Cash Flows Scan here to view the
147 Notes to the Financial Statements Singtel Annual Report 2019 online.
(1)
Financial Highlights
Operating Revenue EBITDA
S$17,372m S$4,692m
S$17,268m in FY 2018 S$5,051m in FY 2018
Net Profit Underlying Net Profit
S$3,095m S$2,825m
(2)
S$5,473m in FY 2018 S$3,593m in FY 2018
Free Cash Flow Shareholder Payout
S$3,650m S$2,857m
S$3,606m in FY 2018 S$3,346m in FY 2018
Return on Equity Return on Invested Capital (3)
10.4% 7.7%
(2)
18.9% in FY 2018 9.6% in FY 2018 (4)
CONSTANT CURRENCY
Net Profit Underlying Net Profit
S$3,186m S$2,908m
S$5,473m in FY 2018 (2) S$3,593m in FY 2018
Notes:
(1)
Based on Singapore Financial Reporting Standards (International).
(2)
Includes the gain on disposal of economic interest in NetLink Trust.
(3)
Return on invested capital is defined as EBIT (post-tax) divided by average capital.
(4)
Excludes the gain on disposal of economic interest in NetLink Trust.
1
OVERVIEW
Underlying Net Profit Operating Revenue
BUSINESS REVIEWS
Contribution by Geography Contribution by Product and Service
8% 7%
S$2,825m 17%
18%
Digital Businesses
ICT
GOVERNANCE AND SUSTAINABILITY

Mobile Service
S$17,372m Data and Internet
46%
Regional Associates 19%
Sale of Equipment
Others (6)
31%
25%
PERFORMANCE
Shareholder Payout
Dividend Per Share (S¢)
Australia
2019 17.5
2018 17.5 3.0

Ordinary Dividend
2017 17.5 Special Dividend
29%
Singapore (5)
Singtel has a track record of generous shareholder payouts.
For the financial year ended 31 March 2019, the Board has recommended
FINANCIALS
a final ordinary dividend of 10.7 Singapore cents a share. Together with

the interim dividend of 6.8 Singapore cents, the total ordinary dividend for
the year is 17.5 Singapore cents, unchanged from last year.
ADDITIONAL INFORMATION
Refer to page 119 for the Group’s capital management and dividend policy.
Notes:
(5)
Includes losses from Trustwave and Group Digital Life.
(6)
Includes Fixed voice and Pay television.
Singapore Telecommunications Limited | Annual Report 2019 2

FY 2019 Achievements
We are focused on connecting and empowering everyone, consumers and businesses

alike, in new and meaningful ways. This means growing our digital capabilities and
investing in innovation and emerging technologies such as 5G and IoT to bring the
smart, connected future closer.
Advanced 5G in Australia
and Singapore
• Optus introduced Australia’s first 5G commercial

fixed wireless service.
• Singtel launched Singapore’s first 5G pilot

network.
Enhanced cyber security

capabilities
• Consolidated cyber assets globally under the

Trustwave brand to form one of the industry’s
most comprehensive cyber security companies.
• Established the first Global Telco Security

Alliance with AT&T, Etisalat, SoftBank and
Telefónica to create one of the world’s biggest
managed security services platforms.
Strengthened IoT and

cloud capabilities
• Struck partnerships with Microsoft and China

Mobile to enable enterprises to deploy their IoT
devices across networks seamlessly.
• AIS expanded cloud business and data centres

with the acquisition of CS Loxinfo to provide end-
to-end digital solutions to enterprises in Thailand.
3
OVERVIEW
Created regional ecosystem
of digital services
• Launched VIA, Asia’s first cross-border mobile

payment alliance, to create a seamless region-
wide payment network.
BUSINESS REVIEWS
• Entered esports with the launch of PVP Esports
Championship, a multi-title and regional league.
Extended digital marketing

capabilities into TV space

• Amobee acquired Videology, a technology
provider for advanced TV and video advertising,
to unify digital, social and TV advertising on a
single platform.
• Amobee signed an exclusive agreement with

ITV, the UK’s largest commercial broadcaster, to
power ITV’s premium video advertising and make
their inventory exclusively available through the
Amobee technology platform.
PERFORMANCE
Launched platform to accelerate
enterprises’ digital transformation
• Launched the FutureNow Innovation Centre

which combines our experience and expertise
with emerging technologies to help enterprises
digitalise.
FINANCIALS
Continued to invest in India’s

growth potential
• Deepened relationship with Airtel, which

continues to ride the growth in data in India,
through our participation in its rights issue.

Chairman’s Message
Dear Shareholders, investment and ensure Bharti can Group’s operations and resources
fund its growth. into a single global entity under the
FY 2019 was more than just Trustwave brand to form one of the
a challenging year. I would It is your Board’s belief that India industry’s most comprehensive global
characterise it as somewhat of a will remain a major driver of cyber security companies. Our digital
‘perfect storm’ with intensifying industry growth, supported by the marketing business Amobee has
competition across all markets, government’s Digital India initiative.
achieved scale, while the acquisition
particularly India and Indonesia, plus
of Videology, a software provider for
the added backdrop of heightened In Indonesia, Telkomsel weathered
the high-growth advanced TV and
economic uncertainty. These factors, intense price competition, particularly
coupled with regional currencies during the government-mandated video advertising segments, positions
moving significantly against us registration exercise for prepaid us strongly for a converged media
and reduced contributions from SIM cards. With the recovery of the landscape.
our smaller stake in NetLink Trust, market, we expect Telkomsel to return
contributed to a 21% decline in our to growth. Your Board is aware that the value
underlying net profit to S$2.83 billion. of these investments is not being
STRONG CORE PERFORMANCES recognised in our share price and
Your Board has proposed the Despite challenges, we had strong management intends to unlock this
payment of a final dividend of 10.7 performances in Singapore and value at the appropriate time. We
cents per share. If approved, this will Australia. Our consumer businesses are also leveraging our regional
bring the total full year dividend to gained mobile market share in both
scale and partnerships to drive a
17.5 cents per share. countries as our investments in
digital ecosystem across our mobile
networks, content and digitalisation
customer base of more than 690
RISING TO CHALLENGES paid off.
million.
Last year, I signalled that competition
was escalating across the region, Both markets also laid the groundwork
with operators aggressively for 5G. Optus introduced Australia’s DEEPENING SUSTAINABILITY
competing for market share. first 5G commercial service while EFFORTS
Singtel launched Singapore’s first 5G As the sustainability conversation
In India, we have seen an pilot network. New technologies like evolves, so has Singtel’s efforts in this
unprecedented situation, where a 5G will converge with IoT and AI to space. To reduce our carbon footprint
new entrant investing more than usher in an era of hyper-connectivity even further to align with the global
US$40 billion, has waged a price war, that will redefine whole industries climate agenda, we are exploring
driving the industry into losses. and consumer lifestyles. Our 5G long-term renewable energy supply
investments are part of longer-term options to help us fulfil our aspiration
While this has been painful in the plans to position us for future growth.
to be carbon neutral. Our efforts
short term, we have arrived at a
have not gone unnoticed and we
three-player market, creating a GROWING NEW GLOBAL
continue to be recognised globally
better long-term market structure for BUSINESSES
when the market normalises. Part of our digital transformation in areas such as climate change,
involved making calculated governance and diversity. We were
Airtel has weathered this storm and investments in new businesses that one of four Singapore firms and the
defended its market share. Airtel would thrive in the future economy. only Southeast Asian communications
undertook a rights issue in May which Building out our digital businesses: in company to be listed in the 2019
Singtel has supported to protect our cyber security, we consolidated the Bloomberg Gender-Equality Index.
5
OVERVIEW
GOVERNANCE
BUSINESS REVIEWS
On that note, I am happy to welcome
Gail Kelly, Bradley Horowitz and
Dominic Barton to the Singtel Board.
Their respective backgrounds in
finance, technology and consulting
add to our diversity and bring a fresh
infusion of expertise. I would also
like to express my heartfelt thanks to
Peter Mason and Bobby Chin – both
of whom are retiring from the Board.

Their insights and contributions over
the years have been invaluable.
Good governance is fundamental for

long-term business sustainability and
value creation for our stakeholders.
Our efforts on this front continue to
be recognised as we were named
ASEAN’s Top 5 and Singapore’s Top 3
Publicly Listed Companies at the 2nd
ASEAN Corporate Governance Awards.
We are committed to maintaining the
highest standards of governance and New technologies like 5G will converge
will continue to improve our policies
PERFORMANCE
and processes.
with IoT and AI to usher in an era of
hyper-connectivity that will redefine
Yours sincerely,
whole industries and consumer
lifestyles. Our 5G investments are part
of longer-term plans to position us for
future growth.
SIMON ISRAEL FINANCIALS
Chairman

GCEO Review
Dear Shareholders, give us one of the strongest credit to providing superior network
ratings among telecom companies. coverage and connectivity and
TURNING THE CORNER ON A leading the way to 5G. While 5G
CHALLENGING YEAR REGIONAL MARKET GROWTH spectrum policy is still being finalised
We have executed well and gained We have a unique regional presence in Singapore, we are piloting the
mobile share in our core markets that is of scale. Our positive long- island’s first 5G network. In Australia,
in Singapore and Australia against term view of our regional assets and Optus with its extensive 5G spectrum
intense competition. However, the past diversification hasn’t changed. While portfolio became the first carrier to
year was far from business as usual. it was a particularly bruising year for provide high-speed home broadband
Our results were affected by carriage India which faced such aggressive services on 5G.
pricing erosion in the enterprise competition that only three operators
segment and challenging conditions now stand, Airtel has weathered DRIVING NEW GROWTH IN DIGITAL
in India and Indonesia. Competition the storm and strengthened its As governments race to build smart
intensified across virtually all our balance sheet with a rights issue to cities and enterprises future-proof
markets as operators jostled for further compete in a consolidated their operations, we will leverage
market share while advances in market that remains buoyed by the this rising tide of digitalisation to
technology continued to disrupt the growth potential of Digital India. drive growth in our ICT and digital
telco industry, putting more pressure Indonesia had a nationwide SIM card businesses. Both our cyber security
on prices and return on investment. registration exercise which affected business Trustwave and digital
With currency headwinds and the the industry but the market is now marketing arm Amobee, while not
exceptional gain recorded last year recovering. Globe had a stellar year yet profitable, have executed their
from our NetLink Trust divestment, net with robust revenue share growth strategies. We are confident they
profit dropped 44% to S$3.1 billion. Our in mobile and broadband, and AIS will continue their revenue growth
underlying net profit declined 21%. continued to lead the market in momentum to become leading
Thailand. We expect our associates players.
Against this backdrop of tougher to deliver positive growth fueled by
industry and business conditions, exponential growth in smartphone We are also pursuing new growth
we stayed the course on digital adoption and a plethora of by developing a regional digital
transformation which puts us in good applications and content. ecosystem that unlocks the value
stead. Our efforts to stay relevant of the Group’s 690 million strong
to customers through digitalisation DIFFERENTIATING A RESILIENT customer base. Given that Singtel,
paid off as our core consumer CORE Optus and all our associates remain
business raised the bar in products The competitive landscapes in our leaders in their respective markets,
and services and customer service core markets of Singapore and we’re jointly tapping into these
standards. The race by governments Australia have changed with more markets in the mobile payments,
and enterprises to digitalise their players, including MVNOs, in the financial services, esports and
processes and operations also industry coupled with increasing gaming spaces. The size of our
presented new opportunities for capital intensity with 5G rollout combined markets, our irrefutable
our enterprise business, particularly expectations. Our businesses will network leadership and product
Trustwave and NCS. Having invested accelerate digitalisation, automation innovation, and our valuable customer
in deepening our capabilities in cyber and robotic processes combining relationships – position us to drive
security, cloud, data analytics and IoT, AI tools and data analytics to drive synergies and reap benefits from such
ICT services now constitute 48% of our productivity, cost savings and an ecosystem.
enterprise revenue. Amid a difficult better customer experiences. We
year, we were financially disciplined have differentiated with product SUSTAINABILITY AND FUTURE-
and prudent in managing our costs innovations, quality content and READINESS
and investments. Our strong free cash partnerships that were well-received We remain committed to creating
flow generation and balance sheet by customers. We remain committed sustainable business growth
7
OVERVIEW
while driving positive change in
BUSINESS REVIEWS
our communities. As our digital
transformation accelerates, we
are investing in building a future-
ready team. Our reskilling efforts
include working with researchers
and partners within the ecosystem
in the areas of cyber security and
5G to develop capabilities for
the new economy. Our diversity
and inclusiveness are vital to our

transformation process. As women
comprise half of the Group’s
customers, women now constitute a
third of our workforce, management
and Board which helps us better
understand and answer to the needs
of our stakeholders. We stay dedicated
to the vulnerable segments in our
society with our flagship philanthropy
programme, the Singtel Touching
Lives’ Fund, supporting the education
of children and youth with special
needs in Singapore. We are giving
back to the larger society, having
PERFORMANCE
contributed to Perth’s landmark Optus
Stadium last year and most recently, We expect our associates to deliver
Esplanade’s new waterfront theatre in
Singapore. positive growth fueled by exponential
I would like to thank the Board for
growth in smartphone adoption
their guidance, and our partners and a plethora of applications and
and shareholders for their continued
support for our transformation efforts. content.
FINANCIALS
My appreciation also goes to the
Singtel team and our union leadership
whose unstinting commitment to
change has helped sustain our
successful record thus far.
Yours sincerely,
CHUA SOCK KOONG

Group Chief Executive Officer

Who We Are
Asia’s leading More than
communications 70%
of earnings from
technology operations outside of

Singapore
group
In the course of our 140-year history,
we have played a key role in Singapore’s
development as a telecommunications
hub for the region. Together with our
regional associates AIS, Airtel, Globe and
Telkomsel, we’ve grown to become Asia’s
leading communications technology
group, providing an extensive range of
telecommunications and digital services
to consumers and businesses across Asia,
Australia, Africa and the US. Through
constant innovation in next-generation
technologies and a deep understanding
of our markets, we are bringing the future
of connectivity closer to our customers.
Over
690m 60
Enterprise
mobile customers in global offices in
21
countries
23
countries
Notes:
(1)
(2)
Based on direct equity interest only.
Singtel has 21.5% interest in Globe’s voting shares.
All figures as at 31 March 2019 unless otherwise stated.
9
OVERVIEW
India | South Asia | Africa Thailand Philippines
BUSINESS REVIEWS
39.5% effective interest 23.3% of ordinary shares (1) 47.1% of ordinary shares (2)
Mobile customers: 41m mobile customers 83m mobile customers
283m (India)
2.6m (South Asia)
99m (Africa)
21.0% of ordinary shares
An investor in telcos, media
and technology

Indonesia
Singapore
PERFORMANCE
35.0% effective interest
169m mobile customers
4.2m mobile customers

0.6m broadband customers
FINANCIALS
Australia
10.3m mobile customers

1.2m broadband customers
10
Our Businesses and Strategy
From telco to global communications
technology company
Vision Mission
To be Asia Pacific’s best communications To create sustainable long-term growth, deliver superior
technology company. shareholder returns and generate positive impact for
stakeholders.
Strategic Priorities Differentiators Businesses
Accelerating Digital Customer

Transformation Relationships
Digitalising Connectivity
Core Businesses
Growing New Digital Network

Services Leadership
Building a Regional
Data Insights
Digital Ecosystem
Championing Digital
Sustainability Innovation
11
OVERVIEW
The digital revolution has brought a slew of new opportunities for Singtel as
consumers and enterprises embrace the connected world. We are accelerating
our digital transformation in preparation for a more intelligent future with the
convergence of technologies such as AI, IoT and 5G that will radically change how we
BUSINESS REVIEWS
live and do business. We have developed new digital growth drivers such as cyber
security and digital marketing that leverage our existing assets and strengths in
connectivity and smart data. We are also leveraging our regional scale and reach to
drive a digital ecosystem, that includes mobile financial services and new forms of
content, to unlock the value of our more than 690 million mobile customer base.
Stakeholders

Group Consumer
Offers a range of digital services from music, OTT video, to mobile payments in addition
to voice, messaging, broadband and pay-TV.
Customers
Read more about Group Consumer from page 29 - 40.
Investors
PERFORMANCE
Group Enterprise
Delivers core enterprise ICT services as well as cloud, IoT, cyber security and
smart city solutions.
Communities
Read more about Group Enterprise from page 41 - 46.
FINANCIALS
Regulators and
Group Digital Life Governments
Focuses on digital marketing, data analytics and OTT video.

Read more about Group Digital Life from page 47 - 52.
Employees

The Value We Create
Beyond connecting people and enabling businesses, we believe in creating value for
our customers, our investors, our people, and the communities in which we operate.
For Our Customers

Providing secure
high-speed data
connectivity with
Our regional associates

now have more than
428
points of presence in
319m 362
mobile data users, a
cities globally.
15%
increase from a year ago.
For Our Investors
We paid
S$2,857m
in dividends and
S$393m
in interest.
Accolades
5-year Total Shareholder Return
#1 in Singapore Governance and Transparency
Index 2018
Singtel 1.0%
ASEAN’s Top 5 Publicly Listed Companies at ASEAN
Straits Times Index 3.6%
Corporate Governance Awards 2018
Singapore’s Top 3 Publicly Listed Companies at

Source: Bloomberg, 2014-2019 ASEAN Corporate Governance Awards 2018
13
OVERVIEW
For Our People
We supported
BUSINESS REVIEWS
more than
In FY 2019,
200 we invested over
students through
our internship
S$26m
and scholarship to train staff in Singapore
programmes this year. and Australia, clocking an
average of about

29
hours per person.
For Our Communities
Our digital citizenship programmes

taught digital literacy to over
PERFORMANCE
380,000
students in Singapore and Australia
since FY 2016.
FINANCIALS
This year we We contributed

achieved a
We supported more than

64% S$20.3m
to the community and spent
8,000
carbon emissions intensity
SMEs in their digitalisation

journey since the launch of the
reduction from baseline year of
FY 2015.
26,709
hours in staff volunteering
99%SME campaign. in FY 2019.

Board of Directors
Simon Israel Chua Sock Koong

• Non-executive and non-independent Director • Executive and non-independent Director
• Chairman, Singtel Board • Member, Optus Advisory Committee
• Chairman, Finance and Investment Committee • Date of appointment: Director on 12 October 2006 and Group Chief
• Member, Corporate Governance and Nominations Committee Executive Officer (CEO) on 1 April 2007
• Member, Executive Resource and Compensation Committee • Last re-elected: 28 July 2017
• Member, Optus Advisory Committee • Number of directorships in listed companies (including Singtel): 2
• Date of appointment: Director on 4 July 2003 and Chairman on
29 July 2011
• Last re-elected: 29 July 2016
Ms Chua Sock Koong, 61, was appointed Group CEO
• Number of directorships in listed companies (including Singtel): 3
on 1 April 2007. She has overall responsibility for the
Group’s businesses.
Mr Simon Israel, 66, is the Chairman of Singapore
Sock Koong joined Singtel in June 1989 as Treasurer
Post Limited and a Director of Fonterra Co-
before becoming CFO in April 1999. She held the
operative Group Limited and Stewardship Asia
positions of Group CFO and CEO, International
Centre CLG Limited. He is also a member of the
from February 2006 to 12 October 2006, when she
Governing Board of Lee Kuan Yew School of Public
was appointed Deputy Group CEO.
Policy and Westpac’s Asia Advisory Board. Simon
is a former Director of CapitaLand Limited and Sock Koong sits on the boards of Bharti Airtel
Stewardship Asia Centre Pte. Ltd. Limited, Bharti Telecom Limited, the Defence
Science and Technology Agency, Cap Vista Pte Ltd
Simon was an Executive Director and President of and key subsidiaries of the Singtel Group. She is
Temasek Holdings (Private) Limited before retiring also Deputy Chair of the GSMA Board.
on 1 July 2011. Prior to that, he was Chairman, Asia
Pacific of the Danone Group. Simon also held She is a member of the Singapore Management
various positions in Sara Lee Corporation before University Board of Trustees, the Public Service
becoming President (Household & Personal Care), Commission, the Research, Innovation and
Asia Pacific. Enterprise Council and the Indonesia-Singapore
Business Council. She is also an alternate member
Simon was conferred Knight in the Legion of of Singapore’s Council of Presidential Advisers.
Honour by the French government in 2007 and
Sock Koong holds a Bachelor of Accountancy
awarded the Public Service Medal at the Singapore
(First Class Honours) from the University of
National Day Awards 2011. He holds a Diploma in
Singapore. She is a Fellow Member of the Institute
Business Studies from The University of the South
of Singapore Chartered Accountants and a CFA
Pacific.
charterholder.
15
OVERVIEW
BUSINESS REVIEWS
Gautam Banerjee Dominic Barton
• Non-executive and independent Director • Non-executive and independent Director
• Member, Audit Committee • Member, Finance and Investment Committee
• Member, Risk Committee • Member, Risk Committee
• Date of appointment: 1 March 2018 • Date of appointment: 25 March 2019
• Last re-elected: 24 July 2018 • Number of directorships in listed companies (including Singtel): 2
Mr Dominic Barton, 56, is Senior Partner of

Mr Gautam Banerjee, 64, is Senior Managing McKinsey & Company. Until July 2018, Dominic
Director of Blackstone Group and Chairman of was the Global Managing Partner of McKinsey &
Blackstone Singapore Pte Ltd. Gautam spent over Company. Prior to that, he was based in Shanghai
PERFORMANCE
30 years with PricewaterhouseCoopers (PwC) and as McKinsey’s Asia Chairman and also led the
was a Senior Partner and Executive Chairman of Korea office.
PwC Singapore until he retired on 31 December
2012. Dominic is the Chairman of Teck Resources Limited.
He is the Chancellor of the University of Waterloo,
Gautam sits on the boards of Singapore Airlines the Chairman of the International Integrated
Limited, Piramal Enterprises Limited, The Indian Reporting Council, the Canadian Minister of
Hotels Company Limited, GIC Private Limited and Finance’s Advisory Council on Economic Growth
EDBI Pte Ltd. He also serves in several not-for- and the Seoul International Business Advisory
profit organisations including Defence Science and
FINANCIALS
Council. He is also a trustee of the Brookings
Technology Agency, Listings Advisory Committee of Institution, a member of the Singapore Economic
the Singapore Exchange, Singapore Legal Service Development Board’s International Advisory
Commission and Yale-NUS College. He was a Council, and a member of the boards of Memorial
Director of The Straits Trading Company Limited. Sloan Kettering in New York City and the Asia
Pacific Foundation of Canada. He is one of the
Gautam holds a Bachelor of Science (Honours) and
founders of FCLT Global.
an Honorary Doctor of Laws (LLD) from Warwick
University. He is a fellow member of the Institute of Dominic holds a Bachelor of Arts (Honours) in
Chartered Accountants in England and Wales, the Economics from the University of British Columbia
Institute of Singapore Chartered Accountants and and a Master of Philosophy in Economics from
the Singapore Institute of Directors. Oxford University, where he studied as a Rhodes
Scholar.

Board of Directors
Bobby Chin Venky Ganesan

• Chairman, Audit Committee • Chairman, Technology Advisory Panel
• Member, Risk Committee • Member, Finance and Investment Committee
• Date of appointment: 1 May 2012 • Date of appointment: 2 February 2015
• Last re-elected: 24 July 2018 • Last re-elected: 24 July 2018
• Number of directorships in listed companies (including Singtel): 4 • Number of directorships in listed companies (including Singtel): 1
Mr Bobby Chin, 67, is a member of the Council Mr Venkataraman (Venky) Ganesan, 45, is one of
of Presidential Advisers and Chairman of the the Managing Partners of Menlo Ventures, a top-
Corporate Governance Advisory Committee, the tier Silicon Valley venture capital firm. He focuses
Housing & Development Board, NTUC Fairprice Co- on investments in the consumer and enterprise
operative Limited and NTUC Fairprice Foundation sectors. Venky sits on the boards of several
Ltd. He is the Deputy Chairman of NTUC Enterprise portfolio companies of Menlo Ventures. He is also
Co-operative Limited. He serves on the boards of a Board member of Amobee, Inc., a wholly-owned
the Singapore Labour Foundation and Temasek subsidiary of Singtel.
Holdings (Private) Limited. He is Chairman of
Frasers Commercial Asset Management Ltd and Prior to joining Menlo Ventures, Venky was
also a Director of several listed companies, namely Managing Director at Globespan Capital Partners.
Yeo Hiap Seng Limited, Ho Bee Land Limited and AV Before Globespan, he was one of the founders of
Jennings Limited. Trigo Technologies. He also worked at McKinsey &
Company and Microsoft as a Program Manager.
Bobby was the Managing Partner of KPMG He is the former Chair of the National Venture
Singapore from 1992 until his retirement in Capital Association and a former Director of Gild,
September 2005. He was a Director of SembCorp Inc., Handle, Inc., Palo Alto Networks Inc and
Industries Ltd. Virident Systems.
Bobby holds a Bachelor of Accountancy from the Venky holds a Bachelor of Arts in Economics-
University of Singapore. He is an associate member Mathematics from Reed College and a Bachelor
of the Institute of Chartered Accountants in England of Science in Engineering and Applied Science
and Wales. (Honours) from the California Institute of
Technology in the US.
17
OVERVIEW
BUSINESS REVIEWS
Bradley Horowitz Gail Kelly
• Member, Finance and Investment Committee • Member, Audit Committee
• Member, Technology Advisory Panel • Member, Executive Resource and Compensation Committee
• Date of appointment: 26 December 2018 • Member, Optus Advisory Committee
• Number of directorships in listed companies (including Singtel): 1 • Date of appointment: 26 December 2018
Mr Bradley Horowitz, 54, is Vice President of

Product Management at Google, Inc. Over the Mrs Gail Kelly, 63, is a Board Director of Australian
past decade, Bradley has led product development Philanthropic Services. She is also a Senior Global
for a wide array of consumer products at Google Adviser to UBS and a member of the Group of
PERFORMANCE
including Gmail, Google Drive & Docs, Blogger, Thirty, Bretton Woods Committee, McKinsey
Google Voice, Google News and Google Photos. Advisory Council and PLuS Alliance Advisory Board.
Prior to joining Google, he was the Vice President of Gail’s executive banking career spanned 35 years.
Advanced Development at Yahoo, Inc. She was the Group Chief Executive Officer and
Bradley is an independent Director of Issuu, Inc. Managing Director of two banks in Australia –
and also a member of the Visiting Committee St.George Bank from 2002 to 2007 and Westpac
of Media Lab at the Massachusetts Institute of Banking Corporation from 2008 to 2015. She was
Technology. previously a Director of Woolworths Holdings
Limited in South Africa, Country Road Group, David
FINANCIALS
Bradley holds a Bachelor in Computer Science from Jones and the Business Council of Australia.
the University of Michigan and a Masters in Media
Science from the Media Lab at the Massachusetts Gail holds a Bachelor of Arts and Higher Diploma
Institute of Technology. of Education from the University of Cape Town
and a Masters of Business Administration
(with Distinction) from the University of the
Witwatersrand. She has been awarded an
Honorary Doctorate of Business by the University
of New South Wales, Macquarie University and

Charles Sturt University and an Honorary Doctorate
of Science in Economics by the University of Sydney.

Board of Directors
Low Check Kian Peter Mason AM (1)

• Non-executive and Lead Independent Director • Non-executive and independent Director
• Chairman, Corporate Governance and Nominations Committee • Chairman, Executive Resource and Compensation Committee
• Member, Finance and Investment Committee • Chairman, Optus Advisory Committee
• Date of appointment: Director on 9 May 2011 and Lead Independent • Date of appointment: 21 September 2010
Director on 21 July 2015 • Last re-elected: 29 July 2016
• Last re-elected: 28 July 2017 • Number of directorships in listed companies (including Singtel): 2
Mr Peter Mason, 72, is Chairman of AusNet Services

Mr Low Check Kian, 60, is a Director of Cluny Limited and a Senior Advisor to UBS Australia. He is
Park Capital. He was previously one of the a Director of the Centre for Independent Studies.
founding partners of NewSmith Capital Partners
LLP (NewSmith), an independent partnership Peter has more than 40 years’ experience in
providing corporate finance advice and investment investment banking, including JP Morgan and
management services with its headquarters based Schroders. He has been Chairman and a Director
in London. Prior to founding NewSmith, he was a of a number of Australian companies.
Senior Vice President and member of the Executive
Management Committee of Merrill Lynch & Co and Peter is a Member of the Order of Australia.
its Chairman for the Asia Pacific region. He holds a Bachelor of Commerce (First Class
Honours), an MBA and an Honorary Doctorate from
Check Kian also sits on the boards of Broadcom The University of New South Wales, Australia.
Limited, Singtel Innov8 Pte. Ltd. and Singtel Innov8
Holdings Pte. Ltd., and is a trustee of the Singapore
London School of Economics Trust and Nanyang
Technological University. He was a Director of
Neptune Orient Lines Limited and Fullerton Fund
Management Company Ltd.
Check Kian holds a B. Sc (First Class Honours) and

M. Sc in Economics from the London School of
Economics.
Note:
(1)
Member of the Order of Australia.
19
OVERVIEW
BUSINESS REVIEWS
Christina Ong Teo Swee Lian
• Member, Audit Committee • Chairman, Risk Committee
• Member, Corporate Governance and Nominations Committee • Member, Corporate Governance and Nominations Committee
• Date of appointment: 7 April 2014 • Member, Executive Resource and Compensation Committee
• Last re-elected: 29 July 2016 • Date of appointment: 13 April 2015
• Number of directorships in listed companies (including Singtel): 4 • Last re-elected: 24 July 2018
Mrs Christina Ong, 67, is Co-Chairman and Senior

Partner of Allen & Gledhill LLP as well as Co-Head of Ms Teo Swee Lian, 59, is the Chairman of CapitaLand
its Financial Services Department. She is a Director of Mall Trust, a Director of AIA Group Ltd, Avanda
PERFORMANCE
Hongkong Land Holdings Limited, Oversea-Chinese Investment Management Pte Ltd, Clifford Capital Pte.
Banking Corporation Limited, SIA Engineering Ltd. and Dubai Financial Services Authority, a member
Company Limited and Epimetheus Ltd. Christina is of the Governing Board of the Duke-NUS Medical
a member of the Catalist Advisory Panel and the School and a council member of the Asian Bureau
Corporate Governance Advisory Committee, a trustee of Finance & Economic Research of NUS Business
of The Stephen A. Schwarzman Scholars Trust and School.
a member of the Supervisory Committee of the ABF
Swee Lian was Special Advisor in the Managing
Singapore Bond Index Fund. She also sits on the
Director’s Office at the Monetary Authority of
boards of companies and entities which are owned
Singapore (MAS) until she stepped down in early June
by Allen & Gledhill LLP. She is a former Director of
FINANCIALS
2015. Prior to that, she was the Deputy Managing
Singapore Tourism Board and Trailblazer Foundation
Director in charge of Financial Supervision at
Ltd.
the MAS, where she oversaw macroeconomic
Christina is a lawyer and she provides corporate surveillance, regulation and supervision of the
and corporate regulatory and compliance advice, banking, insurance and capital markets industries.
particularly to listed companies. Her areas of practice Swee Lian was also a member of the Corporate
include banking and securities. Governance Council formed by the MAS and the
Singapore Exchange Diversity Action Committee.
Christina holds a Bachelor of Laws (Second Upper
Class Honours) from the University of Singapore. She Swee Lian holds a B. Sc (First Class Honours)
is a member of the Law Society of Singapore and the in Mathematics from Imperial College, London
International Bar Association. University and an M. Sc in Applied Statistics from
Oxford University.
Notes:
1. Information as at 15 May 2019.
2. Mr Peter Ong stepped down from the Singtel Board following the conclusion of the Annual General Meeting on 24 July 2018.

Organisation Structure
Group Chief Executive Officer

Chua Sock Koong
Group Businesses Corporate Functions
Chief Executive Officer Audit Committee

Consumer Australia /
Chief Executive Officer Optus
Allen Lew
Group Chief
Internal Auditor
Craig Young
Chief Executive Officer

Consumer Singapore /
Group Chief
Group Chief Digital Officer
Corporate Officer
Yuen Kuan Moon
Jeann Low
Group Chief
Chief Executive Officer Financial Officer
Group Enterprise / Country Lim Cheng Cheng
Chief Officer Singapore
Bill Chang
Group Chief
Human Resources Officer
Aileen Tan

Group Digital Life
Samba Natarajan Group Chief
Information Officer
William Woo
Chief Executive Officer Group Chief

International Technology Officer
Arthur Lang Mark Chong
21
OVERVIEW
Management Committee
BUSINESS REVIEWS
Chua Sock Koong Bill Chang
Ms Chua Sock Koong, 61, was appointed Group Mr Bill Chang, 52, was appointed Chief Executive
CEO on 1 April 2007. She has overall responsibility Officer, Group Enterprise on 16 July 2012. He leads
for the Group’s businesses. the infocomm and technology (ICT) team, providing
solutions to enterprise customers. He also assumed
Sock Koong joined Singtel in June 1989 as Treasurer the role of Country Chief Officer Singapore on
before becoming CFO in April 1999. She held the 1 October 2014, as principal liaison with local and
positions of Group CFO and CEO, International regulatory bodies.
from February 2006 to 12 October 2006, when she Bill joined Singtel in November 2005 as Executive Vice
PERFORMANCE
was appointed Deputy Group CEO. President of Corporate Business and subsequently as
Managing Director, Business Group.
Sock Koong sits on the boards of Bharti Airtel
Limited, Bharti Telecom Limited, the Defence Bill is the Chairman of the Singapore Polytechnic
Science and Technology Agency, Cap Vista Pte Ltd Board of Governors and co-chaired the Future
and key subsidiaries of the Singtel Group. She is Jobs and Skills Sub-committee of the Committee on
also Deputy Chair of the GSMA Board. the Future Economy of Singapore. He is a member
of the Australian Institute of Company Directors’
She is a member of the Singapore Management International Advisory Technology Governance
and Innovations Panel, and the Board of Urban
FINANCIALS
University Board of Trustees, the Public Service
Redevelopment Authority of Singapore.
Commission, the Research, Innovation and
Enterprise Council and the Indonesia-Singapore For his contributions, Bill has won multiple
Business Council. She is also an alternate member recognitions including the Public Service Star in
of Singapore’s Council of Presidential Advisers. conjunction with National Day Honours, the Singapore
Computer Society’s IT Leader of the Year award in
Sock Koong holds a Bachelor of Accountancy 2017, and the honorary Fellow of the Society in 2014.
(First Class Honours) from the University of
Bill graduated with a Bachelor of Engineering
Singapore. She is a Fellow Member of the Institute
(Honours) in Electrical and Computer Systems

of Singapore Chartered Accountants and a CFA
Engineering from Monash University, Australia and
charterholder.
attended the Harvard Business School’s Advanced
Management Program.

Mark Chong Arthur Lang

Mr Mark Chong, 55, was appointed Group Chief Mr Arthur Lang, 47, is CEO, International
Technology Officer on 1 April 2017. He leads the having joined Singtel in January 2017. His main
Group’s technology strategy and innovations in responsibilities are to oversee the growth of the
the transformation of its networks and businesses Group’s regional associates across Africa, India,
across Singapore and Australia. Prior to his Indonesia, the Philippines and Thailand, strengthen
appointment, Mark was CEO, International from their relationships with overseas partners, and drive
January 2013 to March 2017. regional initiatives, such as the regional mobile
financial and gaming businesses, for scale and
Mark joined Singtel in 1997 and has held various synergies.
executive positions in the company including the
roles of EVP (Networks) in Singapore and Chief Prior to joining Singtel, Arthur was Group Chief
Operating Officer of Advanced Info Service Public Financial Officer of CapitaLand Limited, where
Company Limited (AIS), Singtel’s associate in he also ran CapitaLand’s real estate fund
Thailand. management business. Prior to CapitaLand, Arthur
was at Morgan Stanley where he was Co-head
Mark has represented Singtel on the Boards of of the Southeast Asia investment banking division
public listed companies such as Globe Telecom, and Chief Operating Officer of the Asia Pacific
Bharti Infratel, CS Loxinfo PCL and other non- investment banking division.
listed companies such as OpenNet. He is currently Arthur is a board member of Airtel Africa, Globe
Chairman of Bridge Mobile Alliance and an Telecom, Bharti Infratel Limited, NetLink NBN Trust,
Authority member of the Civil Aviation Authority of the Land Transport Authority of Singapore, the
Singapore. National Kidney Foundation and the Straits Times
School Pocket Money Fund. He also sits on the
He graduated with a Bachelor of Electronics Advisory Board of the Lee Kong Chian School of
Engineering and Master in Research in Electronic Business, SMU. In 2018, Arthur was awarded the
Systems from ENSERG, Grenoble, France, on a Public Service Medal for his contributions.
Singapore Government scholarship. Mr Chong
obtained his MBA from the National University of Arthur has an MBA from the Harvard Business
Singapore. He is a Senior Fellow with the Singapore School and a BA in Economics (magna cum laude)
Computer Society. from Harvard University.
23
OVERVIEW
BUSINESS REVIEWS
Allen Lew Lim Cheng Cheng
Mr Allen Lew, 64, was appointed Chief Executive Ms Lim Cheng Cheng, 47, is Group Chief Financial
Officer, Consumer Australia and Chief Executive Officer. She assumed this role on 10 April 2015
Officer, Optus on 1 October 2014. and is responsible for the Singtel Group’s finance-
related functions including tax, treasury and
Prior to that, Allen was CEO, Group Digital Life investor relations.
where he transformed the Group into a leading
player in the digital ecosystem. He was also Country Cheng Cheng has over 24 years of experience in
Chief Officer Singapore. finance and mergers and acquisitions. She joined
Singtel in 2012 as Vice President, Group Strategic
PERFORMANCE
Allen began his career with Singtel on 7 November Investment and was appointed Deputy GCFO on
1 October 2014. Prior to that, she was Managing
1980 and has served in various senior management
Director, Group Strategic Investments.
roles, both in Singapore and overseas. His first
overseas posting was to Advanced Info Service Before joining Singtel, Cheng Cheng was Executive
Public Company Limited (AIS), Singtel’s regional Vice President and CFO at SMRT Corporation.
associate. He was the Chief Operating Officer of She also worked at Singapore Power for 10
AIS for three years before his posting to Optus in years in various corporate planning, investments
late 2001, as Managing Director of Optus Mobile and finance roles, the last being Head and Vice
FINANCIALS
and later as Managing Director of Optus Consumer President (Financial Planning and Analysis).
Business. He returned to Singapore as CEO
Singapore in 2006. Cheng Cheng is a non-executive, non-independent
Director at SingPost and is the winner of the Best
Allen is the Chairman of the AIS Executive CFO (big cap) title at the 2018 Singapore Corporate
Committee. Awards. Cheng Cheng also serves on the Board of
Governors of Raffles Girls’ School.
He holds a Bachelor of Electrical Engineering
Cheng Cheng holds an MBA from the University of
from the University of Western Australia under a
Chicago Booth School of Business and a Bachelor

Colombo Plan Scholarship and a Master of Science
of Accountancy from Nanyang Technological
(Management) from the Massachusetts Institute of
University. She is a Chartered Accountant
Technology.
(Singapore) of the Institute of Singapore Chartered
Accountants.

Jeann Low Samba Natarajan

Ms Jeann Low, 58, was appointed Group Chief Mr Samba Natarajan, 53, is Chief Executive Officer,
Corporate Officer on 10 April 2015. She is Group Digital Life. He joined Singtel in May 2014 as
responsible for the Group’s corporate functions Managing Director of Digital Enterprise, leading
including strategy, mergers and acquisitions, a team focused on identifying and executing on
corporate communications, legal, regulatory and growth opportunities from emerging technology
procurement. trends.
Prior to this role, she was Group Chief Financial Samba has more than 25 years of corporate
Officer for seven years. Jeann joined Singtel on and consulting experience across a wide range
12 October 1998 as Group Financial Controller of senior roles in the areas of strategy, business
and has held several management roles including development and finance. He worked for Citibank
Executive Vice President of Strategic Investments from 1988 to 1997 and McKinsey & Company from
and CFO of Optus. 1999 to 2014. In his last role at McKinsey, he was
the Leader of Southeast Asia Technology, Media &
Jeann is a member of the Governing Board of the Telecommunications practice.
Lee Kong Chian School of Medicine. She is also a
Director of Advanced Info Service Public Company Samba serves on the Board of Directors of Globe
Limited (AIS) and Intouch Holdings Public Company Telecom in the Philippines. He is also a member of
Limited. the Board of the Singapore American School.
Jeann holds an Honours Degree in Accountancy Samba holds a Bachelor of Engineering degree in
from the National University of Singapore and Electrical Engineering with distinction from the Birla
is a Fellow Member of the Institute of Singapore Institute of Technology and Science in Pilani, India;
Chartered Accountants. a Post Graduate Diploma in Management from the
Indian Institute of Management in Ahmedabad,
India, and an MBA from the Wharton School,
University of Pennsylvania, USA where he was a
Ford Fellow and a Palmer Scholar.
25
OVERVIEW
BUSINESS REVIEWS
Aileen Tan William Woo
Ms Aileen Tan, 52, Group Chief Human Resources Mr William Woo, 55, was appointed Group Chief
Officer, is responsible for the development of Information Officer from 1 August 2017. William
human resources across the Singtel Group. She was Managing Director of Enterprise Data and
also leads its corporate sustainability function. Managed Services and Managing Director of
Cyber Security at Group Enterprise.
Aileen joined Singtel in June 2008 as Group
Director, Human Resources. Prior to that, she was He joined Singtel in May 2011 from Xchanging PLC,
Group General Manager, Human Resources at WBL where he was Managing Director for the Southeast
PERFORMANCE
Corporation Limited and Vice President, Centres of Asia region.
Excellence with Abacus International Pte Ltd.
Prior to that, William spent 20 years at EDS and
She co-chairs the Ministry of Manpower’s HR had held various senior management roles which
Industry Transformation Advisory Panel and is included Managing Director of Southeast Asia &
a member of the Institute for Human Resource India and Vice President, Global Service Delivery
Professionals (IHRP) Board, Singapore University of Asia, responsible for leading the Information
of Social Sciences Board of Trustees and the Home Technology Outsourcing, Business Process
Nursing Foundation Board. Outsourcing and Applications service delivery
FINANCIALS
across the Asia region. He started his career with
Aileen graduated with a Bachelor of Arts from the National Computer Board.
the National University of Singapore. She holds a
Master of Science in Organisational Behaviour from William graduated with a Bachelor of Applied
the California School of Professional Psychology, Science in Computing (Distinction) from the
Alliant International University, US. She is a pioneer Queensland University of Technology, Australia,
IHRP Master Professional, conferred by the IHRP and holds an Executive MBA from the National
in recognition of her being a role model for the HR University of Singapore.
profession. She received the Public Service Medal
in 2018 for significant contributions to the human

resources sectors in Singapore.

Yuen Kuan Moon

Mr Yuen Kuan Moon, 52, was appointed Chief
Executive Officer, Consumer Singapore in June
2012. He leads the Singapore consumer business to
deliver an integrated suite of mobile, broadband
and TV services. Concurrently, Moon is responsible
for driving the Group’s digital transformation as
Group Chief Digital Officer, a role that was created
to unlock digital growth opportunities in an era of
disruption.
Since joining Singtel in February 1993, Moon has

held several leadership roles in Marketing, Business
Development and Sales, including VP of Regional
Operations and EVP of Digital Consumer.
In 2003, Moon was posted to Telkomsel as General

Manager for Product Development and appointed
Director of Commerce from 2005 to 2007. He has
served on the Board of Commissioners in Telkomsel
since 2009.
Moon was appointed to the Board of SkillsFuture

Singapore in October 2016, and the Board of
Advisors of the Institute of Service Excellence
at SMU in January 2018. He was appointed a
member of the Digital Readiness Council Steering
Committee in November 2018.
Moon holds a First Class Honours degree in

Engineering from the University of Western
Australia and a Master of Science in Management
from Stanford University.
27
OVERVIEW
Senior Management
BUSINESS REVIEWS
Chia Wee Boon Hui Weng Cheong Murray King
Chief Excutive Officer President & Chief Operating Officer Chief Financial Officer
NCS, Group Enterprise AIS Optus
PERFORMANCE
Ng Kuo Pin Kim Perell Kelly B Rosmarin
Deputy Chief Executive Officer Chief Executive Officer Deputy Chief Executive Officer
NCS, Group Enterprise Amobee, Group Digital Life Optus
FINANCIALS
Arthur Wong
Global Cyber Security, Group Enterprise

Group Consumer
Connecting
consumers to a
digital future
As consumers’ lives become more digital, we’ll bring them the
convenience they need, connecting them to everything they love just
as they’d want it. With our unparalleled network experience and digital
services, access to mobile financial services and rich entertainment
content, smart living will be even faster and easier. We’re investing
in new technologies and innovations to open up a world of digital
possibilities, enriching their experiences, and connecting them to a
digital future.
29
Group Consumer
Singapore
As Singapore’s fastest and widest network provider, delivering a great customer
experience is our number one priority. We are committed to going beyond
coverage and connectivity to deepen our relationship with customers. Besides
the latest devices and a wide range of plans, we also offer a host of innovative
digital and lifestyle products and services that enhance their lives.
Engaging A digital customer experience

content More customers are engaging with us
through our digital channels with
Singtel TV subscribers
watched a total of 1.1m
179,000
managing services through
My Singtel app and
hours of television
a month. 26%
of sales transactions carried out online.
Source: SG-TAM
CATERING TO CUSTOMERS’ popular shows such as Game of with the first Singapore-Australia 5G
DIGITAL LIFESTYLE NEEDS Thrones. augmented reality video call, made
To enrich our customers’ digital to our Optus colleagues in Sydney,
lifestyles, we developed exciting EXTENDING NETWORK LEADERSHIP Australia.
new products and services to On the network front, we continue to
meet their diverse needs. Our all- deliver on our commitment to provide DOUBLING DOWN ON CONTENT AT
digital mobile plan, GOMO caters superior connectivity and coverage. HOME AND ON-THE-GO
to millennials and digital natives For a record 17 consecutive quarters, Quality content is an important
who need huge data allowances we topped IMDA’s 4G quality of part of our customer engagement
and fuss-free terms which allow service chart with a 99.9% outdoor strategy. We continue to enhance our
them to sign up for and manage coverage score. Singtel TV and Singtel CAST offerings
their plans online. We now offer an to connect customers to premium
Amazon Prime membership that We are paving the way to 5G by content at great value and on their
comes with 2-hour delivery times launching Singapore’s first 5G pilot preferred platforms. During the
for groceries and entertainment network and first live 5G facility year, Singtel TV launched e-Le, our
content perks. We also refreshed in collaboration with Ericsson and second in-house Asian entertainment
our XO plans with an expanded Singapore Polytechnic. Called 5G channel, extended our Premier League
line-up, bundled with 24 months Garage, the facility allows companies rights and added Discovery lifestyle
of premium HBO GO content on to ideate and test 5G use cases. channels, as well as the full-suite of
us, so customers can watch hugely We also created network history HBO channels. We now offer Premier
31
OVERVIEW
League matches to everyone in We know many of our customers are increasingly turning to our self-help
BUSINESS REVIEWS
Singapore, with the contract-free gamers who count on us for reliable platforms such as our 24/7 self-
Sports Plus pack on Singtel CAST. and secure broadband connectivity. serve kiosks and My Singtel app
In 2018, we added an ultrafast for on-demand assistance. More
POWERING UP OUR HOME broadband service with a dedicated than 65% have opted to complete
SERVICES 1Gbps bandwidth specially designed transactions on these channels.
Singapore’s Open Electricity for gaming. We will continue harnessing
Market initiative marked a new technologies such as AI, to provide
chapter for us. We launched Singtel TRANSFORMING THE CUSTOMER customers with top-notch service
Power to offer electricity plans to SERVICE EXPERIENCE innovations that add value and
our customers for the first time, We are choosing to engage our convenience to their lives.

partnering Geneco to deliver savings customers in new ways, strengthening
to residential households. With the our digitalisation efforts across key
addition of Singtel Power, we are touchpoints – at our Singtel shops,
excited to be a convenient one-stop online shop, hotline, web chat and
shop for our customers’ power and My Singtel app. In addition to making
communications needs. purchases online, customers are
PERFORMANCE
FINANCIALS
Singtel Consumer Singapore CEO Yuen Kuan Moon with Jonathan Spink, CEO, HBO Asia mark our collaboration in the presence of iconic Game of Thrones
characters, the ‘Night King’ and his ‘White Walkers’.

Group Consumer
Australia
Optus is going further to connect customers with exceptional service, network and
value. These three areas underpin our vision to become a world class digital service
provider and stay ahead of the game.
Leading the Mobile network

way in 5G leadership
Launched Australia’s We have invested
1st
commercial 5G service.
A$5.9b
since 2015 to improve our
networks.
On our way to deliver
1,200 Our 4G network reaches

5G sites by
2020 97.3%
of the population.
LEADING IN 5G TECHNOLOGY 5G sites by March 2020, more Optus Since 2015, Optus has invested A$5.9
In January 2019, Singtel, Optus and customers will soon be enjoying the billion to improve our network reach,
Ericsson successfully made a 5G 5G experience. capacity and quality. Our 4G service
video call between Singapore and now covers 97.3% of the Australian
Australia which used augmented Fixed wireless access is the first population and we will continue to
reality - a worldwide first. This proved usable application for 5G. As 5G improve our network in the areas
our 5G agility and was a key step in infrastructure rolls out, mobile, IoT where Australians live, work and play.
our commitment to lead 5G delivery and applications yet to be invented
in Australia. We also revealed the first will leverage our next-generation In regional Australia, we reinforced
details of our game-changing Optus network and provide Optus customers our commitment to a strong
5G Home Broadband service in the with even more amazing experiences. nationwide network with our
Australian Capital Territory and in executive team striking out on visits
the process, became the first carrier PROVIDING PREMIUM NETWORK across the nation, including Hobart
in Australia to offer customers a 5G COVERAGE and Launceston in Tasmania and
fixed wireless access service. Optus continues to deliver premium Adelaide and the Barossa Valley in
network coverage and connectivity Southern Australia. The executive
With our comprehensive spectrum that customers need, where they team spoke with customers, local
assets and robust plan to deliver 1,200 need it, at a competitive price. businesses and community groups,
33
OVERVIEW
and unveiled investment in the live and on-demand content, along CREATING THE OPTUS OF
BUSINESS REVIEWS
areas visited. The independent with expert analysis and highlights. THE FUTURE
and respected P3 Connect Mobile With our business transformation now
Benchmark for 2018 ranked Optus as Optus has doubled down on football in full swing, we are embracing new
number one across voice and data for content, extending its Premier League technology and looking to efficiencies
smaller towns and roads – rights and adding UEFA Champions through digitalisation, advanced
a recognition of the strength of our League, UEFA Europa League and analytics and AI as we evolve
network. UEFA Nations League to Optus Sport. into a more innovative and agile
organisation.
Along with this strong, growing Along with this, National Geographic’s
nationwide network, Optus offers enhanced, new-look app, in We are making sure our customers

Australians choice, value, and partnership with Optus, provides see the benefits too. We know more
competitive pricing. users with a personalised content and more customers wish to make
experience that offers live streaming changes and solve issues digitally, so
DELIGHTING CUSTOMERS channels, an immense photo library, we continue to provide more digital
WITH CONTENT digital articles, National Geographic options for them to do so, including
We also know many of our customers magazine archives and more than in-app features for My Optus app
value content, and our content 3,000 captivating short-form videos such as activation, and improved
offerings are delighting customers. As and documentaries, including messaging and engagement.
the home of elite European football, new content produced with Optus
Optus Sport provides customers with exclusively for the app.
PERFORMANCE
FINANCIALS

Group Consumer
The CEO Conversation
Connecting customers to
a digital future
Increasingly connected digital lifestyles have dramatically changed what
customers expect of telcos. Consumer Singapore CEO Yuen Kuan Moon and
Optus CEO Allen Lew share how Singtel and Optus are evolving to better serve the
digital consumer and stay competitive.
As the Singapore and Australia experiences. Sustained mobile can expect us to go bigger on
markets get more crowded, how network investment emphasises digital and lifestyle services and
are Singtel and Optus staying our network leadership claims be the one-stop shop for all their
ahead of the competition? particularly with the introduction of communications and lifestyle needs.
Optus 5G Home Broadband – the
Moon: We are upping the ante to first service of its kind in Australia. Allen: The telecommunications
create more value for our customers. Our exclusive content is a key industry has undergone significant
From connectivity to content, we differentiator. Our customers can’t disruption and the landscape we face
are creating a range of services get enough of Optus Sport and our today is very different from before.
and products that give our different expanded global content offering Our world is increasingly reliant on
customer segments what they need with National Geographic. mobile devices and network access.
at best value rates. One example is Mobile devices are often the first
our XO mobile plans bundled with up Our focus areas of exceptional value, thing we look at in the morning and
to 24 months of HBO GO which gives exceptional network and exceptional the last thing before we go to bed
customers the services they need customer service are also resonating – and in between, they allow us to
with the content they want. with our customers. communicate, share and stream with
our family, friends and co-workers.
As technology evolves, the Singtel What is the focus of your strategy? With increased dependency on our
customer experience is being services, customers’ expectations are
transformed radically. We have Moon: We are focused on higher than ever and we’re going
ramped up digitalisation, making it accelerating the next phase of further to deliver against them across
faster and easier for customers to our transformation, to go beyond all parts of our business.
engage with us. 26% of our customers our core carriage foundations to
now make purchases online and deliver the best customer experience What services are important to the
about 65% engage with us through possible, whether it’s online or in- digital consumer and how are you
digital self-help channels. person. Our customers tell us they differentiating yourselves in these
want more content, convenience areas?
Allen: Optus continues to and digital engagement, with
differentiate through our premium none of the fuss. This presents a Moon: Exclusive and differentiated
national network, exceptional value great opportunity to deepen our content is what sets us apart and
offers and game-changing customer relationship with them. Customers customers are thrilled with our
35
OVERVIEW
BUSINESS REVIEWS
We are focused on accelerating With increased dependency on our
the next phase of our services, customers’ expectations
transformation, to go beyond are higher than ever and we’re
our core carriage foundations going further to deliver against
to deliver the best customer them across all parts of our
experience possible. business.
Yuen Kuan Moon Allen Lew
CEO, Consumer Singapore CEO, Optus
PERFORMANCE
Singtel TV and Singtel CAST offerings they want it. For example, with exploring potential 5G use cases,
of Premier League football, Discovery sports being such a huge pastime building an ecosystem and preparing
lifestyle channels and ethnic content in Australia, I’m proud that Optus is our core infrastructure for when
on in-house channels Jia Le and e-Le. broadcasting all 52 matches of the spectrum is allocated and standards
On average, each household watches 2019 FIFA Women’s World Cup which are finalised.
more than 100 hours of content a commences in June and cements
month across multiple platforms our reputation as the premium Allen: 5G is here, and it’s a game
so content is a key priority and we broadcaster of elite football in changer. It presents significant
FINANCIALS
will continue to invest in boosting Australia. consumer and enterprise
our line-up. In addition, customers opportunities, and as a provider of
can expect more personalisation, As we enter a 5G era, what can 5G services, I see a major role for
such as real-time recommendations customers expect from you in this Optus in the digitalisation of the
on products and services relevant area? economy and the economic benefits
to their needs, and smarter, on- that will result from it.
demand, digital customer service. Moon: We are seeing 5G deployed
as fixed wireless access solutions We have launched our 5G Home
Broadband plans and set a robust
Allen: Globally, there’s a significant in large countries to enable high-

shift in viewing behaviour and speed internet. In Singapore, it’s rollout plan to deliver 1,200 5G
video consumption. Optus has long a different story. With residential sites by March 2020. Soon, Optus
recognised that content is king in a fixed broadband penetration customers across Australia will be
digital world and we are investing rates at almost 94%, consumers enjoying the 5G experience.
to bring premium content to our already enjoy one of the world’s
customers where they are, whenever fastest connections. We are actively

Group Consumer
Regional Associates
As consumers in the emerging markets grow increasingly reliant on their phones
for access to essential services, our regional associates have seen the demand for
data and digital services increase dramatically. This has spurred the Singtel Group
to build a regional ecosystem of digital services to serve the some 690 million mobile
customers across our regional footprint.
Asia’s first cross-border Game on

mobile payment alliance Our inaugural PVP
Esports Championship
attracted over
VIA connects and will soon
more than
6m
add some
14m 18,000
gamers from around
the region with the
mobile wallet
mobile wallet users and live finals watched by
users to over
1.7m 200,000 13m

viewers online.
merchants in merchants in the region.
Singapore and
Thailand
DIGITALISING TO ENHANCE gaming directly through their own and Globe expanding their fixed
CUSTOMER EXPERIENCES mobile apps, such as My Airtel, AIS wireless home base in the Philippines.
The growth in demand for digital Play and Telkomsel’s MAXstream.
services across the region has seen IMPROVING MOBILE FINANCIAL
our associates respond quickly To meet the growing demand for OFFERINGS
with innovative digital products data, our associates collectively As a Group, we are improving our
and services. They are investing invested S$8.9 billion in their mobile financial offerings to bring
resources to digitalise processes, networks over the past year to deliver greater convenience to customers
developing channels such as online faster, seamless connections and and drive financial inclusion. We
self-care services and fielding prepare for the next generation of are enhancing our mobile wallets,
virtual assistants to help them better connectivity. expanding our merchant networks
engage customers and handle the and introducing more services that
higher volumes of interactions from a They also continue to push services will help our customers, in particular
growing customer base. Digitalisation and solutions for small homes and the unbanked or under-banked, plug
has also allowed them to deliver businesses that complement their into the digital economy. In Indonesia,
more targeted and personalised mobile offerings, with AIS making Telkomsel’s Tcash is now LinkAja, a
content such as music, video and inroads with AIS Fibre in Thailand, single mobile payments platform to
37
OVERVIEW
facilitate cashless transactions, from growth potential in the region. To PVP Esports Championship was a
BUSINESS REVIEWS
utilities and transport payment to realise that vision, we debuted VIA, huge success with the live finals
e-shopping, all without the need for Asia’s first cross-border mobile played before a sold-out audience
a bank account. In the Philippines, payment alliance. VIA gives travellers and broadcast on major streaming
Globe has embarked on data-driven the convenience of using their local platforms such as Twitch, Facebook
lending, assigning a “trust score” wallets that are part of the alliance at and Douyu.
to customers based on their GCash participating merchants in the region
usage to determine credit worthiness. at competitive exchange rates, and We are extending our gaming focus
widens the reach of small merchants by exploring opportunities with
In Singapore, Dash partnered to millions of consumers. Initially like-minded partners to drive the
with Apple and VISA, extending its launched between Singapore and development of a vibrant gaming

acceptance network internationally Thailand with AIS and Kasikornbank, community in the region. We signed
through ApplePay and VISA VIA will soon be available in more an MOU with South Korean gaming
Contactless points, and added countries such as Malaysia through giant SK Telecom to grow regional
Myanmar to its existing remittance Axiata Digital’s Boost wallet and Japan gaming leagues, develop content
corridors. through Netstars. and explore game distribution,
with the aim of delivering a more
BUILDING A MOBILE FINANCIAL ENGAGING CONSUMERS THROUGH holistic gaming experience for our
SERVICES ECOSYSTEM ACROSS GAMING AND DIGITAL CONTENT millennial customers.
THE REGION To connect with a millennial audience,
The Group is leveraging its telco the Group is moving towards
assets and scale to build a mobile becoming a leader in offering high
financial ecosystem that will unlock quality gaming content. Our inaugural
PERFORMANCE
FINANCIALS
Singtel and AIS executives with Guest of Honour Thailand’s Minister of Digital Economy and Society, Dr Pichet Durongkaveroj (centre), at the launch of VIA in
Bangkok.

Group Consumer
Regional Associates
Building an ecosystem
of digital services for
the region
Consumers are adopting a more digital lifestyle as the region pushes toward a
connected digital economy. How is Singtel leveraging the strengths of the Group
to stay ahead? International Group CEO Arthur Lang shares his thoughts on our
regional strategy.
Some of Singtel’s associates deliver fibre broadband in Thailand Why have you decided to expand
are facing fierce competition and Globe ready to launch 5G fixed into mobile financial services with
in their markets. What is wireless home broadband services in Dash and VIA?
the Group’s strategy in this the Philippines later this year. We’re
challenging environment? also focused on product and services Arthur: The domestic wallet
innovation to deliver a better customer business is fragmented and hard to
Arthur: It remained a challenging experience for our 690 million mobile differentiate, with demand for mobile
year for Airtel, but the market customers. For instance, in Indonesia, financial services – not just payments
in India is starting to stabilise a vibrant hub for start-ups, Telkomsel – on the rise. Against this backdrop,
and return to a healthier and established an investment fund to we see the potential for our mobile
more sustainable structure. help promising companies accelerate wallet Dash to be the foundation on
With customers consuming an growth. This is with a view of tapping which to develop a larger ecosystem
average of 11Gb of data each into their ideas to enhance our content of financial services. As we expand
month, I remain optimistic about and digital services offerings that will its merchant network and add more
India’s future in a data-driven help us monetise data growth. services, Dash is evolving into an
economy. Elsewhere in the region, app for all our customers’ everyday
we are starting to see reduced The associates remain some of the financial and lifestyle needs whether
headwinds. strongest operators in their markets, in-store or online. Our associates are
and with high mobile penetration and also executing similar strategies with
It has always been our strategy mobile-first lifestyles in the region, their own mobile wallets.
to lead in network superiority I am excited about the tremendous
and we are strengthening this growth potential of Asia’s emerging We created VIA, Asia’s first cross-
leadership through continued markets as we build a regional border mobile payment alliance, to
investment which has seen AIS ecosystem of digital services. differentiate our wallets from many
39
OVERVIEW
pool of customers. The reach of the
BUSINESS REVIEWS
network has tremendous potential
to benefit everyone. With such a
platform, we can branch out to offer
a greater range of financial services.
We look forward to engaging the rest
of our associates and inviting more
partners to VIA as we enter into the
second stage of this journey.
You’ve also made similar bold

moves in esports. How do your
esports initiatives synergise with
your other digital businesses?
Arthur: Our esports initiatives are

part of the Group’s larger efforts to
grow our digital content business
and engage millennial and Gen Z
audiences. Our services such as
The associates remain some of the strongest content, high-speed broadband
and payments, along with the
operators in their markets, and with high billing relationships we have with
customers, put us in a unique position
mobile penetration and mobile-first to offer digital services, making
PERFORMANCE
lifestyles in the region, I am excited about gaming more accessible while
improving the experience.
the tremendous growth potential of Asia’s
emerging markets as we build a regional The aim is for PVP, our gaming brand,
to be a major ecosystem partner in
ecosystem of digital services. the regional gaming and esports
scene. Through our PVP Esports
Arthur Lang leagues and collaboration with like-
FINANCIALS
CEO, International Group minded partners, we hope to bring
gaming into the mainstream and
connect with gamers and youths.
localised wallet systems and to interoperable platform that allows We are excited to be sponsoring
address the fragmented payments any wallet to easily tap into a larger Singapore’s first esports SEA Games
scene in the region. We see both consumer and merchant network teams in 2019 and look forward
Dash and VIA as twin engines of across Asia. This means partners can to bigger things to come. We
growth in mobile financial services. access a huge addressable market see tremendous opportunity in
with us as we build up the alliance, the network effect of the gaming
How are you building on VIA to just as our customers will enjoy community and believe in the long-
create a larger financial services greater connectivity and shopping term prospects of this market.
ecosystem? options across the region.
Arthur: VIA is the key to connecting This also opens up smaller hyper-
the region and beyond with an local merchants to a much larger

Group Enterprise
Preparing
enterprises for a
smart future
The convergence of technologies such as 5G, IoT and AI is starting
to disrupt and redefine entire industries. The future of logistics,
for example, could see autonomous vehicles that vastly improve
navigation safety and fleet management. Unmanned robots
and drones would make inventory management and order
fulfilment faster and more efficient. With our enterprise services
and advanced cyber security solutions, we’re helping enterprises
leverage the transformative power of technology to get ahead in
the future economy.
41
Group Enterprise
As advancements in technology continue to disrupt industries, our focus at Group

Enterprise is on helping enterprises prepare for the future by accelerating their digital
transformation, realising the possibilities enabled by new and disruptive technologies,
and unlocking new growth opportunities. Through R&D and innovation, we are
reimagining the future of industries and bringing it closer to customers.
Safeguarding Redefining
the future industries
Our FutureNow
Innovation Centre supports
6
Trustwave has over
Trustwave is a leader in
2,000
cyber security
the 2019 Gartner Magic
Quadrant for Managed
Security Services,
industry clusters covering
professionals and
Worldwide, for the
second year.
23
9
Advanced Security
Source: Gartner, “Magic Quadrant
for Managed Security Services,
key industries in Singapore,
driving innovation and
transformation with new
Worldwide” (1) by Toby Bussa, Kelly
Operations Centres Kavanagh, Sid Deshpande, Pete technologies.
globally. Shoard, May 2, 2019
BRINGING THE FUTURE CLOSER We launched the FutureNow Innovation the enhanced 99%SME platform
As more nations race to build smart Centre which showcases the future with IMDA which garnered strong
cities and digitalise their economies, of industries powered by innovative support from our partners. The
rapid changes are sweeping technologies and services like platform combines critical business
across industries, redefining how cloud computing, data analytics, AI, intelligence, last-mile delivery
enterprises and their value chains cyber security, blockchain, robotics, options, and new omni-channel
operate. To help enterprises automation, software defined networks, retail and customer engagement
transition to and navigate this new IoT and 5G. We are enhancing our features to help SMEs grow their
digital economy, we continue to ecosystems and empowering enterprises customer base, using both offline
develop services, solutions and to accelerate their digitalisation efforts. and online presence.
platforms to spur innovation, rethink
business models, redefine customer To help SMEs adopt digital technologies Underlying these new technologies
experiences, engage employees to improve efficiencies and achieve and platforms is high bandwidth
and improve productivity. their growth potential, we launched connectivity, which is the
Note:
(1)
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those
vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should
not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
43
OVERVIEW
cornerstone of a digital economy. lead and shape the cyber security integrated into Singtel’s managed
BUSINESS REVIEWS
Last year, we launched Singapore’s sphere. Our global network of security services. The partnership will
first 5G pilot network at one-north Advanced Security Operations facilitate the future introduction of
with Ericsson. We also partnered Centres is now supported by the connected cars and new technologies
with Ericsson and Singapore new Trustwave SpiderLabs Fusion such as autonomous vehicles.
Polytechnic to open the nation’s first Centre in Chicago, a cutting-edge
live 5G facility – 5G Garage – on cyber security command centre STRENGTHENING CORE
campus which serves as a training providing unprecedented threat CAPABILITIES
centre, test bed and ideation lab hunting capabilities through Strong core capabilities are key to
to develop Singapore’s own 5G pioneering threat intelligence. We powering new technologies and
ecosystem. also acquired Hivint, an award- helping customers accelerate their

winning cyber security consulting own digital journey. Even as we
PROTECTING ENTERPRISES company in Australia, enhancing develop new services, we continue to
As we move towards a hyper- our consulting capabilities. strengthen and digitalise our core. We
connected digital future, the risk of launched Liquid Infrastructure, a next-
cyber threats becomes even greater. To further complement our network, generation data-driven, highly agile,
To safeguard enterprises against a we welcomed AT&T as a member intelligent platform that integrates
growing slew of fast-evolving cyber to the Global Telco Security physical and virtual network services.
threats, we consolidated our cyber Alliance that we formed with The platform, designed for use with
security assets under the Trustwave Etisalat, Softbank and Telefónica, services such as optimised cloud
brand, to form one of the industry’s greatly increasing the Alliance’s access, virtual network function and
most comprehensive global cyber global presence and resources. IoT, allows enterprises to configure
security companies. We continue We also partnered with Argus, a their networks with ease and deploy
to develop our cyber security global leader in automotive cyber resources when needed.
PERFORMANCE
capabilities to position ourselves to security, whose solutions are being
FINANCIALS
Singtel executives demonstrating how IoT and AI can enhance companies’ competitive advantage to Singapore’s Minister for Communications and
Information S Iswaran (third from left) at MWC Barcelona 2019.

Group Enterprise
Empowering customers in
their digital transformation
journeys
The advent of digital has seen Singtel evolve into a technology-led, data-driven,
agile digital services provider. Group Enterprise CEO Bill Chang discusses how,
drawing on our own experience, we are helping enterprise customers to digitally
transform, increase their innovation capacity and outperform their competitors.
Why is it important for This is a dilemma and challenge data analytics, cloud, cyber security,
enterprises to digitalise and are that companies routinely face. While robotics, automation, IoT and 5G,
they doing it fast enough? they recognise the need to digitalise, enterprises can kick-start their
they aren’t moving fast enough nor digitalisation journey, maximise
Bill: Major technological advances do they have the digital capabilities efficiencies and even develop new
have disrupted industries, making to do so effectively. The Singapore business models. The beauty of these
it easier for companies to enter Government has been trying to solutions is the fact that it can benefit
new business verticals and address this by throwing its support any size of enterprise – from one-
challenge incumbents. This has behind various initiatives, building person operations to multinationals.
turned old notions of competition digital ecosystems and pushing for
on its head, making digital greater industry collaboration. But Enterprises which are already
transformation a necessity rather enterprises also need a reliable digitalising can partner and use
than an option. partner to help chart their digital our resources to co-create and test
roadmap, and guide and catalyse concepts in a secure environment
Our own experience in the telco their operations. like our FutureNow Innovation Centre
industry is a good example. The which we launched in August. They
smartphone started the mobile How is Singtel helping other can also tap into our R&D labs to test
internet and data revolution, enterprises in their digital technologies like AI, cyber security,
disrupting our traditional telco transformation journeys? augmented reality and automation to
revenues in voice services. We had reimagine the customer experience
to respond quickly by developing Bill: Our own transformation and redefine their businesses,
new business models around data experience, coupled with our products and services. We have
and digital while preserving the expertise, positions us well to help developed a framework for digital
value in our core business. enterprises. With our solutions in transformation where design thinking
45
OVERVIEW
by our global cyber security brand
BUSINESS REVIEWS
– Trustwave – we not only monitor
but are able to detect, hunt and
coordinate an effective response
to address cyber threats within an
enterprise’s infrastructure. This helps
us better secure enterprises and
innovate new services and solutions
to stay ahead of the competition.
Our broad range of digital services

and cyber security capabilities
provides enterprises with the tools to
become agile, digital organisations
that can adapt to a constantly
changing digital economy.
How do these technologies and

services help enterprises prepare
for the industries of the future?
With our solutions in data analytics, cloud, Bill: Cities and industries of the
future will be powered by intelligent
cyber security, robotics, automation, IoT connectivity – a convergence of
and 5G, enterprises can kick-start their 5G, IoT and AI that will form the
PERFORMANCE
backbone of a new hyper-connected
digitalisation journey, maximise efficiencies era.
and even develop new business models. This is already playing out in the
maritime space, where analytics,
Bill Chang
cloud and IoT are being dovetailed
CEO, Group Enterprise
to monitor the performance of ships
in real time and predict issues before
they occur. This will help enterprises
FINANCIALS
is applied to understand customers’ network capabilities with software- to be safer and more efficient when
needs and develop solutions to defined networks to improve managing their fleets. Healthcare is
meet them. We can further help reliability, resource management also undergoing a digital overhaul,
enterprises scale their businesses and efficiency. This has allowed empowering doctors to remotely
with our customer base and reach us to develop capabilities in new perform and monitor complex
across the region. technologies that will change the way surgeries in real time, maximising
enterprises and industries operate, efficiencies and extending their
What capabilities has Singtel such as cloud, cyber security, IoT, expertise to patients worldwide.
developed to help enterprises analytics, 5G, AI and robotics. Backed by actionable data insights,
succeed in their digitalisation enterprises will be able to build

efforts? Critically, with the rise in cyber digital business systems that will give
attacks globally, the deployment of them that highly coveted competitive
Bill: As advanced connectivity is these systems needs to be secure. advantage.
a prerequisite for digitalisation, With our consolidated cyber security
we have strengthened our core capabilities and resources provided

Group Digital Life
Building
relationships
in a connected
world
Today’s consumers and enterprises are switching easily between
multiple channels, screens and devices, expecting more seamless
experiences from the brands they engage with. To better reach and
build relationships with our customers, we need to lead disruption
and anticipate their needs. We help marketers gain a unified view
of their audiences and cut through the noise, engage users with the
best content and services, and drive unique insights.
47
Group Digital Life
Digitisation continues to change how we interact with content and services, and is
increasing consumer expectations of these experiences. Through a series of strategic
market moves, Group Digital Life is improving how these services are delivered in our
home markets and abroad, for consumers, businesses and governments.
Helping advertisers reach Investing in

audiences at scale the future
Amobee has more than
150
integrated partners across the advertising ecosystem,
and evaluates over
7.7m
advertising opportunities per second.
Since 2010, Innov8 has

made over
Delivering non-stop entertainment
Unlimited access to over
80
20,000
hours of popular local, Asian and Hollywood movies
investments in areas such
as cyber security, IoT, data
and analytics, fintech, digital
and TV series on HOOQ. health, gaming and more.
AMOBEE EXPANDS CAPABILITIES marketers to seize this converged broadcaster and Univision, the
Digital and traditional TV advertising media opportunity. number one Spanish language
are converging as advertisers seek to broadcaster in the US. Advertisers
engage tech-savvy customers across A key step to this strategy was can now get advanced solutions and
multiple screens and platforms. the acquisition of Videology, a programmatic access to the portfolio
This will have a profound impact on technology provider for advanced of premium digital video inventory
global advertising as brands and TV and video advertising. Amobee across ITV channels, exclusively
agencies find new tools and solutions can now unify and optimise critical through the Amobee platform.
to improve how they reach digital consumer intelligence and campaign
consumers. Amobee continues to spend across traditional TV and This adds to a strong year
enhance its platform as an end-to- digital channels for advertisers. This for Amobee as we continued
end, unified omnichannel solution strategy has already gained traction, strengthening our capabilities
through technology development and attracting new partnerships with through data partnerships with
strategic partnerships to empower ITV, the UK’s largest commercial Nielsen and Oracle Data Cloud,
49
OVERVIEW
two leading global data providers free-to-air channels, Advertising problems as part of Australia’s
BUSINESS REVIEWS
and analytics companies. All Video on Demand and Subscription transport infrastructure planning.
these developments have grown Video on Demand. To drive further
our business with key clients audience growth and scale, HOOQ INNOV8 DRIVES INNOVATION
and enabled us to capture new established strategic partnerships Constant innovation is key to staying
opportunities, including a global with Hotstar in India and Grab in relevant in a digital economy. Innov8
agreement with Mastercard. Southeast Asia to provide in-app remains focused on identifying and
viewing and easy access to HOOQ investing in innovative start-ups
HOOQ AND DATASPARK CONTINUE content. with technologies and solutions that
TO GROW enhance the Group’s capabilities and
The popularity of media streaming DataSpark continues to help drive value for our customers. Some

services has gone up exponentially businesses and government of the notable investments in 2018
and HOOQ aims to be one of the agencies harness the power of include Halodoc, an Indonesian digital
largest OTT content providers in geospatial data for planning and health platform that aims to simplify
Southeast Asia, while maintaining decision-making. It has developed access to healthcare by building an
market leadership in Indonesia. To Mobility Genomes, a suite of data ecosystem that caters to the entire
do so, we are constantly updating products and simulation tools to patient journey; CXA Group, Asia’s
HOOQ’s content to meet consumer address high-impact use cases in first population health ecosystem for
demand and target mass market transport, out-of-home advertising, employers; and Data Republic, an
segments more effectively. tourism and radio network inter-organisational data exchange
engineering. DataSpark has been platform headquartered in Sydney,
Over the past year, HOOQ has working with various Australian state that allows businesses to exchange
transformed its business model to transport authorities on innovative information securely.
offer affordable daily plans, as well applications of population-wide
as a freemium layer which includes mobility data to solve traffic
PERFORMANCE
FINANCIALS

Group Digital Life
Upping the
game in digital
Singtel’s investments in digital businesses and assets over the past several
years have matured, gaining scale and traction in Asia. We talk to Group Digital
Life CEO Samba Natarajan to understand how Singtel is upping its game in the
digital economy.
Last year saw a number of attention towards value realisation acquisition of Videology and our
interesting developments for Group for these businesses. This could be partnerships with data providers such
Digital Life. What are your priorities in the form of additional strategic as Oracle Data Cloud and Nielsen,
going forward? partners coming on board as will help us to grow our business with
stakeholders in the entity, or through agencies and our strategic accounts.
Samba: The developments in our an IPO. We also look to better inform
businesses last year have really the investment community on the real We also hope to do more broadcaster
strengthened their foundations value of these businesses, as they are deals like the agreement we reached
for growth in the coming financial quite different from our traditional with the UK’s largest commercial
year. Acquiring Videology and core businesses and should be broadcaster, ITV, to create their own
integrating it into Amobee’s platform valued with metrics appropriate for “walled garden” for advertising,
makes Amobee one of the first in their respective industries. exclusively within the Amobee
the advertising technology market platform. Our technology enables
to unify TV, digital and social into a In addition, we are constantly broadcasters to digitally upgrade
single platform. HOOQ’s strategic evaluating digital opportunities as their TV and video advertising
digital partnerships with Grab and new growth engines for the Group, capabilities to create value for
Hotstar will enhance its ability to in current verticals and new verticals advertisers, and be competitive in
scale in their respective markets, such as digital health and fintech. digital advertising markets where
while DataSpark’s focus on out-of- Google and Facebook dominate.
home advertising, transport and telco Amobee had an eventful year with
network planning is gaining greater acquisitions and partnerships. How HOOQ has shown positive
market acceptance in Southeast Asia will these deals help drive growth? momentum in the year, how do you
and Australia. intend to keep it up?
Samba: We are focused on
As we continue to build operating developing a leading platform Samba: We are now beginning
momentum, we are turning our for omnichannel advertising. The to leverage telco and non-telco
51
OVERVIEW
Singtel has made some interesting
BUSINESS REVIEWS
investments through Innov8 this
year. Can you talk a bit about them
and your investment strategy?
Samba: In this fast-changing digital

age, we must continue to evolve
to stay relevant. Our investment
strategy for our digital businesses
has often taken the form of in-house
development and strategic buys that

may accelerate our leadership in the
marketplace.
In addition to acquisitions and

organic growth, we are also looking
at other investment strategies in
which we identify and invest in
emerging growth companies through
Innov8, especially those that are
filling the gaps left by traditional
infrastructure or are disrupting and
improving service delivery through
The developments in our businesses last year their digital solutions. These are
companies that create value for our
have really strengthened their foundations
PERFORMANCE
customers, particularly in emerging
for growth in the coming financial year... As markets. Given our footprint, we can
by extension, help them scale their
we continue to build operating momentum, business and expand in the region.
we are turning our attention towards value An example this year is Halodoc, an
realisation for these businesses. Indonesian digital health platform
that aims to simplify access to
Samba Natarajan healthcare by building an ecosystem
FINANCIALS
CEO, Group Digital Life that caters to the entire patient
journey. We are working closely
with our investee companies to
partners in our quest to become one agreement with Grab, where support their development, including
of the largest OTT video providers in HOOQ’s streaming service will providing access to data analytics
Southeast Asia. be integrated within Grab’s and advertising capabilities to
enhance their digital offerings.
environment and their customers
HOOQ has entered into a will enjoy a seamless video
partnership with Hotstar which gives experience during their Grab

us access to the huge Indian market interaction. These partnerships
where Hotstar has more than 300 let us expand our audience, and
million monthly active users. We have when combined with the assets
also entered into a partnership with we’ve built, place us in a strong
OVO in Indonesia and a regional position to grow.

