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 property company Total assets of $6.1 bil @ 31 Dec 07 Market cap of $4 bil @ 3 Mar 08 Leading prime office player Developer of One Raffles Quay and Marina Bay Financial Centre, the new financial hub in Singapore downtown Asia s quality home developer Focus on residential and township developments in Singapore, China, Vietnam, India and Indonesia Established property fund manager Manager of four funds and a pan Asian commercial REIT 4 2
Strategic Focus 5 Strategic Focus Focus On Two Core Businesses Property Development Singapore : Commercial developments especially in the New Downtown and CBD : Luxury waterfront and midtier housing Overseas : Residential townships and integrated lifestyle developments Property Fund Management Grow feebased income with greater AUM 6 3
Strategic Focus Recycle Capital To Take On LargeScale Projects 2002 Sale of Capital Square 2005 Sale of Bugis Junction Retail 2006 Formation of KREIT Asia with 4 buildings from KLL Sale of InterContinental Singapore Sale of Ocean Towers, Shanghai 2007 Sale of 1/3 stake in One Raffles Quay to KREIT Asia Acquisition of sites for residential township developments : Saigon Sports City, HCMC (2003) The Botanica, Chengdu (2003) Jakarta Garden City, Jakarta (2004) Successfully bidded for MBFC Ph 1 Acquisition of site for residential township in Wuxi Broadened foothold in India to Kolkata Acquisition of site for residential development in Jiangyin Exercised option for MBFC Ph 2 Acquisition of 8 residential sites in Vietnam 7 Financial Performance 8 4
FY07 Financial Achievements PATMI more than tripled to $779.7 m ROE of 46.2% ROE of 25.8%* a new high NTA / Share up 44% to $3.18 Net debt to equity ratio falls 60.6% to 0.41 * Excluding revaluation gains on investment properties 9 Financial Performance $m 2007 2006 2005 2004 2003 PATMI 779.7* 200.3 155.7 132.7 100.4 Overseas Earnings (% of PATMI) 39.6 63.6^ 59.0^ 43.3 31.6 EPS ( ) 108.3 27.9 21.8 18.7 14.2 NTA Per Share ($) 3.18 2.21 2.35 2.26 2.09 Net Debt / Equity Ratio 0.41 1.04 1.14 0.96 0.95 ROE 46.2* 12.8 9.5 8.6 6.8 DPS after Tax ( ) 20 # 6 5 4 3.1 * Includes corporate restructuring surplus / enbloc property sales less impairment provision, and net gain on revaluation of investment properties ^ % of PATMI before gains from en bloc property sales and impairment provision # Comprises Final Dividend of 8 cents and Special Dividend of 12 cents 10 5
Growth in PATMI and ROE 800 $m 779.7* % 60% 700 600 PATMI ROE 46.2% 50% 500 40% 400 30% 300 200 100 0 200.3 155.7 132.7 100.4 12.8% 6.8% 8.6% 9.5% 2003 2004 2005 2006 2007 20% 10% 0% PATMI CAGR of 67%* (20032007) ROE up from 6.8% in 2003 to 46.2% in 2007 * Includes corporate restructuring surplus / enbloc property sales less impairment provision, and net gain on revaluation of investment properties 11 Recent Awards 12 6
Recent Corporate Awards BT Corporate Transparency Index (22 Jan 2008) Ranked 4 th out of 675 companies SIAS Investors Choice Awards 2007 Runnerup or Most Transparent Company Award in Property category Finance Asia Best Managed Companies Among Top Five in Singapore for : Best Managed Company Most Committed to Corporate Governance Best Investor Relations Singapore Green Summit 2007 Finalist in Singapore Environmental and Social Reporting Awards 13 Recent Awards for Product Excellence BCA Green Mark Award (Environmental Excellence) Gold Award for Marina Bay Residences (2007) Gold Award for The Tresor (2006) Vietnam Economic Times Golden Dragon Award 2007 Sedona Suites Hanoi The Guide Awards Suave Choice Apartments 2007 Sedona Suites Hanoi Sedona Suites HCMC Asian Golf Monthly Awards 2007 Best Golf Resort in Asia (1 st runnerup) Spring City Golf & Lake Resort, Kunming Best Golf Course in Indonesia Ria Bintan (Ocean Course) 14 7
