1Q 2012 Results 18 April 2012 Contents Financial Performance Operations Review Market Outlook Going Forward 2 1
Financial Performance 3 Financial Performance 1Q 2012 vs. 1Q 2011 1Q 2012 1Q 2011 % Chg Turnover $170.2m $357.9m (52.4) EBITDA $34.9m $78.4m (55.5) Pre tax Profit $179m $94.6m 89.2 Net Profit $141.9m $83.3m 70.3 4 2
Key Financial Ratios 1Q 2012 1Q 2011 % Chg EPS 95cts 9.5cts 57cts 5.7cts 66.7 Annualised ROE^ 6.8% 6.1% 11.5 NTA / Share^ $3.81 $2.96 28.7 Net Debt/Equity Ratio^ 0.16x 0.24x (33.3) ^ 1Q 2011 comparatives restated due to the adoption of Amendments to FRS 12. 5 Breakdown of Net Profit Business Segment Business Segment 1Q 2012 1Q 2011 % Chg Comments Property Trading $133.4m $43m 210.2 Higher contribution from Reflections at Keppel Bay for units sold under deferred payment py scheme and completed units at The Springdale in China Property Investment $20m $14.5m 37.9 Increased contribution from K REIT Asia Fund Management $12.8m $9.4m 36.2 Hotels / Resorts $2.3m ($2.2m) nm Others ($26.6m) ($5.8m) nm Higher acquisition and management fees earned by K REIT Asia Management and Alpha Improved contribution from hotels in Myanmar Lower marketing and project management fees earned as well as higher overheads incurred Sub total $141.9m $58.9m 140.9 Divestment Gain $24.4m nm Gain from sale of Keppel Digihub in 1Q 2011 Total $141.9m $83.3m 70.3 6 3
Breakdown of Net Profit Geographical Location Geographical Location 1Q 2012 1Q 2011 Comments Higher contribution from Singapore $119.7m 84.4% $45.5m 77.2% property trading, K REIT Asia and fund management income Overseas $22.2m 15.6% $13.4m 22.8% Higher contribution from property trading Sub total $141.9m 100% $58.9m 100% Divestment Gain $24.4m Gain from sale of Keppel Digihub in 1Q 2011 Total $141.9m $83.3m 7 Notes on Profit Recognition Project % of Sales % of Completion Profit Recognised in 1Q 2012 Singapore Reflections at Keppel Bay (1,129 units) 69.7% 100% $95.9m^ Marina Bay Suites (221 units) 66.3% 51.8% $6.3m Madison Residences (56 units) 100% 88.8% $1.7m Overseas China The Springdale, Ph 1 & 2 (892 units) 58.7% 87.2% $20.4m Central Park City, Ph 1 3 (3,075 units) 75.3% 96.9% $3m The Botanica, Ph 5 & 6 (3,058 units) 62.1% 84.7% $2m ^ Mainly from units sold under deferred payment scheme. 8 4
Healthy Balance Sheet Strong cash position : $1.6b as at end Mar 2012 Availability of credit facilities and MTN programme (unutilised: US$500m) End Mar 2012 End Mar 2011 Net Debt $1.0b $1.1b Net Debt/ Equity Ratio 0.16x 0.24x Avg Interest Rate of Borrowings 1.8% 2.0% Interest Cover Ratio (1) 31.3x 18.2x (1) Interest Cover Ratio = Profit Before Interest and Tax Net Interest Cost on External Borrowings 9 Loan Maturity Profile Due in 2012 Due in 2013 Due in 2014 Due in 2015 Due in 2016 Due in 2017 Rolling 1% 4% 8% 10% 12% 27% 38% 0% 10% 20% 30% 40% Total Debt: $2.6b as at end Mar 2012 Fixed rate debt : 51% at end Mar 2012 vs 52% at end Mar 2011 Avg debt maturity : 2.5 yrs at end Mar 2012 vs 2.9 yrs at end Mar 2011 10 5
Operations Review 11 Singapore Residential Continued Demand for Well located Homes Sold over 90 units in 1Q 2012 Mostly from The Luxurie : About 92% of 350 launched units sold as at end Mar 2012 Achieved about $117m sales value for about 100,000 sf area sold Capitalise on luxury waterfront living at Keppel Bay The Luxurie Appointed master architect Daniel Libeskind for Plot 3 : 367 units About 150 units at Reflections set aside for corporate residences Reflections at Keppel Bay 12 6
Singapore Commercial Higher commitment for MBFC Ph 2 Tower 3 : About 67% committed New tenants secured : Rio Tinto : About 46,000 sf The Regus Group : About 16,000 sf Fitness First : About 13,000 sf Key features: NLA : About 1.3m 13msf Well connected to MRT stations Large floor plates Obtained TOP Tower 3 Marina Bay Financial Centre 13 Overseas 14 7