Key Awards & Accolades
Business Excellence
Singapore Manufacturing Federation Mobile Virtual Network Operator World
SINGTEL Awards 2018 Congress
• SMF Collaborative Partnership Award – • Most Innovative Wholesaler
Asia Communications Awards 2018 Distinguished Winner
P3 Connect Mobile Benchmark Australia
• Best Enterprise Service –
Singapore Retailer Association Awards • Number One for Data in Australia
Software-defined Hybrid Network
• Achievement in Customer Excellence • Number One for Voice and Data in
• Cyber Safe Award
Award – Best in Telecommunications Smaller Towns and Roads
• NFV Innovation Award
Category
Computerworld Hong Kong Awards • Best Retail Concept of the Year
AMOBEE
• Global Wide Area Network Connectivity • Service Excellence - 50 Gold, 62 Silver,
Service Provider of the Year (2015 – 2018) and 41 Star awards
Digiday Technology Awards 2018
Contact Centre Association Awards 2018 Telecom Asia Awards 2018 • Best Data Management Platform
• Most Innovative Productivity Solution • Best Cloud-Based Service • Best Marketing Dashboard Software
(Gold) • Best Mobile Carrier
• Most Innovative Approach to Customer Fortune Magazine
IDC MarketScape: Asia/Pacific Next-Gen Experience • Top 25 Medium and Small Workplaces in
Telcos: Telecom Services 2018 Vendor NYC 2018
Assessment Telecoms World Awards 2018
• Leaders Category • Virtualisation and Cloud Infrastructure MediaPost Online Marketing Media and
Award Advertising Awards 2018
Frost & Sullivan Asia Pacific ICT Awards • Best Mobile Integration Cross-Platform,
2018 TMT Global Excellence Awards 2018 with Southwest Airlines
• Asia Pacific Telecom Group of the Year • Recognised Leader in • Best Video Single Execution, with
(2016 – 2018) Telecommunications – Singapore Southwest Airlines
Frost & Sullivan Asia Pacific Best Practices TMT Telecom Awards 2018 Mumbrella Asia Awards 2018
Awards 2018 • Telecom Group of the Year 2018 – Asia • Marketing Technology Company of the
• Southeast Asia Managed Security Service Pacific Year
Provider of the Year
OPTUS TRUSTWAVE
HardwareZone Tech Awards 2019
• Best Mobile, Fibre Broadband & Pay TV
Service Provider Australian Communications Industry 2019 Gartner’s Magic Quadrant for MSS,
Awards 2018 Worldwide
Institute of Advertising Singapore’s Hall of • Satellite Provider of the Year Award • Leaders’ Quadrant (2018 - 2019)
Fame Awards 2018
• Brand of the Year Brand Finance Report 2018 IDC MarketScape: Asia/Pacific
• Australia’s Fourth Strongest Brand Managed Security Services 2018 Vendor
IT Pro Corporate Choice 2018 • Australia’s Strongest Telecommunications Assessment
• Managed Security Service Provider of the Brand • Leaders’ Position
Year • Ninth Most Valuable Brand in the Top 100
List of Australia’s Most Valuable Brands Frost & Sullivan APAC Best Practices
NetworkWorld Asia Information
Awards
Management Awards Frost & Sullivan Australia Excellence Awards • Southeast Asia Managed Security Service
• Disaster Recovery & Business Continuity 2018 Provider of the Year (2018)
(2014 – 2018) • Australian Mobile Service Provider of the • Singapore Managed Security Service
• Security-as-a-Service (2012 – 2018) Year Provider of the Year (2016 - 2018)
53
OVERVIEW
Digital Impact Awards TELKOMSEL
REGIONAL ASSOCIATES
BUSINESS REVIEWS
• Best Digital Customer Experience by Asia Communications Awards 2018
Technology Brand • Digital Lifestyle Winner (Total Telecom)
AIS • Best Professional, Legal and
Frost & Sullivan Thailand Excellence Awards Regulatory Brand Frost & Sullivan Awards 2018
• 2018 Thailand IoT Solutions Provider of • Best Saving and Lending Product • Excellence in Customer Experience –
the Year Award (Digital driven) Telecommunications Industry Indonesia
• 2018 Thailand Cloud Services Innovative • Best Technology Brand on Social Media – Overall Experience
Company of the Year Award
GLOBE Telecom Asia Awards
Thailand’s Most Admired Stevie Awards 2018 • Most Innovative Voice Service or Solution
Brands 2018 • Great Employers of the Year in

• Thailand’s Most Admired Brand & Telecommunication
Company
The Asset Corporate Awards 2018
AIRTEL • Platinum Award for Excellence in
Carriers World Awards 2018 Governance, Corporate and Social
• Best Wholesale Business Transformation Responsibility & Investor Relations
• Best Wholesale Carrier (Global) Benchmarking
Corporate Citizenship
PERFORMANCE
SIAS Investors’ Choice Awards 2018 Thomson Reuters IX Global Diversity and
SINGTEL • Golden Circle Award for Most Inclusion Index 2018
Transparent Company
2019 Bloomberg Gender-Equality Index • Shareholder Communication Excellence
OPTUS
Award for Big-cap Companies
2nd ASEAN Corporate Governance Awards • Singapore Corporate Governance
• ASEAN’s Top 5 and Top 50 Publicly Listed Awards for Big-cap Companies and Australian Business Community Network
Companies Diversity Award
• Singapore’s Top 3 Publicly Listed • Shareholder Communication Excellence • Overall Highest Number of ABCN mentors
Companies Award for Big-cap Companies in 2017
FINANCIALS
Asia Sustainability Reporting Singapore Environment Council’s
Awards 2018 Environmental Achievement Awards
• Asia’s Best Diversity Reporting • EC-STATS Asia-Pacific Singapore
• Asia’s Best Sustainability Report Environmental Achievement Award
• Asia’s Most Transparent Report (Services)
Community Chest Awards 2018 Singapore Governance and Transparency

• Charity Platinum Award Index 2018
• Volunteer Partner Award

Sustainable Business Awards Singapore
FTSE4Good Index 2018
• Best Strategy and Sustainability
SGX Sustainability Leaders Index and Management
Enhanced Index • Best Climate Change

Governance and
Sustainability Philosophy
Making the future

better for our
stakeholders
Good governance and responsible business practices are fundamental
to our sustainable, long-term growth and value creation for our
stakeholders. We strive to harness advances in digital technologies
to improve lives and to leave the smallest environmental footprint
possible as part of global efforts to limit climate change because
reimagining the future means making it better as well.
55
Corporate Governance
Our Governance Framework

AUDIT COMMITTEE
CHAIRMAN
CHAIRMAN Key Objective
SIMON ISRAEL BOBBY CHIN Assist the Board in discharging its statutory and other
responsibilities relating to internal controls, financial
4 independent Directors and accounting matters, compliance, and business and
Key Objective financial risk management
Responsible for leadership
of the Board and for creating CORPORATE GOVERNANCE & NOMINATIONS COMMITTEE
conditions for overall Board,
Board Committee and individual CHAIRMAN Key Objectives
LOW CHECK KIAN Establish and review the profile of Board members;
Director effectiveness
make recommendations to the Board on the appointment,
3 independent Directors and re-nomination and retirement of Directors; review the
1 non-independent Director independence of Directors; assist the Board in evaluating
the performance of the Board, Board Committees and
Directors; and develop and review the Company’s corporate
governance practices
EXECUTIVE RESOURCE & COMPENSATION COMMITTEE

CHAIRMAN Key Objectives
PETER MASON AM Oversee the remuneration of the Board and Senior
Management, and set appropriate remuneration
3 independent Directors and framework and policies, including long-term incentive
1 non-independent Director schemes, to deliver annual and long-term performance
THE BOARD OF SINGTEL of the Group
12 DIRECTORS:
FINANCE & INVESTMENT COMMITTEE
10 independent Directors and
2 non-independent Directors CHAIRMAN Key Objectives
SIMON ISRAEL Provide advisory support on the development of the
Group’s overall strategy, review strategic issues, approve
4 independent Directors and investments and divestments, review the Group’s
Key Objective 1 non-independent Director Investment and Treasury Policies, evaluate and approve
To create value for financial offers and banking facilities, and manage the
shareholders and to ensure the Group’s liabilities
long-term success of the Group
RISK COMMITTEE
CHAIRMAN Key Objectives
TEO SWEE LIAN Ensure that Management maintains a sound system of
risk management and internal controls to safeguard
4 independent Directors shareholders’ interests and the Group’s assets, and
determine the nature and extent of the material risks
that the Board is willing to take in achieving the Group’s
strategic objectives
GROUP CHIEF EXECUTIVE OFFICER

CHUA SOCK KOONG Key Objectives
Manage the Group’s business and implement strategy
and policy
MANAGEMENT COMMITTEE
Group CEO, Key Objective
CEO Group Enterprise, Direct Management on operational policies and activities
CEO Consumer Australia,
CEO Consumer Singapore,
CEO International,
CEO Group Digital Life,
Group Chief Corporate Officer,
Group CFO,
Group Chief Human Resources
Officer,
Group Chief Information
Officer, and
Group Chief Technology Officer
57
OVERVIEW
INTRODUCTION
BUSINESS REVIEWS
Singtel aspires to the highest standards of corporate Singtel is listed on the Singapore Exchange Securities
governance as we believe that good governance Trading Limited (SGX) and has complied in all material
supports long-term value creation. To this end, Singtel respects with the principles and provisions in the
has in place a set of well-defined policies and processes Singapore Code of Corporate Governance 2018
to enhance corporate performance and accountability, (2018 Code). This report sets out Singtel’s key
as well as protect the interests of stakeholders. The corporate governance practices with reference
Board of Directors is responsible for Singtel’s corporate to the 2018 Code. We provide a summary of our
governance standards and policies, and stresses their compliance with the express disclosure requirements
importance across the Group. in the 2018 Code on pages 84 to 86.
RECOGNITION OF SINGTEL’S COMMITMENT TO BEST PRACTICES IN CORPORATE GOVERNANCE

ASEAN CORPORATE GOVERNANCE AND SINGAPORE SIAS INVESTORS’
GOVERNANCE TRANSPARENCY CORPORATE CHOICE AWARDS 2018
AWARDS 2018 INDEX 2018 AWARDS 2018 ͋ΐWĸŏĲďŢŖťĨΐŖťŢŖťďŰĨΐ
͋ΐW>Έũΐ]ŖŢΐ˝ΐPŵĞŉĸğŉƊΐ ͋ΐ˙ st in Singapore ͋ΐĨũŰΐĶĸĨıΐ"ĸŏďŏğĸďŉΐ Governance Award (Big Cap)
Listed Companies Officer ͋ΐWĸŏĲďŢŖťĨΐŖťŢŖťďŰĨΐ
(Companies with
͋ΐW>Έũΐ]ŖŢΐ˝˘ΐPŵĞŉĸğŉƊΐ S$1 billion and above in
Governance Award (Diversity)
Listed Companies market capitalisation) ͋ΐ=ŖũŰΐ]ťďŏũŢďťĨŏŰΐ
͋ΐWĸŏĲďŢŖťĨΈũΐ]ŖŢΐ˛ΐPŵĞŉĸğŉƊΐ Company Award (Overall)
Listed Companies ͋ΐ=ŖũŰΐ]ťďŏũŢďťĨŏŰΐŖŎŢďŏƊΐ
Award (Telecommunications Services)
͋ΐWĶďťĨĶŖŉĤĨťΐŖŎŎŵŏĸğďŰĸŖŏũΐ
Excellence Award (Big Cap)
PERFORMANCE
DIRECTORS’ ATTENDANCE AT BOARD/GENERAL MEETINGS DURING THE FINANCIAL YEAR ENDED 31 MARCH 2019 (1)
Scheduled Board Meetings Independent Directors’ Meeting Annual General Meeting

Number of Number of Number of Number of
Name of Director Meetings Held Meetings Attended Meetings Held Meetings Attended
Simon Israel 6 6 – – ✓
Chua Sock Koong 6 6 – – ✓
Gautam Banerjee 6 6 1 1 ✓
FINANCIALS
Dominic Barton (2) 1 – – – –
Bobby Chin 6 6 1 1 ✓
Venkataraman (Venky) Ganesan 6 5 1 1 ✓
Bradley Horowitz (3) 2 2 – – –
Gail Kelly (4) 2 2 – – –
Low Check Kian 6 6 1 1 ✓
Peter Mason AM (5) 6 6 1 1 ✓
Christina Ong 6 6 1 1 ✓
Teo Swee Lian 6 6 1 1 ✓
Peter Ong (6) 1 1 – – ✓

Notes:
(1)
Refers to meetings held/attended while each Director was in office.
(2)
Mr Dominic Barton was appointed to the Board on 25 March 2019.
(3)
Mr Bradley Horowitz was appointed to the Board on 26 December 2018.
(4)
Mrs Gail Kelly was appointed to the Board on 26 December 2018.
(5)
(6)
Mr Peter Ong stepped down from the Board following the conclusion of the AGM on 24 July 2018.

BOARD MATTERS
The Board’s Conduct of Affairs Material items that require Board approval include:
The Board aims to create value for shareholders and ͋ΐ ]ĶĨΐ#ťŖŵŢΈũΐũŰťďŰĨĲĸğΐŢŉďŏũ
ensure the long-term success of the Group by focusing on ͋ΐ ]ĶĨΐ#ťŖŵŢΈũΐďŏŏŵďŉΐŖŢĨťďŰĸŏĲΐŢŉďŏΐďŏĤΐĞŵĤĲĨŰ
the development of the right strategy, business model, risk ͋ΐ "ŵŉŉͻƊĨďť͍ΐĶďŉıͻƊĨďťΐďŏĤΐŤŵďťŰĨťŉƊΐƷŏďŏğĸďŉΐťĨũŵŉŰũ
appetite, management, succession plan and compensation ͋ΐ ĸƃĸĤĨŏĤΐŢŖŉĸğƊΐďŏĤΐŢďƊŖŵŰ
framework. It also seeks to align the interests of the Board ͋ΐ )ũũŵĨΐŖıΐũĶďťĨũ
and Management with that of shareholders and balance ͋ΐ ŖďťĤΐũŵğğĨũũĸŖŏΐŢŉďŏũ
the interests of all stakeholders. In addition, the Board ͋ΐ WŵğğĨũũĸŖŏΐŢŉďŏũΐıŖťΐWĨŏĸŖťΐ=ďŏďĲĨŎĨŏŰ͍ΐĸŏğŉŵĤĸŏĲΐ
sets the tone for the entire organisation where ethics and appointment of, and compensation for, Group CEO,
values are concerned. CEOs, Group Chief Corporate Officer and Group CFO
͋ΐ bŏĤĨťŉƊĸŏĲΐŢťĸŏğĸŢŉĨũΐŖıΐŉŖŏĲͻŰĨťŎΐĸŏğĨŏŰĸƃĨΐũğĶĨŎĨũΐ
The Board oversees the business affairs of the Singtel for employees
Group. It assumes responsibility for the Group’s overall ͋ΐ ]ĶĨΐ#ťŖŵŢΈũΐťĸũņΐďŢŢĨŰĸŰĨΐďŏĤΐťĸũņΐŰŖŉĨťďŏğĨΐıŖťΐĤĸƯĨťĨŏŰΐ
strategic plans and performance objectives, financial categories of risk, as well as risk strategy and the
plans and annual budget, key operational initiatives, policies for management of material risks
major funding and investment proposals, financial ͋ΐ ğŤŵĸũĸŰĸŖŏũΐďŏĤΐĤĸũŢŖũďŉũΐŖıΐĸŏƃĨũŰŎĨŏŰũΐĨƉğĨĨĤĸŏĲΐ
performance reviews, compliance and accountability certain material limits
systems, and corporate governance practices. The Board ͋ΐ ďŢĸŰďŉΐĨƉŢĨŏĤĸŰŵťĨũΐĨƉğĨĨĤĸŏĲΐğĨťŰďĸŏΐŎďŰĨťĸďŉΐŉĸŎĸŰũΐ
also appoints the Group CEO, approves policies and
guidelines on remuneration as well as the remuneration
Attendance at Board or Board Committee meetings
for the Board and Senior Management, and approves
via telephone or video conference is permitted by
the appointment of Directors. In line with best practices in
Singtel’s Constitution.
corporate governance, the Board also oversees the long-
term succession planning for Senior Management.
Typically, one Board meeting a year is held in Australia,
where one of Singtel’s key subsidiaries, Optus, is located.
Singtel has established financial authorisation and
In addition, the Board makes an overseas trip annually to
approval limits for operating and capital expenditure, the
a country where the Group has a significant investment or
procurement of goods and services, and the acquisition
has an interest in investing, or where Board members can
and disposal of investments. The Board approves
be exposed to new technology relevant to the Group’s
transactions exceeding certain threshold limits, while
growth strategy. On such occasions, the Board may meet
delegating authority for transactions below those limits to
with local business leaders and government officials so
the Board Committees and the Management Committee
as to help Board members gain greater insight into such
to optimise operational efficiency.
countries. The Board also meets Singtel’s partners and
key customers in those countries to develop stronger
Board meetings
relationships with such partners and customers. Singtel
The Board and Board Committees meet regularly to
also arranges for the Board to meet with experts in the
discuss strategy, operational matters and governance
technology/digital space to enhance their knowledge
issues. All Board and Board Committee meetings are
in new growth areas and enable the Board to make
scheduled well in advance of each year in consultation
more informed decisions. Board meetings may include
with the Directors. At every scheduled meeting, the Board
presentations by senior executives and external
sets aside time for discussion without the presence of
consultants/experts on strategic issues relating to
Management (except the executive Director). The Board
specific business areas, as well as presentations by the
also sets aside time for the non-executive Directors to
Group’s associates. This allows the Board to develop a
meet without any executives present. The independent
good understanding of the Group’s businesses and to
Directors meet at least once a year, at a meeting chaired
promote active engagement with the Group’s partners
by the Lead Independent Director. The Board holds
and key executives.
approximately six scheduled meetings each year, and
may also hold ad hoc meetings as and when warranted
A record of the Directors’ attendance at Board meetings
by particular circumstances. Six Board meetings were
during the financial year ended 31 March 2019 is set out
held in the financial year ended 31 March 2019.
59
OVERVIEW
on page 58. Directors who are unable to attend a Board all Directors are encouraged to undergo continual
BUSINESS REVIEWS
meeting are provided with the briefing materials and can professional development during the term of their
discuss issues relating to the matters to be discussed at appointment. Professional development may relate
the Board meeting with the Chairman or the Group CEO. to a particular subject area, committee membership,
or key developments in Singtel’s environment, market
Director development/training or operations. Directors are encouraged to consult
The Board values ongoing professional development the Chairman if they consider that they personally,
and recognises that it is important that all Directors or the Board as a whole, would benefit from specific
receive regular training so as to be able to serve education or training regarding matters that fall within
effectively on, and contribute to, the Board. The the responsibility of the Board or relate to the business
Board has therefore adopted a policy on continuous of Singtel.
professional development for Directors.

During the financial year ended 31 March 2019, the
All new Directors appointed to the Board are briefed development/training programmes for Directors included
by the Chairman, as well as the chairmen of the the following:
Board Committees, on issues relevant to the Board and ͋ΐΐ]ĶĨΐĸťĨğŰŖťũΐŢďťŰĸğĸŢďŰĨĤΐĸŏΐďŏΐďŏŏŵďŉΐŖƯũĸŰĨΐ
Board Committees. They are also briefed by Senior workshop with Senior Management to formulate
Management on the Group’s business activities, strategic and plan the Group’s longer-term strategy, during
direction and policies, key business risks, the regulatory which the Directors were briefed on developments in
environment in which the Group operates and the markets in which the Group operates and were
governance practices, as well as their statutory and introduced to new technologies and advancements
other duties and responsibilities as Directors. relevant to the Group.
͋ΐ ĸťĨğŰŖťũΐƄĨťĨΐĸŏƃĸŰĨĤΐŰŖΐŎĨĨŰΐƄĸŰĶΐŰĶĨΐ]ĨğĶŏŖŉŖĲƊΐ
bŢŖŏΐďŢŢŖĸŏŰŎĨŏŰΐŰŖΐŰĶĨΐŖďťĤ͍ΐĨďğĶΐĸťĨğŰŖťΐťĨğĨĸƃĨũΐ Advisory Panel, during which they were also updated
a Directors’ Manual, which sets out the Director’s duties by representatives from companies in the digital/
and responsibilities and the Board governance policies technology space on emerging trends and technologies
and practices. The Directors’ Manual is maintained by the relevant to the Group’s business.
PERFORMANCE
Company Secretary. In line with best practices in ͋ΐ ]ĶĨΐŖďťĤΐƃĸũĸŰĨĤΐŰĶĨΐDŢŰŵũΐğďŎŢŵũΐĸŏΐWƊĤŏĨƊ͍ΐ
corporate governance, new Directors also sign a letter Australia, and met with business leaders and key
of appointment from the Company stating clearly the customers there.
role of the Board and non-executive Directors, the time ͋ΐ =ĨŎĞĨťũΐŖıΐŰĶĨΐŖďťĤΐďŰŰĨŏĤĨĤΐıŖťŵŎũΐďŏĤΐĤĸďŉŖĲŵĨũΐ
commitment that the Director would be expected to with experts and senior business leaders on issues
allocate and other relevant matters. facing boards and board practice.
͋ΐ ]ĶĨΐŖďťĤΐƄďũΐŵŢĤďŰĨĤΐŖŏΐğĶďŏĲĨũΐŰŖΐŰĶĨΐŖĤĨΐŖıΐ
To ensure Directors can fulfil their obligations and to Corporate Governance and related regulations.
continually improve the performance of the Board,
FINANCIALS
BOARD COMPOSITION, DIVERSITY AND BALANCE
8%
8% Independent, Male directors

33%
non-executive Female directors
directors
>ŖŏͻĸŏĤĨŢĨŏĤĨŏŰ͍ΐ
non-executive Gender
Independence directors
Diversity
Executive director/
GCEO
84% 67%

There are 12 Directors on the Board, comprising 10 requirement to present female candidates, (b) female
non-executive independent Directors, one non-executive candidates are included for consideration by the
non-independent Director and one executive Director. #>ΐƄĶĨŏĨƃĨťΐĸŰΐũĨĨņũΐŰŖΐĸĤĨŏŰĸıƊΐďΐŏĨƄΐĸťĨğŰŖťΐıŖťΐ
The Board has appointed a Lead Independent Director. appointment to the Board, (c) the Board appoints at
A summary of the role of the Lead Independent Director ŉĨďũŰΐŖŏĨΐıĨŎďŉĨΐĸťĨğŰŖťΐŰŖΐŰĶĨΐ#>͍ΐďŏĤΐͩĤͪΐŰĶĨťĨΐĸũΐ
is set out on page 63. The profiles of the Directors are set significant and appropriate female representation on the
out on pages 15 to 20. Board, recognising that the Board’s needs will change
over time taking into account the skills and experience of
The size and composition of the Board are reviewed the Board.
from time to time by the Corporate Governance and
>ŖŎĸŏďŰĸŖŏũΐŖŎŎĸŰŰĨĨΐͩ#>ͪ͒ΐ]ĶĨΐ#>ΐũĨĨņũΐŰŖΐ Reflecting the focus of the Group’s business in the region,
ensure that the size of the Board is conducive for effective six of Singtel’s 12 Directors are from, and have extensive
discussion and decision making, and that the Board experience in, jurisdictions outside Singapore, namely, the
has an appropriate number of independent Directors. Chairman, Mr Simon Israel, and non-executive Directors,
]ĶĨΐ#>ΐďŉũŖΐďĸŎũΐŰŖΐŎďĸŏŰďĸŏΐďΐĤĸƃĨťũĸŰƊΐŖıΐĨƉŢĨťŰĸũĨ͍ΐ Messrs Dominic Barton, Venky Ganesan, Bradley Horowitz
skills and attributes among the Directors. Any potential and Peter Mason AM, and Mrs Gail Kelly. In relation to
conflicts of interest are taken into consideration. gender diversity, 33% of the Singtel Board, or four out
of the 12 Board members, are female. Other than the
In order to ensure that Singtel continues to be able Group CEO, none of the Directors is a former or current
to meet the challenges and demands of the markets employee of the Company or its subsidiaries.
in which Singtel operates, the Board is focused
on enhancing the diversity of skills, expertise and Independence
perspectives on the Board in a structured way by ]ĶĨΐŖďťĤ͍ΐŰďņĸŏĲΐĸŏŰŖΐďğğŖŵŏŰΐŰĶĨΐƃĸĨƄũΐŖıΐŰĶĨΐ#>͍ΐ
proactively mapping out Singtel’s Board composition assesses the independence of each Director annually
needs over the short and medium term. in accordance with the guidance in the 2018 Code.
A Director is considered independent if he has no
Board diversity relationship with the Company, its related corporations,
Singtel is committed to building a diverse, inclusive and its substantial shareholders or its officers that could
collaborative culture. Singtel recognises and embraces interfere, or be reasonably perceived to interfere, with
the benefits of diversity on the Board, and views diversity the exercise of his independent business judgement in
at the Board level as an essential element in supporting the best interests of Singtel.
the attainment of its strategic objectives and its
sustainable development. The Board takes into account the existence of
relationships or circumstances, including those identified
The Board’s Diversity Policy provides that, in reviewing by the listing rules of the Singapore Stock Exchange
ŖďťĤΐğŖŎŢŖũĸŰĸŖŏΐďŏĤΐũŵğğĨũũĸŖŏΐŢŉďŏŏĸŏĲ͍ΐŰĶĨΐ#>ΐ and related Practice Guidance, that are relevant in its
will consider the benefits of all aspects of diversity, determination as to whether a Director is independent.
including diversity of skills, experience, background, Such relationships or circumstances include the
gender, age, ethnicity and other relevant factors. employment of a Director by the Company or any of its
These differences will be considered in determining related corporations during the financial year in question
the optimum composition of the Board and when or in any of the previous three financial years; a Director
possible should be balanced appropriately. All Board being on the Board for an aggregate period of more
appointments are made based on merit, in the context than nine years; a Director providing to or receiving
of the skills, experience, independence and knowledge from the Company or any of its subsidiaries significant
which the Board as a whole requires to be effective. payments or material services during the financial year
Diversity is a key criterion in the instructions to external in question or the previous financial year, other than
search consultants. compensation for board service; and a Director being
related to any organisation to which the Company or any
The Board is of the view that gender is an important of its subsidiaries made, or from which the Company or
aspect of diversity and will strive to ensure that (a) any of its subsidiaries received, significant payments or
any brief to external search consultants to search for material services during the financial year in question or
candidates for appointment to the Board will include a the previous financial year.
61
OVERVIEW
The CGNC and the Board have assessed the course of business to the Singtel Group. The Board is of
BUSINESS REVIEWS
independence of each of the Directors in 2019. A summary the view that the abovementioned relationships do not
of the outcome of that assessment is set out below. interfere with the exercise of the Directors’ independent
business judgement in the best interests of Singtel.
Based on the declarations of independence provided
by the Directors and taking into account the guidance Mr Venky Ganesan is a director of BitSight Technologies,
in the 2018 Code, the Board has determined that Inc (BitSight). Singtel’s subsidiary, Singtel Innov8 Pte
Ms Chua Sock Koong, Singtel’s Group CEO and Mr Simon Ltd, has an interest of less than 2% in BitSight. The
Israel, Chairman of the Singtel Board, are the only non- investment in BitSight by Singtel Innov8 Pte Ltd was
independent Directors. All other members of the Board made independent of Mr Ganesan’s association with
are considered to be independent Directors. In line with Singtel. The Board is of the view that the abovementioned
the Board’s Code of Conduct and Ethics, each member relationships do not interfere with the exercise of

of the CGNC and the Board recused himself or herself Mr Ganesan’s independent business judgement in the
from the CGNC’s and the Board’s deliberations best interests of Singtel.
respectively on his or her own independence.
Conflicts of Interest
Mr Simon Israel is considered non-independent as Under the Board’s Code of Conduct and Ethics, Directors
he had previously been deemed non-independent by must avoid situations in which their own personal or
virtue of his previous roles as a non-executive director, business interests directly or indirectly conflict, or appear
and subsequently executive director, of Temasek to conflict, with the interests of Singtel. The Code of
Holdings (Private) Limited (Temasek). He stepped down Conduct and Ethics provides that where a Director
from Temasek in June 2011. Temasek has an interest of has a conflict of interest, or it appears that he might
approximately 52% as at 31 March 2019. have a conflict of interest, in relation to any matter, he
should immediately declare his interest at a meeting of
Mr Bobby Chin was appointed to the Singtel Board on the Directors or send a written notice to the Company
1 May 2012 as an independent Director and to the Board containing details of his interest and the conflict, and
of Directors of Temasek on 10 June 2014. After due recuse himself from participating in any discussion and
PERFORMANCE
consideration, the Board continues to regard Mr Chin decision on the matter. Where relevant, the Directors have
as independent as he does not represent Temasek on complied with the provisions of the Code of Conduct and
the Singtel Board and he is not accustomed or under Ethics, and such compliance has been duly recorded in
an obligation, whether formal or informal, to act in the minutes of meeting.
accordance with the directions, instructions or wishes of
Temasek. As Mr Chin has demonstrated independence The Chairman and the Group CEO
in character and judgement in the discharge of his The Chairman of the Board is a non-executive
responsibilities as a Director, the Board is satisfied that appointment and is separate from the office of the
he will continue to exercise independent judgement Group CEO. The Chairman leads the Board and is
FINANCIALS
and act in the best interests of Singtel and its security responsible for ensuring the effectiveness of the Board
holders generally. and its governance processes, while the Group CEO is
responsible for implementing the Group’s strategies
Mr Bobby Chin, Mrs Christina Ong, Mr Low Check Kian and policies, and for conducting the Group’s business.
and Mr Gautam Banerjee are board members of The Chairman and the Group CEO are not related.
organisations that purchase services and/or equipment
from the Singtel Group in the ordinary course of Role of the Chairman
business. The Directors’ roles in those organisations The Chairman is responsible for leadership of the
are non-executive in nature and they are not involved Board and is pivotal in creating the conditions for
in the day-to-day conduct of the business of those overall Board, Board Committee and individual Director
organisations. In addition, Mrs Ong is a partner of Allen effectiveness, both inside and outside the boardroom.
& Gledhill LLP (A&G). A&G provides legal services to, and This includes setting the agenda of the Board in
receives fees from, the Singtel Group. However, Mrs Ong consultation with the Directors and the Group CEO,
has an interest of less than 5% in A&G. Mrs Ong is also and promoting active engagement and an open dialogue
on the board of Oversea-Chinese Banking Corporation among the Directors, as well as between the Board and
Limited, which provides banking services in the ordinary the Group CEO.

The Chairman ensures that the performance of the assure effective corporate governance in managing the
Board is evaluated regularly, and guides the development affairs of the Board and the Company.
needs of the Board. The Chairman leads the evaluation
of the Group CEO’s performance and works with the The Lead Independent Director serves as chairman of
Group CEO in overseeing talent management to ensure ŰĶĨΐ#>͒ΐ]ĶĨΐťŖŉĨΐŖıΐŰĶĨΐ8ĨďĤΐ)ŏĤĨŢĨŏĤĨŏŰΐĸťĨğŰŖťΐ
that robust succession plans are in place for the senior includes meeting with the independent Directors at least
leadership team. annually. He provides feedback on the meeting(s) to
the Board and/or the Chairman as appropriate. He will
The Chairman works with the Board, the relevant also be available to shareholders if they have concerns
Board Committees and Management to establish the relating to matters that contact through the Chairman,
boundaries of risk undertaken by the Group and ensure Group CEO or Group CFO has failed to resolve, or where
that governance systems and processes are in place such contact is inappropriate.
and regularly evaluated.
Board Membership
The Chairman plays a significant leadership role by ]ĶĨΐ#>ΐĨũŰďĞŉĸũĶĨũΐďŏĤΐťĨƃĸĨƄũΐŰĶĨΐŢťŖıĸŉĨΐťĨŤŵĸťĨĤΐ
providing clear oversight, advice and guidance to the of Board members and makes recommendations to
Group CEO and Management on strategy and the the Board on the appointment, re-nomination and
drive to transform Singtel’s businesses. This involves retirement of Directors.
developing a keen understanding of the Group’s diverse
and complex businesses, the industry, partners, When an existing Director chooses to retire or is required
regulators and competitors. to retire from office by rotation, or the need for a new
ĸťĨğŰŖťΐďťĸũĨũ͍ΐŰĶĨΐ#>ΐťĨƃĸĨƄũΐŰĶĨΐťďŏĲĨΐŖıΐĨƉŢĨťŰĸũĨ͍ΐ
The Chairman provides support and advice to, and acts skills and attributes of the Board and the composition of
as a sounding board for, the Group CEO, while respecting ŰĶĨΐŖďťĤ͒ΐ]ĶĨΐ#>ΐŰĶĨŏΐĸĤĨŏŰĸıĸĨũΐWĸŏĲŰĨŉΈũΐŏĨĨĤũΐďŏĤΐ
executive responsibility. He engages with other members prepares a shortlist of candidates with the appropriate
of the senior leadership regularly. profile for nomination or re-nomination. The Board
has an ongoing process facilitated by an independent
The Chairman also maintains effective communications consultant to map out these needs and to search for
with large shareholders and supports the Group CEO in candidates to join the Board.
engaging with a wide range of other stakeholders such as
partners, governments and regulators where the Group ]ĶĨΐ#>ΐŰďņĨũΐıďğŰŖťũΐũŵğĶΐďũΐďŰŰĨŏĤďŏğĨ͍ΐ
operates. He travels overseas to visit the Group’s key preparedness, participation and candour into
associates in the region and, in the process, fosters strong consideration when evaluating the past performance
relationships with the Group’s partners and gathers and contributions of a Director when making its
valuable feedback for Management to consider and recommendations to the Board. However, the
follow up on. re-nomination or replacement of a Director does
not necessarily reflect the Director’s performance or
The scope and extent of the Chairman’s and the Board’s ğŖŏŰťĸĞŵŰĸŖŏũΐŰŖΐŰĶĨΐŖďťĤ͒ΐ]ĶĨΐ#>ΐŎďƊΐĶďƃĨΐŰŖΐ
responsibilities and obligations have been expanding consider the need to position and shape the Board in
due to the increased focus on corporate governance, line with the evolving needs of Singtel and the business.
risk management, regulation and compliance. The Board
has agreed with the Chairman that he will commit a When deciding on the appointment of new Directors to
significant proportion of his time to his role and will ŰĶĨΐŖďťĤ͍ΐŰĶĨΐ#>ΐďŏĤΐŰĶĨΐŖďťĤΐğŖŏũĸĤĨťΐďΐƃďťĸĨŰƊΐ
manage his other time commitments accordingly. of factors, including the core competencies, skills and
experience that are required on the Board and Board
Role of the Lead Independent Director Committees, diversity, independence, conflicts of interest
The Lead Independent Director is appointed by the Board and time commitments.
to serve in a lead capacity to coordinate the activities of
the non-executive Directors in circumstances where it In order to ensure Board renewal, the Board has in
would be inappropriate for the Chairman to serve in such place guidelines on the tenure of the Chairman and
capacity. He also assists the Chairman and the Board to Directors. The guidelines provide that Directors are
63
OVERVIEW
appointed for an initial term of three years, and this The Group CEO, as a Director, is subject to the same
BUSINESS REVIEWS
may be extended to a second three-year term. As a retirement by rotation, resignation and removal
general rule, a Director shall step down from the Board provisions as the other Directors, and such provisions will
no later than at the Annual General Meeting (AGM) to not be subject to any contractual terms that may have
be held in his sixth year of service. Where a Director is been entered into with the Company. Shareholders are
not appointed at an AGM, the Director’s term will be provided with relevant information in the Annual Report
deemed to have commenced on the date of the AGM on the candidates for election or re-election.
immediately following the date on which the Director
was appointed. The Committee may, in appropriate Board Performance
circumstances, recommend to the Board that a Director’s ďğĶΐƊĨďť͍ΐŰĶĨΐ#>ΐŵŏĤĨťŰďņĨũΐďΐŢťŖğĨũũΐŰŖΐďũũĨũũΐ
term be extended beyond the second three-year term, the effectiveness of the Board, the Board Committees
for a period of up to three years. For Chairman, the same and individual Directors. For the financial year ended

principles apply except that the term is determined from 31 March 2019, as in previous years, an independent
the point he became Chairman. external consultant (2019: Aon Hewitt Singapore) was
appointed to facilitate this process. The 2019 survey was
Directors must ensure that they are able to give sufficient designed to provide an evaluation of the effectiveness
time and attention to the affairs of Singtel and, as part of the Board, Board Committees, Chairman and
ŖıΐĸŰũΐťĨƃĸĨƄΐŢťŖğĨũũ͍ΐŰĶĨΐ#>ΐĤĨğĸĤĨũΐƄĶĨŰĶĨťΐŖťΐŏŖŰΐ individual Directors, as well as provide insights on
a Director is able to do so and whether he has been the Board culture. The Directors were requested to
adequately carrying duties as a Director of Singtel. complete evaluation questionnaires on matters such as
The Board has also adopted an internal guideline that Board composition, Board processes, representation of
seeks to address the competing time commitments shareholders and environmental, social and governance
that may be faced when a Director holds multiple (ESG) issues, managing company performance, Board
board appointments. The guideline provides that, as a strategy and priorities, Board Committee effectiveness,
general rule, each Director should hold no more than CEO performance and succession planning, director
five directorships in public listed companies. However, development and management, and risk management.
the Board recognises that the individual circumstances Senior management were also requested to complete
PERFORMANCE
and capacity of each Director are different and there questionnaires covering the development/monitoring
may be circumstances in which a different limit on board of strategy, the relationship between the Board and
appointments is appropriate. The guideline also provides management, risk management, representation of
that (a) in support of their candidature for directorship shareholders and ESG issues, and Board Committee
ŖťΐťĨͻĨŉĨğŰĸŖŏ͍ΐĸťĨğŰŖťũΐďťĨΐŰŖΐŢťŖƃĸĤĨΐŰĶĨΐ#>ΐƄĸŰĶΐ effectiveness.
details of other commitments and an indication of the
time involved, and (b) non-executive Directors should In addition to the appraisal exercise, the contributions
ğŖŏũŵŉŰΐŰĶĨΐĶďĸťŎďŏΐŖťΐğĶďĸťŎďŏΐŖıΐŰĶĨΐ#>ΐĞĨıŖťĨΐ and performance of each Director are assessed by
accepting any new appointments as Directors. There are ŰĶĨΐ#>ΐďũΐŢďťŰΐŖıΐĸŰũΐŢĨťĸŖĤĸğΐťĨƃĸĨƄũΐŖıΐŰĶĨΐ
FINANCIALS
no alternate Directors on the Board. composition of the Board and the various Board
ŖŎŎĸŰŰĨĨũ͒ΐ)ŏΐŰĶĨΐŢťŖğĨũũ͍ΐŰĶĨΐ#>ΐĸũΐďĞŉĨΐŰŖΐĸĤĨŏŰĸıƊΐ
The Company’s Constitution provides that a Director must areas for improving the effectiveness of the Board and
retire from office at the third AGM after the Director was Board Committees. The Board is also able to assess the
elected or last re-elected. Board Committees through their regular reports to the
Board on their activities.
A retiring Director is eligible for re-election by Singtel
shareholders at the AGM. In addition, a Director Access to information
appointed by the Board to fill a casual vacancy or Prior to each Board meeting, Singtel’s Management
appointed as an additional Director may only hold provides the Board with information relevant to
office until the next AGM, at which time he will be matters on the agenda for the meeting. In general,
eligible for re-election by shareholders. If at any AGM, such information is provided a week in advance of the
fewer than three Directors would retire pursuant to the Board meeting. The Board also receives regular reports
requirements set out above, the additional Directors to pertaining to the operational and financial performance
retire at that AGM shall be those who have been longest of the Group, as well as regular updates, which include
in office since their last re-election or appointment. information on the Group’s competitors, and industry and

technological developments. In addition, Directors receive The selection of Board Committee members requires
analysts’ reports on Singtel and other telecommunications careful management to ensure that each committee
and digital companies on a quarterly basis. Such reports comprises Directors with appropriate qualifications
enable the Directors to keep abreast of key issues and and skills, and that there is an equitable distribution of
developments in the industry, as well as challenges responsibilities among Board members. The need to
and opportunities for the Group. In line with Singtel’s maximise the effectiveness of the Board, and encourage
commitment to the conservation of the environment, as active participation and contribution from Board
well as technology advancement, Singtel has done away members, is also taken into consideration.
with hard copy Board papers, and Directors are instead
provided with tablet devices to enable them to access A record of each Director’s Board Committee
and read Board and Board Committee papers prior to memberships and attendance at Board Committee
and at meetings. meetings during the financial year ended 31 March 2019
is set out on page 70.
The Board has separate and independent access to the
Senior Management and the Company Secretary at all
times. Procedures are in place for Directors and Board Audit Committee
Committees, where necessary, to seek independent
professional advice, paid for by Singtel. MEMBERSHIP
Bobby Chin, committee chairman and independent
Role of the Company Secretary non-executive Director
The Company Secretary attends all Board meetings Gautam Banerjee, independent non-executive
and is accountable directly to the Board, through Director
the Chairman, on all matters to do with the proper Gail Kelly, independent non-executive Director
functioning of the Board, including advising the Board (appointed on 15 May 2019)
on corporate and administrative matters, as well as Christina Ong, independent non-executive Director
facilitating orientation and assisting with professional
Note:
development as required. She assists the Board in Peter Ong stepped down as a Director and AC member following the
implementing and strengthening corporate governance conclusion of the AGM on 24 July 2018.
policies and processes. The Company Secretary is the
primary point of contact between the Company and KEY OBJECTIVE
the SGX. The Company Secretary is legally trained, with ͋ΐ ũũĸũŰΐŰĶĨΐŖďťĤΐŖĞńĨğŰĸƃĨŉƊΐĸŏΐĤĸũğĶďťĲĸŏĲΐĸŰũΐũŰďŰŵŰŖťƊΐ
experience in legal matters and company secretarial and other responsibilities relating to internal controls,
practices. The appointment and removal of the Company financial and accounting matters, compliance, and
Secretary is subject to the approval of the Board. business and financial risk management
Board and management committees

The following Board Committees assist the Board in The terms of reference of the AC provide that the AC
executing its duties: shall comprise at least three Directors, all of whom
͋ΐ ŵĤĸŰΐŖŎŎĸŰŰĨĨΐͩͪ are non-executive Directors and the majority, including
͋ΐ ŖťŢŖťďŰĨΐ#ŖƃĨťŏďŏğĨΐďŏĤΐ>ŖŎĸŏďŰĸŖŏũΐŖŎŎĸŰŰĨĨΐ the chairman, are independent Directors. At least two
ͩ#>ͪ members of the AC, including the AC chairman, must
͋ΐ ƉĨğŵŰĸƃĨΐSĨũŖŵťğĨΐďŏĤΐŖŎŢĨŏũďŰĸŖŏΐŖŎŎĸŰŰĨĨΐ have recent and relevant accounting or related financial
(ERCC) management expertise or experience. The chairman
͋ΐ "ĸŏďŏğĨΐďŏĤΐ)ŏƃĨũŰŎĨŏŰΐŖŎŎĸŰŰĨĨΐͩ")ͪ of the AC is a Director other than the Chairman of the
͋ΐ SĸũņΐŖŎŎĸŰŰĨĨΐͩSͪ Singtel Board.
Each Board Committee may make decisions on matters The AC has explicit authority to investigate any matter
within its terms of reference and applicable limits of within its terms of reference, and has full cooperation
authority. The terms of reference of each committee and access to Management. It has direct access to the
are reviewed from time to time, as are the committee internal and external auditors, and full discretion to invite
structure and membership. any Director or executive officer to attend its meetings,
65
OVERVIEW
and reasonable resources to enable it to discharge its Group through which staff and external parties can in
BUSINESS REVIEWS
functions. It also has the authority to review its terms confidence raise concerns about possible improprieties
of reference and its own effectiveness annually and in matters of financial reporting or other matters. All
recommend necessary changes to the Board. whistle-blower complaints were reviewed by the AC at its
quarterly meetings to ensure independent and thorough
The main responsibilities of the AC are to assist the investigation and adequate follow-up.
Board objectively in discharging its statutory and other
responsibilities relating to internal controls, financial The AC met five times during the financial year. At these
and accounting matters, compliance, and business and meetings, the Group CEO, Group Chief Corporate Officer,
financial risk management. Group CFO, Vice President (Group Finance), Group
Chief Internal Auditor and the respective CEOs of the
The AC reports to the Board on the results of the audits businesses were also in attendance. During the financial

undertaken by the internal and external auditors, the year, the AC reviewed the results of audits performed
adequacy of disclosure of information, and the adequacy by Internal Audit based on the approved audit plan,
and effectiveness of the system of risk management and significant litigation and fraud investigations, register of
internal controls. It reviews the quarterly and annual interested person transactions and non-audit services
financial statements with Management and the external rendered by the external auditors. The AC also met with
auditors, reviews and approves the annual audit plans the internal and external auditors, without the presence
for the internal and external auditors, and reviews the of Management, during the financial year.
internal and external auditors’ evaluation of the Group’s
system of internal controls. The external auditors provided regular updates and
periodic briefings to the AC on changes or amendments
The AC is responsible for evaluating the cost to accounting standards to enable the members
effectiveness of external audits, the independence of the AC to keep abreast of such changes and its
and objectivity of the external auditors, and the nature corresponding impact on the financial statements, if any.
and extent of the non-audit services provided by the Directors are also invited to attend relevant seminars
external auditors to ensure that the independence of on changes to accounting standards and issues by
PERFORMANCE
the external auditors is not compromised. It also makes leading accounting firms.
recommendations to the Board on the appointment or
re-appointment, remuneration and terms of engagement Financial matters
of the external auditors. In addition, the AC approves the The AC reviewed the financial statements of the Group
Singtel Internal Audit Charter and reviews the internal before the announcement of the Group’s quarterly and
audit function for independence and effectiveness, full-year results. In the process, the AC reviewed the
adequacy of resourcing, including staff qualifications key areas of management’s estimates and judgement
and experience, and its standing within Singtel. The applied for key financial issues including revenue
AC also reviews the performance of Internal Audit, recognition, taxation, goodwill impairment, and the joint
FINANCIALS
including approving decisions relating to appointment or ventures’ and associates’ contingent liabilities, critical
removal of Group Chief Internal Auditor and approving accounting policies and any other significant matters
the performance and compensation of the Group Chief that might affect the integrity of the financial statements.
Internal Auditor. Based on this, the AC is satisfied that The AC also considered the report from the external
the internal audit function is independent, effective and auditors, including their findings on the key areas of
adequately resourced. audit focus. Significant matters that were discussed with
management, internal and external auditors have been
During the financial year, the AC reviewed the included as key audit matters (KAMs) in the Independent
Management’s and Singtel Internal Audit’s assessment of Auditors’ Report for the financial year ended 31 March
fraud risk and held discussions with the external auditors 2019. Refer to pages 131 to 136 of this Annual Report.
to obtain reasonable assurance that adequate measures
were put in place to mitigate fraud risk exposure in The AC took into consideration the approach and
the Group. The AC also reviewed the adequacy of methodology applied in the valuation of acquired
the whistle-blower arrangements instituted by the businesses, as well as the reasonableness of the

estimates and key assumptions used. In addition to the ]ĶĨΐŎďĸŏΐďğŰĸƃĸŰĸĨũΐŖıΐŰĶĨΐ#>ΐďťĨΐŖŵŰŉĸŏĨĤΐĸŏΐŰĶĨΐ

views from the external auditors, subject matter experts commentaries on “Board Composition, Diversity and
including external tax specialists and legal experts, Balance”, “Board Membership” and “Board Performance”
were consulted. The AC concluded that management’s from pages 60 to 64.
accounting treatment and estimates in each of the KAMs
were appropriate. ]ĶĨΐ#>ΐŎĨŰΐŰĶťĨĨΐŰĸŎĨũΐĤŵťĸŏĲΐŰĶĨΐıĸŏďŏğĸďŉΐƊĨďťΐ
ended 31 March 2019, and also approved various matters
The information included in the Annual Report, excluding by written resolution.
the Financial Statements and Independent Auditors’
Report, was provided to the external auditors after the
Independent Auditors’ Report date. The external auditors Executive Resource and
have provided a written confirmation to the AC that they Compensation Committee
have completed the work in accordance with SSA 720
(Revised), The Auditor’s Responsibilities Relating to Other MEMBERSHIP
Information, and they have noted no exception. A copy Peter Mason AM, committee chairman and
of the charter of the AC is available on the corporate independent non-executive Director
governance page on the Company’s website at www. Simon Israel, non-executive Chairman of the
singtel.com/about-us/company/corporate-governance. Singtel Board
Gail Kelly, independent non-executive Director
(appointed on 26 December 2018)
Corporate Governance and Teo Swee Lian, independent non-executive Director
Nominations Committee
KEY OBJECTIVES
MEMBERSHIP ͋ΐ DƃĨťũĨĨΐŰĶĨΐťĨŎŵŏĨťďŰĸŖŏΐŖıΐŰĶĨΐŖďťĤΐďŏĤ
Low Check Kian, committee chairman and independent Senior Management
non-executive Director ͋ΐ WĨŰΐďŢŢťŖŢťĸďŰĨΐťĨŎŵŏĨťďŰĸŖŏΐıťďŎĨƄŖťņΐďŏĤΐ
Simon Israel, non-executive Chairman of the policies, including long-term incentive schemes,
Singtel Board to deliver annual and long-term performance of
Christina Ong, independent non-executive Director the Group
Teo Swee Lian, independent non-executive Director
The ERCC plays an important role in helping to ensure
KEY OBJECTIVES that the Group is able to attract, recruit, motivate and
͋ΐ ũŰďĞŉĸũĶΐďŏĤΐťĨƃĸĨƄΐŰĶĨΐŢťŖƷŉĨΐŖıΐŖďťĤΐŎĨŎĞĨťũ retain the best talents through competitive remuneration
͋ΐ =ďņĨΐťĨğŖŎŎĨŏĤďŰĸŖŏũΐŰŖΐŰĶĨΐŖďťĤΐŖŏΐŰĶĨΐ and progressive and robust policies so as to achieve the
appointment, re-nomination and retirement of Group’s goals and deliver sustainable shareholder value.
Directors
͋ΐ SĨƃĸĨƄΐŰĶĨΐĸŏĤĨŢĨŏĤĨŏğĨΐŖıΐĸťĨğŰŖťũ The terms of reference of the ERCC provide that the
͋ΐ ũũĸũŰΐŰĶĨΐŖďťĤΐĸŏΐĨƃďŉŵďŰĸŏĲΐŰĶĨΐŢĨťıŖťŎďŏğĨΐŖıΐŰĶĨΐ ERCC shall comprise at least three Directors, all of whom
Board, Board Committees and Directors shall be non-executive and the majority of whom shall
͋ΐ ĨƃĨŉŖŢΐďŏĤΐťĨƃĸĨƄΐŰĶĨΐŖŎŢďŏƊΈũΐğŖťŢŖťďŰĨΐ be independent. The ERCC is chaired by an independent
governance practices, taking into account relevant non-executive Director.
local and international developments in the area of
corporate governance The main responsibilities of the ERCC, as delegated
by the Board, are to oversee the remuneration of the
]ĶĨΐŰĨťŎũΐŖıΐťĨıĨťĨŏğĨΐŖıΐŰĶĨΐ#>ΐŢťŖƃĸĤĨΐŰĶďŰΐŰĶĨΐ Board and Senior Management. It sets appropriate
#>ΐũĶďŉŉΐğŖŎŢťĸũĨΐďŰΐŉĨďũŰΐŰĶťĨĨΐĸťĨğŰŖťũ͍ΐŰĶĨΐŎďńŖťĸŰƊΐ remuneration framework and policies, including long-
of whom, including the chairman, shall be independent. term incentive schemes, to deliver annual and long-term
As part of its commitment to gender diversity, the performance of the Group.
Board will strive to appoint at least one female Director
ŰŖΐŰĶĨΐ#>͒
67
OVERVIEW
The ERCC has been tasked by the Board to approve or
BUSINESS REVIEWS
recommend to the Board the appointment, promotion Finance and Investment Committee
and remuneration of Senior Management. The ERCC
also recommends the Directors’ compensation for the MEMBERSHIP
Board’s endorsement. Directors’ compensation is subject Simon Israel, committee chairman and
to the approval of shareholders at the AGM. The ERCC’s non-executive Chairman of the Singtel Board
recommendations cover all aspects of remuneration for Dominic Barton, independent non-executive Director
Directors and Senior Management, including but not (appointed on 15 May 2019)
limited to Director’s fees, salaries, allowances, bonuses, Venky Ganesan, independent non-executive Director
options, share-based incentives, management awards, Bradley Horowitz, independent non-executive Director
and benefits-in-kind. (appointed on 26 December 2018)
Low Check Kian, independent non-executive Director

The ERCC seeks expert advice and views on
remuneration and governance matters from both within KEY OBJECTIVES
and outside the Group as appropriate. The ERCC draws ͋ΐ PťŖƃĸĤĨΐďĤƃĸũŖťƊΐũŵŢŢŖťŰΐŖŏΐŰĶĨΐĤĨƃĨŉŖŢŎĨŏŰΐŖıΐ
on a pool of independent consultants for diversified the Singtel Group’s overall strategy and on strategic
views and specific expertise. The ERCC will ensure that issues for the Singapore and international businesses
existing relationships, if any, between the Group and ͋ΐ ŖŏũĸĤĨťΐďŏĤΐďŢŢťŖƃĨΐĸŏƃĨũŰŎĨŏŰũΐďŏĤΐĤĸƃĨũŰŎĨŏŰũ
its appointed remuneration consultants will not affect ͋ΐ SĨƃĸĨƄΐďŏĤΐďŢŢťŖƃĨΐğĶďŏĲĨũΐĸŏΐŰĶĨΐWĸŏĲŰĨŉΐ#ťŖŵŢΈũΐ
the independence and objectivity of the remuneration investment and treasury policies
consultants. ͋ΐ ƃďŉŵďŰĨΐďŏĤΐďŢŢťŖƃĨΐďŏƊΐƷŏďŏğĸŏĲΐŖƯĨťũΐďŏĤΐ
banking facilities and manage the Singtel Group’s
The ERCC approves or recommends termination liabilities in line with the Singtel Board’s policies
payments, retirement payments, gratuities, ex-gratia and directives
payments, severance payments and other similar ͋ΐ DƃĨťũĨĨΐďŏƊΐŖŏͻŎďťņĨŰΐũĶďťĨΐťĨŢŵťğĶďũĨũΐŢŵťũŵďŏŰΐ
payments to Senior Management. The ERCC ensures to Singtel’s share purchase mandate
that contracts of service for Senior Management contain
PERFORMANCE
fair and reasonable termination clauses that are not The terms of reference of the FIC provide that the FIC
overly generous. shall comprise at least three Directors, the majority of
whom shall be independent Directors. Membership of
The ERCC also ensures that appropriate recruitment, the AC and the FIC is mutually exclusive.
development and succession planning programmes
are in place for key executive roles, with the objective of The FIC met six times during the financial year ended
building strong and sound leadership bench strength 31 March 2019.
for long-term sustainability of the business. The ERCC
conducts, on an annual basis, a succession planning
FINANCIALS
review of Senior Management.
The Group CEO, who is not a member of the ERCC,

may attend meetings of the ERCC but does not attend
discussions relating to her own performance and
remuneration. Singtel’s remuneration policy and
remuneration for Directors and Senior Management
are discussed in this report from pages 76 to 83.
The ERCC met four times during the financial year ended
31 March 2019.

Risk Committee Advisory Committee/Panel

MEMBERSHIP Singtel has two advisory bodies, the Optus Advisory
Teo Swee Lian, committee chairman and Committee (OAC) and the Technology Advisory
independent non-executive Director Panel (TAP).
Gautam Banerjee, independent non-executive
Director The OAC comprises both Board and non-Board
Dominic Barton, independent non-executive Director members, namely Mr Peter Mason AM (committee
(appointed on 15 May 2019) chairman), Ms Chua Sock Koong, Mr David Gonski,
Bobby Chin, independent non-executive Director Mr Simon Israel, Mrs Gail Kelly, Mr John Morschel
and Mr Paul O’Sullivan. The OAC reviews strategic
Note: business issues relating to the Australian business.
Peter Ong stepped down as a Director and RC member following the
conclusion of the AGM on 24 July 2018.
The TAP advises the Board on developments, issues
KEY OBJECTIVES and emerging trends in the technology space. The TAP
͋ΐ ũũĸũŰΐŰĶĨΐŖďťĤΐĸŏΐıŵŉƷŉŉĸŏĲΐĸŰũΐťĨũŢŖŏũĸĞĸŉĸŰĸĨũΐĸŏΐ comprises distinguished international members and is
relation to governance of material risks in the Group’s chaired by Mr Venky Ganesan. The other members of
business, which include ensuring that Management the Panel are Mr Manik Gupta, Mr Bradley Horowitz
maintains a sound system of risk management and and Mr Koh Boon Hwee.
internal controls to safeguard shareholders’ interests
and the Group’s assets, and determining the nature
and extent of the material risks that the Board is Management Committee
willing to take in achieving the Group’s strategic
objectives In addition to the five Board Committees and the two
advisory bodies, Singtel has a Management Committee
that comprises the Group CEO, CEO Group Enterprise,
The terms of reference of the RC provide that the RC
CEO Consumer Australia, CEO Consumer Singapore,
shall comprise at least three members, the majority of
CEO International, CEO Group Digital Life, Group Chief
whom, including the chairman, shall be independent.
Corporate Officer, Group CFO, Group Chief Human
Members of the RC are appointed by the Board, on the
Resources Officer, Group Chief Information Officer and
ťĨğŖŎŎĨŏĤďŰĸŖŏΐŖıΐŰĶĨΐ#>͒ΐ]ĶĨťĨΐĸũΐďŰΐŉĨďũŰΐŖŏĨΐ
Group Chief Technology Officer.
common member between the RC and the AC.
The Management Committee meets every week to
The RC reviews the Group’s strategy, policies, framework,
review and direct Management on operational policies
processes and procedures for the identification,
and activities.
measurement, reporting and mitigation of material
risks in the Group’s business and reports any significant
matters, findings and recommendations in this regard
to the Board.
The RC meets at least three times a year, with additional

meetings to be convened as deemed necessary by the
chairman of the RC. The RC met three times during the
financial year ended 31 March 2019.
69
OVERVIEW
DIRECTORS’ BOARD COMMITTEE MEMBERSHIPS AND ATTENDANCE AT BOARD COMMITTEE MEETINGS
BUSINESS REVIEWS
DURING THE FINANCIAL YEAR ENDED 31 MARCH 2019 (1)
Corporate Executive
Governance and Resource and Finance and
Audit Nominations Compensation Investment Risk
Committee Committee Committee Committee Committee
Number of Number of Number of Number of Number of Number of Number of Number of Number of Number of
Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings
Name of Director Held Attended Held Attended Held Attended Held Attended Held Attended
Simon Israel – – 3 3 4 4 6 6 – –
Chua Sock Koong (2) 5 5 3 3 4 4 6 6 3 3
Gautam Banerjee 5 5 – – – – – – 3 3
Dominic Barton (3) – – – – – – – – – –
Bobby Chin 5 5 – – – – – – 3 3

Venky Ganesan – – – – – – 6 6 – –
Bradley Horowitz (4) – – – – – – 1 1 – –
Gail Kelly (5) – – – – 1 1 – – – –
Low Check Kian – – 3 3 – – 6 6 – –
Peter Mason AM – – – – 4 4 – – – –
Christina Ong 5 5 3 3 – – – – – –
Teo Swee Lian – – 3 3 4 4 – – 3 3
Peter Ong (6) 2 2 – – – – – – – –
Notes:
(1)
Refers to meetings held/attended while each Director was in office.
(2)
Ms Chua Sock Koong is not a member of the Board Committees, although she attended meetings of the Committees as appropriate.
(3)
Mr Dominic Barton was appointed a member of the Finance and Investment Committee and the Risk Committee on 15 May 2019.
(4)
Mr Bradley Horowitz was appointed a member of the Finance and Investment Committee on 26 December 2018.
(5)
Mrs Gail Kelly was appointed a member of the Executive Resource and Compensation Committee and the Audit Committee on 26 December 2018 and
15 May 2019 respectively.
(6)
Mr Peter Ong stepped down from the Singtel Board following the conclusion of the AGM on 24 July 2018.
PERFORMANCE
ACCOUNTABILITY AND AUDIT Internal Audit (IA)
Accountability Singtel IA comprises a team of 63 staff members,
Singtel recognises the importance of providing the including the Group Chief Internal Auditor. Singtel IA
Board with accurate and relevant information on a reports to the AC functionally and to the Group CEO
timely basis. Hence, Board members receive monthly administratively. Singtel IA is a member of the Singapore
financial and business reports from Management. Such chapter of the Institute of Internal Auditors (IIA) and
FINANCIALS
reports compare Singtel’s actual performance against adopts the International Standards for the Professional
the budget, and highlight key business drivers/indicators Practice of Internal Auditing (the IIA Standards) laid down
and any major issues that are relevant to Singtel’s in the International Professional Practices Framework
performance, position and prospects. issued by the IIA.
For the financial year ended 31 March 2019, Singtel’s Singtel IA has a Quality Assurance programme to ensure
Group CEO and Group CFO have provided a written that its audit activities conform to the IIA Standards.
confirmation to the Board on the integrity of Singtel’s As part of the programme, external Quality Assurance
financial statements and on the adequacy and Reviews are carried out at least once every three years
effectiveness of Singtel’s risk management and internal by qualified professionals from an external organisation.
control systems, addressing financial, operational, The external Quality Assurance Review was successfully
compliance and information technology risks. This completed in 2018 and continues to meet or exceed the
certification covers Singtel and the subsidiaries that IIA Standards in all key aspects.
are under Singtel’s management control.

Singtel IA adopts a risk-based approach in formulating exercise was conducted and proposals were considered
the annual audit plan that aligns its activities to the key against specific evaluation criteria with assigned weights
strategies and risks across the Group’s business. This relevant to Singtel Group’s requirements, taking into
plan is reviewed and approved by the AC. The reviews account relevant guidelines on evaluation of external
performed by Singtel IA are aimed at assisting the Board auditors issued by the Singapore Accounting & Corporate
in promoting sound risk management, robust internal Regulatory Authority (ACRA), Singapore Exchange
controls and good corporate governance, through (SGX) and the Audit Committee Guidance Committee
assessing the design and operating effectiveness (ACGC) Guidebook. Singtel has complied with Rule 712
of controls that govern key business processes and and Rule 715 of the SGX Listing Manual in relation to the
risks identified in the overall risk framework of the appointment of its external auditor.
Group. Singtel IA’s reviews also focus on compliance
with Singtel’s policies, procedures and regulatory In order to maintain the independence of the external
responsibilities, performed in the context of financial auditor, Singtel has developed policies and approval
and operational, revenue assurance and information processes regarding the types of non-audit services that
systems reviews. the external auditor can provide to the Singtel Group.
The AC reviewed the non-audit services provided by
Singtel IA works closely with Management in its internal the external auditor during the financial year and the
consulting and control advisory role to promote effective associated fees. The AC is satisfied that the independence
risk management, robust internal control and good and objectivity of the external auditor has not been
governance practices in the development of new impaired by the provision of those services. The
products/services, and implementation of new/enhanced external auditor has also provided confirmation of its
systems and processes. Singtel IA also collaborates independence to the AC.
with the internal audit functions of Singtel’s regional
associates to promote joint reviews and the sharing of Fees for KPMG services for the financial year
ended 31 March 2019 (S$ Mil)
knowledge and/or best practices.
Audit services 4.9
To ensure that the internal audits are performed >ŖŏͻďŵĤĸŰΐũĨťƃĸğĨũ
effectively, Singtel IA recruits and employs suitably (including audit-related services) 0.9
qualified professional staff with the requisite skill sets and
experience. Singtel IA provides training and development Risk Management and Internal Control
opportunities for its staff to ensure their technical The Board has overall responsibility for the governance
knowledge and skill sets remain current and relevant. of risk and exercises oversight of the material risks in
the Group’s business. During the financial year ended
External Auditor 31 March 2019, the Risk Committee (RC) assisted the
The Board is responsible for the initial appointment Board in the oversight of the Group’s risk profile and
of external auditor. Shareholders then approve the policies, adequacy and effectiveness of the Group’s
appointment at Singtel’s AGM. The external auditor risk management system including the framework
holds office until its removal or resignation. The AC and process for the identification and management of
assesses the external auditor based on factors such significant risks, and reports to the Board on material
as the performance and quality of its audit and the matters, findings and recommendations pertaining to risk
independence and objectivity of the auditor, and management. The AC provides oversight of the financial
recommends its appointment to the Board. reporting risk and the adequacy and effectiveness of the
Group’s internal control and compliance systems.
During the year, in line with the Singtel Group policy on
periodic review of the appointment of external auditors, The Board has approved a Group Risk Framework for
the AC has recommended, and the Board has endorsed, the identification of key risks within the business. This
the appointment of KPMG as the external auditor for Framework defines 30 categories of risks ranging from
Singtel Group for shareholders’ approval at the 2018 environmental to operational and management decision-
AGM. In recommending the appointment, an audit tender making risks. The Group’s risk management and internal
71
OVERVIEW
control framework is aligned with the ISO 31000:2009 the actions taken by Management in response to the
BUSINESS REVIEWS
Risk Management framework and the Committee of recommendations made by the internal and external
Sponsoring Organisations of the Treadway Commission auditors. Control self-assessments in key areas of the
(COSO) Internal Controls Integrated Framework. Group’s operations are conducted by Management
Major incidents and violations, if any, are reported to on a periodic basis to evaluate the adequacy and
the Board to facilitate the Board’s oversight of the effectiveness of the risk management and internal control
effectiveness of crisis management and the adequacy systems, including quarterly and annual certifications by
of mitigating measures taken by Management to Management to the AC and the Board respectively on
address the underlying risks. the integrity of financial reporting and the adequacy and
effectiveness of the risk management, internal control and
The identification and day-to-day management of compliance systems.
risks rest with Management. Management is responsible

for the effective implementation of risk management The Group has put in place a Board Escalation Process
strategy, policies and processes to facilitate the where major incidents and violations including major/
achievement of business plans and goals within the risk material operational loss events and potential breaches
tolerance established by the Board. Key business risks of laws and regulations by the Company and/or its key
are proactively identified, addressed and reviewed on officers, are required to be reported by Management
an ongoing basis. and/or Internal Audit to the Board immediately to
facilitate the Board’s oversight of crisis management
The Risk Management Committee, including relevant and adequacy and effectiveness of follow-up actions
members from the Senior Management team, is taken by Management. Through this process, the Board
responsible for setting the direction of corporate risk has been kept informed promptly of any incidents with
management and monitoring the implementation of potential material financial, operational, compliance and
risk management policies and procedures including the information technology risk impact.
adequacy of the Group’s insurance programme.
The Risk Management Committee reports to the RC The Board has received assurance from the Group CEO
on a regular basis. and Group CFO that, as at 31 March 2019, the Group’s
PERFORMANCE
financial records have been properly maintained,
The Board has established a Risk Appetite Statement the financial statements give a true and fair view of
and Risk Tolerance Framework to provide guidance to the Group’s financial position, operations and
the Management on key risk parameters. The significant performance, and that they are prepared in accordance
risks in the Group’s business, including mitigating with accounting standards.
measures, were also reviewed by the RC on a regular
basis and reported to the Board. Risk registers are The Board has also received assurance from the
maintained by the business and operational units which Group CEO, Group CFO and Management Committee
identify the key risks facing the Group’s business and the members that the Group’s internal controls and risk
FINANCIALS
internal controls in place to manage those risks. The RC management systems were adequate and effective
had reviewed the Group’s risk management framework as at 31 March 2019 to address financial, operational,
during the reporting period and was satisfied that it compliance and information technology risks.
continued to be sound.
Based on the internal controls established and maintained
Internal and external auditors conduct audits that involve by the Group, work performed by internal and external
testing the effectiveness of the material internal control auditors, reviews performed by Management and the
systems within the Singtel Group, relating to financial, various Board Committees as well as assurances from
operational, compliance and information technology members of the Management Committee, the Board,
risks. Any material non-compliance or lapses in internal with the concurrence of the AC, is of the opinion that the
controls are reported to the AC, including the remedial Group’s internal controls and risk management systems
measures recommended to address the risks identified. were adequate and effective as at 31 March 2019 to
The AC also reviews the adequacy and timeliness of address financial, operational, compliance and information

technology risks, which the Group considers relevant and Singtel reports financial results on a quarterly basis,
material to its operations. typically within 45 days from the end of each financial
quarter. The quarterly financial results announcements
The systems of risk management and internal control contain detailed financial disclosures and in-depth
established by Management provides reasonable, but analyses of key value-drivers and metrics for the
not absolute, assurance that Singtel will not be adversely Group’s businesses.
affected by any event that can be reasonably foreseen
as it strives to achieve its business objectives. However, Singtel also provides financial guidance for its businesses
the Board also notes that no system of risk management at the beginning of each financial year and affirms or
and internal control can provide absolute assurance in updates the guidance to accurately reflect prevailing
this regard, or absolute assurance against poor market conditions at the end of each quarter.
judgement in decision-making, human error, losses,
fraud or other irregularities. Singtel proactively engages shareholders and the
investment community through group and one-on-
Further details of the Group’s Risk Management one meetings, conference calls, email communications,
Philosophy and Approach can be found on pages 89 investor conferences and roadshows. This year, Singtel
to 99. engaged over 500 investors in more than 200 meetings
and conference calls in Singapore, London, Taiwan,
SHAREHOLDER RIGHTS AND ENGAGEMENT >ĨƄΐwŖťņΐďŏĤΐŖŰĶĨťΐĲŉŖĞďŉΐıĸŏďŏğĸďŉΐğĨŏŰťĨũ͒ΐqĶĸŉĨΐŰĶĨũĨΐ
Communication with Shareholders meetings are largely undertaken by Singtel’s Senior
Singtel is committed to delivering high standards Management, the Chairman and certain Board members
of corporate disclosure and transparency in our also meet with investors.
communications with shareholders, analysts and other
stakeholders in the investment community. Singtel To ensure a two-way flow of information, Singtel
provides timely, regular and relevant information commissions an annual survey of investors’ perceptions
regarding the Group’s strategy, performance and to solicit feedback from the investment community
prospects to aid shareholders and investors in their on a range of strategic and topical issues. The survey
investment decisions. provides the Singtel Board and Management with
invaluable insights into investors’ views of the Group
Over the years, Singtel has won recognition from and helps Singtel identify areas for improvement in
investors, academia and finance media for its strong investor communication.
emphasis on corporate governance and proactive
approach to shareholder communication and Shareholder Meetings
engagement. It has also been rated highly on several Singtel strongly encourages and supports shareholder
indices and rankings for its sustainability practices. participation at general meetings. Singtel delivers
ŰĶĨΐ>ŖŰĸğĨΐŖıΐ#=ΐďŏĤΐťĨŉďŰĨĤΐĸŏıŖťŎďŰĸŖŏΐďĞŖŵŰΐďΐ
The Singtel Investor Relations (IR) website is a key month ahead, providing sufficient time for shareholders
resource of information for the investment community. ŰŖΐťĨƃĸĨƄΐŰĶĨΐ>ŖŰĸğĨΐŖıΐ#=ΐďŏĤΐďŢŢŖĸŏŰΐŢťŖƉĸĨũΐŰŖ
It contains a wealth of investor-related information ďŰŰĨŏĤΐŰĶĨΐ#=ΐĸıΐŰĶĨƊΐƄĸũĶ͒ΐ]ĶĨΐ>ŖŰĸğĨΐŖıΐ#=ΐĸũ
on Singtel, including investor presentations, webcasts also advertised in The Straits Times for the benefit of
of earnings presentations, transcripts of earnings shareholders. Singtel holds its general meetings at
conference calls, annual reports, upcoming events, central locations in Singapore with convenient access
dividend policy, bond programmes, credit ratings and ŰŖΐŢŵĞŉĸğΐŰťďŏũŢŖťŰďŰĸŖŏ͒ΐbŏĤĨťΐWĸŏĲŰĨŉΈũΐŖŏũŰĸŰŵŰĸŖŏΐ
investor factsheets. Contact details of the IR department and pursuant to the Companies Act, the Central
are also listed on the website to facilitate dialogue and Provident Fund Board and relevant intermediaries
queries from shareholders. (as defined in the Companies Act, Chapter 50) may
appoint more than two proxies to attend and vote
Singtel makes timely disclosures of any new material on their behalf. A registered shareholder who is not a
information to the SGX. These filings are also posted on relevant intermediary may appoint up to two proxies.
the Singtel IR website, allowing investors to keep abreast There are separate resolutions at general meetings
of strategic and operational developments. on each substantially separate issue. Singtel currently
73
OVERVIEW
does not implement voting in absentia by mail or MANAGING STAKEHOLDER RELATIONSHIPS
BUSINESS REVIEWS
electronic means as the authentication of shareholder Singtel undertakes a formal stakeholder engagement
identity and other related security and integrity issues exercise, which is facilitated by a third party at least
remain a concern. once every three years to determine the environmental,
social and governance issues that are important to the
At each AGM, the Group CEO delivers a presentation stakeholders. These issues form the materiality matrix
to update shareholders on Singtel’s progress over the upon which targets, metrics, programmes and progress
past year. Directors and Senior Management are in are reviewed by and approved by the Board, before
attendance to address queries and concerns about they are published annually in Singtel’s sustainability
Singtel. Singtel’s external auditor and counsel also attend report. Singtel’s executives are also involved in ongoing
to help address shareholders’ queries relating to the engagements with these same stakeholders through
conduct of the audit and the auditor’s reports, as well various other channels.

as clarify any points of law, regulation or meeting
procedure that may arise. Shareholders are informed of Singtel’s approach to stakeholder engagement and
the voting procedures and rules governing the meeting. materiality assessment can be found at page 5 of the
The minutes of all general meetings are posted on Sustainability Report.
Singtel’s IR website. The minutes disclose the names of
the Directors, Senior Management and, where relevant, OTHER MATTERS
the external auditor and advisors who attended the Securities Transactions
meetings, as well as details of the proceedings, including Singtel has in place a Securities Transactions Policy, which
the questions raised by shareholders and the answers provides that Directors and Top Management members
given by the Board/Management. and persons who are in attendance at Board and Top
Management meetings (Key Officers) should not deal
in Singtel securities during the period commencing two
Electronic Poll Voting at weeks before the announcement of Singtel’s financial
Singtel General Meetings statements for each of the first three quarters of the
financial year, and during the period commencing
PERFORMANCE
All resolutions at Singtel’s general meetings are one month before the announcement of the financial
voted on by poll so as to better reflect shareholders’ statements for the full financial year and ending on the
shareholding interests and ensure greater transparency. date of the announcement of the relevant results. In
Singtel uses electronic poll voting devices to register the addition, employees who are involved in the preparation
votes of shareholders who attend the general meetings. of the Group’s financial statements should not deal in
Singtel securities during the period commencing six
Singtel appoints an independent external party as weeks before the announcement of financial results each
scrutineer for the electronic poll voting process. Prior to quarter. The policy also provides that any of the above
the general meeting, the scrutineer will review the persons who is privy to any material unpublished price-
FINANCIALS
proxies and the electronic poll voting system, and sensitive information relating to the Singtel Group should
attends at the proxy verification process, to ensure not trade in Singtel securities until the information is
that the proxy and poll voting information is compiled appropriately disseminated to the market, regardless of
correctly. During the general meeting, the scrutineer whether or not it is during the abovementioned “closed”
attends to ensure that the polling process is properly periods for trading in Singtel securities. The Company
carried out. Secretary sends quarterly reminders of the requirements
under the policy and the relevant laws and regulations to
When voting on a resolution has closed, the poll the Directors and Management.
voting results, including the number and percentage
of votes cast for and against the resolution, are A Director is required to notify Singtel of his interest in
immediately presented to shareholders. The poll voting Singtel securities within two business days after (a) the
results are promptly filed with SGX on the same day date on which he becomes a Director or (b) the date
as the meeting. on which he acquires an interest in Singtel securities.
A Director is also required to notify Singtel of any change

in his interests in Singtel securities within two business No Material Contracts

days after he becomes aware of such change. Singtel Since the end of the previous financial year ended
will file such disclosure with SGX within one business 31 March 2018, no material contracts involving the
day of receiving notification from the Director. interest of the Group CEO, any Director, or the controlling
shareholder, Temasek Holdings (Private) Limited, has
The Securities Transactions Policy also discourages been entered into by Singtel or any of its subsidiaries,
trading on short-term considerations and reminds and no such contract subsisted as at 31 March 2019, save
Directors and officers of their obligations under insider ďũΐŎďƊΐĞĨΐĤĸũğŉŖũĨĤΐŖŏΐW#v>ĨŰΐŖťΐĶĨťĨĸŏ͒
trading laws. Directors and officers of the Group wishing
to deal in Singtel securities during a closed period must Interested Person Transactions
secure prior written approval of the Chairman (in the As required by the SGX Listing Rules, details of
case of Directors of Singtel), the Lead Independent interested person transactions (IPT) entered into by
Director (in the case of the Chairman) or the Group CEO the Group are disclosed in this Annual Report on page
(in the case of directors of Singtel subsidiaries and Key 250. Singtel Internal Audit regularly reviews the IPT
Officers). Requests for written approval must contain a entered into by the Singtel Group to verify the accuracy
full explanation of the exceptional circumstances and and completeness of the IPT disclosure and ensure
proposed dealing. If approval is granted, trading must compliance with the SGX reporting requirements under
be undertaken in accordance with the limits set out in the Chapter 9 of the SGX Listing Manual. The report is
written approval. Directors are to inform the Company ũŵĞŎĸŰŰĨĤΐŰŖΐŰĶĨΐŵĤĸŰΐŖŎŎĸŰŰĨĨΐıŖťΐťĨƃĸĨƄ͒ΐbŏĤĨťΐŰĶĨΐ
Secretary before trading in Singtel securities. The Board is SGX listing rules, where any IPT requires shareholders’
kept informed when a Director trades in Singtel securities. approval, the interested person will abstain from
A summary of Singtel’s Securities Transactions Policy is voting and the decision will be made by disinterested
available in the Corporate Governance section of the shareholders.
Singtel corporate website.
The Board has adopted a policy that there should be no
Pursuant to the SGX Listing Manual, the Singtel Group loans to Directors, except for loans to fund expenditure
has put in place a policy relating to the maintenance to defend Directors in legal or regulatory proceedings, as
of a list(s) of persons who are privy to price sensitive permitted under the Companies Act. As at 31 March 2019,
ĸŏıŖťŎďŰĸŖŏΐťĨŉďŰĸŏĲΐŰŖΐWĸŏĲŰĨŉ͒ΐbŏĤĨťΐŰĶĨΐŢŖŉĸğƊ͍ΐŢĨťũŖŏũΐ there were no loans granted to Directors.
who are to be included in the privy persons list will
be reminded not to trade in Singtel securities while in Codes of Conduct and Practice
possession of unpublished price-sensitive information. The Board has adopted a Code of Conduct and Ethics
as a means to guide the Directors on the areas of ethical
In relation to the shares of other companies, Directors risk, and help nurture an environment where integrity
are prohibited from trading in shares of Singtel’s listed and accountability are key. The Code of Conduct
associates when in possession of material price-sensitive and Ethics sets out the Board’s principles on dealing
information relating to such associates. Directors with conflicts of interest, maintaining confidentiality,
are also to refrain from having any direct or indirect compliance with laws and regulations and fair dealing.
financial interest in Singtel’s competitors that might or The Board also has a Directors’ Manual, which sets out
might appear to create a conflict of interest or affect the specific Board governance policies and practices and
decisions Directors make on behalf of Singtel. the Directors’ duties and responsibilities. In addition,
Singtel has a code of internal corporate governance
Continuous Disclosure practices, policy statements and standards (Singtel
There are formal policies and procedures to ensure that Code), and makes this code available to Board members
Singtel complies with its disclosure obligations under the as well as employees of the Group. The principles,
listing rules of the SGX. A Market Disclosure Committee policies, standards and practices in the Code of Conduct
is responsible for Singtel’s Market Disclosure Policy. The and Ethics, the Directors’ Manual and the Singtel Code
policy contains guidelines and procedures for internal are intended to enhance investor confidence and
reporting and decision-making with regard to the rapport, and to ensure that decision-making is properly
disclosure of material information. carried out in the best interests of the Group. The Code
75
OVERVIEW
of Conduct and Ethics, the Directors’ Manual and the making such reports will be treated fairly and, to the
BUSINESS REVIEWS
Singtel Code are maintained by the Company Secretary extent possible, protected from reprisal.
and are provided to Directors when they are appointed
to the Board. On an ongoing basis, the whistle-blower policy is covered
during staff training and periodic communication to all
Singtel also has a strict code of conduct that applies staff as part of the Group’s efforts to promote strong
to all employees. The code sets out principles to guide ethical values and fraud and control awareness. All
employees in carrying out their duties and responsibilities whistle-blower complaints are investigated independently
to the highest standards of personal and corporate by Singtel IA or an independent investigation committee
integrity when dealing with Singtel, its competitors, as appropriate, and the outcome of each investigation is
customers, suppliers and the community. The code reported to the AC.
covers areas such as equal opportunity employment

practices, workplace health and safety, conduct in the REMUNERATION
workplace, business conduct, protection of Singtel’s The broad principles that guide the ERCC in its
assets, proprietary information and intellectual property, administration of fees, benefits, remuneration and
data protection, confidentiality, conflict of interest, and incentives for the Board of Directors and Senior
non-solicitation of customers and employees. Singtel Management are set out below.
adopts a zero tolerance approach to bribery and
corruption in any form and this is set out in the code as Remuneration of Non-Executive Directors
well as the Singtel Anti-Bribery and Corruption Policy Singtel’s Group CEO is an Executive Director and is,
(ABC Policy). The code and the ABC Policy are posted on therefore, remunerated as part of Senior Management.
Singtel’s internal website and a summarised version of She does not receive Directors’ fees.
the code, as well as the ABC Policy, are accessible from
the Singtel corporate website. Policies and standards The ERCC recommends the non-executive Directors’
are clearly stipulated to guide employees in carrying out fees for the Board’s endorsement and approval by
their daily tasks. shareholders. As Singtel has diverse and complex
operations and investments internationally and is not just
PERFORMANCE
Singtel has established an escalation process so that a Singapore-based company, the fees are benchmarked
the Board of Directors, Senior Management, and internal against fees paid by other comparable companies
and external auditors are kept informed of corporate in Singapore and Australia, as well as comparable
crises in a timely manner, according to their severity. companies in other countries.
Such crises may include violations of the code of conduct
and/or applicable laws and regulations, as well as loss Singtel seeks shareholders’ approval at the AGM for
events that have or are expected to have a significant Directors’ fees for the financial year ending 31 March
impact, financial or otherwise, on the Group’s business 2020 so that Directors’ fees can be paid on a half-yearly
and operations. basis in arrears. No Director decides his own fees.
FINANCIALS
Whistle-Blower Policy Save as mentioned below, there are no retirement benefit
Singtel undertakes to investigate all complaints of schemes or share-based compensation schemes in place
suspected fraud and corruption in an objective manner, for non-executive Directors.
and has a whistle-blower policy and procedures that
provide employees and external parties with well- To align Directors with shareholders’ interests, Directors
defined and accessible channels within the Group. are encouraged to acquire Singtel shares each year
These include a direct channel to Singtel IA and whistle- from the open market until they hold the equivalent of
blower hotline services independently managed by one year’s fees in shares, and to continue to hold the
external service providers, for reporting suspected equivalent of one year’s fees in shares while they remain
fraud, corruption, unethical practices or other similar on the Board.
matters which may cause financial loss to the Group or
damage the Group’s reputation. The policy is aimed at Financial Year Ended 31 March 2019
encouraging the reporting of such matters in good faith, For the financial year ended 31 March 2019, the
with the confidence that employees and other persons Chairman received an all-inclusive fee of S$960,000

(excluding car-related benefits). The fee was paid The aggregate Directors’ fees paid to non-executive
approximately two-thirds in cash and approximately Directors for the financial year ended 31 March 2019 was
ŖŏĨͻŰĶĸťĤΐĸŏΐWĸŏĲŰĨŉΐũĶďťĨũ͒ΐ>ŖΐũĨŢďťďŰĨΐťĨŰďĸŏĨťΐıĨĨũ͍ S$2,432,053 (details are set out in the table below).
committee fees, attendance fees or travel allowance
were paid to the Chairman. Director’s Fees
Name of Director (S$)
The fees for non-executive Directors (other than the Simon Israel (1) 960,000
Chairman) comprised a basic retainer fee, additional fees Gautam Banerjee 170,000
for appointment to Board Committees, attendance fees Dominic Barton (2) 2,070
for ad hoc Board meetings and a travel allowance for
Bobby Chin 195,000
Directors who were required to travel out of their country
Venky Ganesan (3) 193,000
or city of residence to attend Board meetings and Board
Committee meetings that did not coincide with Board Bradley Horowitz (4) 62,588
meetings. The framework for determining non-executive Gail Kelly (5) 47,927
Directors’ fees for the financial year ended 31 March 2019 Low Check Kian (6) 192,000
was the same as the framework for the previous financial Peter Mason AM (7) 191,000
year and is set out below: Christina Ong 170,000
Teo Swee Lian 195,000
Basic Retainer Fee Peter Ong (8) 53,468
Board Chairman S$960,000 per annum Total 2,432,053
Director S$110,000 per annum
Notes:
(1)
In addition to the Director’s fees set out above, Mr Simon Israel also
Fee for appointment to Audit received car-related benefits (S$24,557).
(2)
Committee and Finance and Mr Dominic Barton was appointed as a Director on 25 March 2019.
(3)
In addition to the Director’s fees set out above, Mr Venky Ganesan received
Investment Committee ıĨĨũΐŖıΐbWΕ͍̇̅̀̀̀ΐıŖťΐŰĶĨΐıĸŏďŏğĸďŉΐƊĨďťΐĨŏĤĨĤΐ˛˙ΐ=ďťğĶΐ˚˘˙ˡΐĸŏΐĶĸũΐ
capacity as the Chairman of the Technology Advisory Panel.
Committee chairman S$60,000 per annum (4)
Mr Bradley Horowitz was appointed as a Director and a member of the
Committee member S$35,000 per annum Finance and Investment Committee and the Technology Advisory Panel
on 26 December 2018. In addition to the Director’s fees set out above,
=ťΐťďĤŉĨƊΐ'ŖťŖƄĸŰƏΐťĨğĨĸƃĨĤΐıĨĨũΐŖıΐbWΕ͍̅̀̀̀̀ΐıŖťΐŰĶĨΐıĸŏďŏğĸďŉΐƊĨďťΐ
Fee for appointment to Executive ended 31 March 2019 in his capacity as a member of the Technology
Advisory Panel.
Resource and Compensation (5)
Mrs Gail Kelly was appointed as a Director and a member of the Executive
Committee Resource and Compensation Committee on 26 December 2018. In addition
to the Director’s fees set out above, Mrs Gail Kelly received fees of S$25,000
Committee chairman S$45,000 per annum for the financial year ended 31 March 2019 in her capacity as a member of
the Optus Advisory Committee.
Committee member S$25,000 per annum (6)
In addition to the Director’s fees set out above, Mr Low Check Kian received
fees of S$35,000 for the financial year ended 31 March 2019 in his capacity
as a director of Singtel Innov8 Pte. Ltd.
Fee for appointment to any other (7)
In addition to the Director’s fees set out above, Mr Peter Mason AM
Board Committee received fees of S$35,000 for the financial year ended 31 March 2019 in his
capacity as a member of the Optus Advisory Committee.
Committee chairman S$35,000 per annum (8)
Mr Peter Ong stepped down as a Director and member of the Audit
Committee member S$25,000 per annum Committee and the Risk Committee following the conclusion of the AGM on
24 July 2018.
Attendance Fee per Ad Hoc There is no employee of the Group who is an immediate
Board meeting S$2,000 family member of a Director or the GCEO, and whose
remuneration exceeded S$100,000 during the financial
Travel allowance for Board ƊĨďťΐĨŏĤĨĤΐ˛˙ΐ=ďťğĶΐ˚˘˙ˡ͒ΐ>ŖΐĨŎŢŉŖƊĨĨΐŖıΐŰĶĨΐ#ťŖŵŢΐĸũΐ
meetings and Board Committee a substantial shareholder of the Company.
meetings that do not coincide
with Board meetings (per day "ĸŏďŏğĸďŉΐwĨďťΐŏĤĸŏĲΐ˛˙ΐ=ďťğĶΐ˚˘˚˘
of travel required to attend For the financial year ending 31 March 2020, it is
meeting) S$3,000 proposed that aggregate fees of up to S$2,950,000 be
77
OVERVIEW
paid to the Directors, which is the same as the amount The ERCC recognises that the Group operates in a
BUSINESS REVIEWS
approved by shareholders for the financial year ended multinational and multifaceted environment and
31 March 2019. The proposed framework for Directors’ reviews remuneration through a process that considers
fees for the financial year ending 31 March 2020 is the Group, business unit and individual performance
same as that for the financial year ended 31 March 2019. as well as relevant comparative remuneration in
the market. The performance evaluation for Senior
Management has been conducted in accordance with
Remuneration of Executive Director the above considerations.
and Senior Management
During the year, the ERCC engaged Aon Hewitt
The remuneration framework and policy is designed Singapore Pte Ltd (Aon Hewitt) to provide valuation
to support the implementation of the Group’s strategy and vesting computation for grants awarded under

and to enhance shareholder value. The following the Singtel Performance Share Plan 2012. The ERCC
are our guiding principles for remuneration of Senior also engaged Willis Towers Watson (Singapore) to
Management: conduct Executive Remuneration Benchmarking for
Senior Management. Aon Hewitt, Willis Towers Watson
ALIGNMENT WITH SHAREHOLDERS’ INTERESTS and their consultants are independent and not related
͋ΐ ŉĸĲŏΐĸŏŰĨťĨũŰũΐĞĨŰƄĨĨŏΐŎďŏďĲĨŎĨŏŰΐďŏĤΐ to the Group or any of its Directors.
shareholders
͋ΐ WĨŉĨğŰΐďŢŢťŖŢťĸďŰĨΐŢĨťıŖťŎďŏğĨΐŎĨŰťĸğũΐıŖťΐďŏŏŵďŉΐ Singtel may, under special circumstances, compensate
and long-term incentive plans to support business Senior Management for their past contributions when
strategies and ongoing enhancement of shareholder their services are no longer needed, in line with market
value practice; for example, due to redundancies arising
͋ΐ ŉŉŖƄΐıŖťΐŢĨťıŖťŎďŏğĨͻťĨŉďŰĨĤΐğŉďƄĞďğņΐĸıΐŉŖŏĲͻŰĨťŎΐ from reorganisation or restructuring of the Group.
sustained performance targets are not met
͋ΐ ũŰďĞŉĸũĶΐũŖŵŏĤΐďŏĤΐũŰťŵğŰŵťĨĤΐıŵŏĤĸŏĲΐŰŖΐĨŏũŵťĨΐ If an executive is involved in misconduct or fraud,
resulting in financial loss to the company, the ERCC
PERFORMANCE
affordability
has the discretion not to award and to forfeit incentive
FAIR AND APPROPRIATE components of the executive’s remuneration, to the
͋ΐΐDƯĨťΐğŖŎŢĨŰĸŰĸƃĨΐŢďğņďĲĨũΐŰŖΐďŰŰťďğŰΐďŏĤΐťĨŰďĸŏΐ extent that such award or incentive has not been
highly experienced and talented individuals released or disbursed.
͋ΐ 8ĸŏņΐďΐũĸĲŏĸƷğďŏŰΐŢťŖŢŖťŰĸŖŏΐŖıΐťĨŎŵŏĨťďŰĸŖŏΐŰŖΐ
performance, both on an annual and long-term basis Remuneration Structure
͋ΐ WŰťŵğŰŵťĨΐďΐũĸĲŏĸƷğďŏŰΐĞŵŰΐďŢŢťŖŢťĸďŰĨΐŢťŖŢŖťŰĸŖŏΐŖıΐ The remuneration structure is designed such that the
remuneration to be at risk with symmetric upside and percentage of the performance-related components
downside of Senior Management’s remuneration increases as
FINANCIALS
they move up the organisation.
PAY-FOR-PERFORMANCE
͋ΐ =ĨďũŵťĨΐŢĨťıŖťŎďŏğĨΐĞďũĨĤΐŖŏΐďΐĶŖŉĸũŰĸğΐĞďŉďŏğĨĤΐ On an annual basis, the ERCC proposes the
scorecard approach, comprising both financial and compensation of the Group CEO, CEOs, Group Chief
non-financial metrics Corporate Officer and Group CFO for the Board’s
͋ΐ ŏũŵťĨΐŰďťĲĨŰũΐďťĨΐďŢŢťŖŢťĸďŰĨŉƊΐũĨŰΐıŖťΐŰĶťĨũĶŖŉĤ͍ΐ approval and approves compensation for the other
target, stretch and exceptional performance levels Senior Management.
EFFECTIVE IMPLEMENTATION
͋ΐ ŏũŵťĨΐŉĸŏņΐĞĨŰƄĨĨŏΐŢĨťıŖťŎďŏğĨΐďŏĤΐťĨŎŵŏĨťďŰĸŖŏΐ
is clear and the framework is simple for employees to
understand
͋ΐ =ĨĨŰΐťĸĲŖťŖŵũΐğŖťŢŖťďŰĨΐĲŖƃĨťŏďŏğĨΐťĨŤŵĸťĨŎĨŏŰũ

The key remuneration components for

Senior Management are summarised below: BENEFITS & PROVIDENT/SUPERANNUATION FUND
Benefits and Provident/Superannuation Fund
provided are in line with local market practices and
TOTAL REMUNERATION legislative requirements.
= Policy
FIXED COMPONENTS Singtel contributes towards the Singapore Central
Provident Fund or the Optus Superannuation Fund
or any other chosen fund, as applicable. Singtel
also provides in-company medical scheme, club
membership, employee discounts and other benefits
BENEFITS & PROVIDENT/ that may incur Australian Fringe Benefits Tax, where
BASE SALARY
SUPERANNUATION
applicable.
+ Participation in benefits is dependent on
PERFORMANCE-RELATED COMPONENTS the country in which the executive is located. For
expatriates located away from home, additional
benefits such as accommodation, children’s education
and tax equalisation may be provided.
LONG-TERM
VARIABLE BONUS Performance Linkage
INCENTIVES
Benefits and Provident/Superannuation Fund are
not directly linked to performance.
Performance-Related Components
Fixed Components VARIABLE BONUS
Variable Bonus comprises the Performance Bonus
BASE SALARY and the Value Sharing Bonus. It provides a variable
The base salary reflects the market worth of the job but level of remuneration dependent on short-term
may vary with responsibilities, qualifications and the performance against the annual plan, as well as
experience that the individual brings to the role. relevant market remuneration benchmarks.
Policy Policy
This is approved by the Board based on ERCC’s Performance Bonus
recommendation and reviewed annually against: Performance Bonus (PB) is designed to support
(i) peers of similar financial size and complexity to the Group’s business strategy and the ongoing
the Group; enhancement of shareholder value through the delivery
(ii) pay and conditions across the Group; and of annual Financial, Strategy, Operational and People
(iii) the executive’s contribution and experience. objectives. On an individual level, the PB will vary
according to the actual achievement against Group,
In Australia, consistent with local market practice, business unit and individual performance objectives.
executives may opt for a portion of their salaries to be
received in benefits-in-kind, such as superannuation Value Sharing Bonus
contributions and motor vehicles, while maintaining the A portion of Senior Management’s annual remuneration
same overall cost to the company. is tied to the Economic Profit (EP) performance of the
Group in the form of the Value Sharing Bonus (VSB).
Performance Linkage VSB is used to defer their bonuses over a time horizon
The base salary is linked to each executive’s sustained to ensure alignment with sustainable value creation for
long-term performance. the shareholders over the longer term.
79
OVERVIEW
BUSINESS REVIEWS
Performance Linkage A significant portion of the remuneration package
Performance Bonus for our Senior Management is delivered in Singtel
The objectives are aligned to the Annual Operating shares to ensure that their interests are aligned with
Plan and are different for each executive. They are shareholders. In particular, the long-term incentives
assessed on the same principles across four broad mix is more heavily weighted toward PSA for more
categories of targets: Financial, Strategy, Operational senior executives to increase focus on shareholder
and People. Weightings are assigned to the targets returns. This is further supported by significant
to encourage a balanced performance and to avoid shareholding requirements in which they are required
over-emphasis on any one measure. People targets to build up and retain at least the equivalent of two
comprise leadership competencies, core values, times their annual base salary in shares. Group CEO
is expected to hold at least the equivalent of three
people development and staff engagement. In
times her annual base salary as shareholding.

addition, the executives are assessed on teamwork
and collaboration across the Group.
Special provisions for vesting and lapsing of awards
apply for events such as the termination of employment,
Value Sharing Bonus misconduct, retirement and any other events approved
A “VSB bank” is created for each executive to hold the ĞƊΐŰĶĨΐS͒ΐbŢŖŏΐŖğğŵťťĨŏğĨΐŖıΐďŏƊΐŖıΐŰĶĨΐĨƃĨŏŰũ͍ΐ
VSB allocated to him or her in any year. One-third of the the ERCC will consider, at its discretion, whether or
“bank” balance would be paid out in cash provided it is not to release any award, and will take into account
positive. The remaining balance will be carried forward circumstances on a case-by-case basis, including (but
and at risk as it is subject to performance-related not limited to) the contributions made by the employee.
clawback and could be reduced in the event of EP Singtel employees are prohibited from entering into
underperformance in the future years. transactions in associated products which limit the
economic risk of participating in unvested awards
LONG-TERM INCENTIVES under Singtel’s equity-based remuneration schemes.
Long-term incentives reinforce the delivery of long-term
growth and shareholder value to drive an ownership Performance Linkage
PERFORMANCE
culture and retain key talent. These are equity awards Restricted Share Award (RSA)
provisionally granted to Senior Management based on The RSA has a two-year performance period from
performance for the year ended 31 March 2019. 1 April 2019 to 31 March 2021. 50% of the 2019 RSA
will vest two years from grant date and 50% will vest
The long-term incentives consist of two types of three years from grant date, subject to the following
awards – the Restricted Share Award (RSA) and the conditions:
Performance Share Award (PSA) – with grants made
͋ΐ ŖŏŰĸŏŵĨĤΐĨŎŢŉŖƊŎĨŏŰΐƄĸŰĶΐŰĶĨΐWĸŏĲŰĨŉΐ#ťŖŵŢ͗ΐďŏĤ
at the discretion of the ERCC. The RSA is granted to a
͋ΐ =ďĸŏŰďĸŏĸŏĲΐďΐũďŰĸũıďğŰŖťƊΐŢĨťıŖťŎďŏğĨΐťďŰĸŏĲΐıŖťΐŰĶĨΐ
broader group of executives while the PSA is granted to
financial year preceding each tranche of vesting.
Senior and Top Management.
FINANCIALS
Performance Share Award (PSA)
Policy The PSA has a three-year performance period from
The number of shares awarded under RSA and PSA is 1 April 2019 to 31 March 2022. Vesting of shares is
determined using the valuation of the shares based on dependent on the following performance conditions,
a Monte-Carlo simulation. The RSA share awards have subject to the approval of the ERCC:
a service condition, while the PSA share awards are
conditional upon the achievement of predetermined ͋ΐ ˜˘ρΐĞďũĨĤΐŖŏΐWĸŏĲŰĨŉΐ#ťŖŵŢΈũΐSĨŢŖťŰĨĤΐ>P]ΐͺΐ
performance targets over the performance period. The SĨŢŖťŰĨĤΐ>P]ΐďğĶĸĨƃĨĤΐďĲďĸŏũŰΐŢťĨĤĨŰĨťŎĸŏĨĤΐ
PSA performance conditions were chosen as they are
targets; and
key drivers of shareholder value creation and aligned ͋ΐ ˞˘ρΐĞďũĨĤΐŖŏΐWĸŏĲŰĨŉΐ#ťŖŵŢΈũΐĞũŖŉŵŰĨΐ]ŖŰďŉΐ
to the Group’s business objectives. These performance Shareholder Return (Absolute TSR) – Absolute TSR
conditions and targets are approved by the ERCC at the achieved against predetermined targets.
beginning of the performance period.
The vesting schedule for PSA granted in June 2019 is
shown in Figure A.

