By Building a Sustainable Enterprise By Building an Integrated

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                    a Difference
                   Focusing on its core strengths and leveraging its track record
                                                                                                           By Building
                                                                                                           a Sustainable
                   as an enterprise with tradition, integrity and compassion,
                   SPC is driving a difference by building an integrated and                               Committed to shareholder value
                   sustainable enterprise.                                                                 creation, SPC strives to uphold
                                                                                                           its responsibility by building
                                                                                                           a sustainable enterprise for
                                                                                                           its stakeholders.

    By Building
    an Integrated
    The Group delivers future growth
    through exploration and production
    activities, while enhancing its
    reputation as a quality supplier in
    the downstream oil and gas sector.

                                          Singapore Petroleum Company Limited       Driving a Difference
6                                         Report to Shareholders 2008                                                                        7
Building                                                                  Value

an Integrated                                                             From its refining roots, SPC has
                                                                          continued to realise its vision of
                                                                          being an integrated oil and gas
                                                                          enterprise. SPC is positioned
                                                                          to deliver more value with its
                                                                          diversified earnings stream.

SPC seeks to realise its long-term strategy and drive future growth
by building an integrated business. The Group will strengthen its E&P
portfolio by acquiring high potential acreages and optimising the value
of its existing assets.

     From a homegrown company,
     SPC has expanded its presence
     to Australia, Cambodia, China,
     Hong Kong, Indonesia, Taiwan,
     Thailand and Vietnam.

                                      SPC has strengthened its position
                                      with an E&P business that will
                                      continue to fuel future growth.
a Sustainable                                                                                              Sustainable
Enterprise                                                                                                 Promoting transparency,
                                                                                                           accountability and a high standard
                                                                                                           of corporate governance, SPC is
                                                                                                           positioned for sustained growth.

SPC sets the pace for continued progress and growth by building a
sustainable enterprise. The Group will hone its core competencies to
create sustainable shareholder value.

               Corporate                                               Compliance
               Responsibility                                          SPC’s mindset of going beyond
                                                                       mere compliance will set it apart
               With compelling qualities                               as a responsible enterprise.
               of tradition, integrity and
               compassion, SPC will grow
               its business responsibly.