Overseas China Sentiments Affected by Cooling Measures Sold about 190 units in 1Q 2012 Ahi Achieved drmb137m sales value for about t16,350 sm area sold Take up mainly from townships and The Springdale The Botanica, Chengdu The Seasons, Shenyang The Springdale, Shanghai Ph 6 : Sold 85% of 978 launched units as at end Mar 2012 Sold 86% of 220 launched units as at end Mar 2012 Sold 86% of 889 launched units as at end Mar 2012 15 Overseas China Extend Commercial Footprint in Beijing To develop 2.6 ha prime site in the heart of CBD Near China World Trade Centre and China Central Television (CCTV) Tower Strategic location attracts MNCs and SOEs Well connected via Chang an Avenue and two MRT lines Site Details Location : Gross Floor Area : Development Type : Chaoyang district (between the eastern second and third ring roads) About 100,000 sm 3 office blocks with supporting retail premises Expected Completion : 2014 16 8
Overseas Vietnam Saigon Centre Ph 2 Retail Mall Secured Anchor Tenant Retail mall : 30% pre committed Takashimaya : 15,000 sm Strategic partnership with Toshin Development^ Jointly set up retail management company Toshin acquired 22.7% stake in Saigon Centre Ph 2 Saigon Centre Ph 2 Location : Mixed use Devt : Along Le Loi Boulevard (in HCMC s CBD) Grade A office space : About 40,000 sm Retail : About 50,000 sm Serviced apartments : Over 200 units Saigon Centre Ph 2 Expected Completion : 2015 ^ A subsidiary of Takashimaya 17 Overseas Indonesia Continued Sales at Jakarta Garden City Sold over 40 units in 1Q 2012 Achieved $13.7m sales value for about 11,700 sm area^ sold About 96% of 1,000 launched units sold as at end Mar 2012 Jakarta Garden City, Jakarta ^ Refers to land area 18 9
Overseas Myanmar Capitalise on Opening Up Occupancy and room rates increase at Sedona hotels in Yangon and Mandalay Driven by increased arrivals from tourists and business travelers Sedona Hotel, Yangon Sedona Hotel, Mandalay 19 Fund Management 20 10
K REIT Asia Strong Income Growth Distributable income doubled y o y to $48.5m in 1Q 2012 Distribution ib ti per unit 97.9% 9% y o y to 190 1.90 cts Committed portfolio occupancy 96.1% (1) vs 90.7% (2) in core CBD Aggregate leverage 41.8% as at end Mar 2012 Ocean Financial Centre 8 Chifley Square, Sydney Prudential Tower (1) Singapore portfolio occupancy (2) CBRE 21 Alpha Investment Partners Seize Divestment Opportunity Alpha Asia Macro Trends Fund (AAMTF) seized opportunity to divest serviced apartment development in Hong Kong Close to vibrant shopping mall Times Square Proactive management and selective divestments Alpha Investment tpartners : $8.8b (1) Total AUM : $14.8b K REIT Asia : $6b (1) When fully leveraged and fully invested 22 11
Market Outlook 23 Singapore Residential Record private residential sales in 1Q 2012 Estimated 6,680 units sold in 1Q 2012 : Surpassed previous high of 5,578 units in 3Q 2009 (1) Prices declined marginally by 0.1% in 1Q 2012 vs increase of 0.2% in 4Q 2011 (1) Demand for suburban homes remains strong About 80% of new homes sold in 1Q 2012 are from suburban projects Mainly from locals Foreign interest moderated after the introduction of ABSD Share of foreign purchase fell from 23% in Dec 2011 to 5% (2) in Jan 2012 (1) URA (2) DTZ 24 12
