1H 2011 Results Opening Remarks by Group CEO Financial Performance Operations Review Market Outlook Going Forward

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1 1H 2011 Results 20 July 2011 Scope of Briefing Opening Remarks by Group CEO Financial Performance Operations Review Market Outlook Going Forward 2 1

2 Opening Remarks by Group CEO 3 Acquisitions in Singapore and China Net profit fell by 33.7% to $133.8 million due to the impact of the new accounting policy Tap on demand for well-located suburban homes with purchase of Sengkang site Capitalise on opportunity to acquire prime site in Shanghai 4 2

3 Pursue Sustainable Growth Fund management vehicles made acquisitions and divestments Seek acquisition of residential, commercial and mixed development sites with good potential Ranked joint 3 rd out of 660 companies in the Governance and Transparency Index Financial Performance 6 3

4 Financial Performance 1H 2011 vs. 1H H H 2010 (Restated^) % Chg Turnover $462.1m $424.5m 8.9 EBITDA $101.1m $122.9m (17.7) Pre-tax Profit $176.9m* $266.8m (33.7) Net Profit $133.8m* $201.7m (33.7) * Includes a $24.4m gain on divestment of Keppel Digihub in 1Q 2011 ^ 1H 2010 figures are restated due to a change in accounting policy which recognises revenue and profit on completion for overseas trading projects as well as units sold under the deferred payment scheme (DPS) for Singapore trading projects 7 Key Financial Ratios 1H H 2010 (Restated) % Chg EPS 9.1 cts 14 cts (35) Annualised ROE 5.9% 12.1% (51.2) Net Debt/Equity Ratio 0.38x 0.29x 31 NTA/Share $2.72 $

5 Breakdown of Net Profit Business Segment Business Segment 1H H 2010 (Restated) Property Trading $65.1m $171m (61.9) % Chg Comments 1H 2010 : More overseas projects such as Villa Riviera and phases of The Botanica, Central Park City and Serenity Cove were completed Contribution from Marina Bay Residences units sold under DPS Property Investment $27.4m $27.1m 1.1 Increased contribution from K-REIT Asia Fund Management $23.9m $15.7m 52.2 Hotels / Resorts ($1m) $0.1m nm Higher acquisition and management fees as well as higher dividend income from equity investments Higher losses from Spring City and liquidation of a company in Australia Others ($6m) ($12.2m) nm Write-back of costs provision Divestment Gain $24.4m - nm Gain from sale of Keppel Digihub Total $133.8m $201.7m (33.7) 9 Breakdown of Net Profit - Geographical Location Geographical Location 1H H 2010 (Restated) Comments Singapore $99.3m 90.8% $113.7m 56.4% Higher 1H 2010 due mainly to profit from units sold at Marina Bay Residences under DPS Overseas $10.1m 9.2% $88m 43.6% More trading projects/phases completed in 1H2010 vs one project in 1H 2011 Divestment Gain $24.4m - Gain from sale of Keppel Digihub Total $133.8m $201.7m 10 5

6 Notes on Profit Recognition Project % of Sales % of Completion Profit Recognised in 1H 2011 Singapore (Recognised On Percentage of Completion basis except for units sold under DPS) Reflections at Keppel Bay (1,129 units) 65.1% 80.7% $13.4m^ The Lakefront Residences (629 units) 89.4% 6.6% $11.2m Marina Bay Suites (221 units) 60.4% 31.5% $5.8m Overseas (Recognised On Completion of Construction) Elita Promenade, Bangalore (1,573 units) 89.4% 100% $19.8m ^ Does not include units sold under DPS 11 Strong Balance Sheet Strong cash position : $0.9b as at end-jun 2011 Availability of credit facilities and MTN programme (unutilised: US$491m) Proceeds from $500m convertible bonds due 2015 fully utilised End-Jun 2011 End-Jun 2010 Net Debt $1.6b $1.1b Net Debt/ Equity Ratio 0.38x 0.29x Avg Interest Rate of Borrowings 2.0% 2.1% Interest Cover Ratio (1) 6.7x 11.1x (1) Interest Cover Ratio = Profit Before Interest and Tax Net Interest Cost Expensed and Capitalised 12 6

