SINGAPORE PETROLEUM COMPANY LIMITED

Co. Reg. No. 196900291N

(Incorporated in the Republic of Singapore)

FIRST QUARTER FINANCIAL STATEMENTS

UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2008

The Directors of Singapore Petroleum Company Limited (SPC) announce the following unaudited results of the
Group for the first quarter ended 31 March 2008.

1 GROUP INCOME STATEMENT

First Quarter
31.03.08 31.03.07 +/(-)%
$’000 $’000

Revenue 2,713,865 1,924,927 41.0

Cost of sales (2,560,214) (1,780,174) 43.8
Gross profit 153,651 144,753 6.1

Other gains (net)

- Other income 5,045 6,119 (17.6)
- Finance income 2,782 3,819 (27.2)
- Divestment - 5,291 N.M.

Expenses
- Operations (12,948) (16,019) (19.2)
- Selling and marketing (2,043) (1,116) 83.1
- General and administrative (23,724) (21,622) 9.7
- Finance (4,664) (6,996) (33.3)

Share of results of associates - 547 N.M.

Share of results of joint ventures 2,773 3,136 (11.6)

Profit before income tax 120,872 117,912 2.5

Income tax expense (22,443) (5,816) 285.9
Net profit 98,429 112,096 (12.2)

Attributable to:
Equity holders of the Company 98,482 112,096 (12.1)
Minority interests (53) - N.M.
98,429 112,096 (12.2)

Earnings per ordinary share

- Basic 19.08 cts 21.73 cts (12.2)

- Diluted 19.07 cts 21.71 cts (12.1)

N.M. = Not Meaningful

NOTES TO GROUP INCOME STATEMENT

(a) Profit for the period is arrived at after charging/(crediting) the following:

First Quarter
31.03.08 31.03.07 +/(-)%
$’000 $’000

Gain on disposal of other investments (306) - N.M.

Loss on disposal of property, plant and equipment - 46 N.M.
Finance income including interest income (2,782) (3,819) (27.2)
Gain on divestment of joint venture - (5,291) N.M.
Depreciation, depletion and amortisation* 42,109 12,661 232.6
Write-back of other investments - (61) N.M.
Impairment of investment in a joint venture - 509 N.M.
Fair value loss on financial derivatives 12,106 24,244 (50.1)
Interest on borrowings 10,468 6,945 50.7
Foreign exchange (gain)/loss (5,804) 51 N.M.

* Higher charges for 1Q 2008 due to expanded E&P activities

(b) Earnings per ordinary share

First Quarter
31.03.08 31.03.07 +/(-)%

Earnings per ordinary share of the Group based on net profit

attributable to shareholders and on the weighted average
number of ordinary shares (excluding treasury shares):

- Basic 19.08 cts 21.73 cts (12.2)

- Diluted 19.07 cts 21.71 cts (12.1)

(c) There were no bad debts written off during the period and during the corresponding period of the
preceding year.

(d) There were no exceptional items nor extraordinary items during the period and during the corresponding
period of the preceding year.

(e) Where necessary, comparative figures have been adjusted to conform with changes in presentation in
the current period.

N.M. = Not Meaningful

2 BALANCE SHEETS

Group Company
31.03.08 31.12.07 31.03.08 31.12.07
$’000 $’000 $’000 $’000
Current assets
Cash and bank balances 476,547 475,090 424,759 412,945
Trade and other receivables 1,189,448 1,357,532 1,552,526 1,786,902
Inventories 982,544 901,301 958,599 877,622
Other assets 11,179 22,465 7,300 4,343
Derivative financial instruments 10,286 7,753 9,324 7,753
2,670,004 2,764,141 2,952,508 3,089,565
Non-current assets
Investments in associates and joint ventures 129,446 126,674 107,925 107,925
Investments in subsidiaries - - 147,903 147,903
Financial assets 33,092 30,199 28,063 25,116
Restricted cash deposit 4,324 4,324 - -
Intangible exploration assets 121,739 119,528 - -
Property, plant and equipment 1,182,144 1,214,576 721,527 715,226
Loan to an investee company 46,592 48,710 - -
1,517,337 1,544,011 1,005,418 996,170

Total assets 4,187,341 4,308,152 3,957,926 4,085,735

Current liabilities
Trade and other payables 1,120,363 1,428,679 1,127,600 1,415,935
Current income tax liabilities 79,121 79,591 72,721 69,190
Derivative financial instruments 26,942 13,600 26,852 13,505
Borrowings* 914,928 836,760 886,262 826,329
2,141,354 2,358,630 2,113,435 2,324,959
Non-current liabilities
Provision for retirement benefits 7,059 6,973 7,059 6,973
Provision for asset retirement obligations 1,992 2,046 - -
Deferred income tax liabilities 152,052 149,858 78,304 75,851
Other non-current liabilities 145 152 - -
161,248 159,029 85,363 82,824