Singapore Commercial Office rental eased as business sentiments soften Grade A rents fell 3.6% to $10.60 psf (1) in 1Q 2012 Supply not excessive in core CBD : Average supply of less than 1m sf p.a. in 2012 2015 New grade A supply of 1.3m sf in 2012 substantially committed Attractive business destination : Ranked the most competitive city in Asia (2) Future Office Supply in Core CBD : 2012 2015 (1) Expected Completion Buildings Location NLA (sf) 2012 Marina abay Financial a Centre etower 3 (Phase 2) Marina abay 1,300,000 2013 Asia Square Tower 2 Marina Bay 782,284 2014 CapitaGreen Raffles Place 720,000 Robinson/ Cecil Street Shenton Way 353,475 5 Shenton Way Raffles Place 290,000 2015 Total 3,445,759 (1) CBRE (2) Economist Intelligence Unit 25. Overseas Asia to remain the centre of growth and opportunities Projected GDP to rise by 4.6% (1) in 2012 Urbanisation and a growing middle class support demand for quality homes Country GDP Growth Projection for 2012 (1) Annual Urbanisation Rate (2) Property Market China 8.2% 2.3% Vietnam 5.7% 3.0% India 7.0% 2.4% Market sentiments dampened by home purchase restriction and other cooling measures Demand affected by tight credit and high interest rates Lower inflation and increased liquidity with reduction in cash reserve ratio to spur demand Indonesia 5.9% 1.7% Demand supported by favourable interest rates and rising income of a growing middle class (1) Economist Intelligence Unit (2) CIA World Fact Book 26 13
Going Forward 27 Going Forward Selectively acquire sites for residential, township, commercial and mixed use projects in Singapore and overseas Grow fee based income through K REIT Asia and Alpha Monitor markets to launch new projects and phases The Luxurie, Singapore The Botanica, Chengdu Saigon Centre Ph 2, HCMC 28 14
Thank You 29 Additional Slides 30 15
Singapore Residential Landbank Project Location KLL s Stake Tenure Attributable Attributable Land Area (sf) GFA (sf) Total Units Remaining Units Caribbean at Keppel Bay Keppel Bay 30% 99 yr 314,763 428,773 969 2 Reflections at Keppel Bay Keppel Bay 30% 99 yr 269,932 624,527 1,129 132^ Marina Bay Suites Marina Bay 33.3% 99 yr 19,016 156,462 221 68 The Luxurie Sengkang 100% 99 yr 190,523 571,568 622 300 Keppel Bay Plot 3 Keppel Bay 30% 99 yr 125,366 152,999 367* 367 Keppel Bay Plot 4 Keppel Bay 11.7% 99 yr 35,992 40,300 234* 234 Keppel Bay Plot 6 Keppel Bay 30% 99 yr 141,120 67,813 94* 94 Keppel Towers & GE Tower Tg Pagar Rd / Hoe Chiang Rd 100% Freehold 85,305 477,706 590* 590 Total 1,182,017 2,520,148 4,226 1,787 * Estimated no. of units ^ Exclude 154 units set aside for corporate residences 31 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% 33,432 133,393 65,233 378 Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 The Springdale Shanghai 99.4% 264,090 328,792 # 223,582 ^ 1,903 Nanxiang Devt, Jiading District Shanghai 99.9% 71,621 128,918 128,918 1,036 Central Park City, Taihu New City Wuxi 49.7% 352,534 670,931 # 287,931 ^ 2,354 Prime Residential Devt, Binhu District Wuxi 100% 215,230 322,844 322,844 2,500 The Botanica Chengdu 44.05% 419,775 1,049,438 ^ 238,856 ^ 2,497 Park Avenue Heights, Panchenggang Chengdu 100% 50,782 203,129 203,129 1,555 Hill Crest Villa, Mumashan Chengdu 100% 249,330 158,952 158,952 274 Stamford City Jiangyin 99.4% 82,987 300,083 # 232,010 973 The Seasons, Shenbei District Shenyang 100% 348,312 518,416 # 427,120 ^ 3,646 Township Devt, Hunnan New District Shenyang 99.8% 302,681 756,580 756,580 7,026 Integrated Marina Lifestyle Devt Zhongshan 80% 857,753 443,177 443,177 1,647 Serenity Cove (Ph 3) Tianjin 100% 128,685 80,000 79,588 340 Mixed Devt Tianjin 100% 1,666,665 1,358,202 1,358,202 11,299 Tianjin Eco City Tianjin 55% 365,722 633,798 # 572,614 # 3,724 The Lakefront Residence Nantong 100% 172,215 189,437 # 183,872 # 1,202 Hill Crest Residence Kunming 40% 71,920 20,193 6,354 45 La Quinta II Kunming 40% 23,034 10,928 2,701 20 Total 5,705,256 7,406,919 5, 791,371 43,127 # Includes commercial area ^ Excludes commercial area 32 16
