Investor Meetings. June 2007

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Candice Short
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1 1 Investor Meetings June 2007

2 Highlights Introduction Operations Review Market Outlook Going Forward 2

3 3 Introduction

4 Introduction Premier property company Total assets of $ Mar 07 Market cap of $ Jun 07 Leading prime office player Developer of One Raffles Quay and Marina Bay Financial Centre, Singapore s new financial hub in the new downtown Asia s quality home developer Focus in Singapore, China, India, Vietnam and Indonesia Established property fund manager Manager of four funds and a pan-asian commercial REIT with AUM close to $5 bil when fully invested 4

KLL s Strategic Thrust Ride Ride on on Singapore s Singapore s Residential Residential and and Commercial Commercial Property Property Markets Markets Strength Strength Expand Expand Overseas

5 KLL s Strategic Thrust Ride Ride on on Singapore s Singapore s Residential Residential and and Commercial Commercial Property Property Markets Markets Strength Strength Expand Expand Overseas Overseas Residential Residential Development Maximise Shareholder Value Value Grow Grow Sustainable Township Township Earnings Earnings 5 Unlock Unlock Value Value in in Commercial Property Property Portfolio Portfolio Grow Grow Property Property Fee-based Fee-based Income Income

6 Regional Geographic Span Jiangyin Kolkata Diversified across 28 cities in 12 countries in Asia Pacific 6

7 Shareholder Wealth Creation $m Market Cap as at End of Period PATMI $m 6, , ,000 5,000 4, , ,000 2, ,000 1,000 1, , Q Q07 Market cap CAGR of 45% ( ) PATMI CAGR of 19% ( ) Total shareholder return up from 67% in 2003 to 84% in

8 Financial Performance $m 1Q2007 FY2006 FY2005 FY2004 Turnover Operating Profit Pre-tax Profit PATMI Overseas Earnings (% of PATMI * ) EPS ( ) NTA/Share ($) Debt / Equity Ratio Annualised ROE (%) DPS after Tax ( ) * Before gains from en bloc property sales and impairment provision 8

9 Company Asset Allocation 2006 Total ($5,262m) Overseas 36% 64% assets in Singapore Property Investment 19% 2006 Overseas ($1,886m) Hotels 16% Services/ Others 2% Property Investment 50% 2006 Singapore ($3,375m) Services/ Others 5% 63% overseas assets in property trading Property Trading 45% 9

10 Net Profit By Geographic Location By Geographic 1Q2007 FY2006 Location $m % $m % Singapore Overseas Sub-total Net Gain from En Bloc Property Sales less Impairment Provision PATMI

11 Net Profit By Business Segment By Business 1Q2007 FY2006 Segment $m $m Property Trading Property Investment Others (5.5) (24.0) Sub-total Net Gain from En Bloc Property Sales less Impairment Provision PATMI

12 12 Operations Review

13 Capitalise on Singapore Residential Market Reflections at Keppel Bay (1,129 units) Park Infinia at Wee Nam (486 units) Urbana (126 units) The Linc (51 units) Freesia Woods (129 units) Sold about 95% of launched 350 units Average price : $1,900 psf Highest price : $2,550 psf Sold 432 (89%) of the total project Price up 50% from Oct06 to $1,400 psf All units sold out 13

14 Further Step in Marina Bay Exercised option for Marina Bay Financial Centre (MBFC) Ph 2 GFA 194,000 sm Includes Grade A office and high-end residential components Net land price $883.8 m or $423 psf ppr 0.5 mil sf of MBFC Ph 1 committed by Standard Chartered MBFC Ph 2 MBFC Ph 1 14

15 K-REIT Asia Outperformed in 1Q07 Prudential Tower Bugis Junction Towers Keppel Towers GE Tower Distributable income of $4.3m outperformed by 23.6% y-o-y Annualised DPU of 7.18 cts, 2.9% above 4Q06 of 6.98 cts Total return of 213.8% since listing Portfolio almost fully committed as of end-mar07 15

Strong China Sales Villa Riviera (168 units),

price > RMB18,000 psm The Waterfront (1,143

RMB7,000 psm The Seasons (1,859 units), Beijing

RMB11,500 psm The Botanica Ph 2 (1,476 units),

16 Strong China Sales Villa Riviera (168 units), Shanghai Sold out 42 launched units Average price > RMB18,000 psm The Waterfront (1,143 units), Chengdu Sold out Latest achieved price : RMB7,000 psm The Seasons (1,859 units), Beijing Sold 97% of project Latest achieved price : RMB11,500 psm The Botanica Ph 2 (1,476 units), Chengdu Sold 95% of Ph 2 Latest achieved price : RMB4,100 psm 16