Recent Developments in Singapore and Overseas 15 Singapore Residential Sold About 760 Units in 2007 Reflections at Keppel Bay 1,129 units Ph 1 (620 units) fully sold Park Infinia at Wee Nam 486 units 100% of 434 launched units sold Reflections at Keppel Bay Other Projects Fully Sold The Suites at Central (157 units) Freesia Woods (129 units) Urbana (126 units) The Linc (51 units) The Elysia (40 units) Park Infinia at Wee Nam 16 8
Singapore Commercial 3.8m sf NLA Under Development in CBD and New Downtown Marina Bay Financial Centre Marina Bay Financial Centre Both phases >50% precommitted by major financial institutions NLA Anchor Tenant Completion Ph 1 1.6m sf (0.5m sf) 2010 Marina Bay Financial Centre Ph 2 1.3m sf (0.7m sf) 2012 Ocean Financial Centre Ocean Financial Centre 43storey Grade A office building 850,000 sf NLA Up to 23,000 sf columnfree floor plates Completion : 2011 Ocean Financial Centre 17 Singapore Commercial Completed Sale of 1/3 ORQ Stake to KREIT Asia Unlocking value and recycling capital into projects with higher returns Surplus of $235.2 m from restructuring of onethird stake in One Raffles Quay Gearing reduced substantially to 0.41 One Raffles Quay 18 9
Singapore Commercial KREIT Asia Continues to Outperform Distribution Per Unit (DPU) of 8.82 cents, up 30.5% from FY2006 Asset size up 210% from $677m to $2.1b, with ORQ (1/3 interest) Portfolio s net lettable area up 57% from 73,108 sm to 114,426 sm Full committed occupancy as at 31 Dec 2007 KREIT to raise up to $700 m through rights issue KCL and KLL undertake to take up : respective allocations of the Units and any Units not subscribed for by minority Unitholders 19 Overseas Good Response to New Launches and Releases China China Central Park City, Wuxi (4,700 units) 81% of 728 launched units sold The Botanica Ph 3, Chengdu (1,048 units) 91% of 788 launched units sold Central Park City, Wuxi 8 Park Avenue, Shanghai (946 units) 94% of latest 96 units released sold India India The Botanica (Ph 3), Chengdu Elita Garden Vista, Kolkata (1,376 units) 66% of 351 launched units sold Elita Garden Vista, Kolkata 20 10
Overseas Sold About 2,800 Units Overseas in 2007, Mostly in China and India China China Beijing The Seasons (1,859 units) : 100% sold Chengdu The Botanica Ph 2 (1,476 units) : 100% sold The Waterfront (1,143 units) : 100% sold Shanghai Villa Riviera (168 units) 82 units launched : 90% sold India India Bangalore Elita Promenade (1,573 units) 1,437 units launched : 83% sold Vietnam Ho Chi Minh City Villa Riviera (101 units) : 100% sold The Seasons, Beijing The Botanica (Ph 2), Chengdu The Waterfront, Chengdu Villa Riviera, HCMC 21 Overseas Expanded Presence in China Residential Development, Nanhui, Shanghai Residential Township, Shenbei, Shenyang 26.4ha site in Xinchang Town 3,000 homes comprising terrace houses and apartment blocks Launch : 2009 24ha site in Shenbei New District 5,400 units Launch : 2009 22 11
