Investor Meetings August 2010 1 Content Introduction Strategic Focus Updates Market Review & Outlook Going Forward Recent Awards 2 1
Introduction 3 Introduction Premier Property Company Total assets of $6.6 bil as @ 30 June 2010 Market cap of $6.0 bil as @ 03 August 2010 Leading Prime Office Player Developer of One Raffles Quay, Marina Bay Financial Centre and Ocean Financial Centre in Singapore s Crown Jewel Marina Bay Asia s Quality Home Developer Focus on thematic residential and township developments in Singapore, China, Vietnam, India and Indonesia Established Property Fund Manager Manager of four property funds and a pan-asian commercial REIT 4 2
Vision and Mission Vision To be the premier multi-national corporation providing urban living solutions through the twin core businesses of property development and property fund management. Mission We are committed to create live-work-play environments of enduring value for the community with our hallmark excellence, and achieve sustainable higher returns for our shareholders. 5 International Presence More than 75,000 Homes in the Pipeline Across Asia and the Middle East 6 3
Strategic Focus 7 Strategic Focus Two Core Businesses SINGAPORE Commercial developments mainly in Marina Bay and CBD Residential developments including lifestyle waterfront projects Property Property OVERSEAS Residential developments including townships, sustainable developments and integrated lifestyle projects Commercial developments selectively Development for Sale Fund Management K-REIT Asia to recycle capital Fee-based income from fund management with greater AUM 8 4
Updates 9 Singapore Residential Replenished Landbank with Lakeside Acquisition Comprises about 630 units Unit type : 1 4 bedroom plus penthouses Unit sizes range from 500 sf 1,400 sf Target to launch by end-2010 Benefit from the remaking of Jurong Lake District and relocation of government agencies Choice location with proximity to : Lakeside MRT station Jurong Gateway precinct with about 500,000 sm commercial space Future Canadian International School, Jurong Point and other amenities 10 5
Singapore Residential Demand for Premier Homes at Marina Bay Second preview ofmarina Bay Suites on29 April 2010 Capitalised on the preview opening of Marina Bay Sands on27 April 2010 Total: 221 units Sold 96% of 136 launched units as at end-jun 10 Marina Bay Suites Marina Bay Sands 11 Singapore Residential Capitalise on Close Proximity to Resorts World Sentosa Reflections at Keppel Bay Resorts World Sentosa and Universal Studios Designed by world-renowned master architect, Daniel Libeskind Total : 1,129 waterfront condominium units 98% of 760 launched units sold as at end-jun 10 12 6
Singapore Commercial Marina Bay as a Vibrant Work-Live-Play Environment Marina Bay Financial Centre Comprises 3 Grade A office towers Marina Bay Suites Final phase of luxury residential development in the Marina Bay area One Raffles Quay Ocean Financial Centre Platinum level LEED-CS pre-certification Marina Bay Residences Fully sold out luxury residential development Marina Bay Sands (Integrated Resort) Keppel Land s projects located nearby to the IR 13 Singapore Commercial Choice Location for Multi-national Companies MBR T3 T2 MBS T1 Marina Bay Financial Centre (MBFC) Overall commitment : About 80% Ph 1 : 1.6m sf Towers 1 & 2 : Fully leased Completion : 2010 Ph 2 : 1.3m sf Tower 3 : 55% Completion : 2012 New take-up in 2Q10 : Ph 1 : Barclays : Additional 250,000 sf Prudential : Approx. 37,000 sf Nomura : Additional 25,000 sf Ph 2 : Clifford Chance: Approx. 25,000 sf 14 7