7 Loan Maturity Profile Due in 2H2011 1% Due in % Due in % Due in % Due in % Due in % Rolling 2% 0% 10% 20% 30% 40% Total Debt: $2.6b as at end-jun 2011 Fixed rate debt : 50% at end-jun 2011 vs 30% at end-jun 2010 Avg debt maturity : 2.9 yrs at end-jun 2011 vs 2.2 yrs at end-jun Operations Review 14 7

residential area sold : About 180,000 sf The Lakefront Residences almost

8 Singapore 15 Singapore Residential Sold 160 homes in 1H 2011 vs about 140 units in 1H 2010 Achieved sales value in 1H 2011 : $245m Aggregate residential area sold : About 180,000 sf The Lakefront Residences almost fully sold in 8 months Sold 95% of 621 units launched since Nov 10 The Lakefront Residences 16 8

Singapore Commercial Iconic Developments at Raffles

business address for MNCs and financial institutions

buildings T3 MBFC Demand for offices with large floor

9 Singapore Commercial Iconic Developments at Raffles Place and Marina Bay OFC and MBFC Ph 2 Preferred business address for MNCs and financial institutions Benefit from : Flight to quality Demand for green buildings T3 MBFC Demand for offices with large floor plates Proximity to major MRT stations and expressways OFC 17 Overseas 18 9

Overseas China Strategic Acquisition of Shanghai Site Tap on mid- to- upmarket upgraders 3.

Location : Land Area : Gross Floor Area : Land Cost : Site Details Nanxiang Town, Jiading District 7.2-ha 129,000 sm RMB 1.25b (RMB 9,700psm) No.

Achieved sales value in 1H 2011 : RMB 462m Aggregate residential area sold : 44,204 sm Maintain pricing despite softer market sentiments Township and

10 Overseas China Strategic Acquisition of Shanghai Site Tap on mid- to- upmarket upgraders 3.7m population in Jiading, Changning, Putuo and Jingan districts Near city centre, train station, British International School, Carrefour and Walmart Location : Land Area : Gross Floor Area : Land Cost : Site Details Nanxiang Town, Jiading District 7.2-ha 129,000 sm RMB 1.25b (RMB 9,700psm) No. of apartments : About 1,000 units Expected Launch (Ph 1) : 2H Overseas China Sold about 400 homes in 1H 2011 vs > 1,200 homes in 1H 2010 Achieved sales value in 1H 2011 : RMB 462m Aggregate residential area sold : 44,204 sm Maintain pricing despite softer market sentiments Township and Eco Homes Remain in Demand Central Park City, Wuxi : 88% of 1,313 units launched in Ph 2 & 3 sold Seasons Park, Tianjin Eco-City : 75% of 787 launched units sold Central Park City, Wuxi Seasons Park, Tianjin Eco-City 20 10

waterfront homes Riviera Point, HCMC 21 Jakarta Garden City, Jakarta Overseas Indonesia Strong Demand for Landed Homes Jakarta Garden City

11 Overseas Vietnam Sold > 160 homes in 1H 2011 vs about 50 homes in 1H 2010 Mid-market demand more resilient Achieved sales value in 1H 2011 : $42m Aggregate residential area sold : 23,056 sm Good response at Riviera Point Sold about 65% of 255 units launched Growing demand for waterfront homes Riviera Point, HCMC 21 Jakarta Garden City, Jakarta Overseas Indonesia Strong Demand for Landed Homes Jakarta Garden City Sold > 150 units in 1H 2011 vs about 120 units in 1H 2010 About 88% of 881 launched units sold as at end-jun 2011 Awarded Green Mark Gold for Ph

Vista, Kolkata 1,278 units Elita Promenade, Bangalore Elita Garden Vista,

12 Overseas India Continued Take-up on Improved Economic Conditions Project % sold as at end-jun 2011 Elita Promenade, Bangalore 1,573 units Elita Garden Vista, Kolkata 1,278 units Elita Promenade, Bangalore Elita Garden Vista, Kolkata 95% of 1,437 units launched 89% of 688 units launched 23 Fund Management 24 12

K-REIT Asia Steady Income Growth and Portfolio Expansion 8 Chifley Square, Sydney Acquires 50% interest in 8 Chifley Square, Sydney Purchase price:

72 cts Committed portfolio occupancy : 98.6% (1) vs 94.6% (2) in core CBD Aggregate leverage : 39.