Figure A: Performance Share Award (PSA) Vesting Schedule

Reported Group NPAT (40%) Absolute TSR (60%)
Performance Vesting Level (1) Performance Vesting Level (1)
Exceptional 150% Stretch 150%

Target 100% Target 100%
Threshold 50% Threshold 50%
Below Threshold 0% Below Threshold 0%
Note:
(1)
For achievement between these performance levels, the percentage of shares that will vest under this tranche would vary accordingly.
Remuneration of Key Management

For the financial year ended 31 March 2019, there were no termination, retirement and post-employment benefits
granted to Directors and Key Management.
Remuneration of Executive Director

Summary compensation table for Group CEO (Chua Sock Koong) for the financial year ended 31 March 2019:
Fixed Variable Provident Total Cash
Remuneration Bonus Fund Benefits & Benefits
Name (S$) (1) (S$) (2) (S$) (3) (S$) (4) (S$) (5)
Earned 1,803,014 3,537,301

Chua Sock Koong 1,647,096 9,180 78,011
Paid out 3,215,059 4,949,346
Performance shares granted, vested and lapsed for Ms Chua as at 31 March 2019 are as follows:
Restricted Share Award (RSA) (6)
Granted Vested Lapsed Released
(no. of shares) (no. of shares) (no. of shares) Date (no. of shares)
1-Jun-18 136,704
2016 Awards 201,331 273,408 –
3-Jun-19 136,704
3-Jun-19 222,324
2017 Awards (7) 382,987 444,648 –
1-Jun-20 222,324
1-Jun-20
2018 Awards (8) 396,550
1-Jun-21
202,475 1-Jun-21
2019 Awards (9)
1-Jun-22
Performance Share Award (PSA) (6)

2016 Awards 1,694,657 – 1,694,657 3-Jun-19 –

2017 Awards (8) 831,718 1-Jun-20
2018 Awards (8) 633,618 1-Jun-21
2019 Awards (9) 860,127 1-Jun-22
Notes:
(1)
Fixed Remuneration refers to base salary earned for the financial year ended 31 March 2019.
(2)
Variable Bonus comprises Performance Bonus (PB) and Value Sharing Bonus (VSB). PB varies according to the actual achievement against Group, business unit
and individual performance objectives for the year. VSB is awarded for individual performance and Group Economic Profit (EP) performance for the year.
The allocated VSB will be credited into the VSB ‘bank’ and one-third of the ‘bank’ balance is paid out in cash each year provided it is positive. The remaining
balance is carried forward to the next year and at risk as it is subject to a clawback feature. For more details, please refer to pages 79 to 80. Variable Bonus
Earned is the sum of PB and VSB awarded for the financial year ended 31 March 2019. Variable Bonus Paid Out is the sum of PB and VSB paid out in June 2019.
81
OVERVIEW
Provident Fund in Singapore represents payments in respect of company statutory contributions to the Singapore Central Provident Fund.
(3)
BUSINESS REVIEWS
(4)
Benefits are stated on the basis of direct costs to the company and include car benefits, flexible benefits and other non-cash benefits such as medical cover
and club membership.
(5)
Total Cash & Benefits Earned is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended
31 March 2019. Total Cash & Benefits Paid Out is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus paid out for the financial year
ended 31 March 2019.
(6)
Long-term Incentives are awarded in the form of Restricted Share Award (RSA) and Performance Share Award (PSA) under the Singtel Performance Share Plan 2012.
(7)
The second tranche of the vested 2017 RSA will be released in June 2020, subject to continued service of the employee.
(8)
The vesting of the RSA and PSA are conditional upon the achievement of predetermined performance targets or vesting conditions over the respective
performance period, which are a two-year period for RSA and a three-year period for PSA.
(9)
The 2019 grants of RSA and PSA were made in June 2019 for performance for the financial year ended 31 March 2019. The per unit fair values of the RSA and
PSA are S$2.644 and S$1.556 respectively.
Remuneration of Other Key Management

Summary compensation table for the other top five Key Management for the financial year ended 31 March 2019:

Restricted Performance
Fixed Variable Provident Total Cash Share Award Share Award
Remuneration Bonus Fund Benefits & Benefits (RSA) (6)
(PSA) (6)
Name (S$) (1) (S$) (2) (S$) (3) (S$) (4) (S$) (no. of shares) (no. of shares)
(5)
The following are in alphabetical order:
Bill Chang Earned 871,748 1,864,559

CEO Group 909,996 17,340 65,475 106,341 451,745
Enterprise Paid Out 1,530,734 2,523,545
Hui Weng Earned 669,950 1,797,368
Cheong (7) 663,000 9,180 455,238 80,674 159,930
COO, AIS Paid Out 895,445 2,022,863
Allen Lew (8) Earned A$1,447,543 A$3,656,790
CEO Consumer A$1,562,369 9,180 A$637,591 135,023 573,587
PERFORMANCE
Australia Paid Out A$2,648,656 A$4,857,903
Jeann Low Earned 471,748 1,459,092
Group Chief 909,996 13,260 64,088 106,341 451,745
Corporate Officer Paid Out 1,126,000 2,113,344
Yuen Kuan Moon Earned 931,998 1,924,029
CEO Consumer 909,996 17,340 64,695 121,533 516,279
Singapore Paid Out 1,241,484 2,233,515
Earned 4,376,210 10,659,455
Total 4,937,248 66,300 1,279,697 549,912 2,153,286
Paid Out 7,411,620 13,694,865
FINANCIALS

Performance shares granted, vested and lapsed for the above five executives as at 31 March 2019 are as follows:
Restricted Share Award (RSA)
1-Jun-18 288,908
2016 Awards 425,487 577,815 –
3-Jun-19 288,907
3-Jun-19 512,379
2017 Awards (9) 882,644 1,024,753 –
1-Jun-20 512,374
1-Jun-20
2018 Awards (10) 994,149 –
1-Jun-21
Performance Share Award (PSA)

2016 Awards 3,032,763 – 3,032,763 3-Jun-19 –

2017 Awards (10)
1,700,195 1-Jun-20
2018 Awards (10)
1,509,669 1-Jun-21
Notes:
(1)
Fixed Remuneration refers to base salary earned for the financial year ended 31 March 2019.
(2)
Variable Bonus comprises Performance Bonus (PB) and Value Sharing Bonus (VSB). PB varies according to the actual achievement against Group, business
unit and individual performance objectives for the year. VSB is awarded for individual performance and Group Economic Profit (EP) performance for the year.
The allocated VSB will be credited into the VSB ‘bank’ and one-third of the ‘bank’ balance is paid out in cash each year provided it is positive. The remaining
balance is carried forward to the next year and at risk as it is subject to a clawback feature. For more details, please refer to pages 79 to 80. Variable Bonus
Earned is the sum of PB and VSB awarded for the financial year ended 31 March 2019. Variable Bonus Paid Out is the sum of PB and VSB paid out in June 2019.
(3)
Provident Fund in Singapore represents payments in respect of company contributions to the Singapore Central Provident Fund.
(4)
Benefits are stated on the basis of direct costs to the company and include overseas assignment benefits, tax equalisation, car benefits, flexible benefits and
other non-cash benefits such as medical cover and club membership, where applicable.
(5)
Total Cash & Benefits Earned is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended 31 March 2019.
Total Cash & Benefits Paid Out is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus paid out for the financial year ended 31 March 2019.
(6)
Long-term Incentives are awarded in the form of performance shares. Grants of the Restricted Share Award (RSA) and Performance Share Award (PSA) under
the Singtel Performance Share Plan 2012 were made in June 2019 for performance for the financial year ended 31 March 2019. The per unit fair values of the
RSA and PSA are S$2.644 and S$1.556 respectively.
(7)
Benefits for Mr Hui Weng Cheong include tax equalisation in relation to his assignment to AIS, Thailand.
(8)
All remuneration items for Mr Allen Lew are denominated in Australian Dollar, except for his Provident Fund, which is denominated in Singapore Dollar.
(9)
The second tranche of the vested 2017 RSA will be released in June 2020, subject to continued service of the employee.
(10)
The vesting of the RSA and PSA are conditional upon the achievement of predetermined performance targets or vesting conditions over the respective
performance period, which are a two-year period for RSA and a three-year period for PSA.
83
OVERVIEW
Summary of Disclosures – Corporate Governance
BUSINESS REVIEWS
Rule 710 of the SGX Listing Manual requires Singapore Key information on each Director in this Annual Report:
listed companies to describe their corporate governance ͋ΐ PďĲĨũΐ˙˝ΐŰŖΐ˚˘ΐͺΐĸťĨğŰŖťũΈΐĸŏĤĨŢĨŏĤĨŏğĨΐũŰďŰŵũ͍ΐ
practices with specific reference to the 2018 Code in their appointment dates, length of directorship, academic
annual reports for financial years commencing on or and professional qualifications and present and past
after 1 January 2019. As we have elected to adopt Rule directorships details
710 of the SGX Listing Manual in advance, this summary ͋ΐ PďĲĨũΐ˝ˠΐďŏĤΐ˟˘ΐĸťĨğŰŖťũΈΐŎĨĨŰĸŏĲΐďŰŰĨŏĤďŏğĨΐ
of disclosures describes our corporate governance ͋ΐ PďĲĨũΐ˟˞ΐŰŖΐˠ˚ΐͺΐĸťĨğŰŖťũΈΐťĨŎŵŏĨťďŰĸŖŏ
practices with specific reference to the express disclosure ͋ΐ PďĲĨũΐ˚˝˙ΐŰŖΐ˚˞˘ΐͺΐĤĤĸŰĸŖŏďŉΐ)ŏıŖťŎďŰĸŖŏΐŖŏΐĸťĨğŰŖťũΐ
requirements in the principles and provisions of the 2018 seeking re-election at the Annual General Meeting to
ŖĤĨ͒ΐ>ŖΐťĨıĨťĨŏğĨũΐĶďƃĨΐĞĨĨŏΐŎďĤĨΐŰŖΐŰĶĨΐŖĤĨΐŖıΐ be held on 23 July 2019

Corporate Governance 2012.
Principles and provisions of the 2018 Code – Page reference in

Express disclosure requirements Singtel Annual Report 2019
Provision 1.2 Page 60

The induction, training and development provided to new and existing Directors.

Matters that require Board approval.
Provision 1.4 Pages 65 to 69

>ďŎĨũΐŖıΐŰĶĨΐŎĨŎĞĨťũΐŖıΐŰĶĨΐŖďťĤΐŖŎŎĸŰŰĨĨũ͍ΐŰĶĨΐŰĨťŎũΐŖıΐťĨıĨťĨŏğĨΐŖıΐŰĶĨΐŖďťĤΐ
PERFORMANCE
Committees, any delegation of the Board’s authority to make decisions, and a summary
of each Board Committee’s activities.
Provision 1.5 Pages 58 and 70

The number of meetings of the Board and Board Committees held in the year, as well as
the attendance of every Board member at these meetings.

The board diversity and progress made towards implementing the board diversity
FINANCIALS
policy, including objectives.

Process for the selection, appointment and re-appointment of Directors to the Board,
including the criteria used to identify and evaluate potential new directors and channels
used in searching for appropriate candidate.

Where the Board considers a Director to be independent in spite of the existence of

a relationship which may affect his or her independence, the nature of the Director’s
relationship and the reasons for considering him or her as independent should be disclosed.


Provision 4.5 Pages 15 to 20 and

The listed company directorships and principal commitments of each director, and Page 64
where a director holds a significant number of such directorships and commitments,
ŰĶĨΐ>ΈũΐďŏĤΐŖďťĤΈũΐťĨďũŖŏĨĤΐďũũĨũũŎĨŏŰΐŖıΐŰĶĨΐďĞĸŉĸŰƊΐŖıΐŰĶĨΐĤĸťĨğŰŖťΐŰŖΐĤĸŉĸĲĨŏŰŉƊΐ
discharge his or her duties are disclosed.

How the assessments of the Board, its Board committees and each Director have been
conducted, including the identity of any facilitator and its connection, if any, with the
Company or any of its Directors.

The Company discloses the engagement of any remuneration consultants and their
independence.
Principle 8 Pages 78 to 80
Clear disclosure of remuneration policies, level and mix of remuneration, and procedure
for setting remuneration, and the relationship between remuneration, performance and
value creation.
Provision 8.1 For the CEO and

The Company discloses the policy and criteria for setting remuneration, as well as management:
names, amounts and breakdown of remuneration of (a) each individual director and Pages 78 to 83
the CEO; and (b) at least the top five key management personnel (who are not Directors
or the CEO) in bands no wider than S$250,000 and in aggregate the total remuneration For non-executive Directors:
paid to these key management personnel. Pages 76 to 77

>ďŎĨũΐďŏĤΐťĨŎŵŏĨťďŰĸŖŏΐŖıΐĨŎŢŉŖƊĨĨũΐƄĶŖΐďťĨΐũŵĞũŰďŏŰĸďŉΐũĶďťĨĶŖŉĤĨťũΐŖıΐŰĶĨΐ
company, or are immediate family members of a Director, the CEO or a substantial
shareholder of the company, and whose remuneration exceeds S$100,000 during the
year, in bands no wider than S$100,000. The disclosure states clearly the employee’s
relationship with the relevant director or the CEO or substantial shareholder.
Provision 8.3 For non-executive Directors:

The Company discloses all forms of remuneration and other payments and benefits, Page 77
paid by the company and its subsidiaries to directors and key management personnel
of the company, and also discloses details of employee share schemes. For key management
personnel:
Pages 81 to 83
For employee share

schemes:
Pages 80 to 83
85
OVERVIEW
BUSINESS REVIEWS

Whether the Board has received assurance from (a) the CEO and the CFO that the
financial records have been properly maintained and the financial statements give
true and fair view of the Company’s operations and finances; and (b) the CEO and the
other key management personnel who are responsible, regarding the adequacy and
effectiveness of the Company’s risk management and internal control systems.

Directors’ attendance at general meetings of shareholders held during the financial

year.
Provision 12.1 Pages 73 to 74 and

The steps taken to solicit and understand the views of shareholders. Pages 87 to 88
Provision 13.2 Page 74 and

The strategy and key areas of focus in relation to the management of stakeholder Pages 100 to 106
relationships during the reporting period.
PERFORMANCE
FINANCIALS

Investor Relations
Strive for clear, open and Promote regular two-way Maintain leadership and
accurate disclosures to help investor communication set the bar for corporate
investors make informed and through different touchpoints governance and sustainability
timely decisions about their and forums standards
Singtel securities
PROACTIVE AND OPEN investors a first-hand experience MAINTAIN LEAD IN CORPORATE

COMMUNICATION WITH THE of cutting-edge technologies like GOVERNANCE, TRANSPARENCY
INVESTMENT COMMUNITY IoT, data analytics and advanced AND INVESTOR RELATIONS
During the financial year ended networks, we organised regular tours We continue to nurture and maintain
31 March 2019, the management of our business facilities, including strong links with sell-side research
and Investor Relations (IR) team our FutureNow Innovation Centre and analysts and are well-covered by
engaged more than 500 investors in the revamped Singtel flagship store. more than 20 analysts, based in
over 200 meetings and conference Singapore, Malaysia, Hong Kong,
calls to discuss the Group’s business Our annual Singtel Investor Day India and the UK, who issue regular
strategy and operational and in June 2018 attracted over 70 reports. We monitor analyst, industry
financial performance. We also participants. Investors and analysts and media reports closely, as part of
participated in local and overseas interacted directly with the senior our efforts to continuously improve
investor conferences and roadshows management of Singtel, Optus and disclosures and IR practices.
in Europe, Canada, Hong Kong, our associates through small group
Malaysia, Taiwan and the US. presentations and a Q&A session. Each year, we commission an
We also showcased our digital independent study to gather investor
We held briefings and meetings for services, including a simulation of perceptions of our business. The
major corporate announcements future 5G solutions. Singtel Innov8, study, comprising in-depth interviews
such as our subscription of Airtel’s our venture capital fund, arranged with approximately 60 institutional
rights issue. We discussed our long- for investee companies to present investors and research analysts,
term investment strategy, the impact insights into technologies such as gives our Board and management
to our gearing and reiterated our aerial drones and robotic process a better understanding of investors’
commitment to shareholder returns. automation. views and concerns. It also helps the
IR team identify areas of investor
We are focused on helping investors Retail investors are an important focus, enabling us to tailor our
understand how the Group is part of our outreach efforts. We communications and disclosures
creating sustainable competitive have been a long-term sponsor of accordingly. The latest study
advantages through investments the Securities Investors Association highlighted the challenges facing
in digital businesses, network and (Singapore) (SIAS) Investor Education the telco industry but respondents
content, as well as building digital Programme and leverage the drew assurance from Singtel’s clear
ecosystems in payments, gaming and annual Singtel-SIAS dialogue to strategy and strong management
esports. In addition, we share with communicate our strategy and team.
investors how the use of technology performance with retail shareholders.
is lifting efficiency, supporting new Retail investors are welcome to Good corporate governance
automation in work processes and contact us directly through email or also plays a vital role in shaping
improving our cost base. To give telephone. investor perception of the integrity,
87
OVERVIEW
transparency, accountability and fair, equal and prompt dissemination
efficiency of a company. We keep of information. In addition, we
IR CALENDAR
abreast of the latest developments constantly review the level of
OF EVENTS
and benchmark ourselves against disclosure, to align it with global
best practices in key areas such best practices and take into account
BUSINESS REVIEWS
as disclosure, board structure, new business initiatives. Information
shareholder rights and remuneration. on Singtel’s credit ratings and bond May 2018
programmes were added during the • Non-deal Equity Roadshows,
We proactively engage investors financial year. Singapore, Europe and
to understand their views on North America
sustainability and how it influences During our quarterly earnings
their investment decisions. We are announcements, we provide June 2018
providing more disclosures on our extensive information, including • Singtel Investor Day,
sustainability initiatives and helping detailed financial statements, Singapore
investors understand our material management discussion and • Citi ASEAN C-Suite Investor

issues, policies and efforts in areas analyses and presentation slides. Conference, Singapore
such as the environment and climate Our management responds to
change, data protection, supply questions from investors and analysts July 2018
chain, social matters and human over a conference call on the day • 26th Annual General
rights. We have endorsed the Task of the results announcement and a
Meeting, Singapore
Force on Climate-Related Financial transcript of the conference call is
Disclosures’ voluntary framework posted on the Singtel IR website the
August 2018
and are working towards meeting its next work day.
• Non-deal Equity Roadshow,
standards.
Singapore
SHAREHOLDER INFORMATION
The Singtel IR website is the primary As at 31 March 2019, Temasek
September 2018
source of corporate information, Holdings (Private) Limited remained
• CLSA Investors’ Forum,
financial data and significant our largest shareholder, with 52% of
Hong Kong
business developments for the issued share capital. Other Singapore
PERFORMANCE
investment community. All new, shareholders held approximately 12%.
Malaysia
material announcements are In terms of geographical distribution,
made available on the IR website the US/Canada and Europe
November 2018
immediately after they are released accounted for approximately 12% and
• Non-deal Equity Roadshows,
to the Singapore Exchange to ensure 9% of issued shares respectively.
Singapore and the UK
February 2019
SHARE OWNERSHIP BY GEOGRAPHY (1)
FINANCIALS
Singapore
Temasek Holdings(3) 52% March 2019

US/Canada 12% • Investor briefing and
Singapore (ex-Temasek) 12% meetings: Airtel Rights Issue,
Europe 9% Singapore
Asia (ex-Singapore) 3% • UOB Kay Hian-SGX
16.3b Others 11% Corporate Day, Taiwan
shares (2)
• Investor Meeting
with Chairman and Board
Members, Singapore
Notes:
(1)
These figures do not add up to 100% due
to rounding.
(2)
As at 31 March 2019.
(3)
Includes direct and deemed interest.

Risk Management
Philosophy and Approach
We identify and manage risks to reduce the uncertainty associated with executing our
business strategies and maximise opportunities that may arise. Risks can take various forms
and can have material adverse impact on our reputation, operations, human resources and
financial performance.
We have established a comprehensive risk management framework approved by our

Risk Committee. The risk management framework sets out the governance structure for
managing risks, our risk philosophy, risk appetite and tolerance levels, our risk management
approach as well as risk factors.
In addition, our risk assessment and mitigation strategy is aligned with our Group strategy
and an integral part of the annual business planning and budgeting process.
Governance Structure for Managing Risks

THE BOARD
͋ΐ )ŏũŰĸŉũΐğŵŉŰŵťĨΐďŏĤΐďŢŢťŖďğĶΐıŖťΐťĸũņΐĲŖƃĨťŏďŏğĨ
͋ΐ PťŖƃĸĤĨũΐŖƃĨťũĸĲĶŰΐŖıΐťĸũņΐŎďŏďĲĨŎĨŏŰΐũƊũŰĨŎũΐďŏĤΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉũ
͋ΐ SĨƃĸĨƄũΐņĨƊΐťĸũņũΐďŏĤΐŎĸŰĸĲďŰĸŖŏΐŢŉďŏũ
͋ΐ ĨŰĨťŎĸŏĨũΐťĸũņΐďŢŢĨŰĸŰĨΐďŏĤΐŰŖŉĨťďŏğĨ
͋ΐ =ŖŏĸŰŖťũΐĨƉŢŖũŵťĨ
RISK COMMITTEE AUDIT COMMITTEE

͋ΐ SĨƃĸĨƄũΐďŏĤΐťĨğŖŎŎĨŏĤũΐťĸũņΐũŰťďŰĨĲƊΐΐ ͋ΐ SĨƃĸĨƄũΐďĤĨŤŵďğƊΐďŏĤΐĨƯĨğŰĸƃĨŏĨũũΐŖıΐŰĶĨΐ
ďŏĤΐŢŖŉĸğĸĨũ #ťŖŵŢΈũΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉΐıťďŎĨƄŖťņ
͋ΐ DƃĨťũĨĨũΐĤĨũĸĲŏ͍ΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐďŏĤΐ ͋ΐ DƃĨťũĨĨũΐƷŏďŏğĸďŉΐťĨŢŖťŰĸŏĲΐťĸũņΐıŖťΐŰĶĨΐ#ťŖŵŢ
ŎŖŏĸŰŖťĸŏĲΐŖıΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉũ ͋ΐ DƃĨťũĨĨũΐĸŏŰĨťŏďŉΐďŏĤΐĨƉŰĨťŏďŉΐďŵĤĸŰΐŢťŖğĨũũĨũ
͋ΐ SĨƃĸĨƄũΐďĤĨŤŵďğƊΐďŏĤΐĨƯĨğŰĸƃĨŏĨũũΐŖıΐΐ ͋ΐ =ŖŏĸŰŖťũΐĨƉŢŖũŵťĨ
ŰĶĨΐ#ťŖŵŢΈũΐťĸũņΐıťďŎĨƄŖťņ
͋ΐ =ŖŏĸŰŖťũΐŰĶĨΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐŖıΐťĸũņΐΐ
ŎĸŰĸĲďŰĸŖŏΐŢŉďŏũ
MANAGEMENT COMMITTEE
͋ΐ)ŎŢŉĨŎĨŏŰũΐťĸũņΐŎďŏďĲĨŎĨŏŰΐŢťďğŰĸğĨũΐƄĸŰĶĸŏΐďŉŉΐĞŵũĸŏĨũũΐŵŏĸŰũΐďŏĤΐıŵŏğŰĸŖŏũ
RISK MANAGEMENT COMMITTEE

͋ΐ WŵŢŢŖťŰũΐŰĶĨΐŖďťĤΐďŏĤΐSĸũņΐŖŎŎĸŰŰĨĨΐĸŏΐŰĨťŎũΐŖıΐťĸũņΐĲŖƃĨťŏďŏğĨΐďŏĤΐŖƃĨťũĸĲĶŰ
͋ΐ WĨŰũΐŰĶĨΐĤĸťĨğŰĸŖŏΐďŏĤΐũŰťďŰĨĲĸĨũΐŰŖΐďŉĸĲŏΐťĸũņΐŎďŏďĲĨŎĨŏŰΐďŏĤΐŎŖŏĸŰŖťĸŏĲΐƄĸŰĶΐŰĶĨΐ#ťŖŵŢΈũΐťĸũņΐďŢŢĨŰĸŰĨΐΐ
ďŏĤΐŰŖŉĨťďŏğĨ
͋ΐ SĨƃĸĨƄũΐŰĶĨΐťĸũņΐďũũĨũũŎĨŏŰũΐğďťťĸĨĤΐŖŵŰΐĞƊΐŰĶĨΐĞŵũĸŏĨũũΐŵŏĸŰũ
͋ΐΐ SĨƃĸĨƄũΐďŏĤΐďũũĨũũĨũΐťĸũņΐŎďŏďĲĨŎĨŏŰΐũƊũŰĨŎũΐďŏĤΐŰŖŖŉũ
͋ΐ SĨƃĸĨƄũΐĨƱğĸĨŏğƊΐďŏĤΐĨƯĨğŰĸƃĨŏĨũũΐŖıΐŎĸŰĸĲďŰĸŖŏΐďŏĤΐğŖƃĨťďĲĨΐŖıΐťĸũņΐĨƉŢŖũŵťĨũ
89
OVERVIEW
Our Risk Philosophy
BUSINESS REVIEWS
DŵťΐťĸũņΐŢĶĸŉŖũŖŢĶƊΐďŏĤΐťĸũņΐŎďŏďĲĨŎĨŏŰΐďŢŢťŖďğĶΐďťĨΐĞďũĨĤΐŖŏΐŰĶťĨĨΐņĨƊΐŢťĸŏğĸŢŉĨũ͌
RISK CENTRIC CULTURE STRONG CORPORATE PROACTIVE RISK

͋ΐ WĨŰΐŰĶĨΐďŢŢťŖŢťĸďŰĨΐŰŖŏĨΐďŰΐΐ GOVERNANCE STRUCTURE MANAGEMENT PROCESS
ŰĶĨΐŰŖŢ ͋ΐ PťŖŎŖŰĨΐĲŖŖĤΐğŖťŢŖťďŰĨΐ ͋ΐ SŖĞŵũŰΐŢťŖğĨũũĨũΐďŏĤΐũƊũŰĨŎũΐ
͋ΐ PťŖŎŖŰĨΐďƄďťĨŏĨũũ͍ΐΐ ĲŖƃĨťŏďŏğĨ ŰŖΐĸĤĨŏŰĸıƊ͍ΐŤŵďŏŰĸıƊ͍ΐŎŖŏĸŰŖť͍ΐ
ŖƄŏĨťũĶĸŢΐďŏĤΐŢťŖďğŰĸƃĨΐ ͋ΐ PťŖƃĸĤĨΐŢťŖŢĨťΐũĨĲťĨĲďŰĸŖŏΐŖıΐ ŎĸŰĸĲďŰĨΐďŏĤΐŎďŏďĲĨΐťĸũņũ
ŎďŏďĲĨŎĨŏŰΐŖıΐņĨƊΐťĸũņũ ĤŵŰĸĨũ ͋ΐ ĨŏğĶŎďťņΐďĲďĸŏũŰΐĲŉŖĞďŉΐ

͋ΐ PťŖŎŖŰĨΐďğğŖŵŏŰďĞĸŉĸŰƊ ͋ΐ ŉĨďťŉƊΐĤĨƷŏĨΐťĸũņͻŰďņĸŏĲΐ ĞĨũŰΐŢťďğŰĸğĨũ
ťĨũŢŖŏũĸĞĸŉĸŰƊΐďŏĤΐďŵŰĶŖťĸŰƊ
͋ΐ PťŖŎŖŰĨΐŖƄŏĨťũĶĸŢΐďŏĤΐ
ďğğŖŵŏŰďĞĸŉĸŰƊΐıŖťΐťĸũņͻŰďņĸŏĲ
Risk Appetite
]ĶĨΐŖďťĤΐĶďũΐďŢŢťŖƃĨĤΐŰĶĨΐıŖŉŉŖƄĸŏĲΐťĸũņΐďŢŢĨŰĸŰĨΐũŰďŰĨŎĨŏŰ͌
͋ΐ ]ĶĨΐ#ťŖŵŢΐĸũΐğŖŎŎĸŰŰĨĤΐŰŖΐĤĨŉĸƃĨťĸŏĲΐƃďŉŵĨΐŰŖΐŖŵťΐũĶďťĨĶŖŉĤĨťũΐďğĶĸĨƃĨĤΐŰĶťŖŵĲĶΐũŵũŰďĸŏĨĤΐŢťŖƷŰďĞŉĨΐĲťŖƄŰĶ͒ΐ
'ŖƄĨƃĨť͍ΐƄĨΐũĶďŉŉΐŏŖŰΐğŖŎŢťŖŎĸũĨΐŖŵťΐĸŏŰĨĲťĸŰƊ͍ΐƃďŉŵĨũΐďŏĤΐťĨŢŵŰďŰĸŖŏΐĞƊΐťĸũņĸŏĲΐĞťďŏĤΐĤďŎďĲĨ͍ΐũĨťƃĸğĨΐ
PERFORMANCE
ĤĨŉĸƃĨťƊΐũŰďŏĤďťĤũ͍ΐũĨƃĨťĨΐŏĨŰƄŖťņΐĤĸũťŵŢŰĸŖŏΐŖťΐťĨĲŵŉďŰŖťƊΐŏŖŏͻğŖŎŢŉĸďŏğĨ͒
͋ΐ ]ĶĨΐ#ťŖŵŢΐƄĸŉŉΐĤĨıĨŏĤΐŖŵťΐŎďťņĨŰΐŉĨďĤĨťũĶĸŢΐŢŖũĸŰĸŖŏΐĸŏΐWĸŏĲďŢŖťĨΐďŏĤΐũŰťĨŏĲŰĶĨŏΐŖŵťΐŎďťņĨŰΐŢŖũĸŰĸŖŏΐĸŏΐ
ŵũŰťďŉĸďΐďŏĤΐĸŏΐŰĶĨΐPďğĸƷğΐŰĶťŖŵĲĶΐŖŵťΐťĨĲĸŖŏďŉΐďũũŖğĸďŰĨũ͒ΐqĨΐƄĸŉŉΐğŖŏŰĸŏŵĨΐŰŖΐŢŵťũŵĨΐĞŵũĸŏĨũũΐĨƉŢďŏũĸŖŏΐĸŏΐ
ŰĶĨΐĨŎĨťĲĸŏĲΐŎďťņĨŰũ͍ΐĸŏğŉŵĤĸŏĲΐďğŤŵĸťĸŏĲΐğŖŏŰťŖŉŉĸŏĲΐũŰďņĨũΐĸŏΐŰĶĨΐďũũŖğĸďŰĨũ͍ΐďŏĤΐďğŰĸƃĨŉƊΐŎďŏďĲĸŏĲΐŰĶĨΐťĸũņũ͒
͋ΐ ]ĶĨΐ#ťŖŵŢΐĸũΐŢťĨŢďťĨĤΐŰŖΐŰďņĨΐŎĨďũŵťĨĤΐťĸũņũΐŰŖΐũĨĨņΐŏĨƄΐĲťŖƄŰĶΐĸŏΐŰĶĨΐĤĸĲĸŰďŉΐũŢďğĨΐĞƊΐŢťŖƃĸĤĸŏĲΐĲŉŖĞďŉΐ
ŢŉďŰıŖťŎũΐďŏĤΐĨŏďĞŉĨťũ͍ΐŰďťĲĨŰĨĤΐďŰΐďΐĲŉŖĞďŉΐıŖŖŰŢťĸŏŰ͍ΐƄĶĸŉĨΐŉĨƃĨťďĲĸŏĲΐŖŵťΐğŵťťĨŏŰΐũğďŉĨΐďŏĤΐğŖťĨΐũŰťĨŏĲŰĶũ͒
͋ΐ ]ĶĨΐ#ťŖŵŢΐŰďťĲĨŰũΐďŏΐĸŏƃĨũŰŎĨŏŰΐĲťďĤĨΐğťĨĤĸŰΐťďŰĸŏĲΐďŏĤΐĤĸƃĸĤĨŏĤΐŢďƊŖŵŰΐŢŖŉĸğƊΐğŖŏũĸũŰĨŏŰΐƄĸŰĶΐŖŵťΐũŰďŰĨĤΐ
ĤĸƃĸĤĨŏĤΐŢŖŉĸğƊΐďŏĤΐĲŵĸĤďŏğĨ͒
FINANCIALS
Risk Management
qĨΐĶďƃĨΐĨũŰďĞŉĸũĶĨĤΐďΐťĸĲŖťŖŵũΐ ťĨũŢŖŏũĸĞŉĨΐıŖťΐĨŏũŵťĸŏĲΐŰĶďŰΐŰĶĨΐ ĨŏĲďĲĨŎĨŏŰΐďŏĤΐŎďŰĨťĸďŉĸŰƊΐ
ďŏĤΐũƊũŰĨŎďŰĸğΐťĸũņΐťĨƃĸĨƄΐŢťŖğĨũũΐ ťĸũņΐŎďŏďĲĨŎĨŏŰΐıťďŎĨƄŖťņΐĸũΐ ďũũĨũũŎĨŏŰũ͍ΐƄĨΐťĨĲŵŉďťŉƊΐťĨƃĸĨƄΐďŏĤΐ
ŰŖΐĸĤĨŏŰĸıƊ͍ΐŎŖŏĸŰŖť͍ΐŎďŏďĲĨΐ ĨƯĨğŰĸƃĨŉƊΐĸŎŢŉĨŎĨŏŰĨĤΐƄĸŰĶĸŏΐ ďũũĨũũΐŰĶĨΐĨŏƃĸťŖŏŎĨŏŰďŉ͍ΐũŖğĸďŉΐďŏĤΐ
ďŏĤΐťĨŢŖťŰΐťĸũņũΐŰĶťŖŵĲĶŖŵŰΐŰĶĨΐ ŰĶĨΐĞŵũĸŏĨũũΐŵŏĸŰũ͒ΐ]ĶĨΐĞŵũĸŏĨũũΐ ĲŖƃĨťŏďŏğĨΐͩW#ͪΐťĸũņũΐŰĶďŰΐĨƉĸũŰΐŖťΐ
ŖťĲďŏĸũďŰĸŖŏΐĞďũĨĤΐŖŏΐŖŵťΐťĸũņΐ ŵŏĸŰũΐďťĨΐũŵŢŢŖťŰĨĤΐĞƊΐũŢĨğĸďŉĸũĨĤΐ ĨŎĨťĲĨΐĸŏΐŖŵťΐĞťŖďĤĨťΐƃďŉŵĨΐğĶďĸŏ͍ΐ

ŢĶĸŉŖũŖŢĶƊ͒ΐ=ďŏďĲĨŎĨŏŰΐĶďũΐ ıŵŏğŰĸŖŏũΐũŵğĶΐďũΐSĨĲŵŉďŰŖťƊ͍ΐ8ĨĲďŉ͍ΐ ďŏĤΐƄĨΐďĤĤťĨũũΐŰĶĨŎΐƄĸŰĶΐƃďťĸŖŵũΐ
ŢťĸŎďťƊΐťĨũŢŖŏũĸĞĸŉĸŰƊΐıŖťΐĸĤĨŏŰĸıƊĸŏĲ͍ΐ ]ďƉ͍ΐŏƃĸťŖŏŎĨŏŰΐďŏĤΐWŵũŰďĸŏďĞĸŉĸŰƊ͍ΐ ğŖťŢŖťďŰĨΐũŵũŰďĸŏďĞĸŉĸŰƊΐĸŏĸŰĸďŰĸƃĨũ͒ΐ
ŎďŏďĲĸŏĲΐďŏĤΐťĨŢŖťŰĸŏĲΐŰŖΐŰĶĨΐ )ŏũŵťďŏğĨ͍ΐ]ťĨďũŵťƊΐďŏĤΐťĨĤĸŰΐ DŵťΐğŖťŢŖťďŰĨΐũŵũŰďĸŏďĞĸŉĸŰƊΐĸŏĸŰĸďŰĸƃĨũΐ
ŖďťĤΐŰĶĨΐņĨƊΐťĸũņũΐıďğĨĤΐĞƊΐ =ďŏďĲĨŎĨŏŰΐĸŏΐŰĶĨΐŎďŏďĲĨŎĨŏŰΐŖıΐ ďťĨΐĤĸũğŵũũĨĤΐıŵťŰĶĨťΐŖŏΐŢďĲĨΐ˙˘˘ΐďŏĤΐ
ŰĶĨΐ#ťŖŵŢ͒ΐ=ďŏďĲĨŎĨŏŰΐĸũΐďŉũŖΐ ťĸũņũ͒ΐ)ŏΐďĤĤĸŰĸŖŏ͍ΐŰĶťŖŵĲĶΐũŰďņĨĶŖŉĤĨťΐ ĸŏΐŖŵťΐ#ťŖŵŢΐWŵũŰďĸŏďĞĸŉĸŰƊΐSĨŢŖťŰ͒ΐ
WĸŏĲďŢŖťĨΐ]ĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐ8ĸŎĸŰĨĤΐΐϳΐΐŏŏŵďŉΐSĨŢŖťŰΐ˚˘˙ˡ 90
Risk Management
DŵťΐņĨƊΐťĸũņΐŎďŏďĲĨŎĨŏŰΐďğŰĸƃĸŰĸĨũΐ )ŏΐŖťĤĨťΐŰŖΐŢťŖƃĸĤĨΐďũũŵťďŏğĨΐŰŖΐŰĶĨΐ ŰĶĨũĨΐďƯĨğŰΐŏŖŰΐńŵũŰΐŖŵťΐĞŵũĸŏĨũũĨũ͍ΐ
ďŉũŖΐĸŏğŉŵĤĨΐũğĨŏďťĸŖΐŢŉďŏŏĸŏĲ͍ΐ ŖďťĤ͍ΐŰĶĨΐDũΐŖıΐŖŵťΐĞŵũĸŏĨũũΐŵŏĸŰũΐ ĞŵŰΐďŉũŖΐŖŰĶĨťΐĞŵũĸŏĨũũĨũΐĸŏΐďŏĤΐ
ĞŵũĸŏĨũũΐğŖŏŰĸŏŵĸŰƊ͘ĤĸũďũŰĨťΐťĨğŖƃĨťƊΐ ũŵĞŎĸŰΐďŏΐďŏŏŵďŉΐťĨŢŖťŰΐŖŏΐŰĶĨΐņĨƊΐ ŖŵŰũĸĤĨΐŰĶĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐ
ŎďŏďĲĨŎĨŏŰΐďŏĤΐğťĸũĸũΐŢŉďŏŏĸŏĲΐ ťĸũņũΐďŏĤΐŎĸŰĸĲďŰĸŖŏΐũŰťďŰĨĲĸĨũΐıŖťΐ ĸŏĤŵũŰťƊ͒ΐ]ĶĨũĨΐťĸũņũΐƃďťƊΐƄĸĤĨŉƊΐ
ďŏĤΐŎďŏďĲĨŎĨŏŰ͒ΐŉŖũĨΐŎŖŏĸŰŖťĸŏĲΐ ŰĶĨĸťΐťĨũŢĨğŰĸƃĨΐĞŵũĸŏĨũũĨũΐŰŖΐŰĶĨΐ ďŏĤΐŎďŏƊΐďťĨΐĞĨƊŖŏĤΐŰĶĨΐ#ťŖŵŢΈũΐ
ďŏĤΐğŖŏŰťŖŉΐŢťŖğĨũũĨũ͍ΐĸŏğŉŵĤĸŏĲΐ SĸũņΐŖŎŎĸŰŰĨĨ͒ΐDŵťΐ#ťŖŵŢΐDΐ ğŖŏŰťŖŉ͒ΐ]ĶĨťĨΐŎďƊΐďŉũŖΐĞĨΐťĸũņũΐ
ŰĶĨΐŵũĨΐŖıΐďŢŢťŖŢťĸďŰĨΐņĨƊΐťĸũņΐďŏĤΐ ďŏĤΐ#ťŖŵŢΐ"D͍ΐƄĸŰĶΐďũũŵťďŏğĨΐ ŰĶďŰΐďťĨΐĨĸŰĶĨťΐŢťĨũĨŏŰŉƊΐŵŏņŏŖƄŏΐ
ņĨƊΐŢĨťıŖťŎďŏğĨΐĸŏĤĸğďŰŖťũ͍ΐďťĨΐ ıťŖŎΐŰĶĨΐ=ďŏďĲĨŎĨŏŰΐŖŎŎĸŰŰĨĨΐ ŖťΐŏŖŰΐğŵťťĨŏŰŉƊΐďũũĨũũĨĤΐďũΐ
ĸŎŢŉĨŎĨŏŰĨĤΐŰŖΐĨŏũŵťĨΐŰĶĨΐťĸũņΐ ŎĨŎĞĨťũ͍ΐŢťŖƃĸĤĨΐďŏΐďŏŏŵďŉΐƄťĸŰŰĨŏΐ ũĸĲŏĸƷğďŏŰ͍ΐƄĶĸğĶΐŎďƊΐŉďŰĨťΐŢťŖƃĨΐ
ŢťŖƷŉĨũΐďťĨΐŎďŏďĲĨĤΐƄĸŰĶĸŏΐΐ ğĨťŰĸƷğďŰĸŖŏΐŰŖΐŰĶĨΐŖďťĤΐğŖŏƷťŎĸŏĲΐ ŰŖΐĞĨΐŎďŰĨťĸďŉ͒ΐ'ŖƄĨƃĨť͍ΐƄĨΐďĸŎΐ
ŢŖŉĸğƊΐŉĸŎĸŰũ͒ ŰĶĨΐĸŏŰĨĲťĸŰƊΐŖıΐƷŏďŏğĸďŉΐťĨŢŖťŰĸŏĲ͍ΐ ŰŖΐŎĸŰĸĲďŰĨΐŰĶĨΐĨƉŢŖũŵťĨũΐŰĶťŖŵĲĶΐ
ďŏĤΐŰĶĨΐĨƱğĸĨŏğƊΐďŏĤΐĨƯĨğŰĸƃĨŏĨũũΐ ďŢŢťŖŢťĸďŰĨΐťĸũņΐŎďŏďĲĨŎĨŏŰΐ
)ŏΐďĤĤĸŰĸŖŏ͍ΐƄĨΐĶďƃĨΐĸŏΐŢŉďğĨΐďΐ ŖıΐŰĶĨΐťĸũņΐŎďŏďĲĨŎĨŏŰ͍ΐĸŏŰĨťŏďŉΐ ũŰťďŰĨĲĸĨũΐďŏĤΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉũ͒
ıŖťŎďŉΐŢťŖĲťďŎŎĨΐŖıΐťĸũņΐďŏĤΐ ğŖŏŰťŖŉΐďŏĤΐğŖŎŢŉĸďŏğĨΐũƊũŰĨŎũ͒
ğŖŏŰťŖŉΐũĨŉıͻďũũĨũũŎĨŏŰΐƄĶĨťĨΐ ECONOMIC RISKS
ŉĸŏĨΐŢĨťũŖŏŏĨŉΐďťĨΐĸŏƃŖŉƃĨĤΐĸŏΐ )ŏΐŰĶĨΐğŖŵťũĨΐŖıΐŰĶĨĸťΐũŰďŰŵŰŖťƊΐďŵĤĸŰ͍ΐ ĶďŏĲĨũΐĸŏΐĤŖŎĨũŰĸğ͍ΐťĨĲĸŖŏďŉΐďŏĤΐ
ŰĶĨΐŖŏĲŖĸŏĲΐďũũĨũũŎĨŏŰΐďŏĤΐ ĨƉŰĨťŏďŉΐďŵĤĸŰŖťũΐťĨƃĸĨƄΐŖŵťΐŎďŰĨťĸďŉΐ ĲŉŖĞďŉΐĨğŖŏŖŎĸğΐğŖŏĤĸŰĸŖŏũΐŎďƊΐ
ĸŎŢťŖƃĨŎĨŏŰΐŖıΐťĸũņΐŎďŏďĲĨŎĨŏŰΐ ĸŏŰĨťŏďŉΐğŖŏŰťŖŉũΐŰŖΐŰĶĨΐĨƉŰĨŏŰΐŖıΐŰĶĨΐ ĶďƃĨΐďΐŎďŰĨťĸďŉΐďĤƃĨťũĨΐĨƯĨğŰΐŖŏΐ
ďŏĤΐğŖŏŰťŖŉũ͒ΐ]ĶĨΐĨƯĨğŰĸƃĨŏĨũũΐ ũğŖŢĨΐŉďĸĤΐŖŵŰΐĸŏΐŰĶĨĸťΐďŵĤĸŰΐŢŉďŏũ͒ΐ ŰĶĨΐĤĨŎďŏĤΐıŖťΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũ͍ΐ
ŖıΐŖŵťΐťĸũņΐŎďŏďĲĨŎĨŏŰΐŢŖŉĸğĸĨũΐ ŏƊΐŎďŰĨťĸďŉΐŏŖŏͻğŖŎŢŉĸďŏğĨΐďŏĤΐ ĸŏıŖťŎďŰĸŖŏΐŰĨğĶŏŖŉŖĲƊΐͩ)]ͪΐďŏĤΐ
ďŏĤΐŢťŖğĨũũĨũΐĸũΐťĨƃĸĨƄĨĤΐŖŏΐďΐ ĸŏŰĨťŏďŉΐğŖŏŰťŖŉΐƄĨďņŏĨũũĨũ͍ΐŰŖĲĨŰĶĨťΐ ťĨŉďŰĨĤΐũĨťƃĸğĨũ͍ΐĤĸĲĸŰďŉΐũĨťƃĸğĨũ͍ΐďŏĤΐ
ťĨĲŵŉďťΐĞďũĸũΐďŏĤ͍ΐƄĶĨťĨΐŏĨğĨũũďťƊ͍ΐ ƄĸŰĶΐŰĶĨĸťΐťĨğŖŎŎĨŏĤďŰĸŖŏũΐŰŖΐ ĶĨŏğĨ͍ΐŖŏΐŖŵťΐƷŏďŏğĸďŉΐŢĨťıŖťŎďŏğĨΐ
ĸŎŢťŖƃĨĤ͒ΐ)ŏĤĨŢĨŏĤĨŏŰΐťĨƃĸĨƄũΐ ďĤĤťĨũũΐŰĶĨŎ͍ΐďťĨΐťĨŢŖťŰĨĤΐŰŖΐŰĶĨΐ ďŏĤΐŖŢĨťďŰĸŖŏũ͒ΐũΐŰťďĤĨΐŰĨŏũĸŖŏũΐ
ďťĨΐğŖŏĤŵğŰĨĤΐĞƊΐŰĶĸťĤͻŢďťŰƊΐ ͒ΐDŵťΐ=ďŏďĲĨŎĨŏŰ͍ΐƄĸŰĶΐŰĶĨΐ ďŏĤΐŖŰĶĨťΐĲŉŖĞďŉΐĶĨďĤƄĸŏĤũΐĸŏŰĨŏũĸıƊΐ
ğŖŏũŵŉŰďŏŰũΐťĨĲŵŉďťŉƊΐŰŖΐĨŏũŵťĨΐ ďũũĸũŰďŏğĨΐŖıΐWĸŏĲŰĨŉΐ)͍ΐıŖŉŉŖƄũΐŵŢΐ ťĨũŵŉŰĸŏĲΐĸŏΐŵŏğĨťŰďĸŏŰƊΐĸŏΐŰĶĨΐ
ŰĶĨΐďŢŢťŖŢťĸďŰĨŏĨũũΐŖıΐŰĶĨΐťĸũņΐ ŖŏΐŰĶĨΐďŵĤĸŰŖťũΈΐťĨğŖŎŎĨŏĤďŰĸŖŏũΐ ŎďğťŖͻĨğŖŏŖŎĸğΐĨŏƃĸťŖŏŎĨŏŰ͍ΐŰĶĸũΐ
ŎďŏďĲĨŎĨŏŰΐıťďŎĨƄŖťņ͒ΐ]ĶĨΐ ďũΐŢďťŰΐŖıΐŰĶĨĸťΐťŖŉĨΐĸŏΐťĨƃĸĨƄĸŏĲΐŖŵťΐ ğŖŵŉĤΐĶďƃĨΐďŏΐďĤƃĨťũĨΐĨƯĨğŰΐŖŏΐŖŵťΐ
ğŖŏũŵŉŰďŏŰũΐďŉũŖΐťĨŢŖťŰΐņĨƊΐťĸũņũΐ ũƊũŰĨŎΐŖıΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉũ͒ ŖƃĨťďŉŉΐ#ťŖŵŢΐũŰťďŰĨĲƊΐďŏĤΐĲťŖƄŰĶ͒ΐ
ŰŖΐŰĶĨΐŖďťĤ͍ΐďũΐƄĨŉŉΐďũΐŢťŖƃĸĤĨΐ
ŢĨťĸŖĤĸğΐũŵŢŢŖťŰΐďŏĤΐĸŏŢŵŰΐ ]ĶĨΐũƊũŰĨŎũΐŰĶďŰΐďťĨΐĸŏΐŢŉďğĨΐďťĨΐ ]ĶĨΐĲŉŖĞďŉΐğťĨĤĸŰΐďŏĤΐĨŤŵĸŰƊΐŎďťņĨŰũΐ
ƄĶĨŏΐŵŏĤĨťŰďņĸŏĲΐũŢĨğĸƷğΐťĸũņΐ ĸŏŰĨŏĤĨĤΐŰŖΐŢťŖƃĸĤĨΐťĨďũŖŏďĞŉĨΐ ĶďƃĨΐĨƉŢĨťĸĨŏğĨĤΐũŵĞũŰďŏŰĸďŉΐ
ďũũĨũũŎĨŏŰũ͒ΐDƃĨťďŉŉ͍ΐŰĶĨΐťĸũņΐ ĞŵŰΐŏŖŰΐďĞũŖŉŵŰĨΐďũũŵťďŏğĨΐďĲďĸŏũŰΐ ĤĸũŉŖğďŰĸŖŏũ͍ΐŉĸŤŵĸĤĸŰƊΐĤĸũťŵŢŰĸŖŏũΐďŏĤΐ
ŎďŏďĲĨŎĨŏŰΐŢťŖğĨũũĨũΐıďğĸŉĸŰďŰĨΐ ŎďŰĨťĸďŉΐŎĸũũŰďŰĨŎĨŏŰũΐŖťΐŉŖũũ͍ΐďũΐ ŎďťņĨŰΐğŖťťĨğŰĸŖŏũ͒ΐ]ĶĨũĨΐďŏĤΐŖŰĶĨťΐ
ďŉĸĲŏŎĨŏŰΐŖıΐŖŵťΐũŰťďŰĨĲƊΐďŏĤΐ ƄĨŉŉΐďũΐŰŖΐĨŏũŵťĨΐŰĶĨΐũďıĨĲŵďťĤĸŏĲΐ ťĨŉďŰĨĤΐĨƃĨŏŰũΐĶďƃĨΐĶďĤΐďΐũĸĲŏĸƷğďŏŰΐ
ďŏŏŵďŉΐŖŢĨťďŰĸŏĲΐŢŉďŏΐƄĸŰĶΐŰĶĨΐ ŖıΐďũũĨŰũ͍ΐŰĶĨΐŎďĸŏŰĨŏďŏğĨΐŖıΐŢťŖŢĨťΐ ĸŎŢďğŰΐŖŏΐĨğŖŏŖŎĸğΐĲťŖƄŰĶΐďũΐ
ŎďŏďĲĨŎĨŏŰΐŖıΐņĨƊΐťĸũņũ͒ ďğğŖŵŏŰĸŏĲΐťĨğŖťĤũ͍ΐŰĶĨΐťĨŉĸďĞĸŉĸŰƊΐŖıΐ ďΐƄĶŖŉĨΐďŏĤΐğŖŏũĨŤŵĨŏŰŉƊ͍ΐŖŏΐ
ƷŏďŏğĸďŉΐĸŏıŖťŎďŰĸŖŏ͍ΐğŖŎŢŉĸďŏğĨΐ ğŖŏũŵŎĨťΐďŏĤΐĞŵũĸŏĨũũΐĤĨŎďŏĤΐıŖťΐ
WĸŏĲŰĨŉΈũΐ)ŏŰĨťŏďŉΐŵĤĸŰΐͩ)ͪΐğďťťĸĨũΐ ƄĸŰĶΐďŢŢŉĸğďĞŉĨΐŉĨĲĸũŉďŰĸŖŏ͍ΐ ŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũ͍ΐ)]ΐďŏĤΐťĨŉďŰĨĤΐ
ŖŵŰΐťĨƃĸĨƄũΐďŏĤΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉΐ ťĨĲŵŉďŰĸŖŏũΐďŏĤΐĞĨũŰΐŢťďğŰĸğĨũ͍ΐďŏĤΐ ũĨťƃĸğĨũ͍ΐďŏĤΐĤĸĲĸŰďŉΐũĨťƃĸğĨũ͒ΐ
ďĤƃĸũŖťƊΐďğŰĸƃĸŰĸĨũΐďŉĸĲŏĨĤΐŰŖΐŰĶĨΐ ŰĶĨΐĸĤĨŏŰĸƷğďŰĸŖŏΐďŏĤΐŎďŏďĲĨŎĨŏŰΐ
ņĨƊΐťĸũņũΐĸŏΐŖŵťΐĞŵũĸŏĨũũĨũ͒ΐ]Ķĸũΐ ŖıΐĞŵũĸŏĨũũΐťĸũņũ͒ DŵťΐŢŉďŏŏĸŏĲΐďŏĤΐŎďŏďĲĨŎĨŏŰΐ
ŢťŖƃĸĤĨũΐĸŏĤĨŢĨŏĤĨŏŰΐďũũŵťďŏğĨΐ ťĨƃĸĨƄΐŢťŖğĨũũĨũΐĸŏƃŖŉƃĨΐņĨĨŢĸŏĲΐ
ŰŖΐŰĶĨΐŵĤĸŰΐŖŎŎĸŰŰĨĨΐͩͪΐŖŏΐŰĶĨΐ ďĞťĨďũŰΐŖıΐŰĶĨΐĨğŖŏŖŎĸğΐďŏĤΐ
ďĤĨŤŵďğƊΐďŏĤΐĨƯĨğŰĸƃĨŏĨũũΐŖıΐŖŵťΐ
Risk Factors ŎďťņĨŰΐĤĨƃĨŉŖŢŎĨŏŰũΐďŏĤΐ
ťĸũņΐŎďŏďĲĨŎĨŏŰ͍ΐƷŏďŏğĸďŉΐťĨŢŖťŰĸŏĲΐ ŢĨťĸŖĤĸğΐŎŖŏĸŰŖťĸŏĲΐŖıΐĞŵĤĲĨŰũΐ
DŵťΐƷŏďŏğĸďŉΐŢĨťıŖťŎďŏğĨΐďŏĤΐ
ŢťŖğĨũũĨũ͍ΐďŏĤΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉΐďŏĤΐ ďŏĤΐĨƉŢĨŏĤĸŰŵťĨũΐŰŖΐŖŢŰĸŎĸũĨΐŰĶĨΐ
ŖŢĨťďŰĸŖŏũΐďťĨΐĸŏƸŵĨŏğĨĤΐĞƊΐďΐ
ğŖŎŢŉĸďŏğĨΐũƊũŰĨŎũ͒ΐΐ ďŉŉŖğďŰĸŖŏΐŖıΐğďŢĸŰďŉΐďŎŖŏĲΐŰĶĨΐ
ƃďũŰΐťďŏĲĨΐŖıΐťĸũņΐıďğŰŖťũ͒ΐ=ďŏƊΐŖıΐ
91
OVERVIEW
ƃďťĸŖŵũΐĞŵũĸŏĨũũĨũΐĸŏΐŖŵťΐ#ťŖŵŢ͒ΐ "ďĸŉŵťĨΐŰŖΐŎĨĨŰΐťĨĲŵŉďŰŖťƊΐ )ŏΐŵũŰťďŉĸď͍ΐŰĶĨΐĲŖƃĨťŏŎĨŏŰΐĶďũΐ
BUSINESS REVIEWS
ďğĶΐŖıΐŰĶĨΐĞŵũĸŏĨũũΐŵŏĸŰũΐĸŏΐ ťĨŤŵĸťĨŎĨŏŰũΐğŖŵŉĤΐťĨũŵŉŰΐĸŏΐƷŏĨũΐŖťΐ ĸŎŢŉĨŎĨŏŰĨĤΐďΐũĸĲŏĸƷğďŏŰΐťĨıŖťŎΐŖıΐ
Ŗŵťΐ#ťŖŵŢΐĶďũΐğŖŏŰĸŏŵĸŏĲΐğŖũŰΐ ŖŰĶĨťΐũďŏğŰĸŖŏũΐĸŏğŉŵĤĸŏĲ͍ΐŵŉŰĸŎďŰĨŉƊ͍ΐ ŰĶĨΐƷƉĨĤΐŉĸŏĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐ
ŎďŏďĲĨŎĨŏŰΐďŏĤΐŰťďŏũıŖťŎďŰĸŖŏΐ ŰĶĨΐťĨƃŖğďŰĸŖŏΐŖıΐŉĸğĨŏğĨũ͒ΐDŵťΐ ũĨğŰŖť͍ΐĸŏğŉŵĤĸŏĲΐŰĶĨΐťŖŉŉŖŵŰΐŖıΐďΐ
ŢťŖĲťďŎŎĨũΐŰŖΐĤťĸƃĨΐĸŎŢťŖƃĨŎĨŏŰũΐ ŖŢĨťďŰĸŖŏũΐďťĨΐũŵĞńĨğŰΐŰŖΐĨƉŰĨŏũĸƃĨΐ ŏďŰĸŖŏďŉΐĞťŖďĤĞďŏĤΐŏĨŰƄŖťņΐĞƊΐ
ĸŏΐŰĶĨĸťΐğŖũŰΐũŰťŵğŰŵťĨũΐďŏĤ͘Ŗťΐ ĲŖƃĨťŏŎĨŏŰΐťĨĲŵŉďŰĸŖŏũ͍ΐƄĶĸğĶΐ ŰĶĨΐĲŖƃĨťŏŎĨŏŰͻŖƄŏĨĤΐĨŏŰĸŰƊ͍ΐ>>ΐ
ğĶďŏĲĨũΐĸŏΐŰĶĨΐĞŵũĸŏĨũũΐŎŖĤĨŉ͒ΐ ŎďƊΐĸŎŢďğŰΐŖťΐŉĸŎĸŰΐŖŵťΐƸĨƉĸĞĸŉĸŰƊΐ Ŗ͍ΐŖŢĨťďŰĨĤΐŖŏΐďΐƄĶŖŉĨũďŉĨͻŖŏŉƊΐ
ŰŖΐťĨũŢŖŏĤΐŰŖΐŎďťņĨŰΐğŖŏĤĸŰĸŖŏũ͍ΐ ŖŢĨŏΐďğğĨũũΐĞďũĸũ͒ΐ)ŰΐĸũΐŢŖũũĸĞŉĨΐŰĶďŰΐ
POLITICAL RISKS ğŖŎŢĨŰĸŰĸŖŏ͍ΐŏĨƄΐŰĨğĶŏŖŉŖĲĸĨũΐ ŰĶĨΐŵũŰťďŉĸďŏΐĲŖƃĨťŏŎĨŏŰΈũΐŢŖŉĸğƊΐ
DŵťΐĞŵũĸŏĨũũΐĸũΐĲĨŖĲťďŢĶĸğďŉŉƊΐ ŖťΐğĶďŏĲĨũΐĸŏΐğŖũŰΐũŰťŵğŰŵťĨũ͒ΐ ĤĨğĸũĸŖŏũΐťĨŉďŰĸŏĲΐŰŖΐŰĶĨΐŏďŰĸŖŏďŉΐ
ĤĸƃĨťũĸƷĨĤΐƄĸŰĶΐŖŢĨťďŰĸŖŏũΐĸŏΐ #ŖƃĨťŏŎĨŏŰũΐŎďƊΐďŉŰĨťΐŰĶĨĸťΐŢŖŉĸğĸĨũΐ ĞťŖďĤĞďŏĤΐŏĨŰƄŖťņΐŖťΐğŖŎŎĨťğĸďŉΐ