Singapore Commercial Premier Office Landmark in Central Business District Ocean Financial Centre (OFC) Overall commitment : About 63% Total NLA : 850,000 sf New take-up in 2Q10 includes : ANZ : Approx. 209,000 sf BNP : Approx. 58,000 sf Other major tenants include : Drew & Napier Stamford Law The Executive Centre Verizon DMG Completion : 2Q11 15 K-REIT Asia Expand Portfolio with Quality Acquisitions Seeking Pan-Asian acquisition opportunities First foray into Australia with two recent acquisitions: Grade A office tower at 77 King Street in Sydney s CBD 50% stake of 275 George Street, a Grade A office building in Brisbane s CBD Improved K-REIT Asia s income and tenant diversification Prudential Tower Bugis Junction Towers Keppel Towers GE Tower One Raffles Quay 275 George Street 77 King Street 16 8
Alpha Investment Partners Seeking Acquisitions with Strong Financial Position Alpha Asia Macro Trends Fund Targeted at developed and fast emerging markets with focus on prominent trends in Asia such as : Rise of consumerism, tourism and home ownership Emergence of REITs Aging populations Key Asian cities as education hubs Recent acquisitions in Singapore : 162 units at The Cascadia, a prime residential devt located along Bukit Timah Road 77% stake in Katong Mall : To be redeveloped into a new 207,000-sf mall As at end-jun 10 : Funds under Alpha Total AUM: $10.2 bn Committed Equity Alpha Investment Partners : $7.7 bn (1) K-REIT Asia : $2.5 bn (2) % Invested No. of Countries Invested In Asia No. 1 Property Fund $400m 100% 4 Alpha Core Plus Real Estate Fund $720m 100% 4 AIB Alpha Japan Fund $259m 46% 1 Alpha Asia Macro Trends Fund $1.7bn 40% 5 (1) When fully leveraged and fully invested (2) Includes 50% stake in 275 George Street, Brisbane and assumes completion of acquisition of 77 King Street, Sydney 17 Overseas 18 9
Overseas - China Keppel Land s Extensive Presence in China In China since early 1990s Secured first residential project, One Park Avenue in Shanghai in 2000 Presence in 10 cities in key regions Total GFA : 6.5 million sm More than 40,000 homes in the pipeline Chengdu Shenyang Beijing Tianjin Jiangyin Changzhou Kunming Zhongshan Wuxi Shanghai Western Region Greater Bohai Rim Region Yangtze River Delta Region 19 Overseas - China Good Response at Pudong Launch The Springdale, Shanghai Total : 2,667 units Comprises maisonettes, high-rise and landed homes Ph 1 : Launched in mid-jun 10 Sold 79 of 120 launched units as at end-jun 10 Within 30 minutes drive to : Financial District in Pudong ( Lu Jia Zui) Pudong International Airport Lingang New Town Upcoming No. 11 metro line linking to Hong Qiao Airport and financial districts Disneyland theme park (15 min drive) 20 10
Overseas - China Resilient Demand for Township Homes More than 1,000 township homes sold in 2Q10 More than 5,000 units sold over 5 phases since 2005 Ph 5 : Sold 745 units The Botanica, Chengdu Fully sold 376 launched units in early April Launched another 604 units since late April Sold 369 units as at end-jun 10 Ph 1 of 1,448 units fully sold Ph 2 : Sold 311 units Sold 213 of 342 launched units in 2 nd week May Launched another 154 units in Jun Sold 98 units as at end-jun 10 Central Park City, Wuxi 21 Overseas Vietnam Acquired new lifestyle waterfront sites Township devt at South Rach Chiec, District 2 - Site area : 30 ha - Total : About 4,700 units fronting South Rach Chiec river Villa devt, District 12 Enlarged Residential Portfolio in HCMC - Site area : 11.3 ha - Total : 175 villas fronting Saigon River More than 22,000 homes in the pipeline Waterfront township development at South Rach Chiec 22 11
