Slide 1

SUSTAINABLESOLUTIONS THAT

TRANSFORM LIVES

Hyflux LtdInvestor Presentation

June 2016

Slide 2

FORWARD-LOOKING STATEMENT

This presentation has been prepared by Hyflux Ltd for the information of the attendees of this presentation.

The presentation contains forward-looking statements which are based on current expectations, projections and assumptions about

future events. Although Hyflux believes that these expectations, projections and assumptions are reasonable, these forward-looking

statements are subject to risks, uncertainties and assumptions about Hyflux and its business operations that could cause actual results

to differ materially from those expressed or implied by these forward-looking statements. Such risks include industry and economic

conditions; currency fluctuations between the Singapore dollar and other currencies; governmental, statutory, tax, public policy and

regulatory changes; and the continued availability of financing in the amounts and the terms necessary to support future business.

Investors are cautioned not to place undue reliance on these forward-looking statements which are based on current views of Hyflux’s

management on future events.

Any forward-looking statement in this presentation is accurate only as of the date it is issued. Hyflux has no obligation to publicly

update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required

by law.

The presentation is not and does not constitute or form part of any offer, invitation or recommendation to subscribe for or purchase anysecurity and neither this presentation nor anything contained in it shall form the basis of, or be relied upon in connection with, anycontract, commitment or investment decision.

No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy,completeness or correctness of the information or opinions contained herein. None of Hyflux Ltd or any of its affiliates, advisors orrepresentatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of thisdocument or its contents or otherwise arising in connection with this presentation.

Disclaimer

Slide 3

Slide 4

Slide 4

Corporate Profile

• Founded in 1989 by Ms Olivia Lum, Executive Chairman & Group CEO

• Headquartered in Singapore and listed on the Singapore Stock Exchange since 2001

• Close to 2,400 employees globally

• More than 1,300 membrane-based plants in over 400 locations worldwide

• Proprietary membrane technology for water treatment, including seawater desalination

• Competencies cover the full value chain from R&D, membrane manufacturing, process engineering, to EPC and O&M

Slide 5

About Hyflux Delivering sustainable solutions for a better tomorrow

Slide 6

Extensive Footprint Tap on opportunities with presence in more than 40 countries

Desalination Water Recycling

Wastewater Treatment

Water Treatment

More than 1.7 mil m3/day Owned SWRO Capacity

Slide 7

Power Waste-to-Energy

3,600 tonnes per day Incineration Capacity*

868 MW Power Generation Capacity*

Global Leader in Sustainable SolutionsFocusing on water and energy

* When fully completed

Slide 8

Tianjin Dagang SWRO, China100,000 m3/day

SingSpring SWRO, Singapore 136,380 m3/day

Tuaspring IWPP, Singapore318,500 m3/day & 411 MW

Magtaa SWRO, Algeria500,000 m3/day

Qurayyat IWP, Oman200,000 m3/day TuasOne WTE, Singapore

3,600 tonnes/day & 120 MW

Ain Sokhna IWPP, Egypt150,000 m3/day & 457 MW

Salalah SWRO, Oman 68,000 m3/day

Key Desalination and Power Projects

Souk Tleta SWRO, Algeria 200,000 m3/day

Slide 9

Zunyi WWTP, China150,000 m3/day

Jurong MBR, Singapore68,000 m3/day

Bedok & Seletar NEWater, Singapore32,000 m3/day & 24,000 m3/day

Key Wastewater Treatment and Recycling Projects

Beetham WRP, Trinidad 50,000 m3/day

Langfang WWTP, China80,000 m3/day

Surat WRP, India40,000 m3/day

Slide 10

Among World’s Top Desalination EPC Suppliers Ranked one of world’s top desalination plant suppliers by capacity

Top 20 Desalination Plant Suppliers by Capacity, 2006 - 2016

GE

Doosan

IDE

Impregilo (Fisia)

Acciona

Abengoa

Cadagua

Wetico

Biwater

Aquatech Intl

Metito

Aqualia

GS Inima

Hutchinson

H2O Innovation

Sadyt

Hyflux

Veolia

Suez Environnement

Tedagua

Source: GWI Desalination Markets Report, 2016

Slide 11

Ranked First by BOO/BOT Desalination Capacity Biggest by market share for projects >50,000 m3/day

