Investor Meetings April 2010 1 Content Introduction Strategic Focus Updates Recent Awards Market Outlook Summary 2 1
Introduction 3 Introduction Premier Property Total assets of $6.6 bil as @ 31 Dec 2009 Company Market cap of $5.3 bil as @ 26 Mar 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, gp 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 l 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 About 70,000 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 OVERSEAS Residential developments including townships, sustainable developments and integrated lifestyle projects Commercial developments selectively Property Development for Sale Property Fund Management K REIT Asia to recycle capital Fee based income from fund management with greater AUM 8 4
Updates 9 Singapore 10 5
Singapore Capitalising on Demand for Developments in Close Proximity to IRs Reflections at Keppel Bay Marina Bay Sands Resorts World Sentosa Marina Bay Suites Reflections at Keppel Bay Designed by world renowned master architect Daniel Libeskind Total : 1,129 waterfront condominium units 96% of 740 launched units sold 29 out of 30 units sold within one weekend in Mar 2010 Proximity to Resorts World Sentosa and Universal Studios Marina Bay Suites Final phase of luxurious residences within MBFC Total of 221 units : Commenced sales preview and sold 89 out of 90 units previewed Proximity to Marina Bay Sands integrated resort 11 Singapore Redefining Quality Live Work Play Environments at Marina Bay Marina Bay Financial Centre Set to be the location of choice for tenants 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 12 6
Singapore Premier Office Landmark in Singapore s Crown Jewel Marina Bay MBR T3 T2 MBS T1 Marina Bay Financial Centre Phase 1 : 1.6m sf 81% pre leased Nomura : 102,000 sf BHP Billiton : Additional 89,000 sf (Total : 231,000 sf) Phase 2 : 1.3m sf 55% pre leased Overall pre commitment : About 69% Ocean Financial Centre NLA : 850,000 sf Pre leased : 17% (142,000 sf) 4 th generation building on site : To be completed in mid 2011 13 K REIT Asia Enhanced Financial Position to Pursue Quality Assets Positioned for acquisitions Rights issue strengthened balance sheet Raised gross proceeds of approximately $620m Latest assets acquired : Additional six strata floors of Prudential Tower and increased stake from 44.4% to 73.4% 275 George Street 50% stake in 275 George Street in Brisbane, Australia Portfolio size increased to $2.3bn Prudential Tower 14 7
Alpha Investment Partners Seeking Investment Opportunities in Asia Alpha AsiaMacro 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 Strong financial position to seek acquisition : About 22% of $1.7 bn invested as at end Dec 2009 Invested in four deals in 2009 Two retail properties in Tokyo Office building in Gangnam, Seoul A portfolio of four serviced apartments in Hong Kong (1) As at end Dec 2009, when fully leveraged and fully invested (2) Includes asset revaluation, Prudential Tower strata acquisition and 50% interest in 275 George Street, Brisbane, Australia As at end Dec 2009 : Funds under Alpha TtlAUM Total AUM: $10.0 bn Alpha Investment Partners : $7.7 bn (1) K REIT Asia : $2.3 bn (2) Committed % Equity Invested No. of Countries Invested In Asia No. 1 Property Fund $400m 100% 5 Alpha Core Plus Real Estate Fund $720m 100% 4 AIB Alpha Japan Fund $259m 46% 1 Alpha Asia Macro Trends Fund $1.7bn 22% 4 15 Overseas 16 8