WĸŏĲďŢŖťĨ͍ΐŵũŰťďŉĸďΐďŏĤΐŰĶĨΐ ťĨŉďŰĸŏĲΐŰŖΐŰĶĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũ͍ΐ ĤĨğĸũĸŖŏũΐŰďņĨŏΐĞƊΐ>>ΐŖΐğŖŵŉĤΐ
ĨŎĨťĲĸŏĲΐŎďťņĨŰũ͒ΐWŖŎĨΐŖıΐŰĶĨΐ )]͍ΐŎŵŉŰĸŎĨĤĸďΐďŏĤΐťĨŉďŰĨĤΐ ŵŉŰĸŎďŰĨŉƊΐŉĨďĤΐŰŖΐďΐũŵĞͻŖŢŰĸŎďŉΐŖťΐ
ğŖŵŏŰťĸĨũΐĸŏΐƄĶĸğĶΐƄĨΐŖŢĨťďŰĨΐ ĸŏĤŵũŰťĸĨũ͍ΐďũΐƄĨŉŉΐďũΐŰĶĨΐťĨĲŵŉďŰŖťƊΐ ŏĨĲďŰĸƃĨΐŖŵŰğŖŎĨΐıŖťΐDŢŰŵũ͒ΐ
ĶďƃĨΐĨƉŢĨťĸĨŏğĨĤΐŖťΐğŖŏŰĸŏŵĨΐŰŖΐ ĨŏƃĸťŖŏŎĨŏŰΐͩĸŏğŉŵĤĸŏĲΐŰďƉďŰĸŖŏͪΐĸŏΐ
ĨƉŢĨťĸĨŏğĨΐŢŖŉĸŰĸğďŉΐĸŏũŰďĞĸŉĸŰƊ͒ΐΐ ƄĶĸğĶΐƄĨΐŖŢĨťďŰĨ͒ΐWŵğĶΐğĶďŏĲĨũΐ DŵťΐŖŢĨťďŰĸŖŏũΐďťĨΐďŉũŖΐũŵĞńĨğŰΐŰŖΐ
]ĶĨΐğŖŏŰĸŏŵďŰĸŖŏΐŖťΐťĨͻĨŎĨťĲĨŏğĨΐ ğŖŵŉĤΐĶďƃĨΐďΐŎďŰĨťĸďŉΐďĤƃĨťũĨΐΐ ƃďťĸŖŵũΐŖŰĶĨťΐŉďƄũΐďŏĤΐťĨĲŵŉďŰĸŖŏũΐ
ŖıΐũŵğĶΐŢŖŉĸŰĸğďŉΐĸŏũŰďĞĸŉĸŰƊΐĸŏΐŰĶĨΐ ĨƯĨğŰΐŖŏΐŖŵťΐƷŏďŏğĸďŉΐŢĨťıŖťŎďŏğĨΐ ũŵğĶΐďũΐŰĶŖũĨΐťĨŉďŰĸŏĲΐŰŖΐğŵũŰŖŎĨťΐ
ıŵŰŵťĨΐğŖŵŉĤΐĶďƃĨΐďΐŎďŰĨťĸďŉΐ ďŏĤΐŖŢĨťďŰĸŖŏũ͒ΐ ĤďŰďΐŢťĸƃďğƊΐďŏĤΐŢťŖŰĨğŰĸŖŏ͍ΐ
ďĤƃĨťũĨΐĨƯĨğŰΐŖŏΐĨğŖŏŖŎĸğΐŖťΐ ŢďƊŎĨŏŰΐũĨťƃĸğĨũΐďŏĤΐďŏŰĸͻŎŖŏĨƊΐ
ũŖğĸďŉΐğŖŏĤĸŰĸŖŏũΐĸŏΐŰĶŖũĨΐğŖŵŏŰťĸĨũ͍ΐΐ DŵťΐŖƃĨťũĨďũΐĸŏƃĨũŰŎĨŏŰũΐďťĨΐďŉũŖΐ ŉďŵŏĤĨťĸŏĲ͍ΐďŏŰĸͻĞťĸĞĨťƊΐďŏĤΐ
ďũΐƄĨŉŉΐďũΐŖŏΐŰĶĨΐŖƄŏĨťũĶĸŢ͍ΐΐ ũŵĞńĨğŰΐŰŖΐŰĶĨΐťĸũņΐŖıΐĸŎŢŖũĸŰĸŖŏΐŖıΐ ğŖťťŵŢŰĸŖŏ͍ΐƄŖťņŢŉďğĨΐũďıĨŰƊΐďŏĤΐ
ğŖŏŰťŖŉΐďŏĤΐğŖŏĤĸŰĸŖŏΐŖıΐŖŵťΐďũũĨŰũΐ ŉďƄũΐďŏĤΐťĨĲŵŉďŰĸŖŏũΐťĨũŰťĸğŰĸŏĲΐŰĶĨΐ ĶĨďŉŰĶ͍ΐŢŵĞŉĸğΐŖťĤĨťΐďŏĤΐũďıĨŰƊ͍ΐ
ĸŏΐŰĶŖũĨΐďťĨďũ͒ΐ ŉĨƃĨŉ͍ΐŢĨťğĨŏŰďĲĨΐďŏĤΐŎďŏŏĨťΐŖıΐ ğƊĞĨťΐũĨğŵťĸŰƊ͍ΐŖŏŉĸŏĨΐıďŉũĨĶŖŖĤũΐ
ıŖťĨĸĲŏΐŖƄŏĨťũĶĸŢΐďŏĤΐĸŏƃĨũŰŎĨŏŰ͍ΐ ďŏĤΐŏďŰĸŖŏďŉΐũĨğŵťĸŰƊ͒ΐ]ĶĨΐťĨĲŵŉďŰŖťƊΐ
PERFORMANCE
qĨΐƄŖťņΐğŉŖũĨŉƊΐƄĸŰĶΐŰĶĨΐ ďũΐƄĨŉŉΐďũΐŰĶĨΐťĸũņΐŖıΐŏďŰĸŖŏďŉĸũďŰĸŖŏ͒ΐ ŉďŏĤũğďŢĨΐıŖťΐŰĶĨΐŎĨĤĸďΐďŏĤΐ
=ďŏďĲĨŎĨŏŰΐďŏĤΐŖŵťΐŢďťŰŏĨťũΐĸŏΐ ŏƊΐŖıΐŰĶĨũĨΐıďğŰŖťũΐğďŏΐŎďŰĨťĸďŉŉƊΐ ŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐĸŏĤŵũŰťƊΐ
ŰĶĨΐğŖŵŏŰťĸĨũΐƄĶĨťĨΐƄĨΐŖŢĨťďŰĨΐ ďŏĤΐďĤƃĨťũĨŉƊΐďƯĨğŰΐŖŵťΐŖƃĨťũĨďũΐ ĶďũΐũĨĨŏΐğĶďŏĲĨũΐƄĸŰĶΐťĨğĨŏŰΐ
ŰŖΐŉĨƃĨťďĲĨΐŰĶĨΐŉŖğďŉΐĨƉŢĨťŰĸũĨ͍ΐ ĸŏƃĨũŰŎĨŏŰũ͒ΐ ĤĨƃĨŉŖŢŎĨŏŰũΐďŢŢŉĸğďĞŉĨΐŰŖΐğƊĞĨťΐ
ņŏŖƄŉĨĤĲĨΐďŏĤΐďĞĸŉĸŰƊΐŰŖΐŎďŏďĲĨΐ ũĨğŵťĸŰƊΐďŏĤΐğŖŏũŵŎĨťΐŢťŖŰĨğŰĸŖŏ͒ΐ
ŰĶĨΐŉŖğďŉΐďŏĤΐũŖğĸŖͻĨğŖŏŖŎĸğΐ ŖŏũŵŎĨťΐŵũŰťďŉĸď͍ΐŖŏũŵŎĨťΐ ]ĶĨũĨΐğĶďŏĲĨũ͍ΐŰŖĲĨŰĶĨťΐƄĸŰĶΐ
ğŖŏĤĸŰĸŖŏũΐďŏĤΐťĸũņũ͒ΐ]ĶĸũΐƄďƊ͍ΐƄĨΐ WĸŏĲďŢŖťĨΐďŏĤΐ#ťŖŵŢΐŏŰĨťŢťĸũĨΐďťĨΐ ĸŏğťĨďũĸŏĲΐũğťŵŰĸŏƊΐďŏĤΐťĨĲŵŉďŰŖťũΐ
ĨŏũŵťĨΐğŖŎŢŉĸďŏğĨΐƄĸŰĶΐŰĶĨΐŉďƄũΐ ĸŎŢďğŰĨĤΐĞƊΐŰĶĨΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐ ĸŏğŉĸŏĨĤΐŰŖΐũŰťŖŏĲΐĨŏıŖťğĨŎĨŏŰΐ
ďŏĤΐďťĨΐĞĨŰŰĨťΐďĞŉĨΐŰŖΐĸŎŢŉĨŎĨŏŰΐ ŖıΐŏďŰĸŖŏďŉΐĞťŖďĤĞďŏĤΐŏĨŰƄŖťņũΐĸŏΐ
FINANCIALS
ďğŰĸŖŏũ͍ΐŎďƊΐŉĨďĤΐŰŖΐďĤĤĸŰĸŖŏďŉΐ
ťĸũņΐŎĸŰĸĲďŰĸŖŏΐŎĨďũŵťĨũ͒ΐ ĞŖŰĶΐŵũŰťďŉĸďΐďŏĤΐWĸŏĲďŢŖťĨ͒ΐ)ŏΐ ğŖŎŢŉĸďŏğĨΐğŖũŰũΐŰŖΐŰĶĨΐĞŵũĸŏĨũũ͒ΐ
WĸŏĲďŢŖťĨ͍ΐŰĶĨΐ)ŏıŖğŖŎŎΐ=ĨĤĸďΐ "ďĸŉŵťĨΐŰŖΐŎĨĨŰΐťĨĲŵŉďŰĸŖŏũΐŎďƊΐ
ũΐŖŵťΐŏŰĨťŢťĸũĨΐďŏĤΐĸĲĸŰďŉΐ8ĸıĨΐ ĨƃĨŉŖŢŎĨŏŰΐŵŰĶŖťĸŰƊΐͩ)=ͪΐĶďũ͍ΐ ďĤƃĨťũĨŉƊΐďƯĨğŰΐŖŵťΐĞŵũĸŏĨũũĨũ͒
ĞŵũĸŏĨũũĨũΐĨƉŢďŏĤΐŰĶĨĸťΐĞŵũĸŏĨũũΐ ĸŏΐĸŰũΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐŖıΐŰĶĨΐ>ĨƉŰΐ
ŖŢĨťďŰĸŖŏũΐďğťŖũũΐŰĶĨΐťĨĲĸŖŏΐďŏĤΐ #ĨŏĨťďŰĸŖŏΐ>ďŰĸŖŏƄĸĤĨΐťŖďĤĞďŏĤΐ qĨΐĶďƃĨΐďğğĨũũΐŰŖΐďŢŢťŖŢťĸďŰĨΐ
ďťŖŵŏĤΐŰĶĨΐƄŖťŉĤ͍ΐĨƉŢŖũŵťĨΐŰŖΐ >ĨŰƄŖťņΐͩ>ĨƉŰΐ#Ĩŏΐ>>͍ͪΐĤĨũĸĲŏĨĤΐ ťĨĲŵŉďŰŖťƊΐĨƉŢĨťŰĸũĨΐďŏĤΐũŰďƱŏĲΐ
ũĸŎĸŉďťΐŢŖŉĸŰĸğďŉΐďŏĤΐũŖğĸŖͻĨğŖŏŖŎĸğΐ ďΐũŰťŵğŰŵťĨΐŰŖΐŉĨƃĨŉΐŰĶĨΐŢŉďƊĸŏĲΐƷĨŉĤΐ ťĨũŖŵťğĨũΐĸŏΐWĸŏĲďŢŖťĨΐďŏĤΐ
ťĸũņũΐŎďƊΐĸŏğťĨďũĨΐĸŏΐŰĶĨΐıŵŰŵťĨ͒ΐ ŰŖΐŎďņĨΐŰĶĨΐĞĨŏĨƷŰũΐŖıΐŰĶĨΐ>ĨƉŰΐ#Ĩŏΐ ŵũŰťďŉĸďΐďŏĤΐƄĨΐƄŖťņΐğŉŖũĨŉƊΐ
>>ΐďƃďĸŉďĞŉĨΐŰŖΐďŉŉΐĸŏĤŵũŰťƊΐŢŉďƊĨťũ͒ΐ ƄĸŰĶΐŰĶĨΐƃďťĸŖŵũΐũŰďņĨĶŖŉĤĨťũΐďŏĤΐ
REGULATORY AND ]Ķĸũΐ>ĨƉŰΐ#Ĩŏΐ>>ΐũŰťŵğŰŵťĨΐĶďũΐ ŖŵťΐŢďťŰŏĨťũΐĸŏΐŰĶĨΐğŖŵŏŰťĸĨũΐƄĨΐ
LITIGATION RISKS ũĸĲŏĸƷğďŏŰŉƊΐďŉŰĨťĨĤΐŰĶĨΐĨƉĸũŰĸŏĲΐğŖũŰΐ ŖŢĨťďŰĨΐĸŏ͒ΐqĨΐğŉŖũĨŉƊΐŎŖŏĸŰŖťΐ
Regulatory Risks ŎŖĤĨŉΐŖıΐŰĶĨΐĸŏĤŵũŰťƊΐďŏĤΐĸŏğťĨďũĨĤΐ ŏĨƄΐĤĨƃĨŉŖŢŎĨŏŰũΐďŏĤΐťĨĲŵŉďťŉƊΐ
DŵťΐĞŵũĸŏĨũũĨũΐĤĨŢĨŏĤΐŖŏΐŉĸğĨŏğĨũΐ ŰĶĨΐŉĨƃĨŉΐŖıΐğŖŎŢĨŰĸŰĸŖŏΐĸŏΐŰĶĨΐ ŢďťŰĸğĸŢďŰĨΐĸŏΐĤĸũğŵũũĸŖŏũΐďŏĤΐ
ĸũũŵĨĤΐĞƊΐĲŖƃĨťŏŎĨŏŰΐďŵŰĶŖťĸŰĸĨũ͒ΐ ĞťŖďĤĞďŏĤΐŎďťņĨŰ͒ΐ
Risk Management
ğŖŏũŵŉŰďŰĸŖŏũΐƄĸŰĶΐŰĶĨΐťĨũŢĨğŰĸƃĨΐ ŏĨğĨũũďťƊ͒ΐ=ďŰĨťĸďŉΐŰďƉΐĤĸũŢŵŰĨũΐΐ WĸŏĲďŢŖťĨΈũΐ>ĨƉŰΐ#Ĩŏΐ>>ΐďŉŉŖƄũΐ
ťĨĲŵŉďŰŖťƊΐďŵŰĶŖťĸŰĸĨũΐďŏĤΐŰĶĨΐ ďŏĤΐťĸũņũΐďťĨΐĨũğďŉďŰĨĤΐĸŏΐ SĨŰďĸŉΐWĨťƃĸğĨΐPťŖƃĸĤĨťũΐͩSWPũͪΐ
ĸŏĤŵũŰťƊΐŰŖΐŢťŖŢŖũĨΐğĶďŏĲĨũΐďŏĤΐ ďğğŖťĤďŏğĨΐƄĸŰĶΐŰĶĨΐťĸũņΐ ĨŤŵďŉΐďŏĤΐŖŢĨŏΐďğğĨũũΐŰŖΐ>ĨŰŉĸŏņΐ
ŢťŖƃĸĤĨΐıĨĨĤĞďğņΐŖŏΐťĨĲŵŉďŰŖťƊΐ ŎďŏďĲĨŎĨŏŰΐıťďŎĨƄŖťņ͍ΐďŏĤΐ ]ťŵũŰΈũΐƷĞťĨΐŏĨŰƄŖťņΐďŏĤΐĸŏΐŰŵťŏΐΐ
ťĨıŖťŎũΐďŏĤΐĤĨƃĨŉŖŢŎĨŏŰũΐĸŏΐŰĶĨΐ ďŢŢťŖŢťĸďŰĨΐĤĸũğŉŖũŵťĨũΐďťĨΐŎďĤĨΐΐ ĶďũΐĸŏğťĨďũĨĤΐğŖŎŢĨŰĸŰĸƃĨΐΐ
ŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐďŏĤΐŎĨĤĸďΐ ĸŏΐŖŵťΐƷŏďŏğĸďŉΐũŰďŰĨŎĨŏŰũ͒ΐ ŢťĨũũŵťĨΐĸŏΐƷƉĨĤΐĞťŖďĤĞďŏĤΐΐ
ĸŏĤŵũŰťƊ͒ΐ)ŏΐďĤĤĸŰĸŖŏΐŰŖΐĸŏũŰĸŰŵŰĸŏĲΐ ďŏĤΐĶŖŎĨΐũĨťƃĸğĨũ͒ΐ
ŎĨďũŵťĨũΐďŏĤΐŢťŖğĨũũĨũΐŰŖΐ Litigation Risks
ĨŏũŵťĨΐťĨĲŵŉďŰŖťƊΐğŖŎŢŉĸďŏğĨũ͍ΐ qĨΐďťĨΐĨƉŢŖũĨĤΐŰŖΐŰĶĨΐťĸũņΐŖıΐ )ŏΐŰĶĨΐŵũŰťďŉĸďŏΐŎŖĞĸŉĨΐŎďťņĨŰ͍ΐ
ƄĨΐğŖŏĤŵğŰΐŰťďĸŏĸŏĲΐďŏĤΐ ťĨĲŵŉďŰŖťƊΐďŏĤΐŉĸŰĸĲďŰĸŖŏΐďğŰĸŖŏΐĞƊΐ ĸŏΐďĤĤĸŰĸŖŏΐŰŖΐŰĶĨΐĸŏğŵŎĞĨŏŰΐ
ťĨıťĨũĶĨťΐũĨũũĸŖŏũΐıŖťΐũŰďƯΐďŏĤΐ ťĨĲŵŉďŰŖťũΐďŏĤΐŖŰĶĨťΐŢďťŰĸĨũ͒ΐWŵğĶΐ ŖŢĨťďŰŖť͍ΐďΐŏŵŎĞĨťΐŖıΐŢďťŰĸğĸŢďŏŰũΐ
ŎďŏďĲĨŎĨŏŰ͒ΐ ťĨĲŵŉďŰŖťƊΐŎďŰŰĨťũΐďŏĤΐŉĸŰĸĲďŰĸŖŏΐ ďťĨΐũŵĞũĸĤĸďťĸĨũΐŖıΐĸŏŰĨťŏďŰĸŖŏďŉΐ
ďğŰĸŖŏũΐŎďƊΐĶďƃĨΐďΐŎďŰĨťĸďŉΐĨƯĨğŰΐΐ ĲťŖŵŢũΐďŏĤΐŖŢĨťďŰŖťũ͍ΐďŏĤΐĶďƃĨΐ
Access to Spectrum ŖŏΐŖŵťΐƷŏďŏğĸďŉΐğŖŏĤĸŰĸŖŏΐďŏĤΐ ŎďĤĨΐŉďťĲĨΐĸŏƃĨũŰŎĨŏŰũΐƄĶĸğĶΐďťĨΐ
ğğĨũũΐŰŖΐũŢĨğŰťŵŎΐĸũΐğťĸŰĸğďŉŉƊΐ ťĨũŵŉŰũΐŖıΐŖŢĨťďŰĸŖŏũ͒ΐƉďŎŢŉĨũΐŖıΐ ŏŖƄΐũŵŏņΐğŖũŰũ͒ΐqĨΐďťĨ͍ΐŰĶĨťĨıŖťĨ͍ΐ
ĸŎŢŖťŰďŏŰΐıŖťΐũŵŢŢŖťŰĸŏĲΐŖŵťΐ ũŵğĶΐŉĸŰĸĲďŰĸŖŏΐďťĨΐĤĸũğŉŖũĨĤΐĸŏΐ>ŖŰĨũΐ ĨƉŢŖũĨĤΐŰŖΐŰĶĨΐťĸũņΐŖıΐĸťťďŰĸŖŏďŉΐ
ĞŵũĸŏĨũũΐŖıΐŢťŖƃĸĤĸŏĲΐŎŖĞĸŉĨΐ ŰŖΐŰĶĨΐ"ĸŏďŏğĸďŉΐWŰďŰĨŎĨŏŰũΐŵŏĤĨťΐ ŢťĸğĸŏĲΐĞĨĸŏĲΐĸŏŰťŖĤŵğĨĤΐĞƊΐũŵğĶΐ
ƃŖĸğĨ͍ΐĤďŰďΐďŏĤΐŖŰĶĨťΐğŖŏŏĨğŰĸƃĸŰƊΐ ΅ŖŏŰĸŏĲĨŏŰΐ8ĸďĞĸŉĸŰĸĨũΆ͒ΐ ğŖŎŢĨŰĸŰŖťũ͒ΐ]ĶĨΐğŖŏũŵŎĨťΐƷƉĨĤΐ
ũĨťƃĸğĨũ͒ΐ]ĶĨΐŵũĨΐŖıΐũŢĨğŰťŵŎΐĸŏΐ ŉĸŏĨΐũĨťƃĸğĨũΐŎďťņĨŰΐğŖŏŰĸŏŵĨũΐŰŖΐ
ŎŖũŰΐğŖŵŏŰťĸĨũΐƄĶĨťĨΐƄĨΐŖŢĨťďŰĨΐ qĨΐĶďƃĨΐŢŵŰΐĸŏΐŢŉďğĨΐŎďũŰĨťΐũŵŢŢŉƊΐ ĞĨΐĤŖŎĸŏďŰĨĤΐĞƊΐŰĶĨΐĸŏğŵŎĞĨŏŰΐ
ĸũΐťĨĲŵŉďŰĨĤΐĞƊΐĲŖƃĨťŏŎĨŏŰΐ ďĲťĨĨŎĨŏŰũΐƄĸŰĶΐņĨƊΐƃĨŏĤŖťũ͍ΐ ŢťŖƃĸĤĨť͍ΐƄĶĸğĶΐğďŏΐŉĨƃĨťďĲĨΐĸŰũΐ
ďŵŰĶŖťĸŰĸĨũΐďŏĤΐťĨŤŵĸťĨũΐŉĸğĨŏğĨũ͒ΐ ŎďũŰĨťΐũĨťƃĸğĨũΐďĲťĨĨŎĨŏŰũΐƄĸŰĶΐ ũğďŉĨΐďŏĤΐŎďťņĨŰΐŢŖũĸŰĸŖŏΐŰŖΐťĨũŰťĸğŰΐ
"ďĸŉŵťĨΐŰŖΐďğŤŵĸťĨΐďğğĨũũΐŰŖΐ ņĨƊΐğŵũŰŖŎĨťũ͍ΐďŏĤΐĸŎŢŉĨŎĨŏŰĨĤΐ ŰĶĨΐĤĨƃĨŉŖŢŎĨŏŰΐŖıΐğŖŎŢĨŰĸŰĸŖŏ͒ΐ
ũŢĨğŰťŵŎ͍ΐŖťΐŏĨƄΐŖťΐďĤĤĸŰĸŖŏďŉΐ ğŖŏŰťďğŰΐŢŖŉĸğĸĨũΐŰŖΐŎďŏďĲĨΐ qĸŰĶΐŰĶĨΐĤĨŢŉŖƊŎĨŏŰΐŖıΐŰĶĨΐ
ũŢĨğŰťŵŎ͍ΐŖŏΐťĨďũŖŏďĞŉĨΐ ğŖŏŰťďğŰŵďŉΐďťťďŏĲĨŎĨŏŰũΐƄĸŰĶΐ ŵũŰťďŉĸďŏΐŏďŰĸŖŏďŉΐĞťŖďĤĞďŏĤΐ
ğŖŎŎĨťğĸďŉΐŰĨťŎũ͍ΐŖťΐďŰΐďŉŉ͍ΐΐ ŖŵťΐƃĨŏĤŖťũΐďŏĤΐğŵũŰŖŎĨťũ͒ΐ]ĶĨΐ ŏĨŰƄŖťņ͍ΐğŖŎŢĨŰĸŰĸŖŏΐĸũΐĨƉŢĨğŰĨĤΐŰŖΐ
ğŖŵŉĤΐĶďƃĨΐďΐŎďŰĨťĸďŉΐďĤƃĨťũĨΐ ŢŖŉĸğĸĨũΐďŉũŖΐũĨŰΐŖŵŰΐŰĶĨΐŏĨğĨũũďťƊΐ ĸŏğťĨďũĨΐıŵťŰĶĨťΐďũΐŏĨƄΐŖŢĨťďŰŖťũΐ
ĨƯĨğŰΐŖŏΐŖŵťΐğŖťĨΐğŖŎŎŵŏĸğďŰĸŖŏũΐ ťĸũņΐĨŎŢŖƄĨťŎĨŏŰΐıťďŎĨƄŖťņΐďŏĤΐ ĨŏŰĨťΐŰĶĨΐŎďťņĨŰ͒ΐ
ĞŵũĸŏĨũũ͍ΐƷŏďŏğĸďŉΐŢĨťıŖťŎďŏğĨΐ ŢťĸŏğĸŢŉĨũΐıŖťΐŰĶĨΐ=ďŏďĲĨŎĨŏŰΐ
ďŏĤΐĲťŖƄŰĶΐŢŉďŏũ͒ΐ ŖŎŎĸŰŰĨĨ͍ΐDũ͍ΐďŏĤΐ=ďŏďĲĨŎĨŏŰΐ ]ĶĨΐŖŢĨťďŰĸŖŏũΐŖıΐŖŵťΐťĨĲĸŖŏďŉΐ
ŰŖΐďŢŢťŖƃĨΐĤĨƃĸďŰĸŖŏũΐıťŖŎΐŰĶĨΐ ďũũŖğĸďŰĨũΈΐĞŵũĸŏĨũũĨũΐďťĨΐďŉũŖΐ
Taxation Risks ũŰďŏĤďťĤΐŰĨťŎũ͒ΐ ũŵĞńĨğŰΐŰŖΐĶĸĲĶŉƊΐğŖŎŢĨŰĸŰĸƃĨΐŎďťņĨŰΐ
Dŵťΐ#ťŖŵŢΐĶďũΐŖŢĨťďŰĸŖŏũΐďğťŖũũΐΐ ğŖŏĤĸŰĸŖŏũ͒ΐ]ĶĨĸťΐĲťŖƄŰĶΐĤĨŢĨŏĤũΐĸŏΐ
ďΐŉďťĲĨΐŏŵŎĞĨťΐŖıΐńŵťĸũĤĸğŰĸŖŏũΐ COMPETITIVE RISKS ŢďťŰΐŖŏΐŰĶĨΐďĤŖŢŰĸŖŏΐŖıΐŎŖĞĸŉĨΐĤďŰďΐ
ďŏĤΐƄĨΐďťĨΐũŵĞńĨğŰΐŰŖΐŰĶĨΐŰďƉΐ qĨΐıďğĨΐğŖŎŢĨŰĸŰĸƃĨΐťĸũņũΐĸŏΐďŉŉΐ ũĨťƃĸğĨũΐĸŏΐŰĶĨĸťΐŎďťņĨŰũ͒ΐWŖŎĨΐ
ťĨĲŵŉďŰĸŖŏũ͍ΐŖťΐğĶďŏĲĨũΐĸŏΐ ŎďťņĨŰũΐďŏĤΐĞŵũĸŏĨũũΐũĨĲŎĨŏŰũΐĸŏΐ ŖıΐŰĶĨũĨΐŎďťņĨŰũΐĶďƃĨΐďŏĤΐğŖŵŉĤΐ
ťĨĲŵŉďŰĸŖŏũ͍ΐĸŏΐŰĶĨΐťĨũŢĨğŰĸƃĨΐ ƄĶĸğĶΐƄĨΐŖŢĨťďŰĨ͒ΐ ğŖŏŰĸŏŵĨΐŰŖΐĨƉŢĨťĸĨŏğĨΐĸŏŰĨŏũĸıƊĸŏĲΐ
ńŵťĸũĤĸğŰĸŖŏũΐĸŏΐƄĶĸğĶΐƄĨΐŖŢĨťďŰĨ͒ΐ ŢťĸğĨΐğŖŎŢĨŰĸŰĸŖŏΐıŖťΐŎŖĞĸŉĨΐĤďŰďΐ
]ĶĨΐŰďƉΐŉĨĲĸũŉďŰĸŖŏũΐŖťΐğĶďŏĲĨũΐ Group Consumer Business ũĨťƃĸğĨũΐıťŖŎΐŏĨƄΐğŖŎŢĨŰĸŰŖťũΐ
ŎďƊΐĸŏğťĨďũĨΐŖŵťΐğŖŎŢŉĸďŏğĨΐ ]ĶĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐŎďťņĨŰΐ ďŏĤ͘ŖťΐũŎďŉŉĨťΐũğďŉĨΐğŖŎŢĨŰĸŰŖťũ͍ΐ
ŖĞŉĸĲďŰĸŖŏũΐďŏĤΐĞŵũĸŏĨũũΐğŖũŰũ͒ΐ ĸŏΐWĸŏĲďŢŖťĨΐĸũΐĶĸĲĶŉƊΐğŖŎŢĨŰĸŰĸƃĨ͒ΐ ŉĨďĤĸŏĲΐŰŖΐŉŖƄĨťΐŢťŖƷŰďĞĸŉĸŰƊΐďŏĤΐ
ũΐğŖŎŢĨŰĸŰĸŖŏΐıŵťŰĶĨťΐĸŏŰĨŏũĸƷĨũΐ ŢŖŰĨŏŰĸďŉΐŉŖũũΐŖıΐŎďťņĨŰΐũĶďťĨΐıŖťΐ
qĨΐďťĨΐğŖŎŎĸŰŰĨĤΐŰŖΐğŖŎŢŉƊΐƄĸŰĶΐ ƄĸŰĶΐŰĶĨΐĨŏŰťƊΐŖıΐďΐıŖŵťŰĶΐŎŖĞĸŉĨΐ ŖŵťΐďũũŖğĸďŰĨũ͒ΐ
ďŢŢŉĸğďĞŉĨΐŰďƉΐŉďƄũΐĸŏΐğŖŵŏŰťĸĨũΐ ŏĨŰƄŖťņΐŖŢĨťďŰŖťΐďŏĤΐŎŖĞĸŉĨΐƃĸťŰŵďŉΐ
ƄĶĨťĨΐƄĨΐŖŢĨťďŰĨ͒ΐqĨΐĶďƃĨΐũņĸŉŉĨĤΐ ŏĨŰƄŖťņΐŖŢĨťďŰŖťũΐͩ=p>Dũ͍ͪΐŰĶĨΐ DŵťΐĞŵũĸŏĨũũΐŎŖĤĨŉũΐďŏĤΐŢťŖƷŰũΐďťĨΐ
ũŰďƯΐĸŏΐŰďƉďŰĸŖŏΐŎďŰŰĨťũΐďŏĤΐƄŖťņΐ ĸŏĤŵũŰťƊΐťĨƃĨŏŵĨΐŎďƊΐĤĨğťĨďũĨΐ ďŉũŖΐğĶďŉŉĨŏĲĨĤΐĞƊΐĤĸũĸŏŰĨťŎĨĤĸďŰĸŖŏΐ
ƄĸŰĶΐĨƉŰĨťŏďŉΐŰďƉΐďĤƃĸũŖťũΐƄĶĨťĨΐ ďŏĤΐŖŵťΐŎďťņĨŰΐũĶďťĨΐŎďƊΐĤĨğŉĸŏĨ͒ΐ ĸŏΐŰĶĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐĸŏĤŵũŰťƊΐ
93
OVERVIEW
ĞƊΐĶďŏĤũĨŰΐŢťŖƃĸĤĨťũΐďŏĤΐŏŖŏͻ ĸŏıŖğŖŎŎΐŰĨğĶŏŖŉŖĲƊΐͩ)]ͪΐũŖŉŵŰĸŖŏũΐ ŎďĸŏŰďĸŏΐŰĶĨũĨΐťĨŉďŰĸŖŏũĶĸŢũΐŖťΐŰĶďŰΐ
BUSINESS REVIEWS
ŰťďĤĸŰĸŖŏďŉΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐ ďŏĤΐĸŏĸŰĸďŰĸƃĨũΐŰŖΐũŰťĨŏĲŰĶĨŏΐ ŖŵťΐŢďťŰŏĨťũΐƄĸŉŉΐťĨŎďĸŏΐğŖŎŎĸŰŰĨĤΐ
ũĨťƃĸğĨΐŢťŖƃĸĤĨťũΐͩĸŏğŉŵĤĸŏĲΐũŖğĸďŉΐ ğŵũŰŖŎĨťΐĨŏĲďĲĨŎĨŏŰ͒ΐ]ĶĸũΐĸŏğŉŵĤĨũΐ ŰŖΐŰĶĨΐŢďťŰŏĨťũĶĸŢũ͒ΐ
ŎĨĤĸďΐŏĨŰƄŖťņũΐďŏĤΐŖƃĨťͻŰĶĨͻ ĞťŖďĤĨŏĸŏĲΐŖŵťΐũŖŉŵŰĸŖŏΐŢŖťŰıŖŉĸŖΐŰŖΐ
ŰŖŢΐͩD]]ͪΐŢŉďƊĨťũͪΐƄĶĸğĶΐŢťŖƃĸĤĨΐ ğŖƃĨťΐŏĨƄΐďťĨďũΐŖıΐğŵũŰŖŎĨťΐŏĨĨĤũ͍ΐ Acquisition Risks
ŎŵŉŰĸŎĨĤĸďΐďŏĤΐƃĸĤĨŖΐğŖŏŰĨŏŰ͍ΐ ũŵğĶΐďũΐğŉŖŵĤΐğŖŎŢŵŰĸŏĲ͍ΐğƊĞĨťΐ qĨΐğŖŏŰĸŏŵďŉŉƊΐŉŖŖņΐıŖťΐĸŏƃĨũŰŎĨŏŰΐ
ďŢŢŉĸğďŰĸŖŏũΐďŏĤΐũĨťƃĸğĨũΐĤĸťĨğŰŉƊΐΐ ũĨğŵťĸŰƊΐďŏĤΐĤĸĲĸŰďŉΐũŖŉŵŰĸŖŏũΐıŖťΐũŎďťŰΐ ŖŢŢŖťŰŵŏĸŰĸĨũΐŰĶďŰΐğďŏΐğŖŏŰťĸĞŵŰĨΐ
ŖŏΐĤĨŎďŏĤ͒ΐ ğĸŰĸĨũΐďŏĤΐĨŏŰĨťŢťĸũĨũ͒ΐ ŰŖΐŖŵťΐĨƉŢďŏũĸŖŏΐũŰťďŰĨĲƊΐďŏĤΐ
ĤĨƃĨŉŖŢΐŏĨƄΐťĨƃĨŏŵĨΐũŰťĨďŎũ͒ΐ
qĨΐğŖŏŰĸŏŵĨΐŰŖΐĸŏƃĨũŰΐĸŏΐŖŵťΐ Group Digital Life Business DŵťΐĨƯŖťŰũΐďťĨΐğĶďŉŉĨŏĲĨĤΐĞƊΐŰĶĨΐ
ŏĨŰƄŖťņũΐŰŖΐĨŏũŵťĨΐŰĶďŰΐŰĶĨƊΐĶďƃĨΐ ]ĶĨΐĤĸĲĸŰďŉΐŢťŖĤŵğŰũΐďŏĤΐũĨťƃĸğĨũΐƄĨΐ ŉĸŎĸŰĨĤΐďƃďĸŉďĞĸŉĸŰƊΐŖıΐŖŢŢŖťŰŵŏĸŰĸĨũ͍ΐ

ŰĶĨΐğŖƃĨťďĲĨ͍ΐğďŢďğĸŰƊΐďŏĤΐũŢĨĨĤΐ ŖƯĨťΐďťĨΐŢťĸŎďťĸŉƊΐĸŏΐŰĶĨΐďťĨďũΐŖıΐ ğŖŎŢĨŰĸŰĸŖŏΐıťŖŎΐŖŰĶĨťΐŢŖŰĨŏŰĸďŉΐ
ŰĶďŰΐƄĸŉŉΐŢťŖƃĸĤĨΐŖŵťΐğŵũŰŖŎĨťũΐƄĸŰĶΐ ĤĸĲĸŰďŉΐŎďťņĨŰĸŏĲ͍ΐD]]ΐƃĸĤĨŖΐďŏĤΐΐ ĸŏƃĨũŰŖťũ͍ΐıŖťĨĸĲŏΐŖƄŏĨťũĶĸŢΐ
ŰĶĨΐĞĨũŰΐŎŖĞĸŉĨΐĨƉŢĨťĸĨŏğĨ͒ΐ#ťŖŵŢΐ ĤďŰďΐďŏďŉƊŰĸğũ͒ΐŖŎŢĨŰĸŰĸŖŏΐĸũΐĸŏŰĨŏũĨ͍ΐ ťĨũŰťĸğŰĸŖŏũ͍ΐĲŖƃĨťŏŎĨŏŰΐďŏĤΐ
ŖŏũŵŎĨťΐĸũΐıŖğŵũĨĤΐŖŏΐĤťĸƃĸŏĲΐ ƄĸŰĶΐŎďŏƊΐD]]ΐŖŢĨťďŰŖťũΐŖƯĨťĸŏĲΐ ťĨĲŵŉďŰŖťƊΐŢŖŉĸğĸĨũ͍ΐŢŖŉĸŰĸğďŉΐ
ĨƱğĸĨŏğĸĨũΐďŏĤΐĸŏŏŖƃďŰĸŖŏΐƃĸďΐŏĨƄΐ ŰĶĨũĨΐũĨťƃĸğĨũΐďŏĤΐıďğĸŏĲΐŉŖƄΐĞďťťĸĨťũΐ ğŖŏũĸĤĨťďŰĸŖŏũΐďŏĤΐŰĶĨΐũŢĨğĸƷğΐ
ŰĨğĶŏŖŉŖĲĸĨũ͍ΐŢťŖĤŵğŰũ͍ΐũĨťƃĸğĨũ͍ΐ ŰŖΐĨŏŰťƊ͒ΐ ŢťĨıĨťĨŏğĨũΐŖıΐũĨŉŉĨťũ͒ΐqĨΐıďğĨΐ
ŢťŖğĨũũĨũΐďŏĤΐĞŵũĸŏĨũũΐŎŖĤĨŉũΐŰŖΐ ğĶďŉŉĨŏĲĨũΐďťĸũĸŏĲΐıťŖŎΐĸŏŰĨĲťďŰĸŏĲΐ
ŎĨĨŰΐĨƃŖŉƃĸŏĲΐğŵũŰŖŎĨťΐŏĨĨĤũΐďŏĤΐ #ťŖŵŢΐĸĲĸŰďŉΐ8ĸıĨΐďũŢĸťĨũΐŰŖΐĞĨğŖŎĨΐ ŏĨƄŉƊΐďğŤŵĸťĨĤΐĞŵũĸŏĨũũĨũΐƄĸŰĶΐΐ
ĨŏĶďŏğĨΐğŵũŰŖŎĨťΐĨƉŢĨťĸĨŏğĨũ͒ΐ ďΐũĸĲŏĸƷğďŏŰΐĲŉŖĞďŉΐŢŉďƊĨťΐĸŏΐŰĶĨũĨΐ ŖŵťΐŖƄŏΐŖŢĨťďŰĸŖŏũ͍ΐŎďŏďĲĸŏĲΐ
ďťĨďũΐĞƊΐĤĨŉĸƃĨťĸŏĲΐĤĸũŰĸŏğŰĸƃĨΐ ŰĶĨũĨΐĞŵũĸŏĨũũĨũΐďŏĤΐŰďŉĨŏŰΐĸŏΐ
Group Enterprise Business ŢťŖĤŵğŰũΐďŏĤΐũĨťƃĸğĨũΐĸŏΐŰĶĨΐŰďťĲĨŰΐ ŎďťņĨŰũΐƄĶĨťĨΐƄĨΐĶďƃĨΐŉĸŎĸŰĨĤΐ
ŵũĸŏĨũũΐğŵũŰŖŎĨťũΐĨŏńŖƊΐƄĸĤĨΐ ŎďťņĨŰũΐďŏĤΐŉďŵŏğĶĸŏĲΐŰĶĨŎΐΐ ĨƉŢĨťĸĨŏğĨΐďŏĤ͘ŖťΐťĨũŖŵťğĨũΐďŏĤΐ
ğĶŖĸğĨũΐıŖťΐŎďŏƊΐŖıΐŖŵťΐũĨťƃĸğĨũ͍ΐ ŤŵĸğņŉƊΐŰŖΐğďŢŰŵťĨΐŎďťņĨŰΐũĶďťĨ͒ΐΐ ƷŏďŏğĸŏĲΐŰĶĨũĨΐďğŤŵĸũĸŰĸŖŏũ͒ΐqĨΐ
ĸŏğŉŵĤĸŏĲΐƷƉĨĤ͍ΐŎŖĞĸŉĨ͍ΐğŉŖŵĤ͍ΐ qĨΐƄĸŉŉΐğŖŏŰĸŏŵĨΐŰŖΐũğďŉĨΐŖŵťΐΐ ďŉũŖΐťĸũņΐŏŖŰΐĞĨĸŏĲΐďĞŉĨΐŰŖΐĲĨŏĨťďŰĨΐ
PERFORMANCE
ŎďŏďĲĨĤΐũĨťƃĸğĨũΐďŏĤΐĶŖũŰĸŏĲ͍ΐ)]ΐ ĤĸĲĸŰďŉΐĞŵũĸŏĨũũĨũ͍ΐŉĨƃĨťďĲĸŏĲΐŖŵťΐ ũƊŏĨťĲĸĨũΐıťŖŎΐŰĶĨũĨΐďğŤŵĸũĸŰĸŖŏũ͍ΐ
ũĨťƃĸğĨũΐďŏĤΐğŖŏũŵŉŰĸŏĲ͒ΐŖŎŢĨŰĸŰŖťũΐ ƃďŉŵďĞŉĨΐďũũĨŰũ͍ΐũŵğĶΐďũΐĨƉŰĨŏũĸƃĨΐ ďŏĤΐŰĶĨΐďğŤŵĸũĸŰĸŖŏũΐĞĨğŖŎĸŏĲΐďΐ
ĸŏğŉŵĤĨΐŎŵŉŰĸŏďŰĸŖŏďŉΐ)]ΐďŏĤΐ ğŵũŰŖŎĨťΐņŏŖƄŉĨĤĲĨ͍ΐŰŖŵğĶΐŢŖĸŏŰũ͍ΐ ĤťďĸŏΐŖŏΐŖŵťΐŎďŏďĲĨŎĨŏŰΐďŏĤΐ
ŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐğŖŎŢďŏĸĨũ͍ΐ ĸŏŰĨŉŉĸĲĨŏŰΐŏĨŰƄŖťņũΐďŏĤΐŖŵťΐΐ ğďŢĸŰďŉΐťĨũŖŵťğĨũ͒ΐ
ŰĨğĶŏŖŉŖĲƊΐğŖŎŢďŏĸĨũΐŰĶďŰΐĸŏŰťŖĤŵğĨΐ ğŵũŰŖŎĨťΐĞďũĨ͒ΐ
ŏĨƄΐğŖŎŎŵŏĸğďŰĸŖŏΐũĨťƃĸğĨũΐ ]ĶĨΐĞŵũĸŏĨũũΐũŰťďŰĨĲĸĨũΐŖıΐũŖŎĨΐ
ďũΐƄĨŉŉΐďũΐŖŰĶĨťΐŏŖŏͻŰťďĤĸŰĸŖŏďŉΐ EXPANSION RISKS ŖıΐŖŵťΐťĨĲĸŖŏďŉΐďũũŖğĸďŰĨũΐĸŏƃŖŉƃĨΐ
ŢŉďƊĨťũ͍ΐƄĶĸŉĨΐĸŏΐŵũŰťďŉĸď͍ΐŰĶĨΐ #ĸƃĨŏΐŰĶĨΐũĸƏĨΐŖıΐŰĶĨΐWĸŏĲďŢŖťĨΐ ĨƉŢďŏĤĸŏĲΐŖŢĨťďŰĸŖŏũΐŖŵŰũĸĤĨΐ
ĨŏŰĨťŢťĸũĨΐŎďťņĨŰΐĸũΐĤŖŎĸŏďŰĨĤΐ ďŏĤΐŵũŰťďŉĸďΐŎďťņĨŰũ͍ΐŖŵťΐıŵŰŵťĨΐ ŰĶĨĸťΐĶŖŎĨΐğŖŵŏŰťĸĨũ͍ΐďũΐƄĨŉŉΐ
FINANCIALS
ĞƊΐŰĶĨΐĸŏğŵŎĞĨŏŰ͒ΐ]ĶĨΐŤŵďŉĸŰƊΐďŏĤΐ ĲťŖƄŰĶΐĤĨŢĨŏĤũ͍ΐŰŖΐďΐŉďťĲĨΐ ďũΐĸŏͻğŖŵŏŰťƊΐŎĨťĲĨťũΐďŏĤΐ
ŢťĸğĨũΐŖıΐŰĶĨũĨΐũĨťƃĸğĨũΐğďŏΐĸŏƸŵĨŏğĨΐ ĨƉŰĨŏŰ͍ΐŖŏΐŖŵťΐďĞĸŉĸŰƊΐŰŖΐĲťŖƄΐ ďğŤŵĸũĸŰĸŖŏũ͒ΐ]ĶĨũĨΐďũũŖğĸďŰĨũΐ
ďΐŢŖŰĨŏŰĸďŉΐĞŵũĸŏĨũũΐğŵũŰŖŎĨťΈũΐ ŖŵťΐŖƃĨťũĨďũΐŖŢĨťďŰĸŖŏũΐĸŏΐĞŖŰĶΐ ŎďƊΐĨŏŰĨťΐĸŏŰŖΐńŖĸŏŰΐƃĨŏŰŵťĨũΐďŏĤΐ
ĤĨğĸũĸŖŏ͒ΐPťĸğĨũΐıŖťΐũŖŎĨΐŖıΐŰĶĨũĨΐ ğŖťĨΐğŖŎŎŵŏĸğďŰĸŖŏũΐďŏĤΐŏĨƄΐ ŖŰĶĨťΐďťťďŏĲĨŎĨŏŰũΐƄĸŰĶΐŖŰĶĨťΐ
ũĨťƃĸğĨũΐĶďƃĨΐĤĨğŉĸŏĨĤΐũĸĲŏĸƷğďŏŰŉƊΐ ĤĸĲĸŰďŉΐũĨťƃĸğĨũ͒ΐ]ĶĸũΐğŖŎĨũΐƄĸŰĶΐ ŢďťŰĸĨũ͒ΐWŵğĶΐńŖĸŏŰΐƃĨŏŰŵťĨũΐďŏĤΐ
ĸŏΐťĨğĨŏŰΐƊĨďťũΐďũΐďΐťĨũŵŉŰΐŖıΐğďŢďğĸŰƊΐ ğŖŏũĸĤĨťďĞŉĨΐťĸũņũ͒ΐ ŖŰĶĨťΐďťťďŏĲĨŎĨŏŰũΐĸŏƃŖŉƃĨΐťĸũņũ͍ΐ
ďĤĤĸŰĸŖŏũ͍ΐŰĨğĶŏŖŉŖĲƊΐĸŏŏŖƃďŰĸŖŏũΐ ĸŏğŉŵĤĸŏĲ͍ΐĞŵŰΐŏŖŰΐŉĸŎĸŰĨĤΐŰŖ͍ΐŰĶĨΐ
ďŏĤΐŢťĸğĨΐğŖŎŢĨŰĸŰĸŖŏ͒ΐWŵğĶΐŢťĸğĨΐ Partnership Relations ŢŖũũĸĞĸŉĸŰƊΐŰĶďŰΐŰĶĨΐńŖĸŏŰΐƃĨŏŰŵťĨΐ
ĤĨğŉĸŏĨũΐďťĨΐĨƉŢĨğŰĨĤΐŰŖΐğŖŏŰĸŏŵĨ͒ ]ĶĨΐũŵğğĨũũΐŖıΐŖŵťΐũŰťďŰĨĲĸğΐ ŖťΐĸŏƃĨũŰŎĨŏŰΐŢďťŰŏĨťΐŎďƊΐĶďƃĨΐ

ĸŏƃĨũŰŎĨŏŰũΐĤĨŢĨŏĤũ͍ΐŰŖΐďΐŉďťĲĨΐ ĨğŖŏŖŎĸğΐŖťΐĞŵũĸŏĨũũΐĸŏŰĨťĨũŰũΐŖťΐ
#ťŖŵŢΐŏŰĨťŢťĸũĨΐğŖŏŰĸŏŵĨũΐŰŖΐ ĨƉŰĨŏŰ͍ΐŖŏΐŖŵťΐťĨŉďŰĸŖŏũĶĸŢũΐƄĸŰĶ͍ΐďŏĤΐ ĲŖďŉũΐŰĶďŰΐďťĨΐŏŖŰΐğŖŏũĸũŰĨŏŰΐƄĸŰĶΐ
ıŖğŵũΐŖŏΐŖƯĨťĸŏĲΐğŖŎŢďŏĸĨũΐ ŰĶĨΐũŰťĨŏĲŰĶΐŖıΐŖŵťΐŢďťŰŏĨťũ͒ΐ]ĶĨťĨΐĸũΐ ŰĶŖũĨΐŖıΐŰĶĨΐďũũŖğĸďŰĨũ͒ΐ]ĶĨťĨΐĸũΐΐ
ğŖŎŢťĨĶĨŏũĸƃĨΐďŏĤΐĸŏŰĨĲťďŰĨĤΐ ŏŖΐĲŵďťďŏŰĨĨΐŰĶďŰΐƄĨΐƄĸŉŉΐĞĨΐďĞŉĨΐŰŖΐ ŏŖΐĲŵďťďŏŰĨĨΐŰĶďŰΐŰĶĨΐťĨĲĸŖŏďŉ
Risk Management
ďũũŖğĸďŰĨũΐğďŏΐĲĨŏĨťďŰĨΐũƊŏĨťĲĸĨũΐ ďũũĨũũŎĨŏŰ͍ΐŎŖŏĸŰŖťĸŏĲΐďŏĤΐ ďŏĤΐĞŵĸŉĤΐũŰťďŰĨĲĸğΐŢďťŰŏĨťũĶĸŢũΐƄĸŰĶΐ
ďŏĤΐũŵğğĨũũıŵŉŉƊΐĞŵĸŉĤΐďΐğŖŎŢĨŰĸŰĸƃĨΐ ťĨŢŖťŰĸŏĲΐŖıΐņĨƊΐŢťŖńĨğŰΐťĸũņũ͒ΐΐ ŎďťņĨŰΐŢŉďƊĨťũΐŰŖΐũŰďƊΐğŖŎŢĨŰĸŰĸƃĨ͒
ťĨĲĸŖŏďŉΐıŖŖŰŢťĸŏŰ͒ΐ SĸũņΐŢťŖƷŉĸŏĲΐŖıΐŰĶĨΐŢťŖńĨğŰũΐĸũΐ
ŢĨťıŖťŎĨĤΐıŖťΐŢťŖńĨğŰΐŎŖŏĸŰŖťĸŏĲΐ TECHNOLOGY RISKSΐ
qĨΐďĤŖŢŰΐďΐĤĸũğĸŢŉĸŏĨĤΐďŢŢťŖďğĶΐ ďŏĤΐĲŖƃĨťŏďŏğĨ͍ΐũŖΐŰĶďŰΐďŢŢťŖŢťĸďŰĨΐ SďŢĸĤΐďŏĤΐũĸĲŏĸƷğďŏŰΐŰĨğĶŏŖŉŖĲĸğďŉΐ
ĸŏΐŖŵťΐĸŏƃĨũŰŎĨŏŰΐĨƃďŉŵďŰĸŖŏΐďŏĤΐ ďŰŰĨŏŰĸŖŏΐďŏĤΐıŖğŵũΐďťĨΐĲĸƃĨŏΐŰŖΐĶĸĲĶΐ ğĶďŏĲĨũΐďťĨΐŰƊŢĸğďŉΐĸŏΐŰĶĨΐ
ĤĨğĸũĸŖŏͻŎďņĸŏĲΐŢťŖğĨũũ͒ΐ=ĨŎĞĨťũΐ ťĸũņΐŢťŖńĨğŰũΐĸŏğŉŵĤĸŏĲΐŰĶŖũĨΐĸŏƃŖŉƃĸŏĲΐ ŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐďŏĤΐ)]ΐ
ŖıΐŖŵťΐŎďŏďĲĨŎĨŏŰΐŰĨďŎΐďťĨΐ ŏĨƄΐďŏĤ͘ŖťΐğŖŎŢŉĨƉΐŰĨğĶŏŖŉŖĲƊ͒ΐ ĸŏĤŵũŰťƊ͒ΐ]ĨğĶŏŖŉŖĲĸğďŉΐğĶďŏĲĨũΐŎďƊΐ
ďŉũŖΐĤĸťĨğŰŖťũΐŖŏΐŰĶĨΐĞŖďťĤũΐŖıΐ ťĨĤŵğĨΐğŖũŰũ͍ΐĨƉŢďŏĤΐŰĶĨΐğďŢďğĸŰƊΐ
ŖŵťΐďũũŖğĸďŰĨũΐďŏĤΐńŖĸŏŰΐƃĨŏŰŵťĨũ͒ΐ NEW BUSINESS RISKS ŖıΐŏĨƄΐĸŏıťďũŰťŵğŰŵťĨ͍ΐĞťĸŏĲΐŏĨƄΐ
)ŏΐďĤĤĸŰĸŖŏΐŰŖΐũĶďťĸŏĲΐŏĨŰƄŖťņΐ ĨƊŖŏĤΐŖŵťΐŰťďĤĸŰĸŖŏďŉΐğďťťĸďĲĨΐ ũŖŵťğĨũΐŖıΐťĨƃĨŏŵĨ͍ΐďŏĤ͘ŖťΐťĨũŵŉŰΐ
ĨƉŢĨťŰĸũĨ͍ΐŢťŖĤŵğŰΐĸŏŏŖƃďŰĸŖŏΐďŏĤΐ ĞŵũĸŏĨũũΐĸŏΐWĸŏĲďŢŖťĨΐďŏĤΐ ĸŏΐũĶŖťŰĨťΐŢĨťĸŖĤũΐıŖťΐĸŏƃĨũŰŎĨŏŰΐ
ĤĨƃĨŉŖŢŎĨŏŰ͍ΐďŏĤΐğŖŎŎĨťğĸďŉΐ ŵũŰťďŉĸď͍ΐƄĨΐďťĨΐƃĨŏŰŵťĸŏĲΐĸŏŰŖΐŏĨƄΐ ťĨğŖƃĨťƊ͍ΐďŉŉΐŖıΐƄĶĸğĶΐŢťĨũĨŏŰΐĞŖŰĶΐ
ĨƉŢĨťĸĨŏğĨ͍ΐĞĨũŰΐŢťďğŰĸğĨũΐĸŏΐŰĶĨΐ ĲťŖƄŰĶΐďťĨďũΐŰŖΐğťĨďŰĨΐďĤĤĸŰĸŖŏďŉΐ ŖŢŢŖťŰŵŏĸŰĸĨũΐďũΐƄĨŉŉΐďũΐĤĸũťŵŢŰĸŖŏũΐ
ďťĨďũΐŖıΐğŖťŢŖťďŰĨΐĲŖƃĨťŏďŏğĨΐ ťĨƃĨŏŵĨΐũŰťĨďŎũ͍ΐĸŏğŉŵĤĸŏĲΐŎŖĞĸŉĨΐ ďŏĤΐğĶďŉŉĨŏĲĨũ͒ΐ]ĶĨũĨΐğĶďŏĲĨũΐŎďƊΐ
ďŏĤΐƷŏďŏğĸďŉΐťĨŢŖťŰĸŏĲΐďťĨΐũĶďťĨĤΐ ďŢŢŉĸğďŰĸŖŏũΐďŏĤΐũĨťƃĸğĨũ͍ΐťĨĲĸŖŏďŉΐ ŎďŰĨťĸďŉŉƊΐďƯĨğŰΐŰĶĨΐ#ťŖŵŢΈũΐğďŢĸŰďŉΐ
ďğťŖũũΐŰĶĨΐ#ťŖŵŢ͒ ŢťĨŎĸŵŎΐD]]ΐƃĸĤĨŖ͍ΐĲďŎĸŏĲΐďŏĤΐ ĨƉŢĨŏĤĸŰŵťĨΐďŏĤΐŖŢĨťďŰĸŏĲΐğŖũŰũ͍ΐ
ğŖŏŰĨŏŰ͍ΐŎďŏďĲĨĤΐũĨťƃĸğĨũ͍ΐğŉŖŵĤΐ ďũΐƄĨŉŉΐďũΐŰĶĨΐĤĨŎďŏĤΐıŖťΐŢťŖĤŵğŰũΐ
PROJECT RISKS ũĨťƃĸğĨũ͍ΐğƊĞĨťΐũĨğŵťĸŰƊ͍ΐ)]͍ΐĤďŰďΐ ďŏĤΐũĨťƃĸğĨũΐŖƯĨťĨĤΐĞƊΐŖŵťΐĞŵũĸŏĨũũΐ
qĨΐĸŏğŵťΐũŵĞũŰďŏŰĸďŉΐğďŢĸŰďŉΐ ďŏďŉƊŰĸğũΐďŏĤΐĤĸĲĸŰďŉΐŎďťņĨŰĸŏĲ͒ΐ ĤĸƃĸũĸŖŏũ͒ΐ
ĨƉŢĨŏĤĸŰŵťĨΐĸŏΐğŖŏũŰťŵğŰĸŏĲΐďŏĤΐ ]ĶĨťĨΐĸũΐŏŖΐďũũŵťďŏğĨΐŰĶďŰΐƄĨΐƄĸŉŉΐ
ŎďĸŏŰďĸŏĸŏĲΐŖŵťΐŏĨŰƄŖťņũΐďŏĤΐΐ ĞĨΐũŵğğĨũũıŵŉΐĸŏΐŰĶĨũĨΐƃĨŏŰŵťĨũΐ ]ĶĨΐťďŢĸĤΐďĤƃďŏğĨŎĨŏŰũΐĸŏΐΐ
)]ΐũƊũŰĨŎũΐĸŏıťďũŰťŵğŰŵťĨ͒ΐ]ĶĨũĨΐ ďŏĤΐĲďĸŏΐŎďťņĨŰΐũĶďťĨΐďŏĤΐŰĶĨũĨΐ ŏĨƄΐŰĨğĶŏŖŉŖĲĸĨũΐũŵğĶΐďũΐ˝#͍ΐΐ
ŢťŖńĨğŰũΐďťĨΐũŵĞńĨğŰΐŰŖΐťĸũņũΐ ĞŵũĸŏĨũũĨũΐŎďƊΐťĨŤŵĸťĨΐũŵĞũŰďŏŰĸďŉΐ )ΐĸĲĸŰďŉΐŢŢŉĸğďŰĸŖŏΐPťŖĲťďŎŎĸŏĲΐ
ďũũŖğĸďŰĨĤΐƄĸŰĶΐŰĶĨΐğŖŏũŰťŵğŰĸŖŏ͍ΐ ğďŢĸŰďŉ͍ΐŏĨƄΐĨƉŢĨťŰĸũĨ͍ΐğŖŏũĸĤĨťďĞŉĨΐ )ŏŰĨťıďğĨũ͍ΐğŉŖŵĤΐďŏĤΐĞŉŖğņğĶďĸŏΐ
ũŵŢŢŉƊ͍ΐĸŏũŰďŉŉďŰĸŖŏΐďŏĤΐŖŢĨťďŰĸŖŏΐΐ ŢťŖğĨũũΐŖťΐũƊũŰĨŎΐğĶďŏĲĨũ͍ΐďũΐƄĨŉŉΐ ďťĨΐĤťĸƃĸŏĲΐĤĨƃĨŉŖŢŎĨŏŰΐŖıΐĨŏŰĸťĨŉƊΐ
ŖıΐĨŤŵĸŢŎĨŏŰΐďŏĤΐũƊũŰĨŎũ͒ΐΐ ďũΐŖťĲďŏĸũďŰĸŖŏďŉ͍ΐğŵŉŰŵťďŉΐďŏĤΐ ŏĨƄΐĨğŖũƊũŰĨŎũΐďŏĤΐĞŵũĸŏĨũũΐ
ŎĸŏĤũĨŰΐğĶďŏĲĨũ͒ΐ]ĶĨũĨΐĞŵũĸŏĨũũĨũΐ ŎŖĤĨŉũ͒ΐ]ĶĸũΐŎďƊΐŉĨďƃĨΐŵũΐƄĸŰĶΐ
]ĶĨΐŢťŖńĨğŰũΐŰĶďŰΐƄĨΐŵŏĤĨťŰďņĨΐďũΐ ŎďƊΐďŉũŖΐĨƉŢŖũĨΐŵũΐŰŖΐťĨĲŵŉďŰŖťƊΐ ĸŏıťďũŰťŵğŰŵťĨΐďŏĤΐũƊũŰĨŎũΐŰĶďŰΐďťĨΐ
ğŖŏŰťďğŰŖťũΐŰŖΐŖŢĨťďŰĨΐďŏĤΐŎďĸŏŰďĸŏΐ ďŏĤΐ)]ΐũĨğŵťĸŰƊΐťĸũņΐďŉŖŏĲΐƄĸŰĶΐŰĶĨΐ ŰĨğĶŏĸğďŉŉƊΐŖĞũŖŉĨŰĨΐĞĨıŖťĨΐŰĶĨΐĨŏĤΐ
ĸŏıťďũŰťŵğŰŵťĨΐďťĨΐũŵĞńĨğŰΐŰŖΐŰĶĨΐťĸũņũΐ ťĸũņũΐďũũŖğĸďŰĨĤΐƄĸŰĶΐŰĶĨΐŎĨĤĸďΐďŏĤΐ ŖıΐŰĶĨĸťΐĨƉŢĨğŰĨĤΐŵũĨıŵŉΐŉĸıĨΐďŏĤΐŎďƊΐ
ŖıΐĸŏğťĨďũĨĤΐŢťŖńĨğŰΐğŖũŰũ͍ΐĤĸũŢŵŰĨũΐ ŖŏŉĸŏĨΐĸŏĤŵũŰťĸĨũΐũŵğĶΐďũΐŎĨĤĸďΐ ťĨŤŵĸťĨΐŵũΐŰŖΐťĨŢŉďğĨΐďŏĤΐŵŢĲťďĤĨΐ
ďŏĤΐŵŏĨƉŢĨğŰĨĤΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐ ťĨĲŵŉďŰĸŖŏ͍ΐĞťďŏĤΐũďıĨŰƊ͍ΐĸŏŰĨŉŉĨğŰŵďŉΐ ŖŵťΐŏĨŰƄŖťņΐďŏĤΐũƊũŰĨŎũΐŰŖΐťĨŎďĸŏΐ
ĤĨŉďƊũ͍ΐďŏƊΐŖıΐƄĶĸğĶΐğďŏΐťĨũŵŉŰΐ ŢťŖŢĨťŰƊΐĸŏıťĸŏĲĨŎĨŏŰ͍ΐğŖŏŰĨŏŰΐΐ ğŖŎŢĨŰĸŰĸƃĨ͍ΐďŏĤΐďũΐďΐťĨũŵŉŰ͍ΐĸŏğŵťΐ
ĸŏΐďŏΐĸŏďĞĸŉĸŰƊΐŰŖΐŎĨĨŰΐŢťŖńĨğŰĨĤΐ ťĸĲĶŰũΐĤĸũŢŵŰĨũ͍ΐŖŏŉĸŏĨΐıďŉũĨĶŖŖĤ͍ΐΐ ďĤĤĸŰĸŖŏďŉΐğďŢĸŰďŉΐĨƉŢĨŏĤĸŰŵťĨ͒ΐDŏΐ
ğŖŎŢŉĨŰĸŖŏΐĤďŰĨũΐŖťΐũĨťƃĸğĨΐŉĨƃĨŉũ͒ΐ ďŏĤΐĤďŰďΐŢťŖŰĨğŰĸŖŏΐťĨĲŵŉďŰĸŖŏũΐΐ ŰĶĨΐŖŰĶĨťΐĶďŏĤ͍ΐŰĶĨũĨΐğĶďŏĲĨũΐďŉũŖΐ
ďŏĤΐŉĨĲĸũŉďŰĸŖŏ͒ΐΐ ŢťĨũĨŏŰΐŖŢŢŖťŰŵŏĸŰĸĨũΐıŖťΐŵũΐŰŖΐĞŵĸŉĤΐ
#ťŖŵŢΐŏŰĨťŢťĸũĨΐĸũΐďΐŎďńŖťΐ)]ΐ ŵŢŖŏΐŖŵťΐğŖŏŏĨğŰĸƃĸŰƊΐďĤƃďŏŰďĲĨ͍ΐ
ũĨťƃĸğĨΐŢťŖƃĸĤĨťΐŰŖΐĲŖƃĨťŏŎĨŏŰũΐďŏĤΐ ũΐŏĨƄΐĞŵũĸŏĨũũĨũΐŢŉďğĨΐŏĨƄΐ ĤĨŢĨŏĤĸŏĲΐŖŏΐŖŵťΐďĞĸŉĸŰƊΐŰŖΐďŢŢŉƊΐ
ŉďťĲĨΐĨŏŰĨťŢťĸũĨũΐĸŏΐŰĶĨΐťĨĲĸŖŏ͒ΐqĨΐ ĤĨŎďŏĤũΐŖŏΐŢĨŖŢŉĨ͍ΐŢťŖğĨũũĨũΐďŏĤΐ ŰĶĨũĨΐŰĨğĶŏŖŉŖĲĸĨũΐŰŖΐťĨŉĨƃďŏŰΐ
ıďğĨΐŢŖŰĨŏŰĸďŉΐŢťŖńĨğŰΐĨƉĨğŵŰĸŖŏΐťĸũņũΐ ũƊũŰĨŎũ͍ΐƄĨΐťĨũŢŖŏĤΐĞƊΐğŖŏŰĸŏŵďŉŉƊΐ ũĨťƃĸğĨũ͒ΐ)ŏΐŰĶĨΐĨŎĨťĲĸŏĲΐŎďťņĨŰũΐ
ũŵğĶΐďũΐŵŏĤĨťĨũŰĸŎďŰĸŖŏΐŖıΐĨƯŖťŰũΐ ŵŢĤďŰĸŏĲΐŖŵťΐŖťĲďŏĸũďŰĸŖŏΐ ĸŏΐƄĶĸğĶΐŖŵťΐďũũŖğĸďŰĨũΐŖŢĨťďŰĨ͍ΐ
ŖťΐŰĨğĶŏĸğďŉΐğŖŎŢŉĨƉĸŰĸĨũΐƄĶĸğĶΐ ũŰťŵğŰŵťĨ͍ΐŰďŉĨŏŰΐŎďŏďĲĨŎĨŏŰΐ ťĨĲŵŉďŰŖťƊΐŢťďğŰĸğĨũ͍ΐĸŏğŉŵĤĸŏĲΐ
ğďŏΐťĨũŵŉŰΐĸŏΐğŖũŰΐŖƃĨťťŵŏũ͍ΐŢťŖńĨğŰΐ ďŏĤΐĤĨƃĨŉŖŢŎĨŏŰΐŢťŖĲťďŎŎĨũ͍ΐ ũŢĨğŰťŵŎΐďƃďĸŉďĞĸŉĸŰƊ͍ΐŎďƊΐďŉũŖΐ
ĤĨŉďƊũΐďŏĤΐŉŖũũĨũ͒ΐΐ ťĨƃĸĨƄĸŏĲΐŖŵťΐŢŖŉĸğĸĨũΐďŏĤΐŢťŖğĨũũĨũ͍ΐ ŏŖŰΐŏĨğĨũũďťĸŉƊΐũƊŏğĶťŖŏĸũĨΐƄĸŰĶΐ
ďŏĤΐĸŏƃĨũŰĸŏĲΐĸŏΐŏĨƄΐŰĨğĶŏŖŉŖĲĸĨũΐ ŰĶĨΐŰĨğĶŏŖŉŖĲƊΐŢťŖĲťĨũũĸŖŏΐŢďŰĶΐ
qĨΐĶďƃĨΐďΐŢťŖńĨğŰΐťĸũņΐŎďŏďĲĨŎĨŏŰΐ ŰŖΐŎĨĨŰΐğĶďŏĲĸŏĲΐŏĨĨĤũ͒ΐqĨΐƄĸŉŉΐ ďŏĤΐŰĶĨΐŎďťņĨŰΐĤĨŎďŏĤΐıŖťΐŏĨƄΐ
ıťďŎĨƄŖťņΐĸŏΐŢŉďğĨΐıŖťΐũƊũŰĨŎďŰĸğΐ ğŖŏũŰďŏŰŉƊΐũŰďƊΐďĞťĨďũŰΐŖıΐŏĨƄΐŰťĨŏĤũΐ ŰĨğĶŏŖŉŖĲĸĨũ͒ΐ
95
OVERVIEW
ďğĶΐĞŵũĸŏĨũũΐŵŏĸŰΐıďğĨũΐŰĶĨΐ ũŰďņĨĶŖŉĤĨťũΐũŵğĶΐďũΐťĨĲŵŉďŰŖťũΐďŏĤΐ ıťďŎĨƄŖťņũΐŰŖΐĨŏũŵťĨΐĸŏıŖťŎďŰĸŖŏΐ
BUSINESS REVIEWS
ŖŏĲŖĸŏĲΐťĸũņΐŖıΐŎďťņĨŰΐĨŏŰťƊΐĞƊΐŏĨƄΐ ğŵũŰŖŎĨťũΐŖŏΐďΐĞťŖďĤĨŏĸŏĲΐũĨŰΐŖıΐ ũƊũŰĨŎΐũĨğŵťĸŰƊ͍ΐťĨƃĸĨƄũΐŰĶĨΐ
ŖŢĨťďŰŖťũΐďŏĤΐũĨťƃĸğĨΐŢťŖƃĸĤĨťũΐ W#ΐĸũũŵĨũ͒ΐ)ŏΐďĤĤĸŰĸŖŏ͍ΐŰĶĨΐĸŏĤŵũŰťƊΐ ŢťŖńĨğŰũΐďŏĤΐĸŏĸŰĸďŰĸƃĨũΐŖŏΐ)]ΐďŏĤΐ
ͩĸŏğŉŵĤĸŏĲΐŏŖŏͻŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐ ĸũΐĤŖŎĸŏďŰĨĤΐĞƊΐďΐıĨƄΐņĨƊΐƃĨŏĤŖťũΐ ŏĨŰƄŖťņΐũĨğŵťĸŰƊ͍ΐťĨƃĸĨƄũΐ)]ΐũĨğŵťĸŰƊΐ
ŢŉďƊĨťũͪΐŰĶďŰ͍ΐĞƊΐŵũĸŏĲΐŏĨƄĨťΐŖťΐ ıŖťΐũŵğĶΐũĨťƃĸğĨũΐďŏĤΐĨŤŵĸŢŎĨŏŰ͍ΐ ĸŏğĸĤĨŏŰũ͍ΐďŏĤΐĨũŰďĞŉĸũĶĨũΐŖƃĨťďŉŉΐ
ŉŖƄĨťΐğŖũŰΐŰĨğĶŏŖŉŖĲĸĨũ͍ΐŎďƊΐ ďŏĤΐďŏƊΐıďĸŉŵťĨΐŖťΐťĨıŵũďŉΐĞƊΐďΐņĨƊΐ ĲŖƃĨťŏďŏğĨΐĞƊΐŢĨťıŖťŎĸŏĲΐďŵĤĸŰũΐ
ũŵğğĨĨĤΐĸŏΐťďŢĸĤŉƊΐďŰŰťďğŰĸŏĲΐ ƃĨŏĤŖťΐŰŖΐŢťŖƃĸĤĨΐũŵğĶΐũĨťƃĸğĨũΐ ďŏĤΐğƊĞĨťΐũĨğŵťĸŰƊΐĤťĸŉŉũ͒ΐ
ğŵũŰŖŎĨťũΐďƄďƊΐıťŖŎΐĨũŰďĞŉĸũĶĨĤΐ ŖťΐĨŤŵĸŢŎĨŏŰ͍ΐŖťΐďΐĲŖƃĨťŏŎĨŏŰͻ
ŎďťņĨŰΐŢďťŰĸğĸŢďŏŰũ͒ΐDŵťΐĞŵũĸŏĨũũΐ ĸŎŢŖũĨĤΐĞďŏΐďŏĤ͘ŖťΐũďŏğŰĸŖŏũΐŖŏΐ qĨΐĶďƃĨΐĨũŰďĞŉĸũĶĨĤΐďΐ#ťŖŵŢΐ
ŎďƊΐďŉũŖΐĸŏğŵťΐũŵĞũŰďŏŰĸďŉΐ ŰĶĨΐŵũĨΐŖıΐďΐņĨƊΐƃĨŏĤŖťΈũΐũĨťƃĸğĨũΐŖťΐ ƊĞĨťΐWĨğŵťĸŰƊΐPŖŉĸğƊΐıŖťΐŎďŏďĲĸŏĲΐ
ĤĨƃĨŉŖŢŎĨŏŰΐĨƉŢĨŏĤĸŰŵťĨΐŰŖΐĲďĸŏΐ ĨŤŵĸŢŎĨŏŰΐĤŵĨΐŰŖΐũĨğŵťĸŰƊΐğŖŏğĨťŏũ͍ΐ ťĸũņũΐďũũŖğĸďŰĨĤΐƄĸŰĶΐĸŏıŖťŎďŰĸŖŏΐ

ďğğĨũũΐŰŖΐťĨŉďŰĨĤΐŖťΐĨŏďĞŉĸŏĲΐ ŖťΐďŏƊΐğŖŏũŖŉĸĤďŰĸŖŏΐŖıΐŰĶĨΐĸŏĤŵũŰťƊ͍ΐ ũĨğŵťĸŰƊ͒ΐ]ĶĨΐŢŖŉĸğƊΐĸũΐĤĨƃĨŉŖŢĨĤΐ
ŰĨğĶŏŖŉŖĲĸĨũΐŰŖΐŢŵťũŵĨΐŏĨƄΐĲťŖƄŰĶΐ ŎďƊΐũĸĲŏĸƷğďŏŰŉƊΐďƯĨğŰΐŖŵťΐĞŵũĸŏĨũũΐ ĞďũĨĤΐŖŏΐĸŏĤŵũŰťƊΐĞĨũŰΐŢťďğŰĸğĨũΐ
ŖŢŢŖťŰŵŏĸŰĸĨũΐĸŏΐŰĶĨΐĞŵũĸŏĨũũ͍ΐĨ͒Ĳ͒ΐ ďŏĤΐŖŢĨťďŰĸŖŏũ͒ΐ ďŏĤΐĸũΐďŉĸĲŏĨĤΐƄĸŰĶΐĸŏŰĨťŏďŰĸŖŏďŉΐ
ŰĶĨΐ)]ΐĸŏĤŵũŰťƊ͒ΐ]ĶĨΐğĶďŉŉĨŏĲĨΐĸũΐŰŖΐ ũŰďŏĤďťĤũΐũŵğĶΐďũΐ)WDΐ˚˟˘˘˙͒ΐ]ĶĨΐ
ŎŖĤĸıƊΐŖŵťΐĨƉĸũŰĸŏĲΐĸŏıťďũŰťŵğŰŵťĨΐ qĨΐŎŖŏĸŰŖťΐŰĶĨΐĤĨƃĨŉŖŢŎĨŏŰũΐďŏĤΐ ŢŖŉĸğƊΐğŖƃĨťũΐĶŖŉĸũŰĸğďŉŉƊΐƃďťĸŖŵũΐ
ďŏĤΐŢťŖğĨũũĨũΐĸŏΐďΐŰĸŎĨŉƊΐďŏĤΐğŖũŰͻΐ ťĨũŰťĸğŰĸŖŏũΐĞƊΐĲŖƃĨťŏŎĨŏŰũΐďŏĤΐ ďũŢĨğŰũΐŖıΐ)]ΐťĸũņΐĲŖƃĨťŏďŏğĨ͍ΐ
ĨƯĨğŰĸƃĨΐŎďŏŏĨťΐŰŖΐıďğĸŉĸŰďŰĨΐũŵğĶΐ ťĨĲŵŉďŰŖťũΐŖŏΐƃďťĸŖŵũΐƃĨŏĤŖťũΐďŏĤΐ ĸŏğŉŵĤĸŏĲΐğĶďŏĲĨΐŎďŏďĲĨŎĨŏŰ͍ΐ
ĸŎŢŉĨŎĨŏŰďŰĸŖŏ͍ΐıďĸŉĸŏĲΐƄĶĸğĶ͍ΐŰĶĸũΐ ĨŏũŵťĨΐŖŵťΐņĨƊΐƃĨŏĤŖťũΐğŖŎŢŉƊΐƄĸŰĶΐ ŵũĨťΐďğğĨũũΐŎďŏďĲĨŎĨŏŰ͍ΐ
ğŖŵŉĤΐďĤƃĨťũĨŉƊΐďƯĨğŰΐŖŵťΐŤŵďŉĸŰƊΐ ŰĶĨΐťĨŉĨƃďŏŰΐŉďƄũΐďŏĤΐťĨĲŵŉďŰĸŖŏũ͒ΐ ĤďŰďĞďũĨΐğŖŏƷĲŵťďŰĸŖŏΐũŰďŏĤďťĤũΐ
ŖıΐũĨťƃĸğĨ͍ΐƷŏďŏğĸďŉΐğŖŏĤĸŰĸŖŏΐďŏĤΐ qĨΐďŉũŖΐŎŖŏĸŰŖťΐŖŵťΐťĨŉďŰĸŖŏũĶĸŢũΐ ďŏĤΐĤĸũďũŰĨťΐťĨğŖƃĨťƊΐŢŉďŏŏĸŏĲ͍ΐ
ŖŢĨťďŰĸŖŏďŉΐŢĨťıŖťŎďŏğĨ͒ΐ ƄĸŰĶΐņĨƊΐƃĨŏĤŖťũΐğŉŖũĨŉƊΐďŏĤΐĤĨƃĨŉŖŢΐ ďŏĤΐŢťŖƃĸĤĨũΐŰĶĨΐğŖťŏĨťũŰŖŏĨΐıŖťΐ
ŏĨƄΐťĨŉďŰĸŖŏũĶĸŢũΐŰŖΐŎĸŰĸĲďŰĨΐ ĤťĸƃĸŏĲΐťŖĞŵũŰΐ)]ΐũĨğŵťĸŰƊΐğŖŏŰťŖŉũΐ
qĨΐğŖŏŰĸŏŵĨΐŰŖΐĸŏƃĨũŰΐĸŏΐŵŢĲťďĤĸŏĲ͍ΐ ũŵŢŢŉƊΐťĸũņũ͒ΐqĨΐĶďƃĨΐĸŏΐŢŉďğĨΐďΐ ďğťŖũũΐŰĶĨΐ#ťŖŵŢ͒ΐ
ŎŖĤĨťŏĸũĸŏĲΐŰĶťŖŵĲĶΐĤĸĲĸŰďŉΐ WŵũŰďĸŏďĞŉĨΐWŵŢŢŉƊΐĶďĸŏΐũŰťďŰĨĲƊΐ
PERFORMANCE
ŰťďŏũıŖťŎďŰĸŖŏΐĸŏĸŰĸďŰĸƃĨũΐďŏĤΐ ďŏĤΐıťďŎĨƄŖťņΐƄĶĸğĶΐĸũΐťĨĲŵŉďťŉƊΐ qĨΐĶďƃĨΐďŉũŖΐĨũŰďĞŉĸũĶĨĤΐďΐPťŖńĨğŰΐ
ĨŤŵĸŢŢĸŏĲΐŖŵťΐŢĨŖŢŉĨΐďŏĤΐũƊũŰĨŎũΐ ŵŢĤďŰĨĤΐŰŖΐŎďŏďĲĨΐťĸũņũΐŰĶďŰΐ =ďŏďĲĨŎĨŏŰΐ=ĨŰĶŖĤŖŉŖĲƊΐŰŖΐ
ƄĸŰĶΐŏĨƄΐğďŢďĞĸŉĸŰĸĨũΐŰŖΐĨŏũŵťĨΐƄĨΐ ŎďƊΐĨƉĸũŰΐĸŏΐŖŵťΐĨƉŰĨŏĤĨĤΐũŵŢŢŉƊΐ ĨŏũŵťĨΐŰĶďŰΐŏĨƄΐũƊũŰĨŎũΐďťĨΐ
ďťĨΐďĞŉĨΐŰŖΐĤĨŉĸƃĨťΐĸŏŏŖƃďŰĸƃĨΐďŏĤΐ ğĶďĸŏ͒ΐͩSĨıĨťΐŰŖΐŰĶĨΐWĸŏĲŰĨŉΐ#ťŖŵŢΐ ĤĨƃĨŉŖŢĨĤΐƄĸŰĶΐďŢŢťŖŢťĸďŰĨΐ)]ΐ
ťĨŉĨƃďŏŰΐũĨťƃĸğĨũΐŰŖΐŖŵťΐğŵũŰŖŎĨťũ͒ΐ WŵũŰďĸŏďĞĸŉĸŰƊΐSĨŢŖťŰΐıŖťΐŎŖťĨΐΐ ũĨğŵťĸŰƊΐğŖŏŰťŖŉũΐďŏĤΐďťĨΐũŵĞńĨğŰΐ
ĤĨŰďĸŉũΐŖŏΐĶŖƄΐƄĨΐďĤĤťĨũũΐŰĶĨũĨΐΐ ŰŖΐťĸĲŖťŖŵũΐďğğĨŢŰďŏğĨΐŰĨũŰũ͍ΐ
VENDOR/SUPPLY CHAIN RISKS ťĸũņũΐďŏĤΐĸũũŵĨũͪ͒ ĸŏğŉŵĤĸŏĲΐŢĨŏĨŰťďŰĸŖŏΐŰĨũŰĸŏĲ͍ΐŢťĸŖťΐ
qĨΐťĨŉƊΐŖŏΐŰĶĸťĤͻŢďťŰƊΐƃĨŏĤŖťũΐ ŰŖΐĸŎŢŉĨŎĨŏŰďŰĸŖŏ͒ΐ
ďŏĤΐŰĶĨĸťΐĨƉŰĨŏĤĨĤΐũŵŢŢŉƊΐğĶďĸŏΐ
FINANCIALS
INFORMATION TECHNOLOGY RISKS
ĸŏΐŎďŏƊΐďũŢĨğŰũΐŖıΐŖŵťΐĞŵũĸŏĨũũΐ DŵťΐĞŵũĸŏĨũũĨũΐďŏĤΐŖŢĨťďŰĸŖŏũΐťĨŉƊΐ CYBER SECURITY RISKS
ıŖťΐƃďťĸŖŵũΐŢŵťŢŖũĨũ͍ΐĸŏğŉŵĤĸŏĲ͍ΐ ĶĨďƃĸŉƊΐŖŏΐĸŏıŖťŎďŰĸŖŏΐŰĨğĶŏŖŉŖĲƊΐ ]ĶĨΐũğďŉĨΐďŏĤΐŉĨƃĨŉΐŖıΐũŖŢĶĸũŰĸğďŰĸŖŏΐ
ĞŵŰΐŏŖŰΐŉĸŎĸŰĨĤΐŰŖ͍ΐŰĶĨΐğŖŏũŰťŵğŰĸŖŏ͍ΐ ďŏĤΐƄĨΐĶďƃĨΐĨũŰďĞŉĸũĶĨĤΐŰĶĨΐƊĞĨťΐ ŖıΐğƊĞĨťΐũĨğŵťĸŰƊΐŰĶťĨďŰũΐĶďƃĨΐ
ŖŢĨťďŰĸŖŏũΐďŏĤΐŎďĸŏŰĨŏďŏğĨΐŖıΐŖŵťΐ WĨğŵťĸŰƊΐSĨũĸŉĸĨŏğƊΐŖŎŎĸŰŰĨĨΐ ĸŏğťĨďũĨĤΐƄĸŰĶΐŰĶĨΐğĶďŏĲĸŏĲΐŰďğŰĸğũΐ
ŏĨŰƄŖťņ͍ΐŰĶĨΐũŵŢŢŉƊΐŖıΐĶďŏĤũĨŰũΐďŏĤΐ ŰŖΐŢťŖƃĸĤĨΐŖƃĨťũĸĲĶŰΐŖıΐďŉŉΐ)]ΐďŏĤΐ ďŏĤΐŰŖŖŉũΐĞƊΐğƊĞĨťΐďŰŰďğņĨťũ͍ΐ
ĨŤŵĸŢŎĨŏŰ͍ΐũƊũŰĨŎũΐďŏĤΐďŢŢŉĸğďŰĸŖŏΐ ŏĨŰƄŖťņΐũĨğŵťĸŰƊΐťĸũņũ͍ΐĸŏğŉŵĤĸŏĲΐ ťďŏĲĸŏĲΐıťŖŎΐŰĨťťŖťĸũŰΐďŰŰďğņũ͍ΐ
ĤĨƃĨŉŖŢŎĨŏŰΐũĨťƃĸğĨũ͍ΐğŖŏŰĨŏŰΐ ğƊĞĨťΐũĨğŵťĸŰƊΐŰĶťĨďŰũΐďŏĤΐĤďŰďΐ ũŰďŰĨͻũŢŖŏũŖťĨĤΐĶďğņĸŏĲ͍ΐĞŉďğņͻĶďŰΐ
ŢťŖƃĸũĸŖŏΐďŏĤΐğŵũŰŖŎĨťΐďğŤŵĸũĸŰĸŖŏ͒ΐ ŢťĸƃďğƊΐĞťĨďğĶĨũ͒ΐ]ĶĨΐğŖŎŎĸŰŰĨĨΐĸũΐ ĶďğņĸŏĲΐŖťΐĨƃĨŏΐĸŏŰĨťŏďŉΐŰĶťĨďŰũΐ
ğğŖťĤĸŏĲŉƊ͍ΐŖŵťΐŖŢĨťďŰĸŖŏũΐďŏĤΐ ğĶďĸťĨĤΐĞƊΐD͍ΐ#ťŖŵŢΐŏŰĨťŢťĸũĨΐ ďŏĤΐťďŏũŖŎƄďťĨ͒ΐũΐŖŵťΐĞŵũĸŏĨũũΐĸũΐ

ťĨŢŵŰďŰĸŖŏΐŎďƊΐĞĨΐďƯĨğŰĨĤΐĞƊΐŰĶĸťĤͻ ďŏĤΐğŖŎŢťĸũĨũΐũĨŏĸŖťΐŎĨŎĞĨťũΐ ĶĨďƃĸŉƊΐĤĨŢĨŏĤĨŏŰΐŖŏΐŰĶĨΐťĨũĸŉĸĨŏğƊΐ
ŢďťŰƊΐƃĨŏĤŖťũΐŖťΐŰĶĨĸťΐũŵŢŢŉƊΐğĶďĸŏΐ ıťŖŎΐŰĶĨΐĞŵũĸŏĨũũĨũ͍ΐƃďťĸŖŵũΐ)]ΐ ŖıΐŖŵťΐŏĨŰƄŖťņΐĸŏıťďũŰťŵğŰŵťĨ͍ΐ
ıďĸŉĸŏĲΐŰŖΐŢĨťıŖťŎΐŰĶĨĸťΐŖĞŉĸĲďŰĸŖŏũ͍ΐ ďŏĤΐŏĨŰƄŖťņΐĤŖŎďĸŏũ͍ΐďŏĤΐŎĨĨŰũΐ ďŏĤΐũŵŢŢŖťŰĸŏĲΐũƊũŰĨŎũ͍ΐƄĨΐďťĨΐ
ŖťΐıďĸŉĸŏĲΐŰŖΐŖŢĨťďŰĨΐĸŏΐŉĸŏĨΐƄĸŰĶΐ ŖŏΐďΐťĨĲŵŉďťΐĞďũĸũ͒ΐ]ĶĨΐğŖŎŎĸŰŰĨĨΐ ĨƉŢŖũĨĤΐŰŖΐğƊĞĨťΐũĨğŵťĸŰƊΐŰĶťĨďŰũΐ
ĸŏğťĨďũĨĤΐĨƉŢĨğŰďŰĸŖŏũΐŖıΐņĨƊΐ ĤĨƃĨŉŖŢũΐďŢŢťŖŢťĸďŰĨΐŢŖŉĸğĸĨũΐďŏĤΐ ƄĶĸğĶΐğďŏΐťĨũŵŉŰΐĸŏΐĤĸũťŵŢŰĸŖŏũΐŰŖΐ
Risk Management
ŖŵťΐŏĨŰƄŖťņΐďŏĤΐũĨťƃĸğĨũΐŢťŖƃĸĤĨĤΐ ĞŵũĸŏĨũũĨũΐŰŖΐŎďŏďĲĨΐƃŵŉŏĨťďĞĸŉĸŰĸĨũΐ ıŖťĨĸĲŏΐĨƉğĶďŏĲĨ͍ΐĸŏŰĨťĨũŰΐťďŰĨ͍ΐ
ŰŖΐğŵũŰŖŎĨťũ͍ΐďŏĤΐŉĨďņďĲĨΐŖıΐ ďŏĤΐŰĶťĨďŰũ͍ΐďğĶĸĨƃĨΐťĨĲŵŉďŰŖťƊΐ ŎďťņĨŰ͍ΐŉĸŤŵĸĤĸŰƊ͍ΐďğğĨũũΐŰŖΐƷŏďŏğĸŏĲΐ
ũĨŏũĸŰĸƃĨΐďŏĤ͘ŖťΐğŖŏƷĤĨŏŰĸďŉΐ ğŖŎŢŉĸďŏğĨΐďŏĤΐĸŎŢŉĨŎĨŏŰΐũĨğŵťĨΐ ũŖŵťğĨũΐďŏĤΐĸŏğťĨďũĨĤΐğťĨĤĸŰΐťĸũņũ͒ΐ
ĸŏıŖťŎďŰĸŖŏ͒ΐ]ĶĨΐĨƉŢŖũŵťĨΐĸũΐ ũŖŉŵŰĸŖŏũ͒ΐ]ĶĨΐ#ťŖŵŢΈũΐƊĞĨťΐWĨğŵťĸŰƊΐ "ĸŏďŏğĸďŉΐŎďťņĨŰũΐğŖŏŰĸŏŵĨΐŰŖΐĞĨΐ
ıŵťŰĶĨťΐĸŏŰĨŏũĸƷĨĤΐƄĸŰĶΐŰĶĨΐĲťŖƄĸŏĲΐ )ŏũŰĸŰŵŰĨΐğŖŏĤŵğŰũΐťĨĲŵŉďťΐŰťďĸŏĸŏĲΐ ƃŖŉďŰĸŉĨΐďŏĤΐŰĶĸũΐŎďƊΐĶĨĸĲĶŰĨŏΐ
ĤĨŢĨŏĤĨŏğƊΐŖŏΐŵŏĸŏŰĨťťŵŢŰĨĤΐ ŢťŖĲťďŎŎĨũΐŰŖΐĨŏĶďŏğĨΐŰĶĨΐğƊĞĨťΐ ĨƉĨğŵŰĸŖŏΐťĸũņΐıŖťΐıŵŏĤĸŏĲΐďğŰĸƃĸŰĸĨũΐ
ğŖŏŏĨğŰĸƃĸŰƊΐďŏĤΐũŎďťŰΐĤĨƃĸğĨũΐĞƊΐ ũĨğŵťĸŰƊΐũņĸŉŉũΐďŏĤΐŢťĨŢďťĨĤŏĨũũΐŖıΐ ďŏĤΐĸŏğťĨďũĨΐğťĨĤĸŰΐťĸũņΐŢťĨŎĸŵŎũΐ
ŖŵťΐğŵũŰŖŎĨťũ͍ΐďŏĤΐğďŏΐŉĨďĤΐŰŖΐ ŖŵťΐũŰďƯΐďũΐƄĨŉŉΐďũΐŖŵťΐğŵũŰŖŎĨťũ͍ΐ ıŖťΐŎďťņĨŰΐŢďťŰĸğĸŢďŏŰũ͒ΐ
ĸŎŢďğŰΐŖŏΐŖŵťΐťĨŢŵŰďŰĸŖŏ͍ΐŉĸŰĸĲďŰĸŖŏΐ ĸŏğŉŵĤĸŏĲΐĞŵũĸŏĨũũĨũΐďŏĤΐ
ďğŰĸŖŏũΐıťŖŎΐğŵũŰŖŎĨťũΐďŏĤ͘Ŗťΐ ĲŖƃĨťŏŎĨŏŰũΐĸŏΐŰĶĨΐũĸďΐPďğĸƷğ͒ΐ]ĶĨΐ qĨΐďťĨΐĨƉŢŖũĨĤΐŰŖΐıŖťĨĸĲŏΐĨƉğĶďŏĲĨΐ
ťĨĲŵŉďŰŖťƊΐƷŏĨũΐďŏĤΐŢĨŏďŉŰĸĨũ͒ΐ #ťŖŵŢΐďŉũŖΐĸŏƃĨũŰĨĤΐĸŏΐďΐťĨũĨďťğĶΐ ƸŵğŰŵďŰĸŖŏũΐıťŖŎΐŖŵťΐŖŢĨťďŰĸŖŏũΐ
ďŏĤΐĤĨƃĨŉŖŢŎĨŏŰΐŉďĞΐŰŖΐĤťĸƃĨΐ ďŏĤΐŰĶťŖŵĲĶΐũŵĞũĸĤĸďťĸĨũΐďũΐƄĨŉŉΐ
#ťŖŵŢΐŏŰĨťŢťĸũĨΐĸũΐĲťŖƄĸŏĲΐŖŵťΐ ĸŏŏŖƃďŰĸŖŏΐĸŏΐŰĶĸũΐďťĨď͒ΐ ďũΐďũũŖğĸďŰĨũΐďŏĤΐńŖĸŏŰΐƃĨŏŰŵťĨũΐ
ğƊĞĨťΐũĨğŵťĸŰƊΐĞŵũĸŏĨũũΐĲŉŖĞďŉŉƊ͒ΐ ŖŢĨťďŰĸŏĲΐĸŏΐıŖťĨĸĲŏΐğŖŵŏŰťĸĨũ͒ΐ
]ĶĨΐıďĸŉŵťĨΐŰŖΐņĨĨŢΐŵŢΐƄĸŰĶΐďŏĤΐ DATA PROTECTION AND ]ĶĨũĨΐťĨŉďŰĨΐŰŖΐŖŵťΐĤĸƃĸĤĨŏĤΐťĨğĨĸŢŰũΐ
ğŖŵŏŰĨťďğŰΐĸŏğťĨďũĸŏĲΐğƊĞĨťΐ PRIVACY RISKS ďŏĤΐŰĶĨΐŰťďŏũŉďŰĸŖŏΐŖıΐŰĶĨΐıŖťĨĸĲŏΐ
ũĨğŵťĸŰƊΐŰĶťĨďŰũΐğďŏΐŎďŰĨťĸďŉŉƊΐďŏĤΐ qĨΐũĨĨņΐŰŖΐŢťŖŰĨğŰΐŰĶĨΐĤďŰďΐŢťĸƃďğƊΐ ğŵťťĨŏğƊΐĨďťŏĸŏĲũΐďŏĤΐğďťťƊĸŏĲΐ
ďĤƃĨťũĨŉƊΐďƯĨğŰΐŖŵťΐťĨŢŵŰďŰĸŖŏ͍ΐ ŖıΐŖŵťΐğŵũŰŖŎĨťũΐĸŏΐŖŵťΐŏĨŰƄŖťņũΐďŏĤΐ ƃďŉŵĨũΐŖıΐŖŵťΐŖƃĨťũĨďũΐŖŢĨťďŰĸŖŏũ͒ΐ
ğƊĞĨťΐũĨğŵťĸŰƊΐĞŵũĸŏĨũũΐďŏĤΐĲťŖƄŰĶΐ ũƊũŰĨŎũ͒ΐWĸĲŏĸƷğďŏŰΐıďĸŉŵťĨΐŖıΐũĨğŵťĸŰƊΐ ĤĤĸŰĸŖŏďŉŉƊ͍ΐďΐũĸĲŏĸƷğďŏŰΐŢŖťŰĸŖŏΐ
ũŰťďŰĨĲƊ͒ΐ ŎĨďũŵťĨũΐŎďƊΐŵŏĤĨťŎĸŏĨΐğŵũŰŖŎĨťΐ ŖıΐďũũŖğĸďŰĨũΐďŏĤΐńŖĸŏŰΐƃĨŏŰŵťĨΐ
ğŖŏƷĤĨŏğĨΐďŏĤΐťĨũŵŉŰΐĸŏΐŉĸŰĸĲďŰĸŖŏΐ ŢŵťğĶďũĨũΐďŏĤΐŉĸďĞĸŉĸŰĸĨũΐďťĨΐ
qĨΐďĤŖŢŰΐďΐĶŖŉĸũŰĸğΐďŢŢťŖďğĶΐ ďğŰĸŖŏũΐıťŖŎΐğŵũŰŖŎĨťũΐďŏĤ͘Ŗťΐ ĤĨŏŖŎĸŏďŰĨĤΐĸŏΐıŖťĨĸĲŏΐğŵťťĨŏğĸĨũ͍ΐ
ĸŏΐŎďŏďĲĸŏĲΐďŏĤΐďĤĤťĨũũĸŏĲΐ ťĨĲŵŉďŰŖťƊΐƷŏĨũΐďŏĤΐŢĨŏďŉŰĸĨũ͒ΐqĨΐ ƃĨťũŵũΐŰĶĨΐŉŖğďŉΐğŵťťĨŏğƊΐŖıΐŰĶĨΐ
ťĸũņũΐŖıΐğƊĞĨťΐŰĶťĨďŰũΐďŏĤΐ ŎďƊΐďŉũŖΐĞĨΐũŵĞńĨğŰΐŰŖΐŰĶĨΐĸŎŢŖũĸŰĸŖŏΐ ťĨũŢĨğŰĸƃĨΐŖŢĨťďŰĸŖŏũ͒ΐ]ĶĸũΐĲĸƃĨũΐťĸũĨΐ
ďŰŰďğņũΐĞƊΐņĨĨŢĸŏĲΐďĞťĨďũŰΐ ŖıΐďĤĤĸŰĸŖŏďŉΐťĨĲŵŉďŰŖťƊΐŎĨďũŵťĨũΐ ŰŖΐğĶďŏĲĨũΐĸŏΐğŖũŰΐũŰťŵğŰŵťĨũΐďŏĤΐıďĸťΐ
ŖıΐŰĶĨΐŰĶťĨďŰΐŉďŏĤũğďŢĨΐďŏĤΐ ťĨŉďŰĸŏĲΐŰŖΐŰĶĨΐũĨğŵťĸŰƊΐďŏĤΐŢťĸƃďğƊΐŖıΐ ƃďŉŵĨΐĲďĸŏũΐŖťΐŉŖũũĨũΐƄĶĨŏΐŎďťņĨĤΐ
ĞŵũĸŏĨũũΐĨŏƃĸťŖŏŎĨŏŰΐďũΐƄĨŉŉΐďũΐ ğŵũŰŖŎĨťΐĤďŰď͒ΐ ŰŖΐŎďťņĨŰ͒ΐ
ĸŎŢŉĨŎĨŏŰĸŏĲΐďΐŎŵŉŰĸͻŉďƊĨťĨĤΐ
ũĨğŵťĸŰƊΐıťďŎĨƄŖťņΐŰŖΐĨŏũŵťĨΐŰĶĨťĨΐ qĨΐğŖŏŰĸŏŵĨΐŰŖΐĨŏũŵťĨΐĤďŰďΐŢťĸƃďğƊΐ qĨΐĶďƃĨΐĨũŰďĞŉĸũĶĨĤΐŢŖŉĸğĸĨũ͍ΐ
ďťĨΐťĨŉĨƃďŏŰΐŢťĨƃĨŏŰĸƃĨ͍ΐĤĨŰĨğŰĸƃĨΐ ĞƊΐŢťŖŰĨğŰĸŏĲΐŢĨťũŖŏďŉΐĤďŰďΐŖıΐŖŵťΐ ĲŵĸĤĨŉĸŏĨũΐďŏĤΐğŖŏŰťŖŉΐŢťŖğĨĤŵťĨũΐ
ďŏĤΐťĨğŖƃĨťƊΐŎĨďũŵťĨũ͒ΐ]Ķĸũΐ ğŵũŰŖŎĨťũΐďŏĤΐũŰďƯ͒ΐqĨΐďŉũŖΐĨŏũŵťĨΐ ŰŖΐŎďŏďĲĨΐďŏĤΐťĨŢŖťŰΐĨƉŢŖũŵťĨΐ
ĸŏğŉŵĤĨũΐŰťďĸŏĸŏĲΐŖŵťΐŢĨŖŢŉĨΐŰŖΐ ğŖŎŢŉĸďŏğĨΐƄĸŰĶΐďŢŢŉĸğďĞŉĨΐŢťĸƃďğƊΐ ŰŖΐũŵğĶΐťĸũņũ͒ΐDŵťΐƷŏďŏğĸďŉΐťĸũņΐ
ďĤŖŢŰΐďΐũĨğŵťĸŰƊͻƷťũŰΐŎĸŏĤũĨŰΐďŏĤΐ ŉďƄũ͍ΐďŏĤΐŢĨťıŖťŎΐťĨĲŵŉďťΐťĨƃĸĨƄũΐ ŎďŏďĲĨŎĨŏŰΐĸũΐĤĸũğŵũũĨĤΐıŵťŰĶĨťΐŖŏΐ
ũĨğŵťĸŰƊΐĞƊΐĤĨũĸĲŏΐŢťĸŏğĸŢŉĨ͍ΐďŏĤΐ ĸŏΐŖťĤĨťΐŰŖΐťĨƷŏĨΐŖŵťΐŢťďğŰĸğĨũ͒ΐqĨΐ ŢďĲĨΐ˚˚˜ΐĸŏΐ>ŖŰĨΐ˛˞ΐŰŖΐŰĶĨΐ"ĸŏďŏğĸďŉΐ
ĞĨĸŏĲΐƃĸĲĸŉďŏŰΐŰŖΐŰĶĨΐŉďŰĨũŰΐğƊĞĨťΐ ĶďƃĨΐĸŎŢŉĨŎĨŏŰĨĤΐũĨğŵťĸŰƊΐŢŖŉĸğĸĨũ͍ΐ WŰďŰĨŎĨŏŰũ͒ΐ
ŰĶťĨďŰũΐďŏĤΐĤĨŢŉŖƊĸŏĲΐŰĶĨΐŰŖŖŉũΐďŏĤΐ ŢťŖğĨĤŵťĨũ͍ΐŰĨğĶŏŖŉŖĲĸĨũΐďŏĤΐŰŖŖŉũΐ
ťĨũŖŵťğĨũΐŰŖΐŎĸŰĸĲďŰĨΐťĸũņũ͒ΐ ĤĨũĸĲŏĨĤΐŰŖΐŎĸŏĸŎĸũĨΐŰĶĨΐťĸũņΐŖıΐ NETWORK FAILURE AND
ŢťĸƃďğƊΐĞťĨďğĶĨũ͒ΐqĨΐĶďƃĨΐďŉũŖΐ CATASTROPHIC RISKS
qĨΐĶďƃĨΐĞĨĨŏΐĞŵĸŉĤĸŏĲΐŖŵťΐ ĨũŰďĞŉĸũĶĨĤΐďŏΐĨũğďŉďŰĸŖŏΐŢťŖğĨũũΐ ]ĶĨΐŰĨŉĨğŖŎŎŵŏĸğďŰĸŖŏũΐĸŏĤŵũŰťƊΐ
ğďŢďĞĸŉĸŰĸĨũΐŖťĲďŏĸğďŉŉƊ͍ΐďũΐƄĨŉŉΐďũΐ ıŖťΐĸŏğĸĤĨŏŰΐŎďŏďĲĨŎĨŏŰ͍ΐƄĶĸğĶΐ ıďğĨũΐďΐğŖŏŰĸŏŵŖŵũΐğĶďŉŉĨŏĲĨΐŖıΐ
ŢďťŰŏĨťũĶĸŢũΐƄĸŰĶΐĞĨũŰͻŖıͻĞťĨĨĤΐ ĸŏğŉŵĤĨũΐũĨğŵťĸŰƊΐĞťĨďğĶĨũΐŰŖΐĨŏũŵťĨΐ ŢťŖƃĸĤĸŏĲΐıďũŰ͍ΐũĨğŵťĨΐďŏĤΐťĨŉĸďĞŉĨΐ
ŰĨğĶŏŖŉŖĲƊΐŢďťŰŏĨťũ͒ΐqĨΐĶďƃĨΐŖƃĨťΐ ŰĸŎĨŉƊΐťĨũŢŖŏũĨ͍ΐĸŏŰĨťŏďŉŉƊΐďŏĤΐ ŏĨŰƄŖťņũΐŰŖΐďŏΐĸŏğťĨďũĸŏĲŉƊΐĤĸĲĸŰďŉΐ
˚͍˘˘˘ΐğƊĞĨťΐũĨğŵťĸŰƊΐŢťŖıĨũũĸŖŏďŉũ͍ΐ ĨƉŰĨťŏďŉŉƊ͍ΐŰŖΐŎĸŏĸŎĸũĨΐĸŎŢďğŰ͒ΐ ďŏĤΐğŖŏŏĨğŰĨĤΐƄŖťŉĤ͒ΐ]ĶĨΐŢťŖƃĸũĸŖŏΐŖıΐ
ĲŉŖĞďŉΐũĨğŵťĸŰƊΐŖŢĨťďŰĸŖŏũΐďŏĤΐ ŖŵťΐũĨťƃĸğĨũΐĤĨŢĨŏĤũΐŖŏΐŰĶĨΐŤŵďŉĸŰƊ͍ΐ
ĨŏĲĸŏĨĨťĸŏĲΐğĨŏŰťĨũΐďŏĤΐďΐ FINANCIAL RISKS ũŰďĞĸŉĸŰƊ͍ΐťĨũĸŉĸĨŏğĨΐďŏĤΐťŖĞŵũŰŏĨũũΐŖıΐ
ũŢĨğĸďŉĸũĨĤΐŰĨďŎΐŖıΐĨŰĶĸğďŉΐĶďğņĨťũΐ ]ĶĨΐŎďĸŏΐťĸũņũΐďťĸũĸŏĲΐıťŖŎΐŖŵťΐ ŖŵťΐŏĨŰƄŖťņũΐďŏĤΐũƊũŰĨŎũ͒ΐqĨΐıďğĨΐ
ďŏĤΐıŖťĨŏũĸğΐĨƉŢĨťŰũΐĸŏΐďũũĸũŰĸŏĲΐ ƷŏďŏğĸďŉΐďũũĨŰũΐďŏĤΐŉĸďĞĸŉĸŰĸĨũΐďťĨΐ ŰĶĨΐťĸũņΐŖıΐŎďŉıŵŏğŰĸŖŏΐŖı͍ΐŉŖũũΐŖı͍ΐŖťΐ
97
OVERVIEW
ĤďŎďĲĨΐŰŖ͍ΐŏĨŰƄŖťņΐĸŏıťďũŰťŵğŰŵťĨΐ ďŏĤ͘Ŗťΐğťĸũĸũ͒ΐ]ĶĨťĨΐĸũΐďΐĤĨƷŏĨĤΐ WŵğğĨũũĸŖŏΐŎďŏďĲĨŎĨŏŰΐĸũΐņĨƊΐŰŖΐ
BUSINESS REVIEWS
ıťŖŎΐŏďŰŵťďŉΐŖťΐŖŰĶĨťΐŵŏğŖŏŰťŖŉŉďĞŉĨΐ ğťĸũĸũΐŎďŏďĲĨŎĨŏŰΐďŏĤΐĨũğďŉďŰĸŖŏΐ ĨŏũŵťĸŏĲΐŰĶďŰΐŰĶĨΐ#ťŖŵŢΐĨƯĨğŰĸƃĨŉƊΐ
ĨƃĨŏŰũΐũŵğĶΐďũΐďğŰũΐŖıΐŰĨťťŖťĸũŎ͒ΐ ŢťŖğĨũũΐıŖťΐŖŵťΐDũΐďŏĤΐũĨŏĸŖťΐ ŎďŏďĲĨũΐŰĶĨΐũĶŖťŰͻŰĨťŎΐďŏĤΐŉŖŏĲͻ
ŎďŏďĲĨŎĨŏŰΐŰŖΐťĨũŢŖŏĤΐŰŖΐ ŰĨťŎΐťĸũņũΐďũũŖğĸďŰĨĤΐƄĸŰĶΐğťĸŰĸğďŉΐ
WŖŎĨΐŖıΐŰĶĨΐğŖŵŏŰťĸĨũΐĸŏΐƄĶĸğĶΐƄĨΐ ĨŎĨťĲĨŏğĸĨũΐďŏĤΐğďŰďũŰťŖŢĶĸğΐ ťŖŉĨũ͒ΐΐťŖĞŵũŰΐďŏŏŵďŉΐũŵğğĨũũĸŖŏΐ
ďŏĤ͘ŖťΐŖŵťΐťĨĲĸŖŏďŉΐďũũŖğĸďŰĨũΐ ĨƃĨŏŰũ͒ΐ)ŏΐďĤĤĸŰĸŖŏΐŰŖΐņĨƊΐŏĨŰƄŖťņΐ ŢŉďŏŏĸŏĲΐťĨƃĸĨƄΐĞƊΐŰĶĨΐĞŵũĸŏĨũũĨũΐ
ŖŢĨťďŰĨΐĶďƃĨΐĨƉŢĨťĸĨŏğĨĤΐďΐŏŵŎĞĨťΐ ĸŏıťďũŰťŵğŰŵťĨ͍ΐƄĨΐĶďƃĨΐĞŵũĸŏĨũũΐ ďŏĤΐ=ďŏďĲĨŎĨŏŰΐŖŎŎĸŰŰĨĨ͍ΐƄĸŰĶΐ
ŖıΐŎďńŖťΐŏďŰŵťďŉΐğďŰďũŰťŖŢĶĨũΐŖƃĨťΐŰĶĨΐ ğŖŏŰĸŏŵĸŰƊΐŢŉďŏũΐďŏĤΐĸŏũŵťďŏğĨΐ ŰĶĨΐĸŏƃŖŉƃĨŎĨŏŰΐŖıΐŰĶĨΐŖďťĤΐıŖťΐ
ƊĨďťũ͍ΐĸŏğŉŵĤĸŏĲΐŰƊŢĶŖŖŏũ͍ΐĤťŖŵĲĶŰũΐ ŢťŖĲťďŎŎĨũΐďŏĤΐŢŖŉĸğĸĨũΐĸŏΐŢŉďğĨ͒ΐ ũĨŏĸŖťΐŉĨďĤĨťũĶĸŢΐťŖŉĨũ͍ΐĨŏũŵťĨũΐŰĶďŰΐ
ďŏĤΐĨďťŰĶŤŵďņĨũ͒ΐWŖŎĨΐŖıΐŰĶĨũĨΐ ŉĨďĤĨťũĶĸŢΐũŵğğĨũũĸŖŏΐŢŉďŏũΐďťĨΐ
ğďŰďũŰťŖŢĶĨũΐĶďƃĨΐďŉũŖΐĸŏğťĨďũĨĤΐ TALENT MANAGEMENT RISKS ğŵťťĨŏŰΐďŏĤΐťĨŉĨƃďŏŰΐŰŖΐũŵŢŢŖťŰΐŰĶĨΐ

