Chew Hua Seng

1
Chew Hua Seng Chairman / CEO
RafflesLaSalle Limited
August 25 2003
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FY2003 RESULTS BRIEFING
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A few concerned moments

• SARS Outbreak
• Colleges in China badly affected?
• Impact
• Growth rate affected for 2nd half FY2003
• Offset by overall growth in China
• Opening of Chengdu, Qingdao Wenzhou colleges
  delayed
• Currently progressing with development may see
  small revenue contribution in FY04
• Reality
• confirmation that education is really a resilient
  business
• Implemented correct business model of multiple
  intakes and multi-location colleges with
  standardized curriculum
• China market latent potential is tremendous

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but we came through stronger

• Witnessed strong enrolment numbers
• Excellent financial growth in 2HFY03
• Double-digit growth in PBT and PAT
• PAT profit margins improve
• Strong balance sheet
• Net Cash position
• Targeting new markets
• Intend to set up marketing office in Bombay by
  4Q2003
• Target to establish college in Bombay in 3Q2004

5
Another year of continued growth

• China operations developing strongly
• Guangzhou College operational seeing
  contribution
• PRC turnover increases by 32.0 to S13.2m from
  S10.0m in FY2002
• ( contributed 68.5 to Group Turnover )
• Bangkok Sydney colleges have started enrolment
• Contribution from Singapore college increases 12
  to S6.1m

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Key Financial Highlights

• (Smillion) FY2003 FY2002 Change
• Turnover 19.3 15.5 24.5
• Profit before tax 5.9 4.0 47.5
• Profit after tax 5.5 3.6 52.7
• PBT margin 30.6 25.8
• PAT profit margin 28.5 23.2
• Earnings per share (cents)² 3.32 2.15
• NTA per share (cents)3 8.8
  cents 6.1 cents
• Dividends per share (cents)¹ 3.0 cents
  3.0 cents
• Gearing
  NIL NIL

Note ¹ Tax-exempt ² based on weighted
av. no. of shares (162.7m of par value S0.05
each for FY03) ³ calculated based on
after share split capital of 165.54m shares

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Key Financial Highlights

• Turnover increased 24.5 to S19.3m
• Due to overall increase in students enrolment
• Strong growth from Shanghai, Beijing and
  Singapore colleges
• Contribution of Guangzhou College
• PBT jumped 47.5 to S5.9m
• PAT jumped 52.7 to S5.5m
• Increase in student enrolment
• Better economies of scale
• Operating costs did not increase proportionately
  with revenue
• Proposed Final Dividend of 2 cents per share
• Proposed 1-for-2 bonus shares to reward
  shareholders

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Group Turnover
CAGR 24.8
S million
Financial Year ending June 30
9
Group Turnover (H-o-H)
S mil
Financial Year ending June 30
10
Turnover ( By Country )
Financial Year ending June 30
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Group Profit Before Tax
S million
CAGR 42.6
Financial Year ending June 30
12
Group PAT Margins (H-o-H)
S million

Financial Year ending June 30
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Growth Drivers FY2004

• Development of Private Education System
• Sydney Bangkok College
• Full year contribution from both colleges
• Enjoy economies of scale as enrolment increases
• Development of Public System
• China Operations
• Ningbo operating expect to contribute in FY04
• Small revenue contribution from new colleges in
  Chengdu, Qingdao and Wenzhou
• Target to set up additional 3 Colleges in PRC

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Growth Drivers FY2004

• Develop Network Sales
• Expand market coverage enrolment through EPOS
• Enjoy increase revenue economies of scale as
  enrolment increases

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