Total liabilities 2,302,602 2,517,659 2,198,798 2,407,783

Net assets 1,884,739 1,790,493 1,759,128 1,677,952

Share capital and reserves

Share capital 618,179 618,139 618,179 618,139
Treasury shares (1,091) (8,397) (1,091) (8,397)
Capital reserve 1,182 1,182 - -
Foreign currency translation reserve (38,039) (29,813) - -
Other reserves 12,619 20,668 11,575 19,256
Retained earnings 1,291,492 1,188,264 1,130,465 1,048,954
Equity attributable to equity holders of the Company 1,884,342 1,790,043 1,759,128 1,677,952
Minority interests 397 450 - -
Total equity 1,884,739 1,790,493 1,759,128 1,677,952

* Included short-term borrowings is an amount of $478.9 million (31 December 2007: $299.1 million) from a
related party.

Other changes in the balance sheet components were due to normal ongoing operations.
NOTES TO BALANCE SHEETS

(a) Group’s borrowings and debt securities

(i) Amount repayable in one year or less, or on demand

As at 31.03.08 As at 31.12.07
Secured Unsecured Secured Unsecured
$’000 $’000 $’000 $’000
- 914,928 - 836,760

(ii) Details of any collaterals

Fixed deposit of a subsidiary was pledged as security for a short-term loan facilities granted to
another subsidiary.

(b) Net asset value

Group Company
31.03.08 31.12.07 +/(-)% 31.03.08 31.12.07 +/(-)%
Net asset value per $3.65 $3.48 4.9 $3.41 $3.26 4.6
ordinary share*

* Based on issued share capital of 516,130,257 ordinary shares (excluding treasury shares) on issue as
at the end of the period. (31 December 2007: 514,708,357 ordinary shares)
3 CONSOLIDATED CASH FLOW STATEMENT

Quarter Ended
31.03.08 31.03.07
$’000 $’000
Operating activities
Net profit 98,429 112,096
Adjustments for:
- Income tax 22,443 5,816
- Depreciation of property, plant and equipment 42,109 12,661
- Finance income (2,782) (3,819)
- Interest expense 10,468 6,945
- Share-based payment expense 4,112 1,406
- Write-back of impairment of other investments - (61)
- Impairment of investment in joint venture - 509
- Changes in fair value of derivative financial instruments 12,106 24,244
- Gain on disposals of financial assets, available-for-sale (306) -
- Loss on disposal and write-off of property, plant and equipment - 47
- Gain on disposal of a joint venture company - (5,291)
- Share of results of associates - (547)
- Share of results of joint ventures (2,773) (3,136)
Operating cash flow before working capital changes 183,806 150,870

Changes in operating assets and liabilities

- Trade and other receivables 183,115 286,841
- Inventories (82,088) (33,862)
- Other assets 10,875 (469)
- Trade and other payables (298,362) (328,980)
- Foreign currency translation 4,883 6,956
Cash generated from operations 2,229 81,356
Income tax paid (17,991) (6,930)
Net cash (used in)/provided by operating activities (15,762) 74,426

Investing activities
Purchases of property, plant and equipment (30,030) (13,359)
Purchases of exploration assets (7,461) -
Proceeds from sale of financial assets, available-for-sale 1,230 -
Interest received 2,550 3,184
Acquisition of available-for-sale investments (4,254) (9,923)
Net cash used in investing activities (37,965) (20,098)

Financing activities
Proceeds from issuance of ordinary shares 40 658
Proceeds from short-term borrowings 77,714 -
Repayment of borrowings (short-term unsecured bank loans) - (6,089)
Interest paid (22,570) (10,066)
Net cash provided by/(used in) financing activities 55,184 (15,497)

Net increase in cash and cash equivalents 1,457 38,831

Cash and cash equivalents at beginning of period 458,172 421,218
Cash and cash equivalents at end of period 459,629 460,049
4a STATEMENT OF CHANGES IN EQUITY OF THE GROUP

Attributable
Foreign to equity
Currency holders of
Share Treasury Capital Translation Other Retained the Minority
Capital Shares Reserve Reserve Reserves Earnings Company Interests Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Balance as at 1 January 2007 617,278 (8,140) 1,182 (17,423) 14,477 963,061 1,570,435 - 1,570,435
Fair value gains on financial assets, - - - - 876 - 876 876
available-for-sale
Transfer between reserves for share - 7,326 - - (7,873) 547 - - -
awards/options
Currency translation differences - - - (1,889) - - (1,889) - (1,889)
Net gains/(losses) recognised directly - 7,326 - (1,889) (6,997) 547 (1,013) - (1,013)
in equity
Net gains recognised in income - - - - - 112,096 112,096 - 112,096
statement
Total recognised gains/(losses) - 7,326 - (1,889) (6,997) 112,643 111,083 - 111,083