European Centre (NEC) Alpha Core Plus Real Estate Fund Divested 2 assets NEC : $121.

13 K-REIT Asia Steady Income Growth and Portfolio Expansion 8 Chifley Square, Sydney Acquires 50% interest in 8 Chifley Square, Sydney Purchase price: Between $203m and $223m Total NLA : 205,700 sf Continued income growth in 1H 2011: Distribution per unit : 25.3% y-o-y to 3.72 cts Committed portfolio occupancy : 98.6% (1) vs 94.6% (2) in core CBD Aggregate leverage : 39.2% as at end-jun 2011 (1) Singapore portfolio occupancy (2) CBRE 25 Alpha Investment Partners Seizing Acquisition and Divestment Opportunities Nordic European Centre (NEC) Alpha Core Plus Real Estate Fund Divested 2 assets NEC : $121.55m NorthTech : $72m Alpha Asia Macro Trends Fund Acquired interest in a portfolio of luxury apartments in Luwan district, Shanghai Alpha Investment Partners : $7.7b (1) Total AUM : K-REIT Asia : $3.6b (2) $11.3b (1) When fully leveraged and fully invested (2) Exclude acquisition of 8 Chifley Square, Sydney 26 13

Recent Awards 27 Corporate Awards Transparency Awards Governance and Transparency Index 2011 Ranked 3 rd out of 660 companies assessed SIAS Investors Choice Awards 2010 Most Transparent Company

14 Recent Awards 27 Corporate Awards Transparency Awards Governance and Transparency Index 2011 Ranked 3 rd out of 660 companies assessed SIAS Investors Choice Awards 2010 Most Transparent Company (Properties category) Runner up Product Excellence Awards Euromoney Real Estate Awards 2010 Best Developer in Vietnam Best Office Developer in Singapore FIABCI Prix d Excellence 2010 Awards Jakarta Garden City as Runner-up in Residential (Low-Rise) Category FIABCI Indonesia - BNI Prix d Excellence 2010 Awards Jakarta Garden City won Best Middle Class Residential Development 28 14

CSR Awards Inclusion in The Sustainability Yearbook 2011 Features the top 15% companies out of

be included Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific Index) One of two

is the first high-rise office building in Southeast Asia to be conferred the prestigious award

15 CSR Awards Inclusion in The Sustainability Yearbook 2011 Features the top 15% companies out of 2,500 companies worldwide in sustainability leadership The only Singapore real estate company to be included Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific Index) One of two Singapore companies to be included Leadership in Energy and Environmental Design (LEED) Award OFC is the first high-rise office building in Southeast Asia to be conferred the prestigious award Total of 24 BCA Green Mark Awards Latest Green Mark Award Jakarta Garden City (Phase 1) 29 Market Outlook 30 15

16 Singapore Residential Sales volume eased amid cooling measures Take-up of suburban homes remains firm Sales in 1H 2011 : 8,157 units vs 8,413 units in 1H 2010 (1) Prices stabilising : 1.9% in 2Q 2011 vs 2.2% in 1Q 2011 and 2.7% in 4Q 2010 (1) Sustained interest from upgraders (2) Economic growth and job market at full employment Growing wealth in Asia-Pacific Improved economy and job market to support demand No. of High Net Worth Individuals 9.7% to 3.3m (3) Continued interest from foreigners and PRs Foreigners made up 16% of private home sales in 1Q 2011 vs 13% in 4Q 2010 (4) Sound fundamentals to underpin absorption of upcoming supply Expected take-up of 13,000 14,000 units in 2011 (2) (1) URA (2) JLL (3) Merrill Lynch Wealth Report 2011 (4) DTZ Research 31 Singapore Commercial Continued economic growth and corporate expansion drive demand for office space Demand underpin by healthy economy 2011 GDP growth forecast to 5-7% Professional and legal services sectors continue to grow Gateway to Asia attract MNCs Integrated resorts elevated Singapore s profile as a cosmopolitan city Grade A rents continue to rise 2.9% q-o-q to $10.60 psf/mth in 2Q 2011 (1) Rentals continue on uptrend Rentals remain competitive Limited supply and soaring rents in Hong Kong may drive demand to Singapore Rental growth to moderate Forecast rent growth of 10-12% for 2011 vs 22% in 2010 (1) (1) CBRE 32 16