Overseas China Keppel Land s Extensive Presence in China InChina since early 1990s Secured first residential project, One Park Avenue in Shanghai in 2000 Presence in 10 cities in key regions Total GFA : 7.2 million sm More than 30,000 homes in the pipeline Types of development Condominiums i Villas Townships Tianjin Eco City About 15% of assets invested in China About $1 billion Chengdu Shenyang Beijing Tianjin Jiangyin Changzhouh Kunming Zhongshan Western Region Greater Bohai Rim Region Yangtze River Delta Region Wuxi Shanghai 17 Overseas China Strengthen Competitive Position in China Expanded presence in China with acquisition of waterfront township site in Shenyang Second township in Shenyang Stronger growth platform in China with delisting of Evergro Maximise potential of existing portfolio Total land area: 30.3 ha No. of units : About 5,700 units Tianjin Eco City Increased landbank by 3.2millionsmGFA Widen footprint in secondary cities 18 9
Overseas China Large Scale Townships to Meet Rising Demand Central Park City, Wuxi Sold in 2009 : 732 units Total in Phase 2 : 1,627 units Launch : Stage 1 (342 units) in 2Q 2010 Tianjin Eco City Total : 5,033 units The Botanica, Chengdu Sold in 2009 : 1,237 units Launch : Phase 5 (1,810 units) in 2Q 2010 The Seasons, Shenyang Total : 4,748 units Launch : Phase 1 (1,716 units) in 2H 2010 Launch : Phase 1 (810 units) in 2H 2010 19 Sino Singapore Tianjin Eco City Well positioned to Capitalise on Growth in Tianjin Located in the strategic Tianjin Binhai New Area and Bohai Rim Proximity it to Beijing, complements China s political l and cultural l hub Good infrastructure support Industry clusters to provide critical mass for home demand Tianjin Eco City shareholding structure (1) : Keppel Corporation Keppel Land Keppel Integrated Engineering Singbridge Int l S pore (2) 45% 35% 20% 90% 10% Chinese 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 (2) A wholly owned subsidiary of Temasek Holdings Ltd Singapore Consortium 20 10
Sino Singapore Tianjin Eco City Building a Model for Sustainable Development TianjinEco City Entire Start up Area Development (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 35.4 ha site in SUA Shareholding structure : KLL : 55%, KCL : 45% Total : 5,033 homes plus office and retail Commenced first development for Phase 1 : Total : 1,716 units Launch : 2H 2010 Keppel s 35.4 ha site 21 Overseas Vietnam Enlarged Residential Portfolio in HCMC, Vietnam Acquired new lifestyle waterfront sites Township development at South Rach Chiec, District 2 Site area : 30 ha Total : About 4,700 units fronting South Rach Chiec river Phase 1 launch : 2011 Villa development, District 12 Site area : 11.3 ha Total : 175 villas fronting Saigon River Phase 1 launch : 2011 More than 22,000 homes in the pipeline Waterfront township development at South Rach Chiec 22 11
Overseas Vietnam Riding on Continued Demand for Quality Homes The Estella,HCMC Riviera Cove, HCMC Riviera Point, HCMC First development in Vietnam to obtain Green Mark Gold Award 9.7 ha riverfront site in emerging residential suburb District 9 8.5 ha site in popular District 7 Total : 1,393 high end condos Total : 96 resort style villas Total : 2,400 riverfront condos 67% of 633 launched units sold as at end Dec 2009 Launched in Nov 2009 : 82% of 60 launched units sold as at end Dec 2009 Launch : 2Q 2010 23 Recent Awards 24 12