17 Other Overseas Projects India Elita Promenade (1,573 units), Bangalore - Sold 1,023 (79%) of 1,300 launched units Vietnam The Estella (1,500-1,600 units), HCMC - Prime condominium near city centre Two waterfront projects in HCMC - Prime condominium (about 500 units) fronting Saigon River - Luxury condominium (2,400 units) fronting Ca Cam River 17

18 Fund Management Growth Total Assets Under Management * US$2.9 (S$4.7) bn US$0.6 (S$1.0) bn US$1.4 (S$2.3) bn US$2.3 (S$3.7) bn To-date# Alpha K-REIT Asia * When fully invested and leveraged # As of 18 Jun 07 Alpha Core Plus Real Estate Fund Equity of US$437m (S$720m) 83 % invested in 20 assets in 4 countries Asia No. 1 Property Fund Equity of US$243m (S$400m) 100 % invested in 15 assets in 5 countries Islamic Shariah fund Current Portfolio of US$119m (S$180m) Invested in 6 assets in 4 countries AIB Alpha Japan Fund Closed with equity of US$172m (S$258m) K-REIT Asia Four prime office buildings in Singapore AIP AUM : S$4.0 bn * + K-REIT AUM : S$0.677 bn Total Assets Under Management = Close to S$5 bn* 18 * When fully leveraged and invested

19 Business Times Corporate Transparency Index Ranked 5 th out of 665 companies for FY 2006 results FinanceAsia s Best Managed Companies Poll 2007 Among Top Five in Singapore for : Best Managed Company (5 th ) Most Committed to Corporate Governance (4 th ) Best Investor Relations (4 th ) Euromoney Award for Excellence in Real Estate 2006 Ranked among Top 10 Asian Companies FIABCI Prix d Excellence 2006 Recent Awards Caribbean at Keppel Bay - Winner in residential category Harbourfront Office Towers - 2nd Runner-up in office/industrial category Gold Awards in Green Mark Award for The Tresor (2006) and Marina Bay Residences (2007) 19

20 20 Market Outlook

21 Lion City s Leap Economy GDP growth of 7.9% in 2006, 6.1% in 1Q07 and expected to reach 5%-7% in 2007 Low unemployment of 2.9% and expected 450,000 new jobs in next five years Demography Population to up 44% from 4.5m to 6.5m by Foreigners up 180% to 875,000 from 1990 to 2006 Expected 200,000 new PRs and 40,000 new citizens in next five years Investment Circle Line (cost of $6.7b), Downtown Extension ($1.4b) and 3 more lines ($11b) Marina Bay Sands ($5b), Resorts World at Sentosa ($5.2b), MBFC Ph 1($2b), Sentosa redevelopment ($2b), Orchard Rd revamp and F1 race Governance Transparent legal framework and lower corporate and individual taxes Pro-immigration policy to attract more foreign talented 21

22 Residential Market Renaissance Units 30,000 25,000 20,000 15,000 10,000 5, Private Residential Demand, Price and Rental Index Secondary Demand Total Primary Demand Price Index Rental Index Index Record take-up of 4,783 new units in 1Q07 (URA) Price up 13.8% y-o-y in 1Q07, highest since 3Q00 but still 25% lower than 2Q96 peak Rental up 21.5% y-o-y in 1Q07, still 29% lower than 1Q96 peak Prices and rentals expected to rise 10%-15% in 2007 (CBRE) Source : URA, REALIS 22

23 Broad Based Growth Non-Landed Properties Price Index in Different Regions 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 Source : REALIS Core Central Region Rest of Central Region Outside Central Region Overall Luxury segment boost Price up 22% y-o-y in 1Q07 in Core Central Region Price of completed luxury properties reached $1,900 psf in 1Q07, up 8.5% q-o-q and 22.6% y-o-y (CBRE) Record price of over $4,000 psf Growth spreading to mid segment 1Q07 prices up 6.5% and 6.1% y-o-y in Rest of Central Region and Outside Central Region respectively Recent mid segment launches received good sales response 23

24 Active Collective Sales 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 En bloc Deals in Singapore $m No. 70 Sales Value (1Jan07-15May07) 60 Sales Value No. of Collective Sales Source : JLL Research Active collective sales to lift market further En bloc sales of $6.38b for year to 15May07, nearly topping the $7.75b for whole of 2006 (JLL Research) More mega sites Higher land prices 24