17 . Overseas Asia to be the world s fastest-growing region in 2011, according to EIU Short-term uncertainties in Asia from inflation and European debt crisis Housing demand supported by strong home ownership aspirations Urbanisation Trends Rising Affluence Economic Growth Home Ownership Aspirations Favourable Demographics Growing Middle Class Country Projected GDP Growth for 2011 (1) Urbanisation Rate (2) China 10.3% 47% Vietnam 6.3% 30% India 8.8% 29% Indonesia 6.1% 44% (1) EIU (2) CIA World Fact Book; CBRE Vietnam ViewPoint; Asian Development Bank 33. Overseas China Cooling measures for sustainable growth despite impact on sales Property market underpinned by rapid economic growth and urbanisation Vietnam Dong successfully stabilised over past 2-3 months Government s focus on taming inflation by limiting loan growth has near-term impact on property market India Rising infrastructural spending and growing middle-class to support housing demand Indonesia Stable interest rate environment and improved market confidence drive sales 34 17

mixed-use projects Time launches for new projects and

18 Going Forward 35 Going Forward Seek good sites for development of residential, township, commercial and mixed-use projects Time launches for new projects and phases Recycle capital for greater returns Grow assets under management 36 18

Singapore Residential Time Launches for New Project and Phases Sengkang project to

executive condominiums Near MRT station and premier schools Roll out balance units

of Land Parcel Location Sengkang Site Area 17,700 sm Total no.

and Phases To be launched 8 Park Avenue, Shanghai 189 units Seasons Park, Tianjin

19 Singapore Residential Time Launches for New Project and Phases Sengkang project to benefit from suburban demand Large catchment area with > 465,000 residents Close to executive condominiums Near MRT station and premier schools Roll out balance units progressively Marina Bay Suites : 80 units Reflections at Keppel Bay : 327 units Details of Land Parcel Location Sengkang Site Area 17,700 sm Total no. of units 622 Permissible GFA 53,100 sm 37 Overseas China Time Launches for New Project and Phases To be launched 8 Park Avenue, Shanghai 189 units Seasons Park, Tianjin Eco-City 560 units The Botanica, Chengdu 1,020 units 8 Park Avenue, Shanghai Seasons Park, Tianjin Eco-City The Botanica, Chengdu 38 19

20 Overseas Vietnam Time Launches for New Project and Phases Riviera Point Waterfront villas, HCMC Location To be launched Riviera Point District 7, HCMC 187 units Waterfront villas (Ph 1) District 9, HCMC 30 units 39 Thank You 40 20

21 Additional Slides 41 Singapore Residential Landbank Project Location KLL s Stake Tenure Attributable Land Attributable GFA Area (sf) (sf) Total Units* Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125, , Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 35,992 40, Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67, Keppel Towers & GE Tower Site at Sengkang Square Tg Pagar Rd / Hoe Chiang Rd Compassvale Road 100% Freehold 85, , % 99-yr 190, , Total 578,615 1,310,386 1,877 * Estimated no. of units 42 21