ĸŏΐĸŏŰĨŏũĸŰƊΐďŏĤΐıťĨŤŵĨŏğƊΐĤŵĨΐŰŖΐ ũΐƄĨΐũĨĨņΐŏĨƄΐďƃĨŏŵĨũΐŖıΐ ĞŵũĸŏĨũũΐũŰťďŰĨĲĸĨũ͒ΐ
ğŉĸŎďŰĨΐğĶďŏĲĨΐıďğŰŖťũ͍ΐğďŵũĸŏĲΐ ĲťŖƄŰĶ͍ΐĸŰΐĸũΐŢĨťŰĸŏĨŏŰΐŰŖΐĞĨΐďĞŉĨΐŰŖΐ
ŢťŖŉŖŏĲĨĤΐďŏĤΐĨƉďğĨťĞďŰĨĤΐĸŎŢďğŰΐ ďŰŰťďğŰ͍ΐĤĨƃĨŉŖŢΐďŏĤΐũŵũŰďĸŏΐŰďŉĨŏŰΐ ELECTROMAGNETIC ENERGY RISKS
ŖŏΐŖŵťΐĸŏıťďũŰťŵğŰŵťĨΐďŏĤΐŖŢĨťďŰĸŖŏũ͒ΐ ƄĸŰĶΐŏĨƄΐũņĸŉŉũΐďŏĤΐğďŢďĞĸŉĸŰĸĨũ͒ΐ 'ĨďŉŰĶΐğŖŏğĨťŏũΐĶďƃĨΐĞĨĨŏΐťďĸũĨĤΐ
)ŏΐďĤĤĸŰĸŖŏ͍ΐŖŰĶĨťΐĨƃĨŏŰũΐŰĶďŰΐďťĨ͘ qĨΐďŉũŖΐĸĤĨŏŰĸıƊ͍ΐĤĨƃĨŉŖŢΐďŏĤΐĞŵĸŉĤΐ ĲŉŖĞďŉŉƊΐďĞŖŵŰΐŰĶĨΐŢŖŰĨŏŰĸďŉΐ
ďťĨΐŏŖŰΐƄĸŰĶĸŏΐŖŵťΐğŖŏŰťŖŉΐďŏĤ͘ŖťΐŖŵťΐ ŰĶĨΐŏĨƉŰΐĲĨŏĨťďŰĸŖŏΐŖıΐŉĨďĤĨťũΐ ĨƉŢŖũŵťĨΐŰŖΐŉĨğŰťŖŎďĲŏĨŰĸğΐ
ťĨĲĸŖŏďŉΐďũũŖğĸďŰĨũΈΐğŖŏŰťŖŉ͍ΐũŵğĶΐ ıťŖŎΐĞŖŰĶΐĸŏŰĨťŏďŉΐďŏĤΐĨƉŰĨťŏďŉΐ ŏĨťĲƊΐͩ=ͪΐĨŎĸũũĸŖŏũΐŰĶťŖŵĲĶΐ
ďũΐƷťĨ͍ΐĤĨŉĸĞĨťďŰĨΐďğŰũΐŖıΐũďĞŖŰďĲĨ͍ΐ ŰďŉĨŏŰΐŢŖŖŉũΐŰŖΐĨŏũŵťĨΐďΐťŖĞŵũŰΐ ŵũĸŏĲΐŎŖĞĸŉĨΐĶďŏĤũĨŰũΐŖťΐĞĨĸŏĲΐ
ƃĨŏĤŖťΐıďĸŉŵťĨ͘ΐŏĨĲŉĸĲĨŏğĨ͍ΐĸŏĤŵũŰťĸďŉΐ ũŵğğĨũũĸŖŏΐŢĸŢĨŉĸŏĨ͒ΐ]ĶĨΐŉŖũũΐŖıΐ ĨƉŢŖũĨĤΐŰŖΐŎŖĞĸŉĨΐŰťďŏũŎĸũũĸŖŏΐ
ďğğĸĤĨŏŰũ͍ΐĞŉďğņŖŵŰũ͍ΐŰĨťťŖťĸũŰΐďŰŰďğņũ͍ΐ ũŖŎĨΐŖťΐďŉŉΐŖıΐŖŵťΐņĨƊΐĨƉĨğŵŰĸƃĨũΐ ĨŤŵĸŢŎĨŏŰ͒ΐqĶĸŉĨΐŰĶĨťĨΐĸũΐŏŖΐ
ğťĸŎĸŏďŉΐďğŰũΐŖťΐŉďťĲĨΐũğďŉĨΐğƊĞĨťΐ ŖťΐŰĶĨΐĸŏďĞĸŉĸŰƊΐŰŖΐďŰŰťďğŰ͍ΐĞŵĸŉĤΐďŏĤΐ ũŵĞũŰďŏŰĸďŰĨĤΐĨƃĸĤĨŏğĨΐŖıΐŢŵĞŉĸğΐ
ďŰŰďğņũΐŖŏΐŖŵťΐŏĨŰƄŖťņΐďŏĤΐũƊũŰĨŎũ͍ΐ ťĨŰďĸŏΐņĨƊΐŰďŉĨŏŰΐďŏĤΐŉĨďĤĨťũ͍ΐğŖŵŉĤΐ ĶĨďŉŰĶΐťĸũņũΐıťŖŎΐĨƉŢŖũŵťĨΐŰŖΐŰĶĨΐ
ğŖŵŉĤΐĤďŎďĲĨ͍ΐğďŵũĨΐŖŢĨťďŰĸŖŏďŉΐ ŎďŰĨťĸďŉŉƊΐďŏĤΐďĤƃĨťũĨŉƊΐďƯĨğŰΐΐ ŉĨƃĨŉũΐŖıΐ=ΐŰƊŢĸğďŉŉƊΐĨŎĸŰŰĨĤΐ
ĸŏŰĨťťŵŢŰĸŖŏũΐŖťΐŖŰĶĨťƄĸũĨΐďĤƃĨťũĨŉƊΐ ŖŵťΐĞŵũĸŏĨũũ͒ΐ ıťŖŎΐŎŖĞĸŉĨΐŢĶŖŏĨũ͍ΐŢĨťğĨĸƃĨĤΐ
PERFORMANCE
ďƯĨğŰΐďŏƊΐŖıΐŰĶĨΐıďğĸŉĸŰĸĨũΐďŏĤΐ ĶĨďŉŰĶΐťĸũņũΐğďŏΐĞĨΐďΐğŖŏğĨťŏΐıŖťΐ
ďğŰĸƃĸŰĸĨũ͍ΐďũΐƄĨŉŉΐďũΐŢŖŰĨŏŰĸďŉŉƊΐğďŵũĨΐ qĨΐğŖŏŰĸŏŵĨΐŰŖΐĸŏƃĨũŰΐĸŏΐŰĶĨΐũņĸŉŉũΐΐ ŖŵťΐğŵũŰŖŎĨťũ͍ΐŰĶĨΐğŖŎŎŵŏĸŰƊ͍ΐ
ĸŏńŵťƊΐŖťΐĤĨďŰĶΐŰŖΐŢĨťũŖŏŏĨŉ͒ΐWŵğĶΐ ŖıΐŖŵťΐĨƉĸũŰĸŏĲΐƄŖťņıŖťğĨΐďŏĤΐĞŵĸŉĤΐΐ ďŏĤΐťĨĲŵŉďŰŖťũ͒ΐPĨťğĨĸƃĨĤΐĶĨďŉŰĶΐ
ŉŖũũĨũΐŖťΐĤďŎďĲĨΐŎďƊΐũĸĲŏĸƷğďŏŰŉƊΐ ŵŢΐŖŵťΐğŵťťĨŏŰΐďŏĤΐĨŎĨťĲĸŏĲΐ ťĸũņũΐĸŏΐŰĨťŎũΐŖıΐĨŏƃĸťŖŏŎĨŏŰďŉΐ
ĤĸũťŵŢŰΐŖŵťΐŖŢĨťďŰĸŖŏũ͍ΐƄĶĸğĶΐŎďƊΐ ğďŢďĞĸŉĸŰĸĨũΐŰĶťŖŵĲĶΐĨƉŰĨťŏďŉΐ ĨƉŢŖũŵťĨũΐıťŖŎΐŎŖĞĸŉĨΐĞďũĨΐũŰďŰĸŖŏΐ
ŎďŰĨťĸďŉŉƊΐďĤƃĨťũĨŉƊΐďƯĨğŰΐŖŵťΐďĞĸŉĸŰƊΐ ŢťŖıĨũũĸŖŏďŉΐĶĸťĨũΐďŏĤΐŰďťĲĨŰĨĤΐ ĨŤŵĸŢŎĨŏŰΐğďŏΐĸŎŢďğŰΐďŏĤΐğďŵũĨΐ
ŰŖΐĤĨŉĸƃĨťΐũĨťƃĸğĨũΐŰŖΐğŵũŰŖŎĨťũ͒ΐ ťĨğťŵĸŰŎĨŏŰ͒ΐ)ŏΐŖťĤĨťΐŰŖΐĤĨƃĨŉŖŢΐ ğŖŏğĨťŏũΐıŖťΐŰĶĨΐŉŖğďŉΐğŖŎŎŵŏĸŰĸĨũΐ
WŵũŰďĸŏĨĤΐŖťΐũĸĲŏĸƷğďŏŰΐĤĸũťŵŢŰĸŖŏΐ ďŏĤΐťĨŰďĸŏΐŰďŉĨŏŰ͍ΐƄĨΐğŖŏĤŵğŰΐ ŖŏΐŰĶĨΐĸŎŢŉĨŎĨŏŰďŰĸŖŏΐŖıΐŏĨƄΐŖťΐ
ŰŖΐŖŵťΐũĨťƃĸğĨũΐğďŏΐďŉũŖΐũĸĲŏĸƷğďŏŰŉƊΐ ťĨĲŵŉďťΐũņĸŉŉũΐďũũĨũũŎĨŏŰΐĸŏΐŰĶĨΐ
FINANCIALS
ŵŢĲťďĤĸŏĲΐŖıΐĨƉĸũŰĸŏĲΐŎŖĞĸŉĨΐĞďũĨΐ
ĸŎŢďğŰΐŖŵťΐťĨŢŵŰďŰĸŖŏΐƄĸŰĶΐŖŵťΐ ğťĸŰĸğďŉΐĞŵũĸŏĨũũΐďťĨďũΐďŏĤΐũĨŰΐ ũŰďŰĸŖŏũ͒ΐ]ĶĸũΐŎďƊΐĸŎŢďğŰΐŰĶĨΐŎŖĞĸŉĨΐ
ğŵũŰŖŎĨťũ͒ΐDŵťΐĸŏďĞĸŉĸŰƊΐŰŖΐŖŢĨťďŰĨΐΐ ŖŵŰΐũŰťŵğŰŵťĨĤΐĤĨƃĨŉŖŢŎĨŏŰďŉΐ ğŖƃĨťďĲĨΐďŰΐŰĶďŰΐŉŖğďŉĸŰƊΐďŏĤΐďŉũŖ͍ΐ
ŖŵťΐŏĨŰƄŖťņũΐŖťΐğŵũŰŖŎĨťΐũŵŢŢŖťŰΐ ťŖďĤŎďŢũΐŰŖΐƷŉŉΐŏĨƄΐďŏĤΐĨŎĨťĲĸŏĲΐ ŖŵťΐŎŖĞĸŉĨΐĞŵũĸŏĨũũ͒ΐ)ŏΐďĤĤĸŰĸŖŏ͍ΐ
ũƊũŰĨŎũΐŎďƊΐĶďƃĨΐďΐŎďŰĨťĸďŉΐĸŎŢďğŰΐ ũņĸŉŉũΐĲďŢũ͒ΐqĨΐĶďƃĨΐďΐŰďťĲĨŰĨĤΐ ĲŖƃĨťŏŎĨŏŰΐŉĨĲĸũŉďŰĸŖŏũΐďŏĤΐĸŏĤŵũŰťƊΐ
ŖŏΐŖŵťΐĞŵũĸŏĨũũ͒ΐ ĤĨƃĨŉŖŢŎĨŏŰΐďŢŢťŖďğĶΐŰŖΐĤĨƃĨŉŖŢΐ ťĨŤŵĸťĨŎĨŏŰũΐŎďƊΐĞĨΐĸŏŰťŖĤŵğĨĤΐŰŖΐ
ƊŖŵŏĲ͍ΐĨŎĨťĲĸŏĲΐďŏĤΐıŵŰŵťĨΐ ďĤĤťĨũũΐŰĶĸũΐŢĨťğĨĸƃĨĤΐťĸũņ͍ΐďƯĨğŰĸŏĲΐ
qĨΐğŖŏŰĸŏŵĨΐŰŖΐŎďņĨΐŖŵťΐŏĨŰƄŖťņũΐ ŰĨğĶŏĸğďŉΐďŏĤΐĞŵũĸŏĨũũΐŉĨďĤĨťũΐ ŖŵťΐďĞĸŉĸŰƊΐŰŖΐĤĨŢŉŖƊΐŰĶĨΐŎŖĞĸŉĨΐ
ťŖĞŵũŰΐďŏĤΐťĨũĸŉĸĨŏŰ͍ΐďŏĤΐğŖŏŰĸŏŵďŉŉƊΐ ŰĶťŖŵĲĶΐıŖťŎďŉΐŉĨďťŏĸŏĲΐďğŰĸƃĸŰĸĨũ͍ΐ ğŖŎŎŵŏĸğďŰĸŖŏũΐĸŏıťďũŰťŵğŰŵťĨ͒ΐ
ťĨƃĸĨƄΐŖŵťΐŢťŖğĨũũĨũΐŰŖΐŢťĨƃĨŏŰΐ ğŖďğĶĸŏĲΐďŏĤΐŎĨŏŰŖťĸŏĲΐďũΐƄĨŉŉΐ ]ĶĨũĨΐŢĨťğĨĸƃĨĤΐĶĨďŉŰĶΐťĸũņũΐğŖŵŉĤΐ

ďŏƊΐŏĨŰƄŖťņΐĤĸũťŵŢŰĸŖŏũΐďŏĤΐŰŖΐ ďũΐŢťŖƃĸĤĸŏĲΐğťĸŰĸğďŉΐĨƉŢĨťĸĨŏğĨũΐ ťĨũŵŉŰΐĸŏΐťĨĤŵğĨĤΐĤĨŎďŏĤΐıŖťΐŎŖĞĸŉĨΐ
ĶďƃĨΐďŏΐĨƯĨğŰĸƃĨΐğŖŎŎŵŏĸğďŰĸŖŏΐ ũŵğĶΐďũΐĸŏŰĨťŏďŰĸŖŏďŉΐďũũĸĲŏŎĨŏŰũ͍ΐ ğŖŎŎŵŏĸğďŰĸŖŏũΐũĨťƃĸğĨũΐďŏĤ͘Ŗťΐ
ŢťŖğĨũũΐıŖťΐŰĸŎĨŉƊΐŵŢĤďŰĨũΐŰŖΐŖŵťΐ ťŖŰďŰĸŖŏũΐďŏĤΐũŢĨğĸďŉΐŢťŖńĨğŰũ͒ΐ ŉĸŰĸĲďŰĸŖŏΐďğŰĸŖŏũΐďĲďĸŏũŰΐŵũ͒ΐ
ũŰďņĨĶŖŉĤĨťũΐĤŵťĸŏĲΐďŏƊΐĸŏğĸĤĨŏŰũΐ
Risk Management
qĨΐĤĨũĸĲŏΐďŏĤΐĤĨŢŉŖƊΐŖŵťΐ ďŏĤΐďĤďŢŰďŰĸŖŏΐŖıΐŖŵťΐĸŏıťďũŰťŵğŰŵťĨΐ
ŏĨŰƄŖťņΐŰŖΐğŖŎŢŉƊΐƄĸŰĶΐŰĶĨΐ ŰŖΐĞŵĸŉĤΐťĨũĸŉĸĨŏğĨΐŰŖΐŉŖŏĲͻŰĨťŎΐ
ťĨŉĨƃďŏŰΐĲŖƃĨťŏŎĨŏŰͻŎďŏĤďŰĨĤΐ ğŉĸŎďŰĨΐğĶďŏĲĨ͒ΐ
ũŰďŏĤďťĤũΐıŖťΐĨƉŢŖũŵťĨΐŰŖΐ=͒ΐDŵťΐ
ũŰďŏĤďťĤũΐďťĨΐĞďũĨĤΐŵŢŖŏΐŰĶŖũĨΐ qĨΐĶďƃĨΐďĲťĨĨĤΐŰŖΐŰĶĨΐWğĸĨŏğĨΐ
ťĨğŖŎŎĨŏĤĨĤΐĞƊΐŰĶĨΐ)ŏŰĨťŏďŰĸŖŏďŉΐ ďũĨĤΐ]ďťĲĨŰΐĸŏĸŰĸďŰĸƃĨΐŰŖΐďĤĤťĨũũΐ
ŖŎŎĸũũĸŖŏΐŖŏΐ>Ŗŏͻ)ŖŏĸƏĸŏĲΐ ŰĶĨΐğŖŏŰĸŏŵĨĤΐĸŎŢďğŰΐŖıΐğďťĞŖŏΐ
SďĤĸďŰĸŖŏΐPťŖŰĨğŰĸŖŏΐͩ)>)SP͍ͪΐ ďŏĤΐĸŏğťĨďũĸŏĲΐŰĨŎŢĨťďŰŵťĨũ͒ΐ]Ķĸũΐ
ƄĶĸğĶΐĸũΐďΐťĨŉďŰĨĤΐďĲĨŏğƊΐŖıΐŰĶĨΐ ďŢŢťŖďğĶΐŢťŖĲťĨũũĸƃĨŉƊΐďŉĸĲŏũΐ
qŖťŉĤΐ'ĨďŉŰĶΐDťĲďŏĸũďŰĸŖŏ͒ΐ]ĶĨΐ Ŗŵťΐ˚˘˛˘ΐğďťĞŖŏΐğŖŏŰťĸĞŵŰĸŖŏΐďŏĤΐ
)>)SPΐũŰďŏĤďťĤũΐďťĨΐďĤŖŢŰĨĤΐĞƊΐ ťĨĤŵğŰĸŖŏΐŰďťĲĨŰΐƄĸŰĶΐŰĶĨΐďĲťĨĨŎĨŏŰũΐ
ŎďŏƊΐğŖŵŏŰťĸĨũΐďťŖŵŏĤΐŰĶĨΐƄŖťŉĤΐ ŎďĤĨΐďŰΐPďťĸũΐDPΐ˚˙ΐďŏĤΐŰĶĨΐ
ďŏĤΐďťĨΐğŖŏũĸĤĨťĨĤΐĞĨũŰΐŢťďğŰĸğĨũ͒ΐ )ŏŰĨťĲŖƃĨťŏŎĨŏŰďŉΐPďŏĨŉΐŖŏΐŉĸŎďŰĨΐ
qĨΐğŖŏŰĸŏŵĨΐŰŖΐŎŖŏĸŰŖťΐťĨũĨďťğĶΐ ĶďŏĲĨΐťĨŢŖťŰũ͒ΐqĨΐďĤďŢŰΐŖŵťΐ
ƷŏĤĸŏĲũΐŖŏΐ=͍ΐĶĨďŉŰĶΐťĸũņũΐďŏĤΐ ĸŏıťďũŰťŵğŰŵťĨΐĤĨũĸĲŏΐďŏĤΐũŰďŏĤďťĤũΐ
ŰĶĨĸťΐĸŎŢŉĸğďŰĸŖŏũΐŖŏΐťĨŉĨƃďŏŰΐ ŢťŖĲťĨũũĸƃĨŉƊΐŰŖΐŉŖŏĲͻŰĨťŎΐũğĨŏďťĸŖũΐ
ũŰďŏĤďťĤũΐďŏĤΐťĨĲŵŉďŰĸŖŏũ͒ΐ ťĨŉďŰĨĤΐŰŖΐğŉĸŎďŰĨΐğĶďŏĲĨ͍ΐũŵğĶΐďũΐ
ĸŏğťĨďũĨĤΐťĸũņΐŖıΐĸŏŵŏĤďŰĸŖŏΐďŏĤΐ
CLIMATE CHANGE RISKS ũŰťŖŏĲĨťΐğƊğŉŖŏĸğΐďğŰĸƃĸŰĸĨũ͍ΐťĸũĸŏĲΐ
ŉĸŎďŰĨΐğĶďŏĲĨΐĸũΐŖŏĨΐŖıΐŰĶĨΐņĨƊΐ ŰĨŎŢĨťďŰŵťĨũΐďŏĤΐĶĸĲĶĨťΐıťĨŤŵĨŏğƊΐ
ŉŖŏĲͻŰĨťŎΐĲŉŖĞďŉΐťĸũņũΐŰĶďŰΐĶďũΐŰĶĨΐ ŖıΐĞŵũĶΐƷťĨũΐĸŏΐŵũŰťďŉĸď͒ΐqĨΐĶďƃĨΐΐ
ŢŖŰĨŏŰĸďŉΐŰŖΐĸŎŢďğŰΐŖŵťΐŖŢĨťďŰĸŖŏũ͍ΐ ďŉũŖΐğŖŎŎĸŰŰĨĤΐŰŖΐďŉĸĲŏĸŏĲΐŖŵťΐ
ĸŏıťďũŰťŵğŰŵťĨΐďŏĤΐũŵŢŢŉƊΐğĶďĸŏ͒ΐ ğŉĸŎďŰĨͻťĨŉďŰĨĤΐťĸũņũΐďŏĤΐƷŏďŏğĸďŉΐ
WŖŎĨΐŖıΐŰĶĨΐğŖŵŏŰťĸĨũΐĸŏΐƄĶĸğĶΐƄĨΐ ťĨŢŖťŰĸŏĲΐƄĸŰĶΐŰĶĨΐťĨğŖŎŎĨŏĤďŰĸŖŏũΐ
ďŏĤ͘ŖťΐŖŵťΐťĨĲĸŖŏďŉΐďũũŖğĸďŰĨũΐ ŖıΐŰĶĨΐ]ďũņΐ"ŖťğĨΐıŖťΐŉĸŎďŰĨͻSĨŉďŰĨĤΐ
ŖŢĨťďŰĨΐĶďƃĨΐĨƉŢĨťĸĨŏğĨĤΐďΐŏŵŎĞĨťΐ "ĸŏďŏğĸďŉΐĸũğŉŖũŵťĨũ͒
ŖıΐŎďńŖťΐŏďŰŵťďŉΐğďŰďũŰťŖŢĶĨũΐ
ŖƃĨťΐŰĶĨΐƊĨďťũ͍ΐĸŏğŉŵĤĸŏĲΐŰƊŢĶŖŖŏũ͍ΐ
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99
OVERVIEW
Sustainability
The Singtel Group remains committed to sustainable growth as we seek to make a positive
BUSINESS REVIEWS
impact on our stakeholders, the communities we operate in, and the environment.
We strive to achieve this through a series of initiatives that aims to foster a more inclusive
and diverse workplace and society, support vulnerable groups, reduce our environmental
footprint, and spark positive change through social innovation.
Our efforts have not gone unnoticed, as we continue to be acknowledged globally in areas
such as diversity, governance and climate change. In 2018, we were recognised by awards

and indices including ASEAN’s Top 5 and Singapore’s Top 3 Publicly Listed Companies at the
2nd ASEAN Corporate Governance Awards, Best Strategy and Sustainability Management
and Best Climate Change at the Sustainable Business Awards Singapore 2018, 2019
Bloomberg Gender-Equality Index and FTSE4Good Index for our sustainability initiatives.
Our sustainability strategy is made up of four key pillars, that aim to:
• Leave the smallest environmental footprint;
• Ensure the development and well-being of our people;
• Enable the development and inclusion of vulnerable segments in our community; and
• Catalyse change through responsible business practices and innovation in the marketplace.
PERFORMANCE
FINANCIALS
Singtel and Optus employees volunteering at schools from the Bharti Foundation’s Satya Bharti School Programme as part of Better Together, our annual
overseas volunteering programme.

Sustainability
Environment
The Smallest Footprint
Reducing e-waste Recycle

In Singapore, ReCYCLE saw compounded growth in collection rate of and Reuse
400%
with over
24,000kg
of mobile phones, batteries and
accessories since 2017. We recycled, reused
and incinerated for energy
In Australia, we diverted recovery
4,000kg 77%
of waste generated within
of e-waste from landfills, saving 10 tonnes of CO2 emissions and
our operations.
conserving 50 tonnes of mineral resource.
Environmental issues have heightened tackling climate change. We have to help shape government policy
in recent years as the impact of set science-based carbon targets and planning for climate-related
climate change becomes more to serve as a guide for all of our disasters.
evident. We believe that everyone, business activities. For instance,
from governments and companies we are searching for renewable MINIMISING THE ENVIRONMENTAL
to the person on the street, has a energy sources to help us achieve IMPACT OF OUR PRODUCTS
responsibility to tackle climate change and exceed our carbon reduction As a leading communications
through mitigation and adaptation targets approved by the Science technology company, we are
efforts. At Singtel, we aim to do Based Targets initiative. Last year, committed to minimising e-waste,
our part by leaving the smallest we also pledged to support 2018 such as metals, plastics and batteries
environmental footprint, even as our as the Year of Climate Action from mobile phones, that have the
business continues to expand. for Singapore. In Australia, we potential to be pollutive. Our ongoing
continue to play an active role in efforts such as ReCYCLE in Singapore
SETTING THE CLIMATE AGENDA the Australian Business Roundtable and Mobile Muster in Australia have
FROM THE TOP for Disaster Resilience and Safer been well-received by customers and
Singtel is taking a regional leadership Communities, collaborating with staff and collection rates continue to
role to steer the industry towards diverse stakeholders in Australia grow yearly.
101
OVERVIEW
People
BUSINESS REVIEWS
Ensuring the Development and Well-being of Our Greatest Asset
NURTURING OUR PEOPLE TO new economy. Part of this effort gender diversity efforts when we
POWER OUR FUTURE involves promoting Singtel’s thought were listed in the 2019 Bloomberg
Our people are our most important leadership in the areas of digital Gender-Equality Index. We were also
asset and we ensure that they are transformation journey and employer part of the Thomson Reuters
equipped with the relevant skills to value proposition at recruitment IX Global Diversity and Inclusion
navigate a fast-changing global events. We also launched a new Index 2018.

landscape. We take a proactive Digital Leadership Experience
approach to the future of work as programme in FY 2019 to develop
leaders of digital businesses.
we recognise the huge impact on
business from rapid digitisation.
Gender
Hence, we continue to improve the GENDER DIVERSITY AND
INCLUSION
diversity in
digital literacy and capabilities of
our people through various training
We strongly believe that diversity in management
the workplace is a key competitive
initiatives. By grooming a digital
advantage for us, providing a broad
workforce and workplace, we
range of insights and opinions
enhance our employee experience
reflective of the diverse markets we
and drive Singtel’s overall digital operate in. To foster such diversity,
transformation. we are committed to increasing the
representation of women in senior
27%
PERFORMANCE
ATTRACTING AND RETAINING leadership and technical roles.
TALENT Singtel was one of only four
of female employees in middle
We have ramped up our efforts to Singapore companies and the only
and top management.
attract digitally-savvy candidates Southeast Asian communications
to ensure we remain relevant in the company to be recognised for our
FINANCIALS
Gender Distribution Age Distribution
Singtel Optus Singtel Optus

Female 35% Female 32% < 30 years old 20% < 30 years old 24%
Male 65% Male 68% 30-49 years old 61% 30-49 years old 59%
≥ 50 years old 19% ≥ 50 years old 17%

Sustainability
Community
Driving Positive Change in Our Communities
Giving for Singtel Touching Lives Fund

good Donated
S$3m
in 2018, bringing the total funds donated to
S$42m
since its inception in 2002.
We have invested
S$90m Yes4Good
More than
into enabling and inclusion
programmes for vulnerable
groups since 2016. A$175k
donated by employees to More than
277
charities in 2018.
A$5.7m
donated since 2005.
As a leading communications group, PROVIDING OPPORTUNITIES Innovation Centre, works to enhance

we are well-positioned to play a THROUGH EDUCATION AND employment opportunities for
significant role in supporting the EMPLOYABILITY persons with disabilities by providing
inclusion and progress of society’s Through various partnerships them with customised job training. It
more vulnerable segments. By and programmes, we equip youth also promotes and showcases the use
leveraging our technologies and with disabilities with the skills they of assistive technologies that enable
programmes, we aim to improve need to enter the workforce and them to be productive at work.
the well-being of vulnerable groups lead independent lives. One of our
while helping them realise their key initiatives in this effort is the In Australia, Optus, as a founding
potential. We also invest directly in Singtel Touching Lives Fund, our member of the Australian Business
the communities we operate in as flagship corporate philanthropy and Community Network (ABCN),
part of our sustainability strategy. programme which raises funds for continues to work closely with
Through these efforts, Singtel strives six schools that provide educational other ABCN members to improve
to be a responsible corporate citizen support for youth with special opportunities and outcomes for
that is a force for positive change in needs in Singapore. Another of vulnerable youth in high-needs
society. our initiatives, the Singtel Enabling schools across Australia. Our
103
OVERVIEW
Pathways2Employment Programme and environmental causes, such this end, we continue to support
BUSINESS REVIEWS
helps young people build confidence as the annual Singtel Carnival – and participate in initiatives such
and skills and provides opportunities Singapore’s largest event dedicated as the Singtel-Singapore Cancer
for them to secure employment with to children with special needs. In Society Race Against Cancer, an
Optus Retail. We also collaborated Australia, our online portal Yes4Good event that aims to raise funds to
with the KARI Foundation to help allows our people to donate, sign up drive Singapore Cancer Society
indigenous young people in Australia to volunteer and fundraise for their programmes. In Australia, Optus
achieve and thrive in society favourite causes. Meanwhile, Better employees continue to participate in
through mentoring and education Together – our annual overseas the Tour de Cure to raise awareness
programmes. volunteering programme with and funds towards cancer research
our associates – organised three and prevention.

ENCOURAGING OUR PEOPLE TO expeditions in 2018 to India, the
SERVE OUR COMMUNITIES Philippines and Thailand. We also strive to improve outcomes
We actively encourage our staff to for disadvantaged groups, such as
play their part in making a positive INCLUSION AND WELL-BEING vulnerable youth and persons with
impact on our communities. Beyond One key focus of our community disabilities. Through the Singapore
helping the less fortunate around strategy involves supporting the Business Network on DisAbility, we
them, such activities also build cancer cause. Given its pervasiveness work with like-minded companies to
empathy and character. in society, we strongly believe that boost the employability of persons
everyone affected by cancer should with disabilities by raising awareness,
Our employees can volunteer their have access to care regardless of and sharing expertise and resources.
time and talent for a range of social their social or financial status. To
PERFORMANCE
FINANCIALS
Optus employees participating in the Tour de Cure to raise funds in support of cancer research and prevention.

Sustainability
Marketplace And Customers

A Catalyst for Change Through Responsible Business Practices
and Innovation
The Singtel Group is committed to work of many hands, Singtel In 2018, the third instalment of the
ethical and responsible business supports innovative individuals annual programme held in Sydney,
practices, which extend to our and businesses that are working to Australia attracted over 3,000 applicants
supply chain as well. During the address social issues for vulnerable from Singapore, Australia, Thailand, the
year, Australia introduced a new people. Philippines and Indonesia. 48 selected
Modern Slavery Legislation, which start-ups received more than S$1 million
we will be using to update our We aim to empower such innovators in funding and support, and were
Supplier Code of Conduct, Supplier through the Singtel Group Future advised by volunteer teams of Singtel
Risk Assessment Questionnaires, Makers, our regional accelerator experts and partners from the social
Supplier Service Agreements and programme that supports and private sectors on their technology
engagement process to ensure that entrepreneurs. The programme solutions and business models.
our supply chain operates at the offers participants workshops,
highest level of human and labour coaching and mentoring
rights as well as environmental sessions to help with developing
practices. vision, leveraging technology,
understanding customers, the art
Recognising that building a of storytelling and digital marketing
sustainable future requires the strategies.
105
OVERVIEW
KEY ENVIRONMENTAL AND SOCIAL PERFORMANCE INDICATORS
BUSINESS REVIEWS
Singapore Australia
2019 2018 2019 2018
Environmental Performance (1)
Energy use (GJ) 1,347,094 1,395,100 1,749,622 1,724,106

Carbon footprint (tonnes CO2 equivalent) 164,629 174,391 418,060 418,760
Electricity intensity (kWh/TB) 97 118 160 195

Water use (cubic metres) 753,238 752,207 78,774 (2) 74,235 (2)
Hazardous and non-hazardous wastes
7,538 6,289 2,294 (3) 2,197 (3)
(tonnes)
Social Performance: People
Gender diversity (% female)

– Total employees 35 35 32 32
– Middle and Top Management 34 33 22 21
Employee voluntary turnover (%) 18.3 17.1 17.0 15.4
Employee voluntary turnover by gender (%)
PERFORMANCE
– Male 12.4 11.1 10.6 9.7
– Female 5.9 6.0 6.4 5.7
Average training hours per employee 34.8 30.6 18.4 20.6 (5)
Employee health and safety (4)
– Workplace injury incidence rate 1.5 2.1 2.2 4.1
– Workplace injury frequency rate 0.7 0.9 1.3 2.8
– Workplace injury severity rate 12.9 14.7 16.7 7.3
FINANCIALS
Social Performance: Community
Community investment ($ million) (6) S$11.7 S$7.5 A$8.7 A$9.4

Total volunteering hours 13,503 15,500 13,206 12,128
Notes:
(1)
Please refer to the Singtel Group Sustainability Report for the reporting scope of
environmental indicators.
(2)
Water use for Optus Sydney Campus only.
(3)
Data covers waste directly managed by Optus’ contracted waste vendor.
(4)
Workplace safety and health metrics based on International Labour Organization (ILO) Scan here to view
definitions. the Singtel Group
(5)
Restated. Sustainability Report 2019
(6)
Community investment has been verified by The London Benchmarking Group (LBG). online.

Group Five-year
Financial Summary
Financial Year ended 31 March
2019 (1) 2018 (1) 2018 2017 2016 2015
Income Statement (S$ million)

Group operating revenue 17,372 17,268 17,532 16,711 16,961 17,223
Singtel 8,365 8,235 8,396 7,928 7,663 7,348
Optus 9,006 9,033 9,136 8,784 9,298 9,875
Optus (A$ million) 9,099 8,612 8,710 8,425 9,115 8,790
Group EBITDA 4,692 5,051 5,089 4,998 5,013 5,091
Singtel 2,022 2,194 2,181 2,213 2,187 2,146
Optus 2,670 2,856 2,909 2,784 2,825 2,945
Optus (A$ million) 2,699 2,724 2,774 2,669 2,771 2,624
Share of associates’ pre-tax profits 1,536 2,461 2,461 2,886 2,791 2,579
Group EBITDA and share of associates’ pre-tax profits 6,228 7,511 7,550 7,884 7,804 7,670
Group EBIT 4,006 5,261 5,210 5,645 5,655 5,508
Net profit (2) 3,095 5,473 5,451 3,853 3,871 3,782
Underlying net profit (3) 2,825 3,593 3,544 3,871 3,805 3,779
Exchange rate (A$ against S$) (4) 0.990 1.049 1.049 1.043 1.020 1.123
Cash Flow (S$ million)
Group free cash flow (5) 3,650 3,606 3,606 3,054 2,718 3,549
Singtel 1,242 1,126 1,126 1,040 869 1,379
Optus 1,006 989 989 514 631 1,070
Optus (A$ million) 1,028 947 947 500 617 976
Associates’ dividends (net of withholding tax) 1,402 1,492 1,492 1,500 1,218 1,100
Cash capital expenditure 1,718 2,349 2,349 2,261 1,930 2,238
Balance Sheet (S$ million)
Total assets 48,915 48,496 48,254 48,294 43,566 42,067
Shareholders’ funds 29,838 29,737 29,679 28,214 24,989 24,733
Net debt 9,883 9,877 9,820 10,384 9,142 7,963
Key Ratios
Proportionate EBITDA from outside Singapore (%) 76 76 77 75 74 74
Return on invested capital (6) (%) 7.7 9.6 9.5 10.9 11.7 12.1
Return on equity (2) (%) 10.4 18.9 18.8 14.5 15.6 15.6
Return on total assets (2) (%) 6.3 11.2 11.2 8.3 9.0 9.3
Net debt to EBITDA and share of associates’
pre-tax profits (number of times) 1.6 1.3 1.3 1.3 1.2 1.0
EBITDA and share of associates’ pre-tax profits
to net interest expense (number of times) 16.2 20.1 20.2 23.4 25.3 29.2
Per Share Information (S cents)
Earnings per share - basic (2) 18.96 33.53 33.40 23.96 24.29 23.73
Earnings per share - underlying net profit (3) 17.31 22.01 21.71 24.07 23.88 23.71
Net assets per share 183 182 182 173 157 155
Dividend per share - ordinary 17.5 17.5 17.5 17.5 17.5 17.5
Dividend per share - special - 3.0 3.0 - - -
‘’Singtel’’ refers to Singtel Group excluding Optus.
Notes:
(1)
(2)
FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.
(3)
Underlying net profit is defined as net profit before exceptional items.
(4)
Average A$ rate for translation of Optus’ operating revenue.
(5)
Free cash flow refers to cash flow from operating activities, including dividends from associates, less cash capital expenditure.
(6)
Return on invested capital is defined as EBIT (post-tax) divided by average capital.
107
OVERVIEW
Group Five-year
Financial Summary
FIVE-YEAR FINANCIAL REVIEW
BUSINESS REVIEWS
FY 2019 The associates’ pre-tax contributions declined a steep 38%
The Group has executed well on its strategy amid to S$1.54 billion mainly driven by operating losses at Airtel
challenging conditions and gained market share in mobile and lower contribution from Telkomsel amid aggressive
across both Singapore and Australia. Operating revenue price competition in India and Indonesia. The decline was
was stable at S$17.37 billion while EBITDA declined 7.1% partly mitigated by double-digit profit growth at Globe
to S$4.69 billion due partly to a 6% depreciation in the with robust revenue growth in mobile and broadband.
Australian Dollar. In constant currency terms, operating
revenue grew 3.7% driven mainly by increases in ICT, With lower contributions from the associates, underlying
digital services and equipment sales. However, EBITDA net profit declined by 21%. Net profit was S$3.10 billion,

was down 3.9% mainly due to lower legacy carriage down 44% from FY 2018 which included an exceptional
services especially voice, and price erosion. gain from the divestment of units in NetLink Trust.
FY 2018 The associates’ pre-tax contributions declined 15% to

The Group delivered record earnings for FY 2018 with net S$2.46 billion on weaker earnings from Airtel India
profit of S$5.45 billion bolstered by exceptional gain of and Telkomsel impacted by intense competition and
S$2.03 billion from the divestment of units in NetLink Trust mandated reduction in mobile termination charges in
and a strong core performance. Operating revenue was India, as well as lower contribution from NetLink NBN
S$17.53 billion, 4.9% higher than FY 2017, while EBITDA rose Trust following the reduction in economic interest of 75.2%
1.8% to S$5.09 billion reflecting strong customer gains in in July 2017. The decline was partly mitigated by higher
PERFORMANCE
Australia and first time contribution from Turn (acquired contribution from Intouch (acquired in November 2016).
by Amobee in April 2017). In constant currency terms,
operating revenue and EBITDA increased by 4.7% and With lower associates’ contributions, higher depreciation
1.5% respectively. and amortisation charges on network investments and
spectrum, as well as increased net finance expense,
underlying net profit declined by 8.4%.
FINANCIALS
FY 2017 The associates’ pre-tax contributions rose 5.4% to
The Group delivered resilient earnings amid heightened S$2.94 billion despite weakness in Airtel which faced
competition across all the markets the Group operated in. intense price competition in India. Strong growth
Operating revenue was S$16.71 billion, 1.5% lower than at Telkomsel and NetLink Trust, as well as first time
FY 2016 but would have increased 2.0% excluding the contribution from Intouch (acquired in November 2016)
impact of regulatory mobile termination rates change in was partly offset by lower profits at Airtel, AIS and Globe.
Australia from 1 January 2016. EBITDA remained stable
at S$5.0 billion. The Australian Dollar appreciated 2% Underlying net profit grew 2.9% and net profit was stable
against the Singapore Dollar. In constant currency terms, at S$3.85 billion with an exceptional loss compared to an
operating revenue and EBITDA decreased by 2.6% and exceptional gain in FY 2016.
1.5% respectively.

Group Five-year
Financial Summary
FY 2016 The associates’ pre-tax contributions rose 8.2% to
The Group delivered a strong performance with resilient S$2.79 billion and would have increased 9.7% excluding
core business and robust contributions from associates. the currency translation impact. The regional associates
Operating revenue was S$16.96 billion, 1.5% lower than recorded strong customer growth and robust mobile
FY 2015 with the Australian Dollar declining a steep 9% data growth, with higher earnings from Telkomsel and
against the Singapore Dollar and the impact of lower Globe offsetting the decline in Airtel.
mobile termination rates in Australia from 1 January 2016.
In constant currency terms, operating revenue would Underlying net profit was stable and net profit including
have grown 4.1% across all business units with first time exceptional items increased 2.4% to S$3.87 billion. In
contribution from Trustwave, Inc. (a newly acquired cyber constant currency terms, underlying net profit and net
security business). EBITDA was S$5.01 billion, 1.5% lower profit would have increased 4.0% and 5.5% respectively
than FY 2015 and in constant currency terms, would have from FY 2015.
increased 4.1% with strong cost management.
FY 2015 The associates’ pre-tax contributions rose strongly by

The Group delivered a strong set of results. Operating 17% to S$2.58 billion and would have increased 21%
revenue was S$17.22 billion, 2.2% higher than FY 2014 excluding the currency translation impact. The regional
with growth across all the business units. EBITDA associates registered strong customer growth and
was S$5.09 billion, 1.3% lower than FY 2014 with the increased demand for mobile data services, with
Australian Dollar weakening 4% against the Singapore earnings growth led by Airtel India, Telkomsel and Globe.
Dollar. In constant currency terms, revenue grew 4.8%
and EBITDA rose 1.3% despite operating losses from the Underlying net profit grew 4.7% and net profit including
digital businesses. exceptional items increased 3.5% to S$3.78 billion. In
constant currency terms, underlying net profit and net
profit would have increased 7.5% and 6.2% respectively
from FY 2014.
109
OVERVIEW
Group Value Added
Statements
GROUP VALUE ADDED STATEMENTS PRODUCTIVITY DATA
BUSINESS REVIEWS
FY 2019 FY 2018
S$ million S$ million
Value added from: Value Added

(S$ million)
Operating revenue 17,372 17,268
Less: Purchases of goods and services (10,307) (9,716)
2019 8,959
7,065 7,552 -2,596
2018 (1) 11,555
Other income 225 259
Interest and investment income (net) 38 45

Share of results of associates (post-tax) 1,563 1,804
Exceptional items (1) 68 1,895 Value Added Per Employee
1,894 4,003 (S$‘000)
Total value added 8,959 11,555 2019 372

-79
2018 (1) 451
Distribution of total value added
To employees in wages, salaries and benefits 2,597 2,760
To government in income and other taxes 675 703
To providers of capital on:
- Interest on borrowings 393 390 Value Added Per Dollar
- Dividends to shareholders 2,857 3,346 of Employee Costs
(S$)
Total distribution 6,522 7,199
PERFORMANCE
2019 3.45
-0.74
(1)
Retained in business 2018 4.19
Depreciation and amortisation 2,222 2,250
Retained profits 238 2,127
Non-controlling interests (23) (21)
2,437 4,356 Value Added Per Dollar
of Turnover
Total value added 8,959 11,555 (S$)
FINANCIALS
2019 0.52
Average number of employees 24,071 25,614 -0.15
Note: 2018 (1) 0.67
(1)
FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.

Management
Discussion and Analysis
GROUP

Change in
constant
2019 2018 Change currency (1)
(S$ million) (S$ million) (%) (%)
Operating revenue 17,372 17,268 0.6 3.7
EBITDA 4,692 5,051 -7.1 -3.9
EBITDA margin 27.0% 29.2%
Share of associates’ pre-tax profits 1,536 2,461 -37.6 -36.2
EBIT 4,006 5,261 -23.9 -21.8

(exclude share of associates’ pre-tax profits) 2,470 2,801 -11.8 -9.2
Net finance expense (355) (345) 2.9 6.2
Taxation (850) (1,344) -36.8 -35.8
Underlying net profit (2) 2,825 3,593 -21.4 -19.1
Underlying earnings per share (S cents) (2) 17.3 22.0 -21.4 -19.1
Exceptional items (post-tax) 270 1,880 -85.7 -85.2
Net profit 3,095 5,473 -43.5 -41.8
Basic earnings per share (S cents) 19.0 33.5 -43.5 -41.8
Share of associates’ post-tax profits 1,383 1,823 -24.1 -21.8

Notes:
(1)
Assuming constant exchange rates for the Australian Dollar, United States Dollar and/or regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso
and Thai Baht) from the previous year ended 31 March 2018 (FY 2018).
(2)
Underlying net profit refers to net profit before exceptional items.
111
OVERVIEW
The Group has executed well on its Consequently, the Group’s EBIT divestment of units in NetLink Trust.
BUSINESS REVIEWS
strategy amid challenging industry, (before the associates’ contributions) Consequently, the Group recorded
business and economic conditions. declined 12% and would have been a net profit of S$3.10 billion, down
The fundamentals of the core down 9.2% in constant currency terms. 44% from last year.
businesses remained strong and
the Group gained market share in In the emerging markets, the The Group has successfully diversified
mobile across both Singapore and regional associates continued to its earnings base through its expansion
Australia led by product innovations, invest in network, spectrum and and investments in overseas markets.
content and services. Amobee and content to drive data usage. Pre-tax On a proportionate basis if the
Trustwave continued to scale and contributions from the associates associates are consolidated line-by-
deepen their capabilities, while the declined a steep 38% mainly due line, operations outside Singapore

regional associates further monetised to Airtel and Telkomsel, the Group’s accounted for three-quarters of both
the growth in data as smartphone two largest regional associates. the Group’s proportionate revenue
adoption increased. Leveraging on the Airtel recorded operating losses on and EBITDA.
Group’s strengths and customer base, sustained pricing pressures in the
Singtel continued to build Indian mobile market. Telkomsel’s The Group’s financial position and
digital ecosystems in payments, earnings fell on lower revenue due to cash flow generation remained strong
gaming and esports. fierce competition in Indonesia in the as at 31 March 2019. Free cash flow for
earlier part of the financial year when the year was up 1.2% to S$3.65 billion.
In constant currency terms, operating the mandatory SIM card registration
revenue grew 3.7% driven by increases exercise took effect. Including
in ICT, digital services and equipment associates’ contributions, the Group’s
sales. However, EBITDA was down EBIT was S$4.01 billion, down 24%
3.9% mainly due to lower legacy from last year.
PERFORMANCE
carriage services especially voice, and
price erosion. With 6% depreciation Net finance expense was up 2.9%
in the Australian Dollar, operating on lower dividend income from the
revenue was stable while EBITDA Southern Cross consortium and higher
declined 7.1%. interest expense from increased
borrowings.
Depreciation and amortisation
charges fell 1.2% but rose 2.7% in With lower contributions from the
constant currency terms, on increased associates, underlying net profit
FINANCIALS
investments in mobile infrastructure declined by 21%. Exceptional gain
network, spectrum and project related was lower as FY 2018 was boosted
capital spending. by a S$2.03 billion of gain on the ADDITIONAL INFORMATION

Management
BUSINESS SEGMENT

Change in
constant
Operating revenue
Australia Consumer 7,579 7,475 1.4 7.4
Singapore Consumer 2,240 2,236 0.2 0.2
Group Enterprise 6,329 6,477 -2.3 -1.0
Core Business 16,148 16,188 -0.2 3.1
Group Digital Life 1,224 1,080 13.3 13.2
Group 17,372 17,268 0.6 3.7
EBITDA
Australia Consumer 2,456 2,591 -5.2 0.5
Singapore Consumer 736 753 -2.3 -2.3
International Group (25) (22) 16.2 16.2
Core Business 4,862 5,186 -6.3 -3.2
Group Digital Life (92) (51) 78.8 79.1
Corporate (78) (84) -7.3 -7.3
Group 4,692 5,051 -7.1 -3.9
EBIT (before share of associates’ pre-tax profits)

Australia Consumer 1,164 1,261 -7.7 -2.1
Singapore Consumer 485 513 -5.5 -5.5
International Group (27) (23) 13.7 13.7
Core Business 2,702 3,006 -10.1 -7.7
Group Digital Life (152) (120) 26.2 26.2
Corporate (81) (85) -5.5 -5.5
Group 2,470 2,801 -11.8 -9.2

Note:
(1)
Assuming constant exchange rates for the Australian Dollar and United States Dollar from FY 2018.
113
OVERVIEW
GROUP CONSUMER 125,000 customers for the year. GROUP DIGITAL LIFE
BUSINESS REVIEWS
In Australia, operating revenue Fixed broadband revenue rose Group Digital Life posted robust
grew 7.4% despite heightened 1.7% on increased take-up of higher revenue growth of 13% to S$1.22
competition. The increase was speed fibre plans. TV revenue, billion from digital marketing arm
driven mainly by higher equipment boosted by the 2018 World Cup Amobee and video-on-demand
sales and handset leasing, and revenue, grew 4.9%. However, with streaming service HOOQ. Amobee’s
customer growth with record net the steep decline in voice revenues, revenue rose 12% fuelled by growth
additions of 454,000 branded EBITDA dipped 2.3%. in its programmatic advertising
postpaid handset customers for the business, and contributions from
year. Mobile service revenue was GROUP ENTERPRISE Videology assets (platform for
stable as postpaid customer gains Operating revenue slid 2.3% advanced TV and video advertising

was negated by ARPU decline amid impacted by price competition and acquired in August 2018) and first
intense data price competition. longer sales cycle in a cautious time recognition of technology
Mass Market Fixed revenue trading environment, particularly licence fees from ITV plc, which
remained stable with higher off-net in Australia. Revenue would have mitigated the decline in its managed
revenue, driven by NBN customer been stable in constant currency media business. HOOQ’s revenue
growth of 137,000 from a year ago, terms with growth in ICT offset by more than doubled, boosted by
offset by lower on-net revenue. NBN decline in legacy carriage services growth in paying subscribers and
migration revenues fell 3.6%, especially voice. ICT revenue, which increased scale. Group Digital Life’s
hit by the temporary suspension constituted 48% (FY 2018: 46%) of negative EBITDA increased due
in the rollout of HFC services over Group Enterprise’s revenue, grew mainly to Amobee’s lower revenue
the NBN during the financial year. 2.1% in constant currency terms. The from its higher-margin media
EBITDA was stable but would growth was driven by cyber security, business and inclusion of Videology’s
have grown 2.6% excluding NBN cloud and digital services, which in losses.
PERFORMANCE
migration revenues and dispute total contributed approximately
settlement recorded in FY 2018. S$1.3 billion in revenue, up 15%
from last year. EBITDA however
In Singapore, operating revenue declined 9.0% mainly from price
was stable in a highly competitive erosions on renewals of major
market. Including equipment public sector ICT contracts, lower
sales, total Mobile revenue was voice revenues and investments in
flat. Mobile service revenue fell digitalisation initiatives. Including
3.8% from lower voice and ARPU higher depreciation charges from
FINANCIALS
dilution partially offset by growth in investments in network, data centres
data. Postpaid continued its strong and project related capital spending,
momentum with net additions of EBIT fell 14%. ADDITIONAL INFORMATION

Management
ASSOCIATES (1)

Change in
constant
Group share of associates' pre-tax profits (3) 1,536 2,461 -37.6 -36.2
Share of post-tax profits

Telkomsel 843 1,031 -18.3 -12.4
AIS 286 292 -1.7 -3.9
Globe (3)
- ordinary results 251 180 39.3 45.3
- exceptional items - 22 nm nm
251 202 23.9 29.1
Intouch (3) (4)

- operating results 101 106 -4.4 -6.5
- amortisation of acquired intangibles (22) (21) 8.3 5.9
79 86 -7.5 -9.5
Airtel (3) (131) 101 nm nm

BTL (5) (40) (18) 127.8 140.9
(171) 83 nm nm
Regional associates (3) 1,287 1,694 -24.0 -21.5

NetLink NBN Trust/ NetLink Trust (6) 48 72 -32.9 -32.9
Other associates (3) (7) 47 57 -17.6 -17.6
Group share of associates’ post-tax profits (3) 1,383 1,823 -24.1 -21.8
“nm” denotes not meaningful.
Notes:
(1)
(2)
Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2018.
(3)
Share of results excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(4)
Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS.
(5)
Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges
on its borrowings.
(6)
Singtel ceased to own units in NetLink Trust following the sale to NetLink NBN Trust in July 2017 but continues to have an interest of 24.8% in NetLink NBN Trust,
the holding company of NetLink Trust. The share of results included Singtel’s amortisation of deferred gain of S$20 million (FY 2018: S$32 million) on assets
previously transferred to NetLink Trust, but excluded the fair value adjustments recorded by NetLink NBN Trust in respect of its acquisition of units in NetLink Trust.
(7)
Include the share of results of Singapore Post Limited.
115
OVERVIEW
Telkomsel AIS Airtel (1) Globe
BUSINESS REVIEWS
Country mobile penetration rate 123% 139% 90% 138%
Market share, 31 March 2019 (2) 51.1% 45.2% 28.0% 56.6%
Market share, 31 March 2018 (2) 48.5% 44.8% 25.7% 52.1%
Market position (2) #1 #1 #2 #1
Mobile customers (‘000)

- Aggregate 168,642 41,491 384,078 83,490
- Proportionate 59,025 9,676 144,770 39,307
Growth in mobile customers (3) (%) -13% 3.6% -2.9% 32%
Notes:
(1)
Mobile penetration rate, market share and market position pertained to India market only.

(2)
Based on number of mobile customers.
(3)
Compared against 31 March 2018 and based on aggregate mobile customers.
The Group’s combined mobile 4G network investments and new the share of post-tax profit of
customer base reached 692 million, spectrum amortisation, AIS’ post-tax S$101 million in FY 2018. The losses
down 14 million from a year ago on contribution dipped 1.7%. were mainly due to a steep decline in
declines in Indonesia and India. ARPU on disruptive price competition.
Globe delivered a solid performance Airtel Africa reported strong growth in
Telkomsel’s revenue fell 4% due to with double-digit growth in EBITDA operating revenue and EBITDA. Airtel’s
the steep 24% decline in traditional and earnings. Service revenue grew total mobile customers declined mainly
voice and SMS revenues on increased 6% driven by robust data growth from India due to implementation of
popularity of OTT apps and higher in mobile and broadband. EBITDA minimum recharge plans.
smartphone penetration. The decline rose 22% on strong revenue growth
was partly mitigated by 21% growth and lower selling expenses. Despite Including the share of Bharti
in data and digital services as higher depreciation charges and Telecom Limited’s (BTL) net loss of
PERFORMANCE
Telkomsel’s digital businesses gained share of equity losses from its S$40 million (FY 2018: S$18 million)
traction. EBITDA fell 9% on lower associates, Globe’s post-tax ordinary mainly from net finance expense,
revenue and higher network expenses contribution rose strongly by 39%. total share of post-tax losses
from the accelerated deployment The share of Globe’s one-off gain of Airtel and BTL amounted to
of its 4G network. With a weaker in FY 2018 arose from the increase S$171 million, compared to
Indonesian Rupiah, Telkomsel’s in fair value of its retained interest share of net profit of S$83 million
post-tax contribution declined 18%. in its associate. With the absence of in FY 2018.
Its mobile customer base was exceptional gain this year, overall
impacted by churn due to the SIM post-tax contribution grew 24%. Airtel recorded some one-off
FINANCIALS
card registration exercise. items in the current year which
Intouch’s (1) post-tax contribution have been classified as exceptional
AIS’ service revenue (excluding decreased 4.4% on lower items of the Group. The exceptional
interconnect and equipment rental) contribution from AIS and a items comprised mainly fair value
grew 1%. The increase was driven one-off disposal gain on the sale gains on deconsolidation of a
by higher fixed broadband revenue of an investment last year. After subsidiary and write-back of accruals
and the consolidation of CS Loxinfo including amortisation of acquired on re-assessment of levies partly
acquired in January 2018, partly intangibles, Intouch’s post-tax offset by other charges. Including
offset by decline in mobile revenue contribution declined by 7.5%. the share of Airtel’s net exceptional
due to intense price competition. gain of S$206 million, overall

EBITDA rose 3% on revenue growth The Group’s share of Airtel’s post- contribution from Airtel and BTL
and lower marketing spend. Including tax loss (excluding its net exceptional was a net profit of S$34 million,
higher depreciation charges from gain) was S$131 million, compared to down 53% from last year.
Note:
(1)
Intouch is listed on the Stock Exchange of Thailand and has investments in telecommunications via its 40.5% equity interest in AIS, as well as in satellite, internet,
and media and advertising businesses.

Management
CASH FLOW

2019 2018 Change
(S$ million) (S$ million) (%)
Net cash inflow from operating activities 5,368 5,955 -9.9
Net cash outflow for investing activities (2,329) (1,951) 19.4
Net cash outflow for financing activities (3,056) (4,009) -23.8
Net change in cash balance (16) (5) 248.9
Exchange effects on cash balance 4 (4) nm
Cash balance at beginning of year 525 534 -1.7
Cash balance at end of year 513 525 -2.3
Singtel (1) 1,242 1,126 10.3

Optus 1,006 989 1.8
Associates (net dividends after withholding tax) 1,402 1,492 -6.0
Group free cash flow 3,650 3,606 1.2
Optus (in A$ million) 1,028 947 8.5
Cash capital expenditure as a percentage of operating revenue 10% 14%

“nm” denotes not meaningful.
Note:
(1)
Refers to Singtel Group excluding Optus.
The Group’s free cash flow grew Singtel received proceeds of In Optus, capital investments in
1.2% to S$3.65 billion. The increase S$118 million from the disposal of a mobile networks amounted to
was driven by lower capital property in Singapore. Payments A$633 million with the balance in
expenditure partly offset by of S$123 million were made for the fixed and other investments.
lower operating cash flow, acquisition of Videology assets in
higher cash taxes and lower August 2018 and S$344 million for Net cash outflow for financing
associates’ dividends. the acquisition of a 5.7% equity activities amounted to S$3.06 billion.
interest in Airtel Africa in October Major cash outflows included net
Net cash inflow from operating 2018. Capital expenditure totalled interest payments of S$385 million,
activities declined 9.9% to S$1.72 billion, comprising S$587 and payments of S$1.75 billion
S$5.37 billion. Dividends received million for Singtel and S$1.13 billion for final dividends in respect of
from the associates fell 6.0% mainly (A$1.14 billion) for Optus. In Singtel, FY 2018 and S$1.11 billion for interim
from Telkomsel, the Southern Cross major capital investments in the year dividends in respect of FY 2019,
consortium and NetLink Trust. included S$215 million for fixed and partly offset by increase in net
data infrastructure, S$183 million for borrowings of S$222 million.
The investing cash outflow was mobile networks and S$189 million
S$2.33 billion. During the year, for ICT and other investments.
117
OVERVIEW
SUMMARY STATEMENTS OF FINANCIAL POSITION
BUSINESS REVIEWS
As at 31 March
2019 2018
(S$ million) (S$ million)
Current assets 7,078 6,759

Non-current assets 41,837 41,737
Total assets 48,915 48,496
Current liabilities 8,794 8,429

Non-current liabilities 10,311 10,355
Total liabilities 19,105 18,784
Net assets 29,810 29,712
Share capital 4,127 4,127

Retained earnings 27,513 27,269
Currency translation reserve (1) (1,768) (1,284)
Other reserves (35) (376)
Equity attributable to shareholders 29,838 29,737

Non-controlling interests and other reserve (28) (26)
PERFORMANCE
Total equity 29,810 29,712
Note:
(1)
‘Currency translation reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated
mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.
The Group’s financial position Currency translation losses

remains healthy. increased mainly due to the weaker
Australian Dollar and Indian Rupee
FINANCIALS
Total assets were stable with against the Singapore Dollar from
additions from the acquisitions a year ago when translating
of Videology assets and equity the Group’s investments in Optus
interest in Airtel Africa offset by the and Airtel.
translation impact from a weaker
Australian Dollar. Total liabilities
increased on higher trade payables
related to handset leasing and
network investments.

Management
CAPITAL MANAGEMENT AND DIVIDEND POLICY

Group 2019 2018
Gross debt (S$ million) 10,396 10,402

Net debt (1) (S$ million) 9,883 9,877
Net debt gearing ratio (2) (%) 24.9 24.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times) 1.6 1.3
Interest cover (3) (number of times) 16.2 20.1
Notes:
(1)
Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances.
(2)
Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and
non-controlling interests.
(3)
Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.
As at 31 March 2019, the Group’s proposed final dividend, was

net debt was S$9.9 billion, 17.5 cents per share or 101% of the
stable from a year ago. Group’s underlying net profit and
88% of the Group’s free cash flow
The Group has one of the (after interest and tax payments).
strongest credit ratings among
telecommunication companies in Singtel is committed to delivering
the Asia Pacific region. Singtel is dividends that increase over time
currently rated A1 by Moody’s and with growth in underlying earnings,
A+ by S&P Global Ratings. The Group while maintaining an optimal capital
continues to maintain a healthy structure and investment grade
capital structure. credit ratings. Barring unforeseen
circumstances, it expects to maintain
For the financial year ended its ordinary dividends at 17.5 cents
31 March 2019, the total ordinary per share for the next financial year
dividend payout, including the ending 31 March 2020.
OUTLOOK FOR THE NEXT please refer to pages 9 to 10 of

FINANCIAL YEAR ENDING the Management Discussion and
31 MARCH 2020 Analysis for the fourth quarter
For the Group’s outlook for the next and year ended 31 March 2019
financial year ending 31 March 2020, announced on 15 May 2019.
119
OVERVIEW
BUSINESS REVIEWS
PERFORMANCE
FINANCIALS
Financials Additional Information
121 Directors’ Statement 250 Interested Person Transactions
131 Independent Auditors’ Report 251 Additional Information on Directors
137 Consolidated Income Statement Seeking Re-election
138 Consolidated Statement of Comprehensive Income 261 Shareholder Information
139 Statements of Financial Position 263 Corporate Information

140 Statements of Changes in Equity 264 Contact Points
144 Consolidated Statement of Cash Flows
147 Notes to the Financial Statements

Directors’ Statement
For the financial year ended 31 March 2019
The Directors present their statement to the members together with the audited financial statements of the Company
(“Singtel”) and its subsidiaries (the “Group”) for the financial year ended 31 March 2019.
In the opinion of the Directors,
(a) the consolidated financial statements of the Group and the statement of financial position and statement of changes
in equity of the Company as set out on pages 137 to 249 are drawn up so as to give a true and fair view of the
financial position of the Group and of the Company as at 31 March 2019, and the financial performance, changes
in equity and cash flows of the Group and changes in equity of the Company for the financial year ended on
that date; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they fall due.
1. DIRECTORS
The Directors of the Company in office at the date of this statement are –
Simon Claude Israel (Chairman)

Chua Sock Koong (Group Chief Executive Officer)
Gautam Banerjee
Dominic Stephen Barton (appointed on 25 March 2019)
Bobby Chin Yoke Choong
Venkataraman Vishnampet Ganesan
Bradley Joseph Horowitz (appointed on 26 December 2018)
Gail Patricia Kelly (appointed on 26 December 2018)
Low Check Kian
Peter Edward Mason AM (1)
Christina Hon Kwee Fong (Christina Ong)
Teo Swee Lian
Peter Ong Boon Kwee, who served during the financial year, stepped down as a Director of the Company following
the conclusion of the Annual General Meeting on 24 July 2018.
Note:
(1)
Member of the Order of Australia
2. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS BY MEANS OF THE ACQUISITION OF

SHARES AND DEBENTURES
Neither at the end of nor at any time during the financial year was the Company a party to any arrangement
whose object is to enable the Directors of the Company to acquire benefits by means of the acquisition of shares
in, or debentures of, the Company or any other body corporate, except for performance shares granted under
the Singtel Performance Share Plan 2012 (the “Singtel PSP 2012”) and share options granted by Amobee Group
Pte. Ltd. (“Amobee”).
121
OVERVIEW
3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES
BUSINESS REVIEWS
The interests of the Directors holding office at the end of the financial year in the share capital of the Company
and related corporations according to the register of Directors’ shareholdings kept by the Company under
Section 164 of the Singapore Companies Act were as follows –
Holdings registered in the name of Holdings in which Director is deemed

Director or nominee to have an interest
At 1 April 2018 At 1 April 2018
or date of or date of
appointment, appointment,
At 31 March 2019 if later At 31 March 2019 if later

The Company

(Ordinary shares)
Simon Claude Israel 1,019,593 (1) 919,961 1,360 (2) 1,360
Chua Sock Koong 8,229,844 (3) 7,540,668 4,104,371 (4) 4,852,449
Gautam Banerjee - - - -
Dominic Stephen Barton - - - -
Bobby Chin Yoke Choong - - - -
Bradley Joseph Horowitz - - - -
Gail Patricia Kelly - - - -
Low Check Kian 1,490 1,490 - -
Peter Edward Mason AM 50,000 (5) 50,000 - -
Christina Ong - - - -
PERFORMANCE
Teo Swee Lian 1,550 1,550 - -
(American Depositary Shares)

Venkataraman Vishnampet Ganesan 3,341.45 (6) 3,341.45 - -
Subsidiary Corporations
Amobee Group Pte. Ltd.

(Options to subscribe for ordinary shares)
FINANCIALS
Venkataraman Vishnampet Ganesan 1,581,805 750,718 - -
Optus Finance Pty Limited

(A$250,000,000 4% fixed rate notes due 2022)
Simon Claude Israel A$1,600,000 (7) A$1,600,000 - -
(principal amount) (principal amount)
(A$500,000,000 3.25% fixed rate notes due 2023)

Simon Claude Israel A$1,000,000 (8) - - -

(principal amount)

3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Related Corporations
Ascendas Funds Management (S) Limited

(Unit holdings in Ascendas Real Estate Investment Trust)
Simon Claude Israel 1,000,000 (9) 1,000,000 - -
Chua Sock Koong 142,000 142,000 - -
Gautam Banerjee 20,000 20,000 - -
Ascendas Property Fund Trustee Pte. Ltd.

(Unit holdings in Ascendas India Trust)
Gautam Banerjee 120,000 120,000 - -
Mapletree Commercial Trust Management Ltd.

(Unit holdings in Mapletree Commercial Trust)
Bobby Chin Yoke Choong - - 117,000 (2) 117,000
Mapletree Greater China Commercial Trust Management Ltd.

(Unit holdings in Mapletree Greater China Commercial Trust)
Chua Sock Koong 430,000 430,000 50,000 (2) 50,000
Mapletree Industrial Trust Management Ltd.

(Unit holdings in Mapletree Industrial Trust)
Simon Claude Israel 990,160 (7) 990,160 - -
Chua Sock Koong 11,000 11,000 - -
Bobby Chin Yoke Choong 129,600 129,600 - -
Mapletree Logistics Trust Management Ltd.

(Unit holdings in Mapletree Logistics Trust)
Mapletree Real Estate Advisors Pte. Ltd.

(Unit holdings in Mapletree US Logistics Private Trust)
Christina Ong 185 - - -
(Unit holdings in Mapletree EU Logistics Private Trust)

Christina Ong 185 - - -
123
OVERVIEW
3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)
BUSINESS REVIEWS
Mapletree Treasury Services Limited

(S$625,500,000 4.5% perpetual capital securities)
Simon Claude Israel S$500,000 S$500,000 - -
(principal amount) (principal amount)

Olam International Limited
(Ordinary shares)
Low Check Kian 1,024,995 500,000 2,074,518 (10) 2,074,518
Singapore Airlines Limited

(Ordinary shares)
Simon Claude Israel 9,000 (11) 9,000 - -
Chua Sock Koong 2,000 2,000 - -
Bobby Chin Yoke Choong - - 2,000 (2) 2,000
Low Check Kian 5,600 5,600 - -
Singapore Technologies Engineering Limited

(Ordinary shares)
PERFORMANCE
Christina Ong 1 1 - -
Notes:
(1)
1,015,182 ordinary shares held in the name of Citibank Nominees Singapore Pte Ltd and 4,411 ordinary shares held in the name of DBS Nominees
(Private) Limited.
(2)
Held by Director’s spouse.
(3)
688,750 ordinary shares held in the name of DBS Nominees (Private) Limited and 2,000,000 ordinary shares held jointly with spouse in the name of
DBSN Services Pte Ltd.
(4)
Ms Chua Sock Koong’s deemed interest of 4,104,371 shares included:
(a) 28,137 ordinary shares held by Ms Chua’s spouse; and
(b) An aggregate of up to 4,076,234 ordinary shares in Singtel awarded to Ms Chua pursuant to the Singtel PSP 2012, subject to certain performance
criteria being met and other terms and conditions. Depending on the extent of the satisfaction of the relevant minimum performance criteria,
up to an aggregate of 5,847,725 ordinary shares may be released pursuant to the conditional awards granted.
FINANCIALS
According to the Register of Directors’ Shareholdings, Ms Chua had a deemed interest in 10,836,742 shares held by DBS Trustee Limited, the trustee of
a trust established for the purposes of the Singtel Performance Share Plan and the Singtel PSP 2012 for the benefit of eligible employees of the Group,
as at 19 November 2012, being the date on which the Securities and Futures (Disclosure of Interests) Regulations 2012 (the “SFA (DOI) Regulations”)
came into operation. Under regulation 6 of the SFA (DOI) Regulations, Ms Chua is exempted from reporting interests, and changes in interests,
in shares held by the trust, with effect from 19 November 2012.
(5)
Held (through custodians) by Burgoyne Investments Pty Ltd as trustee for Burgoyne Superannuation Fund. Both Mr Peter Edward Mason AM
and spouse are directors of Burgoyne Investments Pty Ltd and beneficiaries of Burgoyne Superannuation Fund.
(6)
1 American Depositary Share represents 10 ordinary shares in Singtel.
(7)
Held in the name of Citibank Nominees Singapore Pte Ltd.
(8)
Held in the name of Citibank N.A. (Hong Kong).
(9)
100,000 units held jointly by Mr Simon Claude Israel and his spouse, and 900,000 units held in the name of Citibank Nominees Singapore Pte Ltd.
(10)
Held by Cluny Capital Limited. Mr Low Check Kian is the sole shareholder of Cluny Capital Limited.
(11)
6,200 ordinary shares held in the name of Citibank Nominees Singapore Pte Ltd and 2,800 ordinary shares held in the name of DBS Nominees
(Private) Limited.
According to the register of Directors’ shareholdings, there were no changes to any of the above-mentioned interests
between the end of the financial year and 21 April 2019.

4. PERFORMANCE SHARES
The Executive Resource and Compensation Committee (“ERCC”) is responsible for administering the Singtel PSP
2012. At the date of this statement, the members of the ERCC are Peter Edward Mason AM (Chairman of the ERCC),
Simon Claude Israel, Teo Swee Lian and Gail Kelly.
At the Extraordinary General Meeting held on 27 July 2012, the shareholders approved the adoption of the
Singtel PSP 2012. The duration of the Singtel PSP 2012 is 10 years commencing 27 July 2012. This plan gives the
flexibility to either allot and issue and deliver new Singtel shares or purchase and deliver existing Singtel shares
upon the vesting of awards.
The participants of the Singtel PSP 2012 will receive fully paid Singtel shares free of charge, the equivalent in cash, or
combinations thereof, provided that certain prescribed performance targets or vesting conditions are met within a
prescribed performance period. The performance period for the awards granted is three years, except for Restricted
Share Awards which have a performance period of two years. The number of Singtel shares that will vest for each
participant or category of participants will be determined at the end of the performance period based on the level
of attainment of the performance targets or vesting conditions.
Awards comprising an aggregate of 86.2 million shares have been granted under the Singtel PSP 2012 from its
commencement to 31 March 2019.
Performance share awards granted, vested and cancelled during the financial year, and share awards outstanding
at the end of the financial year, were as follows –
Additional
Balance Share share awards Share Share Balance
as at awards from targets awards awards as at
1 April 2018 granted exceeded vested cancelled 31 March 2019
Date of grant (’000) (’000) (’000) (’000) (’000) (’000)
Share award for Chairman

(Simon Claude Israel)
14.08.18 - 100 - (100) - -
Special Share Award

For Group Chief Executive Officer
(Chua Sock Koong)
19.06.18 - 498 - (498) - -
For other staff

19.06.18 - 959 - (959) - -
Sub-total - 1,457 - (1,457) - -
Performance shares
(Restricted Share Awards)
(Chua Sock Koong)
17.06.15 55 - - (55) - -
20.06.16 201 - 72 (137) - 136
19.06.17 383 - - - - 383
19.06.18 - 397 - - - 397
639 397 72 (192) - 916
125
OVERVIEW
4. PERFORMANCE SHARES (Cont’d)
BUSINESS REVIEWS
Additional
Balance Share share awards Share Share Balance
as at awards from targets awards awards as at
1 April 2018 granted exceeded vested cancelled 31 March 2019
Date of grant (’000) (’000) (’000) (’000) (’000) (’000)
For other staff

17.06.15 2,132 - - (2,111) (21) -
28.09.15 15 - - (15) - -
05.01.16 5 - - (5) - -
20.06.16 4,710 - 1,676 (3,264) (206) 2,916
20.03.17 20 - 8 (14) - 14

19.06.17 6,910 - - (201) (474) 6,235
21.09.17 87 - - - - 87
18.12.17 77 - - - (48) 29
14.03.18 150 - - - (32) 118
19.06.18 - 9,132 - (17) (692) 8,423
21.09.18 - 82 - - - 82
18.12.18 - 77 - - - 77
21.03.19 - 147 - - - 147
14,106 9,438 1,684 (5,627) (1,473) 18,128
Sub-total 14,745 9,835 1,756 (5,819) (1,473) 19,044
Performance shares
(Performance Share Awards)
PERFORMANCE
(Chua Sock Koong)
17.06.15 1,659 - - - (1,659) -
20.06.16 1,695 - - - - 1,695
19.06.17 832 - - - - 832
19.06.18 - 634 - - - 634
4,186 634 - - (1,659) 3,161
For other staff

17.06.15 6,870 - - - (6,870) -
28.09.15 125 - - - (125) -
FINANCIALS
05.01.16 32 - - - (32) -
20.06.16 6,956 - - - (376) 6,580
20.03.17 91 - - - - 91
19.06.17 3,897 - - - (189) 3,708
21.09.17 24 - - - - 24
18.12.17 53 - - - (36) 17
14.03.18 79 - - - - 79
19.06.18 - 3,537 - - (163) 3,374
21.09.18 - 24 - - - 24
18.12.18 - 12 - - - 12
18,127 3,573 - - (7,791) 13,909
Sub-total 22,313 4,207 - - (9,450) 17,070
Total 37,058 15,599 1,756 (7,376) (10,923) 36,114

4. PERFORMANCE SHARES (Cont’d)
During the financial year, awards in respect of an aggregate of 7.4 million shares granted under the Singtel PSP 2012
were vested. The awards were satisfied by the delivery of existing shares purchased from the market as permitted
under the Singtel PSP 2012.
As at 31 March 2019, no participant (other than Ms Chua Sock Koong) has received shares pursuant to the vesting of
awards granted under the Singtel PSP 2012 which, in aggregate, represents five per cent or more of the aggregate of –
(i) the total number of new shares available under the Singtel PSP 2012; and
(ii) the total number of existing shares purchased for delivery of awards released under the Singtel PSP 2012.
5. SHARE OPTION PLANS
During the financial year, there were:
(a) no options granted by the Company to any person to take up unissued shares of the Company; and
(b) no shares issued by virtue of any exercise of options to take up unissued shares of the Company.
There were no unissued shares of the Company under option at the end of the financial year.
The particulars of the share option plans of subsidiary corporations of the Company are as follows:
Amobee Group Pte. Ltd.
In April 2015, Amobee, a wholly-owned subsidiary corporation of the Company, implemented the 2015 Long-Term
Incentive Plan (“Amobee LTI Plan”). Under the terms of Amobee LTI Plan, options to purchase ordinary shares of
Amobee may be granted to employees (including executive directors) and non-executive directors of Amobee and/
or any of its subsidiaries.
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of Amobee on the date
of grant.
From 1 April 2018 to 31 March 2019, options in respect of an aggregate of 62.6 million of ordinary shares in
Amobee have been granted to the employees and non-executive directors of Amobee and/or its subsidiaries.
As at 31 March 2019, options in respect of an aggregate of 112.6 million of ordinary shares in Amobee are outstanding.
The grant dates and exercise prices of the share options were as follows –
Date of grant Exercise price
For employees
13 April 2015, 14 October 2015 US$0.54 to US$0.79
20 January 2016, 10 May 2016, 23 June 2016, 24 August 2016, 25 January 2017,
19 July 2017, 18 August 2017, 12 September 2017, 25 January 2018 US$0.54
21 August 2018, 25 March 2019 US$0.55 to US$0.58
For non-executive directors

14 October 2015 US$0.54
21 August 2018 US$0.55
127
OVERVIEW
5. SHARE OPTION PLANS (Cont’d)
BUSINESS REVIEWS
The options granted to employees and non-executive directors expire 10 years and 5 years from the date of grant
respectively.
During the financial year, 10,879 ordinary shares of Amobee were issued pursuant to the exercise of options
granted under the Amobee LTI Plan. The persons to whom the options have been granted do not have the right to
participate, by virtue of the options, in any share issue of any other company.
Trustwave Holdings, Inc.
In December 2015, Trustwave Holdings, Inc. (“Trustwave”), a wholly-owned subsidiary corporation of the Company,

implemented the Stock Option Incentive Plan (“Trustwave ESOP’’). Under the terms of the Trustwave ESOP,
options to purchase common stock of Trustwave may be granted to employees (including executive directors) and
non-executive directors of Trustwave and/or any of its subsidiaries.
Options are exercisable at a price no less than 100% of the fair value of the common stock of Trustwave on the
date of grant.
From 1 April 2018 to 31 March 2019, options in respect of an aggregate of 0.6 million of common stock in Trustwave
have been granted to the employees of Trustwave and/or its subsidiaries. As at 31 March 2019, options in respect
of an aggregate of 2.2 million of common stock in Trustwave are outstanding.
The grant dates and exercise prices of the stock options were as follows –
1 December 2015, 22 January 2016, 19 May 2016, 12 September 2016 US$16.79
PERFORMANCE
20 January 2017 US$16.24
15 March 2018, 23 May 2018, 12 July 2018, 31 August 2018 US$15.37
The options granted expire 10 years from the date of grant.
No common stock of Trustwave was issued during the financial year pursuant to the exercise of options granted
under the Trustwave ESOP. The persons to whom the options have been granted do not have the right to
participate, by virtue of the options, in any share issue of any other company.
HOOQ Digital Pte. Ltd.
FINANCIALS
In December 2015, HOOQ Digital Pte. Ltd. (“HOOQ”), a 65%-owned subsidiary corporation of the Company,
implemented the HOOQ Digital Employee Share Option Scheme (“the Scheme”). Under the terms of the Scheme,
options to purchase ordinary shares of HOOQ may be granted to employees (including executive directors)
of HOOQ and/or any of its subsidiaries.
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date
of grant.
From 1 April 2018 to 31 March 2019, options in respect of an aggregate of 9.6 million of ordinary shares in HOOQ
have been granted to the employees of HOOQ and/or its subsidiaries. As at 31 March 2019, options in respect of an
aggregate of 43.3 million of ordinary shares in HOOQ are outstanding.