Overseas Vietnam Continued Demand for Quality Homes The Estella, HCMC First development in Vietnam to obtain Green Mark Gold Award Total : 1,393 units 63% of 719 launched units sold as at end-jun 10 Riviera Cove, HCMC 9.7-ha riverfront site in emerging residential suburb District 9 Total : 96 villas 93% of 82 launched units sold as at end-jun 10 23 Overseas India and Indonesia Steady Sales with Improving Economy Elita Promenade, Bangalore Elita Garden Vista, Kolkata Jakarta Garden City Total : 1,573 units 91% of 1,495 units sold as at end-jun 10 Phase 1 : 688 units 71% of 688 units sold as at end-jun 10 Phase 1 : 971 units 77% of 648 units sold as at end-jun 10 24 12
Market Review & Outlook 25 Singapore Residential Private home price increase moderates 3Q 09 4Q 09 1Q 10 2Q 10 Q-o-Q changes in price +15.8% +7.4% +5.6% +5.3% Higher new take-up in 1H10 vs 1H09 Full year 2009 1H 09 1H 10 New Home Sales 14,688 7,250 8,413 Rising foreign participation Singaporeans Foreigners (PRs + Non-PRs) Companies & Others 2000 80% 13.2% 6.9% 2009 76.2% 22.1% 1.7% 1H 10 72.8% 25.2% 2.0% Source : URA 26 13
Singapore Residential Government to promote a stable and sustainable property market Increase supply to meet demand 27 residential and 4 mixed-use sites on 2H10 GLS programme HDB to offer up to 16,000 new BTO flats in 2010, more than 9,000 BTO flats for the whole of 2009 Housing demand supported by favorable drivers : Robust economic growth MTI upgraded 2010 GDP growth forecast to 13 15% from 7 9% (1) Spin-off effects from the two IRs to elevate Singapore's profile as a cosmopolitan city Singapore as top city in Asia with highest quality of living Ranked 1 st in Asia in Mercer 2010 Quality of Living Survey Buying momentum to continue into 2H10, albeit at slower pace Full year home sales estimated at 13,000 14,000 (3) Growth in private home prices to continue to moderate sequentially (1) Ministry of Trade and Industry (2) URA (3) CBRE 27 Singapore Commercial Strong pent-up demand for quality office spaces to support rents Grade A office rents rose 5.6% q-o-q to $8.45 psf (1) in 2Q10, the first rise after six quarters of decline Rents for good quality buildings in CBD supported by flight to quality Office leasing activities picking up Expansion by financial institutions and service providers such as legal and IT firms Economic growth to sustain office demand Continued uptrend of office take-up brings 1H10 take-up to about 0.64 mil sf (2) Full year office-take-up likely to exceed 1.8 mil sf (1) (1) CBRE (2) URA Full year 2009 3Q09 4Q09 1Q10 2Q10 Take-up (0.24 mil sf) 0.03 mil sf 0.3 mil sf 0.24 mil sf 0.4 mil sf 28 14
Singapore Commercial Reduction in office supply to support capital values and rents New office supply from 2010-2016 of about 3.7 million sf (2) (or 0.53 million sf per annum) About 1.3 million sf (1) of office space to be converted to residential use up to 2013 (e.g. Marina House, VTB Building, Starhub Centre, UIC Building and 76 Shenton Way) Singapore s competitiveness as choice business location Ranked 1 st in IMD World Competitiveness Yearbook 2010 Ranked 37 th in global office occupancy cost survey in May 2010 (1) Global 50 Index (by occupancy cost in US$ psf per annum) Ranking City US$/sf/annum Ranking City US$/sf/annum 1 London West End, England 182.94 19 Abu Dhabi, United Arab Emirates 72.71 2 Hong Kong (Central CBD) 153.20 20 Seoul (CBD) South Korea 71.82 3 Tokyo (Inner Central), Japan 143.99 21 Frankfurt am Main, Germany 69.64 4 Mumbai, India 125.76 22 Edinburgh, United Kingdom 67.56 6 Tokyo(Outer Central), Japan 118.41 24 Dublin, Ireland 67.02 7 Paris, France 113.23 25 Stockholm, Sweden 65.68 8 London City, United Kingdom 110.07 26 New