25 Office Market Soars Office Rental and Occupancy % S$psf/mth Islandwide Occupancy Grade A Occupancy Prime Rental Grade A Rental mil sf Future Supply of Office Space 2006 take-up Merrill Lynch Harbourfront (fully committed) MBFC Ph 1 (committed space) MBFC Ph 1 (remaining space) Others Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q Source : URA and CBRE Source : CBRE Robust office market Grade A rental reached $10.60 psf in 1Q07, up 21.4% q-o-q and 76.7% y-o-y Grade A occupancy 99.6% in 1Q07 up from 99.2% at end-06 Limited supply to support rental and occupancy rates Avg. per annum supply of 0.73m sf (excl. committed space) from 2007 to

26 Strong Asia Fundamentals Strong fundamentals support growth of residential market Home Ownership Aspirations Economic Growth Favourable Demographics Growing Middle Class Urbanisation Trends China India Vietnam Indonesia Demand from genuine home owners will sustain property market Economic growth and IT sector will raise income levels and create home demand Entry into WTO will expand economy and boost property market Rising middle class and lower interest rates will drive home demand 26

27 27 Going Forward

Bay precinct Fully sold within three days of preview Marina Bay Residences Ph 2 in pipeline Capitalise on

28 Redefining Waterfront Living Reflections at Keppel Bay (1,129 units) Marina Bay Residences (428 units) First residential showcase of world-celebrated master architect Daniel Libeskind More phases in pipeline in Keppel Bay precinct Fully sold within three days of preview Marina Bay Residences Ph 2 in pipeline Capitalise on demand from foreign buyers and local high-net-worth individuals with luxury waterfront lifestyle homes in Singapore 28

Possible Residential Launches Singapore 2007 Project Location Units to Launch Reflections at Keppel Bay (30% stake) * Keppel Bay 300 Park Infinia at Wee Nam

29 Possible Residential Launches Singapore 2007 Project Location Units to Launch Reflections at Keppel Bay (30% stake) * Keppel Bay 300 Park Infinia at Wee Nam * Wee Nam Rd 54 The Cairnhill Cairnhill Circle 15 The Tresor Duchess Rd 34 * Balance units Info updated as of 18 Jun 07 Reflections at Keppel Bay 29

Premier Office Player MBFC Ph 1 MBFC Total GFA : 438,000 sm MBR Ph 1 Office Towers Ph 2 Office & Residential Ph 1 Office Ph 1 Residential & Retail Ph 1 : 244,000 sm Office : 180,000 sm Residential &

30 Premier Office Player MBFC Ph 1 MBFC Total GFA : 438,000 sm MBR Ph 1 Office Towers Ph 2 Office & Residential Ph 1 Office Ph 1 Residential & Retail Ph 1 : 244,000 sm Office : 180,000 sm Residential & Retail : 64,000 sm Ph 2 : 194,000 sm Office & Residential Development of MBFC Ph 1 and Ph 2, crown jewel of Marina Bay Finalising breakdown of office and residential components in Ph 2 Redevelopment of older buildings such as Ocean Building Enhancing existing portfolio value 30

31 Asian Quality Home Developer The Arcadia, Tianjin, China (168 units) Elita Horizon, Bangalore, India (1,160 units) Launch more projects in China, India, Vietnam and Indonesia 31

Continued Township Expansion The Botanica, Chengdu,

sold over 90% 5,800 units in pipeline Wuxi township,

2007 Pipeline > 20,000 units and 2007 launch > 2,000

units in total Launch 200 units in 2007 Saigon Sports

32 Continued Township Expansion The Botanica, Chengdu, China Ph 1 (970 units) sold out Ph 2 (1,476 units) sold over 90% 5,800 units in pipeline Wuxi township, Wuxi, China 4,700 units in total Launch 700 units in 2007 Pipeline > 20,000 units and 2007 launch > 2,000 units Jakarta Garden City, Jakarta, Indonesia 7,000 units in total Launch 200 units in 2007 Saigon Sports City, HCMC, Vietnam 3,000 units in total Launch 100 units in

33 Overseas Residential Projects Units to Launch Project Launch Schedule China 8 Park Avenue, Shanghai * Villa Riviera, Shanghai ^ Park Avenue Central, Shanghai ^ The Seasons, Beijing * The Botanica (Ph 2), Chengdu * The Botanica (future phases), Chengdu ^ 800 1,166 1,244 The Arcadia, Tianjin ^ Wuxi Township, Wuxi ^ Jiangyin Mixed Development, Jiangyin ^ * Balance units ^ New launches Info updated as of 18 Jun 07 33