22 Site China Residential Landbank Location KLL's Stake Total Land Area (sm) Total GFA (sm) Remaining Area For Sale (sm) Remaining Units For Sale 8 Park Avenue Shanghai 99% 33, ,393 65, Park Avenue Central Shanghai 99% 28,488 99,708 99, The Springdale Shanghai 99.4% 264, ,792 # 232,884 ^ 2,008 Nanxiang Devt Shanghai , , ,918 1,036 Central Park City Wuxi 49.7% 352, ,053 # 296,028 ^ 2,380 The Botanica Chengdu 44.1% 419,775 1,042,846 ^ 303,514 ^ 3,147 Prime Residential Devt Chengdu 100% 50, , ,944 1,565 Villa Devt Chengdu 100% 249,330 89,262 85, Stamford City Jiangyin 99.4% 82, ,083 # 231, The Seasons Shenyang 100% 348, , ,307 3,836 Hunnan Township Shenyang 99.8% 302, , ,565 7,026 Integrated Marina Lifestyle Devt Zhongshan 80% 857, , ,177 1,647 Serenity Cove (Ph 3) Tianjin 100% 128,685 80,000 79, Tianjin Mixed Devt Tianjin 100% 1,666,665 1,358,202 * 1,358,202 11,299 Tianjin Eco-City Tianjin 55% 365, ,294 # 574,389 # 3,765 Residential Devt Nantong 100% 172, ,437 # 187,380 # 979 Total 5,395,072 6,966,013 5,471,974 41,360 # Includes commercial area ^ Excludes commercial area 43 Other Overseas Residential Landbank Country Site KLL's Total Land Area Total GFA Remaining Area Remaining stake (sm) (sm) for Sale (sm) Units for Sale India Elita Promenade 51% 96, ,446 22, Elita Horizon 51% 79, , ,376 1,138 Elita Garden Vista 37.74% 99, , , Sub-total 276, , ,072 1,943 Indonesia Jakarta Garden City - Phase 1 51% 266, ,658 39, Remaining phases 874, , ,934 5,809 Sub-total 1,141,018 1,087, ,843 6,005 Thailand Villa Arcadia at Srinakarin 53.66% 159,706 84,440 64, Villa Arcadia at Watcharapol 71.72% 124,912 68,314 77, Sub-total 284, , , Vietnam Saigon Sports City, HCMC 90% 640, ,180 # 298,786 ^ 2,325 The Estella, HCMC 55% 47, ,851 # 141,114 ^ 919 Riviera Point, Dist. 7, HCMC 38% 89, ,079 # 279,779 ^ 2,294 Waterfront Township, Dong Nai Province 50% 3,667,127 2,046,955 # 1,293,500 ^ 7,850 Prime (Condo), Dist. 2, HCMC 60% 51, , ,464 1,500 Riviera Cove(Villa), Dist. 9, HCMC 60% 97,000 34,711 8, South Rach Chiec, Dist 2, HCMC 42% 302, ,000 # 641,750 ^ 6,430 Riviera Gardens, Dist. 12, HCMC 60% 113,098 40,715 56, Villa Devt, Saigon South, HCMC 50% 135,000 67,500 67, Villa Devt, Dist 9, HCMC 60% 98,000 45,183 48, Sub-total 5,241,320 4,649,974 3,002,489 21,860 Middle East Al Mada Towers, Jeddah, Saudi Arabia 51% 36, , ,178 1,005 Sub-total 36, , ,178 1,005 Philippines Palmdale Heights(Ph2), Manila 30.9% 15,976 62,751 62,751 1,264 SM-KL Residential Devt, Manila 24.2% 7,068 56,000 56, Sub-total 23, , ,751 1,694 Total 7,002,738 6,871,702 4,734,648 32,955 #Includes commercial area ^Excludes commercial area 44 22

23 China Residential Launches Units to Launch Park Avenue, Shanghai * Park Avenue Central, Shanghai ^ The Botanica, Chengdu * 1,020 1, Central Park City, Wuxi * Stamford City, Jiangyin* The Seasons, Shenyang^ The Spingdale, Shanghai* Integrated Marina Lifestyle Devt, Zhongshan^ Serenity Cove(Ph 3),Tianjin* Tianjin Eco-City (36.6-ha)* 560 1,216 1,214 Shenyang Hunnan site^ Prime Residential Devt, Chengdu Villa Devt, Chengdu Residential Devt, Nantong Residential Devt, Nanxiang Kunming projects Total 3,344 7,089 5,684 *Balance units ^New launches 45 Expected Completion of China Projects Projects/ Phases The Botanica, Chengdu Phase 5-R4 1,810 Phase 6-R5a 1,248 Phase 7-R5b 1,899 Central Park City, Wuxi Phase 2-C1b 877 Phase 3-C1a 750 Phase 4-C2 1,296 The Springdale, Shanghai Phase 1 Plot 1 and Plot Phase 2 Plot 3-2 and Seasons Park, Tianjin Eco-City Phase 1 Plot 10 and 7 1,105 Phase 2 Plot 6 and Ph 2-1 1,132 Stamford City, Jiangyin Phase 2A Blk 3-1 and Phase 3A Blk 10 and Kunming Projects La Quinta II 62 Hill Crest Residence