York Midtown, US 64.51 9 Dubai, United Arab Emirates 108.92 28 Rome, Italy 63.45 11 New Delhi, Inida 96.90 31 Glasgow, United Kingdom 60.73 14 Hong Kong (Citywide) 80.27 32 Madrid, Spain 60.69 16 Zurich, Switzerland 78.48 33 Shanghai (Pudong), China 60.14 18 Milan, Italy 77.93 37 Singapore 57.49(S$6.70psf/mth) (1) CBRE (2) Excluding estimated pre-committed space of about 3.2 million sf 29 IMF expects Asia to continue to lead global recovery Country GDP Growth Projections for 2010 (1) China 10.5% Vietnam 6.5% India 9.4% Overseas Property Market Government measures taking effect in cooling market and promoting sustainable growth Pent-up demand for quality landed homes and midend segment shows signs of recovery Increasing buying interest as economic and job market conditions improve Home Ownership Aspirations Economic Growth Favourable Demographics Growing Middle Class Rising Affluence Urbanisation Trends (1) International Monetary Fund, World Economic Outlook Update, July 2010 30 15
Going Forward 31 Looking Ahead Continue to focus on developing quality residential, office and township projects K-REIT Asia and Alpha to seek acquisitions of quality assets in Singapore and overseas Time residential launches to capitalise on economic recovery 32 16
Singapore Residential Launch According to Market Conditions Remaining units of Marina Bay Suites and phases of Reflections at Keppel Bay Launch Lakeside Drive project by end-2010 Continue to seek acquisition of new sites Marina Bay Suites Lakeside Drive project Reflections at Keppel Bay Lakeside Drive project 33 Overseas Residential - China Launch of First Eco Homes in Tianjin Eco City Tianjin Eco-City 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 Keppel s 36.6 ha site in SUA of Tianjin Eco-City Total : 4,995 homes plus office and retail Phase 1 : Seasons Park (1,680 units) Targeted for launch in phases, starting in 2H10 Shareholding Structure: Keppel s 36.6 ha site KLL : 55%; KCL : 45% 34 17
Overseas Residential Launch New Projects and Phases in 2H10 The Botanica, Chengdu Launch : 521 units Central Park City, Wuxi Launch : 293 units 8 Park Avenue, Shanghai Launch : 260 units (Block 7 & 8 ) The Springdale, Shanghai Launch : 581 units The Seasons, Shenbei, Shenyang Launch : 270 units Riviera Point, HCMC Launch : 300 units 35 Recent Awards 36 18
Recent Awards Transparency in The Business Times Governance and Transparency Index (1) Ranked top 2% out of 681 companies 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 Best Asian Marina Award 2010 Marina at Keppel Bay won Best Asian Marina award by Asia Boating Awards 5 Gold Anchors by Marina Industries Association of Australia (2010) Marina at Keppel Bay 1st in Asia to be awarded an international rating scheme for excellence in services and facilities ISO 14001 certification For property development in Singapore, China and Vietnam, and property management in Singapore LEED (1) Award Ocean Financial Centre Platinum level LEED-CS pre-certification BCA Green Mark Awards 1 Platinum (Ocean Financial Centre), 1 GoldPLUS, 16 Gold and 1 Certified (1) Replaced Business Times Corporate Transparency Index 37 Thank You 38 19
Additional Slides 39 5-Year Financial Profile FY2009 FY2008 FY2007 FY2006 FY2005 Turnover ($m) 923.9 842.2 1407.9 948.0 586.4 Operating Profit ($m) 201.9 231.7 312.3 204.1 146.6 Pre-tax Profit ($m) 358.6 314.0 988.7 263.4 184.6 PATMI ($m) 280.4 (1) 227.7 (1) 779.7 (2) 200.3 155.7 Overseas Earnings (% of PATMI) 31.5 29.5 39.7 63.6 59.0 EPS ( ) (3) 24.2 22.4 76.9 19.8 15.5 NTA/Share ($) 2.36 3.39 3.18 2.21 2.35 Net Debt/Equity Ratio (x) 0.22 0.52 0.41 1.04 1.14 (1) Includes gain on acquisition of additional interest in K-REIT Asia and net gain on revaluation of investment properties (2) Includes corporate restructuring surplus of $235.2 mil from sale of ORQ and net gain of $265 mil on revaluation of investment properties less impairment provision (3) EPS have been restated to include the effects of the rights issue in 2009 40 20