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% 96,618 237,446 8,680 55 Elita Horizon 51% 79,927 176,376 176,376 1,138 Elita Garden Vista 37.74% 99,957 195,380 105,899 673 Sub total 276,502 609,202 290,955 1,866 Indonesia Jakarta Garden City Phase 1 51% 266,939 140,658 10,690 50 Jakarta Garden City Phase 2 (Cluster E) 69,970 23,200 30,970 101 Remaining phases 804,109 923,511 840,471 5,673 Sub total 1,141,018 1,087,369 882,131 5,824 Thailand Villa Arcadia at Srinakarin 53.66% 159,706 84,440 61,887 196 Villa Arcadia at Watcharapol 71.72% 124,912 68,314 69,042 249 Sub total 284,618 152,754 130,929 445 Vietnam Saigon Sports City, HCMC 90% 640,477 827,000 # 298,786 ^ 2,325 The Estella, HCMC 55% 47,906 279,851 # 140,818 ^ 919 Riviera Point, Dist. 7, HCMC 38% 89,712 447,000 # 270,466 ^ 2,211 Waterfront Township, Dong Nai Province 50% 3,667,127 2,046,955 # 1,293,500 ^ 7,850 Prime (Condo), Dist. 2, HCMC 60% 51,000 244,800 166,464 1,500 Riviera Cove(Villa), Dist. 9, HCMC 60% 97,000 34,711 10,033 16 South thrach hchiec, Dist t2, HCMC 42% 302,000000 755,000 # 641,750 ^ 6,430 Riviera Gardens, Dist. 12, HCMC 60% 113,098 40,715 56,549 174 Villa Development, Saigon South, HCMC 50% 135,000 67,500 67,500 225 Villa Development, Dist 9, HCMC 60% 98,000 45,200 48,900 150 Sub total 5,241,320 4,788,732 2,994,766 21,800 Middle East Al Mada Towers, Jeddah, Saudi Arabia 51% 36,236 253,652 245,178 1,005 Sub total 36,236 253,652 245,178 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 56,000 430 Sub total 23,044 118,751 118,751 1,694 Total 7,002,738 7,010,460 4,662,710 32,634 # Includes commercial area ^Excludes commercial area 33 China Residential Launches Units to Launch Location 2012 2013 2014 8 Park Avenue* Shanghai 92 227 59 Park Avenue Central^ Shanghai The Springdale* Shanghai 288 1,021 605 Nanxiang Development, Jiading District ^ Shanghai 200 605 311 Central Park City, Taihu New City * Wuxi 440 700 773 Prime Residential Devt, Binhu District ^ Wuxi 80 303 511 The Botanica* Chengdu 1,486 1,014 Park Avenue Heights, Panchenggang ^ Chengdu 236 799 520 Hill Crest Villa, Mumashan^ Chengdu 0 111 113 Stamford City Ph 2 (Blk 5) * Jiangyin 50 105 The Seasons, Shenbei District* Shenyang 332 1,110 996 Township Devt, Hunnan New District^ Shenyang 50 Integrated Marina Lifestyle Devt ^ Zhongshan 64 Serenity Cove (Ph 3) * Tianjin 146 194 Tianjin Eco City (36.6 ha)* Tianjin 688 1,841 1,198 The Lakefront Residence^ Nantong 26 85 710 Spring City Residential Devts* Kunming 80 138 130 Total 3,998 8,205 6,234 *Balance units ^New launches 34 17
Other Overseas Residential Launches Units to launch Location 2012 2013 2014 Vietnam Saigon Sports City^ HCMC 200 300 The Estella (Phase 1), Dist 2* HCMC 40 120 85 The Estella (Phase 2), Dist 2^ HCMC 200 Riviera Point, Dist 7* HCMC 100 160 205 Waterfront Township^ Dong Nai 260 340 Prime (Condo), Dist 2^ HCMC 350 350 Riviera Cove (Villa), Dist 9* HCMC 7 9 South Rach Chiec, Dist 2^ HCMC 100 350 Riviera Gardens, Dist 12^ HCMC 20 80 Villa Development, Saigon South^ HCMC 20 80 Villa Development, Dist 9^ HCMC 40 66 25 Thailand Villa Arcadia at Srinakarin* Bangkok 60 39 39 VillaArcadia at Watcharapol* Bangkok 53 56 56 India Elita Promenade* Bangalore 55 Elita Garden Vista* Kolkata 169 304 200 Elita Horizon^ Bangalore 36 350 486 Indonesia Jakarta Garden City* Jakarta 213 370 572 Saudi Arabia Al Mada Towers^ Jeddah 400 350 255 Total 1,173 2,774 3,623 *Balance units ^New launches 35 Expected Completion of China Projects Projects/ Phases Total No. of Units Year of Units Sold as at Completion end Mar 2012 Area Sold as at end Mar 2012 (sm) The Botanica, Chengdu Phase 6 R5a 1,248 2013 835 66,106 Central Park City, Wuxi Phase 3 C1a 750 2012 335 36,235 The Springdale, Shanghai Phase 2 Plot 3 1, 3 2 and 3 3 1,068 2012 499 43,190 Seasons Park, Tianjin Eco City Phase 1 Plot 10 and 7 1,105 2012 630 61,184 Spring City, Kunming Hill Crest Residence 133 2012 88 12,851 The Seasons, Shenyang Phase 1A 510 2012 190 27,187 36 18