5. SHARE OPTION PLANS (Cont’d)
The grant dates and exercise prices of the share options were as follows –
16 May 2016, 24 April 2017, 2 May 2017, 31 July 2017, 8 September 2017,
23 October 2017, 10 January 2018, 1 April 2018, 1 July 2018, 19 October 2018,
31 January 2019 US$0.07
The options granted expire 10 years from the date of grant.
No ordinary shares of HOOQ were issued during the financial year pursuant to the exercise of options granted
under the Scheme. The persons to whom the options have been granted do not have the right to participate, by
virtue of the options, in any share issue of any other company.
6. AUDIT COMMITTEE
At the date of this statement, the Audit Committee comprises the following members, all of whom are non-executive
and independent –
Bobby Chin Yoke Choong (Chairman of the Audit Committee)

Gautam Banerjee
Christina Hon Kwee Fong (Christina Ong)
Peter Ong Boon Kwee, who served during the financial year, stepped down as a member of the Audit Committee
following the conclusion of the Annual General Meeting on 24 July 2018.
The Audit Committee carried out its functions in accordance with Section 201B of the Singapore Companies Act,
Chapter 50.
In performing its functions, the Committee reviewed the overall scope and results of both internal and external
audits and the assistance given by the Company’s officers to the auditors. It met with the Company’s internal
auditors to discuss the results of the respective examinations and their evaluation of the Company’s system of
internal accounting controls. The Committee also held discussions with the internal and external auditors and is
satisfied that the processes put in place by management provide reasonable assurance on mitigation of fraud
risk exposure to the Group.
The Committee also reviewed the financial statements of the Company and the Group, as well as the Independent
Auditors’ Report thereon. In the review of the financial statements of the Company and the Group, the Committee
had discussed with management the accounting principles that were applied and their judgement of items that
might affect the integrity of the financial statements.
129
OVERVIEW
6. AUDIT COMMITTEE (Cont’d)
BUSINESS REVIEWS
In addition, the Committee had, with the assistance of the internal auditors, reviewed the procedures set up by
the Company and the Group to identify and report, and where necessary, sought appropriate approval for
interested person transactions.
The Committee has full access to and has the co-operation of management and has been given the resources
required for it to discharge its function properly. It also has full discretion to invite any executive officer to attend its
meetings. The external and internal auditors have unrestricted access to the Audit Committee.
The Committee has nominated KPMG LLP for re-appointment as auditors of the Company at the forthcoming
Annual General Meeting.

7. AUDITORS
KPMG LLP were appointed as auditors of the Company at the Annual General Meeting of the Company held on
24 July 2018.
The auditors, KPMG LLP, have expressed their willingness to accept re-appointment.
On behalf of the Directors
PERFORMANCE
Simon Claude Israel Chua Sock Koong
Chairman Director
Singapore
FINANCIALS
14 May 2019

Independent Auditors’ Report
Members of Singapore Telecommunications Limited
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Singapore Telecommunications Limited (‘the Company’) and its subsidiaries
(‘the Group’), which comprise the consolidated statement of financial position of the Group and the statement of
financial position of the Company as at 31 March 2019 and the consolidated income statement, consolidated statement
of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of
the Group, and the statement of changes in equity of the Company for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, as set out on pages 137 to 249.
In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position
and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of
the Singapore Companies Act, Chapter 50 (‘the Act’) and Singapore Financial Reporting Standards (International)
(‘SFRS(I)s’) so as to give a true and fair view of the consolidated financial position of the Group and the financial position
of the Company as at 31 March 2019 and of the consolidated financial performance, consolidated changes in equity and
consolidated cash flows of the Group and the changes in equity of the Company for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing (‘SSAs’). Our responsibilities under those
standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our
report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code
of Professional Conduct and Ethics for Public Accountants and Accounting Entities (‘ACRA Code’) together with the ethical
requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The key audit matter How the matter was addressed in our audit
Revenue recognition
For the main Operating Revenues – Mobile Service, We obtained an understanding of the nature of the various
Data and Internet and Sale of Equipment, there is an revenue streams and the related revenue recording
inherent risk around the accuracy and timing of revenue processes, systems and controls.
recognition given the complexity of systems and the large
volume of data processed, which are also impacted by Our audit approach included controls testing as well as
changing pricing models and the introduction of new substantive procedures. For our procedures over the design
products and tariff arrangements. and operating effectiveness of controls over significant IT
systems, we involved our IT specialists.
Significant management judgements and estimates are
required when accounting for revenue from long-term In particular, our procedures included:
contracts with respect to the Group Enterprise Infocomm
Technology (“ICT”) Operating Revenues. For some of these ͋ΐ IT systems: Testing of the design and implementation, and
ICT contracts, estimates are required in determining the the operating effectiveness of automated controls over
completeness and valuation of provisions against contracts the capture of data at the network switches and interfaces
that are expected to be loss-making and the recoverability between relevant IT applications, measurement and
of the contract assets. billing of revenue, and the recording of entries in the
general ledger.
131
OVERVIEW
BUSINESS REVIEWS
Revenue recognition (Cont’d)
In addition, the initial application of SFRS(I) 15 Revenue ͋ΐ Manual controls: Testing of the design and implementation,
from Contracts with Customers required the exercise of and the operating effectiveness of manual controls over
significant judgement regarding: the initiation, authorisation, recording, and processing of
revenue transactions. This included evaluating process
͋ΐ )ĤĨŏŰĸıĸğďŰĸŖŏΐ Ŗıΐ ŢĨťıŖťŎďŏğĨΐ ŖĞŉĸĲďŰĸŖŏũΐ ıŖťΐ ĨďğĶΐ controls over authorising new price plans and rate changes
product and service offering; and the adjustments to the relevant billing systems. We had
͋ΐ ũŰĸŎďŰĸŖŏΐ Ŗıΐ ũŰďŏĤͻďŉŖŏĨΐ ũĨŉŉĸŏĲΐ ŢťĸğĨũ͍ΐ ƃďťĸďĞŉĨΐ also tested the access controls and change management
consideration, future customer behaviour with respect to controls over the relevant billing systems.
early contract renewals and terminations; and ͋ΐ ]ĨũŰĸŏĲΐ Ŗıΐ ğŖŏŰťďğŰũΐ ĸŏΐ ŰĶĨΐ )]ΐ ĞŵũĸŏĨũũΐ ıŖťΐ ďŢŢťŖŢťĸďŰĨΐ
revenue recognition and provisioning for contracts

͋ΐ ]ĶĨΐŰĸŎĸŏĲΐŖıΐťĨƃĨŏŵĨΐťĨğŖĲŏĸŰĸŖŏ͒
that were expected to be loss-making. We challenged
management’s underlying assumptions in making their
The accounting policies for revenue recognition are set judgements on the provisions required.
out in Note 2.23 to the financial statements and the various
revenue streams for the Group have been disclosed in ͋ΐ ũũĨũũĸŏĲΐŰĶĨΐďŢŢťŖŢťĸďŰĨŏĨũũΐŖıΐŰĶĨΐťĨƃĨŏŵĨΐťĨğŖĲŏĸŰĸŖŏΐ
Note 4 to the financial statements. policies for the products and services offered by the Group
in adopting SFRS(I) 15, which included but was not limited
to:
- Assessing the appropriateness of the transaction
price and its allocation to performance obligations
identified within bundled contracts based on stand-
alone selling prices;
- Inspection of customer contracts to evaluate whether
performance obligations were satisfied over time or at
a point in time, and assessed the reasonableness of
estimates used in respect to revenue recognition and
deferral of revenue; and
PERFORMANCE
- Assessing the effects of the initial application of SFRS(I)
15 as at 1 April 2018.
͋ΐ ]ĨũŰĸŏĲΐŖıΐŎďŏŵďŉΐńŖŵťŏďŉΐĨŏŰťĸĨũΐťĨğŖťĤĨĤΐĸŏΐŰĶĨΐĲĨŏĨťďŉΐ
ledger relating to revenue recognition.
Findings
We found that the processes and controls to account for revenue were operating effectively.
We found that the key assumptions used and estimates made in regard to the policies for revenue recognition were
reasonable.
FINANCIALS
Impairment assessment of goodwill
Goodwill is subject to an annual impairment test or more We evaluated whether CGUs were appropriately identified
frequently if there are indications of impairment. by management based on our understanding of the current
business structure of the Group.
At 31 March 2019, the Group’s statement of financial position
includes goodwill amounting to S$11.5 billion, primarily We involved our valuation specialists in the overall
related to the following cash-generating units (“CGUs”): assessment of the recoverable amounts of the respective
CGUs.
Singtel Optus Pty Limited (“Optus”): S$9.3 billion
Amobee, Inc. (“Amobee”): S$1.1 billion

Global Cyber Security: S$1.0 billion

Impairment assessment of goodwill (Cont’d)
Global Cyber Security CGU In particular, our procedures included:
Subsequent to the reorganisation of the Group’s cyber
security business, with effect from 1 April 2018, management Optus, Amobee and Global Cyber Security
has assessed and considered the combined cyber security We assessed the reasonableness of the key assumptions
businesses of the Group, including Trustwave, to constitute used by management in developing the cash flow forecasts
one CGU. and the discount rates used in computing the recoverable
amounts, which included but are not limited to:
The Group performed impairment assessments for each
of the CGUs by estimating the recoverable amounts. The ͋ΐ ĲťĨĨĸŏĲΐŰĶĨΐğďũĶΐıŉŖƄΐıŖťĨğďũŰũΐŵũĨĤΐĸŏΐŰĶĨΐĸŎŢďĸťŎĨŏŰΐ
recoverable amount is the discounted sum of individually model to Board approved forecasts and budgets;
forecasted cash flows for each year and the value of the ͋ΐ ŖŏũĸĤĨťĸŏĲΐ ŎďŏďĲĨŎĨŏŰΈũΐ ĨƉŢĨğŰďŰĸŖŏũΐ Ŗıΐ ŰĶĨΐ ıŵŰŵťĨΐ
cash flows for the years thereafter using a long-term growth business developments and corroborated certain
rate. As the recoverable amount for each of the CGUs information with market data; we also considered planned
was calculated to be in excess of the respective carrying operational improvements to the businesses and how these
amounts, no impairment was determined. plans would impact future cash flows and whether these
were appropriately reflected in the cash flow forecasts used;
Forecasting of future cash flows is a highly judgmental
process which requires estimation of revenue growth ͋ΐ ĶďŉŉĨŏĲĸŏĲΐ ŰĶĨΐ ďŢŢťŖŢťĸďŰĨŏĨũũΐ Ŗıΐ ğďũĶΐ ıŉŖƄΐ ıŖťĨğďũŰũΐ
rates, profit margins, discount rates and future economic used by comparing against historical trends and recent
conditions. performance and industry trends. Where relevant,
assessing whether budgeted cash flows for prior years
Refer to Note 24 to the financial statements for the were achieved to assess forecasting accuracy;
impairment assessments. ͋ΐ ŖŎŢďťĸŏĲΐŰĶĨΐĤĸũğŖŵŏŰΐťďŰĨũΐďŏĤΐŰĨťŎĸŏďŉΐĲťŖƄŰĶΐťďŰĨũΐŰŖΐ
observable market data; and
͋ΐ PĨťıŖťŎĸŏĲΐ ďΐ ũĨŏũĸŰĸƃĸŰƊΐ ďŏďŉƊũĸũΐ Ŗıΐ ŰĶĨΐ ņĨƊΐ ďũũŵŎŢŰĸŖŏũΐ
used to determine which reasonable changes to
assumptions would change the outcome of the impairment
assessment.
Findings
We found the identification of CGUs to be reasonable and appropriate.
We found the key assumptions and estimates used in determining the recoverable amounts to be within a supportable
range.
Share of joint ventures’ reported contingent liabilities relating to regulatory litigations and tax disputes
The Group’s significant joint ventures have a number of on- Our audit procedures included:
going disputes and litigations with their local regulators and
tax authorities. ͋ΐ )ŏŤŵĸťĸŏĲΐƄĸŰĶΐŎďŏďĲĨŎĨŏŰΐďŏĤΐŉĨĲďŉΐğŖŵŏũĨŉΐŖıΐŰĶĨΐńŖĸŏŰΐ
ventures to understand the process and internal controls
Significant judgement is required by management in relating to the identification, assessment and recognition
assessing the likelihood of the outcome of each matter and of the disputes and litigations.
whether the risk of loss is remote, possible or probable and ͋ΐ SĨƃĸĨƄĸŏĲΐ ŰĶĨΐ ďŵĤĸŰΐ ƄŖťņĸŏĲΐ ŢďŢĨťũΐ Ŗıΐ ŰĶĨΐ ďŵĤĸŰŖťũΐ Ŗıΐ
whether the matter is considered a contingent liability to be the joint ventures (‘Component Auditors’), in particular
disclosed. their assessment on the regulatory litigations and tax
disputes that may have a material impact to the financial
Please refer to Note 41 to the financial statements for statements.
‘Significant Contingent Liabilities of Associates and Joint
Ventures’. ͋ΐ ĸũğŵũũĸŏĲΐƄĸŰĶΐŰĶĨΐŖŎŢŖŏĨŏŰΐŵĤĸŰŖťũΐŖŏΐŰĶĨĸťΐĨƃďŉŵďŰĸŖŏΐ
of the probability and magnitude of losses relating to the
disputes and litigations, and their conclusions reached
in accordance with SFRS(I) 1-37 Provisions, Contingent
Liabilities and Contingent Assets.
133
OVERVIEW
BUSINESS REVIEWS
Findings
We found management’s assessment of the regulatory litigations and tax disputes to be reasonable, and the disclosure of
contingent liabilities to be appropriate.
Taxation
The Group is exposed to tax disputes with local tax Our audit procedures included:
authorities in the jurisdiction it operates in on a regular
basis. The assessment of the outcome of such disputes ͋ΐ Inquiring with management on the tax issues raised
requires significant judgement and could have a material by the tax authorities and assessing their impact to the
impact on the financial statements. financial statements;

͋ΐ )ŏƃŖŉƃĸŏĲΐ Ŗŵťΐ ŰďƉΐ ũŢĨğĸďŉĸũŰũΐ ĸŏΐ ďũũĨũũĸŏĲΐ ŰĶĨΐ
Australian Tax Office (“ATO”) audit appropriateness of the accounting treatments of
The Group has been responding to an on-going specific significant tax issues for the Group; and
issue audit by the ATO in connection with the acquisition
financing of Optus. ͋ΐ ũũĨũũĸŏĲΐŰĶĨΐťĨďũŖŏďĞŉĨŏĨũũΐŖıΐŎďŏďĲĨŎĨŏŰΈũΐŢŖũĸŰĸŖŏΐ
and the accounting impact to the Group’s consolidated
The Group has engaged external specialists to advise financial statements.
on this matter and to assist in raising objections to the
amended assessments. Significant judgement is required With respect to the ATO matter:
in assessing the probability and timing of the outlays
necessary for the resolution of this matter. ͋ΐ )ŏƃŖŉƃĸŏĲΐ Ŗŵťΐ ŰďƉΐ ũŢĨğĸďŉĸũŰũΐ ĸŏΐ ďũũĨũũĸŏĲΐ ŰĶĨΐ
appropriateness of management’s judgements taken on
Please refer to Note 40 to the financial statements. this matter, and the disclosure as a contingent liability,
and that the amount paid continues to represent a
receivable as at 31 March 2019;
͋ΐ ƉďŎĸŏĸŏĲΐ ŰĶĨΐ ďĤƃĸğĨΐ ŰĶďŰΐ ŰĶĨΐ #ťŖŵŢΐ ĶďĤΐ ŖĞŰďĸŏĨĤΐ
from external specialists to support the position taken
PERFORMANCE
by management; and
͋ΐ )ŏŤŵĸťĸŏĲΐƄĸŰĶΐŎďŏďĲĨŎĨŏŰΐďŏĤΐŰĶĨΐĨƉŰĨťŏďŉΐũŢĨğĸďŉĸũŰũΐ
to discuss the merits of the Group’s position on the
specific issue audit by ATO.
Findings
We found the position of management and the basis for it to be appropriate.
We found the disclosures to the consolidated financial statements to be adequate and appropriate in accordance to
SFRS(I) 1-37 Provisions, Contingent Liabilities and Contingent Assets.
Other matter FINANCIALS
The consolidated financial statements of the Group and the statement of financial position and statement of changes in
equity of the Company for the year ended 31 March 2018 were audited by another auditor who expressed an unmodified
opinion on those statements on 16 May 2018.
Other information
Management is responsible for the other information contained in the annual report. Other information is defined as
all information in the annual report other than the financial statements and our auditors’ report thereon. We have not
obtained any other information prior to the date of this auditors’ report. The other information is expected to be made
available to us after the date of this auditors’ report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take appropriate actions in accordance with SSAs.
Responsibilities of management and directors for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
the provisions of the Act and SFRS(I)s, and for devising and maintaining a system of internal accounting controls sufficient
to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and
transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair
financial statements and to maintain accountability of assets.
In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Group’s financial reporting process.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
͋ΐ )ĤĨŏŰĸıƊΐďŏĤΐďũũĨũũΐŰĶĨΐťĸũņũΐŖıΐŎďŰĨťĸďŉΐŎĸũũŰďŰĨŎĨŏŰΐŖıΐŰĶĨΐıĸŏďŏğĸďŉΐũŰďŰĨŎĨŏŰũ͍ΐƄĶĨŰĶĨťΐĤŵĨΐŰŖΐıťďŵĤΐŖťΐĨťťŖť͍ΐĤĨũĸĲŏΐ
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls.
͋ΐ DĞŰďĸŏΐďŏΐŵŏĤĨťũŰďŏĤĸŏĲΐŖıΐĸŏŰĨťŏďŉΐğŖŏŰťŖŉũΐťĨŉĨƃďŏŰΐŰŖΐŰĶĨΐďŵĤĸŰΐĸŏΐŖťĤĨťΐŰŖΐĤĨũĸĲŏΐďŵĤĸŰΐŢťŖğĨĤŵťĨũΐŰĶďŰΐďťĨΐďŢŢťŖŢťĸďŰĨΐ
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal controls.
͋ΐ ƃďŉŵďŰĨΐŰĶĨΐďŢŢťŖŢťĸďŰĨŏĨũũΐŖıΐďğğŖŵŏŰĸŏĲΐŢŖŉĸğĸĨũΐŵũĨĤΐďŏĤΐŰĶĨΐťĨďũŖŏďĞŉĨŏĨũũΐŖıΐďğğŖŵŏŰĸŏĲΐĨũŰĸŎďŰĨũΐďŏĤΐťĨŉďŰĨĤΐ
disclosures made by management.
͋ΐ ŖŏğŉŵĤĨΐŖŏΐŰĶĨΐďŢŢťŖŢťĸďŰĨŏĨũũΐŖıΐŎďŏďĲĨŎĨŏŰΈũΐŵũĨΐŖıΐŰĶĨΐĲŖĸŏĲΐğŖŏğĨťŏΐĞďũĸũΐŖıΐďğğŖŵŏŰĸŏĲΐďŏĤ͍ΐĞďũĨĤΐŖŏΐŰĶĨΐďŵĤĸŰΐ
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
135
OVERVIEW
͋ΐ ƃďŉŵďŰĨΐŰĶĨΐŖƃĨťďŉŉΐŢťĨũĨŏŰďŰĸŖŏ͍ΐũŰťŵğŰŵťĨΐďŏĤΐğŖŏŰĨŏŰΐŖıΐŰĶĨΐıĸŏďŏğĸďŉΐũŰďŰĨŎĨŏŰũ͍ΐĸŏğŉŵĤĸŏĲΐŰĶĨΐĤĸũğŉŖũŵťĨũ͍ΐďŏĤΐƄĶĨŰĶĨťΐ
BUSINESS REVIEWS
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
͋ΐ DĞŰďĸŏΐũŵııĸğĸĨŏŰΐďŢŢťŖŢťĸďŰĨΐďŵĤĸŰΐĨƃĸĤĨŏğĨΐťĨĲďťĤĸŏĲΐŰĶĨΐıĸŏďŏğĸďŉΐĸŏıŖťŎďŰĸŖŏΐŖıΐŰĶĨΐĨŏŰĸŰĸĨũΐŖťΐĞŵũĸŏĨũũΐďğŰĸƃĸŰĸĨũΐƄĸŰĶĸŏΐ
the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and communicate with them all relationships and other matters that may reasonably be thought to bear

on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in the audit
of the financial statements of the current period and are therefore the key audit matters. We describe these matters in
our auditors’ report unless the law or regulations preclude public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary
corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the
provisions of the Act.
The engagement partner on the audit resulting in this independent auditors’ report is Mr Ong Pang Thye.
PERFORMANCE
KPMG LLP
Public Accountants and
Chartered Accountants
FINANCIALS
Singapore
14 May 2019 ADDITIONAL INFORMATION

Consolidated
Income Statement
2019 2018
Notes S$ Mil S$ Mil
Operating revenue 4 17,371.7 17,268.0
Operating expenses 5 (12,904.5) (12,476.3)
Other income 6 224.7 258.8
4,691.9 5,050.5
Depreciation and amortisation 7 (2,222.2) (2,250.0)
2,469.7 2,800.5
Exceptional items 8 68.2 1,895.1
Profit on operating activities 2,537.9 4,695.6
Share of results of associates and joint ventures 9 1,562.7 1,804.0
Profit before interest, investment income (net) and tax 4,100.6 6,499.6
Interest and investment income (net) 10 38.1 45.5

Finance costs 11 (392.8) (390.2)
Profit before tax 3,745.9 6,154.9
Tax expense 12 (674.8) (703.0)
Profit after tax 3,071.1 5,451.9
Attributable to:
Shareholders of the Company 3,094.5 5,473.0
Non-controlling interests (23.4) (21.1)
3,071.1 5,451.9
Earnings per share attributable to shareholders of the Company

- basic (cents) 13 18.96 33.53
- diluted (cents) 13 18.93 33.48
Note:
The Group has adopted all applicable new and revised Singapore Financial Reporting Standards (International) (“SFRS(I)”) which became effective from
1 April 2018 and has applied them retrospectively. Accordingly, the comparatives have been restated to take into account adjustments relating to SFRS(I) 1,
First-time Adoption of SFRS(I), SFRS(I) 15, Revenue from Contracts with Customers and SFRS(I) 9, Financial Instruments.
The accompanying notes on pages 147 to 249 form an integral part of these financial statements.
Independent Auditors’ Report – pages 131 to 136.
137
OVERVIEW
Consolidated Statement of
Comprehensive Income
2019 2018
BUSINESS REVIEWS
S$ Mil S$ Mil
Profit after tax 3,071.1 5,451.9
Other comprehensive (loss)/ income
Items that may be reclassified subsequently to income statement:
Exchange differences arising from translation of foreign operations

and other currency translation differences (484.5) (1,283.0)

Cash flow hedges
- Fair value changes 182.9 (46.9)
- Tax effects (23.7) (55.2)
159.2 (102.1)
- Fair value changes transferred to income statement (122.4) 35.0

- Tax effects 17.8 46.8
(104.6) 81.8
54.6 (20.3)
Share of other comprehensive income of associates and joint ventures 283.8 650.3
Items that will not be reclassified subsequently to income statement:
PERFORMANCE
Fair value changes on Fair Value through Other Comprehensive Income
(“FVOCI”) investments 13.2 9.6
Other comprehensive loss, net of tax (132.9) (643.4)
Total comprehensive income 2,938.2 4,808.5
Attributable to:
FINANCIALS
Shareholders of the Company 2,962.3 4,828.9
Non-controlling interests (24.1) (20.4)
2,938.2 4,808.5

Statements of Financial Position
As at 31 March 2019
Group Company
31 March 31 March 1 April 31 March 31 March 1 April
2019 2018 2017 2019 2018 2017
Notes S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Current assets
Cash and cash equivalents 15 512.7 524.9 533.8 81.6 92.0 89.2
Trade and other receivables 16 5,992.7 5,813.7 5,762.4 1,960.9 2,323.9 1,673.3
Inventories 17 417.6 397.4 352.2 37.2 21.8 23.8
Derivative financial instruments 18 155.1 22.6 106.1 0.7 70.1 105.9
7,078.1 6,758.6 6,754.5 2,080.4 2,507.8 1,892.2
Non-current assets
Property, plant and equipment 19 11,050.4 11,454.1 11,456.1 2,250.0 2,259.4 2,266.6
Intangible assets 20 14,016.7 13,969.1 13,072.8 - - -
Subsidiaries 21 - - - 20,009.2 19,425.9 17,441.0
Joint ventures 22 12,857.9 12,786.5 12,285.3 22.8 22.8 23.0
Associates 23 2,060.2 2,000.2 1,946.7 24.7 24.7 603.5
Fair value through other comprehensive
income (“FVOCI”) investments 25 646.9 197.9 192.9 5.3 5.5 37.4
Deferred tax assets 12 276.6 353.0 634.9 - - -
Other assets 26 644.4 587.8 592.0 130.7 144.9 161.0
Loan to an associate - - 1,100.5 - - 1,100.5
41,836.7 41,736.9 41,715.6 22,568.6 22,013.8 21,916.5
Total assets 48,914.8 48,495.5 48,470.1 24,649.0 24,521.6 23,808.7
Current liabilities
Trade and other payables 27 5,817.1 5,371.0 5,054.8 1,737.5 1,468.4 1,602.0
Advance billings 812.1 794.1 861.1 89.8 80.1 74.8
Current tax liabilities 255.0 351.3 296.3 83.6 101.5 100.6
Borrowings (unsecured) 28 1,846.2 1,800.5 3,046.6 - - -
Borrowings (secured) 29 34.0 23.1 86.7 4.8 7.4 1.5
Net deferred gain 31 20.8 20.1 68.8 - - -
8,794.4 8,429.4 9,430.1 1,916.2 1,742.3 1,887.7
Non-current liabilities
Advance billings 197.4 221.6 241.9 129.2 136.7 138.3
Borrowings (unsecured) 28 8,734.4 8,586.1 7,898.2 786.5 739.5 802.7
Borrowings (secured) 29 49.5 81.5 199.6 7.7 68.5 157.2
Net deferred gain 31 375.0 357.7 1,282.7 - - -
Deferred tax liabilities 12 515.1 535.6 572.8 274.5 268.2 273.0
Other non-current liabilities 32 289.8 295.1 324.2 26.5 31.4 23.7
10,310.7 10,354.6 10,798.8 1,416.2 1,495.2 1,738.9
Total liabilities 19,105.1 18,784.0 20,228.9 3,332.4 3,237.5 3,626.6
Net assets 29,809.7 29,711.5 28,241.2 21,316.6 21,284.1 20,182.1
Share capital and reserves
Share capital 33 4,127.3 4,127.3 4,127.3 4,127.3 4,127.3 4,127.3
Reserves 25,710.5 25,609.8 24,113.9 17,189.3 17,156.8 16,054.8
Equity attributable to shareholders
of the Company 29,837.8 29,737.1 28,241.2 21,316.6 21,284.1 20,182.1
Non-controlling interests (28.1) (3.2) 22.4 - - -
Other reserve - (22.4) (22.4) - - -
Total equity 29,809.7 29,711.5 28,241.2 21,316.6 21,284.1 20,182.1
139
Attributable to shareholders of the Company
Currency Fair Non-
Share Treasury Capital Translation Hedging Value Retained Other controlling Other Total
(2)
Capital Shares (1) Reserve Reserve Reserve Reserve Earnings Reserves (3) Total Interests Reserve (4) Equity
Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018,

previously reported 4,127.3 (32.7) (96.2) (5,773.3) 5.3 25.5 31,600.7 (177.4) 29,679.2 (3.2) (22.4) 29,653.6
Effects of adoption of
SFRS(I) 1, 9 and 15 - - - 4,489.6 (59.6) (44.4) (4,331.3) 3.6 57.9 - - 57.9

restated 4,127.3 (32.7) (96.2) (1,283.7) (54.3) (18.9) 27,269.4 (173.8) 29,737.1 (3.2) (22.4) 29,711.5
Changes in equity for the year
Performance shares purchased

by the Company - (1.8) - - - - - - (1.8) - - (1.8)

by Trust (5) - (17.5) - - - - - - (17.5) - - (17.5)
Performance shares vested - 20.3 (20.3) - - - - - - - - -
Equity-settled share-based
payment - - 38.0 - - - - - 38.0 - - 38.0
Transfer of liability to equity - - 7.8 - - - - - 7.8 - - 7.8
Cash paid to employees under
performance share plans - - (0.1) - - - - - (0.1) - - (0.1)
by Singtel Optus Pty Limited
(“Optus”) and vested - - (5.5) - - - - - (5.5) - - (5.5)
Final dividend paid
(see Note 34) - - - - - - (1,746.7) - (1,746.7) - - (1,746.7)
Interim dividend paid
(see Note 34) - - - - - - (1,109.9) - (1,109.9) - - (1,109.9)
Dividend paid to
non-controlling interests - - - - - - - - - (5.4) - (5.4)
Statements of Changes in Equity
Acquisition of
non-controlling interests (4) - - - - - - - (27.0) (27.0) 4.6 22.4 -
Reclassification due to disposal
of FVOCI investments - - - - - (4.6) 4.6 - - - - -
Others - - - - - - 1.1 - 1.1 - - 1.1
- 1.0 19.9 - - (4.6) (2,850.9) (27.0) (2,861.6) (0.8) 22.4 (2,840.0)
Total comprehensive (loss)/

income for the year - - - (483.8) 54.6 13.2 3,094.5 283.8 2,962.3 (24.1) - 2,938.2
Balance as at 31 March 2019 4,127.3 (31.7) (76.3) (1,767.5) 0.3 (10.3) 27,513.0 83.0 29,837.8 (28.1) - 29,809.7
Singapore Telecommunications Limited | Annual Report 2019

140
ADDITIONAL INFORMATION FINANCIALS PERFORMANCE GOVERNANCE AND SUSTAINABILITY BUSINESS REVIEWS OVERVIEW
Attributable to shareholders of the Company
141
Currency Fair Non-
Share Treasury Capital Translation Hedging Value Retained Other controlling Other Total
(2)
Capital Shares (1) Reserve Reserve Reserve Reserve Earnings Reserves (3) Total Interests Reserve (4) Equity
Group - 2018 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil

previously reported 4,127.3 (32.5) (108.0) (4,507.5) 11.1 57.0 29,493.9 (827.7) 28,213.6 22.4 (22.4) 28,213.6
Effects of adoption of
SFRS(I) 1, 9 and 15 - - - 4,507.5 (45.1) (46.1) (4,392.3) 3.6 27.6 - - 27.6

restated 4,127.3 (32.5) (108.0) - (34.0) 10.9 25,101.6 (824.1) 28,241.2 22.4 (22.4) 28,241.2

by the Company - (2.4) - - - - - - (2.4) - - (2.4)

by Trust (5) - (15.9) - - - - - - (15.9) - - (15.9)
Performance shares vested - 18.1 (18.1) - - - - - - - - -
Equity-settled share-based
payment - - 32.5 - - - - - 32.5 0.2 - 32.7
Transfer of liability to equity - - 4.2 - - - - - 4.2 - - 4.2
performance share plans - - (0.2) - - - - - (0.2) - - (0.2)
by Optus and vested - - (6.6) - - - - - (6.6) - - (6.6)
Final dividend paid
(see Note 34) - - - - - - (1,746.6) - (1,746.6) - - (1,746.6)
Interim dividend paid
(see Note 34) - - - - - - (1,110.0) - (1,110.0) - - (1,110.0)
Special dividend paid
(see Note 34) - - - - - - (489.7) - (489.7) - - (489.7)
Dividend paid to
non-controlling interests - - - - - - - - - (5.4) - (5.4)
Reclassification due to disposal
of FVOCI investments - - - - - (39.4) 39.4 - - - - -
Others - - - - - - 1.7 - 1.7 - - 1.7
- (0.2) 11.8 - - (39.4) (3,305.2) - (3,333.0) (5.2) - (3,338.2)
Total comprehensive (loss)/

income for the year - - - (1,283.7) (20.3) 9.6 5,473.0 650.3 4,828.9 (20.4) - 4,808.5
Balance as at 31 March 2018 4,127.3 (32.7) (96.2) (1,283.7) (54.3) (18.9) 27,269.4 (173.8) 29,737.1 (3.2) (22.4) 29,711.5
OVERVIEW
Share Treasury Capital Hedging Fair Value Retained Total
BUSINESS REVIEWS
Capital Shares (1) Reserve Reserve Reserve Earnings Equity
Company - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil

previously reported 4,127.3 (1.0) 39.4 60.1 2.2 17,133.7 21,361.7
Effects of adoption of SFRS(I) 1, 9 and 15 - - - (56.1) - (21.5) (77.6)
Balance as at 1 April 2018, restated 4,127.3 (1.0) 39.4 4.0 2.2 17,112.2 21,284.1

by the Company - (1.8) - - - - (1.8)
Performance shares vested - 1.7 (1.7) - - - -
Equity-settled share-based payment - - 13.6 - - - 13.6
Transfer of liability to equity - - 7.8 - - - 7.8
performance share plans - - (0.1) - - - (0.1)
Contribution to Trust (5) - - (13.8) - - - (13.8)
Final dividend paid (see Note 34) - - - - - (1,747.2) (1,747.2)
Interim dividend paid (see Note 34) - - - - - (1,110.4) (1,110.4)
- (0.1) 5.8 - - (2,857.6) (2,851.9)
Total comprehensive income/ (loss)

for the year - - - 20.2 (0.2) 2,864.4 2,884.4
PERFORMANCE
Balance as at 31 March 2019 4,127.3 (1.1) 45.2 24.2 2.0 17,119.0 21,316.6
FINANCIALS

Share Treasury Capital Hedging Fair Value Retained Total

Capital Shares (1) Reserve Reserve Reserve Earnings Equity
Company - 2018 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil

previously reported 4,127.3 (0.9) 38.3 60.3 27.7 16,006.1 20,258.8
Effects of adoption of SFRS(I) 1, 9 and 15 - - - (46.3) - (30.4) (76.7)
Balance as at 1 April 2017, restated 4,127.3 (0.9) 38.3 14.0 27.7 15,975.7 20,182.1

by the Company - (2.4) - - - - (2.4)
Performance shares vested - 2.3 (2.3) - - - -
Equity-settled share-based payment - - 11.8 - - - 11.8
Transfer of liability to equity - - 4.2 - - - 4.2
performance share plans - - (0.2) - - - (0.2)
Contribution to Trust (5) - - (12.4) - - - (12.4)
Final dividend paid (see Note 34) - - - - - (1,747.2) (1,747.2)
Interim dividend paid (see Note 34) - - - - - (1,110.4) (1,110.4)
Special dividend paid (see Note 34) - - - - - (489.9) (489.9)
Reclassification due to disposal of
FVOCI investments - - - - (25.0) 25.0 -
- (0.1) 1.1 - (25.0) (3,322.5) (3,346.5)
Total comprehensive (loss)/ income

for the year - - - (10.0) (0.5) 4,459.0 4,448.5
Balance as at 31 March 2018 4,127.3 (1.0) 39.4 4.0 2.2 17,112.2 21,284.1
Notes:
(1)
‘Treasury Shares’ are accounted for in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-32, Financial Instruments:
Presentation.
(2)
‘Currency Translation Reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated
mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.
(3)
‘Other Reserves’ relate mainly to goodwill on acquisitions completed prior to 1 April 2001 and the share of other comprehensive income or loss of the associates
and joint ventures.
(4)
This amount was a reserve for an obligation which arose from a put option written with the non-controlling shareholder of Trustwave Holdings, Inc. (“Trustwave”).
In May 2018, the put option was exercised for the acquisition of the remaining 2% equity interest in Trustwave.
(5)
DBS Trustee Limited (the “Trust”) is the trustee of a trust established to administer the performance share plans.
143
OVERVIEW
Consolidated Statement of Cash Flows
2019 2018
BUSINESS REVIEWS
S$ Mil S$ Mil
Cash Flows From Operating Activities

Adjustments for –
Depreciation and amortisation 2,222.2 2,250.0
Share of results of associates and joint ventures (1,562.7) (1,804.0)
Exceptional items (non-cash) (171.7) (1,920.3)
Interest and investment income (net) (38.1) (45.5)
Finance costs 392.8 390.2

Other non-cash items 36.3 30.3
878.8 (1,099.3)
Operating cash flow before working capital changes 4,624.7 5,055.6
Changes in operating assets and liabilities

Trade and other receivables (431.6) (139.1)
Trade and other payables 338.8 58.8
Inventories (33.6) (59.1)
Cash generated from operations 4,498.3 4,916.2
Dividends received from associates and joint ventures 1,548.9 1,647.7

Income tax and withholding tax paid (679.5) (607.8)
Payment to employees in cash under performance share plans (0.1) (0.9)
PERFORMANCE
Net cash from operating activities 5,367.6 5,955.2
Cash Flows From Investing Activities
Payment for purchase of property, plant and equipment (1,718.1) (2,349.0)

Purchase of intangible assets (216.7) (1,124.4)
Investment in associate/ joint venture (Note 1) (2.3) (540.6)
Payment for acquisition of subsidiary, net of cash acquired (Note 2) (5.8) (336.5)
Payment for acquisition of intangibles and other assets (Note 3) (123.1) -
FINANCIALS
Investment in FVOCI investments (Note 4) (436.9) (59.6)
Proceeds from disposal of subsidiary 15.4 -
Payment for acquisition of non-controlling interests (16.1) -
Proceeds/ Deferred proceeds from disposal of associates and joint venture (Note 5) 14.8 1,146.4
Repayment of loan by an associate (Note 5) - 1,100.5
Proceeds from sale of property, plant and equipment 160.9 142.6
Proceeds from sale of FVOCI investments 14.8 77.7
Interest received 7.0 16.4
Dividends received from FVOCI investments (net of withholding tax paid) 0.3 1.8
Withholding tax paid on intra-group interest income (22.7) (26.0)
Net cash used in investing activities (2,328.5) (1,950.7)

2019 2018
Note S$ Mil S$ Mil
Cash Flows From Financing Activities
Proceeds from term loans 7,157.1 6,948.6

Repayment of term loans (6,983.1) (6,726.0)
Proceeds from bond issue 1,177.6 430.2
Repayment of bonds (1,139.1) (936.4)
Increase in finance lease liabilites 44.3 18.0
Finance lease payments (34.5) (46.3)
Net proceeds from/ (repayment of) borrowings 222.3 (311.9)
Final dividend paid to shareholders of the Company (1,746.7) (1,746.6)
Interim dividend paid to shareholders of the Company (1,109.9) (1,110.0)
Special dividend paid to shareholders of the Company - (489.7)
Net interest paid on borrowings and swaps (385.1) (379.9)
Settlement of swaps for bonds repaid (6.2) 61.4
Purchase of performance shares (25.6) (25.0)
Dividend paid to non-controlling interests (5.4) (5.4)
Others 1.1 (2.1)
Net cash used in financing activities (3,055.5) (4,009.2)
Net change in cash and cash equivalents (16.4) (4.7)

Exchange effects on cash and cash equivalents 4.2 (4.2)
Cash and cash equivalents at beginning of year 524.9 533.8
Cash and cash equivalents at end of year 15 512.7 524.9
Note 1: Investment in joint venture
Singtel acquired an additional 1.7% equity interest in Bharti Telecom Limited for S$539.4 million in the previous
financial year.
Note 2: Payment for acquisition of subsidiary
(a) On 28 December 2018, Singtel’s wholly-owned subsidiary, Optus Cyber Security Pty Limited, completed
the acquisition of 100% of shares in Hivint Pty Limited (“Hivint”), a cyber security consulting company in
Australia, for S$16.6 million (A$17 million). The fair values of identifiable net assets and the cash outflow on
the acquisition were as follows –
145
OVERVIEW
Note 2: Payment for acquisition of subsidiary (Cont’d)
BUSINESS REVIEWS
31 March 2019
S$ Mil
Cash and cash equivalents 2.2

Trade and other receivables 2.8
Total liabilities (3.5)
Net assets acquired 1.5

Goodwill 15.1
Total cash consideration 16.6

Less: Consideration unpaid as at 31 March 2019 (8.6)
Less: Cash and cash equivalents acquired (2.2)
Net outflow of cash 5.8
(b) The payment of S$336.5 million in the previous financial year was for the acquisition of Turn, Inc. by
Amobee, Inc. (“Amobee”), a wholly-owned subsidiary of the Group.
Note 3: Payment for acquisition of intangibles and other assets
On 22 August 2018, Amobee completed the acquisition of the technology platform, intellectual property and
certain other assets of Videology, Inc. and its subsidiaries for S$123.1 million (US$90 million). The fair values of
identifiable net assets and the cash outflow on the acquisition were as follows –
PERFORMANCE
31 March 2019
S$ Mil
Identifiable intangible assets 18.8

Non-current assets 0.1
Trade and other receivables 11.4
Total liabilities (2.0)
Net assets acquired 28.3

Goodwill 94.8
FINANCIALS
Net outflow of cash 123.1
Note 4: Investment in FVOCI investments
This included a payment of S$344.3 million (US$250 million) for Singtel’s acquisition of 5.7% equity interest in
Airtel Africa Limited on 24 October 2018.
Note 5: Proceeds from disposal of an associate, and repayment of loan by an associate

In the previous financial year, Singtel sold its 100% interest in NetLink Trust to NetLink NBN Trust for an aggregate
consideration of S$1.89 billion comprising a cash consideration of S$1.11 billion and 24.8% interest in NetLink NBN
Trust. In addition, a unitholder loan of S$1.10 billion was repaid by NetLink Trust to Singtel.

Notes to the Financial Statements
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL
Singtel is domiciled and incorporated in Singapore and is publicly traded on the Singapore Exchange. The address
of its registered office is 31 Exeter Road, Comcentre, Singapore 239732.
The principal activities of the Company consist of the operation and provision of telecommunications systems and
services, and investment holding. The principal activities of the significant subsidiaries are disclosed in Note 44.
In Singapore, the Group has the rights to provide fixed national and international telecommunications services to
31 March 2037, and public cellular mobile telephone services to 31 March 2032. In addition, the Group is licensed to
offer Internet services and has also obtained frequency spectrum and licence rights to install, operate and maintain
mobile communication systems and services including wireless broadband systems and services. The Group also
holds the requisite licence to provide nationwide subscription television services.
In Australia, Optus is granted telecommunication licences under the Telecommunications Act 1991. Pursuant to the
Telecommunications (Transitional Provisions and Consequential Amendments) Act 1997, the licences continued to
have effect after the deregulation of telecommunications in Australia in 1997. The licences do not have a finite term,
but are of continuing operation until cancelled under the Telecommunications Act 1997.
These financial statements were authorised and approved for issue in accordance with a Directors’ resolution
dated 14 May 2019.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Accounting
For all periods up to and including the financial year ended 31 March 2018, the financial statements were prepared
in accordance with Financial Reporting Standards in Singapore (“FRS”). With effect from 1 April 2018, the Group
adopted all applicable new and revised Singapore Financial Reporting Standards (International) (“SFRS(I)”) and
Interpretations of SFRS(I) on a mandatory basis. SFRS(I) are identical to the International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
The new accounting framework and standards have been retrospectively applied to the financial statements for
the previous financial year ended 31 March 2018 and the opening statement of financial position as at 1 April 2017.
These are the Group’s first set of financial statements prepared in accordance with SFRS(I), of which SFRS(I) 1,
First-time Adoption of Singapore Financial Reporting Standards (International) has been applied. The adoption
of SFRS(I) has no material effect on the financial statements prepared under FRS, except for SFRS(I) 1, SFRS(I) 9,
Financial Instruments, and SFRS(I) 15, Revenue from Contracts with Customers. The summarised impact of adopting
SFRS(I) 1, SFRS(I) 9 and SFRS(I) 15 for the previous financial year ended 31 March 2018, and as at 31 March 2018
and 1 April 2017, are shown in Note 42.
The financial statements have been prepared under the historical cost basis, except as disclosed in the accounting
policies below, and are drawn up in accordance with the provisions of the Singapore Companies Act and SFRS(I).
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The preparation of financial statements in conformity with SFRS(I) requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
147
OVERVIEW
2.1 Basis of Accounting (Cont’d)
BUSINESS REVIEWS
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected.
Critical accounting estimates and assumptions used that are significant to the financial statements, and areas
involving a higher degree of judgement are disclosed in Note 3.
2.2 Foreign Currencies
2.2.1 Functional and presentation currency

Items included in the financial statements of each entity in the Group are measured using the currency of the
primary economic environment in which the entity operates (the “functional currency”). The statement of financial
position and statement of changes in equity of the Company and consolidated financial statements of the Group
are presented in Singapore Dollar, which is the functional and presentation currency of the Company and the
presentation currency of the Group.
2.2.2 Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional
currency at the exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated
in foreign currencies at the end of the reporting period are translated at exchange rates ruling at that date. Foreign
exchange differences arising from translation are recognised in the income statement.
2.2.3 Translation of foreign operations’ financial statements
PERFORMANCE
In the preparation of the consolidated financial statements, the assets and liabilities of foreign operations are
translated to Singapore Dollar at exchange rates ruling at the end of the reporting period except for share capital
and reserves which are translated at historical rates of exchange (see below for translation of goodwill and fair
value adjustments).
Income and expenses in the consolidated income statement are translated using either the average exchange
rates for the month or year, which approximate the exchange rates at the dates of the transactions. All resulting
translation differences are taken directly to ‘Other Comprehensive Income’.
FINANCIALS
On loss of control of a subsidiary, loss of significant influence of an associate or loss of joint control of a joint venture,
the accumulated translation differences relating to that foreign operation are reclassified from equity to the
consolidated income statement as part of gain or loss on disposal.
On partial disposal where there is no loss of control of a subsidiary, the accumulated translation differences relating
to the disposal are reclassified to non-controlling interests. For partial disposals of associates or joint ventures,
the proportionate accumulated translation differences relating to the disposal are taken to the consolidated
income statement.
2.2.4 Translation of goodwill and fair value adjustments
Goodwill and fair value adjustments arising on the acquisition of foreign entities completed on or after 1 April 2005
are treated as assets and liabilities of the foreign entities and are recorded in the functional currencies of the foreign
entities and translated at the exchange rates prevailing at the end of the reporting period. However, for acquisitions
of foreign entities completed prior to 1 April 2005, goodwill and fair value adjustments continue to be recorded at the
exchange rates at the respective dates of the acquisitions.

2.2.5 Net investment in a foreign entity
The exchange differences on loans from the Company to its subsidiaries, associates or joint ventures which form
part of the Company’s net investment in the subsidiaries, associates or joint ventures are included in ‘Currency
Translation Reserve’ in the consolidated financial statements. On disposal of the foreign entity, the accumulated
exchange differences deferred in the ‘Currency Translation Reserve’ are reclassified to the consolidated income
statement in a similar manner as described in Note 2.2.3.
2.3 Cash and Cash Equivalents
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand,
balances with banks and fixed deposits with original maturity of mainly three months or less, net of bank overdrafts
which are repayable on demand and which form an integral part of the Group’s cash management.
Bank overdrafts are included under borrowings in the statement of financial position.
2.4 Contract Assets
Where revenue recognised for a customer contract exceeds the amount received or receivable from a customer, a
contract asset is recognised. Contract assets arise from bundled telecommunications contracts where equipment
delivered at a point in time are bundled with services delivered over time. Contract assets also arise from information
technology contracts where performance obligations are delivered over time (see Note 2.23). Contract assets are
transferred to trade receivables when the consideration for performance obligations are billed. Contract assets are
included in ‘Trade and other receivables’ under current assets as they are expected to be realised in the normal
operating cycle. Contract assets are subject to impairment review for credit risk in accordance with the expected
loss model.
2.5 Trade and Other Receivables
Trade and other receivables, including contract assets and receivables from subsidiaries, associates and joint
ventures, are initially recognised at fair values and subsequently measured at amortised cost using the effective
interest method, less an allowance for expected credit loss (“ECL”).
The Group applied the ‘simplified approach’ for determining the allowance for ECL for trade receivables and
contract assets, where lifetime ECL are recognised in the income statement at initial recognition of receivables
and updated at each reporting date. Lifetime ECL represents the expected credit losses that will result from all
possible default events over the expected life of the receivable. When determining the allowance for ECL, the Group
considers reasonable and supportable information that is relevant and available for customer types. This includes
both qualitative and quantitative information based on the Group’s historical experience and forward looking
information such as general economic factors as applicable. Loss events include financial difficulty or bankruptcy of
the debtor, significant delay in payments and breaches of contracts.
Trade and other receivables are written off against the allowance for ECL when there is no reasonable expectation
of recovery. Subsequent recoveries of amounts previously written off are recognised in the income statement.
2.6 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average
basis. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of
completion and selling expenses.
149
OVERVIEW
2.7 Contract Liabilities
BUSINESS REVIEWS
Where the amounts received or receivable from customers exceed the revenues recognised for contracts, contract
liabilities or advance billings are recognised in the statement of financial position. Contract liabilities or advance
billings are recognised as revenues when services are provided to customers.
2.8 Trade and Other Payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method.
2.9 Borrowings

Borrowings are initially recognised at fair value of the consideration received less directly attributable transaction
costs. After initial recognition, borrowings are subsequently stated at amortised cost using the effective interest
method.
2.10 Provisions
A provision is recognised when there is a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation. No provision is recognised for future
operating losses.
For information technology contracts, a provision for expected project loss is made when it is probable that total
contract costs will exceed total contract revenue.
PERFORMANCE
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
2.11 Contingencies
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Group; or a present obligation that arises from past events but is not recognised because it is not probable that
an outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the
obligation cannot be measured with sufficient reliability.
FINANCIALS
Contingent liabilities are not recognised on the statement of financial position of the Group, except for contingent
liabilities assumed in a business combination that are present obligations and for which fair values can be
reliably determined.
2.12 Group Accounting
The accounting policy for investments in subsidiaries, associates and joint ventures in the Company’s financial
statements is stated in Note 2.13. The Group’s accounting policy on goodwill is stated in Note 2.19.1.

2.12.1 Subsidiaries
Subsidiaries are entities (including structured entities) controlled by the Group. Control exists when the Group has
power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has
the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights
that give the Group the ability to direct activities that significantly affect the entity’s returns. The Group reassesses
whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the elements of control listed above. Subsidiaries are consolidated from the date that control commences until the
date that control ceases. All significant inter-company balances and transactions are eliminated on consolidation.
2.12.2 Associates
Associates are entities over which the Group has significant influence. Significant influence is the power to participate
in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method of
accounting. Equity accounting involves recording the investment in associates initially at cost, and recognising the
Group’s share of the post-acquisition results of associates in the consolidated income statement, and the Group’s
share of post-acquisition reserve movements in reserves. The cumulative post-acquisition movements are adjusted
against the carrying amount of the investments in the consolidated statement of financial position.
Where the Group’s interest in an associate reduces as a result of a deemed disposal, any gain or loss arising as a
result of the deemed disposal is taken to the consolidated income statement.
Where the Group increases its interest in its existing associate and it remains as an associate, the incremental cost of
investment is added to the existing carrying amount without considering the fair value of the associate’s identifiable
assets and liabilities.
In the consolidated statement of financial position, investments in associates include goodwill on acquisition
identified on acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is
assessed for impairment as part of the investment in associates.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including loans that
are in fact extensions of the Group’s investment, the Group does not recognise further losses, unless it has incurred
or guaranteed obligations in respect of the associate.
Unrealised gains resulting from transactions with associates are eliminated to the extent of the Group’s interest in
the associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there
is no evidence of impairment.
2.12.3 Joint ventures
Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have
rights to the net assets of the joint arrangements. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing the control.
The Group’s interest in joint ventures is accounted for in the consolidated financial statements using the equity
method of accounting.
Where the Group’s interest in a joint venture reduces as a result of a deemed disposal, any gain or loss arising as a
result of the deemed disposal is taken to the consolidated income statement.
151
OVERVIEW
2.12.3 Joint ventures (Cont’d)
BUSINESS REVIEWS
Where the Group increases its interest in its existing joint venture and it remains as a joint venture, the incremental
cost of investment is added to the existing carrying amount without considering the fair value of the joint venture’s
identifiable assets and liabilities.
In the consolidated statement of financial position, investments in joint ventures include goodwill on acquisition
identified on acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is
assessed for impairment as part of the investment in joint ventures.
The Group’s interest in its unincorporated joint operations is accounted for by recognising the Group’s assets and
liabilities from the joint operations, as well as expenses incurred by the Group and the Group’s share of income

earned from the joint operations, in the consolidated financial statements.
Unrealised gains resulting from transactions with joint ventures are eliminated to the extent of the Group’s interest
in the joint venture. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
2.12.4 Dividends from associates and joint ventures
Dividends are recognised when the Group’s rights to receive payment have been established. Dividends received
from an associate or joint venture in excess of the Group’s carrying value of the equity accounted investee are
recognised as dividend income in the consolidated income statement where there is no legal or constructive
obligation to refund the dividend nor is there any commitment to provide financial support to the investee. Equity
accounting is then suspended until the investee has made sufficient profits to cover the income previously recognised
for the excess cash distributions.
PERFORMANCE
2.12.5 Structured entity
The Trust has been consolidated in the consolidated financial statements under SFRS(I) 10, Consolidated
Financial Statements.
2.12.6 Business combinations
Business combinations are accounted for using the acquisition method on and after 1 April 2010. The consideration
for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred and equity
FINANCIALS
interests issued by the Group and any contingent consideration arrangement at acquisition date. Acquisition-
related costs, other than those associated with the issue of debt or equity, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise,
subsequent changes to the fair value of the contingent consideration are recognised in the consolidated income
statement.
For business combinations that are achieved in stages, any existing equity interests in the acquiree entity
are re-measured to their fair values at acquisition date and any changes are taken to the consolidated
income statement.

2.12.6 Business combinations (Cont’d)
Non-controlling interests in subsidiaries represent the equity in subsidiaries which are not attributable, directly
or indirectly, to the shareholders of the Company, and are presented separately in the consolidated statement
of comprehensive income, consolidated statement of changes in equity and within equity in the consolidated
statement of financial position. The Group elects for each individual business combination whether non-controlling
interests in the acquiree entity are recognised at fair value, or at the non-controlling interests’ proportionate
share of the fair value of the acquiree entity’s identifiable net assets, at the acquisition date.
Total comprehensive income is attributed to non-controlling interests based on their respective interests in a
subsidiary, even if this results in the non-controlling interests having a debit balance.
Changes in the Group’s interest in subsidiaries that do not result in loss of control are accounted for as
equity transactions.
When the Group loses control of a subsidiary, any interest retained in the former subsidiary is recorded at fair value
with the re-measurement gain or loss recognised in the consolidated income statement.
2.13 Investments in Subsidiaries, Associates and Joint Ventures
In the Company’s statement of financial position, investments in subsidiaries, associates and joint ventures, including
loans that meet the definition of equity instruments, are stated at cost less accumulated impairment losses. Where
an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately
to its recoverable value. On disposal of investments in subsidiaries, associates and joint ventures, the difference
between the net disposal proceeds and the carrying amount of the investment is recognised in the income statement
of the Company.
2.14 Fair Value Through Other Comprehensive Income (“FVOCI”) investments
On initial recognition, the Group has made an irrevocable election to designate all equity investments (other than
investments in subsidiaries, associates or joint ventures) as FVOCI investments as these are strategic investments
held for the long term. They are initially recognised at fair value plus directly attributable transaction costs,
with subsequent changes in fair value and translation differences recognised in ‘Other Comprehensive Income’
and accumulated within ‘Fair Value Reserve’ in equity. Upon disposal, the gain or loss accumulated in equity is
transferred to retained earnings and is not reclassified to the income statement. Dividends are recognised in the
income statement when the Group’s right to receive payments is established.
Purchases and sales of investments are recognised on trade date, which is the date that the Group commits to
purchase or sell the investment.
2.15 Derivative Financial Instruments and Hedging Activities
The Group enters into the following derivative financial instruments to hedge its risks, namely –
Cross currency swaps and interest rate swaps as fair value hedges for interest rate risk and cash flow hedges
for currency risk arising from the Group’s issued bonds. The swaps involve the exchange of principal and
floating or fixed interest receipts in the foreign currency in which the issued bonds are denominated, for
principal and floating or fixed interest payments in the entities’ functional currencies.
Forward foreign exchange contracts as cash flow hedges for the Group’s exposure to foreign currency
exchange risks arising from forecasted or committed expenditure.
153
OVERVIEW
2.15 Derivative Financial Instruments and Hedging Activities (Cont’d)
BUSINESS REVIEWS
Derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered
into and are subsequently re-measured at their fair values at the end of each reporting period.
A derivative financial instrument is carried as an asset when the fair value is positive and as a liability when the fair
value is negative.
Any gains or losses arising from changes in fair value are recognised immediately in the income statement, unless
they qualify for hedge accounting.
2.15.1 Hedge accounting

At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument
and the hedged item, along with the risk management objectives and strategy for undertaking various hedge
transactions. At inception and on an ongoing basis, the Group documents whether the hedging instrument is
effective in offsetting the changes in fair values or cash flows of the hedged item attributable to the hedged risk. To
be effective, the hedging relationships are to meet all of the following requirements:
(i) there is an economic relationship between the hedged item and the hedging instrument;
(ii) the effect of credit risk does not dominate the fair value changes that result from that economic relationship;
and
(iii) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item
that the Group hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity
of the hedged item.
PERFORMANCE
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge
ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
The Group designates the full change in the fair value of a forward currency contract (i.e. including the forwards
elements) as the hedged risk for all its hedging relationships involving forward currency contracts.
Note 18.1 sets out the details of the fair values of the derivative instruments used for hedging purposes.
FINANCIALS
Fair value hedge
Designated derivative financial instruments that qualify for fair value hedge accounting are initially recognised
at fair value on the date that the contract is entered into. Changes in fair value of derivatives are recorded in the
income statement together with any changes in the fair value of the hedged items that are attributable to the
hedged risks.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no
longer qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the
hedged risk is amortised in the income statement from that date.

2.15.1 Hedge accounting (Cont’d)
Cash flow hedge
The effective portion of changes in the fair value of the designated derivative financial instruments that qualify
as cash flow hedges are recognised in ‘Other Comprehensive Income’. The gain or loss relating to the ineffective
portion is recognised immediately in the income statement. Amounts accumulated in the ‘Hedging Reserve’ within
equity are transferred to the income statement in the periods when the hedged items affect the income statement.
However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial
liability, the gain or loss previously recognised in ‘Other Comprehensive Income’ and accumulated in equity are
removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial
liability. This transfer does not affect ‘Other Comprehensive Income’. Furthermore, if the Group expects some or all the
loss accumulated in ‘Other Comprehensive Income’ will not be recovered in the future, that amount is immediately
reclassified to the income statement.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no
longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity
and is transferred to the income statement when the forecast transaction is recognised in the income statement.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity
is recognised immediately in the income statement.
2.16 Fair Value Estimation of Financial Instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability which market participants would take into account when
pricing the asset or liability at the measurement date.
The following methods and assumptions are used to estimate the fair value of each class of financial instrument –
Bank balances, receivables and payables, current borrowings
The carrying amounts approximate fair values due to the relatively short maturity of these instruments.
Quoted and unquoted investments
The fair values of investments traded in active markets are based on the market quoted price or the price quoted by
the market maker at the close of business at the end of the reporting period.
The fair values of unquoted investments are determined primarily using recent arm’s length transactions.
Cross currency and interest rate swaps
The fair value of a cross currency or an interest rate swap is the estimated amount that the swap contract can be
exchanged for or settled with under normal market conditions. This fair value can be estimated using the discounted
cash flow method where the future cash flows of the swap contract are discounted at the prevailing market foreign
exchange rates and interest rates. Market interest rates are actively quoted interest rates or interest rates computed
by applying techniques to these actively quoted interest rates.
155
OVERVIEW
2.16 Fair Value Estimation of Financial Instruments (Cont’d)
BUSINESS REVIEWS
Forward foreign currency contracts
The fair value of forward foreign exchange contracts is determined using forward exchange market rates for
contracts with similar maturity profiles at the end of the reporting period.
Non-current borrowings
For disclosure purposes, the fair values of non-current borrowings which are traded in active markets are based on
the quoted market ask price. For other non-current borrowings, the fair values are based on valuations provided by
service providers or estimated by discounting the future contractual cash flows using discount rates based on the

borrowing rates which the Group expects would be available at the end of the reporting period.
2.17 Financial Guarantee Contracts
Financial guarantees issued by the Company prior to 1 April 2010 are recorded initially at fair values plus transaction
costs and amortised in the income statement over the period of the guarantee. Financial guarantees issued by the
Company on or after 1 April 2010 are directly charged to the subsidiary as guarantee fees based on fair values.
2.18 Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses, where applicable. The cost of self-constructed assets includes the cost of material, direct labour, capitalised
borrowing costs and an appropriate proportion of production overheads.
Depreciation is calculated on a straight-line basis to write off the cost of the property, plant and equipment over its
PERFORMANCE
expected useful life. Property, plant and equipment under finance lease is depreciated over the shorter of the lease
term or useful life.
The estimated useful lives are as follows –
No. of years
Buildings 5 - 40
Transmission plant and equipment 5 - 25
Switching equipment 3 - 15
FINANCIALS
Other plant and equipment 2 - 20
Other plant and equipment consist mainly of finance-leased handsets, motor vehicles, office equipment, and
furniture and fittings.
No depreciation is provided on freehold land, long-term leasehold land with a remaining lease period of more
than 100 years and capital work-in-progress. Leasehold land with a remaining lease period of 100 years or less is
depreciated in equal instalments over its remaining lease period.
In respect of capital work-in-progress, assets are depreciated from the month the asset is completed and ready
for use.

2.18 Property, Plant and Equipment (Cont’d)
Costs of computer software which are an integral part of the related hardware are capitalised and recognised as
assets and included in property, plant and equipment when it is probable that the costs will generate economic
benefits beyond one year and the costs are associated with identifiable software products which can be reliably
measured by the Group.
The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the
items. Dismantlement, removal or restoration costs are included as part of the cost if the obligation for dismantlement,
removal or restoration is incurred as a consequence of acquiring or using the asset. Costs may also include transfers
from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant
and equipment. Subsequent expenditure is included in the carrying amount of an asset when it is probable that
future economic benefits, in excess of the originally assessed standard of performance of the existing asset, will flow
to the Group.
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at
the end of each reporting period.
On disposal of property, plant and equipment, the difference between the disposal proceeds and its carrying value
is taken to the income statement.
2.19 Intangible Assets
2.19.1 Goodwill
Goodwill on acquisition of subsidiaries on and after 1 April 2010 represents the excess of the consideration transferred,
the recognised amount of any non-controlling interest in the acquiree entity and the fair value of any previous
equity interest in the acquiree entity over the fair value of the net identifiable assets acquired, including contingent
liabilities, at the acquisition date. Such goodwill is recognised separately as intangible asset and stated at cost less
accumulated impairment losses.
Acquisitions completed prior to 1 April 2001
Goodwill on acquisitions of subsidiaries, associates and joint ventures completed prior to 1 April 2001 had been
adjusted in full against ‘Other Reserves’ within equity. Such goodwill has not been retrospectively capitalised
and amortised.
The Group also had acquisitions where the costs of acquisition were less than the fair value of identifiable net assets
acquired. Such differences (negative goodwill) were adjusted against ‘Other Reserves’ in the year of acquisition.
Goodwill which has been previously taken to ‘Other Reserves’, is not taken to the consolidated income statement
when the entity is disposed of or when the goodwill is impaired.
Acquisitions completed on or after 1 April 2001
Prior to 1 April 2004, goodwill on acquisitions of subsidiaries, associates and joint ventures completed on or after
1 April 2001 was capitalised and amortised on a straight-line basis in the consolidated income statement over its
estimated useful life of up to 20 years. In addition, goodwill was assessed for indications of impairment at the end of
each reporting period.
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OVERVIEW
2.19.1 Goodwill (Cont’d)
BUSINESS REVIEWS
Since 1 April 2004, goodwill is no longer amortised but is tested annually for impairment or whenever there is an
indication of impairment (see Note 2.20). The accumulated amortisation for goodwill as at 1 April 2004 had been
eliminated with a corresponding decrease in the capitalised goodwill.
A bargain purchase gain is recognised directly in the consolidated income statement.
Gains or losses on disposal of subsidiaries, associates and joint ventures include the carrying amount of capitalised
goodwill relating to the entity sold.
2.19.2 Other intangible assets

Expenditure on telecommunication and spectrum licences are capitalised and amortised using the straight-line
method over their estimated useful lives of 11 to 16 years.
Other intangible assets which are acquired in business combinations are carried at fair values at the date of
acquisition, and amortised on a straight-line basis over the period of the expected benefits. Customer relationships
or customer contracts, brand, and technology have estimated useful lives of 4 to 10 years. Other intangible assets
are stated at cost less accumulated amortisation and accumulated impairment losses.
2.20 Impairment of Non-Financial Assets
Goodwill on acquisition of subsidiaries is subject to an annual impairment test or is more frequently tested for
impairment if events or changes in circumstances indicate that it might be impaired. Goodwill is not amortised
(see Note 2.19.1).
PERFORMANCE
Other intangible assets of the Group, which have finite useful lives and are subject to amortisation, as well as
property, plant and equipment and investments in subsidiaries, associates and joint ventures, are reviewed at the
end of each reporting period to determine whether there is any indicator for impairment, or whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists,
the assets’ recoverable amounts are estimated.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units).
FINANCIALS
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and its value-in-use.
An impairment loss for an asset, other than goodwill on acquisition of subsidiaries, is reversed if, and only if, there
has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss
was recognised. Impairment loss on goodwill on acquisition of subsidiaries is not reversed.
2.21 Non-current Assets (or Disposal Groups) Held For Sale

Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of their carrying
amounts and fair value less costs to sell if their carrying amounts are recovered principally through sale transactions
rather than through continuing use.

2.22 Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new equity shares
are taken to equity as a deduction, net of tax, from the proceeds.
When the Company purchases its own equity share capital, the consideration paid, including any directly attributable
costs, is recognised as ‘Treasury Shares’ within equity. When the shares are subsequently disposed, the realised
gains or losses on disposal of the treasury shares are included in ‘Other Reserves’ of the Company.
The Trust acquires shares in the Company from the open market for delivery to employees upon vesting of
performance shares awarded under Singtel performance share plans. Such shares are designated as ‘Treasury
Shares’. In the consolidated financial statements, the cost of unvested shares, including directly attributable costs, is
recognised as ‘Treasury Shares’ within equity.
Upon vesting of the performance shares, the weighted average costs of the shares delivered to employees, whether
held by the Company or the Trust, are transferred to ‘Capital Reserve’ within equity in the financial statements.
2.23 Revenue Recognition
Revenue is recognised when the Group satisfies a performance obligation by transferring control of a promised
good or service to the customer. It is measured based on the amount of the transaction price allocated to the
satisfied performance obligation, and are net of goods and services tax, rebates, discounts and sales within
the Group.
Revenue from service contracts (e.g. telecommunications or pay TV) are recognised ratably over the contract
periods as control over the services passes to the customers as services are provided. Service revenue is also
recognised based on usage (e.g. minutes of traffic/ bytes of data).
For prepaid cards which have been sold, revenue is recognised based on usage. A contract liability is recognised for
advance payments received from customers where services have not been rendered as at the end of the reporting
period. Expenses directly attributable to the unearned revenue are deferred until the revenue is recognised.
Revenue from the sale of equipment (primarily handsets and accessories) is recognised upon the transfer of control
to the customer or third party dealer which generally coincides with delivery and acceptance of the equipment sold.
Goods and services deliverable under bundled telecommunication contracts are identified as separate performance
obligations to the extent that the customer can benefit from the goods or services on their own. The transaction
price is allocated between goods and services based on their relative standalone selling prices. Standalone
selling prices are determined by assessing prices paid for standalone equipment and for service-only contracts
(e.g. arrangements where customers bring their own equipment). Where standalone selling prices are not directly
observable, estimation techniques are used.
Contracts with customers generally do not include a material right. In cases where material rights are granted such
as the award of mobile price plan discount vouchers, a portion of the transaction price is deferred as a contract
liability (see Note 2.7) and is not recognised as revenue until this additional performance obligation has been
satisfied or has lapsed.
Incentives given to customers are recognised as a reduction from revenue in accordance with the specific terms
and conditions of each contract.
159
OVERVIEW
2.23 Revenue Recognition (Cont’d)
BUSINESS REVIEWS
Non-refundable, upfront service activation and setup fees associated with service arrangements are deferred and
recognised over the associated service contract period or customer life.
The Group may exchange network capacity with other capacity or service providers. The exchange is regarded as a
transaction which generates revenue unless the transaction lacks commercial substance or the fair value of neither
the capacity received nor the capacity given up is reliably measurable.
When the Group has control of goods or services prior to delivery to a customer, the Group is the principal in the sale
to the customer. If another party has control of goods and services prior to transfer to a customer, then the Group is
acting as an agent for the other party and revenue is recognised net of any related payments. The Group typically

acts as an agent for digital mobile content such as music and video.
For information technology projects, revenue is recognised over time based on the cost-to-cost method, i.e. based
on the proportion of contract costs incurred for work performed to date relative to the estimated total contract
costs, while invoicing is typically based on milestones. A contract asset is recognised for work performed. Any
amount previously recognised as a contract asset is transferred to trade receivable upon invoicing to the customer.
If the milestone payment exceeds the revenue recognised to date, then the Group recognises a contract liability
for the difference.
Revenues from sale of perpetual software licences and the related hardware are recognised when title passes to
the customer, generally upon delivery.
Revenues from digital advertising services and solutions are recognised when advertising services are delivered,
and when digital advertising impressions are delivered or click-throughs occur. Revenue from sale of advertising
space is recognised when the advertising space is filled and sold to customers. The Group is generally the principal
PERFORMANCE
in transactions carried out through Amobee’s advertising platforms and therefore reports gross revenue based on
the amount billed to customers.
Dividend income is recorded gross in the income statement when the right to receive payment is established.
Interest income is recognised on a time proportion basis using the effective interest method.
Revenue recognition for leases is described in Note 2.24.2.
FINANCIALS
2.24 Leases
2.24.1 Where the Group is the lessee
Operating leases
Leases where substantially all the risks and rewards of ownership are not transferred to the Group are classified as
operating leases. Operating lease payments are recognised as operating expenses in the income statement on a
straight-line basis over the lease term.

2.24.1 Where the Group is the lessee (Cont’d)
Finance leases
Finance leases are those leasing agreements which effectively transfer substantially all the risks and benefits
incidental to ownership of the leased items to the Group. Assets financed under such leases are treated as if they
had been purchased outright at the lower of fair value and present value of the minimum lease payments. The
liabilities to the lessor are recognised as finance lease obligations in the statement of financial position. Lease
payments are apportioned between finance expenses and reduction of the lease liability to achieve a constant
periodic rate of interest on the remaining balance of the liability.
2.24.2 Where the Group is the lessor
Operating leases
Leases where the Group retains substantially all the risks and rewards of ownership of the assets are classified as
operating leases.
Income from operating leases are recognised on a straight-line basis over the lease terms as the entitlement to the
fees accrues. The leased assets are included in the statement of financial position as property, plant and equipment.
Finance leases
Leases of assets where substantially all the risks and rewards incidental to ownership of the assets are transferred
by the Group to the lessees are classified as finance leases. Receivables under finance leases are presented in the
statement of financial position at an amount equal to the net investment in the leases and the leased assets are
derecognised. Finance income is allocated using a constant periodic rate of return on the net investment over the
lease term.
Sales of network capacity are accounted as finance leases where –
(i) the purchaser’s right of use is exclusive and irrevocable;

(ii) the asset is specific and separable;
(iii) the terms of the contract are for the major part of the asset’s economic useful life;
(iv) the attributable costs or carrying value can be measured reliably; and
(v) no significant risks are retained by the Group.
2.24.3 Gains or losses from sale and leaseback
Gains on sale and leaseback transactions resulting in finance leases are deferred and amortised over the lease term
on a straight-line basis, while losses are recognised immediately in the income statement.
Gains and losses on sale and leaseback transactions established at fair value which resulted in operating leases are
recognised immediately in the income statement.
2.25 Contract Costs
Sales commission and the costs of customer premise equipment directly attributable to obtaining and fulfilling a
customer’s contract are capitalised in the statement of financial position and amortised as operating expenses over
the contract period or expected customer relationship period.
161
OVERVIEW
2.25 Contract Costs (Cont’d)
BUSINESS REVIEWS
Costs to obtain contracts in the form of handset subsidies given to mobile customers via indirect channels are also
capitalised in the statement of financial position but are amortised as a reduction of mobile service revenue over the
contract period or expected customer relationship period. The contract period or expected customer relationship
period typically ranges from 1 year to 2 years.
Capitalised contract costs are included in ‘Other Assets’ under non-current assets.
2.26 Employees’ Benefits
2.26.1 Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions
into separate entities such as the Central Provident Fund. The Group has no legal or constructive obligation to
pay further contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to
employee services in the current and preceding financial years.
The Group’s contributions to the defined contribution plans are recognised in the income statement as expenses in
the financial year to which they relate.
2.26.2 Employees’ leave entitlements
Employees’ entitlements to annual leave and long service leave are recognised when they accrue to employees.
A provision is made for the estimated liability of annual leave and long service leave as a result of services rendered
by employees up to the end of the reporting period.
PERFORMANCE
2.26.3 Share-based compensation
Performance shares and share options

The performance share plans of the Group are accounted for either as equity-settled share-based payments or
cash-settled share-based payments. The share option plans of the subsidiaries are accounted for as equity-settled
share-based payments.
Equity-settled share-based payments are measured at fair value at the date of grant, whereas cash-settled share-
based payments are measured at current fair value at the end of each reporting period. The share-based payment
FINANCIALS
expense is amortised and recognised in the income statement on a straight-line basis over the vesting period.
At the end of each reporting period, the Group revises its estimates of the number of equity instruments that the
participants are expected to receive based on non-market vesting conditions. The difference is charged or credited
to the income statement, with a corresponding adjustment to equity or liability for equity-settled and cash-settled
share-based payments respectively.
The dilutive effects of the Singtel performance share plans are reflected as additional share dilution in the
computation of diluted earnings per share.

2.27 Borrowing Costs
Borrowing costs comprise interest, amortisation of discounts or premiums relating to borrowings, amortisation of
ancillary costs incurred in arranging the borrowings, and finance lease charges. Borrowing costs are generally
expensed as incurred, except to the extent that they are capitalised if they are directly attributable to the acquisition,
construction, or production of a qualifying asset.
2.28 Pre-incorporation Expenses
Pre-incorporation expenses are expensed as incurred.
2.29 Government Grants
Grants in recognition of specific expenses are recognised in the income statement over the periods necessary to
match them with the relevant expenses they are intended to compensate. Grants related to depreciable assets are
deferred and recognised in the income statement over the period in which such assets are depreciated and used in
the projects subsidised by the grants.
2.30 Income Tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in the income
statement except to the extent that it relates to a business combination, or items recognised directly in equity or in
‘Other Comprehensive Income’.
The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income
statement as it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax
rates (and tax laws) that have been enacted or substantively enacted in countries where the Company and its
subsidiaries operate, at the end of the reporting period.
Deferred taxation is provided in full, using the liability method, on all temporary differences at the end of the reporting
period between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction affects neither accounting nor taxable profit/ loss, it is
not recognised. Deferred income tax is also not recognised for goodwill which is not deductible for tax purposes.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates (and tax laws) enacted or substantively enacted in countries where
the Company and its subsidiaries operate, at the end of the reporting period.
Deferred tax liabilities are provided on all taxable temporary differences arising on investments in subsidiaries,
associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled
and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences and carry forward of unutilised tax
losses, to the extent that it is probable that future taxable profit will be available against which the deductible
temporary differences and carry forward of unused losses can be utilised.
163
OVERVIEW
2.30 Income Tax (Cont’d)
BUSINESS REVIEWS
At the end of each reporting period, the Group re-assesses unrecognised deferred tax assets and the carrying
amount of deferred tax assets. The Group recognises a previously unrecognised deferred tax asset to the extent
that it is probable that future taxable profit will allow the deferred tax asset to be recovered. The Group conversely
reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient future
taxable profit will be available to allow the benefit of all or part of the deferred tax asset to be utilised.
Current and deferred tax are charged or credited directly to equity if the tax relates to items that are credited or
charged, in the same or different period, directly to equity.
2.31 Dividends

Interim and special dividends are recorded in the financial year in which they are declared payable. Final dividends
are recorded in the financial year in which the dividends are approved by the shareholders.
2.32 Segment Reporting
An operating segment is identified as the component of the Group that is regularly reviewed by the chief operating
decision maker in order to allocate resources to the segment and to assess its performance.
2.33 Exceptional Items
Exceptional items refer to items of income or expense within the income statement from ordinary activities that are
of such size, nature or incidence that their separate disclosure is considered necessary to explain the performance
for the financial year.
PERFORMANCE
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom be equal to the future actual results. As accounting standards are principles-based,
professional judgement is required under certain circumstances. The estimates, assumptions and judgements
that bear a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are
discussed below.
FINANCIALS
3.1 Impairment Reviews
The accounting policies for impairment of non-financial assets are stated in Note 2.20.
During an impairment review, the Group assesses whether the carrying amount of an asset or cash-generating
unit exceeds its recoverable amount. Recoverable amount is defined as the higher of an asset’s or cash-generating
unit’s fair value less costs to sell and its value-in-use. In making this judgement, the Group evaluates the value-in-
use which is supported by the net present value of future cash flows derived from such assets or cash-generating
units using cash flow projections which have been discounted at an appropriate rate. Forecasts of future cash
flows are based on the Group’s estimates using historical, sector and industry trends, general market and
economic conditions, changes in technology and other available information.

3.1 Impairment Reviews (Cont’d)
Goodwill recorded by associates and joint ventures is required to be tested for impairment at least annually. The
impairment assessment requires the exercise of significant judgement about future market conditions, including
growth rates and discount rates applicable in a number of markets where the associates and joint ventures operate.
The assumptions used by management to determine the value-in-use calculations of goodwill on acquisition
of subsidiaries are disclosed in Note 24. The carrying values of joint ventures and associates including goodwill
capitalised are stated in Note 22 and Note 23 respectively.
3.2 Expected Credit Loss (“ECL”) of Receivables
At each reporting date, the Group assesses whether trade and other receivables are credit-impaired. The
allowance for ECL is based on management’s assessment of the collectability of individual customer accounts
taking into consideration the credit worthiness and financial condition of those customers. The Group also records
an allowance for all other receivables based on management’s collective assessment of their collectability taking
into consideration multiple factors including historical experience of credit losses, forward looking information as
applicable and the aging of the receivables with allowances generally increasing as the receivable ages. If there
is a deterioration of customers’ financial condition or if future default rates in general differ from those currently
anticipated, the Group may have to adjust the allowance for credit losses, which would affect earnings in the
period that adjustments are made.
The exposure to credit risk for receivables is disclosed in Note 16.
3.3 Estimated Useful Lives of Property, Plant and Equipment
Property, plant and equipment balances represent a significant component of the Group’s assets. Property, plant
and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the
assets. The Group reviews the estimated useful lives of property, plant and equipment on an annual basis based on
factors such as business plans and strategies, expected level of usage and future technological developments. It is
possible that future results of operations could be materially affected by changes in these estimates brought about
by changes in the factors mentioned above. A reduction in the estimated useful lives would increase the recorded
depreciation and decrease the carrying value of property, plant and equipment.
3.4 Taxation
3.4.1 Deferred tax asset
The Group reviews the carrying amount of deferred tax assets at each reporting date. A deferred tax asset is
recognised to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilised. This involves judgement regarding the future financial performance of the particular
legal entity or tax group for which the deferred tax asset has been recognised.
3.4.2 Income taxes
The Group is subject to income taxes in numerous jurisdictions. Judgement is involved in determining the group-wide
provision for income taxes. There are certain transactions and computations for which the ultimate tax determination
is uncertain during the ordinary course of business, including the tax matters disclosed in Note 40(b). The Group
recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the
final outcome of these matters is different from the amounts that were initially recognised, such differences will
impact the income tax and deferred tax provisions in the period in which such determination is made.
165
OVERVIEW
3.5 Fair values of derivative financial instruments
BUSINESS REVIEWS
The Group uses valuation techniques to determine the fair values of financial instruments. The valuation techniques
used for different financial instruments are selected to reflect how the market would be expected to price the
instruments, using inputs that reasonably reflect the risk-return factors inherent in the instruments. Depending upon
the characteristics of the financial instruments, observable market factors are available for use in most valuations,
while others involve a greater degree of judgment and estimation.
3.6 Share-based Payments
Equity-settled share-based payments are measured at fair value at the date of grant, whereas cash-settled share-
based payments are measured at current fair value at the end of each reporting period. In addition, the Group

revises the estimated number of equity instruments that participants are expected to receive based on non-market
vesting conditions at the end of each reporting period.
The Group uses expert valuation services to determine the fair values. The assumptions of the valuation model used
to determine fair values are set out in Note 5.3.
3.7 Contingent Liabilities
The Group consults with its legal counsel on matters related to litigation, and other experts both within and
outside the Group with respect to matters in the ordinary course of business. As at 31 March 2019, the Group was
involved in various legal proceedings where it has been vigorously defending its claims as disclosed in Note 40.
Assessment on whether the risk of loss is remote, possible or probable requires significant judgement given the
complexities involved.
The Group’s associates and joint ventures also report significant contingent liabilities. The significant contingent
PERFORMANCE
liabilities of the Group’s associates and joint ventures are disclosed in Note 41.
3.8 Revenue Recognition
The accounting policies for revenue recognition are stated in Note 2.23.
The application of SFRS(I) 15 requires the Group to exercise judgement in identifying distinct or non-distinct
performance obligations. For bundled telecommunications contracts, the Group is required to estimate the
standalone selling prices of performance obligations, which materially impacts the allocation of revenue between
FINANCIALS
performance obligations. Where the Group does not sell equivalent goods or services in similar circumstances on a
standalone basis, it is necessary to estimate the standalone selling price. Changes in estimates of standalone selling
prices can significantly influence the allocation of the transaction price between performance obligations. When
estimating the standalone selling price, the Group maximises the use of observable inputs.
The assessment of whether the Group presents operating revenue as the principal, or net after deduction of costs as
an agent, is a matter of judgement which requires an analysis of both the legal form and the substance of contracts.
Depending on the conclusion reached, there may be material differences in the amounts of revenues and expenses,
though there is no impact on profit.