Financial Highlights 1H 2010 vs. 1H 2009 1H 2010 1H 2009 % Chg Turnover $361.6m $395.6m (8.6%) EBITDA $103.6m $81.8m 26.7% Operating Profit $99m $77m 28.6% Pre-tax Profit $187.1m $139.1m 34.5% Net Profit $134.7m $95.1m 41.6% 41 Financial Ratios 1H 2010 1H 2009 % Chg Net Debt / Equity Ratio 0.28x 0.23x 21.7% EPS 9.4 cents 8.2 cents 14.6% NTA / Share $2.40 $2.29 4.8% Annualised ROE 7.8% 7% 11.4% 42 21
Healthy Balance Sheet Diversified Funding Base Strong cash position : $0.66 billion as at end-jun 2010 Funds from operations and related companies Credit facilities and MTN programme (unutilised :US$499m) 1H 2010 1H 2009 Net Debt $1,109m $836.1m Avg Interest Rate of Borrowings 2.1% 2.3% % Fixed Rate Debt 30% 23% Avg Debt Maturity 2.22 years 1.24 years Interest Cover Ratio (1) 11.08x 8.08x (1) Interest Cover Ratio = Profit Before Net Interest and Tax Net Interest Cost Expensed and Capitalised 43 Loan Maturity Profile Due in 2H2010 19% Due in 2011 2% Due in 2012 22% Due in 2013 37% Due in 2015 6% Rolling 14% Total Debt : $1.77 bn as at end-jun 2010 44 22
Geographical Breakdown Asset allocation By Geographical Location (30 Jun 2010) Net Profit By Geographical Location (30 Jun 2010) India 1% Others 4% Indonesia 8% Vietnam 10% China 28% China 18% Singapore 59% Singapore 63% Vietnam 6% India 1% Others 2% 45 Singapore Residential Landbank Project Location KLL's Tenure Attributable Attributable Stake Land Area GFA (%) (sf) (sf) Estimated No. of Units Site at Lakeside Dr Lakeside Dr 100% 99-yr 173,486 607,208 629 Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125,366 152,999 307 Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 35,992 40,300 234 Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67,813 94 Total 476,273 868,320 1,264 46 23
China Residential Launches Units to Launch 2010 2011 2012 8 Park Avenue, Shanghai 260 134 - Villa Riviera, Shanghai 4 - - The Botanica, Chengdu 521 1,596 1,500 The Arcadia, Tianjin 24 - - Central Park City, Wuxi 293 930 650 Stamford City, Jiangyin - 352 306 The Seasons, Shenyang 1 270 540 1,200 The Springdale, Shanghai 581 712 783 Integrated Marina Lifestyle Devt, Zhongshan 1-100 452 Serenity Cove (Ph 3), Tianjin 139 100 101 Tianjin Eco-City (36.6ha) 1 1,000 1,500 1,500 Shenyang Hunnan site 1-587 587 Total 3,092 6,551 7,079 (1) New launches 47 Other Overseas Residential Launches Units to Launch 2010 2011 2012 Vietnam Saigon Sports City, HCMC 1 - - 355 The Estella, Dist. 2, HCMC 128 145 300 Riviera Point, Dist7, HCMC 1 300 400 368 Waterfront Township, Dong Nai Province 1 - - 100 Prime (Condo), Dist. 2, HCMC 1 - - 350 Riviera Cove(Villa), Dist 9, HCMC 13 7 - South Rach Chiec, Dist 2, HCMC 1-300 400 Riviera Gardens, Dist 12, HCMC 1-87 87 Thailand Villa Arcadia at Srinakarin, Bangkok 33 50 50 Villa Arcadia at Watcharapol, Bangkok 26 30 30 India Elita Promenade, Bangalore 78 139 - Elita Horizon, Bangalore 1-187 400 Elita Garden Vista, Kolkata 79 244 233 Indonesia Jakarta Garden City 173 289 167 Middle East Al Mada Towers, Jeddah, Saudi Arabia 1 350 300 300 Total 1,180 2,178 3,140 (1) New launches 48 24