Expected Completion of Other Overseas Projects Projects/ Phases Total No. of Units Year of Completion Units Sold as at end Mar 2012 Area Sold as at end Mar 2012 (sm) Vietnam The Estella (Phase 1) 719 2012 474 64,446 Riviera Cove 96 2012 80 39,324 Riviera Point (Phase 1A) 549 2014 189 23,285 India Elita Garden Vista (Phase 1) 688 2012 605 89,481 Indonesia Jakarta Garden City Phase 1 971 2009 2012 921 156,087 Phase 2 Cluster E 43 2012 12 4,550 93 2013 23 5,419 Thailand Villa Arcadia Srinakarin (Phase 1) 211 2012 171 52,945 Villa Arcadia Watcharapol (Phase 1) 45 2012 21 6,664 37 Geographical Breakdown Asset Distribution (as at 31 Mar 2012) Vietnam 7% Indonesia 4% India Others 1% 3% China 33% Singapore 52% 38 19
Singapore Developments to Benefit from MRT lines The Luxurie Keppel Bay Proposed redevelopment of KTGE Towers Marina Bay Suites Source: LTA as at 11 Jan 2012 Sentosa Island 39 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 40 20
Overseas China Sino Singapore Tianjin Eco City Keppel s 36.6 ha site in SUA of Tianjin Eco City : Residential i : 4,354 homes (include Seasons Park) Commercial : Seasons City (GFA : 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 10 15 years 3 5 years No. of Homes > 100,000 >20,000 Population (approx.) 350,000 85,000 41 Fund Management Alpha Investment Partners Funds under Alpha as at end Mar 2012 : 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% 6 Alpha Asia Macro Trends Fund II $607m 16% 1 42 21
Recent Awards 43 Corporate Awards Euromoney Real Estate Awards 2011 Best Developer in Singapore Overall Best Office Developer in Singapore Transparency Awards IR Magazine South East Asia Awards 2011 Grand Prix for Best Overall Investor Relations for small or mid cap companies 2011 APREA Best Practices Awards Product Mature Excellence Markets Highly Awards Commended Award Mature Markets Merit Award (Accounting and Financial Reporting) Mature Markets Merit Award (Corporate Governance) Singapore Corporate Awards 2011 Silver Award for the Best Managed Board Governance and Transparency Index 2011 Ranked joint 3 rd out of 660 companies assessed SIAS Investors Choice Awards 2011 Most Transparent Company (Properties category) Runner up 44 22
Corporate Awards Product Excellence Awards South East Asia Property Awards 2011 Ocean Financial Centre : Green Development Award The Estella : Best Condo Development (Vietnam) FIABCI Singapore Property Awards 2011 MBFC Phase 1 : Winner in Office category Marina Bay Residences : Winner in Residential (High Rise) category World Travel Awards 2011 Hotel Sedona Manado named Indonesia s Leading Hotel 2011 Sedona Yangon named Myanmar s LeadingHotel 2011 45 CSR Awards The Sustainability Yearbook 2012 Features the top 15% of 2,500 companies worldwide in sustainability leadership Named the SAM Sector Mover 2012 in the Real Estate sector ACCA Singapore Awards for Sustainability Reporting 2011 Best Sustainability Report Award Dow Jones Sustainability Index (DJSI) 2011 Part of the DJSI World Index and DJSI Asia Pacific Index One of two Singapore gp companies to be included in DJSI World Index Storebrand Best in Class 2011 Awarded for Environmental, Social and Governance (ESG) and financial performance 46 23
CSR Awards Global Real Estate Sustainability Benchmark 2011 Top performer for listed property companies in Asia Global CSR Awards 2011 Ocean Financial Centre (Product Excellence category) Gold Award 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 26 BCA Green Mark Awards Latest Green Mark Award Marina at Keppel Bay 47 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. 48 24