IDE Technologies

Abengoa

GE Water

QEWC

Mekorot D&E

Hutchison Water

Sembcorp Utilities

Housing & Construction

Inima

Algerian Energy Company

Malakoff

Thiess

Poseidon Resources

Veolia Environnement

Al-Kharafi Group

Keppel Seghers

Suez Environnement

Macquarie Capital

Sacyr Vellehermoso SA

Hyflux

Source: DesalData

Slide 12

Xinjiang

Inner Mongolia

Tibet

Qinghai

Gansu

Sichuan

Yunnan

Guizhou

ChongqingHubei

Guangxi

Guangdong

Hunan

Jiangxi

Fujian

Zhejiang

Anhui

Jiangsu

ShandongNingxia

Shaanxi

Shanxi

Henan

Liaoning

Hebei

BeijingTianjin

Hainan

Taiwan– Tiantai WWTP (Phase 1 & 2)

Zhejiang

– Taizhou WWTP

– Dafeng WTP

– Yangzhou WWTP (Phase 1 & 2)

– Wuxi WWTP

– Yangkou WTP

– Yangkou WWTP

– Changshu WWTP (Phase 1 & 2)

– Guanyun WTP (Phase 1 & 2)

Jiangsu

– Beichen WWTP

– Beichen WRP

Tianjin

— Liaoyang WWTP/WRP

— Liaoyang WTP

Liaoning

– Zunhua WTP

– Langfang WWTP (Phase 1 & 2)

– Langfang WRP

Hebei

– Leping WTP

Jiangxi

– Mingguang WWTP (Phase 1 & 2)

– Mingguang WTP

Anhui

– Taoyuan WTP

Hunan

Shandong

– Xiajin WTP (Phase 1 & 2)

Chongqing

– Hechuan WWTP

Galaxy NewSpring in China 50:50 JV with Mitsui for 24 water and wastewater treatment plants

Slide 13

O&MEPCDesign & Process

Engineering

Membrane

Manufacturing

Project Origination/

Market AccessR&D

• PPP/BOT basis

• EPC basis

• System sales

• Membrane sales

• Operations and maintenance

Business models

Asset Enhanced GrowthSupported by a Strong Financial Platform

Core Capabilities across the Value Chain Fully integrated solutions provider

Slide 14

Global Water Industry

Slide 15

Population Growth

Economic Growth

• Population growth drives 40% higher demand in global drinking water by 2030*

• Rapid urbanisation increases need for drinking water, electricity generation and proper waste management

Climate Change

• Increasing severity and length of droughts across the world

• Heavy floods increase runoff into rivers and lakes, washing pollutants and other harmful materials into water supplies

• Higher water demand for household, agricultural and industrial use

• Rapid technological developments and industrialisation has adverse effect on quality of surface and ground water

* UN report 2015

Global Water Challenges Increasing water scarcity problems

Vietnam

Worst drought in 90 years combined with rising sea levels

Malaysia Dams drying up in northern states in Malaysia

Slide 16

Thailand

Worst drought in more than 20 years with 22 of Thailand's 76 provinces affected

India

Across 10 states and 330 mil people affected

Adverse Weather Conditions South East Asia’s worst period of drought in decades

Slide 17

3.5 billion people may

experience water scarcity by 2025

1.3 billion people still lack

access to electricity

1.3 billion tonnes of

municipal solid waste produced every year by the world’s citiesSource: World Resources Institute, UN

Sustainable Cities

Water

Waste Management

Power

Global Challenges Present Opportunities Resource limitations and changing demographics support growth

Global urbanisation to increase

from 50% to 70% by 2020

Desalination Capacity History and Forecast (2000 – 2030)

Slide 18

* From 2014 - 2021

Source: GWI Desalination Markets Report, 2016

Historical and forecast desalination capacity (2000-2030)

Arab Spring

Financial Crisis

Strong Growth

in Desalination

Capacity

Falling Oil

Prices

Strong Growth in Desalination Capacity Capex for new desalination projects to grow at CAGR of 8.1%*

Slide 19

Total Desalination Capital Expenditure and Operating Expenditure by Region (2015-2020)

Top 10 markets: • Saudi Arabia• Kuwait• Qatar• Oman• UAE• US• India• Chile• China• Iran