Employee share awards and share 658 - - - 1,406 - 2,064 - 2,064

options scheme – value of employee
services
Balance as at 31 March 2007 617,936 (814) 1,182 (19,312) 8,886 1,075,704 1,683,582 - 1,683,582

Balance as at 1 January 2008 618,139 (8,397) 1,182 (29,813) 20,668 1,188,264 1,790,043 450 1,790,493
Fair value losses on financial assets, - - - - (109) - (109) - (109)
available-for-sale
Transfer between reserves for share - 7,306 - - (12,052) 4,746 - - -
awards/options
Currency translation differences - - - (8,226) - - (8,226) - (8,226)
Net gains/(losses) recognised directly - 7,306 - (8,226) (12,161) 4,746 (8,335) - (8,335)
in equity
Net gains/(losses) recognised in - - - - - 98,482 98,482 (53) 98,429
income statement
Total recognised gains/(losses) - 7,306 - (8,226) (12,161) 103,228 90,147 (53) 90,094

Employee share awards and share 40 - - - 4,112 - 4,152 - 4,152

options scheme – value of employee
services
Balance as at 31 March 2008 618,179 (1,091) 1,182 (38,039) 12,619 1,291,492 1,884,342 397 1,884,739
4b STATEMENT OF CHANGES IN EQUITY OF THE COMPANY

Foreign
Currency
Share Treasury Capital Translation Other Retained
Capital Shares Reserve Reserve Reserves Earnings Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000

Balance as at 1 January 2007 617,278 (8,140) - - 14,052 863,441 1,486,631

Fair value gains on financial - - - - 680 - 680
assets, available-for-sale
Transfer between reserves for - 7,326 - - (7,873) 547 -
share awards/options
Net gains/(losses) recognised - 7,326 - - (7,193) 547 680
directly in equity
Net gains recognised in income - - - - - 99,545 99,545
statement
Total recognised gains/(losses) - 7,326 - - (7,193) 100,092 100,225

Employee share awards and 658 - - - 1,406 - 2,064

share options scheme – value
of employee services
Balance as at 31 March 2007 617,936 (814) - - 8,265 963,533 1,588,920

Balance as at 1 January 2008 618,139 (8,397) - - 19,256 1,048,954 1,677,952

Fair value gains on financial - - - - 259 - 259
assets, available-for-sale
Transfer between reserves for - 7,306 - - (12,052) 4,746 -
share awards/options
Net gains/(losses) recognised - 7,306 - - (11,793) 4,746 259
directly in equity
Net gains recognised in income - - - - - 76,765 76,765
statement
Total recognised gains/(losses) - 7,306 - - (11,793) 81,511 77,024

Employee share awards and 40 - - - 4,112 - 4,152

share options scheme – value
of employee services
Balance as at 31 March 2008 618,179 (1,091) - - 11,575 1,130,465 1,759,128

c SHARE CAPITAL

During the quarter, the Company issued and alloted 27,000 ordinary shares upon the exercise of options granted
under the SPC Share Option Scheme. As at 31 March 2008, there were unexercised options for 324,000 ordinary
shares under the SPC Share Option Scheme.

During the quarter, the Company utilised 1,394,900 treasury shares for the shares awarded under the SPC
Restricted Share Plan and SPC Performance Share Plan. As at 31 March 2008, a balance of 203,100 ordinary
shares remained as treasury shares.

The issued share capital of the Company as at 31 March 2008 was 516,130,257 ordinary shares (excluding
treasury shares).
5 AUDIT

The figures have not been audited nor reviewed.

6 AUDITORS’ REPORT

Not applicable.

7 ACCOUNTING POLICIES

The Group has applied the same accounting policies and methods of computation in the financial statements
for the current financial period compared with those of the audited financial statements as at
31 December 2007.

8 CHANGES IN ACCOUNTING POLICIES

None.

9 REVIEW OF GROUP PERFORMANCE

First Quarter Review

The SPC Group recorded a sales turnover of $2.7 billion and a net profit after tax and minority interests (PATMI)
of $98.4 million for 1Q 2008.

The rising oil prices appear not to have dampened demand for refined petroleum products in 1Q 2008. The
Group handled a total crude and product sales volume of 19.3 million barrels for 1Q 2008 compared to
20.5 million barrels for 1Q 2007, a year on year decline of 5.8%. This was due mainly to the reduction of fuel oil
trading volume in 1Q 2008 as a result of the shortage of suitable blending components and fewer cargoes
coming from the Middle East.