34 Overseas Residential Projects Units to Launch Project Launch Schedule Vietnam Saigon Sports City (Ph 1), HCMC ^ The Estella, HCMC ^ Waterfront condominium, HCMC ^ Thailand India Villa Arcadia at Srinakarin, Bangkok * Villa Arcadia at Watcharapol, Bangkok ^ Elita Promenade, Bangalore * Elita Horizon, Bangalore ^ Elita Garden Vista, Kolkata ^ Indonesia Jakarta Garden City (Ph 1), Jakarta ^ * Balance units ^ New launches Info updated as of 18 Jun 07 34

35 35 Thank You

36 36 Additional Info

37 Limited Office Supply Expected Completion Proposed Office Projects NFA (sf) 2007 SIF Building redevelopment (completed in 1Q07) 59,000 LKN Building redevelopment 81,000 Central (office block only) 179,000 Sub- total 319, VisionCrest 139,000 Wilkie Edge development (office block only) 120,000 Merrill Lynch Harbourfront (fully taken up) 208,000 Raffles Financial Centre (High Str.) 70, Robinson Rd (space addition) 30,000 Dapenso Building (space addition) 46, Newton Rd 42,000 Sub- total 655, Straits Trading Building redevelopment 160, Robinson Rd (former Crosby House) 230,000 Sub- total 390, Marina Bay Financial Centre (Ph 1) 1,600,000 Overseas Union House redevelopment 412,000 Harbourfront Tower 4 240,000 North Bridge Rd (Kim Eng Holdings' HQ) 50,000 Sub- total 2,302,000 Total ( ) 3,666,000 Limited supply of about 0.73 mil ^ sf per annum between 2007 and 2010 will support office rents and occupancies ^ Excludes : 1) Merrill Lynch Harbourfront which has been fully taken up 2) 500,000 sf of MBFC Ph 1 which has been committed 3) North Bridge Rd site which will be Kim Eng Holdings s HQ Source : CBRE 37

38 Singapore Residential Landbank About 1.1 mil sf of attributable GFA Site Location KLL's Stake Tenure Attributable Attributable Total (%) Land Area GFA Units (sf) (sf) The Tresor * Duchess Rd 100% 999-yr 80, , Reflections at Keppel Bay * Keppel Bay 30% 99-yr 269, ,521 1,129 The Cairnhill Cairnhill Circle 100% Freehold 11,183 31, Naga Court Bukit Timah Rd 100% Freehold 49, , Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125, , Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 36,114 40, Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67, Total 713,694 1,140,439 1,904 * Including units sold 38

39 China Residential Landbank About 2 mil sm of saleable area Site Location KLL's Stake Total Land Area Total GFA Remaining Area Remaining Units (%) (sm) (sm) For Sale (sm) For Sale 8 Park Avenue Shanghai 99% 33, ,503 78,256 * 490 * Park Avenue Central Shanghai 99% 28,488 99,708 98, Villa Riviera Shanghai 99% 153,726 53,796 34,443 * 126 * The Arcadia Tianjin 100% 133,400 61,687 61, Wuxi township Wuxi 49.7% 352, ,460 ^ The Botanica Chengdu 44.1% 417,139 1,035,542 ^ 659,360 ^ 781,542 ^ 4,700 5,800 * Mixed development Jiangyin 70.6% 82, ,786 ^ 235,786 ^ 2,161 Total 1,201,706 2,292,482 1,949,474 14,153 * Excluding area and units sold ^ Excluding commercial space 39

40 Other Overseas Residential Landbank About 3.3 mil sm of total GFA overseas (excluding China) Country Site KLL's Total Land Area Total GFA Total Stake (sm) (sm) Units India Elita Promenade * 51% 96, ,237 1,573 Elita Horizon 51% 79, ,354 1,160 Elita Garden Vista 37.7% 99, ,497 1,376 Sub-total 275, ,088 4,109 Indonesia Jakarta Garden City 51% 2,700,000 1,050,000 7,000 Sub-total 2,700,000 1,050,000 7,000 Thailand Villa Arcadia at Srinakarin * 45.5% 159,706 84, Villa Arcadia at Watcharapol 66.7% 124,912 68, Sub-total 284, , Vietnam Saigon Sports City 90% 640, ,180 ^ 3,000 The Estella 55% 47, ,371 1,600 Condominium fronting Saigon River 60% 17,428 78, Condominium fronting Ca Cam River 75% 85, ,500 2,400 Sub-total 790,928 1,550,191 7,500 Total 4,051,339 3,304,033 19,246 * Including units sold ^ Including commercial space 40