Source: GWI Desalination Markets Report, 2016

Desalination Opportunity in MENA Greatest potential in next five years

Slide 20

Municipal

Desalination

Water Recycling

Potable Water Treatment

Wastewater Treatment

Membrane Sales

Standard System Sales

Home filtration systems

Water dispenser

Vegetable washer

Power Plants

Waste-to-Energy Plants

ELO Drinking WaterBottled Water (PT Oasis)

Industrial Consumer

Infr

as

tru

ctu

re

Co

ns

um

er W

elln

es

s

New

New

New

Tap on Opportunities for Growth Evolving business model

Slide 21

Key Developments

Slide 22

December 2014Qurayyat Independent Water Project, Oman

Value: USD 250 mil

September 2015TuasOne Waste-to-Energy Plant, Singapore

Value: SGD 750 mil

June 2015Containerised Desalination System, Saudi Arabia

Value: USD 48 mil

January 2016Seawater Reverse Osmosis & Sulphate Removal Facility, Saudi Arabia

Value: USD 50 mil

March 2016Ain Sokhna Integrated Water and Power Project, Egypt

Value: USD 500 mil

Pursuing more water

projects in the Middle East, Africa, Americas and Asia

1st Waste-to-Energy ProjectEntry into Egypt with

1st overseas IWPP

Breaking into Saudi Arabia market

1st BOT in Oman

Pick-up in Momentum with New Project Wins Steady inroads into Middle East region

Slide 23

Project Details

Capacity318,500 m3/day (water)

411 MW (power)

Concession

Period25 years (water)

Online2013 (water)

2016 (power)

Project

Description

• Desalination water - Industrial and domestic use

• Power plant – Supply electricity to desalination plant and excess sell to national power grid

Award

• Distinction, Desalination Plant of the Year, GWI Global Water Awards 2014

• Tuaspring Desalination Plant,PUB ABC Water certification 2014

• Best of Best, CCJ Best Practices Award 2016

Tuaspring Integrated Water and Power Plant Achieved Project Commercial Operation Date for power plant in Singapore

Tuaspring IWPP, Singapore

Slide 24

Project Details

Capacity 3,600 tonnes/day

Concession

Period25 years

Expected

Online 2019

Project

Description

Design-Build-Own-Operate (DBOO)

% Stake 75%

(Mitsubishi Heavy Industries:25%)

Total Project

Cost

Approx. S$750 mil

(EPC contract S$636 mil)

TuasOne Waste-to-Energy Plant Commenced Construction of Singapore’s largest, most land and energy efficient plant

TuasOne WTE plant, Singapore

Slide 25

Project Details

Capacity 200,000 m3/day

Concession

Period20 years

Expected

CompletionMay 2017

Project

Description

Desalination plant –Supply water

to governorate of Muscat

% Stake 85%

(Modern Channels Services: 15%)

Total

Project Cost

Approx. US$250 mil

(EPC contract US$210 mil)

Award

Best Water Deal Award, EMEA

Finance Project Finance Awards

2015

Qurayyat Independent Water Project Construction in progress in Oman

Qurayyat IWP, Oman

Slide 26

Project Details

Capacity150,000 m3/day (water) 457 MW (power)

Concession Period

25 years (water)

Project Description

• Desalination water -Industrial and domestic use

• Power plant – Supply electricity to desalination plant and excess sell to national power grid

Total Project Cost

EPC contract US$500 mil

Ain SokhnaSite

Ain Sokhna Integrated Water and Power Project Awarded US$ 500 mil contract in Egypt

• ELO line of products include drinking water,

bath facilities and skin gels

• Oxygen-rich water that nourishes the body and

enhances well-being

• Backed by more than 10 years of water science

• No additives or preservatives

• Alkaline with pH between 7.5 to 8

Launch of ELO Water Grow consumer segment for steady recurring income

Slide 27

* Indonesian Association of Bottled Drinking Water Companies (Aspadin)

Investment in PT Oasis in Indonesia Access to consumers in 4th populous country in the world

Slide 28

• 50% stake in PT Oasis, 2nd largest market share

in bottled water and gallon water in Indonesia

• Established distribution platform to consumers

• Strong growth opportunity

• Bottled water consumption grew 12.5% every year

from 12.8 bil litres in 2009 to 23.1 bil litres in 2014*

Slide 29

1Q 2016 Financial Highlights

Slide 30

S$ mil 1Q2016 1Q2015 % Change

Total Revenue 248.3 60.4 >100

PATMI 7.3 5.6 30

• Higher revenue and PATMI contributed by TuasOne Waste-to-Energy (WTE) project and Qurayyat Independent Water Project (IWP).