China Residential Landbank 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% 33,432 133,393 65,233 394 Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796 2,843 4 The Arcadia Tianjin 100% 127,970 74,826 10,689 24 Central Park City Wuxi 49.7% 352,534 671,053 2 392,561 1 3,226 The Botanica Chengdu 44.1% 419,775 1,042,846 1 404,312 1 4,216 Stamford City Jiangyin 82.9% 82,987 314,923 2 245,704 2 877 The Seasons Shenyang 100% 348,312 499,373 487,032 4,748 Shenyang Hunnan site Shenyang 99.8% 302,681 756,580 756,580 5,695 The Springdale Shanghai 99% 264,090 328,792 2 303,499 1 2,588 Integrated Marina Lifestyle Devt Zhongshan 80% 858,004 432,166 422,166 1,776 Serenity Cove P3 Tianjin 85.4% 128,685 80,000 79,800 340 Tianjin Mixed Dev Tianjin 100% 1,666,665 1,358,202 1,358,202 11,299 Tianjin Eco-City Tianjin 55% 365,708 684,500 684,500 4,995 Total 5,133,057 6,530,158 5,312,829 40,890 (1) Excludes commercial area (2) Includes commercial area 49 Other Overseas Residential Landbank Country Site KLL's stake Total Land Area Total GFA Remaining Area for Sale Remaining Units for Sale (sm) (sm) (sm) India Elita Promenade 51% 96,618 193,237 30,237 214 Elita Horizon 51% 79,177 150,680 150,680 1,138 Elita Garden Vista 37.74% 93,998 195,355 123,388 791 Sub-total 269,793 539,272 304,305 2,143 Indonesia Jakarta Garden City - Phase 1 51% 271,223 140,658 85,159 471 - Remaining phases 917,219 632,126 970,265 5,822 Sub-total 1,188,442 772,784 1,055,424 6,293 Thailand Villa Arcadia at Srinakarin 45.5% 159,706 84,440 65,968 208 Villa Arcadia at Watcharapol 66.7% 124,912 68,314 80,474 253 Sub-total 284,618 152,754 146,442 461 Vietnam Saigon Sports City, HCMC 90% 640,477 688,180 2 298,786 1 2,318 The Estella, HCMC 55% 47,906 279,851 2 144,645 1 941 Riviera Point, Dist. 7, HCMC 75% 89,712 447,079 2 293,676 1 2,400 Waterfront Township, Dong Nai Province 50% 3,667,127 1,979,727 2 1,802,771 1 10,156 Prime (Condo), Dist. 2, HCMC 60% 51,000 244,800 2 166,464 1 1,500 Riviera Cove(Villa), Dist. 9, HCMC 60% 97,000 34,711 13,662 20 South Rach Chiec, Dist 2, HCMC 42% 300,000 995,000 2 641,750 1 4,700 Riviera Gardens, Dist. 12, HCMC 60% 113,098 40,715 56,549 174 Sub-total 5,006,320 4,710,063 3,418,303 22,209 Middle East Al Mada Towers, Jeddah, Saudi Arabia 51% 36,236 253,652 253,652 993 Sub-total 36,236 253,652 253,652 993 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 6,808,453 6,547,276 5,296,877 33,793 (1) Excludes commercial area (2) Includes commercial area 50 25
Developments to Benefit from MRT Lines Site at Lakeside Drive Madison Residences Reflections at Keppel Bay Caribbean at Keppel Bay Sentosa Island Source: LTA as at 3 May 2010 DTL 1 & DTL 2 : Its schematic profile, alpha-numeric codes and end destination numbers are subjected to confirmation 11 new Circle- Line Stations were opened on 17 th April 2010 Marina Bay Financial Centre Marina Bay Suites Marina Bay Residences 51 Singapore Commercial Continue To Benefit from Economic Recovery MBFC and OFC to continue benefiting from flight to quality with new Grade A office buildings Prime location close to major MRT stations and expressways Continue to attract more commitments before completion and new tenants for existing buildings Properties held under K-REIT Asia : Keppel Towers & GE Tower, Bugis Junction Towers, Prudential Tower(73.4% interest) and One Raffles Quay (1/3 interest) 52 26
Overseas China Sino-Singapore Tianjin Eco-City Sale of 10% interests in Singapore Tianjin Eco-City to Singbridge International Singapore (1) Tianjin Eco-City shareholding structure (2) : 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) A wholly-owned subsidiary of Temasek Holdings Ltd (2) Summarised graphical representation and not the legal representation of the shareholding structure 53 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. 54 27