4. OPERATING REVENUE
Group
2019 2018
S$ Mil S$ Mil
Mobile service (1) 5,395.7 5,737.3

Sale of equipment 2,876.7 2,414.5
Handset operating lease income 140.5 25.2
Mobile 8,412.9 8,177.0
Data and Internet 3,340.9 3,435.7
Business solutions 604.1 560.7
Cyber security 548.7 527.1
Other managed services 1,880.8 1,920.0
Infocomm Technology (“ICT”) (2) 3,033.6 3,007.8
Digital businesses (3) 1,245.3 1,113.1
Fixed voice 899.0 1,084.3
Pay television 372.7 369.4
Others (4) 67.3 80.7
Operating revenue 17,371.7 17,268.0
Operating revenue 17,371.7 17,268.0
Other income 224.7 258.8
Interest and investment income (see Note 10) 38.1 45.5
Total 17,634.5 17,572.3
Notes:
(1)
Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile
Virtual Network Operators) and mobile content services such as music and video.
(2)
Includes equipment sales related to ICT services.
(3)
Mainly from provisions of digital marketing and advertising services and regional premium OTT video.
(4)
Includes energy reselling fees.
As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services
rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over
the next 5 years.
Service contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically
range from 1 to 3 years.
5. OPERATING EXPENSES
Group
2019 2018
S$ Mil S$ Mil
Cost of equipment sold (1) 3,106.1 2,696.7

Other cost of sales 2,767.1 2,499.2
Staff costs 2,597.3 2,760.1
Selling and administrative costs (2) 2,472.6 2,536.6
Traffic expenses 1,573.4 1,615.8
Repair and maintenance 388.0 367.9
12,904.5 12,476.3
Notes:
(1)
Includes equipment costs related to ICT services.
(2)
Includes supplies and services, as well as rentals of properties and mobile base stations.
167
OVERVIEW
5.1 Staff Costs
BUSINESS REVIEWS
Group
2019 2018
S$ Mil S$ Mil
Staff costs included the following –

Contributions to defined contribution plans 225.1 237.3
Performance share and share option expenses
- equity-settled arrangements 38.0 32.7
- cash-settled arrangements 3.3 1.9

5.2 Key Management Personnel Compensation
Group
2019 2018
S$ Mil S$ Mil
Key management personnel compensation (1)

Executive director (2) 3.5 6.1
Other key management personnel (3) 15.9 22.4
19.4 28.5
Directors’ remuneration (4) 2.7 2.5
22.1 31.0
Notes:
(1)
Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option
expenses disclosed below.
PERFORMANCE
(2)
The Group Chief Executive Officer, an executive director of Singtel, was awarded up to 1,030,168 (2018: 1,712,538) ordinary shares of Singtel pursuant
to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share
award in the previous financial year included a one-off Special Share Award (“SSA”). The performance share expense computed in accordance with
SFRS(I) 2, Share-based Payment, was S$1.5 million (2018: S$3.3 million).
(3)
The other key management personnel of the Group comprise the Chief Executive Officers of Consumer Singapore, Consumer Australia, Group
Enterprise, Group Digital Life and International Group, as well as the Group Chief Corporate Officer, Group Chief Financial Officer, Group Chief Human
Resources Officer, Group Chief Information Officer and Group Chief Technology Officer.
The other key management personnel were awarded up to 3,537,119 (2018: 4,391,498) ordinary shares of Singtel pursuant to Singtel performance share
plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial
year included a one-off SSA. The performance share expense computed in accordance with SFRS(I) 2 was S$6.1 million (2018: S$8.5 million).
(4)
Directors’ remuneration comprises the following:
(i) Directors’ fees of S$2.7 million (2018: S$2.5 million), including fees paid to certain directors in their capacities as members of the Optus Advisory
Committee and the Technology Advisory Panel, and as director of Singtel Innov8 Pte. Ltd.
(ii) Car-related benefits of the Chairman of S$24,557 (2018: S$20,446).
FINANCIALS
In addition to the Directors’ remuneration, Venkataraman Vishnampet Ganesan, a non-executive director of Singtel, was awarded 831,087 (2018: Nil)
of share options pursuant to the Amobee Long-Term Incentive Plan during the financial year, subject to certain terms and conditions being met.
The share option expense computed in accordance with SFRS(I) 2 was S$104,278 (2018: S$21,607).
5.3 Share-based Payments
5.3.1 Performance share plans
With effect from 1 April 2012, Restricted Share Awards and Performance Share Awards are given to selected
employees of Singtel and its subsidiaries. The awards are conditional upon the achievement of predetermined
performance targets or vesting conditions over the performance period, which is two years for the Restricted
Share Awards and three years for the Performance Share Awards. Both awards are generally settled by delivery of
Singtel shares, with the awards for certain senior executives to be settled by Singtel shares or cash, at the option of
the recipient.

5.3.1 Performance share plans (Cont’d)
Additionally, early vesting of the performance shares can also occur under special circumstances approved by
the Executive Resource and Compensation Committee such as retirement, redundancy, illness and death while in
employment.
Though the performance shares are awarded by Singtel, the respective subsidiaries bear all costs and expenses in
any way arising out of, or connected with, the grant and vesting of the awards to their employees.
The fair values of the performance shares are estimated using a Monte-Carlo simulation methodology at the
measurement dates, which are the grant value dates for equity-settled awards, and at the end of the reporting
period for cash-settled awards.
In recognition of the value created from the development and operation of Singapore’s nationwide fibre network
infrastructure and the successful IPO of NetLink NBN Trust in July 2017, Senior Management received a one-off
Special Share Award in July 2018.
Restricted Share Awards
The movements of the number of performance shares for the Restricted Share Awards during the financial year
were as follows –
Outstanding Awarded Outstanding

as at from targets as at
Group and Company 1 April 2018 Granted exceeded Vested Cancelled 31 March 2019
2019 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2016 (1)
17 June 2015 2,187 - - (2,166) (21) -
September 2015 to March 2016 20 - - (20) - -
FY2017
20 June 2016 4,911 - 1,748 (3,401) (206) 3,052
September 2016 to March 2017 20 - 8 (14) - 14
FY2018
19 June 2017 7,293 - - (201) (474) 6,618
September 2017 to March 2018 314 - - - (80) 234
FY2019
19 June 2018 - 9,529 - (17) (692) 8,820
September 2018 to March 2019 - 306 - - - 306
14,745 9,835 1,756 (5,819) (1,473) 19,044
Note:
(1)
“FY2016” denotes financial year ended 31 March 2016.
169
OVERVIEW
BUSINESS REVIEWS
Outstanding Awarded Outstanding
as at from targets as at
Group and Company 1 April 2017 Granted exceeded Vested Cancelled 31 March 2018
2018 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2015
23 June 2014 2,707 - - (2,690) (17) -
September 2014 to March 2015 9 - - (9) - -

FY2016
17 June 2015 3,679 - 1,094 (2,406) (180) 2,187
September 2015 to March 2016 30 - 10 (20) - 20
FY2017
20 June 2016 5,319 - 1 (67) (342) 4,911
September 2016 to March 2017 87 - - (67) - 20
FY2018
19 June 2017 - 7,701 - (15) (393) 7,293
September 2017 to March 2018 - 314 - - - 314
11,831 8,015 1,105 (5,274) (932) 14,745
PERFORMANCE
The fair values of the Restricted Share Awards and the assumptions of the fair value model for the grants were
as follows –
Date of grant
Equity-settled 20 June 2016 19 June 2017 19 June 2018
Fair value at grant date S$3.46 S$3.34 S$2.85
Assumptions under Monte-Carlo Model

Expected volatility
FINANCIALS
Singtel 15.6% 14.3% 14.6%
MSCI Asia Pacific Telco Component Stocks 36 months 36 months 36 months
historical historical historical
volatility volatility volatility
preceding preceding preceding
May 2016 May 2017 May 2018
Risk free interest rates

Yield of Singapore Government Securities on 1 June 2016 7 June 2017 7 June 2018

Cash-settled Date of grant

2019 20 June 2016 19 June 2017 19 June 2018
Fair value at 31 March 2019 S$3.02 S$2.93 S$2.77

Expected volatility
Singtel 12.1% 12.1% 12.1%
MSCI Asia Pacific Telco Component Stocks 36 months historical volatility
preceding March 2019

Yield of Singapore Government Securities on 31 March 2019 31 March 2019 31 March 2019

2018 17 June 2015 20 June 2016 19 June 2017
Fair value at 31 March 2018 S$3.37 S$3.28 S$3.10

Expected volatility
Singtel 14.4% 14.4% 14.4%
MSCI Asia Pacific Telco Index 10.2% NA NA

“NA” denotes Not Applicable.
171
OVERVIEW
BUSINESS REVIEWS
Performance Share awards
The movements of the number of performance shares for the Performance Share Awards during the financial year
were as follows –
Outstanding Outstanding
as at as at
Group and Company 1 April 2018 Granted Cancelled 31 March 2019
2019 ‘000 ‘000 ‘000 ‘000
Date of grant

FY2016
17 June 2015 8,529 - (8,529) -
September 2015 to March 2016 157 - (157) -
FY2017
20 June 2016 8,651 - (376) 8,275
September 2016 to March 2017 91 - - 91
FY2018
19 June 2017 4,729 - (189) 4,540
September 2017 to March 2018 156 - (36) 120
FY2019
PERFORMANCE
19 June 2018 - 4,171 (163) 4,008
September 2018 to March 2019 - 36 - 36
22,313 4,207 (9,450) 17,070
FINANCIALS

as at as at
Group and Company 1 April 2017 Granted Vested Cancelled 31 March 2018
2018 ‘000 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2015
23 June 2014 7,947 - (1,285) (6,662) -
September 2014 to March 2015 21 - (3) (18) -
FY2016
17 June 2015 8,976 - - (447) 8,529
September 2015 to March 2016 157 - - - 157
FY2017
20 June 2016 9,068 - - (417) 8,651
September 2016 to March 2017 91 - - - 91
FY2018
19 June 2017 - 4,804 - (75) 4,729
September 2017 to March 2018 - 156 - - 156
26,260 4,960 (1,288) (7,619) 22,313
The fair values of the Performance Share Awards and the assumptions of the fair value model for the grants were
as follows –
Date of grant
Equity-settled 20 June 2016 19 June 2017 19 June 2018
Fair value at grant date S$1.81 S$1.28 S$1.77

Expected volatility
Singtel 15.6% 14.3% 14.6%
MSCI Asia Pacific Telco Component Stocks 36 months 36 months 36 months
historical historical historical
volatility volatility volatility
preceding preceding preceding
May 2016 May 2017 May 2018

Yield of Singapore Government Securities on 1 June 2016 7 June 2017 7 June 2018
173
OVERVIEW
BUSINESS REVIEWS
2019 20 June 2016 19 June 2017 19 June 2018
Fair value at 31 March 2019 - S$0.07 S$1.23

Expected volatility
Singtel 12.1% 12.1% 12.1%


2018 17 June 2015 20 June 2016 19 June 2017
Fair value at 31 March 2018 - S$0.91 S$0.80

Expected volatility
Singtel 14.4% 14.4% 14.4%
MSCI Asia Pacific Telco Index 10.2% NA NA
PERFORMANCE

Special Share Award
The movements of the number of performance shares for the Special Share Award during the financial year
FINANCIALS
were as follows –
as at as at
Group and Company 1 April 2018 Granted Vested 31 March 2019
2019 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2019
19 June 2018 - 1,457 (1,457) -
- 1,457 (1,457) -

5.3.2 Amobee’s share options - equity-settled arrangement
In April 2015, Amobee Group Pte. Ltd. (“Amobee”), a wholly-owned subsidiary of the Company, implemented
the 2015 Long-Term Incentive Plan (“Amobee LTI Plan”). Selected employees (including executive directors)
and non-executive directors of Amobee and/or its subsidiaries are granted options to purchase ordinary shares
of Amobee.
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of Amobee on the date
of grant. Options for employees are scheduled to be fully vested in either 3 years or 3.5 years from the vesting
commencement date.
The grant dates, exercise prices and fair values of the share options were as follows –
Equity-settled Fair value at

Exercise price grant/ repriced date
Date of grant US$ US$
For employees
13 April 2015 0.79 0.224 to 0.261
14 October 2015 0.54 to 0.79 0.217 to 0.287
20 January 2016, 10 May 2016, 24 August 2016, 25 January 2017 0.54 0.287
23 June 2016 0.54 0.273 to 0.287
19 July 2017, 18 August 2017, 12 September 2017, 25 January 2018 0.54 0.260 to 0.268
21 August 2018, 25 March 2019 0.55 to 0.58 0.259 to 0.266
For non-executive directors

14 October 2015 0.54 0.203
21 August 2018 0.55 0.181
The terms of the options granted to employees and non-executive directors are 10 years and 5 years from the
date of grant respectively.
The fair values for the share options granted were estimated using the Black-Scholes pricing model.
From 1 April 2018 to 31 March 2019,
(a) options in respect of an aggregate of 62.6 million of ordinary shares in Amobee have been granted to the
employees and non-executive directors of Amobee and/or its subsidiaries.
(b) 10,879 ordinary shares of Amobee were issued pursuant to the exercise of options granted under the
Amobee LTI Plan.
As at 31 March 2019, options in respect of an aggregate of 112.6 million of ordinary shares in Amobee are
outstanding.
175
OVERVIEW
5.3.3 Trustwave’s share options - equity-settled arrangement
BUSINESS REVIEWS
In December 2015, Trustwave Holdings, Inc. (“Trustwave”), a wholly-owned subsidiary of the Company, implemented
the Stock Option Incentive Plan (“Trustwave ESOP”). Selected employees (including executive directors) and
non-executive directors of Trustwave and/or its subsidiaries are granted options to purchase common stock
of Trustwave.
Options are exercisable at a price no less than 100% of the fair value of the common stock of Trustwave on the date
of grant, and are scheduled to be fully vested 4 years from the vesting commencement date.
The grant dates, exercise prices and fair values of the stock options were as follows –

Equity-settled Fair value
Exercise price at grant date
1 December 2015 16.79 6.57

22 January 2016 16.79 6.28
19 May 2016 16.79 6.16 to 6.27
12 September 2016 16.79 6.03 to 6.10
20 January 2017 16.24 5.93 to 6.57
15 March 2018 15.37 6.71 to 6.92
23 May 2018 15.37 6.80 to 7.05
12 July 2018 15.37 6.97
31 August 2018 15.37 6.17
The term of each option granted is 10 years from the date of grant.
PERFORMANCE
The fair values for the stock options granted were estimated using the Black-Scholes pricing model.
From 1 April 2018 to 31 March 2019, options in respect of an aggregate of 0.6 million of common stock in Trustwave
have been granted. As at 31 March 2019, options in respect of an aggregate of 2.2 million of common stock in
Trustwave are outstanding.
FINANCIALS

5.3.4 HOOQ’s share options - equity-settled arrangement
In December 2015, HOOQ Digital Pte. Ltd. (“HOOQ”), a 65%-owned subsidiary of the Company, implemented the
HOOQ Digital Employee Share Option Scheme (the “Scheme”). Selected employees (including executive directors)
of HOOQ and/or its subsidiaries are granted options to purchase ordinary shares of HOOQ.
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of
grant, and are scheduled to be fully vested 4 years from the vesting commencement date.
The grant dates, exercise prices and fair values of the share options were as follows –
Equity-settled Fair value

Exercise price at grant date
16 May 2016 0.07 0.0445 to 0.0463

24 April 2017 0.07 0.0301 to 0.0315
2 May 2017 0.07 0.0292 to 0.0313
31 July 2017 0.07 0.0313 to 0.0315
8 September 2017 0.07 0.0296 to 0.0298
23 October 2017 0.07 0.0309 to 0.0320
10 January 2018 0.07 0.0316 to 0.0318
1 April 2018 0.07 0.0360 to 0.0366
1 July 2018 0.07 0.0368 to 0.0373
19 October 2018 0.07 0.0371 to 0.0374
31 January 2019 0.07 0.0367 to 0.0369
The term of each option granted is 10 years from the date of grant.
The fair values for the share options granted were estimated using the Black-Scholes pricing model.
From 1 April 2018 to 31 March 2019, options in respect of an aggregate of 9.6 million of ordinary shares in
HOOQ have been granted. As at 31 March 2019, options in respect of an aggregate of 43.3 million of
ordinary shares in HOOQ are outstanding.
5.4 Structured Entity
The Trust’s purpose is to purchase the Company’s shares from the open market for delivery to the recipients upon
vesting of the share-based payments awards.
As at the end of the reporting period, the Trust held the following assets –
Group Company
2019 2018 2019 2018
S$ Mil S$ Mil S$ Mil S$ Mil
Cost of Singtel shares, net of vesting 28.0 29.1 26.0 27.2

Cash at bank 0.5 0.6 0.4 0.6
28.5 29.7 26.4 27.8
177
OVERVIEW
5.4 Structured Entity (Cont’d)
BUSINESS REVIEWS
The details of Singtel shares held by the Trust were as follows –
Number of shares Amount

2019 2018 2019 2018
Group ‘000 ‘000 S$ Mil S$ Mil
Balance as at 1 April 7,613 7,404 29.1 29.0

Purchase of Singtel shares 5,504 4,255 17.5 15.9
Vesting of shares (4,886) (4,046) (18.6) (15.8)
Balance as at 31 March 8,231 7,613 28.0 29.1

Upon consolidation of the Trust in the consolidated financial statements, the weighted average cost of vested Singtel
shares is taken to ‘Capital Reserve’ whereas the weighted average cost of unvested shares is taken to ‘Treasury
Shares’ within equity. See Note 2.22.
5.5 Other Operating Expense Items
Group
2019 2018
S$ Mil S$ Mil
Operating expenses included the following –
Auditors’ remuneration
- KPMG LLP, Singapore 2.4 -
PERFORMANCE
- KPMG, Australia 1.2 -
- Other KPMG offices 1.3 -
- Deloitte & Touche LLP, Singapore - 1.5
- Deloitte Touche Tohmatsu, Australia - 1.2
- Other Deloitte & Touche offices - 2.1
Non-audit fees (1) paid to

- KPMG LLP, Singapore 0.4 -
- KPMG, Australia 0.4 -
FINANCIALS
- Other KPMG offices 0.1 -
- Deloitte & Touche LLP, Singapore - 0.3
- Deloitte Touche Tohmatsu, Australia - 0.3
- Other Deloitte & Touche offices - 0.2
Impairment of trade receivables 121.8 128.0

Allowance for inventory obsolescence 1.1 7.1
Operating lease payments 437.2 470.7
Note:
(1)
The non-audit fees for the current financial year ended 31 March 2019 included S$0.4 million and S$0.2million paid to KPMG LLP, Singapore and
KPMG, Australia in respect of tax services, certification and review for regulatory purposes. In the previous financial year, the non-audit fees included
S$0.2 million and S$0.3 million paid to Deloitte & Touche LLP, Singapore, and Deloitte Touche Tohmatsu, Australia, respectively in respect of tax services,
certification and review for regulatory purposes.
The Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and
in the opinion of the Audit Committee, these services did not affect the independence of the auditors.

6. OTHER INCOME
Other income included the following items –
Group
2019 2018
S$ Mil S$ Mil
Rental income 3.3 3.3

Net gains on disposal of property, plant and equipment 5.3 4.3
Net foreign exchange gains/ (losses) 3.4 (9.1)
7. DEPRECIATION AND AMORTISATION
Group
2019 2018
S$ Mil S$ Mil
Depreciation of property, plant and equipment 1,896.1 1,951.0

Amortisation of intangible assets 326.1 300.5
Amortisation of deferred gain on sale of a joint venture - (1.5)
2,222.2 2,250.0
8. EXCEPTIONAL ITEMS
Group
2019 2018
S$ Mil S$ Mil
Exceptional gains
Gain on disposal of property 105.5 -
Gain on sale and leaseback 42.4 -
Gain on disposal of a subsidiary 19.2 -
Gain on disposal of joint ventures 0.3 6.5
Gain on disposal of an associate - 2,030.9
Disputes settlement - 54.8
167.4 2,092.2
Exceptional losses
Staff restructuring costs (88.4) (57.7)
Provision for contingent claims and other charges (10.8) (57.1)
Impairment of non-current assets - (77.3)
Impairment of an associate - (5.0)
(99.2) (197.1)
68.2 1,895.1
179
OVERVIEW
9. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES
BUSINESS REVIEWS
Group
2019 2018
S$ Mil S$ Mil
Share of ordinary results

- joint ventures 1,338.2 2,213.3
- associates 197.7 240.3
1,535.9 2,453.6
Share of net exceptional gains/ (losses) of associates and joint ventures (post-tax) 301.1 (9.5)

Share of tax of ordinary results
- joint ventures (241.7) (602.0)
- associates (32.6) (38.1)
(274.3) (640.1)
1,562.7 1,804.0
10. INTEREST AND INVESTMENT INCOME (NET)
Group
2019 2018
S$ Mil S$ Mil
PERFORMANCE
Interest income from
- bank deposits 7.6 7.6
- others 0.7 9.0
8.3 16.6
Dividends from joint ventures 13.0 30.3

Gross dividends from FVOCI investments 0.5 2.3
21.8 49.2
FINANCIALS
Other foreign exchange gains/ (losses) 5.9 (11.1)
Other fair value gains 10.3 6.9
Fair value (losses)/ gains on fair value hedges
- hedged items (35.0) 65.4
- hedging instruments 35.1 (64.9)
0.1 0.5
Fair value (losses)/ gains on cash flow hedges
- hedged items (122.4) 35.0

- hedging instruments 122.4 (35.0)
- -
38.1 45.5

11. FINANCE COSTS
Group
2019 2018
S$ Mil S$ Mil
Interest expense on
- bonds 308.4 302.8
- bank loans 56.5 49.7
- finance leases 8.2 10.3
373.1 362.8
Financing related costs 17.0 20.6

Effects of hedging using interest rate swaps 2.7 6.8
392.8 390.2
12. TAXATION
12.1 Tax Expense
Group
2019 2018
S$ Mil S$ Mil
Current income tax

- Singapore 223.5 237.6
- Overseas 223.7 318.4
447.2 556.0
Deferred tax expense/ (credit) 36.2 (49.7)
Tax expense attributable to current year’s profit 483.4 506.3
Adjustments in respect of prior years –

Current income tax 5.0 (17.9)
Deferred income tax 12.4 36.5
Withholding and dividend distribution taxes on dividend

income from associates and joint ventures 174.0 178.1
674.8 703.0
181
OVERVIEW
12.1 Tax Expense (Cont’d)
BUSINESS REVIEWS
The tax expense on profits was different from the amount that would arise using the Singapore standard rate of
income tax due to the following –
Group
2019 2018
S$ Mil S$ Mil

Less: Share of results of associates and joint ventures (1,562.7) (1,804.0)
2,183.2 4,350.9

Tax calculated at tax rate of 17 per cent (2018: 17 per cent) 371.1 739.7
Effects of –
Different tax rates of other countries 36.3 79.4
Income not subject to tax (29.5) (342.7)
Expenses not deductible for tax purposes 29.4 33.7
Deferred tax asset not recognised 79.1 39.6
Change in tax rate of other country - (27.5)
Others (3.0) (15.9)
Tax expense attributable to current year’s profit 483.4 506.3
12.2 Deferred Taxes
PERFORMANCE
The movements of the deferred tax assets and liabilities (prior to offsetting of balances within the same tax
jurisdiction) during the financial year were as follows –
TWDV (1) in
excess of Tax losses
NBV (2) of and unutilised
depreciable capital
Group - 2019 Provisions assets allowances Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018, previously reported 43.1 79.2 22.8 237.2 382.3
Effects of adoption of SFRS(I) 1, 9 and 15 - - (4.4) (2.7) (7.1)
FINANCIALS
Balance as at 1 April 2018, restated 43.1 79.2 18.4 234.5 375.2
Credited/ (Charged) to income statement 2.3 (25.6) (19.0) (9.6) (51.9)
Charged to other comprehensive income - - - (5.9) (5.9)
Transfer to current tax (5.3) - - - (5.3)
Translation differences (2.7) (2.9) 0.6 (5.7) (10.7)
Balance as at 31 March 2019 37.4 50.7 - 213.3 301.4


12.2 Deferred Taxes (Cont’d)
Offshore
interest and
Accelerated dividend
tax not
Group - 2019 depreciation remitted Others Total
Deferred tax liabilities S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018, previously reported (470.9) (5.2) (66.5) (542.6)

Effects of adoption of SFRS(I) 1 and 15 59.0 - (74.2) (15.2)
Balance as at 1 April 2018, restated (411.9) (5.2) (140.7) (557.8)
(Charged)/ Credited to income statement (47.2) (0.1) 47.6 0.3
Transfer to current tax - - 19.7 19.7
Disposal of subsidiary (0.1) - - (0.1)
Translation differences (0.7) - (1.3) (2.0)
Balance as at 31 March 2019 (459.9) (5.3) (74.7) (539.9)
TWDV (1) in Tax losses

excess of and
NBV (2) of unutilised
depreciable capital
Group - 2018 Provisions assets allowances Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2017, previously reported 40.3 137.8 21.7 469.6 669.4
Effects of adoption of SFRS(I) 1, 9 and 15 - - (2.1) (20.8) (22.9)
Balance as at 1 April 2017, restated 40.3 137.8 19.6 448.8 646.5
Credited/ (Charged) to income statement 5.2 (53.1) - (198.5) (246.4)
Charged to other comprehensive income - - - (8.4) (8.4)
Transfer from current tax 1.0 - - - 1.0
Translation differences (3.4) (5.5) (1.2) (7.4) (17.5)
Balance as at 31 March 2018 43.1 79.2 18.4 234.5 375.2
183
OVERVIEW
BUSINESS REVIEWS
Offshore
interest and
Accelerated dividend
tax not
Group - 2018 depreciation remitted Others Total
Deferred tax liabilities S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2017, previously reported (457.8) (5.1) (123.3) (586.2)

Effects of adoption of SFRS(I) 1 and 15 74.3 - (72.5) 1.8
Balance as at 1 April 2017, restated (383.5) (5.1) (195.8) (584.4)
Acquisition of a subsidiary - - (21.4) (21.4)
(Charged)/ Credited to income statement (29.2) (0.1) 71.7 42.4

Transfer to current tax 0.5 - 1.3 1.8
Translation differences 0.3 - 3.5 3.8
Balance as at 31 March 2018 (411.9) (5.2) (140.7) (557.8)
Company - 2019 Provisions Others Total

Deferred tax assets S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 0.5 11.0 11.5

Effects of adoption of SFRS(I) 15 - (0.2) (0.2)
Balance as at 1 April 2018, restated 0.5 10.8 11.3
(Charged)/ Credited to income statement (0.1) 1.1 1.0
PERFORMANCE
Balance as at 31 March 2019 0.4 11.9 12.3
Accelerated tax
Company - 2019 depreciation Total
Deferred tax liabilities S$ Mil S$ Mil
Balance as at 1 April 2018 (287.1) (287.1)

Effects of adoption of SFRS(I) 1 7.6 7.6
Balance as at 1 April 2018, restated (279.5) (279.5)
Charged to income statement (7.3) (7.3)
FINANCIALS
Balance as at 31 March 2019 (286.8) (286.8) ADDITIONAL INFORMATION

Company - 2018 Provisions Others Total

Deferred tax assets S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2017 0.3 2.8 3.1

Effects of adoption of SFRS(I) 15 - (1.0) (1.0)
Balance as at 1 April 2017, restated 0.3 1.8 2.1
Credited to income statement 0.2 9.0 9.2
Balance as at 31 March 2018 0.5 10.8 11.3
Accelerated tax
Company - 2018 depreciation Total
Deferred tax liabilities S$ Mil S$ Mil
Balance as at 1 April 2017 (285.3) (285.3)

Effects of adoption of SFRS(I) 1 10.2 10.2
Balance as at 1 April 2017, restated (275.1) (275.1)
Charged to income statement (4.4) (4.4)
Balance as at 31 March 2018 (279.5) (279.5)
Notes:
(1)
TWDV – Tax written down value
(2)
NBV – Net book value
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets
against current tax liabilities, and when deferred income taxes relate to the same fiscal authority.
The amounts, determined after appropriate offsetting, are shown in the statements of financial position as follows –
Group Company
2019 2018 2017 2019 2018 2017
S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Deferred tax assets 276.6 353.0 634.9 - - -

Deferred tax liabilities (515.1) (535.6) (572.8) (274.5) (268.2) (273.0)
(238.5) (182.6) 62.1 (274.5) (268.2) (273.0)
Deferred tax assets are recognised to the extent that realisation of the related tax benefits through future taxable
profits is probable.
As at 31 March 2019, the subsidiaries of the Group had estimated unutilised income tax losses of approximately
S$1.65 billion (31 March 2018: $1.35 billion), of which S$25 million (31 March 2018: S$16 million) will expire in the next
five years and S$960 million (31 March 2018: S$700 million) will expire from 2024 to 2037.
185
OVERVIEW
BUSINESS REVIEWS
As at 31 March 2019, the subsidiaries of the Group also had estimated unutilised investment allowances of
S$46 million (31 March 2018: S$48 million), unutilised capital tax losses of S$69 million (31 March 2018: S$91 million)
and unabsorbed capital allowances of approximately S$19 million (31 March 2018: S$10 million).
These unutilised income tax losses and investment allowances, and unabsorbed capital allowances are available
for set-off against future taxable profits, subject to the agreement of the relevant tax authorities and compliance
with certain provisions of the income tax regulations of the respective countries in which the subsidiaries operate.
The unutilised capital tax losses are available for set-off against future capital gains of a similar nature subject to
compliance with certain statutory tests in Australia.

As at the end of the reporting period, the potential tax benefits arising from the following items were not
recognised in the financial statements due to uncertainty on their recoverability –
Group
2019 2018
S$ Mil S$ Mil
Unutilised income tax losses and investment allowances,

and unabsorbed capital allowances 1,711.8 1,405.1
Unutilised capital tax losses 69.3 90.9
13. EARNINGS PER SHARE
PERFORMANCE
Group
2019 2018
‘000 ‘000
Weighted average number of ordinary shares in issue for calculation

of basic earnings per share (1) 16,322,339 16,322,581
Adjustment for dilutive effects of performance share plans 19,963 21,748
Weighted average number of ordinary shares for calculation

of diluted earnings per share 16,342,302 16,344,329
FINANCIALS
Note:
(1)
Adjusted to exclude the number of performance shares held by the Trust and the Company.
‘Basic earnings per share’ is calculated by dividing the Group’s profit attributable to shareholders of the Company
by the weighted average number of ordinary shares in issue during the financial year.
For ‘Diluted earnings per share’, the weighted average number of ordinary shares in issue includes the number of
additional shares outstanding if the potential dilutive ordinary shares arising from the performance shares granted
by the Group were issued. Adjustment is made to earnings for the dilutive effect arising from the associates and joint
ventures’ dilutive shares.

14. RELATED PARTY TRANSACTIONS
In addition to the related party information disclosed elsewhere in the financial statements, the Group had the
following significant transactions and balances with related parties –
Group
2019 2018
S$ Mil S$ Mil
Income
Subsidiaries of ultimate holding company
Telecommunications 100.3 93.7
Rental and maintenance 28.8 29.0
Associates
Interest on loan - 8.2
Joint ventures
Expenses
Subsidiaries of ultimate holding company
Utilities 80.9 68.7
Associates
Postal 7.8 7.9
Rental 6.5 6.3
Joint ventures
Transmission capacity 7.5 4.6
Others
Associates
Sale and leaseback gain from associate 42.4 -
Proceeds from sale of property, plant and equipment 2.4 137.8
Joint ventures
Acquisition of shares in a joint venture - 539.4
Proceeds from disposal of a joint venture - 15.0
Proceeds from disposal of FVOCI investments - 27.0
Due from subsidiaries of ultimate holding company 37.1 28.0
Due to subsidiaries of ultimate holding company 11.0 1.6
All the above transactions were on normal commercial terms and conditions and at market rates.
Please refer to Note 5.2 for information on key management personnel compensation.
187
OVERVIEW
15. CASH AND CASH EQUIVALENTS
BUSINESS REVIEWS
Group Company
2019 2018 2017 2019 2018 2017
Fixed deposits 153.5 122.7 164.1 42.4 28.0 27.6

Cash and bank balances 359.2 402.2 369.7 39.2 64.0 61.6
512.7 524.9 533.8 81.6 92.0 89.2
The carrying amounts of the cash and cash equivalents approximate their fair values.

Cash and cash equivalents denominated in currencies other than the respective functional currencies of the
Group’s entities were as follows –
Group Company
2019 2018 2017 2019 2018 2017
USD 106.5 87.5 140.7 48.6 30.3 34.6

HKD 22.3 15.6 8.0 0.1 0.3 0.3
AUD 17.9 14.8 16.9 6.0 0.3 8.1
The maturities of the fixed deposits were as follows –
PERFORMANCE
Group Company
2019 2018 2017 2019 2018 2017
Less than three months 142.9 105.7 147.8 42.4 28.0 27.6
Over three months 10.6 17.0 16.3 - - -
153.5 122.7 164.1 42.4 28.0 27.6
FINANCIALS
As at 31 March 2019, the weighted average effective interest rate of the fixed deposits of the Group and the
Company were 2.1 per cent (31 March 2018: 1.6 per cent) per annum and 2.2 per cent (31 March 2018: 1.7 per cent)
per annum respectively.
The exposure of cash and cash equivalents to interest rate risks is disclosed in Note 36.3.

16. TRADE AND OTHER RECEIVABLES
Group Company
2019 2018 2017 2019 2018 2017
Current S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Trade receivables 2,341.3 2,247.6 2,084.7 422.2 452.7 459.3

Contract assets 2,591.0 2,601.3 2,603.7 22.0 34.9 33.0
4,932.3 4,848.9 4,688.4 444.2 487.6 492.3
Less: Allowance for ECL (259.7) (263.8) (248.9) (94.3) (96.4) (90.7)
4,672.6 4,585.1 4,439.5 349.9 391.2 401.6
Other receivables 421.9 430.0 525.0 22.8 20.6 18.9
Loans to subsidiaries - - - 122.4 120.6 127.6

Less: Allowance for ECL - - - (9.3) (9.3) (12.7)
- - - 113.1 111.3 114.9
Amount due from subsidiaries

- trade - - - 828.8 722.3 717.0
- non-trade - - - 585.6 1,029.0 363.3
Less: Allowance for ECL - - - (45.4) (45.4) (45.4)
- - - 1,369.0 1,705.9 1,034.9
Amount due from associates

and joint ventures
- trade 30.3 16.6 13.6 1.3 1.9 4.4
- non-trade 98.9 140.9 155.2 2.0 4.0 4.0
129.2 157.5 168.8 3.3 5.9 8.4
Prepayments 685.0 552.3 540.3 73.5 57.6 60.2

Interest receivable 70.3 73.4 74.9 29.3 31.4 34.4
Others 13.7 15.4 13.9 - - -
5,992.7 5,813.7 5,762.4 1,960.9 2,323.9 1,673.3
“ECL” denotes expected credit loss.
Trade receivables are non-interest bearing and are generally on 14-day or 30-day terms, while balances due from
carriers are on 60-day terms. There was no significant change in contract assets during the year.
As at 31 March 2019, the effective interest rate of an amount due from a subsidiary of S$331.0 million (31 March 2018:
S$824.5 million) was 0.33 per cent (31 March 2018: 0.12 per cent) per annum. The loans to subsidiaries and amounts
due from other subsidiaries, associates and joint ventures were unsecured, interest-free and repayable on demand.
An amount of S$6.8 million (31 March 2018: S$18.8 million) under other receivables of the Group is guaranteed by
a third party and repayable by 31 March 2020.
189
OVERVIEW
16. TRADE AND OTHER RECEIVABLES (Cont’d)
BUSINESS REVIEWS
The age analysis of trade receivables and contract assets (before allowance for expected credit loss) was as
follows –
Group Company
2019 2018 2017 2019 2018 2017
Less than 60 days 4,344.5 4,324.2 4,263.6 297.1 327.4 332.9

61 to 120 days 222.2 198.7 114.4 61.2 45.1 32.4
More than 120 days 365.6 326.0 310.4 85.9 115.1 127.0

4,932.3 4,848.9 4,688.4 444.2 487.6 492.3
The movements in the allowance for expected credit losses of trade receivables and contract assets were as
follows –
Group Company
2019 2018 2019 2018
Balance as at 1 April 263.8 248.9 96.4 90.7

Acquisition of a subsidiary 0.9 2.2 - -
Allowance 146.4 141.2 30.5 35.3
Utilisation of allowance (120.3) (103.9) (26.6) (29.3)
Write-back of allowance (24.6) (13.2) (6.0) (0.3)
PERFORMANCE
Translation differences (6.5) (11.4) - -
Balance as at 31 March 259.7 263.8 94.3 96.4
The maximum exposure to credit risk for trade receivables and contract assets were as follows –
Group Company
2019 2018 2017 2019 2018 2017
FINANCIALS
Individuals 2,269.4 2,366.8 2,409.4 131.8 141.8 145.9
Corporations and others 2,403.2 2,218.3 2,030.1 218.1 249.4 255.7
4,672.6 4,585.1 4,439.5 349.9 391.2 401.6
The expected credit losses for debts which are collectively assessed are estimated based on a provision matrix by
reference to historical credit loss experience of the different segments, adjusted as appropriate to reflect current
conditions and estimates of future economic conditions as applicable. The expected credit losses for debts which
are individually assessed are based on an analysis of the debtor’s current financial position and are adjusted for
factors that are specific to the debtors.

17. INVENTORIES
Group Company
2019 2018 2017 2019 2018 2017
Equipment held for resale 379.1 374.1 320.1 0.1 0.1 0.2
Maintenance and capital
works’ inventories 38.5 23.3 32.1 37.1 21.7 23.6
417.6 397.4 352.2 37.2 21.8 23.8
18. DERIVATIVE FINANCIAL INSTRUMENTS
Group Company
2019 2018 2019 2018
Balance as at 1 April, previously reported 60.6 243.6 (159.7) (88.0)

Effects of adoption of SFRS(I) 9 4.0 1.7 24.6 24.6
Balance as at 1 April, restated 64.6 245.3 (135.1) (63.4)
Fair value gains/ (losses)
- included in income statement 163.5 (97.5) 50.1 (63.5)
- included in ‘Hedging Reserve’ 59.6 (10.3) 19.3 (8.2)
Settlement of swaps for bonds repaid 6.2 (61.4) - -
Balance as at 31 March 280.0 64.6 (65.7) (135.1)
Group Company
2019 2018 2017 2019 2018 2017
Disclosed as –
Current asset 155.1 22.6 106.1 0.7 70.1 105.9
Non-current asset 283.6 388.3 434.4 125.9 130.6 283.5
Current liability (9.2) (69.3) (15.8) (0.5) (84.9) (108.8)
Non-current liability (149.5) (277.0) (279.4) (191.8) (250.9) (344.0)
280.0 64.6 245.3 (65.7) (135.1) (63.4)
191
OVERVIEW
18.1 Fair Values
BUSINESS REVIEWS
The fair values of the currency and interest rate swap contracts exclude accrued interest of S$16.3 million
(31 March 2018: S$16.8 million). The accrued interest is separately disclosed in Note 16 and Note 27.
The fair values of the derivative financial instruments were as follows –
Group Company
Fair values Fair values
Assets Liabilities Assets Liabilities
2019 S$ Mil S$ Mil S$ Mil S$ Mil
Fair value and cash flow hedges

Cross currency swaps 414.6 95.5 1.0 60.2
Interest rate swaps 11.1 59.8 - 8.9
Forward foreign exchange contracts 12.9 1.5 3.3 1.0
Derivatives that do not qualify for hedge accounting

Cross currency swaps - - 104.7 104.7
Interest rate swaps - 1.9 17.5 17.5
Forward foreign exchange contracts 0.1 - 0.1 -
438.7 158.7 126.6 192.3

Disclosed as –
Current 155.1 9.2 0.7 0.5
Non-current 283.6 149.5 125.9 191.8
PERFORMANCE
438.7 158.7 126.6 192.3
FINANCIALS

18.1 Fair Values (Cont’d)
Group Company

Cross currency swaps 397.3 228.4 - 111.1
Forward foreign exchange contracts 0.1 25.2 - 16.8

410.9 346.3 200.7 335.8

Disclosed as –
Current 22.6 69.3 70.1 84.9
Non-current 388.3 277.0 130.6 250.9
410.9 346.3 200.7 335.8
Group Company

Cross currency swaps 509.1 129.0 2.5 50.3
Forward foreign exchange contracts 2.1 27.1 2.1 10.2

Forward foreign exchange contracts 0.2 - - -
540.5 295.2 389.4 452.8

Disclosed as –
Current 106.1 15.8 105.9 108.8
Non-current 434.4 279.4 283.5 344.0
540.5 295.2 389.4 452.8
193
OVERVIEW
18.1 Fair Values (Cont’d)
BUSINESS REVIEWS
The cash flow hedges are designated for foreign currency commitments and repayments of principal and interest
of foreign currency denominated bonds.
The forecast transactions for the foreign currency commitments are expected to occur in the financial year ending
31 March 2020, while the forecast transactions for the repayment of principal and interest of the foreign currency
denominated bonds will occur according to the timing disclosed in Note 28.
As at 31 March 2019, the details of the outstanding derivative financial instruments were as follows –
Group Company

2019 2018 2017 2019 2018 2017
Interest rate swaps

Notional principal
(S$ million equivalent) 2,557.4 2,702.5 3,680.9 2,663.4 2,838.4 4,639.6
Fixed interest rates 2.0% - 6.2% 2.0% - 6.2% 1.2% - 6.2% 2.0% - 4.5% 2.0% - 4.5% 1.2% - 4.5%
Floating interest rates 1.8% - 3.6% 2.0% - 3.2% 1.8% - 2.3% 1.8% - 3.6% 1.1% - 3.2% 1.1% - 2.3%
Cross currency swaps

Notional principal
(S$ million equivalent) 4,600.2 4,794.9 6,073.3 5,014.4 5,256.8 7,543.6
Fixed interest rates 2.6% - 7.5% 1.9% - 7.5% 1.9% - 7.5% 2.4% - 5.2% 0.9% - 5.2% 0.9% - 5.2%
Floating interest rates 2.3% - 4.0% 1.5% - 3.5% 1.5% - 3.3% 2.3% - 4.0% 1.5% - 3.3% 1.5% - 3.2%
Forward foreign exchange
PERFORMANCE
Notional principal
(S$ million equivalent) 705.7 846.5 1,358.2 306.3 304.1 713.3
The interest rate swaps entered into by the Group are re-priced at intervals ranging from monthly to six-monthly
periods. The interest rate swaps entered by the Company are re-priced every six months.
FINANCIALS

19. PROPERTY, PLANT AND EQUIPMENT
195
Transmission Other Capital
Freehold Leasehold plant and Switching plant and work-in-
land land Buildings equipment equipment equipment progress Total
Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
previously reported 21.2 264.7 911.1 20,740.2 2,781.1 7,252.5 1,569.1 33,539.9
Effects of adoption of SFRS(I) 1 - - - (807.4) (163.2) - (1.6) (972.2)
Balance as at 1 April 2018, restated 21.2 264.7 911.1 19,932.8 2,617.9 7,252.5 1,567.5 32,567.7
Additions (net of rebates) - 4.6 0.4 50.3 18.8 139.2 1,729.2 1,942.5
Disposals/ Write-offs - (3.4) (4.0) (45.0) (138.8) (196.6) (2.1) (389.9)
Acquisition of a subsidiary - - - - - 0.1 - 0.1
Disposal of a subsidiary - (13.9) - (18.9) - (0.1) - (32.9)
Reclassifications/ Adjustments - - 17.0 855.3 73.3 538.9 (1,589.9) (105.4)
Translation differences (0.9) 0.5 (14.3) (737.1) (48.4) (197.0) (42.7) (1,039.9)
Balance as at 31 March 2019 20.3 252.5 910.2 20,037.4 2,522.8 7,537.0 1,662.0 32,942.2
Accumulated depreciation
previously reported - 81.8 360.7 14,007.0 2,120.4 5,133.8 - 21,703.7
Effects of adoption of SFRS(I) 1 - - - (491.4) (134.1) - - (625.5)
Balance as at 1 April 2018, restated - 81.8 360.7 13,515.6 1,986.3 5,133.8 - 21,078.2
Depreciation charge for the year - 4.3 24.0 1,044.8 134.7 688.3 - 1,896.1
Disposals/ Write-offs - (0.5) (3.4) (32.3) (138.8) (188.6) - (363.6)
Disposal of a subsidiary - (13.9) - (18.1) - (0.1) - (32.1)
Reclassifications/ Adjustments - - - - - (38.6) - (38.6)
Translation differences - 0.5 (0.6) (504.4) (30.8) (147.7) - (683.0)
Balance as at 31 March 2019 - 72.2 380.7 14,005.6 1,951.4 5,447.1 - 21,857.0
Accumulated impairment
Balance as at 1 April 2018 - 2.0 7.3 5.4 0.3 20.4 - 35.4
Translation differences - - - - - (0.6) - (0.6)
Balance as at 31 March 2019 - 2.0 7.3 5.4 0.3 19.8 - 34.8
Net Book Value as at 31 March 2019 20.3 178.3 522.2 6,026.4 571.1 2,070.1 1,662.0 11,050.4
19. PROPERTY, PLANT AND EQUIPMENT (Cont’d)

Group - 2018 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
previously reported 22.5 265.7 819.5 20,533.2 2,927.8 6,679.6 1,616.2 32,864.5
Balance as at 1 April 2017, restated 22.5 265.7 819.5 19,725.8 2,764.6 6,679.6 1,614.6 31,892.3
Additions (net of rebates) - - 1.0 102.4 34.5 229.2 2,101.1 2,468.2
Disposals/ Write-offs - - - (82.5) (215.9) (140.7) - (439.1)
Acquisition of a subsidiary - - - - - 10.6 - 10.6
Reclassifications/ Adjustments - - 109.1 1,139.2 100.1 739.5 (2,092.6) (4.7)
Translation differences (1.3) (1.0) (18.5) (952.1) (65.4) (265.7) (55.6) (1,359.6)
Balance as at 31 March 2018 21.2 264.7 911.1 19,932.8 2,617.9 7,252.5 1,567.5 32,567.7
previously reported - 78.7 335.9 13,505.7 2,223.4 4,793.2 - 20,936.9
Balance as at 1 April 2017, restated - 78.7 335.9 13,083.5 2,110.2 4,793.2 - 20,401.5
Depreciation charge for the year - 4.1 22.8 1,124.9 138.8 660.4 - 1,951.0
Reclassifications/ Adjustments - - 2.5 2.7 (6.1) (3.8) - (4.7)
Translation differences - (1.0) (0.5) (634.1) (40.7) (195.4) - (871.7)
Balance as at 31 March 2018 - 81.8 360.7 13,515.6 1,986.3 5,133.8 - 21,078.2

Balance as at 1 April 2017 - 2.0 7.3 5.4 0.3 19.7 - 34.7
Impairment charge for the year - - - - - 1.5 - 1.5
Translation differences - - - - - (0.8) - (0.8)
Balance as at 31 March 2018 - 2.0 7.3 5.4 0.3 20.4 - 35.4

Net Book Value as at 31 March 2018 21.2 180.9 543.1 6,411.8 631.3 2,098.3 1,567.5 11,454.1
196
197
Company - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
previously reported 0.4 228.2 523.1 3,301.4 792.3 1,937.2 404.6 7,187.2
Balance as at 1 April 2018, restated 0.4 228.2 523.1 3,079.6 768.2 1,937.2 403.0 6,939.7
Additions (net of rebates) - 4.6 0.4 22.6 1.8 23.0 287.2 339.6
Disposals/ Write-offs - (3.4) (4.0) (32.1) (100.1) (73.4) (2.1) (215.1)
Reclassifications - - 4.9 50.3 18.3 85.3 (158.8) -
Balance as at 31 March 2019 0.4 229.4 524.4 3,120.4 688.2 1,972.1 529.3 7,064.2
previously reported - 59.2 293.0 2,531.2 700.1 1,286.5 - 4,870.0
Balance as at 1 April 2018, restated - 59.2 293.0 2,346.1 682.2 1,286.5 - 4,667.0
Depreciation charge for the year - 4.0 20.8 103.2 37.4 154.8 - 320.2
Disposals/ Write-offs - (0.5) (3.4) (19.5) (100.1) (62.8) - (186.3)
Balance as at 31 March 2019 - 62.7 310.4 2,429.8 619.5 1,378.5 - 4,800.9
Balance as at 1 April 2018
and 31 March 2019 - 2.0 7.2 4.1 - - - 13.3
Net Book Value as at 31 March 2019 0.4 164.7 206.8 686.5 68.7 593.6 529.3 2,250.0

Company - 2018 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
previously reported 0.4 228.2 433.0 3,299.1 931.0 1,812.7 502.6 7,207.0
Balance as at 1 April 2017, restated 0.4 228.2 433.0 3,077.3 906.9 1,812.7 501.0 6,959.5
Additions (net of rebates) - - - 43.2 19.8 84.6 209.5 357.1
Reclassifications - - 90.1 36.7 36.2 144.5 (307.5) -
Balance as at 31 March 2018 0.4 228.2 523.1 3,079.6 768.2 1,937.2 403.0 6,939.7
previously reported - 56.5 281.8 2,468.4 852.8 1,207.7 - 4,867.2
Balance as at 1 April 2017, restated - 56.5 281.8 2,292.5 841.1 1,207.7 - 4,679.6
Depreciation charge for the year - 2.7 8.7 110.2 35.8 166.1 - 323.5
Reclassifications - - 2.5 - - (2.5) - -
Balance as at 31 March 2018 - 59.2 293.0 2,346.1 682.2 1,286.5 - 4,667.0
Balance as at 1 April 2017

and 31 March 2018 - 2.0 7.2 4.1 - - - 13.3
Net Book Value as at 31 March 2018 0.4 167.0 222.9 729.4 86.0 650.7 403.0 2,259.4

198
Property, plant and equipment included the following –
Group Company
2019 2018 2017 2019 2018 2017
Net book value of property,

plant and equipment
Assets acquired under

finance leases 14.4 37.0 78.6 6.9 10.8 29.2
Staff costs capitalised 188.3 204.6 235.4 25.9 31.2 35.6
20. INTANGIBLE ASSETS
Group
31 March 31 March 1 April
2019 2018 2017
S$ Mil S$ Mil S$ Mil
Goodwill on acquisition of subsidiaries 11,538.3 11,372.2 11,164.6

Telecommunications and spectrum licences 2,116.2 2,355.5 1,565.5
Technology and brand 183.9 204.6 302.5
Customer relationships and others 178.3 36.8 40.2
14,016.7 13,969.1 13,072.8
20.1 Goodwill on Acquisition of Subsidiaries
Group
2019 2018
S$ Mil S$ Mil
Balance as at 1 April 11,372.2 11,164.6

Acquisition of subsidiaries 109.9 347.5
Translation differences 56.2 (139.9)
Balance as at 31 March 11,538.3 11,372.2
199
OVERVIEW
20.2 Telecommunications and Spectrum Licences
BUSINESS REVIEWS
Group Company
2019 2018 2019 2018
Balance as at 1 April 2,355.5 1,565.5 - -

Additions 130.2 1,118.3 - -
Amortisation for the year (210.0) (221.6) - -
Reclassification (71.8) - - -

Balance as at 31 March 2,116.2 2,355.5 - -
Cost 3,622.9 3,817.1 - 8.4

Accumulated amortisation (1,500.5) (1,455.4) - (8.4)
Accumulated impairment (6.2) (6.2) - -
Net book value as at 31 March 2,116.2 2,355.5 - -
20.3 Technology and Brand
Group
2019 2018
S$ Mil S$ Mil
Balance as at 1 April 204.6 302.5
PERFORMANCE
Acquisition of a subsidiary 18.8 53.3
Amortisation for the year (46.5) (58.5)
Impairment charge for the year - (75.8)
Translation differences 7.0 (16.9)
Balance as at 31 March 183.9 204.6
Cost 611.7 586.3

Accumulated amortisation (334.8) (288.6)
FINANCIALS
Accumulated impairment (93.0) (93.1)
Net book value as at 31 March 183.9 204.6


20.4 Customer Relationships and Others
Group
2019 2018
S$ Mil S$ Mil
Balance as at 1 April 36.8 40.2

Additions 86.6 17.9
Amortisation for the year (69.6) (20.4)
Disposals (0.1) -
Reclassification/ adjustment 125.3 -
Translation differences (0.7) (0.9)
Balance as at 31 March 178.3 36.8
Cost 437.1 135.8

Accumulated amortisation (258.8) (99.0)
Net book value as at 31 March 178.3 36.8
21. SUBSIDIARIES
Company
2019 2018 2017
Unquoted equity shares, at cost 14,259.7 13,676.4 11,001.2

Shareholders’ advances 5,733.0 5,733.0 6,423.3
Deemed investment in a subsidiary 32.5 32.5 32.5
20,025.2 19,441.9 17,457.0
Less: Allowance for impairment losses (16.0) (16.0) (16.0)
20,009.2 19,425.9 17,441.0
The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to
occur in the foreseeable future.
The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees
provided by the Company for loans drawn down by SGT prior to 1 April 2010.
The significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.
201
OVERVIEW
22. JOINT VENTURES
BUSINESS REVIEWS
Group Company
2019 2018 2017 2019 2018 2017
Quoted equity shares, at cost 2,798.4 2,798.4 2,798.4 - - -

Unquoted equity shares, at cost 5,777.9 5,778.7 5,240.8 22.8 22.8 23.0
8,576.3 8,577.1 8,039.2 22.8 22.8 23.0
Goodwill on consolidation adjusted

against shareholders’ equity (1,225.9) (1,225.9) (1,225.9) - - -

Share of post-acquisition reserves
(net of dividends, and accumulated
amortisation of goodwill) 9,635.7 9,414.8 8,717.6 - - -
Translation differences (4,098.2) (3,949.5) (3,215.6) - - -
4,311.6 4,239.4 4,276.1 - - -
Less: Allowance for impairment losses (30.0) (30.0) (30.0) - - -
12,857.9 12,786.5 12,285.3 22.8 22.8 23.0
As at 31 March 2019,
(i) The market value of the quoted equity shares in joint ventures held by the Group was S$18.89 billion
(31 March 2018: S$21.29 billion).
PERFORMANCE
(ii) The Group’s proportionate interest in the capital commitments of joint ventures was S$1.97 billion
(31 March 2018: S$2.14 billion).
The details of joint ventures are set out in Note 44.5.
Optus has an interest in an unincorporated joint operation to share certain 4G network sites and radio infrastructure
across Australia whereby it holds an interest of 50% (31 March 2018: 50%) in the assets, with access to the shared
network and shares 50% (31 March 2018: 50%) of the cost of building and operating the network.
FINANCIALS
The Group’s property, plant and equipment included the Group’s interest in the property, plant and equipment
employed in the unincorporated joint operation was S$1.10 billion (31 March 2018: S$1.08 billion). ADDITIONAL INFORMATION

22. JOINT VENTURES (Cont’d)
The summarised financial information of the Group’s significant joint ventures namely Bharti Airtel Limited
(“Airtel”), PT Telekomunikasi Selular (“Telkomsel”), Globe Telecom, Inc. (“Globe”) and Advanced Info Service Public
Company Limited (“AIS”), based on their financial statements and a reconciliation with the carrying amounts of the
investments in the consolidated financial statements were as follows –
Airtel Telkomsel Globe AIS

Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil
Statement of comprehensive income

Revenue 15,671.4 8,461.0 3,980.2 7,146.6
Depreciation and amortisation (4,141.4) (1,265.9) (793.7) (1,455.6)
Interest income 276.3 50.1 13.6 6.8
Interest expense (2,123.0) (99.3) (166.6) (141.0)
Income tax credit/ (expense) 663.3 (816.1) (249.4) (243.5)
Profit after tax 183.5 2,407.6 532.5 1,228.3

Other comprehensive (loss)/ income (202.3) 36.0 5.3 -
Total comprehensive (loss)/ income (18.8) 2,443.6 537.8 1,228.3
Statement of financial position

Current assets 6,448.6 2,614.3 1,724.0 1,965.8
Non-current assets 47,339.4 5,893.0 5,838.9 10,700.0
Current liabilities (18,236.1) (2,138.8) (1,981.4) (3,388.7)
Non-current liabilities (19,113.3) (913.0) (3,606.5) (6,853.1)
Net assets 16,438.6 5,455.5 1,975.0 2,424.0
Less: Non-controlling interests (2,558.1) * 0.6 (5.4)
Net assets attributable to equity holders 13,880.5 5,455.5 1,975.6 2,418.6
Proportion of the Group’s ownership 39.5% 35.0% 47.1% 23.3% (1)

Group’s share of net assets 5,484.2 1,909.4 930.1 564.0
Goodwill capitalised 1,508.4 1,403.6 375.1 308.1
Others (2) 427.8 - (129.5) (8.1)
Carrying amount of the investment 7,420.4 3,313.0 1,175.7 864.0
Other items
Cash and cash equivalents 1,588.5 1,267.3 427.0 960.5
Non-current financial liabilities excluding trade
and other payables (18,359.7) (560.9) (3,352.2) (482.1)
Current financial liabilities excluding trade
and other payables (7,732.5) (78.8) (224.8) (3,929.1)
Group’s share of market value 10,309.9 NA 3,130.5 5,447.4
Dividends received during the year 58.7 954.4 144.1 211.2
‘‘NA’’ denotes Not Applicable.

“*” denotes amount of less than S$0.05 million
Notes:
(1)
Based on the Group’s direct equity interest in AIS.
(2)
Others include adjustments to align the respective local accounting standards to SFRS(I).
203
OVERVIEW
BUSINESS REVIEWS

Revenue 17,574.5 9,384.0 3,724.4 6,564.2
Depreciation and amortisation (4,041.1) (1,399.4) (757.2) (1,286.7)
Interest income 283.5 81.5 4.4 7.4
Interest expense (1,958.4) (55.8) (172.4) (137.7)
Income tax expense (227.5) (974.5) (184.9) (239.7)
Profit after tax 191.4 2,946.4 420.6 1,249.8

Other comprehensive (loss)/ income (234.8) (39.6) 29.5 33.6
Total comprehensive (loss)/ income (43.4) 2,906.8 450.1 1,283.4

Current assets 6,746.1 2,979.5 1,446.2 1,499.3
Net assets 15,548.9 5,750.1 1,712.2 2,073.6
Less: Non-controlling interests (1,684.8) - 0.9 (13.6)
PERFORMANCE
Others (2) 426.6 - (126.4) (7.7)
Other items
Cash and cash equivalents 964.3 1,634.3 158.3 457.7
and other payables (18,146.6) (354.5) (2,619.5) (4,207.4)
FINANCIALS
and other payables (5,320.4) (168.5) (281.5) (29.2)
Dividends received during the year 47.9 1,017.8 152.8 217.1
Notes:
(1)
(2)



Current assets 4,378.4 3,546.3 1,481.6 1,368.4
Net assets 15,744.6 6,281.5 1,775.9 1,584.9

Less: Non-controlling interests (1,399.0) - 0.4 (5.7)

Others (2) 387.6 - (139.9) (2.4)
Other items
Cash and cash equivalents 348.7 2,371.9 229.1 522.0
and other payables (19,774.0) (570.2) (2,658.7) (3,690.1)
and other payables (3,884.7) (76.6) (353.6) (187.4)
Notes:
(1)
(2)
The aggregate information of the Group’s investments in joint ventures which are not individually significant
were as follows –
Group
2019 2018
S$ Mil S$ Mil
Share of profit after tax 9.3 12.2

Share of other comprehensive loss * *
Share of total comprehensive income 9.3 12.2
Aggregate carrying value 84.8 87.2
“*” denotes amount of less than S$0.05 million
205
OVERVIEW
23. ASSOCIATES
BUSINESS REVIEWS
Group Company
2019 2018 2017 2019 2018 2017
Quoted equity shares, at cost 1,733.4 1,733.4 1,589.9 24.7 24.7 24.7
Unquoted equity shares, at cost 79.2 77.2 742.6 - - 578.8
Shareholder’s loan (unsecured) - - 1.7 - - -
1,812.6 1,810.6 2,334.2 24.7 24.7 603.5
Goodwill on consolidation adjusted

against shareholders’ equity 29.4 29.4 (28.3) - - -
Share of post-acquisition reserves
(net of dividends, and accumulated
amortisation of goodwill) 135.1 135.5 (159.2) - - -
Translation differences 138.6 104.6 65.0 - - -
303.1 269.5 (122.5) - - -
Less: Allowance for impairment losses (5.0) (5.0) - - - -
Reclassification to ‘Net deferred gain’

(see Note 31) (50.5) (74.9) (265.0) - - -
2,060.2 2,000.2 1,946.7 24.7 24.7 603.5
PERFORMANCE
(i) The market values of the quoted equity shares in associates held by the Group and the Company
were S$2.98 billion (31 March 2018: S$3.13 billion) and S$494.0 million (31 March 2018: S$676.8 million)
respectively.
(ii) The Group’s proportionate interest in the capital commitments of the associates was S$139.9 million
(31 March 2018: S$166.6 million).
The details of associates are set out in Note 44.4.
FINANCIALS

23. ASSOCIATES (Cont’d)
The summarised financial information of the Group’s significant associate namely Intouch Holdings Public
Company Limited (“Intouch”), based on its financial statements and a reconciliation with the carrying amount
of the investment in the consolidated financial statements was as follows –
2019 2018 2017


Revenue 250.1 353.9 144.1
Profit after tax 451.7 488.2 166.1

Other comprehensive (loss)/ income (0.9) 10.9 (1.6)
Total comprehensive income 450.8 499.1 164.5

Current assets 743.1 720.0 701.9
Non-current assets 1,532.5 1,554.3 1,629.3
Current liabilities (305.1) (444.4) (483.6)
Non-current liabilities (205.5) (313.4) (395.3)
Net assets 1,765.0 1,516.5 1,452.3

Less: Non-controlling interests (304.6) (342.2) (411.6)
Net assets attributable to equity holders 1,460.4 1,174.3 1,040.7
Proportion of the Group’s ownership 21.0% 21.0% 21.0%

Group’s share of net assets 306.7 246.6 218.5
Goodwill and other identifiable intangible assets 1,441.7 1,417.6 1,371.7
Others (1) (46.8) (23.0) (8.4)
Carrying amount of the investment 1,701.6 1,641.2 1,581.8
Other items
Group’s share of market value 1,653.2 1,639.6 1,525.0
Dividends received during the year 78.5 77.8 -
Note:
(1)
The aggregate information of the Group’s investments in associates which are not individually significant were
as follows –
Group
2019 2018
S$ Mil S$ Mil
Share of profit after tax 49.7 90.2
Share of other comprehensive income/ (loss) 0.4 (2.2)
Share of total comprehensive income 50.1 88.0
207
OVERVIEW
24. IMPAIRMENT REVIEWS
BUSINESS REVIEWS
Goodwill arising on acquisition of subsidiaries
The carrying values of the Group’s goodwill on acquisition of subsidiaries as at 31 March 2019 were assessed for
impairment during the financial year.
Goodwill is allocated for impairment testing purposes to the individual entity which is also the cash-generating
unit (“CGU”).
The Group is structured into three business segments, Group Consumer, Group Enterprise and Group Digital Life.
Based on the relative fair value approach, the goodwill of Optus was fully allocated to Consumer Australia included

in the Group Consumer segment for the purpose of goodwill impairment testing.
The recoverable values of cash-generating units including goodwill are determined based on value-in-use
calculations.
The value-in-use calculations apply a discounted cash flow model using cash flow projections based on financial
budgets and forecasts approved by management. The Group has used cash flow projections of five years except for
Amobee and the Global Cyber Security business which were based on cash flow projections of thirteen years and
ten years respectively to better reflect their stages of growth. Cash flows beyond the terminal year are extrapolated
using the estimated growth rates stated in the table below. Key assumptions used in the calculation of value-in-use
are growth rates, operating margins, capital expenditure and discount rates.
The terminal growth rates used do not exceed the long term average growth rates of the respective industry and
country in which the entity operates and are consistent with forecasts included in industry reports.
PERFORMANCE
The discount rates applied to the cash flow projections are based on Weighted Average Cost of Capital (WACC)
where the cost of a company’s debt and equity capital are weighted to reflect its capital structure.
The details of other subsidiaries are shown in the table below:
31 March 31 March 1 April Terminal growth rate (1) Pre-tax discount rate
2019 2018 2017 31 March 31 March 31 March 31 March
Group S$ Mil S$ Mil S$ Mil 2019 2018 2019 2018
Carrying value of goodwill in –
FINANCIALS
Optus Group 9,272.2 9,279.1 9,288.4 3.0% 3.0% 8.4% 9.0%
Global Cyber Security business (2) 1,046.6 999.1 1,064.2 4.0% 4.0% 12.0% 11.9%
Amobee, Inc. 1,137.3 1,011.8 729.8 3.0% 3.5% 14.3% 14.1%
SCS Computer Systems Pte. Ltd. 82.2 82.2 82.2 2.0% 2.0% 7.8% 7.4%
Notes:
(1)
Weighted average growth rate used to extrapolate cash flows beyond the terminal year.
(2)
Global Cyber Security business, which comprises the cyber security businesses across the Group including Trustwave, is considered a single CGU for
the purpose of goodwill impairment testing.

24. IMPAIRMENT REVIEWS (Cont’d)
As at 31 March 2019, no impairment charge was required for goodwill arising from acquisition of subsidiaries, with
any reasonably possible change to the key assumptions applied not likely to cause the recoverable values to be
below their carrying values.
25. FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (“FVOCI”) INVESTMENTS
Group Company
2019 2018 2019 2018

Additions 437.1 59.6 - -
Disposals/ Write-offs (9.6) (68.3) - (31.4)
Net fair value gains/ (losses) included in
'Other Comprehensive Income' 13.2 9.6 (0.2) (0.5)
Translation differences 8.3 4.1 - -
Group Company
2019 2018 2017 2019 2018 2017
Cost 646.5 214.9 182.8 3.3 3.3 9.7

Fair value changes 0.4 (17.0) 10.1 2.0 2.2 27.7
646.9 197.9 192.9 5.3 5.5 37.4
FVOCI investments included the following –
Group Company
2019 2018 2017 2019 2018 2017
Quoted equity securities

- Singapore 5.3 5.5 7.7 5.3 5.5 7.7
- United States of America 16.6 4.5 4.2 - - -
- Thailand - - 21.4 - - 21.4
21.9 10.0 33.3 5.3 5.5 29.1
Unquoted
Equity securities 600.8 168.2 149.4 - - 8.3
Others 24.2 19.7 10.2 - - -
625.0 187.9 159.6 - - 8.3
646.9 197.9 192.9 5.3 5.5 37.4
209
OVERVIEW
26. OTHER ASSETS
BUSINESS REVIEWS
Group Company
2019 2018 2017 2019 2018 2017
Non-current S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Capitalised contract costs (net) 273.4 235.0 239.5 0.1 1.2 5.9
Prepayments 157.8 198.3 194.5 130.6 143.7 155.1
Tax recoverable from ATO (1) 128.5 134.9 143.2 - - -
Other receivables 84.7 19.6 14.8 - - -
644.4 587.8 592.0 130.7 144.9 161.0

Note:
(1)
In November 2016, the Group paid A$134 million to the Australian Taxation Office (“ATO”) for amended tax assessments received in respect of the
acquisition financing of Optus. This payment has been recorded as a tax recoverable from the ATO pending outcome of its objections to the ATO
(see Note 40(b)).
The movements in capitalised contract costs (net) were as follows –
Group Company
2019 2018 2019 2018

Contract costs incurred 296.4 252.7 0.2 0.2
Amortisation to operating expenses (132.9) (145.0) (1.3) (4.9)
Amortisation to mobile service revenue (121.4) (108.0) - -
PERFORMANCE
FINANCIALS

27. TRADE AND OTHER PAYABLES
Group Company
2019 2018 2017 2019 2018 2017
Trade payables 4,393.8 3,994.0 3,590.7 657.2 585.5 592.9

Accruals 844.3 877.0 985.9 226.0 245.9 160.4
Interest payable on borrowings and swaps 132.1 137.9 142.7 40.3 41.7 43.6
Contract liabilities (handset sales) 111.7 136.4 129.9 - - -
Deferred income 54.5 38.3 31.3 26.6 12.6 11.5
Customers’ deposits 33.6 26.6 26.2 19.3 15.3 15.8
Due to associates and joint ventures
- trade 47.7 31.0 27.9 21.5 23.9 22.3
- non-trade 0.1 * * - - -
47.8 31.0 27.9 21.5 23.9 22.3
Due to subsidiaries
- trade - - - 371.9 294.3 263.8
- non-trade - - - 340.4 214.4 458.2
- - - 712.3 508.7 722.0
Other payables 199.3 129.8 120.2 34.3 34.8 33.5
5,817.1 5,371.0 5,054.8 1,737.5 1,468.4 1,602.0

“*” denotes amount of less than S$0.05 million.
The trade payables are non-interest bearing and are generally settled on 30 or 60 days terms, with some payables
relating to handset and network investments having payment terms of up to a year.
The interest payable on borrowings and swaps are mainly settled on a quarterly or semi-annual basis.
The amounts due to subsidiaries are unsecured, repayable on demand and interest-free.
28. BORROWINGS (UNSECURED)
Group Company
2019 2018 2017 2019 2018 2017
Current
Bonds 678.5 1,129.0 978.4 - - -
Bank loans 1,167.7 671.5 2,068.2 - - -
1,846.2 1,800.5 3,046.6 - - -
Non-current
Bonds 7,267.5 6,755.9 7,748.2 786.5 739.5 802.7
Bank loans 1,466.9 1,830.2 150.0 - - -
8,734.4 8,586.1 7,898.2 786.5 739.5 802.7
Total unsecured borrowings 10,580.6 10,386.6 10,944.8 786.5 739.5 802.7
211
OVERVIEW
28.1 Bonds
BUSINESS REVIEWS
Group Company
2019 2018 2017 2019 2018 2017
Principal amount S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
US$2,100 million (1)

( 31 March 2018: US$1,600 million
31 March 2017: US$2,300 million) 2,832.0 2,088.8 3,201.4 - - -
US$500 million (1) 786.5 739.5 802.7 786.5 739.5 802.7
US$500 million (1) (2) 678.5 659.5 711.2 - - -
US$400 million - 525.1 559.2 - - -

€700 million (1) (2) 1,076.8 1,150.2 1,071.0 - - -
A$1,150 million (2)

( 31 March 2018: A$1,025 million
31 March 2017: A$625 million) 1,100.1 1,028.2 665.0 - - -
S$600 million (1) 599.8 600.0 600.0 - - -

S$550 million 549.8 550.0 550.0 - - -
S$150 million (2) 149.9 149.9 149.9 - - -
¥10,000 million - 123.0 124.9 - - -
HK$1,000 million (2) 172.6 167.1 179.8 - - -
PERFORMANCE
HK$620 million - 103.6 111.5 - - -
7,946.0 7,884.9 8,726.6 786.5 739.5 802.7
Classified as –
Current 678.5 1,129.0 978.4 - - -
Non-current 7,267.5 6,755.9 7,748.2 786.5 739.5 802.7
7,946.0 7,884.9 8,726.6 786.5 739.5 802.7
Notes: FINANCIALS
(1)
The bonds are listed on the Singapore Exchange.
(2)
The bonds, issued by Optus Group, are subject to a negative pledge that limits the amount of secured indebtedness of certain subsidiaries of Optus.

28.2 Bank Loans
Group
2019 2018 2017
Current 1,167.7 671.5 2,068.2

Non-current 1,466.9 1,830.2 150.0
2,634.6 2,501.7 2,218.2
28.3 Maturity
The maturity periods of the non-current unsecured borrowings at the end of the reporting period were as follows –
Group Company
2019 2018 2017 2019 2018 2017
Between one and two years 3,116.0 1,009.5 1,346.0 - - -

Between two and five years 2,811.3 5,533.9 3,698.2 - - -
Over five years 2,807.1 2,042.7 2,854.0 786.5 739.5 802.7
8,734.4 8,586.1 7,898.2 786.5 739.5 802.7
28.4 Interest Rates
The weighted average effective interest rates at the end of the reporting period were as follows –
Group Company
31 March 31 March 31 March 31 March
2019 2018 2019 2018
% % % %
Bonds (fixed rate) 3.9 3.9 7.4 7.4

Bonds (floating rate) - 3.0 - -
Bank loans (floating rate) 2.5 1.9 - -
213
OVERVIEW
28.5 The tables below set out the maturity profile of borrowings and related swaps based on expected contractual
BUSINESS REVIEWS
undiscounted cash flows.
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years
Group S$ Mil S$ Mil S$ Mil S$ Mil
As at 31 March 2019
Net-settled interest rate swaps 36.3 13.4 3.3 9.0
Cross currency interest rate swaps (gross-settled)
- Inflow (339.4) (307.8) (570.2) (881.4)
- Outflow 289.9 250.7 509.5 746.5
(13.2) (43.7) (57.4) (125.9)

Borrowings 2,033.8 3,237.8 3,220.7 3,524.0
2,020.6 3,194.1 3,163.3 3,398.1
As at 31 March 2018
- Inflow (301.3) (252.5) (458.5) (624.9)
- Outflow 259.4 210.8 363.4 464.4
3.4 (4.5) (74.8) (143.2)
Borrowings 2,143.8 1,185.6 5,846.2 2,768.7
2,147.2 1,181.1 5,771.4 2,625.5
PERFORMANCE
Less than Between Between Over
1 year 1 and 2 years 2 and 5 years 5 years
Company S$ Mil S$ Mil S$ Mil S$ Mil
As at 31 March 2019
- Inflow (183.6) (183.6) (419.2) (715.0)
- Outflow 168.8 168.9 375.2 597.8
FINANCIALS
(13.8) (13.7) (41.1) (109.4)
Borrowings 50.0 50.0 149.9 1,281.1
36.2 36.3 108.8 1,171.7
As at 31 March 2018
- Inflow (157.1) (125.4) (308.2) (562.6)

- Outflow 139.2 107.2 253.9 399.7
(16.6) (16.9) (50.3) (150.9)
Borrowings 48.4 48.4 145.2 1,316.9
31.8 31.5 94.9 1,166.0

29. BORROWINGS (SECURED)
Group Company
2019 2018 2017 2019 2018 2017
Current
Finance lease 34.0 23.1 29.4 4.8 7.4 1.5
Bank loans - - 57.3 - - -
34.0 23.1 86.7 4.8 7.4 1.5
Non-current
Finance lease 49.5 81.5 168.8 7.7 68.5 157.2
Bank loans - - 30.8 - - -
49.5 81.5 199.6 7.7 68.5 157.2
Total secured borrowings 83.5 104.6 286.3 12.5 75.9 158.7
Finance lease liabilities included lease liabilities in respect of certain assets leased from NetLink Trust.
29.1 Finance Lease Liabilities
The minimum lease payments under the finance lease liabilities were payable as follows –
Group Company
2019 2018 2019 2018
Not later than one year 38.2 28.8 5.5 11.9

Later than one but not later than five years 52.6 58.4 8.0 44.9
Later than five years - 268.0 - 268.0
90.8 355.2 13.5 324.8
Less: Future finance charges (7.3) (250.6) (1.0) (248.9)
83.5 104.6 12.5 75.9
215
OVERVIEW
29.2 Maturity
BUSINESS REVIEWS
The maturity periods of the non-current secured borrowings at the end of the reporting period were as follows –
Group Company
2019 2018 2017 2019 2018 2017
Between one and two years 37.3 18.3 11.0 5.1 7.9 0.9
Between two and five years 12.2 29.0 33.2 2.6 26.4 0.9
Over five years - 34.2 155.4 - 34.2 155.4

49.5 81.5 199.6 7.7 68.5 157.2
29.3 Interest Rates
The weighted average effective interest rates per annum at the end of the reporting period were as follows –
Group Company
2019 2018 2019 2018
% % % %
Finance lease liabilities 7.1 7.2 7.3 7.3
30. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES
PERFORMANCE
Finance Derivative
lease Interest financial
Bonds Bank loans liabilities payable instruments
Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
As at 1 April 2018 7,884.9 2,501.7 104.6 137.9 (64.6)
Financing cash flows (1) 38.5 174.0 9.8 (385.1) (6.2)
Non-cash changes:
Fair value adjustments 35.0 - - - (223.1)
FINANCIALS
Amortisation of bond discount 2.0 - - - -
Foreign exchange movements (7.2) (41.1) - (8.2) 13.9
Additions of finance lease - - 25.5 - -
Interest expense - - - 387.5 -
Adjustment (7.2) - (56.4) - -
22.6 (41.1) (30.9) 379.3 (209.2)
As at 31 March 2019 7,946.0 2,634.6 83.5 132.1 (280.0)

Note:
(1)
The cash flows comprise the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings, and settlement
of swaps for bonds repaid in the statement of cash flows.

30. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES (Cont’d)

Finance Derivative
lease Interest financial
Bonds Bank loans liabilities payable instruments
As at 1 April 2017 8,726.6 2,306.3 198.2 142.7 (245.3)
Financing cash flows (1) (506.2) 222.6 (28.3) (379.9) 61.4
Non-cash changes:
Fair value adjustments (65.4) - - - 107.8

Amortisation of bond discount 3.2 - - - -
Foreign exchange movements (273.3) (58.5) (0.5) (8.5) 11.5
Acquisition of subsidiary - 31.3 8.7 -
Additions of finance lease - - 4.8 - -
Interest expense - - - 383.6 -
Adjustment - - (78.3) - -
(335.5) (27.2) (65.3) 375.1 119.3
As at 31 March 2018 7,884.9 2,501.7 104.6 137.9 (64.6)
Note:
(1)
The cash flows comprise the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings, and settlement
of swaps for bonds repaid in the statement of cash flows.
31. NET DEFERRED GAIN
Group
2019 2018 2017
Unamortised deferred gain 446.3 452.7 1,616.5

Reclassification from ‘Associates’ (see Note 23) (50.5) (74.9) (265.0)
Net deferred gain 395.8 377.8 1,351.5
Classified as –
Current 20.8 20.1 68.8
Non-current 375.0 357.7 1,282.7
395.8 377.8 1,351.5
217
OVERVIEW
31. NET DEFERRED GAIN (Cont’d)
BUSINESS REVIEWS
NetLink Trust (“NLT”) is a business trust established as part of the Info-communications Media Development Authority
of Singapore’s effective open access requirements under Singapore’s Next Generation Nationwide Broadband
Network.
In prior years, Singtel had sold certain infrastructure assets, namely ducts, manholes and exchange buildings
(“Assets”) to NLT. At the consolidated level, the gain on disposal of Assets recognised by Singtel is deferred in the
Group’s statement of financial position and amortised over the useful lives of the Assets. The unamortised deferred
gain is released to the Group’s income statement when NLT is partially or fully sold, based on the proportionate
equity interest disposed.

Singtel sold its 100% interest in NLT to NetLink NBN Trust (the “Trust”) in July 2017 for cash as well as a 24.8% interest in
the Trust. Net deferred gains of S$1.10 billion were correspondingly released to the Group’s income statement in the
previous financial year upon this sale. Following the divestment, Singtel ceased to own units in NLT but continues to
have an interest of 24.8% in the Trust which owns all the units in NLT.
32. OTHER NON-CURRENT LIABILITIES
Group Company
2019 2018 2017 2019 2018 2017
Performance share liability 5.4 7.0 7.0 5.4 7.0 7.0

Other payables 284.4 288.1 317.2 21.1 24.4 16.7
PERFORMANCE
289.8 295.1 324.2 26.5 31.4 23.7
Other payables mainly relate to accruals of rental for certain network sites, long-term employee entitlements and
asset retirement obligations.
33. SHARE CAPITAL
Number of Share
shares capital
FINANCIALS
Group and Company Mil S$ Mil
Balance as at 31 March 2019, 31 March 2018 and 1 April 2017 16,329.1 4,127.3
All issued shares are fully paid and have no par value. The issued shares carry one vote per share and a right to
dividends as and when declared by the Company.

33. SHARE CAPITAL (Cont’d)
Capital Management
The Group is committed to delivering dividends that increase over time with growth in underlying earnings, while
maintaining an optimal capital structure and investment grade credit ratings. The Group monitors capital based on
gross and net gearing ratios. In order to achieve an optimal capital structure, the Group may adjust the amount of
dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new borrowings
or reduce its borrowings.
From time to time, the Group purchases its own shares from the market. The shares purchased are primarily for
delivery to employees upon vesting of performance shares awarded under Singtel performance share plans. The
Group can also cancel the shares which are repurchased from the market.
There were no changes in the Group’s approach to capital management during the financial year.
34. DIVIDENDS
Group Company
2019 2018 2019 2018
Final dividend of 10.7 cents

(2018: 10.7 cents) per share, paid 1,746.7 1,746.6 1,747.2 1,747.2
Interim dividend of 6.8 cents

(2018: 6.8 cents) per share, paid 1,109.9 1,110.0 1,110.4 1,110.4
Special dividend of nil

(2018: 3.0 cents) per share, paid - 489.7 - 489.9
2,856.6 3,346.3 2,857.6 3,347.5
During the financial year, a final one-tier tax exempt ordinary dividend of 10.7 cents per share, totalling S$1.75 billion
was paid in respect of the previous financial year ended 31 March 2018. In addition, an interim one-tier tax exempt
ordinary dividend of 6.8 cents per share totalling S$1.11 billion was paid in respect of the current financial year ended
31 March 2019.
The amount paid by the Group differed from that paid by the Company due to dividends on performance shares
held by the Trust that were eliminated on consolidation of the Trust.
The Directors have proposed a final one-tier tax exempt ordinary dividend of 10.7 cents per share, totalling
approximately S$1.75 billion in respect of the current financial year ended 31 March 2019 for approval at the
forthcoming Annual General Meeting.
These financial statements do not reflect the above final dividend payable of approximately S$1.75 billion, which will
be accounted for in the ‘Shareholders’ Equity’ as an appropriation of ‘Retained Earnings’ in the next financial year
ending 31 March 2020.
219
OVERVIEW
35. FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
BUSINESS REVIEWS
The Group classifies fair value measurements using a fair value hierarchy which reflects the significance of the
inputs used in determining the measurements. The fair value hierarchy has the following levels –
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(b) inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
(c) inputs for the asset or liability which are not based on observable market data (unobservable inputs)
(Level 3).

35.1 Financial assets and liabilities measured at fair value
Group Level 1 Level 2 Level 3 Total

31 March 2019 S$ Mil S$ Mil S$ Mil S$ Mil
Financial assets
FVOCI investments (Note 25)

- Quoted equity securities 21.9 - - 21.9
- Unquoted investments - - 625.0 625.0
21.9 - 625.0 646.9
Derivative financial instruments (Note 18) - 438.7 - 438.7
21.9 438.7 625.0 1,085.6
PERFORMANCE
Financial liabilities
- 158.7 - 158.7

FINANCIALS
Financial assets

10.0 - 187.9 197.9

10.0 410.9 187.9 608.8
- 346.3 - 346.3

35.1 Financial assets and liabilities measured at fair value (Cont’d)

1 April 2017 S$ Mil S$ Mil S$ Mil S$ Mil
Financial assets

33.3 - 159.6 192.9
33.3 540.5 159.6 733.4
- 295.2 - 295.2
Company Level 1 Level 2 Level 3 Total

Financial assets

5.3 126.6 - 131.9
- 192.3 - 192.3

Financial assets

5.5 200.7 - 206.2
- 335.8 - 335.8
221
OVERVIEW
35.1 Financial assets and liabilities measured at fair value (Cont’d)
BUSINESS REVIEWS
1 April 2017 S$ Mil S$ Mil S$ Mil S$ Mil
Financial assets

29.1 - 8.3 37.4

29.1 389.4 8.3 426.8
- 452.8 - 452.8
See Note 2.16 for the policies on fair value estimation of the financial assets and liabilities.
The following table presents the reconciliation for the unquoted FVOCI investments measured at fair value based on
unobservable inputs (Level 3) –
PERFORMANCE
Group Company
2019 2018 2019 2018
FVOCI investments - unquoted

Balance as at 1 April, previously reported 86.1 90.3 - 8.3
Effects of adoption of SFRS(I) 9 101.8 69.3 - -
Balance as at 1 April, restated 187.9 159.6 - 8.3
Total gains/ (losses) included in
‘Fair Value Reserve’ 4.1 (6.3) - 0.3
Additions 437.1 59.6 - -
FINANCIALS
Disposals (2.3) (24.2) - (8.6)
Transfer out from Level 3 (10.1) - - -
Translation differences 8.3 (0.8) - -
Balance as at 31 March 625.0 187.9 - -


35.2 Financial assets and liabilities not measured at fair value (but with fair value disclosed)
Carrying Value Fair value

Level 1 Level 2 Level 3 Total
S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
As at 31 March 2019
Group
Bonds (Note 28.1) 7,946.0 6,235.4 2,013.0 - 8,248.4
Company
Bonds (Note 28.1) 786.5 936.4 - - 936.4
As at 31 March 2018
Group
Bonds (Note 28.1) 7,884.9 5,459.8 2,680.4 - 8,140.2
Company
Bonds (Note 28.1) 739.5 879.1 - - 879.1
As at 1 April 2017
Group
Bonds (Note 28.1) 8,726.6 6,722.9 2,402.9 - 9,125.8
Company
Bonds (Note 28.1) 802.7 957.0 - - 957.0
See Note 2.16 on the basis of estimating the fair values and Note 18 for information on the derivative financial
instruments used for hedging the risks associated with the borrowings.
Except as disclosed in the above tables, the carrying values of other financial assets and liabilities approximate their
fair values.
223
OVERVIEW
36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
BUSINESS REVIEWS
36.1 Financial Risk Factors
The Group’s activities are exposed to a variety of financial risks: foreign exchange risk, interest rate risk, credit risk,
liquidity risk and market risk. The Group’s overall risk management seeks to minimise the potential adverse effects
of these risks on the financial performance of the Group.
The Group uses financial instruments such as currency forwards, cross currency and interest rate swaps, and
foreign currency borrowings to hedge certain financial risk exposures. No financial derivatives are held or sold for
speculative purposes.