Revenue and Profit

Slide 31

S$ mil S$ mil

63.0 (25%)

6.4 (11%)

9.7 (4%)

7.2 (11%)

175.1 (70%)

38.6 (64%)

0.5 (1%)

8.2 (14%)

0

50

100

150

200

250

300

1Q2016 1Q2015

Rest of the World

Singapore

China

MENA

238.4 (95%)

51.1 (84%)

9.1 (4%)

9 (15%)

0.8 (1%)

0.3 (1%)

0

100

200

300

1Q2016 1Q2015

Others

Industrial

Municipal

Revenue by Region Revenue by Sector

Higher Singapore revenue from the TuasOne WTE project.

Revenue Breakdown by Region and Sector

Slide 32

• Increase in total operating & finance expenses in line with increased engineering, construction and procurement (EPC) activities in Qurayyat IWP and TuasOne WTE project.

S$ mil 1Q2016 1Q2015 % Change

Raw Materials & Consumables 190 21 >100

Staff Costs 19 16 22

Depreciation, Amortisation & Impairment 10 5 100

Other Expenses 17 20 (15)

Finance Costs 15 11 37

Total Operating & Finance Expenses 251 73 >100

Expenses

Slide 33

S$ mil 31 Mar 2016 31 Dec 2015

Equity 1,243 1,301

Non-current Assets 2,237 2,030

Non-current Liabilities 1,066 779

Current Assets 828 995

Current Liabilities 757 946

Net Gearing (x) 0.98 0.85

• EPC activities of Qurayyat IWP and TuasOne WTE project contributed to the increase in financial receivables within non-current assets.

• Syndicated loan of US$184 mil, which was refinanced in 1Q2016, reclassified from current liabilities to non-current liabilities.

Balance Sheet

Slide 34

SCA: Service concession arrangements

• Operating CF after SCA and tax paid included investments into construction of Qurayyat IWP and TuasOne WTE project.

• Investing cash outflow mainly for investment in PT Oasis Water International, a 50% joint venture in Indonesia.

• Financing cash outflows mainly for repayments of borrowings as well as payments of dividends and interest.

S$ mil 1Q2016 1Q2015

Operating CF before SCA 158 10

Operating CF after SCA and tax paid (34) (26)

Investing CF (32) 6

Financing CF (65) (102)

Net Cash Changes (131) (122)

Cash & Cash Equivalents 181 335

Cash Flow

Slide 35

30 166 254 335

1,100 955 943

1,872 1,938 1,973 1,959

435 435

8631,145

748

423

931

1,025 732954 924

772

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15

EPC

O&M

Note:1. O&M order book is a summation of future revenues of our portfolio of plants over 20-30 year concession periods.2. Dec-15 O&M Order Book includes Tuaspring and Magtaa projects, and excludes divested China water assets.3. Dec-15 EPC Order Book includes Qurayyat IWP and TuasOne WTE project, and excludes Dahej Desalination project. 4. Dec-15 EPC Order Book includes Khurais project and Egypt IWPP won in 2016.

S$ mil

2,897

2,670

3,655

1,874

1,378

1,848

1,480

1,117

601465

2,927

Order Book

Dividend per Ordinary Share* (Singapore cents)

Slide 36

* Dividends have been restated to reflect 1-for-2 bonus share issue in 2010

0.85 0.90 0.90

1.26

2.29

3.33

4.17

2.77

3.20

2.30 2.30

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

1.70

Dividend History

Outlook

Slide 37

Slide 38

• Short-term challenges from falling oil prices, slower global economic growth

• Current over-supply situation in Singapore electricity market

• Focus on executing current EPC order book and actively pursue new projects

• Continue to explore water asset divestment opportunities

Group OutlookCautious near term outlook but remain positive in the long run

Thank You

Slide 39