41 KLL Challenger to World s Leading Companies S&P Global Challengers Class 2007 One of five Singapore companies which expected to emerge as challengers to the world s leading companies Among listing of 300 companies across 37 countries and 10 sectors 41

42 Singapore - Asia s Dynamic Hub 42 Financial & Trade Hub 10 free trade agreements and negotiating 15 more private banks with AUM of about US$200bn Wealth management haven for high-net-worth individuals India Tourism & Entertainment Hub Development of 2 integrated resorts at Marina Bay and Sentosa, Orchard Rd revamp, F1 race Doubling visitor arrivals to 17m and tripling annual tourism receipts to $30b by 2015 Medical & Biomedical Science Hub Current foreign patients of 376,000, expected to reach 1m by of world s top pharmaceutical firms manufacture here and biomedical science contributes 20% of manufacturing value-add Malaysia China Singapore Korea Philippines Indonesia Education Hub 16 leading foreign universities eg. INSEAD, MIT and Stanford University Foreign students to reach 150,000 by 2012, up from 79,200 as at end-2006 Japan Transport & Logistics Hub Within 5-hr flight radius of over 700 mil people Key aviation gateway with > 4,000 flights weekly to 175 cities in 57 countries Asia s best airport and seaport in 2006 Asian Freight and Supply Chain Awards Convention Hub Asia s top convention city by International Congress & Convention Association Marina Bay to be Asia s most compelling convention venue

43 Singapore s Global Rankings Economic Competitiveness Business Friendliness Quality Living Standard 3rd most competitive economy in the World Competitiveness Yearbook 2006 by International Institute for Management Development (IMD) 5th most competitive economy in the Global Competitiveness Report by World Economic Forum (WEF) Best fiscal prudence in Asia-Pacific by Standard & Poor s Most cost-competitive place for business in KPMG Competitive Alternatives Study rd most preferred convention destination and 5th country in the world to do business in Most business-friendly economy among 175 economies globally by World Bank Best place to live for Asian expatriates by ECA International World s most globally connected nation in A.T. Kearney / Foreign Policy Globalisation Index nd for quality of nightlife / dining and shopping in 2nd annual Global Country Brand Index

44 Foreign Demand on Uptrend 1,248 foreigners and permanent residents bought new homes in 1Q07, accounting for nearly 26% of all new home sales, up from 23% in 4Q06 (CBRE) Top five foreign purchasers are from China, India, Indonesia, Malaysia and UK since 2006 (CBRE) Foreign demand of new condominiums and apartments in 1Q07 mainly in districts of 9, 10, 11, 15 and 1 (DTZ Research) 44

45 Office Occupancy Costs Singapore ranked 24th worldwide, lower than Asian cities like Tokyo, Mumbai, Hong Kong and Seoul Global Market Rents Ranking City US$ psf p.a. Ranking City US$ psf p.a. 1 London (West End), England Paris La Defense, France London (City), England Seoul, South Korea Tokyo (Inner Central), Japan New York Midtown Tokyo (Outer Central), Japan Bristol, England Mumbai (Bombay), India Milan, Italy Moscow, Russia Singapore (S$8.65psf/mth) 7 New Delhi, India Aberdeen, Scotland Paris, France Stockholm, Sweden Dublin, Ireland Jersey, England Hong Kong Calgary, Canada (CBD) Dubai, United Arab Emirates Rio de Janeiro, Brazil Edinburgh, Scotland Athens, Greece Birmingham, England Oslo, Norway Manchester, England Caracas, Venezuela Glasgow, Scotland São Paulo, Brazil Madrid, Spain Barcelona, Spain Abu Dhabi, United Arab Emirates Warsaw, Poland Leeds, England Sofia, Bulgaria Source : CBRE Global Market Rents May 2007 USD : SGD = (@ 25 May 2007) 45

46 46 This release may contain statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. You are cautioned not to place undue reliance on such statements, which are based in the current views of Management on future developments and events.

Content. Investor Meetings. Introduction. Strategic Focus. Financial Performance. Recent Awards. Recent Developments in Singapore and Overseas

Content. Investor Meetings. Introduction. Strategic Focus. Financial Performance. Recent Awards. Recent Developments in Singapore and Overseas Investor Meetings March 2008 Content Introduction Strategic Focus Financial Performance Recent Awards Recent Developments in Singapore and Overseas Going Forward 2 1 Introduction 3 Introduction Premier