Overseas Secured Eight Residential Projects in Vietnam in 2007 HCMC 2 1 5 6 7 8 1 2 3 4 Project The Estella (prime condo) Luxury waterfront condo Luxury waterfront condo Waterfront township Site Location An Phu Ward, District 2 Binh Thanh District District 7 Dong Nai Province No. of Units 1,500 549 2,394 14,000 Launch 2008 2008 2008 2010 5 Prime condo District 2 1,500 2009 3 Existing Keppel Land developments 4 Dong Nai township 6 7 8 Villa development Prime condo Luxury villa District 9 District 9 District 9 Total No. of New Units Sixfold increase in landbank to 53 mil sf GFA Sixfold increase in landbank to 53 mil sf GFA 204 1,939 139 22,225 2009 2009 2009 23 Overseas Entered the Middle East Market Jeddah, Saudi Arabia Jeddah, Saudi Arabia 3.6ha waterfront site in prestigious North Corniche residential precinct 1,000 luxury seafront apartments Launch : 2008 24 12
Overseas Scale Up Residential Township Developments 2007 2003 The Botanica Chengdu, China (8,200 units) 2004 2005 Jakarta Garden City Jakarta, Indonesia (7,000 units) Saigon Sports City HCMC, Vietnam (3,000 units) 2006 Central Park City Wuxi, China (4,700 units) Residential Township Shenyang, China (5,400 units) Residential Township Dong Nai, Vietnam (14,000 units) Spread over 6 cities in 3 countries in the region Spread over 6 cities in 3 countries in the region 25 Fund Management Growth KREIT Asia KREIT Asia 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Total Assets Under Management * US$4.0bn (S$6.1bn) US$0.6bn (S$1.0bn) US$1.4bn (S$2.3bn) 2004 2005 2006 2007 Alpha US$2.3bn (S$3.7bn) b KREIT Asia * When fully leveraged and invested ^ Current portfolio Portfolio value up to S$2.1 bn with acquisition of onethird stake in One Raffles Quay Alpha Alpha Managing 45 investments in 8 countries Funds Committed % No. of Equity Invested Countries Invested in AIB Alpha Japan Fund US$172m 26% 1 (set up in 2007) (S$258m) Alpha Core Plus Real US$437m 100% 4 Estate Fund (S$720m) Asia No. 1 Property Fund US$243m 100% 5 (S$400m) Islamic Shariah Fund US$119m ^ 100% 4 (S$180m) Total Assets Under Management of S$6.1 bn * Total Assets Under Management of S$6.1 bn * 26 13
Market Review and Outlook 27 Singapore Residential Market Private Residential Takeup and Price Index Prices up 31% in 2007 Prices up 31% in 2007 Units 40,000 35,000 Secondary Takeup Primary Takeup Index 180 Private residential prices up 31.2% in 2007 (URA) 30,000 25,000 Price Index 160 140 Record takeup of 14,811 new units in 2007, up 33% from 2006 (URA) 20,000 15,000 120 Looking Ahead Looking Ahead 10,000 5,000 100 Highend prices depend on outcome of US subprime problems 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 80 Middle to mass market prices expected to move up gradually Source : URA and CBRE 28 14
Singapore Office Market Office Rental and Occupancy % S$psf/mth 100 Islandwide Occupancy 20 Grade A Occupancy Prime Rental 18 Grade A Rental 96 16 92 88 14 12 10 8 6 Rentals and Occupancy Continue to Rise Rentals and Occupancy Continue to Rise Grade A average rental of $17.15 psf at end07, up 96.5% from $8.73 psf at end06 (CBRE) Grade A occupancy of 99.8% at end07 (CBRE) Takeup of 2.07m sf in 2007 Strong demand from financial institutions, services and oil & gas companies 84 4 2 Looking Ahead Looking Ahead 80 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 Source : URA and CBRE 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 0 With limited supply of 1.7m sf p.a. over next few years and good demand, rentals expected to continue to trend upwards 29 Overseas Residential Market Promising residential markets in Asia and Middle East Promising residential markets in Asia and Middle East Economic Growth Rising Affluence Favourable Demographics Growing Middle Class and Expatriates Home Ownership Aspirations Urbanisation Trends 30 15
