StarHub’s 1H-2008 Results

6 August 2008

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Management Team

Terry CLONTZCEO

KWEK Buck ChyeCFO

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Forward-looking Statements

The following presentation may contain forward-looking statements by StarHub Ltd (“StarHub”) relating to financial trends for future periods.

Some of the statements in this presentation which are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. These forward-looking statements are based on StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside StarHub’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks and uncertainties. Because actual results could differ materially from StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about the future, such forward-looking statements are not and should not be construed as a representation, forecast or projection of future performance of StarHub. It should be noted that the actual performance of StarHub may vary significantly from such statements.

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Financial:

Revenue expanded 11%EBITDA contracted 2%EPS increased 3%

Operational:

Strengths:• Revenue growth: Pay TV, Mobile Post-paid & Fixed Networks Data Services• Highest quarter net adds for Mobile Post-paid in over five years• Low churn recorded for all three lines of business

Competitive environment remained intense:• Mobile pre-paid revenue slipped 4%• Increased acquisition & retention costs• Higher Pay TV content costs

Overview (1H-2008 vs 1H-2007)

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Key Financial Highlights

Total Revenue 531 489 9% 1,066 962 11%

Service Revenue 508 463 10% 1,015 914 11%

EBITDA 147 164 -10% 314 321 -2%

EBITDA Margin 28.9% 35.3% (6.5)% pts 31.0% 35.2% (4.2)% pts

Net Profit After Tax 64 81 -21% 144 151 -4%

Earnings Per Share (Diluted) 3.73¢ 4.43¢ -16% 8.42¢ 8.17¢ 3%

Capex Cash Payments 46 42 -10% 105 66 -59%

% of Capex to Revenue 9 9 0% pts 10 7 (3)% pts

FCF / Fully Diluted Share 8.12¢ 8.90¢ -9% 9.93¢ 16.41¢ -40%

Net Debt to 2007 EBITDA ratio 1.29x 0.64x 0.65x 1.29x 0.64x 0.65x

S$ million 2Q-2008 2Q-2007 Change 1H-2008 1H-2007 Change

Note: Numbers may not add up due to rounding.

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Business Expansion (1H-2008 vs 1H-2007)

Pay TV

Fixed Network Services

Mobile

Cable Broadband

Post-paid (14%)Pre-paid (-4%) Pre-paid (10%) Post-paid (10%)

Data & Internet (21%) Voice (-22%)

(51% of revenue mix)

(19% of revenue mix)

(12% of revenue mix)

(14% of revenue mix)

Line of Business Service Revenue Customer Base

10% 10%

24%

9%

3%

3% 7%

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366 365

240 239

141 160

1H-2007 1H-2008

Hubbing Scorecard

Expanding Hubbing Households (‘000)Expanding Hubbing Households (‘000)

Single Service HH Triple Service HHDouble Service HH

747K 764K

52%

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127.5129.2

132.0

134.4135.3

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Total Households ARPUARPU (S$)

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Strategic Update

NGNBN

NetCo: IDA will award the winning bid in 3Q-2008

OpCo: Currently evaluating the RFPSubmission date has been revised by IDA to 29 September 2008

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Business Overview

Financial OverviewFinancial Overview

Outlook

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2Q-2007 2Q-2008 1H-2007 1H-2008

2Q EBITDA 1H EBITDA

EBITDA Margin as % of Service Revenue

Fixed Cable Mobile

1H-2007 EBITDA 1H-2008 EBITDA

EBITDA & EBITDA Margin By Service Platforms

By Service Platforms

EBITDA Margin as % of Service Revenue

29.7%

35.8%

22.6%

26.3%

41.7%

34.6%

EBITDAEBITDA

(S$ millions)

164147

28.9%

35.3%314321

31.0%35.2%

12

49 6494

1405777

109

150

57

59

113

118

2Q-2007 2Q-2008 1H-2007 1H-2008

Cost of Equipment Cost of ServicesTraffic Expenses Cost of Sales / Revenue

Operating Efficiencies

56 58111 117

122 127

241 242

4158

83102

2Q-2007 2Q-2008 1H-2007 1H-2008

Depreciation Other G&AMarketing & Promotion Operating Expense / Revenue

Other Operating ExpensesOther Operating Expenses(S$ millions)