24 Other Overseas Residential Launches Units to launch Vietnam Saigon Sports City, HCMC ^ The Estella (Phase 1), Dist 2, HCMC * The Estella (Phase 2), Dist 2, HCMC ^ Riviera Point, Dist 7, HCMC * Waterfront Township, Dong Nai Province^ Prime (Condo), Dist 2, HCMC ^ Riviera Cove (Villa), Dist 9, HCMC * South Rach Chiec, Dist 2, HCMC ^ Riviera Gardens, Dist 12, HCMC ^ Villa Development, Saigon South, HCMC ^ Villa Development, Dist 9, HCMC ^ Thailand Villa Arcadia at Srinakarin, Bangkok * Villa Arcadia at Watcharapol, Bangkok * India Elita Promenade, Bangalore * Elita Horizon, Bangalore ^ Elita Garden Vista, Kolkata * Indonesia Jakarta Garden City* Middle East Al Mada Towers, Jeddah, Saudi Arabia ^ Total 961 2,441 3,582 *Balance units ^New launches 47 Expected Completion of Other Overseas Projects Projects/ Phases Vietnam The Estella (Phase 1) 719 Riviera Cove 96 India Elita Garden Vista (Phase 1) 688 Indonesia Jakarta Garden City Phase Phase

Geographical Breakdown Asset Allocation (as at 30 Jun 2011) 7% 6%

Singapore Developments to Benefit from MRT lines Sengkang Site The

of KTGE Towers Reflections at Keppel Bay Sentosa Island Source:

25 Geographical Breakdown Asset Allocation (as at 30 Jun 2011) 7% 6% 1% 3% 24% 59% Singapore China Vietnam Indonesia India Others 49 Singapore Developments to Benefit from MRT lines Sengkang Site The Lakefront Residences Ocean Financial Centre Proposed redevelopment of KTGE Towers Reflections at Keppel Bay Sentosa Island Source: LTA as at 11 Jan 2011 Marina Bay Suites Marina Bay Financial Centre 50 25

Overseas China Sino-Singapore Tianjin Eco-City Tianjin Eco-City shareholding structure (1) : Keppel Corporation Keppel Land Keppel Integrated Engineering Singbridge Int l S pore 45% 35% 20% 90% 10%

26 Overseas China Sino-Singapore Tianjin Eco-City Tianjin Eco-City shareholding structure (1) : Keppel Corporation Keppel Land Keppel Integrated Engineering Singbridge Int l S pore 45% 35% 20% 90% 10% Chinese Consortium Singapore Consortium 50% 50% Tianjin Eco-City (JV) Registered Capital : RMB 4 billion (1) Summarised graphical representation and not the legal representation of the shareholding structure 51 Overseas China Sino-Singapore Tianjin Eco-City Keppel s 36.6-ha site in SUA of Tianjin Eco-City : Residential : 4,995 homes (include Seasons Park) Mixed-use : Seasons City (162,000 sm) Shareholding Structure: KLL : 55%; KCL : 45% Project Manager : KLL Entire Development Start-up Area (SUA) Size 30 sq km 4 sq km Development Period years 3-5 years No. of Homes > 100,000 >20,000 Population (approx.) 350,000 85,

Overseas China Keppel s First Mixed-use Development in Tianjin Eco-City Seasons City Total GFA : 162,000 sm Ph 1 : Office and retail spaces of about 20,000 sm each Keppel Eco-Centre : Office tower to

27 Overseas China Keppel s First Mixed-use Development in Tianjin Eco-City Seasons City Total GFA : 162,000 sm Ph 1 : Office and retail spaces of about 20,000 sm each Keppel Eco-Centre : Office tower to be built to GBES (1) highest platinum standard (1) Green Building Evaluation Seasons ParkStandard Seasons City 53 Fund Management Alpha Investment Partners Funds under Alpha as at end-jun 2011 : Funds under Alpha Committed Equity % Invested No. of Countries Invested In Asia No. 1 Property Fund $400m 100% 4 Alpha Core Plus Real Estate Fund $720m 100% 3 AIB Alpha Japan Fund $259m 100% 1 Alpha Asia Macro Trends Fund $1.7b 100%

28 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 on the current views of Management on future developments and events

1Q 2012 Results. 18 April Contents. Financial Performance. Operations Review. Market Outlook. Going Forward

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