Going Forward 31 Going Forward Unlock value from commercial assets in Singapore and overseas Recycle capital into new projects with higher returns SINGAPORE Selectively acquire commercial and residential sites OVERSEAS Continue to pursue residential and township developments FUND MGT Grow funds under management through Alpha and KREIT Asia 32 16
Singapore Redefining the Skyline and Waterfront Living Marina Bay Financial Centre One Raffles Quay Ocean Financial Centre Marina Bay Suites Marina Bay Suites Stunning 65storey tower 221 bayview luxury apartments Unit sizes : 1,500 2,500 sf Marina Bay Residences Marina Bay Suites Reflections at Keppel Bay Reflections at Keppel Bay Reflections at Keppel Bay First residential showcase in Asia of world celebrated master architect Daniel Libeskind Launch more units at Reflections Marina at Keppel Bay 33 Singapore Residential Launches 2008 Project Reflections at Keppel Bay (30% stake) * Park Infinia at Wee Nam * Marina Bay Suites (33.3% stake) The Crest @ Cairnhill The Tresor * Madison Residences * Planned balance units Location Keppel Bay Wee Nam Rd Marina Bay Cairnhill Circle Duchess Rd Bukit Timah Rd Units to Launch 400 52 221 15 34 56 The Crest @ Cairnhill The Tresor Madison Residences 34 17
Overseas Residential Launches Project Launch Schedule China 8 Park Avenue, Shanghai * Villa Riviera, Shanghai * The Botanica, Chengdu * The Arcadia, Tianjin ^ Central Park City, Wuxi * Mixed Development, Jiangyin ^ Residential Township, Shenyang ^ Residential Devt., Nanhui, Shanghai ^ * Balance units ^ New launches Units to Launch 2008 2009 2010 136 94 1,360 138 862 458 197 1,000 801 760 1,146 608 67 1,000 829 572 699 Central Park City, Wuxi Mixed Development, Jiangyin The Arcadia, Tianjin 35 Overseas Residential Launches Project Launch Schedule Units to Launch 2008 2009 2010 Vietnam Saigon Sports City (Ph 1), HCMC ^ 205 300 The Estella, HCMC ^ 900 450 150 Waterfront condo, Binh Thanh District, HCMC ^ 350 199 Waterfront condo, District 7, HCMC ^ 550 275 475 Waterfront township (Ph 1), Dong Nai Province ^ 300 Prime condo, District 2, HCMC ^ 410 410 Villa devt., District 9, HCMC ^ 100 104 Prime condo, District 9, HCMC ^ 300 350 Luxury villa devt., District 9, HCMC ^ Thailand 100 39 Villa Arcadia at Srinakarin, Bangkok * 50 50 50 Villa Arcadia at Watcharapol, Bangkok ^ 40 40 40 India Elita Promenade, Bangalore * 388 Elita Horizon, Bangalore ^ 650 492 Elita Garden Vista, Kolkata * 684 475 Indonesia Jakarta Garden City, Jakarta ^ 994 682 787 Middle East Seafront condo devt., Jeddah, Saudi Arabia ^ 180 300 300 Philippines Palmdale Heights (Ph 2), Pasig City ^ 316 474 474 SMKL residential devt., Manila ^ 430 * Balance units ^ New launches 36 18
Overseas Residential Launches The The Arcadia, Arcadia, (168 (168 units) units) Seafront Seafront Apartments Apartments (1,000 (1,000 units) units) Tianjin, Tianjin, China China Jeddah, Jeddah, Saudi Saudi Arabia Arabia The The Estella Estella (1,500 (1,500 units) units) HCMC, HCMC, Vietnam Vietnam Elita ElitaHorizon (1,142 (1,142 units) units) Bangalore, Bangalore, India India Launching about 8,200 units in 2008 Launching about 8,200 units in 2008 37 Additional Information 38 19