Cost of SalesCost of Sales(S$ millions)

163

200

33%

38%

219243

46%45%

408

316

33%

38%

461435

43%45%

13

7080

81 64

1H-2007 1H-2008

2Q1Q

103 108

108 89

1H-2007 1H-2008

2Q1Q

Profitability

Profit from OperationsProfit from Operations

Net Profit After Tax (NPAT)Net Profit After Tax (NPAT)(S$ millions)

(S$ millions)

151

210197

144

Profit from operations dipped 6%

Impacted by the higher operating costs in the quarter which increased 16% YoY

For the half year, NPAT was 4% lower than 1H07

14

105

42

66

46

2Q-2007 2Q-2008 1H-2007 1H-2008

170

303

162140

2Q-2007 2Q-2008 1H-2007 1H-2008

Capex & Free Cash FlowCapex (cash payments)Capex (cash payments)

(S$ millions)

Free Cash Flow (FCF)Free Cash Flow (FCF)(S$ millions)

Cash capex as % of Operating Revenue

9%9%

10%

7%

Cash capex is expected not to exceed 12% by year-end

FCF for the quarter and half year was lower by 14% and 44% YoY

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Business Overview - MobileBusiness Overview - Mobile

Outlook

Financial Overview

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Service revenue increased 10%Service revenue increased 10%

Mobile – Highlights (1H-2008 vs 1H-2007)

Post-paid revenue expanded 14%Post-paid revenue expanded 14%

Post-paid net additions of 48KPost-paid net additions of 48K

Pre-paid revenue dipped 4%Pre-paid revenue dipped 4%

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Post-paid Mobile Net Adds

Net Adds (‘000)Net Adds (‘000)

9

19

12

36

(2)2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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Pre-paid Mobile Net Adds

Net Adds (‘000)Net Adds (‘000)

41

55

31

(40)

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2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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Mobile

260 314 391 457 533

525 480 422 368328

848 889 944 975 935

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

3G Post-paid 2G Post-paid Pre-paid

Customers (‘000)Customers (‘000)

1,6831,757

1,633

1,7961,799

212211207198

189

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Post-paid Revenue (S$M)Post-paid Revenue (S$M)

Pre-paid Revenue (S$M)Pre-paid Revenue (S$M)

6468 68

6358

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Note: Numbers may not add up due to rounding.

52%

48%

79%

21%

20

74 78 79 79 77

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

11.2 11.412.5 11.9 12.0

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

26 26 26

2220

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Mobile ARPU & Non-Voice Services

Post-paid ARPU (S$ per month)Post-paid ARPU (S$ per month)Pre-paid ARPU (S$ per month)Pre-paid ARPU (S$ per month)

Pre-paid non-voice services (% of ARPU)Pre-paid non-voice services (% of ARPU) Post-paid non-voice services (% of ARPU)Post-paid non-voice services (% of ARPU)

23.7 23.3 23.3 23.9 24.7

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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0.9

1.11.11.11.2

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

148

124

979291

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Mobile Acquisition Costs & Churn Trend

Average Acquisition CostsAverage Acquisition Costs Monthly Churn Rate (Post-paid)Monthly Churn Rate (Post-paid)Per Gross Connection (S$) (%)

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Chat Anywhere - Asia's first integrated instant messaging mobile client that allows mobile customers to access Windows Live Messenger and Yahoo! Messenger

True Number Portability – 13 June 2008

Olympics – FREE for StarHub postpaid customers; full ‘LIVE’ coverage of the Olympic games on six channels

Mobile Updates

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Business Overview – Pay TVBusiness Overview – Pay TV

Outlook

Financial Overview

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Pay TV – Highlights (1H-2008 vs 1H-2007)