Recent Awards Best Annual Report (Gold) at Singapore Corporate Awards Market capitalisation of $1 bn and above Business Times revised Governance and Transparency Index (1) Ranked 10 out of 697 companies FIABCI Indonesia BNI Prix d Excellence Award d2009 Jakarta Garden City Best Middle Class Residential Development Shortlisted to represent Indonesia at the FIABCI World Congress ISO 14000 certification S pore property development and property management operations and overseas property development operations LEED (2) Award Ocean Financial Centre Platinum level LEED CS pre certification BCA Green Mark Awards The Promont Gold Marina Bay Suites Gold Sixth Avenue Residences Gold MBFC Phase 2 (Commercial) Gold Plus One Raffles Quay Gold(First building to achieve Green Mark Award under guidelines for existing devts) Riviera Cove, HCMC Gold The Arcadia, Tianjin Gold Residential Development, Pudong, Shanghai (Plots 1 and 3) Gold Spring City (Residential La Quinta), Kunming Gold (1) Replaced Business Times Corporate Transparency Index (2) Leadership in Energy and Environmental Design 25 Market Outlook 26 13
Strong new homes sales 2,676 units sold in January and February 2010 Singapore Residential Momentum continuing from2009 when 14,668 units were sold, close to record take up of14,811 unit sold in 2007 Pre emptive government measures to curb speculation and ensure sustainable growth Favourable drivers supporting housing demand Increased buying interests from foreigners and PRs Demand from owner occupiers and investors Spin off effects from IRs to elevate Singapore's profile as a cosmopolitan city Decline in rents ease as business confidence returns Pick up in office leasing activities Commercial Reduction in office supply New office supply from 2010 2015 of about 4.1 million sf (1) (or 0.68 million sf per annum) Delays in construction and conversion of office space to other uses (eg. residential and hotel) to reduce supply No new commercial site in CBD area under Government Land Sales programme for 1H 2010 Singapore remains key business destination in longer term Establishing multi hubs in various sectors e.g. financial services, logistics, bio science and education (1) Excluding estimated pre committed space of about 3 million sf 27 Overseas Asia : Property market stabilises as Asia gradually emerges from the global recession Recovery drives di home sales and prices Government measures to cool speculation and promote healthy recovery of the property sector Long term fundamentals and growth to underpin demand HOME OWNERSHIP ASPIRATIONS Economic Growth Favourable Demographics Growing Middle Class Rising Affluence Urbanisation Trends 28 14
Summary 29 Summary Seek acquisitions iii in Singapore and overseas with ihcontinued focus on developing quality residential, office and township projects K REIT Asia and Alpha to seek acquisitions of quality assets in Singapore and overseas Explore opportunities to unlock value from non core assets at appropriate time 30 15
Thank You 31 Additional Slides 32 16
Financial Highlights FY 09 vs FY 08 FY2009 FY2008 % Chg Turnover $923.9m 9m $842.2m2m 97 9.7 EBITDA $211.4m $239.4m (11.7) Operating Profit $201.9m $231.7m (12.9) Pre tax Profit $358.6m $314.0m 14.2 PATMI Before Net Fair Value Gain/ Others* After Net Fair Value Gain/ Others* $250.2m $280.4m $213.3m $227.7m 17.3 23.1 *Net fair value gain on investment properties (after adjusting for tax and minority interests) and gain on acquisition of additional interest in K REIT Asia 33 5 Year Financial Profile FY2009 FY2008 FY2007 FY2006 FY2005 Turnover ($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 from sale of ORQ and net gain on revaluation of investment properties less impairment provision (3) EPS have been restated to include the effects of the rights issue in 2009 34 17