Net Profit By Business Segment Business FY2007 FY2006 % Comments Segment $m $m Chg Trading 274.9 150.7 82.4 Higher due mainly to contributions from Reflections at Keppel Bay, Marina Bay Residences and Sixth Avenue Residences in Singapore; Villa Riviera, The Seasons and The Arcadia in China; and Elita Promenade in India Investment 30.9 27.6 12.0 Higher due mainly to writeback of tax provisions Fund Management 14.1 9.6 46.9 Including contribution from KREIT Asia Hotels / Resorts (1.1) (4.0) nm Smaller loss due to lower depreciation Less Interest and Overheads 39.4 29.6 nm Higher interest and overhead costs Surplus from corporate 156.7 46.0 240.7 restructuring less impairment provision PATMI before revaluation 436.1 200.3 117.7 Net gain on revaluation of 343.6 nm investment properties PATMI after revaluation 779.7 200.3 289.3 Surplus from ownership restructuring of One Raffles Quay less diminution in value of Myanmar hotels and Indonesian Rupiah Share of revaluation gains from office portfolio 39 Net Profit By Geographical Location Geographical FY2007 FY2006 % Comments Location $m % $m % Chg Singapore 168.8 60.4 56.2 36.4 200.4 Higher due mainly to contributions from Reflections at Keppel Bay, Marina Bay Residences and Sixth Avenue Residences Other countries 110.6 39.6 98.1 63.6 12.7 Higher due to contributions from The Seasons, Villa Riviera and The Arcadia in China and Elita Promenade in India Surplus from 156.7 46.0 240.7 corp. restructuring less impairment provision PATMI before 436.1 200.3 117.7 revaluation Net gain on 343.6 nm revaluation of investment properties PATMI after 779.7 200.3 289.3 revaluation Surplus from ownership restructuring of One Raffles Quay less diminution in value of Myanmar hotels and Indonesian Rupiah Share of revaluation gains from office portfolio 40 20
Singapore Residential Landbank About 1.3 mil sf (120,400 sm) of attributable GFA Project Location KLL's Tenure Attributable Attributable Total Stake Land Area GFA Units (%) (sf) (sf) The Tresor * Duchess Rd 100% 999yr 80,504 112,689 62 Reflections at Keppel Bay * Keppel Bay 30% 99yr 269,930 624,521 1,129 Marina Bay Suites Marina Bay 33.3% 99yr 19,015 155,720 221 The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15 Madison Residences Bukit Timah Rd 100% Freehold 49,168 110,810 56 Keppel Bay Plot 3 Keppel Bay 30% 99yr 125,366 152,999 307 Keppel Bay Plot 4 Keppel Bay 11.7% 99yr 36,114 40,300 234 Keppel Bay Plot 6 Keppel Bay 30% 99yr 141,429 67,813 94 Total 732,709 1,296,162 2,118 * Includes units and area sold 41 China Residential Landbank About 26.9 mil sf (2.5 mil sm) of saleable area Project Location Stake Land Area Total GFA Remaining Area Remaining Units (%) (sm) (sm) For Sale (sm) For Sale 8 Park Avenue Shanghai 99% 33,432 133,393 66,373 * 402 * Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796 25,573 * 94 * The Arcadia Tianjin 100% 133,400 61,687 50,671 * 138 * Central Park City Wuxi 49.7% 352,534 670,460 ^ 597,547 * 4,036 * The Botanica Chengdu 44.1% 417,139 1,035,542 654,438 * 5,327 * Mixed development Jiangyin 70.6% 82,987 248,782 247,733 1,218 Residential township Shenyang 100% 235,530 471,488 ^ 439,747 3,914 Residential devt., Nanhui Shanghai 99% 264,090 332,906 ^ 314,340 3,000 Total 1,701,326 3,107,762 2,496,130 18,837 * Excludes area and units sold ^ Includes commercial area and units 42 21