The Directors assume responsibility for the overall financial risk management of the Group. For the financial year
ended 31 March 2019, the Risk Committee and Finance and Investment Committee (“FIC”), which are committees
of the Board, assisted the Directors in reviewing and establishing policies relating to financial risk management in
accordance with the policies and directives of the Directors.
36.2 Foreign Exchange Risk
The foreign exchange risk of the Group arises from subsidiaries, associates and joint ventures operating in foreign
countries, mainly Australia, India, Indonesia, the Philippines, Thailand and the United States of America. Additionally,
the Group’s joint venture in India, Bharti Airtel Limited, is primarily exposed to foreign exchange risks from its
operations in Sri Lanka and 14 countries across Africa. Translation risks of overseas net investments are not hedged
unless approved by the FIC.
The Group has borrowings denominated in foreign currencies that have primarily been hedged into the functional
currency of the respective borrowing entities using cross currency swaps in order to reduce the foreign currency
PERFORMANCE
exposure on these borrowings. As the hedges are intended to be perfect, any change in the fair value of the cross
currency swaps has minimal impact on profit and equity.
The Group Treasury Policy, as approved by the FIC, is to substantially hedge all known transactional currency
exposures. The Group generates revenue, receives foreign dividends and incurs costs in currencies which are other
than the functional currencies of the operating units, thus giving rise to foreign exchange risk. The currency exposures
are primarily for the Australian Dollar, Euro, Hong Kong Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso,
Pound Sterling, Thai Baht, United States Dollar and Japanese Yen.
FINANCIALS
Foreign currency purchases and forward currency contracts are used to reduce the Group’s transactional exposure
to foreign currency exchange rate fluctuations. The foreign exchange difference on trade balances is disclosed
under Note 6 and the foreign exchange difference on non-trade balances is disclosed under Note 10. ADDITIONAL INFORMATION

36.2 Foreign Exchange Risk (Cont’d)
The critical terms (i.e. the notional amount, maturity and underlying) of the derivative financial instruments and
their corresponding hedged items are the same. The Group performs a qualitative assessment of effectiveness
and it is expected that derivative financial instruments and the value of the corresponding hedged items will
systematically change in opposite direction in response to movements in the underlying exchange rates.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the
Group’s own credit risk on the fair value of the derivative financial instruments, which is not reflected in the
fair value of the hedged items attributable to changes in foreign currency rates. No other source of ineffectiveness
emerged from these hedging relationships.
All hedge relationships remain effective and there is no hedge relationship in which hedge accounting is no
longer applied.
36.3 Interest Rate Risk
The Group has cash balances placed with reputable banks and financial institutions which generate interest
income for the Group. The Group manages its interest rate risks on its interest income by placing the cash balances
on varying maturities and interest rate terms.
The Group’s borrowings include bank borrowings and bonds. The borrowings expose the Group to interest rate
risk. The Group seeks to minimise its exposure to these risks by entering into interest rate swaps over the duration
of its borrowings. Interest rate swaps entail the Group agreeing to exchange, at specified intervals, the difference
between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal
amount. As at 31 March 2019, after taking into account the effect of interest rate swaps, approximately 66%
(31 March 2018: 67%) of the Group’s borrowings were at fixed rates of interest.
As at 31 March 2019, assuming that the market interest rate is 50 basis points higher or lower and with no change
to the other variables, the annualised interest expense on borrowings would be higher or lower by S$15.4 million
(2018: S$15.5 million).
The critical terms (i.e. the notional amount, maturity and underlying) of the derivative financial instruments and their
corresponding hedged items are the same. The Group performs a qualitative assessment of effectiveness and it is
expected that derivative financial instruments and the value of the corresponding hedged items will systematically
change in opposite direction in response to movements in the underlying interest rates.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and
the Group’s own credit risk on the fair value of the interest rate swaps, which is not reflected in the fair value of
the hedge items attributable to changes in interest rates. No other source of ineffectiveness emerged from these
hedging relationships.
Interest rate swap contracts paying fixed rate interest amounts are designated and effective as cash flow hedges
in reducing the Group’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate
swaps and the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is
reclassified to the income statement over the period that the floating rate interest payments on borrowings affect
the income statement.
225
OVERVIEW
36.3 Interest Rate Risk (Cont’d)
BUSINESS REVIEWS
Interest rate swap contracts paying floating rate interest amounts are designated and effective as fair value
hedges of interest rate movements. During the year, the hedge was fully effective in hedging the fair value
exposure to interest rate movements. The carrying amount of the bond decreased by S$23.5 million which
was included in the income statement at the same time that the fair value of the interest rate swap was included
in the income statement.
As at 31 March 2019, S$2.54 billion of borrowings was designated in fair value hedge relationships. All hedge
relationships remained effective and there was no hedge relationship in which hedge accounting could no longer
be applied.

36.4 Credit Risk
Financial assets that potentially subject the Group to concentrations of credit risk consist primarily of trade
receivables, contract assets, cash and cash equivalents and financial instruments used in hedging activities.
The Group has no significant concentration of credit risk from trade receivables and contract assets due to its
diverse customer base. Credit risk is managed through the application of credit assessment and approvals, credit
limits and monitoring procedures. Where appropriate, the Group obtains deposits or bank guarantees from
customers or enters into credit insurance arrangements. The Group’s exposure to credit risk and the measurement
bases used to determine expected credit losses is disclosed in Note 16.
The Group places its cash and cash equivalents with a number of major commercial banks and other financial
institutions with high credit ratings. Derivative counter-parties are limited to high credit rating commercial banks and
other financial institutions. The Group has policies that limit the financial exposure to any one financial institution.
PERFORMANCE
36.5 Liquidity Risk
To manage liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed
adequate by the management to finance the Group’s operations and to mitigate the effects of fluctuations
in cash flows. Due to the dynamic nature of the underlying business, the Group aims at maintaining funding
flexibility with adequate committed and uncommitted credit lines available to ensure that the Group is able to
meet the short-term obligations of the Group as they fall due.
The maturity profile of the Group’s borrowings and related swaps based on expected contractual undiscounted
cash flows is disclosed in Note 28.5.
36.6 Market Risk FINANCIALS
The Group has investments in quoted equity shares. The market value of these investments will fluctuate with
market conditions.

37. SEGMENT INFORMATION
Segment information is presented based on the information reviewed by senior management for performance
measurement and resource allocation.
Singtel Group is organised by three business segments, Group Consumer, Group Enterprise and Group Digital Life.
Group Consumer comprises the consumer businesses across Singapore and Australia, as well as the Group’s
investments, mainly AIS and Intouch (which has an equity interest of 40.5% in AIS) in Thailand, Airtel in India,
Africa and Sri Lanka, Globe in the Philippines, and Telkomsel in Indonesia. It focuses on driving greater value
and performance from the core carriage business including mobile, pay TV, fixed broadband and voice,
as well as equipment sales.
Group Enterprise comprises the business groups across Singapore, Australia, the United States of America,
Europe and the region, and focuses on growing the Group’s position in the enterprise markets. Key services include
mobile, equipment sales, fixed voice and data, managed services, cloud computing, cyber security, IT services
and professional consulting.
Group Digital Life (“GDL”) focuses on using the latest Internet technologies and assets of the Group’s operating
companies to develop new revenue and growth engines by entering into adjacent businesses where it has a
competitive advantage. It focuses on three key businesses in digital life – digital marketing (Amobee), regional
premium over-the-top video (HOOQ) and advanced analytics and intelligence capabilities (DataSpark), in addition
to strengthening its role as Singtel’s digital innovation engine through Innov8.
Corporate comprises the costs of Group functions not allocated to the business segments.
The measurement of segment results which is before exceptional items, is in line with the basis of information
presented to management for internal management reporting purposes.
The costs of shared and common infrastructure are allocated to the business segments using established
methodologies.
227
OVERVIEW
37. SEGMENT INFORMATION (Cont’d)
BUSINESS REVIEWS
The Group’s reportable segments by the three business segments for the financial years ended 31 March 2019
and 31 March 2018 were as follows –
Group Group Group Group

Consumer Enterprise Digital Life Corporate Total
Operating revenue 9,818.6 6,329.3 1,223.8 - 17,371.7

Operating expenses (6,803.9) (4,701.7) (1,315.2) (83.7) (12,904.5)
Other income/ (expense) 151.6 67.6 (0.3) 5.8 224.7
Earnings before interest,

tax, depreciation and
amortisation (“EBITDA”) 3,166.3 1,695.2 (91.7) (77.9) 4,691.9
Share of pre-tax results of associates

and joint ventures
- Airtel (511.2) - - - (511.2)
- Telkomsel 1,128.3 - - - 1,128.3
- Globe 367.8 - - - 367.8
- AIS 343.2 - - - 343.2
- Intouch 96.1 - - - 96.1
- Others 1.0 - - 110.7 111.7
1,425.2 - - 110.7 1,535.9
EBITDA and share of pre-tax results of
PERFORMANCE
associates and joint ventures 4,591.5 1,695.2 (91.7) 32.8 6,227.8
Depreciation and amortisation (1,544.5) (614.8) (60.3) (2.6) (2,222.2)

Earnings before interest and
tax (“EBIT”) 3,047.0 1,080.4 (152.0) 30.2 4,005.6
Segment assets
Investment in associates and
joint ventures
- Airtel 7,420.4 - - - 7,420.4
FINANCIALS
- Telkomsel 3,313.0 - - - 3,313.0
- Globe 1,175.7 - - - 1,175.7
- AIS 864.0 - - - 864.0
- Intouch 1,701.6 - - - 1,701.6
- Others 24.3 - - 419.1 443.4
14,499.0 - - 419.1 14,918.1
Goodwill on acquisition of subsidiaries 9,190.0 1,211.0 1,137.3 - 11,538.3

Other assets 13,512.4 5,705.6 949.0 2,291.4 22,458.4
37,201.4 6,916.6 2,086.3 2,710.5 48,914.8

Group Group Group Group

Consumer Enterprise Digital Life Corporate Total
Operating revenue 9,711.0 6,476.7 1,080.3 - 17,268.0

Operating expenses (6,595.5) (4,658.1) (1,133.4) (89.3) (12,476.3)
Other income 206.9 44.8 1.8 5.3 258.8
EBITDA 3,322.4 1,863.4 (51.3) (84.0) 5,050.5
Share of pre-tax results of associates

and joint ventures
- Airtel 199.3 - - - 199.3
- Telkomsel 1,372.4 - - - 1,372.4
- Globe 289.1 - - - 289.1
- AIS 347.4 - - - 347.4
- Intouch 103.0 - - - 103.0
- Others 0.9 - - 148.7 149.6
2,312.1 - - 148.7 2,460.8
EBITDA and share of pre-tax results of

associates and joint ventures 5,634.5 1,863.4 (51.3) 64.7 7,511.3
Depreciation and amortisation (1,571.9) (607.8) (69.1) (1.2) (2,250.0)
EBIT 4,062.6 1,255.6 (120.4) 63.5 5,261.3
Segment assets
Investment in associates and
joint ventures
- Airtel 7,453.1 - - - 7,453.1
- Telkomsel 3,416.1 - - - 3,416.1
- Globe 1,054.4 - - - 1,054.4
- AIS 775.7 - - - 775.7
- Intouch 1,641.2 - - - 1,641.2
- Others 23.6 - - 422.6 446.2
14,364.1 - - 422.6 14,786.7
Goodwill on acquisition of subsidiaries 9,192.9 1,167.5 1,011.8 - 11,372.2

Other assets 13,742.3 5,844.7 725.6 2,024.0 22,336.6
37,299.3 7,012.2 1,737.4 2,446.6 48,495.5
229
OVERVIEW
BUSINESS REVIEWS
A reconciliation of the total reportable segments’ EBIT to the Group’s profit before tax was as follows –
Group
2019 2018
S$ Mil S$ Mil
EBIT 4,005.6 5,261.3
Share of exceptional items of associates and joint ventures (post-tax) 301.1 (16.7)
Share of tax expense of associates and joint ventures (274.3) (640.1)

Exceptional items 68.2 1,895.1
Profit before interest, investment income (net) and tax 4,100.6 6,499.6
Interest and investment income (net) 38.1 45.5
Finance costs (392.8) (390.2)
The Group’s revenue from its major products and services are disclosed in Note 4.
The Group’s revenue is mainly derived from Singapore and Australia which respectively accounted for approximately
38% (2018: 38%) and 52% (2018: 52%) of the total revenue for the financial year ended 31 March 2019, with the
remaining 10% (2018: 10%) from the United States of America and other countries where the Group operates in.
The geographical information on the Group’s non-current assets is not presented as it is not used for segmental
PERFORMANCE
reporting purposes.
The Group has a large and diversified customer base which consists of individuals and corporations. There was no
single customer that contributed 10% or more of the Group’s revenue for the financial years ended 31 March 2019
and 31 March 2018.
38. OPERATING LEASE COMMITMENTS
As at 31 March 2019, the future aggregate lease payments for the remaining lease periods (including renewal
FINANCIALS
periods where the Group is reasonably certain to exercise the renewals) under operating leases but not recognised
as liabilities, were as follows:
Group Company
S$ Mil S$ Mil
Not later than one year 430.2 82.5

Later than one but not later than five years 1,517.0 308.5
Later than five years 1,471.1 495.6
3,418.3 886.6

39. COMMITMENTS
39.1 The commitments for capital and operating expenditures, and investments which had not been recognised in the
financial statements, excluding the commitments shown under Note 39.2 and Note 39.3, were as follows –
Group Company
2019 2018 2019 2018
Authorised and contracted for 1,334.7 865.3 250.3 87.5
39.2 As at 31 March 2019, the Group’s commitments for the purchase of broadcasting programme rights were
S$926 million (31 March 2018: S$693 million). The commitments included only the minimum guaranteed
amounts payable under the respective contracts and did not include amounts that may be payable based on
revenue share arrangement which cannot be reliably determined as at the end of the reporting period.
39.3 On 7 March 2019, Singtel announced that it will subscribe to Airtel’s rights issue based on its rights entitlement
for its direct stake of 15%. The total consideration for the subscription is approximately S$735 million. The rights
issue will close on 17 May 2019 and is expected to complete in early June 2019.
40. CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES
(a) Guarantees
(i) The Group and Company provided bankers’ and other guarantees, and insurance bonds of
S$592.4 million and S$109.1 million (31 March 2018: S$570.4 million and S$146.4 million) respectively.
(ii) The Company provided guarantees for loans of S$1.24 billion (31 March 2018: S$1.18 billion) drawn
down under various loan facilities entered into by Singtel Group Treasury Pte. Ltd. (“SGT”), a wholly-
owned subsidiary, with maturities between December 2019 and September 2021.
(iii) The Company provided guarantees for SGT’s notes issue of an aggregate equivalent amount of
S$3.95 billion (31 March 2018: S$4.04 billion) due between April 2020 and August 2028.
(b) In 2016 and 2017, Singapore Telecom Australia Investments Pty Limited (“STAI”) received amended
assessments from the Australian Taxation Office (“ATO”) in connection with the acquisition financing of
Optus. The assessments comprised primary tax of A$268 million, interest of A$58 million and penalties of
A$67 million. STAI’s holding company, Singtel Australia Investment Ltd, would be entitled to refund of
withholding tax estimated at A$89 million. STAI has objected to the amended assessments. In accordance
with the ATO administrative practice, STAI paid a minimum amount of 50% of the assessed primary tax on
21 November 2016. This payment continued to be recognised as a receivable as at 31 March 2019.
In December 2018, Singtel Group received additional assessments amounting to S$120 million from the Inland
Revenue Authority of Singapore for reduction in group relief claims in Year of Assessment 2014. Singtel has
objected to the additional assessments. The final payment due date has not been indicated by the Inland
Revenue Authority of Singapore.
The Group has received advice from external experts in relation to the above matters and will vigorously
defend its position. Accordingly, no provision has been made as at 31 March 2019.
231
OVERVIEW
40. CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES (Cont’d)
BUSINESS REVIEWS
(c) The Group is contingently liable for claims arising in the ordinary course of business and from certain tax
assessments which are being contested, the outcome of which are not presently determinable. The Group is
vigorously defending all these claims.
41. SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES
(a) Airtel, a joint venture of the Group, has disputes with various government authorities in the respective
jurisdictions where its operations are based, as well as with third parties regarding certain transactions
entered into in the ordinary course of business.

On 8 January 2013, the local regulator, Department of Telecommunications (“DOT”) issued a demand on Airtel
Group for Rs. 52.01 billion (S$1.02 billion) towards levy of one time spectrum charge, which was further revised
on 27 June 2018 to Rs. 84.14 billion (S$1.65 billion).
In the opinion of Airtel, inter-alia, the above demand amounts to alteration of the terms of the licences issued
in the past. Airtel believes, based on independent legal opinion and its evaluation, that it is not probable that
any material part of the claim will be awarded against Airtel and therefore, pending outcome of this matter,
no provision has been recognised.
As at 31 March 2019, other taxes, custom duties and demands under adjudication, appeal or disputes
amounted to approximately Rs. 166 billion (S$3.25 billion). In respect of some of the tax issues, pending final
decisions, Airtel had deposited amounts with statutory authorities.
(b) AIS, a joint venture of the Group, has various commercial disputes and significant litigations.
PERFORMANCE
In 2008, CAT Telecom Public Company Limited (“CAT”) demanded that AIS’ subsidiary, Digital Phone
Company Limited (“DPC”) pay additional revenue share of THB 3.4 billion (S$146 million) arising from the
abolishment of excise tax. CAT’s claim is still pending appeal before the Supreme Administrative Court.
In 2015, TOT Public Company Limited (“TOT”) demanded that AIS pays additional revenue share of
THB 62.8 billion (S$2.68 billion) arising from what TOT claims to be an illegality of two amendments made
to the Concession Agreement, namely, Amendment 6 (regarding reduction in prepaid revenue share rate)
made in 2001 and Amendment 7 (regarding deduction of roaming expense from revenue share) made in
2002, which have resulted in lower revenue share. This case is pending arbitration.
Between 2011 and 2016, TOT demanded that AIS pays additional revenue share based on gross interconnection FINANCIALS
income from 2007 to 2015 amounting to THB 36.2 billion (S$1.55 billion) plus interest. On 17 August 2018, the
Arbitration Institute awarded in favour of AIS in deciding that TOT has no right to claim for revenue share on gross
interconnection income for the period from 2007 to 2010 amounting to THB 17.8 billion (S$760 million). The claims
for the remaining period from 2011 to 2015 amounting to THB 18.4 billion (S$784 million) are pending arbitration.
Between 2014 to 2016, TOT demanded that AIS pays THB 41.1 billion (S$1.76 billion) plus interest for the porting
of subscribers from 900 MHz to 2100 MHz network. In February 2019, the Arbitration Institute resolved the
dispute in favour of AIS. TOT is eligible to file a petition within 90 days.

41. SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES (Cont’d)
In March 2018, CAT demanded DPC to transfer the telecommunications systems which would have been
supplied under the Concession Agreement between CAT and DPC of THB 13.4 billion (S$573 million) or to pay
the same amount plus interest. This case is pending arbitration.
In September 2018, TOT demanded that AIS pays additional revenue share from disputes on roaming rates
from July 2013 to September 2015, amounting to THB 16.3 billion (S$694 million).
As at 31 March 2019, there are a number of other claims against AIS and its subsidiaries amounting to
THB 30.1 billion (S$1.28 billion) which are pending adjudication.
AIS believes that the above claims will be settled in favour of AIS and will have no material impact to its
financial statements.
(c) In October 2017, Intouch and its subsidiary, Thaicom Public Company Limited (“Thaicom”) received letters
from the Ministry of Digital Economy and Society (the “Ministry”) stating that Thaicom 7 and Thaicom 8
satellites (the “Satellites”) are governed under the terms of a 1991 satellite operating agreement between
Intouch and the Ministry which entails the transfer of asset ownership, procurement of backup satellites,
payment of revenue share, and procurement of property insurance. Intouch and Thaicom have obtained
legal advice and are of the opinion that the Satellites are not covered under the Agreement but instead
under the licence from the National Broadcasting and Telecommunications Commission. This case is pending
arbitration.
(d) Globe, a joint venture of the Group, is contingently liable for various claims arising in the ordinary conduct of
business and certain tax assessments which are either pending decision by the Courts or are being contested,
the outcome of which are not presently determinable. In the opinion of Globe’s management and legal
counsel, the eventual liability under these claims, if any, will not have a material or adverse effect on Globe’s
financial position and results of operations.
In June 2016, the Philippine Competition Commission (“PCC”) claimed that the Joint Notice of Acquisition
filed by Globe, PLDT Inc. (“PLDT”) and San Miguel Corporation (“SMC”) on the acquisition of SMC’s
telecommunications business was deficient and cannot be claimed to be deemed approved. In July 2016,
Globe filed a petition with the Court of Appeals of the Philippines (“CA”) to stop the PCC from reviewing the
acquisition. In October 2017, the CA ruled in favour of Globe and PLDT, and declared the acquisition as valid
and deemed approved. PCC subsequently elevated the case to the Supreme Court to review the CA’s rulings.
(e) As at 31 March 2019, Telkomsel, a joint venture of the Group, has filed appeals and cross-appeals amounting
to approximately IDR 71 billion (S$7 million) for various tax claims arising in certain tax assessments which are
pending final decisions, the outcome of which is not presently determinable.
233
OVERVIEW
42. RECONCILIATIONS OF PROFIT, COMPREHENSIVE INCOME AND EQUITY
BUSINESS REVIEWS
The adoption of SFRS(I) had no material effect on the financial statements prepared under FRS, except as
described below:
SFRS(I) 1, First-time Adoption of Singapore Financial Reporting Standards (International)
The Group has made the following adjustments to the opening statement of financial position as at 1 April
2017 arising from the transition options:
(a) The cumulative currency translation loss of the Group has been transferred to retained earnings.

(b) Fair value has been used as the ‘deemed cost’ for certain property, plant and equipment.
SFRS(I) 9, Financial Instruments
SFRS(I) 9 introduces new requirements for classification and measurement of financial assets and financial
liabilities, general hedge accounting and impairment requirements for financial assets. Equity investments
previously accounted for as ‘Available-For-Sale’ (AFS) investments are accounted for as ‘Fair Value through
Other Comprehensive Income’ (FVOCI) investments. Lifetime expected credit losses are recognised for trade
receivables and contract assets.
SFRS(I) 15, Revenue from Contracts with Customers
SFRS(I) 15 establishes a single comprehensive model of accounting for revenue arising from contracts with
customers. The standard requires companies to apportion revenue earned from contracts to performance
obligations based on a five-step model on a relative standalone selling price basis. It also introduces new
PERFORMANCE
contract cost guidance and requires certain additional disclosures.
The Group has applied the retrospective method in the initial application of SFRS(I) 15, including the use of
practical expedients. Contracts that ended before 1 April 2017 (the first comparative reporting period) were
not restated. The adoption of SFRS(I) 15 resulted in the following key effects at the consolidated level:
(a) An increase in revenue allocated to sales of equipment, which are based on their relative standalone
selling prices, and a reduction in mobile service revenue over the customer contract term.
FINANCIALS
(b) An increase in cost of sales and a reduction in mobile customer acquisition costs.
(c) Commission paid to dealers and own sales force are capitalised and amortised as operating expenses
over the customer contract term in the income statement. Capitalised contract costs are included in
‘Other assets’ under non-current assets.
(d) An increase in contract assets, comprising mainly unbilled equipment receivables arising from upfront
recognition of revenue from sales of equipment. Contract assets are included in ‘Trade and other
receivables’ under current assets as they are expected to be realised in the normal operating cycle.
(e) An increase in contract liabilities, comprising mainly deferred revenue in respect of mobile price
plan discount vouchers given. Contract liabilities are included in ‘Trade and other payables’ under
current liabilities.
There are no material differences between the consolidated statement of cash flows presented under SFRS(I)
and FRS.

42. RECONCILIATIONS OF PROFIT, COMPREHENSIVE INCOME AND EQUITY (Cont’d)
The tables below summarised the impact of adopting SFRS(I) 1, SFRS(I) 9 and SFRS(I) 15 for the previous financial
year ended, and as at 31 March 2018 and 1 April 2017.
Income statement for the financial year ended 31 March 2018

Previously
reported Adjustments Restated
Group S$ Mil S$ Mil S$ Mil
Operating revenue 17,531.8 (263.8) 17,268.0

Operating expenses (12,701.5) 225.2 (12,476.3)
Other income 258.8 - 258.8
5,089.1 (38.6) 5,050.5
Depreciation and amortisation (2,340.1) 90.1 (2,250.0)
2,749.0 51.5 2,800.5
Exceptional items 1,940.4 (45.3) 1,895.1
Profit on operating activities 4,689.4 6.2 4,695.6
Share of results of associates and joint ventures 1,786.7 17.3 1,804.0
Profit before interest, investment income (net) and tax 6,476.1 23.5 6,499.6
Interest and investment income (net) 45.6 (0.1) 45.5
Finance costs (390.2) - (390.2)
Profit before tax 6,131.5 23.4 6,154.9
Tax expense (701.2) (1.8) (703.0)
Profit after tax 5,430.3 21.6 5,451.9
Attributable to:
Shareholders of the Company 5,451.4 21.6 5,473.0
Non-controlling interests (21.1) - (21.1)
5,430.3 21.6 5,451.9
Earnings per share attributable to shareholders of the Company
- basic 33.40¢ 33.53¢
- diluted 33.35¢ 33.48¢
Statement of comprehensive income for the financial year ended 31 March 2018
Previously
Profit after tax 5,430.3 21.6 5,451.9

Other comprehensive loss, net of tax (652.1) 8.7 (643.4)
Total comprehensive income 4,778.2 30.3 4,808.5
Attributable to:
Shareholders of the Company 4,798.6 30.3 4,828.9
4,778.2 30.3 4,808.5
235
OVERVIEW
BUSINESS REVIEWS
Statement of Financial Position as at 31 March 2018
Previously
Current assets
Cash and cash equivalents 524.9 - 524.9
Trade and other receivables 5,035.4 778.3 5,813.7
Inventories 397.4 - 397.4
Derivative financial instruments 23.2 (0.6) 22.6
5,980.9 777.7 6,758.6

Non-current assets
Property, plant and equipment 11,800.8 (346.7) 11,454.1
Intangible assets 13,969.1 - 13,969.1
Joint ventures 12,782.6 3.9 12,786.5
Associates 2,005.5 (5.3) 2,000.2
Available-for-sale investments 197.9 (197.9) -
Fair value through other comprehensive income investments - 197.9 197.9
Deferred tax assets 360.1 (7.1) 353.0
Trade and other receivables 747.2 (747.2) -
Other assets - 587.8 587.8
42,272.8 (535.9) 41,736.9
Total assets 48,253.7 241.8 48,495.5
Current liabilities
Trade and other payables 5,233.9 137.1 5,371.0
PERFORMANCE
Advance billings 794.1 - 794.1
Current tax liabilities 351.3 - 351.3
Borrowings (unsecured) 1,800.5 - 1,800.5
Borrowings (secured) 23.1 - 23.1
Net deferred gain 20.1 - 20.1
8,293.0 136.4 8,429.4
Advance billings 225.1 (3.5) 221.6
Borrowings (unsecured) 8,525.1 61.0 8,586.1
FINANCIALS
Deferred tax liabilities 520.4 15.2 535.6
Other non-current liabilities 295.1 - 295.1
10,307.1 47.5 10,354.6
Total liabilities 18,600.1 183.9 18,784.0
Net assets 29,653.6 57.9 29,711.5
Share capital 4,127.3 - 4,127.3

Reserves 25,551.9 57.9 25,609.8
Equity attributable to shareholders of the Company 29,679.2 57.9 29,737.1
Other reserve (22.4) - (22.4)
Total equity 29,653.6 57.9 29,711.5

Statement of Financial Position as at 31 March 2018

Previously
Company S$ Mil S$ Mil S$ Mil
Current assets
Trade and other receivables 2,323.9 - 2,323.9
Derivative financial instruments 70.1 - 70.1
2,507.8 - 2,507.8
Non-current assets
Subsidiaries 19,425.9 - 19,425.9
Joint ventures 22.8 - 22.8
Associates 24.7 - 24.7
22,060.6 (46.8) 22,013.8
Total assets 24,568.4 (46.8) 24,521.6
Current liabilities
Trade and other payables 1,468.4 - 1,468.4
1,742.3 - 1,742.3
Borrowings (unsecured) 673.2 66.3 739.5
Deferred tax liabilities 275.6 (7.4) 268.2
1,464.4 30.8 1,495.2
Net assets 21,361.7 (77.6) 21,284.1
Share capital 4,127.3 - 4,127.3
Reserves 17,234.4 (77.6) 17,156.8
Total equity 21,361.7 (77.6) 21,284.1
237
OVERVIEW
BUSINESS REVIEWS
Statement of Financial Position as at 1 April 2017
Previously
Current assets
Trade and other receivables 4,924.2 838.2 5,762.4
5,917.5 837.0 6,754.5

Non-current assets
Intangible assets 13,072.8 - 13,072.8
Joint ventures 12,282.9 2.4 12,285.3
Associates 1,952.2 (5.5) 1,946.7
Deferred tax assets 657.8 (22.9) 634.9
Loan to an associate 1,100.5 - 1,100.5
42,376.7 (661.1) 41,715.6
Total assets 48,294.2 175.9 48,470.1
Current liabilities
PERFORMANCE
Trade and other payables 4,922.4 132.4 5,054.8
Advance billings 835.4 25.7 861.1
Borrowings (unsecured) 3,046.9 (0.3) 3,046.6
9,272.3 157.8 9,430.1
Advance billings 245.7 (3.8) 241.9
Borrowings (unsecured) 7,852.7 45.5 7,898.2
FINANCIALS
Net deferred gain 1,282.7 - 1,282.7
Other non-current liabilities 349.9 (25.7) 324.2
10,808.3 (9.5) 10,798.8
Net assets 28,213.6 27.6 28,241.2

Share capital 4,127.3 - 4,127.3
Reserves 24,086.3 27.6 24,113.9
Equity attributable to shareholders of the Company 28,213.6 27.6 28,241.2
Non-controlling interests 22.4 - 22.4
Other reserve (22.4) - (22.4)
Total equity 28,213.6 27.6 28,241.2

Statement of Financial Position as at 1 April 2017
Previously
Company S$ Mil S$ Mil S$ Mil
Current assets
Trade and other receivables 1,673.3 - 1,673.3
1,893.4 (1.2) 1,892.2
Non-current assets
Subsidiaries 17,441.0 - 17,441.0
Joint ventures 23.0 - 23.0
Associates 603.5 - 603.5
Loan to an associate 1,100.5 - 1,100.5
21,971.9 (55.4) 21,916.5
Total assets 23,865.3 (56.6) 23,808.7
Current liabilities
Trade and other payables 1,602.0 - 1,602.0
1,888.9 (1.2) 1,887.7
Borrowings (unsecured) 746.2 56.5 802.7
1,717.6 21.3 1,738.9
Net assets 20,258.8 (76.7) 20,182.1
Share capital 4,127.3 - 4,127.3
Reserves 16,131.5 (76.7) 16,054.8
Total equity 20,258.8 (76.7) 20,182.1
239
OVERVIEW
43. EFFECTS OF ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET ADOPTED
BUSINESS REVIEWS
The new and revised accounting standards effective from 1 April 2019 are not expected to have a significant
impact on the financial statements of the Group in the next financial year ending 31 March 2020 except for
SFRS(I) 16, Leases.
SFRS(I) 16 requires lessees to adopt a single lease accounting model with leases recognised as lease liabilities in
the statement of financial position, with corresponding “right-of-use” assets. In the income statement, depreciation
charges on the “right-of-use” assets and interest expense on the lease liability will be recorded. In the statement of
cash flows, lease payments will be classified as financing cash flows. The new standard also specifies new accounting
rules for sales and leaseback of assets, as well as for subleases of leased assets under certain circumstances. The
standard continues to adopt a dual accounting lease model for lessor accounting.

The Group will apply SFRS(I) 16 using the modified retrospective approach where the cumulative effect of initial
application will be reflected as an adjustment to the opening statement of financial position as at 1 April 2019. The
standard will be applied prospectively with no restatement of financial statements for the comparative periods.
On transition, the Group will elect the practical expedients permitted by the new standard, including carrying
forward the historical lease classification, as well as excluding all leases with original maturities of one year or less,
and leases of low value assets.
The Group is a lessee mainly for operating leases of facilities such as central offices, data centres, corporate offices,
retail stores, network equipment, ducts and manholes.
In Australia, the Group sells and leases back handsets (as a lessee) from a bank for subleasing to its customers
(as an intermediate lessor). Before the adoption of SFRS(I) 16, the profit on sale of handset is accounted in full
upon delivery, the lease payments made (as a lessee) are accounted as operating lease expenses over the
PERFORMANCE
contract period, and the lease income received (as an intermediate lessor) are recognised as operating lease income
over the contract period. Under SFRS(I) 16, however, the profit on sale and leaseback of handset to be recognised
is subject to the proportion attributable to the bank and an upfront gain or loss on finance lease of leased handsets
will be recognised.
The Group is still in the process of quantifying the impact of SFRS(I) 16 on the financial statements.
44. COMPANIES IN THE GROUP
FINANCIALS
The Company’s immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company
incorporated in Singapore. The following were the significant subsidiaries as well as associates and joint ventures
as at 31 March 2019 and 31 March 2018.

44. COMPANIES IN THE GROUP (Cont’d)
44.1 Significant subsidiaries incorporated in Singapore
Percentage of effective equity

interest held by the Group
2019 2018
Name of subsidiary Principal activities % %
1. Amobee Asia Pte. Ltd. Provision of internet advertising solutions 100 100
2. DataSpark Pte. Ltd. Develop and market data analytics and 100 100
insights products and services
3. Group Enterprise Pte. Ltd. Telecommunications resellers and third party 100 100
telecommunications providers
4. HOOQ Digital Pte. Ltd. Provision of regional premium over-the-top 65 65

video services
5. NCS Communications Provision of facilities management and 100 100

Engineering Pte. Ltd. consultancy services, and distributor of
specialised telecommunications and data
communication products
6. NCS Pte. Ltd. Provision of information technology and 100 100

consultancy services
7. NCSI Solutions Pte. Ltd. Provision of information technology services 100 100
8. SCS Computer Systems Pte. Ltd. Provision of information technology services 100 100
9. Singapore Telecom International Holding of strategic investments and provision 100 100
Pte Ltd of technical and management consultancy
services
10. SingNet Pte Ltd Provision of internet access and pay television 100 100
services
11. Singtel Cyber Security Provision of information security services and 100 100
(Singapore) Pte. Ltd. products
12. Singtel Innov8 Ventures Pte. Ltd. Provision of fund management services 100 100
13. Singtel Mobile Singapore Operation and provision of cellular mobile 100 100
Pte. Ltd. telecommunications systems and services, and
sale of telecommunications equipment
14. ST-2 Satellite Ventures Provision of satellite capacity for 61.9 61.9
Private Limited telecommunications and video broadcasting
services
15. Sembawang Cable Depot Pte Ltd Provision of storage facilities for submarine 60 60
telecommunication cables and related
equipment
241
OVERVIEW
44.1 Significant subsidiaries incorporated in Singapore (Cont’d)
BUSINESS REVIEWS
2019 2018
16. Singtel Digital Media Pte Ltd Development and management of on-line 100 100
internet portal
17. SingtelSat Pte Ltd Provision of satellite capacity for 100 100
telecommunications and video
broadcasting services

18. Telecom Equipment Pte Ltd Engaged in the sale and maintenance of 100 100
telecommunications equipment, and mobile
finance services
19. Trustwave Pte. Ltd. Provision of information security services 100 98

and products
All companies are audited by KPMG LLP.
44.2 Significant subsidiaries incorporated in Australia

2019 2018
PERFORMANCE
1. Amobee ANZ Pty Ltd Provision of internet advertising solutions 100 100
2. Alphawest Services Pty Ltd (1) Provision of information technology services 100 100
3. Ensyst Pty Limited Provision of cloud services 100 100
4. Hivint Pty Limited Provision of information security services 100 -

and products
5. NCSI (Australia) Pty Limited Provision of information technology services 100 100
FINANCIALS
6. Optus Administration Provision of management services to the 100 100
Pty Limited (1) Optus Group
7. Optus ADSL Pty Limited (1) Provision of carriage services 100 100
8. Optus Billing Services Provision of billing services to the Optus Group 100 100
Pty Limited (*) (1)
9. Optus C1 Satellite Pty Limited (1) C1 Satellite contracting party 100 100
10. Optus Content Pty Limited (1) Provision of digital content acquisition 100 100
11. Optus Data Centres Provision of data communication services 100 100
Pty Limited (1)

44.2 Significant subsidiaries incorporated in Australia (Cont’d)

2019 2018
12. Optus Fixed Infrastructure Provision of telecommunications services 100 100

Pty Limited (1)
13. Optus Insurance Services Provision of handset insurance and related 100 100
Pty Limited services
14. Optus Internet Pty Limited (1) Provision of services over Hybrid Fibre Co-Axial 100 100
network and National Broadband Network
15. Optus Mobile Pty Limited (1) Provision of mobile phone services 100 100
16. Optus Networks Pty Limited (1) Provision of telecommunications services 100 100
17. Optus Satellite Pty Limited (1) Provision of satellite services 100 100
18. Optus Systems Pty Limited (1) Provision of information technology services to 100 100
the Optus Group
19. Optus Vision Media Provision of broadcasting related services 20 20

Pty Limited (*) (2)
20. Optus Vision Pty Limited (1) Provision of telecommunications services 100 100
21. Optus Wholesale Pty Limited (1) Provision of services to wholesale customers 100 100
22. Prepaid Services Pty Limited (1) Distribution of prepaid mobile products 100 100
23. Reef Networks Pty Ltd (1) Operation and maintenance of fibre optic 100 100
network between Brisbane and Cairns
24. TWH Australia Pty. Ltd. Provision of information security services and 100 98
products
25. Uecomm Operations Provision of data communication services 100 100

Pty Limited (1)
26. Virgin Mobile (Australia) Provision of mobile phone services 100 100
Pty Limited (1)
27. Vividwireless Group Limited (1) Provision of wireless broadband services 100 100
All companies are audited by KPMG, Australia, except for those companies denoted (*) where no statutory audit
is required.
Notes:
(1)
These entities are relieved from the Australian Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports pursuant
to ASIC Class Order 2016/785 (as amended) dated 30 March 2007.
(2)
Optus Vision Media Pty Limited is deemed to be a subsidiary by virtue of control.
243
OVERVIEW
44.3 Significant subsidiaries incorporated outside Singapore and Australia
BUSINESS REVIEWS
Country of interest held by the Group
incorporation/ 2019 2018
Name of subsidiary Principal activities operation % %
1. Amobee EMEA Limited Provision of internet advertising United 100 100

solutions Kingdom
2. Amobee, Inc. Provision of internet advertising USA 100 100

solutions

3. Amobee Ltd Research and development centre Israel 100 100
4. Breach Security, Ltd. Provision of information security Israel 100 98

services and products
5. GB21 (Hong Kong) Provision of telecommunications Hong Kong - 100

Limited (2) services and products
6. Global Enterprise Provision of data communication and Malaysia 100 100

International Malaysia value added network services
Sdn. Bhd.
7. HOOQ Digital (India) Provision of over-the-top video India 65 65

Private Limited services and related activities and
services
8. HOOQ Digital Mauritius Content operations and procurement Mauritius 65 65
PERFORMANCE
Private Limited
9. HOOQ Digital Provision of market research, sales Philippines 65 65

(Philippines) Inc. and marketing support services
10. HOOQ Digital (Thailand) Provision of market research, Thailand 65 65

Company Limited sales and marketing support services
11. Lanka Communication Provision of telecommunications Sri Lanka 82.9 82.9

Services (Pvt) Limited services
FINANCIALS
12. M86 Security Provision of information security United 100 98
International, Ltd. services and products Kingdom
13. M86 Security Israel, Ltd. Provision of information security Israel 100 98
14. NCS Information Software development and provision People’s 100 100
Technology (Suzhou) of information technology services Republic of
Co., Ltd. (3) China
15. NCSI (Chengdu) Provision of information technology People’s 100 100

Co., Ltd (3) research and development, and Republic of
other information technology related China
services

44.3 Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)

16. NCSI (HK) Limited Provision of information technology Hong Kong 100 100
services
17. NCSI (Malaysia) Sdn Bhd Provision of information technology Malaysia 100 100
services
18. NCSI (Philippines) Inc. Provision of information technology Philippines 100 100
and communication engineering
services
19. NCSI (Shanghai), Provision of system integration, People’s 100 100

Co. Ltd (3) software research and development Republic of
and other information technology China
related services
20. SCS Information Consultancy, sale of computer Brunei 100 100

Technology Sdn Bhd equipment and software including
provision of marketing, maintenance
and other related services
21. Singtel Global Provision of infotainment products and Mauritius 100 100
Private Limited services, and investment holding
22. Singtel Global India Provision of telecommunications India 100 100

Private Limited services and all related activities
23. Singtel Innov8 Provision of investment consulting USA 100 100

Ventures LLC services
24. Singapore Telecom Provision of telecommunications Hong Kong 100 100

Hong Kong Limited services and all related activities
25. Singapore Telecom Provision of telecommunications Japan 100 100

Japan Co Ltd services and all related activities
26. Singapore Telecom Provision of telecommunications South Korea 100 100

Korea Limited services and all related activities
27. Singapore Telecom Provision of telecommunications, USA 100 100

USA, Inc. engineering and marketing services
28. Singtel (Europe) Limited Provision of telecommunications United 100 100

services and all related activities Kingdom
29. Singtel Taiwan Limited Provision of telecommunications Taiwan 100 100

services and all related activities
30. STI Solutions (Shanghai) Provision of telecommunications People’s 100 100

Co., Ltd services and all related activities Republic of
China
245
OVERVIEW
44.3 Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)
BUSINESS REVIEWS
31. Sudong Sdn. Bhd. Management, provision and Malaysia 100 100
operations of a call centre for
telecommunications services
32. Trustwave Canada, Inc. Provision of information security Canada 100 98


33. Trustwave Government Provision of information security USA 100 98
Solutions, LLC services and products
34. Trustwave Holdings, Inc. Provision of information security USA 100 98

35. Trustwave Limited Provision of information security United 100 98

services and products Kingdom
36. Trustwave SecureConnect Provision of information security USA 100 98

Inc. services and products
37. Turn Europe (UK) Limited Provision of internet advertising United 100 100
solutions Kingdom
PERFORMANCE
All companies are audited by a member firm of KPMG.
Notes:
(1)
The place of business of the subsidiaries are the same as their country of incorporation.
(2)
The company has been disposed during the year.
(3)
Subsidiary’s financial year-end is 31 December.
44.4 Associates of the Group

FINANCIALS
Name of associate Principal activities operation % %
1. 2359 Media Development and design of mobile- Singapore 28.3 28.3

Pte. Ltd. based advertising
2. APT Satellite Holdings Investment holding Bermuda 20.3 20.3

Limited (2)
3. APT Satellite International Investment holding British Virgin 28.6 28.6

Company Limited (2)
Islands
4. HOPE Technik Pte Ltd Provision of high performance unique Singapore 21.3 21.3
engineering solutions

44.4 Associates of the Group (Cont’d)

Name of associate Principal activities operation % %
5. Intouch Holdings Public Investment holding Thailand 21.0 21.0

Company Limited (3)
6. Kai Square Provision of next generation cloud- Singapore 39.2 39.2

based video surveillance services,
monitoring and analytics based on
unified platform
7. MassiveImpact Provision of performance based British Virgin 48.9 48.9

International Ltd mobile advertising platform Islands
8. NetLink Trust (4) To own, install, operate and Singapore 24.8 24.8
maintain the passive infrastructure
for Singapore’s Next Generation
Nationwide Broadband Network
9. NetLink NBN Trust (4) Investment holding Singapore 24.8 24.8
10. Sentilla Corporation Provision of energy management USA 31.0 31.0

services for data centres
11. Singapore Post Operation and provision of postal, Singapore 21.7 21.7
Limited (4) eCommerce logistics and retail
services
12. SESTO Robotics Pte Ltd Provision of autonomous mobile robots Singapore 28.5 -
13. Viewers Choice Pte Ltd Provision of services relating to motor Singapore 49.2 49.2
vehicle rental and retail of general
merchandise
Notes:
(1)
The place of business of the associates are the same as their country of incorporation.
(2)
The company has been equity accounted for in the consolidated financial statements based on results ended, or as at, 31 December 2018, the financial
year-end of the company.
(3)
Audited by Deloitte Touche Tohmatsu Jaiyos Audit Co. Ltd, Bangkok.
(4)
Audited by Deloitte & Touche LLP, Singapore.
44.5 Joint ventures of the Group

Name of joint venture Principal activities operation % %
1. Acasia Communications Provision of networking services to Malaysia 14.3 14.3

Sdn Bhd (3) business customers operating within
and outside Malaysia
2. ACPL Marine Pte Ltd To own, operate and manage Singapore 16.7 16.7
maintenance-cum-laying cableships
247
OVERVIEW
44.5 Joint ventures of the Group (Cont’d)
BUSINESS REVIEWS
3. Advanced Info Service Provision of mobile, broadband, Thailand 23.3 23.3

Public Company international telecommunications
Limited (4) (5) services, call centre and data
transmission
4. ASEAN Cableship Operation of cableships for laying, Singapore 16.7 16.7

Pte Ltd repair and maintenance of submarine

telecommunication cables
5. ASEAN Telecom Holdings Investment holding Malaysia 14.3 14.3

Sdn Bhd (3)
6. Asiacom Philippines, Investment holding Philippines 40.0 40.0

Inc. (3)
7. Bharti Airtel Limited (6) Provision of mobile, long distance India 39.5 39.5
broadband and telephony
telecommunications services,
enterprise solutions, pay television and
passive infrastructure
8. Bharti Telecom Limited (6) Investment holding India 48.9 48.9
PERFORMANCE
9. Bridge Mobile Pte. Ltd. Provision of regional mobile services Singapore 34.5 34.5
10. Globe Telecom, Inc. (7) (8) Provision of mobile, broadband, Philippines 21.5 21.5
international and fixed line
telecommunications services
11. Grid Communications Provision of public trunk radio services Singapore 50.0 50.0
Pte. Ltd. (3)
12. Indian Ocean Cableship Leasing, operating and managing of Singapore 50.0 50.0
Pte. Ltd. maintenance-cum-laying cableship
FINANCIALS
13. International Cableship Ownership and chartering of Singapore 45.0 45.0
Pte Ltd cableships
14. Main Event Television Provision of cable television Australia 33.3 33.3
Pty Limited programmes
15. Pacific Bangladesh Provision of mobile Bangladesh 45.0 45.0

Telecom Limited telecommunications, broadband and
data transmission services
16. Pacific Carriage Holdings Operation and provision of Bermuda 39.99 39.99
Limited (9) telecommunications facilities and
services utilising a network of
submarine cable systems

44.5 Joint ventures of the Group (Cont’d)

17. PT Telekomunikasi Provision of mobile telecommunications Indonesia 35.0 35.0

Selular (10) and related services
18. Radiance Communications Sale, distribution, installation and Singapore 50.0 50.0
Pte Ltd (3) maintenance of telecommunications
equipment
19. Southern Cross Cables Operation and provision of Bermuda 39.99 39.99
Holdings Limited (9) (11) telecommunications facilities and
services utilising a network of
submarine cable systems
20. Telescience Singapore Sale, distribution and installation of Singapore - 50.0

Pte Ltd (12) telecommunications and information
technology equipment and services
21. VA Dynamics Sdn. Bhd. (3) Distribution of networking cables and Malaysia 49.0 49.0
related products
Notes:
(1)
The place of business of the joint ventures are the same as their country of incorporation, unless otherwise specified.
(2)
The Group holds substantive participating rights over the significant financial and operating decisions of the above joint ventures, which enables the
Group to exercise joint control with the other shareholders.
(3)
The company has been equity accounted for in the consolidated financial statements based on the results ended, or as at, 31 December 2018, the
financial year-end of the company.
(4)
Audited by Deloitte Touche Tohmatsu Jaiyos Audit Co. Ltd, Bangkok.
(5)
This represents the Group’s direct interest in AIS.
(6)
Audited by Deloitte Haskins & Sells LLP, New Delhi. Bharti Airtel Limited has business operations in India, Sri Lanka, and 14 countries across Africa.
(7)
Audited by Navarro Amper & Co. (a member firm of Deloitte Touche Tohmatsu Limited).
(8)
The Group has a 47.1% effective economic interest in Globe.
(9)
The Southern Cross Cable Consortium operates through two separate companies. Southern Cross Cables Holdings Limited owns a cable network
between Australia and the USA, with operations outside the USA. Pacific Carriage Holdings Limited has operations within the USA.
(10)
Audited by Purwantono, Sungkoro & Surja (a member firm of Ernst & Young).
(11)
Audited by KPMG, Bermuda.
(12)
The company has been disposed during the year.
249
OVERVIEW
Interested Person Transactions
The aggregate value of all interested person transactions during the financial year ended 31 March 2019 (excluding
transactions less than S$100,000) were as follows -
BUSINESS REVIEWS
Name of interested person S$ Mil
Ascendas - Singbridge Pte Ltd 0.2

Certis CISCO Auxiliary Police Force Pte Ltd 8.8
Ensign InfoSecurity (Systems) Pte Ltd 0.1
Grid Communications Pte. Ltd. 0.3
HarbourFront Centre Pte Ltd 0.2
Human Capital Leadership Institute 0.1
Mediacorp Pte Ltd 16.0

Mediacorp VizPro International Pte Ltd 0.2
Nexwave Technologies Pte Ltd 0.1
Power Gas Ltd 0.3
PSA Corporation Ltd 0.3
Radiance Communications Pte Ltd 2.5
SP Digital Pte. Ltd. 0.3
ST Electronics (Info-Security) Pte Ltd 3.6
ST Engineering Electronics Ltd. 5.9
ST Electronics (Satcom & Sensor Systems) Pte Ltd 0.3
StarHub Cable Vision Ltd 36.6
StarHub Ltd 7.7
StarHub Mobile Pte Ltd 1.7
Surbana Jurong Consultants Pte Ltd 1.4
PERFORMANCE
Synergy FMI Pte Ltd 0.2
86.8
FINANCIALS

Additional Information on
Directors Seeking Re-election
Name of Director Christina Hon Kwee Fong Simon Claude Israel
(Mrs Christina Ong)
Date of appointment 7 April 2014 4 July 2003 (as Director)

29 July 2011 (as Chairman)
Date of last re-appointment 29 July 2016 29 July 2016
(if applicable)
Age 67 66
Country of principal residence Singapore Singapore
The Board’s comments on this After reviewing the recommendation After reviewing the recommendation
re-election/appointment of the Corporate Governance of the Corporate Governance and
and Nominations Committee and Nominations Committee and Mr Israel’s
Mrs Ong’s qualifications and qualifications and experience (as set out
experience (as set out below), the below), the Board has approved that
Board has confirmed Mrs Ong’s Mr Israel stands for re-election as a non-
independence and approved that executive and non-independent Director.
Mrs Ong stands for re-election as a
non-executive/independent Director. Mr Israel will, upon re-election, continue
to serve as Chairman of the Board,
Mrs Ong will, upon re-election, Chairman of the Finance and Investment
continue to serve as a member of Committee, and a member of the
the Corporate Governance and Corporate Governance and Nominations
Nominations Committee and the Committee, the Executive Resource and
Audit Committee. Compensation Committee and the Optus
Advisory Committee.
Whether appointment is executive, Non-executive Non-executive
and if so, the area of responsibility
Job title (e.g. Lead ID, AC Chairman, Non-executive and independent Non-executive and non-independent
AC Member etc.) Director Director
Member of the Corporate Governance Chairman of the Board
and Nominations Committee
Chairman of the Finance and
Member of the Audit Committee Investment Committee
Member of the Corporate Governance
and Nominations Committee
Member of the Executive Resource and
Compensation Committee
Member of the Optus Advisory
Committee
Professional qualifications Bachelor of Laws (Second Upper Diploma in Business Studies from
Class Honours) from the University The University of the South Pacific
of Singapore
Member of the Law Society of
Singapore and the International Bar
Association
251
OVERVIEW
Dominic Stephen Barton Bradley Joseph Horowitz Gail Patricia Kelly
BUSINESS REVIEWS
25 March 2019 26 December 2018 26 December 2018
Not applicable Not applicable Not applicable
56 54 63
Canada United States of America Australia
After reviewing the recommendation After reviewing the recommendation After reviewing the recommendation

of the Corporate Governance and of the Corporate Governance of the Corporate Governance and
Nominations Committee and and Nominations Committee and Nominations Committee and
Mr Barton’s qualifications and Mr Horowitz’s qualifications and Mrs Kelly’s qualifications and
experience (as set out below), the experience (as set out below), the experience (as set out below), the
Board has confirmed Mr Barton’s Board has confirmed Mr Horowitz’s Board has confirmed Mrs Kelly’s
independence and approved that independence and approved that independence and approved that
Mr Barton stands for re-election as a Mr Horowitz stands for re-election as a Mrs Kelly stands for re-election as a
non-executive/independent Director. non-executive/independent Director. non-executive/independent Director.
Mr Barton will, upon re-election, Mr Horowitz will, upon re-election, Mrs Kelly will, upon re-election,
continue to serve as a member of continue to serve as a member of the continue to serve as a member of the
the Finance and Investment Finance and Investment Committee Executive Resource and Compensation
Committee and the Risk Committee. and the Technology Advisory Panel. Committee, the Audit Committee and
the Optus Advisory Committee.
Non-executive Non-executive Non-executive
PERFORMANCE
Non-executive and independent Non-executive and independent Non-executive and independent
Director Director Director
Member of the Finance and Member of the Finance and Member of the Executive Resource
Investment Committee Investment Committee and Compensation Committee
Member of the Risk Committee
Member of the Technology Advisory Member of the Audit Committee
Panel
Member of the Optus Advisory
Committee
FINANCIALS
Bachelor of Arts (Honours) in Bachelor in Computer Science from Bachelor of Arts and Higher Diploma
Economics from the University of the University of Michigan of Education from the University of
British Columbia Cape Town
Masters in Media Science from the
Master of Philosophy in Economics Media Lab at the Massachusetts Masters of Business Administration
from Oxford University Institute of Technology (with Distinction) from the University
of the Witwatersrand
Honorary Doctorate of Business from

the University of New South Wales,
Macquarie University and Charles
Sturt University
Honorary Doctorate of Science in
Economics from the University of Sydney

(Mrs Christina Ong)
Working experience and Allen & Gledhill LLP Temasek Holdings (Private) Limited
occupation(s) during the past 1987 to present 2006 to 2011
10 years Executive Director and President
Mrs Ong joined Allen & Gledhill LLP
in 1987 as a Partner. She is now the
Co-Chairman and Senior Partner, a
member of EXCO and Co-Head of
the Financial Services Department.
Mrs Ong currently also serves as a
Director/Member/Trustee of various
entities including those which are
owned by Allen & Gledhill LLP. Please
refer to her present directorships/
principal commitments provided
below for further information.
Shareholding interest in the listed No Yes
issuer and its subsidiaries 1,019,593 ordinary shares in Singapore
Telecommunications Limited
(Direct interest)
1,360 ordinary shares in Singapore
Telecommunications Limited
(Deemed interest)
Any relationship (including immediate No No
family relationships) with any existing
director, existing executive officer, the
issuer and/or substantial shareholder
of the listed issuer or of any of its
principal subsidiaries
Conflict of interests (including any No No
competing business)
Undertaking (in the format set out in Yes Yes
Appendix 7.7) under Rule 720(1) has
been submitted to the listed issuer
Other Principal Commitments* Including Directorships

* “Principal Commitments” has the same meaning as defined in the Code of Corporate Governance 2018.
Past (for the last 5 years) Other principal commitments: Other listed company:
͋ΐ WĸŏĲďŢŖťĨΐ]ŖŵťĸũŎΐŖďťĤ͍ΐĸťĨğŰŖťΐ ͋ΐ ďŢĸŰď8ďŏĤΐ8ĸŎĸŰĨĤ͍ΐĸťĨğŰŖť
͋ΐ ]ťďĸŉĞŉďƏĨťΐ"ŖŵŏĤďŰĸŖŏΐ8ŰĤ͍ΐĸťĨğŰŖť
Other principal commitment:
͋ΐ WŰĨƄďťĤũĶĸŢΐũĸďΐĨŏŰťĨΐPŰĨ͒ΐ8ŰĤ͍͒ΐ
Director
253
OVERVIEW
BUSINESS REVIEWS
McKinsey & Company Google, Inc. Westpac Banking Corporation
2009 to present 2008 to present 2008 to 2015
Senior Partner, former Global Vice President of Product Group Chief Executive Officer and
Managing Partner Management Managing Director
Yahoo, Inc.
2004 to 2008
Vice President of Advanced
Development

No No No
No No No
PERFORMANCE
No No No
Yes Yes Yes
FINANCIALS
Other principal commitment: Nil Other listed companies:
͋ΐ =ğ6ĸŏũĨƊΐϫΐŖŎŢďŏƊ͍ΐ#ŉŖĞďŉΐ ͋ΐ qŖŖŉƄŖťŰĶũΐ'ŖŉĤĸŏĲũΐ8ĸŎĸŰĨĤ͍ΐ
Managing Partner South Africa, Director
͋ΐ qĨũŰŢďğΐďŏņĸŏĲΐŖťŢŖťďŰĸŖŏ͍ΐ
Australia, Executive Director (in role
as Group Chief Executive Officer
and Managing Director)
Other principal commitments:

͋ΐ ŵũĸŏĨũũΐŖŵŏğĸŉΐŖıΐŵũŰťďŉĸď͍ΐĸťĨğŰŖť
͋ΐ ŖŵŏŰťƊΐSŖďĤΐ#ťŖŵŢ͍ΐĸťĨğŰŖť
͋ΐ ďƃĸĤΐ4ŖŏĨũ͍ΐĸťĨğŰŖť
͋ΐ "ĸŏďŏğĸďŉΐ=ďťņĨŰũΐ"ŖŵŏĤďŰĸŖŏΐıŖťΐ
Children, Director
͋ΐ Dũĸťĸũΐ'ŖŉĤĸŏĲũ͍ΐĸťĨğŰŖťΐ
͋ΐ pĨŉďΐ)ŏƃĨũŰŎĨŏŰũ͍ΐĸťĨğŰŖť

(Mrs Christina Ong)
Present Other listed companies: Other listed companies:

͋ΐ 'ŖŏĲņŖŏĲΐ8ďŏĤΐ'ŖŉĤĸŏĲũΐ8ĸŎĸŰĨĤ͍ΐ ͋ΐ "ŖŏŰĨťťďΐŖͻŖŢĨťďŰĸƃĨΐ#ťŖŵŢΐ
Director Limited, Director
͋ΐ DƃĨťũĨďͻĶĸŏĨũĨΐďŏņĸŏĲΐ ͋ΐ WĸŏĲďŢŖťĨΐPŖũŰΐ8ĸŎĸŰĨĤ͍ΐĶďĸťŎďŏ
Corporation Limited, Director
͋ΐ W)ΐŏĲĸŏĨĨťĸŏĲΐŖŎŢďŏƊΐ8ĸŎĸŰĨĤ͍ΐ Other principal commitments:
Director ͋ΐ #ŖƃĨťŏĸŏĲΐŖďťĤΐŖıΐ8ĨĨΐ6ŵďŏΐwĨƄΐ
School of Public Policy, Member
Other principal commitments: ͋ΐ WŰĨƄďťĤũĶĸŢΐũĸďΐĨŏŰťĨΐ8#ΐ
͋ΐ "ΐWĸŏĲďŢŖťĨΐŖŏĤΐ)ŏĤĨƉΐ"ŵŏĤ͍ΐ Limited, Director
Member of the Supervisory Committee ͋ΐ qĨũŰŢďğΈũΐũĸďΐĤƃĸũŖťƊΐŖďťĤ͍ΐ
͋ΐ ŉŉĨŏΐϫΐ#ŉĨĤĶĸŉŉΐ88P͍ΐŖͻĶďĸťŎďŏΐϫΐ Member
Senior Partner
͋ΐ ŉŉĨŏΐϫΐ#ŉĨĤĶĸŉŉΐSĨĲŵŉďŰŖťƊΐϫΐ
Compliance Pte. Ltd., Director
͋ΐ ďŰďŉĸũŰΐĤƃĸũŖťƊΐPďŏĨŉ͍ΐ=ĨŎĞĨť
͋ΐ ŖťŢŖťďŰĨΐ#ŖƃĨťŏďŏğĨΐĤƃĸũŖťƊΐ
Committee, Member
͋ΐ ďũŰĨťŏΐĨƃĨŉŖŢŎĨŏŰΐ'ŖŉĤĸŏĲũΐ
Pte. Ltd., Director
͋ΐ ďũŰĨťŏΐĨƃĨŉŖŢŎĨŏŰΐPťĸƃďŰĨΐ8ĸŎĸŰĨĤ͍ΐ
Director
͋ΐ ŢĸŎĨŰĶĨŵũΐ8ŰĤ͍ΐĸťĨğŰŖť
͋ΐ ]ĶĨΐWŰĨŢĶĨŏΐ͒ΐWğĶƄďťƏŎďŏΐWğĶŖŉďťũΐ
Trust, Trustee
Information required
Disclose the following matters concerning an appointment of director.
(a) Whether at any time during the No No

last 10 years, an application or a
petition under any bankruptcy law
of any jurisdiction was filed against
him or against a partnership of
which he was a partner at the time
when he was a partner or at any
time within 2 years from the date
he ceased to be a partner?
(b) Whether at any time during the last No No
10 years, an application or a petition
under any law of any jurisdiction
was filed against an entity (not being
a partnership) of which he was a
director or an equivalent person or
a key executive, at the time when
he was a director or an equivalent
person or a key executive of that
entity or at any time within 2 years
from the date he ceased to be a
director or an equivalent person or
a key executive of that entity, for the
winding up or dissolution of that entity
or, where that entity is the trustee of a
business trust, that business trust, on
the ground of insolvency?
255
OVERVIEW
BUSINESS REVIEWS
Other listed company: Other principal commitments: Other principal commitments:
͋ΐ ]ĨğņΐSĨũŖŵťğĨũΐ8ĸŎĸŰĨĤ͍ΐĶďĸťŎďŏΐ ͋ΐ #ŖŖĲŉĨ͍ΐ)ŏğ͍͒ΐpĸğĨΐPťĨũĸĤĨŏŰΐŖıΐ ͋ΐ ŉŉĸďŏğĨΐŖıΐ#ĸťŉũΈΐWğĶŖŖŉũΐŵũŰťďŉďũĸď͍ΐ
Product Management Patron
Other principal commitments: ͋ΐ )ũũŵŵ͍ΐ)ŏğ͍ΐĸťĨğŰŖť ͋ΐ ŵũŰťďŉĸďŏΐPĶĸŉďŏŰĶťŖŢĸğΐWĨťƃĸğĨũ͍ΐ
͋ΐ )ŏŰĨťŏďŰĸŖŏďŉΐ)ŏŰĨĲťďŰĨĤΐSĨŢŖťŰĸŏĲΐ ͋ΐ =ďũũďğĶŵũĨŰŰũΐ)ŏũŰĸŰŵŰĨΐŖıΐ Director
Council, Chairman Technology, Member of the Visiting ͋ΐ ťĨŰŰŖŏΐqŖŖĤũΐŖŎŎĸŰŰĨĨ͍ΐ=ĨŎĞĨť
͋ΐ =ğ6ĸŏũĨƊΐϫΐŖŎŢďŏƊ͍ΐWĨŏĸŖťΐPďťŰŏĨť Committee of Media Lab ͋ΐ ŵũĸŏĨũũΐŖŵŏğĸŉΐŖıΐŵũŰťďŉĸď͍ΐ
͋ΐ DŉďƊďŏΐ#ťŖŵŢ͍ΐ=ĨŎĞĨťΐŖıΐŰĶĨΐ Honorary Member
Corporate Board ͋ΐ SΐŵũŰťďŉĸď͍ΐŎĞďũũďĤŖťΐıŖťΐ
͋ΐ bŏĸƃĨťũĸŰƊΐŖıΐqďŰĨťŉŖŖ͍ΐĶďŏğĨŉŉŖť Women’s Empowerment

͋ΐ ďŏďĤĸďŏΐ=ĸŏĸũŰĨťΐŖıΐ"ĸŏďŏğĨΈũΐ ͋ΐ #ťŖŵŢΐŖıΐ]ĶĸťŰƊ͍ΐ=ĨŎĞĨť
Advisory Council on Economic ͋ΐ =ğ6ĸŏũĨƊΐĤƃĸũŖťƊΐŖŵŏğĸŉ͍ΐ=ĨŎĞĨť
Growth, Chairman ͋ΐ P8ŵWΐŉŉĸďŏğĨΐĤƃĸũŖťƊΐŖďťĤ͍ΐ
͋ΐ WĨŖŵŉΐ)ŏŰĨťŏďŰĸŖŏďŉΐŵũĸŏĨũũΐĤƃĸũŖťƊΐ Member
Council, Chairman ͋ΐ bWΐ#ΐďŏĤΐbWΐ#ťŖŵŢΐ#͍ΐWĨŏĸŖťΐ
͋ΐ ťŖŖņĸŏĲũΐ)ŏũŰĸŰŵŰĸŖŏ͍ΐ]ťŵũŰĨĨ Global Adviser
͋ΐ WĸŏĲďŢŖťĨΐğŖŏŖŎĸğΐĨƃĨŉŖŢŎĨŏŰΐ ͋ΐ bŏĸƃĨťũĸŰƊΐŖıΐ>ĨƄΐWŖŵŰĶΐqďŉĨũ͍ΐ
Board’s International Advisory Adjunct Professor
Council, Member
͋ΐ ŖďťĤũΐŖıΐ=ĨŎŖťĸďŉΐWŉŖďŏΐ6ĨŰŰĨťĸŏĲΐ
in New York City, Member
͋ΐ ũĸďΐPďğĸıĸğΐ"ŖŵŏĤďŰĸŖŏΐŖıΐďŏďĤď͍ΐ
Member
PERFORMANCE
No No No
FINANCIALS
No No No

(Mrs Christina Ong)
(c) Whether there is any unsatisfied No No

judgment against him?
(d) Whether he has ever been No No
convicted of any offence, in
Singapore or elsewhere, involving
fraud or dishonesty which is
punishable with imprisonment, or
has been the subject of any criminal
proceedings (including any pending
criminal proceedings of which he is
aware) for such purpose?
(e) Whether he has ever been No No
convicted of any offence, in
Singapore or elsewhere, involving
a breach of any law or regulatory
requirement that relates to the
securities or futures industry in
Singapore or elsewhere, or has
been the subject of any criminal
criminal proceedings of which he is
aware) for such breach?
(f) Whether at any time during the last No No
10 years, judgment has been entered
against him in any civil proceedings
in Singapore or elsewhere involving
a breach of any law or regulatory
requirement that relates to the
securities or futures industry in
Singapore or elsewhere, or a
finding of fraud, misrepresentation
or dishonesty on his part, or he
has been the subject of any civil
civil proceedings of which he is
aware) involving an allegation
of fraud, misrepresentation or
dishonesty on his part?
(g) Whether he has ever been convicted No No
in Singapore or elsewhere of any
offence in connection with the
formation or management of any
entity or business trust?
(h) Whether he has ever been No No
disqualified from acting as a director
or an equivalent person of any entity
(including the trustee of a business
trust), or from taking part directly or
indirectly in the management of any
entity or business trust?
257
OVERVIEW
BUSINESS REVIEWS
No No No
No No No

No No No
No No No
PERFORMANCE
FINANCIALS
No No No
No No No

(Mrs Christina Ong)
(i) Whether he has ever been the No No

subject of any order, judgment
or ruling of any court, tribunal or
governmental body, permanently
or temporarily enjoining him from
engaging in any type of business
practice or activity?
(j) Whether he has ever, to his
knowledge, been concerned with
the management or conduct, in
Singapore or elsewhere, of the
affairs of:–
(i) any corporation which has been No No
investigated for a breach of any
law or regulatory requirement
governing corporations in
Singapore or elsewhere; or
(ii) any entity (not being a No No
corporation) which has been
investigated for a breach for any
law or regulatory requirement
governing such entities in
Singapore or elsewhere; or
(iii) any business trust which has No No
been investigated for a breach
of any law or regulatory
requirement governing
business trusts in Singapore
or elsewhere; or
(iv) any entity or business trust No No
which has been investigated
for a breach of any law or
regulatory requirement that
relates to the securities or
futures industry in Singapore
or elsewhere,
in connection with any matter
occurring or arising during that
period when he was so concerned
with the entity or business trust?
(k) Whether he has been the subject Yes No
of any current or past investigation - An enquiry by the Law Society of
or disciplinary proceedings, or has Singapore in 1986/1987 of a complaint
been reprimanded or issued any which was dismissed by the Law
warning, by the Monetary Authority Society of Singapore.
of Singapore or any other regulatory
authority, exchange, professional
body or government agency,
whether in Singapore or elsewhere?
259
OVERVIEW
BUSINESS REVIEWS
No No No

No No No
No No No
No No No
PERFORMANCE
No No No
FINANCIALS
No No No
Note:
The information in this section is as of 15 May 2019.

Shareholder Information
As at 27 May 2019
ORDINARY SHARES
Number of ordinary shareholders 328,719
Voting rights:
On a show of hands – every member present in person and each proxy shall have one vote
On a poll – every member present in person or by proxy shall have one vote for every share he holds or represents
(The Company cannot exercise any voting rights in respect of shares held by it as treasury shares or subsidiary holdings (1))
Note:
(1)
“Subsidiary holdings” is defined in the Listing Manual to mean shares referred to in Sections 21(4), 21(4B), 21(6A) and 21(6C) of the Companies Act,
Chapter 50 of Singapore.
SUBSTANTIAL SHAREHOLDERS
No. of shares
Direct Deemed
interest interest
Temasek Holdings (Private) Limited 8,132,818,602 440,338,370 (1)

Note:
(1)
Deemed through interests of subsidiaries and associated companies.
MAJOR SHAREHOLDERS LIST – TOP 20

No. of % of issued
No. Name shares held share capital (1)
1 Temasek Holdings (Private) Limited 8,132,818,602 49.81

2 Citibank Nominees Singapore Pte Ltd 1,890,056,474 11.58
3 DBS Nominees (Private) Limited 1,790,798,738 (2) 10.97
4 DBSN Services Pte Ltd 1,130,926,449 6.93
5 Central Provident Fund Board 829,584,324 5.08
6 HSBC (Singapore) Nominees Pte Ltd 533,816,595 3.27
7 Atrium Investments Pte Ltd 358,354,351 2.19
8 Raffles Nominees (Pte) Limited 243,974,170 1.49
9 BPSS Nominees Singapore (Pte.) Ltd. 97,626,252 0.60
10 United Overseas Bank Nominees (Private) Limited 63,073,194 0.39
11 OCBC Nominees Singapore Private Limited 36,708,110 0.22
12 Societe Generale Singapore Branch 26,016,159 0.16
13 Maybank Kim Eng Securities Pte Ltd 25,243,038 0.15
14 OCBC Securities Private Ltd 20,451,725 0.12
15 DB Nominees (Singapore) Pte Ltd 18,997,965 0.12
16 Phillip Securities Pte Ltd 16,878,383 0.10
17 Morgan Stanley Asia (Singapore) Securities Pte Ltd 13,559,279 0.08
18 UOB Kay Hian Pte Ltd 11,900,982 0.07
19 Merrill Lynch (Singapore) Pte Ltd 10,997,368 0.07
20 BNP Paribas Nominees Singapore Pte Ltd 10,971,140 0.07
15,262,753,298 93.47
Notes:
(1)
The percentage of issued ordinary shares is calculated based on the number of issued ordinary shares of the Company as at 27 May 2019, excluding
808,005 ordinary shares held as treasury shares as at that date.
(2)
Excludes 808,005 ordinary shares held by DBS Nominees (Private) Limited as treasury shares for the account of the Company.
261
OVERVIEW
Shareholder Information
As at 27 May 2019
ANALYSIS OF SHAREHOLDERS
BUSINESS REVIEWS
No. of % of No. of % of issued
Range of holdings holders holders shares share capital
1 - 99 2,981 0.91 122,667 0.00

100 - 1,000 236,659 71.99 59,906,557 0.37
1,001 - 10,000 71,407 21.72 264,977,736 1.62
10,001 - 1,000,000 17,616 5.36 647,344,668 3.96
1,000,001 and above 56 0.02 15,356,806,672 94.05
328,719 100.00 16,329,158,300 100.00
Note:

As at 27 May 2019, the Company had 808,005 treasury shares and no subsidiary holdings. Based on information available to the Company as at 27 May 2019,
approximately 47% of the issued ordinary shares of the Company is held by the public and, therefore, Rule 723 of the Listing Manual issued by the Singapore
Exchange Securities Trading Limited is complied with. The percentage of issued ordinary shares held by the public is calculated based on the number of issued
ordinary shares of the Company as at 27 May 2019, excluding 808,005 ordinary shares held as treasury shares as at that date. The percentage of such treasury
shares against the total number of issued ordinary shares (excluding ordinary shares held as treasury shares) is 0.005%.
SHARE PURCHASE MANDATE
At the 26th Annual General Meeting of the Company held on 24 July 2018 (2018 AGM), the shareholders approved
the renewal of a mandate to enable the Company to purchase or otherwise acquire not more than 5% of the issued
ordinary share capital of the Company as at the date of the 2018 AGM. As at 27 May 2019, there is no current
on-market buy-back of shares pursuant to the mandate.
PERFORMANCE
FINANCIALS

Corporate Information (1)
BOARD OF DIRECTORS RISK COMMITTEE SHARE REGISTRAR
Simon Israel (Chairman) Teo Swee Lian (Chairman) M & C Services Private Limited
Gautam Banerjee Gautam Banerjee 112 Robinson Road
Dominic Barton Dominic Barton #05-01
Bobby Chin Bobby Chin Singapore 068902
Chua Sock Koong (Group CEO) Republic of Singapore
Venkataraman (Venky) Ganesan LEAD INDEPENDENT DIRECTOR Tel: +65 6228 0544
Bradley Horowitz Fax: +65 6225 1452
Gail Kelly Low Check Kian Email: [email protected]
Low Check Kian Email: [email protected] Website: www.mncsingapore.com
Peter Mason AM (2)
Christina Ong SINGTEL AMERICAN
OPTUS ADVISORY COMMITTEE
Teo Swee Lian DEPOSITARY RECEIPTS
Peter Mason AM (2) (Chairman)
AUDIT COMMITTEE Chua Sock Koong Citibank Shareholder Services
David Gonski AC (3) PO Box 43077
Bobby Chin (Chairman) Simon Israel Providence, Rhode Island 02940-3077
Gautam Banerjee Gail Kelly USA
Gail Kelly John Morschel Tel: 1 877 248 4237
Christina Ong Paul O’Sullivan (Toll free within USA)
Tel: +1 781 575 4555 (Outside USA)
CORPORATE GOVERNANCE AND Email: [email protected]
TECHNOLOGY ADVISORY PANEL
NOMINATIONS COMMITTEE Website: www.citi.com/dr
Venky Ganesan (Chairman)
Low Check Kian (Chairman) Manik Gupta AUDITORS
Simon Israel Bradley Horowitz
Christina Ong Koh Boon Hwee KPMG LLP
Teo Swee Lian (appointed on 24 July 2018)
ASSISTANT COMPANY SECRETARY 16 Raffles Quay
EXECUTIVE RESOURCE AND #22-00
COMPENSATION COMMITTEE Lim Li Ching Hong Leong Building
Singapore 048581
Peter Mason AM (2) (Chairman) REGISTERED OFFICE Republic of Singapore
Simon Israel Tel: +65 6213 3388
Gail Kelly 31 Exeter Road Fax: +65 6225 0984
Teo Swee Lian Comcentre
Singapore 239732 Audit Partner: Ong Pang Thye
FINANCE AND INVESTMENT Republic of Singapore
COMMITTEE Tel: +65 6838 3388 INVESTOR RELATIONS
Fax: +65 6732 8428
Simon Israel (Chairman) Website: www.singtel.com 31 Exeter Road
Dominic Barton #19-00 Comcentre
Venky Ganesan Singapore 239732
Bradley Horowitz Republic of Singapore
Low Check Kian Tel: +65 6838 2123
Email: [email protected]
Notes:
(1)
The information in this section is as at 15 May 2019.
(2)
(3)
Companion of the Order of Australia.
263
OVERVIEW
Contact Points
SINGAPORE Darwin EUROPE

Optus Centre Darwin
BUSINESS REVIEWS
Singtel Headquarters 49 Woods Street Darwin Frankfurt
31 Exeter Road, Comcentre NT 0800, Australia Platz der Einheit 1
Singapore 239732 Tel: +61 8 8901 4500 60327 Frankfurt am Main, Germany
Republic of Singapore Fax: +61 8 8901 4505 Tel: +49 69 975 03 445
Tel: +65 6838 3388 Fax: +49 69 975 03 200
Fax: +65 6732 8428 Melbourne Email: [email protected]
Website: www.singtel.com 367 Collins Street
Melbourne, VIC 3000, Australia London
NCS Pte Ltd Tel: +61 3 9233 4000 Birchin Court
5 Ang Mo Kio Street 62 Fax: +61 3 9233 4900 20 Birchin Lane

NCS Hub, Singapore 569141 London EC3V 9DU
Republic of Singapore Perth United Kingdom
Tel: +65 6556 8000 Optus Centre Perth Tel: +44 20 7122 8000
Fax: +65 6556 7000 Level 3, 2 Victoria Avenue Fax: +44 20 7122 8088
Email: [email protected] Perth, WA 6000, Australia Email: [email protected]
Tel: +61 8 9288 3000
AUSTRALIA Fax: +61 8 9288 3030 HONG KONG
Singtel Optus Pty Limited Sydney CHINA Quarry Bay

(Head Office) 21/F, 1063 King’s Road,
Optus Centre Sydney Beijing Quarry Bay, Hong Kong
1 Lyonpark Road, Macquarie Park Unit 1503, Beijing Silver Tower 2 Tel: +852 2877 1500
NSW 2113, Australia Dongsanhuanbei Road Fax: +852 2802 1500
Tel: +61 2 8082 7800 Chaoyang District, Beijing 100027 Email: [email protected]
PERFORMANCE
Fax: +61 2 8082 7100 People’s Republic of China
Website: www.optus.com.au Tel: +86 10 6410 6193 / 4 / 5 INDIA
Fax: +86 10 6410 6196
Adelaide Email: [email protected] Bangalore
Level 4, 108 North Terrace Suite No. 304 DBS Business Centre
Adelaide, SA 5000, Australia Guangzhou 26 Cunningham Road
Tel: +61 87328 5114 Room 3615, 36F, BLK B, China Shine, Bangalore 560052, India
Fax: +61 1800 500 261 No. 9 Lin He Xi Road, Tian He District Tel: +91 80 2226 7272
Guangzhou, 510610 Fax: +91 80 2225 0509
Brisbane People’s Republic of China Email: [email protected]
FINANCIALS
Optus Centre Brisbane Tel: +86 20 3886 3887
Level 9, 15 Green Squareclose Fax: +86 20 3882 5545 Chennai
Fortitude Valley, QLD 4006, 20/30, Paras Plaza
Australia Shanghai 3rd Floor, Cathedral Garden Road
Tel: +61 7 3304 7000 Unit 707, 7F, KIC Plaza, No. 333 Nungambakkam,
Fax: +61 7 3174 7087 Song Hu Road, Shanghai 200433 Chennai 600034, India
People’s Republic of China Tel: +91 44 4264 9410
Canberra Tel: +86 21 3362 0388 Fax: +91 44 4264 9414
Level 3, 10 Moore Street Fax: +86 21 3362 0389 Email: [email protected]
Canberra, ACT 2601, Australia Email: [email protected]

Tel: +61 2 6222 3800
Fax: +61 2 6222 3838

Contact Points
Hyderabad KOREA THAILAND

Reliance Business Centre
303 Swapna Lok Complex Seoul Bangkok
92 Sarojini Devi Road Room 3501, Trade Tower 9th Floor, Unit 6
Secunderabad 500003, India 511, Yeongdong-daero, Gangnam-gu 500 Amarin Tower
Tel: +91 40 2781 2699 Seoul 06164, Korea Ploenchit Road, Lumpini Pathumwan
Fax: +91 40 2781 2724 Tel: +82 2 3287 7500 Bangkok 10330, Thailand
Email: [email protected] Fax: +82 2 3287 7589 Tel: +66 2 256 9875 / 6
Email: [email protected] Fax: +66 2 256 9808
Mumbai Email: [email protected]
301-303, 3rd Floor, Midas, MALAYSIA
Sahar Plaza Complex, USA
Mathuradas Vasanji Road, Kuala Lumpur
Andheri East, Unit TA-16-1, Level 16, Tower A San Francisco (Head Office)
Mumbai 400059, India Plaza 33, No. 1 Jalan Kemajuan, 901 Marshall Street,
Tel: +91 22 4075 7777 Seksyen 13 Suite 125
Fax: +91 22 2824 4996 46200 Petaling Jaya Redwood City, CA 94063, USA
Email: [email protected] Selangor Darul Ehsan, Malaysia Tel: +1 650 508 6800
Tel: +603 7931 8798 Fax: +1 650 508 1578
New Delhi Fax: +603 7931 9455 Email: [email protected]
13th Floor, B-WingFlat#1307, Email: [email protected]
Statesman House New York
148, Barakhamba Road, 115 Broadway Street
PHILIPPINES
New Delhi 110001, India Suite 07-123
Tel: +91 11 4362 1199 New York, NY 10006, USA
Manila
Fax: +91 11 4152 1683 Email: [email protected]
Unit 7F, The Curve Tower
32nd St., cor. 3rd Avenue
Bonifacio Global City, Taguig City
JAPAN Philippines
Tel: +63 2 793 1400
Tokyo Email: [email protected]
Meguro Central Square
8F, 3-1-1 Kamiosaki
TAIWAN
Shinagawa-Ku
Tokyo 141-0021, Japan
Taipei
Tel: +81 3 5795 1077
2F, No. 290, Section 4
Fax: +81 3 5795 1088
Chung Hsiao East Road, Taipei
Taiwan, Republic of China
Tel: +886 2 2741 1688
Osaka
Fax: +886 2 2778 6083
3F Shin-Osaka Hankyu Building
1-1-1 Miyahara
Yodogawa-ku
Osaka 532-0003, Japan
Tel: +81 6 7668 8417
265
Reimagining
Annual Report 2019
Your Future

Annual Report 2019

(CRN:199201624D) `
31 Exeter Road, Comcentre
Singapore 239732
T +65 6838 3388
www.singtel.com
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Reimagining

Annual Report 2019

Singapore Telecommunications Limited

Singapore Telecommunications Limited

As a leading communications technology provider, we’re proud to be enablers of such

Performance Additional Information

121 Directors’ Statement

Operating Revenue EBITDA

Net Proﬁt Underlying Net Proﬁt

Free Cash Flow Shareholder Payout

Return on Equity Return on Invested Capital (3)

Net Proﬁt Underlying Net Proﬁt

GOVERNANCE AND SUSTAINABILITY

2018 17.5 3.0

a ﬁnal ordinary dividend of 10.7 Singapore cents a share. Together with

Singapore Telecommunications Limited | Annual Report 2019 2

We are focused on connecting and empowering everyone, consumers and businesses

• Optus introduced Australia’s ﬁrst 5G commercial

• Singtel launched Singapore’s ﬁrst 5G pilot

Enhanced cyber security

• Consolidated cyber assets globally under the

• Established the ﬁrst Global Telco Security

Strengthened IoT and

• Struck partnerships with Microsoft and China

• AIS expanded cloud business and data centres

• Launched VIA, Asia’s ﬁrst cross-border mobile

Extended digital marketing

GOVERNANCE AND SUSTAINABILITY

• Amobee signed an exclusive agreement with

• Launched the FutureNow Innovation Centre

Continued to invest in India’s

• Deepened relationship with Airtel, which

Singapore Telecommunications Limited | Annual Report 2019 4

GOVERNANCE AND SUSTAINABILITY

Good governance is fundamental for

Singapore Telecommunications Limited | Annual Report 2019 6

GOVERNANCE AND SUSTAINABILITY

CHUA SOCK KOONG

Singapore Telecommunications Limited | Annual Report 2019 8

Asia’s leading More than

technology operations outside of

GOVERNANCE AND SUSTAINABILITY

4.2m mobile customers

10.3m mobile customers

1.2m broadband customers

Strategic Priorities Differentiators Businesses

Accelerating Digital Customer

Growing New Digital Network

GOVERNANCE AND SUSTAINABILITY

Focuses on digital marketing, data analytics and OTT video.

Read more about Group Digital Life from page 47 - 52.

Singapore Telecommunications Limited | Annual Report 2019 12

For Our Customers

Our regional associates

For Our Investors

Singapore’s Top 3 Publicly Listed Companies at

GOVERNANCE AND SUSTAINABILITY

For Our Communities

Our digital citizenship programmes