Speculative activities, geopolitical tensions and fears of inventory shortfalls caused oil prices to reach record
levels in the first quarter. Thus, despite the lower sales volume and a lower US$, the Group’s turnover of
S$2.7 billion was an increase of 41.0% over 1Q 2007. Realisations during the quarter averaged US$98.47 per
barrel compared to US$61.13 per barrel for 1Q 2007, an increase of 61.1%.

The Group continues to optimise its refining capacity during the quarter. Crudes processed during the quarter
totalled 12.4 million barrels against the 13.3 million barrels for the corresponding quarter in 2007. The decline of
6.8% in the volume of crudes processed was due to lighter crudes and more feedstocks processed. During the
quarter, available crude capacity was also lower as a result of various upgrading units in the refinery being shut
down for minor maintenance.

With firm product demand, the Group was able to achieve an average refining margin of US$7.00 per barrel for
the quarter, comparable to the margin achieved in 1Q 2007.

Share of results of joint ventures was lower during the quarter. In 1Q 2007, there was a write-back of deferred
tax for a Singapore-incorporated joint venture due to the reduction of corporate tax rate from 20% to 18%.

At the Group level, while the profit before tax of $120.9 million achieved for 1Q 2008 was an improvement over
$117.9 million for the corresponding period, the income tax expense for 1Q 2008 was substantially higher than in
1Q 2007. This was mainly due to the deferred tax write-back of $10.5 million in 1Q 2007 as a result of the
lowering of the Singapore corporate tax rate. Income tax expense was also higher due to the increased
contribution to the bottom line from the exploration and production (E&P) segment. Of the $22.4 million tax
expense, $16.5 million was for E&P activities.
 As a result of the higher income tax expense, the Group’s PATMI for 1Q 2008 was $98.4 million, a decline of
12.2% against 1Q 2007 PATMI.

Downstream activities contributed $2,619.9 million in turnover and an operating profit of $81.8 million, while E&P
activities contributed $94.0 million in turnover and $38.2 million in operating profits for 1Q 2008.

10 VARIANCE FROM PROSPECT STATEMENT

No variance.

11 PROSPECTS

Continuing high oil and commodity prices are expected to affect global GDP growth negatively. The IMF recently
lowered its GDP growth forecast for 2008 to 3.7%.

Against this expected slowdown of the global economy, demand for refined petroleum products may soften in the
next few quarters. However, global refining capacity remains constrained and refining margins are expected to
be well supported.

SRC will be shutting down the Catalytic Refomer Unit (CRU) and the Hydrocracker 2 Unit (HCU) during April and
May for a scheduled plant maintenance. SRC crude processing capacity would be lowered by around 3% for the
second quarter as compared to the first quarter. The planned maintenance exercise is not expected to
significantly affect SPC’s operations as the Group will have sufficient inventory during this period to cater to
market demand.

We continue to pursue E&P opportunities in line with the Group’s strategic vision.

12 DIVIDEND

(a) Current Financial Period Reported On

Any dividend recommended for the current financial period reported on? None.

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? None.

(c) Date payable

Not applicable.

(d) Books closure date

Not applicable.

(e) If no dividend has been declared/recommended, a statement to that effect

No interim dividend for the period ended 31 March 2008 is recommended nor declared.
 -

13 INTERESTED PERSON TRANSACTIONS

Aggregate value of all Aggregate value of all

interested person
transactions during the
financial period (excluding
transactions less than
$100,000 and transactions
conducted under
shareholders’ mandate
Name of Interested Persons pursuant to Rule 920)
interested person
transactions conducted
under shareholders’
mandate pursuant to
Rule 920 during the
financial year (excluding
transactions less than
$100,000)

1Q 2008 1Q 2007 1Q 2008 1Q 2007

$’000 $’000 $’000 $’000
A Sales of Goods and Services

1 Keppel Corporation Group - - 4,277 1,908

2 Singapore Airlines Group - - 142,461 101,574
3 SembCorp Marine Group - - 9,282 5,236
4 Temasek Holdings Group - - 621 15,756
(other than the above)
- - 156,641 124,474

B Purchase of Goods and Services

5 Keppel Corporation Group - - 108 142

6 PSA Corporation Group - - 2,565 2,284
7 Temasek Holdings Group - - - 7,374
(other than the above)
- - 2,673 9,800

C Treasury Transactions

8 Keppel Corporation Group - - 1,884 2,553

D Management and Support Services

9 Keppel Corporation Group - - 125 125

- - 161,323 136,952

BY ORDER OF THE BOARD

Helen Chong/Lee Seok Hian

Secretaries
22 April 2008