Evergro s Residential Landbank More than 5.9 mil sf (0.5 mil sm) of saleable area Site Location Evergro's Land Area Total GFA Remaining Area Remaining Stake (%) (sm) (sm) For Sale (sm) Units For Sale Residential Devt TianjinSouth Island 100% 545,928 240,000 * 208,660 * 711 * Mixed Devt TianjinSouth Island 100% 1,066,665 na na na Mixed Devt Changzhou 100% 46,108 87,389 42,258 350 Mixed Devt Jiangyin 44% 82,987 305,853 301,180 1,218 ^ Total 1,741,688 633,242 552,098 2,279 * Estimates ^ Excludes commercial area and office units 43 Other Overseas Residential Landbank About 65.8 mil sf (6.1 mil sm) of saleable area (excluding China) Country Site KLL's Total Land Total GFA Remaining Area Remaining Stake Area (sm) (sm) For Sale (sm) Units For Sale India Elita Promenade, Bangalore 51% 96,618 193,237 60,250 * 388 * Elita Horizon, Bangalore 51% 79,177 158,354 158,354 1,142 Elita Garden Vista, Kolkata 37.7% 99,998 199,497 181,360 * 1,159 * Subtotal 275,793 551,088 399,964 2,689 Indonesia Jakarta Garden City, Jakarta 51% 2,700,000 1,050,000 ^ 827,700 7,000 Subtotal 2,700,000 1,050,000 827,700 7,000 Thailand Villa Arcadia at Srinakarin, Bangkok 45.5% 159,706 84,440 83,320 * 255 * Villa Arcadia at Watcharapol, Bangkok 66.7% 124,912 68,314 83,901 * 263 * Subtotal 284,618 152,754 167,221 518 Vietnam Saigon Sports City, HCMC 90% 640,476 788,180 ^ 441,000 3,000 The Estella, HCMC 55% 47,906 279,800 ^ 233,544 1,500 Waterfront condo, Binh Thanh District, HCMC 60% 17,428 87,140 87,140 549 Waterfront condo, District 7, HCMC 75% 85,118 408,566 ^ 340,472 2,394 Waterfront township, Dong Nai Province 45% 5,090,000 2,743,000 ^ 2,688,140 14,000 Prime condo, District 2, HCMC 60% 51,043 244,800 ^ 195,840 1,500 Villa devt., District 9, HCMC 55% 129,739 53,510 53,510 204 Prime condo, District 9, HCMC 55% 68,442 273,760 273,760 1,939 Luxury villa devt., District 9, HCMC 60% 97,000 33,950 33,950 139 Subtotal 6,227,152 4,912,706 4,347,356 25,225 Middle East Seafront condo devt., Jeddah, Saudi Arabia 51.0% 36,236 253,652 253,652 1,000 Subtotal 36,236 253,652 253,652 1,000 Philippines Palmdale Heights (Ph 2), Pasig City 30.9% 15,976 62,751 62,751 1,264 SMKL residential devt., Manila 24.2% 7,068 56,000 56,000 430 Subtotal 23,044 118,751 118,751 1,694 Total 9,546,843 7,038,951 6,114,644 38,126 * Excludes area and units sold ^ Includes commercial area and units 44 22
Rising Occupancy for KLL s Buildings 100% 80% KLL's Office Occupancy Rates 94.8% 89.6% 91.3% 81.1% 60% 40% 20% 0% 2004 2005 2006 2007 Including Ocean Towers, Equity Plaza and Keppel Bay Tower 45 Singapore Economy Revenue Generators Revenue Generators Integrated Resorts Marina Bay Sands IR: 1.2m sf GFA of exhibition and meeting space; ready in 2009 Resorts World at Sentosa: Universal Studios theme park; ready in 2010 Formula One Night Race Expected tourism receipts of about $100m p.a. Commencing Sep08 Youth Olympics 2010 Businesses expected to benefit Singapore Flyer Expected to draw 2.5m visitors in first year; opening Mar08 Excellent Infrastructure Excellent Infrastructure Changi Airport Terminal 3 : opened in Jan08 Increased airport s capacity by 45% to handle 70m passengers p.a. International Cruise Terminal at Marina South : ready by 2010 46 23
Thank You 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