Geographical Breakdown as at FY09 Asset Allocation By Geographical Location (31 Dec 2009) PATMI* By Geographical Location (31 Dec 2009) Indonesia 8% Vietnam 9% India 1% Others 4% Indonesia, 1.4% Vietnam, 6.5% India, 1% Others, 0.2% China 15% China, 22.3% Singapore 63% Singapore, 68.6% *Before net fair value gain on investment properties (after adjusting for tax and minority interests) and gain on acquisition of additional interest in K REIT Asia 35 Financial Ratios FY2009 FY2008 % Chg EPS Before Net Fair Value Gain* 22.6cts 22.1cts (1) 2.3 After Net Fair Value Gain* 24.2cts 22.4cts (1) 8 ROE Before Net Fair Value Gain* 9.4% 9.7% (3.1) After Net Fair Value Gain* 10.1% 9.9% 2 NTA / Share $2.36 (2) $3.39 (30.4) Net Debt/Equity Ratio 0.22x 0.52x (57.7) * Net fair value gain on investment properties (after adjusting for tax and minority interests) (1) EPS has been restated to include the effects of the rights issue in 2009 (2) Lower due to the effect of the rights issue 36 18
Active Capital Management FY2009 FY2008 Net Db Debt $0.8 bn $ 1.5 15bn Avg Interest Rate of Borrowings 2.3% 2.5% % Fixed Rate Debt 26% 15% Avg Debt Maturity 1.49 yrs 2.03 yrs Interest Cover Ratio (1) 12.7x 10.4x (1) Interest Cover Ratio = Profit Before Interest and Tax Net Interest Cost Expensed and Capitalised 37 Singapore Residential Landbank Project Location KLL's Tenure Attributable Attributable Total Stake Land Area GFA Units (%) (sf) (sf) Reflections at Keppel Bay (1) Keppel Bay 30% 99 yr 269,930 624,521 1,129 Marina Bay Suites (1) Marina Bay 33.3% 99 yr 19,015 156,462 221 The Promont (1) Cairnhill Circle 100% Freehold 11,183 31,310 15 Keppel Bay Plot 3 Keppel Bay 30% 99 yr 125,366 152,999 307 Keppel Bay Plot 4 Keppel Bay 11.7% 99 yr 36,114 40,300 234 Keppel Bay Plot 6 Keppel Bay 30% 99 yr 141,429 67,813 94 Total 603,037 1,073,405 2,000 (1) Includes units sold 38 19
China Residential Launches Units to Launch 2010 2011 2012 8 Park Avenue, Shanghai (1) 130 264 Villa Riviera, Shanghai (1) 23 The Botanica, Chengdu (1) 595 1,701 1,435 The Arcadia, Tianjin (1) 86 Central Park City, Wuxi (1) 878 750 700 The Seasons, Shenyang (2) 220 420 1,300 Waterfront Township Devt, Shenyang (2) 587 588 Residential Devt, Pudong, Shanghai (2) 646 452 492 Integrated Marina Lifestyle Devt, Zhongshan (2) 343 343 Stamford City, Jiangyin (1) 465 414 Summer Ville, Changzhou (1) 5 Serenity Cove, Tianjin (Ph 3) (1) 70 102 102 Tianjin Eco City (35.4 ha within SUA) (2) 617 881 1,284 Total 3,735 5,914 6,244 (1) Balance units (2) New launches 39 Other Overseas Residential Launches Units to launch 2010 2011 2012 Vietnam The Estella, Dist. 2, HCMC (1) 294 393 300 Riviera Point, Dist. 7, HCMC (2) 300 400 400 Prime Condo, Dist. 2, HCMC (2) 350 350 Riviera Cove (Villa Devt.), Dist. 9, HCMC (1) 47 Saigon Sports City, HCMC (2) 355 408 Dong Nai Waterfront City (2) 100 300 South Rach Chiec, Dist 2, HCMC (2) 400 400 Waterfront Villa Development, Dist 12, HCMC (2) 87 87 Thailand Villa Arcadia at Srinakarin, Bangkok (1) 50 50 50 Villa Arcadia at Watcharapol, Bangkok (1) 30 30 30 India Elita Promenade, Bangalore (1) 256 Elita Horizon, Bangalore (2) 187 400 Elita Garden Vista, Kolkata (1) 200 200 190 Indonesia Jakarta Garden City (1) 254 251 112 Middle East Waterfront Apartment Devt., Jeddah, Saudi Arabia (2) 350 300 300 Total 1,781 3,103 3,327 (1) Balance units (2) New launches 40 20