Revenue expanded 24%Revenue expanded 24%

ARPU increased by S$9 to S$57ARPU increased by S$9 to S$57

Digital customers expanded to 89% of base (453K)Digital customers expanded to 89% of base (453K)

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Pay TV Net Adds

Net Adds (‘000)Net Adds (‘000)

3

5

3 3

1

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

26

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Pay TV

Digital Customers( ) As a % of base

Pay TV Customers (‘000)Pay TV Customers (‘000)

453

(89%)

408

(81%)384

(77%)363

(73%)

511496

508504499

1029795

8682

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Pay TV Revenue (S$M)Pay TV Revenue (S$M)

439

(87%)

Pay TV ARPU (S$ per month)Pay TV ARPU (S$ per month)

4951

5557 58

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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Upcoming: Video-On-Demand – offering popular shows with advanced windows

More HD content - expect five HD channels by the year-end

Olympics – FREE for StarHub Digital Cable customers; six dedicated cable TV channels, also on HD5

Pay TV Update

As at end June 2008, we have:Over 150 channels (including seven FTA and 40 Demand TV channels) in 13 languages

(Available from 14 August)

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Business Overview - BroadbandBusiness Overview - Broadband

Outlook

Financial Overview

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Broadband – Highlights (1H-2008 vs 1H-2007)

Revenue growth of 3% Revenue growth of 3%

ARPU slipped S$2 to S$58ARPU slipped S$2 to S$58

Net customer additions of 25K (7% growth)Net customer additions of 25K (7% growth)

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Residential Broadband Net Adds

Net Adds (‘000)Net Adds (‘000)

4

87

65

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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Residential Broadband

Broadband Customers (‘000)Broadband Customers (‘000)

358352346

338334

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

6264

626262

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Broadband Revenue (S$M)Broadband Revenue (S$M)

Broadband ARPU (S$)Broadband ARPU (S$)

60 60 60 5957

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

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MOL Milestones (2Q-2006 to 2Q-2008)

MOL Ultimate(S$124.12 monthly)

2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

MOL Premium(S$81.32 monthly)

MOL Express(S$59.92 monthly)

MOL SurfLite(S$29.96 monthly)

30Mbps

100Mbps

6.5Mbps

12Mbps

4Mbps

8Mbps

1Mbps

2Mbps

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1.1

1.41.4

1.31.3

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Residential Broadband Churn

Average Monthly Churn Rate (%)Average Monthly Churn Rate (%)

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Business Overview – Fixed Network ServicesBusiness Overview – Fixed Network Services

Outlook

Financial Overview

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Fixed Network Services – Highlights (1H-2008 vs 1H-2007)

Revenue growth of 9%Revenue growth of 9%

Data & Internet revenue grew 21%Data & Internet revenue grew 21%

Data & Internet services contribute 81% of revenueData & Internet services contribute 81% of revenue

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75737267 73

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Fixed Network Services

Fixed Network Revenue (S$M)Fixed Network Revenue (S$M) 1513

19

16

20

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Voice (S$M)Voice (S$M)

6060

535350

2Q-2007 3Q-2007 4Q-2007 1Q-2008 2Q-2008

Data & Internet (S$M)Data & Internet (S$M)

Note: Numbers may not add up due to rounding.

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OutlookOutlook

Business Overview

Financial Overview

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FY2008 Outlook

Revenue: Revenue growth revised to around 7% YoY

EBITDA: EBITDA margin on service revenue revised to about 31%

CAPEX: As a percent of operating revenue,

cash capex to not exceed 12%

Dividend: To pay 2Q-2008 interim dividend of 4.5 cents per share

Expect a minimum annual cash dividend of 18.0 cents per share for FY2008

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For enquiries, please contact:

Jeannie ONG Eric LOHHead, Corporate

Communications & Investor Relations

Manager, Corporate Communications & Investor

Relations

Office: (65) 6825 5168 Office: (65) 6825 5171

Email: jeannieo@starhub.com or ir@starhub.com

Email: ericloh@starhub.com or ir@starhub.com