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INDEPENDENT
AUDITORS’ REPORT

MEMBERS OF THE COMPANY
STARHUB LTD

Report on the financial statements

We have audited the accompanying financial statements of StarHub Ltd (“the Company”) and its subsidiaries (“the Group”), which
comprise the statements of financial position of the Group and the Company as at 31 December 2015, the income statement and
statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group, and the income
statement and statement of comprehensive income and statement of changes in equity of the Company for the year then ended,
and a summary of significant accounting policies and other explanatory information, as set out on pages 141 to 190.

Management’s responsibility 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 Singapore Companies Act, Chapter 50 (“the Act”) and Singapore Financial Reporting Standards, 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.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements of the Group and the statement of financial position, the income statement and
statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with
the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the
Group and of the Company as at 31 December 2015 and the financial performance, changes in equity and cash flows of the Group and
the financial performance and changes in equity of the Company for the year ended on that date.

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.

KPMG LLP
Public Accountants and
Chartered Accountants

Singapore
16 February 2016