China Residential Landbank Site Location KLL's Stake Total Land Area Total GFA Remaining Area for Sale Remaining Units for Sale (%) (sm) (sm) (sm) 8 Park Avenue Shanghai 99% 33,432 133,393 65,424 394 Park AvenueCentral Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796 8,211 10 The Arcadia Tianjin 100% 127,970 74,826 40,270 86 Central Park City Wuxi 49.7% 352,534 670,510 (2) 415,207 (1) 3,537 The Botanica Chengdu 44.1% 419,775 1,042,846 (1) 445,987 (1) 4,930 Stamford City Jiangyin 82.9% 82,987 301,338 (2) 234,693 (2) 879 The Seasons Shenyang 100% 348,312 496,265 487,032 4,748 Waterfront Township Devt Shenyang 99.8% 302,681 756,580 752,080 (2) 5,695 Residential Devt, Pudong Shanghai 99% 264,090 323,458 (2) 317,659 (1) 2,667 Integrated Marina Lifestyle Devt Zhongshan 80% 827,641 408,274 402,774 2,855 Summer Ville Changzhou 100% 46,108 64,890 898 5 Serenity Cove (Ph 3) Tianjin 100% 128,685 80,000 79,800 340 Tianjin Eco City (35.4 ha within SUA) Tianjin 55% 354,174 684,500 684,500 5,033 Mixed Devt (A) Tianjin 100% 1,000,000 1,500,000 1,500,000 na Mixed Devt (B) Tianjin 100% 666,665 1,666,665 1,666,665 na Total 5,137,268 8,357,049 7,200,908 31,887 (1) Excludes commercial area (2) Includes commercial area 41 Other Overseas Residential Landbank KLL's Total Land Area Total GFA Remaining Area for Sale Remaining Units for Sale Country Site Stake (sm) (sm) (sm) Units India Elita Promenade 51% 96,618 193,237 40,218 256 Elita Horizon 51% 79,177 150,680 150,680 1,138 Elita Garden Vista 37.7% 93,998 195,355 134,738 857 Sub total 269,793 539,272 325,636 2,251 Indonesia Jakarta Garden City Phase 1 51% 143,990 148,839 88,075 613 Jakarta Garden City Remaining phases 827,914 999,890 999,890 7,403 Sub total 971,904 1,148,729 1,087,965 8,016 Thailand Villa Arcadia at Srinakarin 45.5% 159,706 84,440 71,082 225 Villa Arcadia at Watcharapol 66.7% 124,912 68,314 80,860 257 Sub total 284,618 152,754 151,942 482 Vietnam Saigon Sports City, HCMC 90% 640,477 713,222 (2) 290,100 (1) 2,318 The Estella, HCMC 55% 47,906 279,851 (2) 148,213 (1) 968 Riviera Point, Dist. 7, HCMC 75% 85,118 408,566 (2) 289,401 (1) 2,400 Dong Nai Waterfront City 50% 3,667,127 1,979,727 (2) 1,576,190 (1) 10,434 Prime Condo, Dist. 2, HCMC 60% 51,000 244,800 166,464 1,500 Riviera Cove(Villa), Dist. 9, HCMC 60% 97,000 35,190 25,673 47 South Rach Chiec, Dist 2, HCMC 42% 300,000 755,000 (1) 641,750 (1) 4,700 Waterfront Villa Development, Dist 12, HCMC 60% 113,098 40,715 56,549 175 Sub total 5,001,726 4,457,071 3,194,340 22,542 Middle East Waterfront apartment Devt., Jeddah, Saudi Arabia 51% 36,236 253,652 253,652 993 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 6,587,321 6,670,229 5,132,286 35,978 (1) Excludes commercial area 42 (2) Includes commercial area 21
Strategic Location in CBD and Marina Bay Area Close proximity to MRT interchange station and new Downtown line Prudential Tower One Raffles Quay Keppel Towers GE Towers Properties held under KREIT Asia : Keppel Towers & GE Towers, Prudential Tower and One Raffles Quay (1/3 interest) 43 Developments to Benefit from Downtown Line Madison Residences Source: LTA as at 14 October 2009 DTL 1 & DTL 2 : Its schematic profile, alpha numeric codes and end destination numbers are subjected to confirmation Marina Bay Financial Centre Marina Bay Suites Marina Bay Residences 44 22
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. 45 23