Investor Meetings August 2007 Highlights Introduction Operations Review Market Outlook Going Forward 2 1
Introduction 3 Introduction Premier property company Total assets of $5.8 bil @ 30 Jun 07 Market cap of $6.0 bil @ 30 Jul 07 Leading prime office player Asia s quality home developer Established property fund manager Developer of One Raffles Quay and Marina Bay Financial Centre, Singapore s new financial hub in the new downtown Focus on residential and township developments in Singapore, China, India, Vietnam and Indonesia Manager of four funds and a pan- Asian commercial REIT 4 2
Shareholder Wealth Creation $m Market Cap as at End of Period $m PATMI 7,000 6,298.9 250 6,000 5,000 4,962.7 200 155.7 200.3 4,000 150 132.7 125.5 3,000 2,617.5 100 100.4 2,000 1,601.9 1,000 1,121.6 50 0 0 2003 2004 2005 2006 1H07 2003 2004 2005 2006 1H07 Market cap CAGR of 64% (2003-2006) PATMI CAGR of 26% (2003-2006) Total shareholder return up from 67% in 2003 to 84% in 2006 5 Financial Performance $m 1H07 FY06 FY05 FY04 Turnover 654.6 948.0 586.4 476.2 Operating Profit 114.6 204.1 146.6 111.1 Pre-tax Profit 166.6 263.4 184.6 139.9 PATMI 125.5 200.3 155.7 132.7 Overseas Earnings (% of PATMI) 37.7 63.6 * 59.0 * 43.3 EPS ( ) 17.4 27.9 21.8 18.7 NTA / Share ($) 2.24 2.21 2.35 2.26 Net Debt / Equity Ratio 1.19 1.04 1.14 0.96 Annualised ROE (%) 15.4 12.8 9.5 8.6 DPS after Tax ( ) - 6 5 4 6 * % of PATMI before gains from en bloc property sales and impairment provision 3
Financial Performance 1H07 $m 1H07 1H06 % Chg Turnover 654.6 350.5 86.8 EBITDA 119.7 118.9 0.7 Operating Profit 114.6 113.6 0.9 Pre-tax Profit 166.6 121.5 37.1 PATMI 125.5 80.6 55.7 7 Net Profit By Business Segment Business Segment 1H07 $m 1H06 $m % Chg Comments Trading 111.6 64.8 72.2 Higher due to maiden profits from Marina Bay Residences, Reflections at Keppel Bay, The Sixth Avenue Residences, and higher contribution from The Seasons in China Investment 21.1 14.2 48.6 Higher due largely to higher contributions from associated companies Hotels / Resorts (0.8) (2.4) nm Lower losses due to improvement in hotels and resorts business Others (6.4) 4.0 nm Losses due to a revaluation loss for the Group s interest rate hedging instruments for 1H07 compared with a gain for 1H06 PATMI 125.5 80.6 55.7 8 4
Net Profit By Geographical Location Geographical Location $m 1H07 % $m 1H06 % % Chg Comments Singapore 78.2 62.3 28.1 34.9 178.3 Higher due to strong contributions from Marina Bay Residences, The Sixth Avenue Residences and Reflections at Keppel Bay Other Countries 47.3 37.7 52.5 65.1 (9.9) Lower due to one-off profit from sale of a property subsidiary in Tianjin by Evergro Properties in 2Q06 PATMI 125.5 100.0 80.6 100.0 55.7 9 Notes on Profit Recognition Project Singapore Marina Bay Residences (428 units) Park Infina at Wee Nam (486 units) Urbana (126 units) Reflections at Keppel Bay (1,129 units) Overseas % of Sales * 100 83 100 21 % of Completion * 7 58 100 4 Profit Recognised in 1H07 ($m) 29.8 ^ 12.1 11.4 10.0 ^ The Seasons, Beijing, China (1,859 units) Ph 1 (990 units) Ph 2 (869 units) 99 91 88 79 15.9 Villa Riviera, Shanghai, China (168 units) 29 56 5.6 10 * Recognition as of 30 Jun 07 ^ 20% of estimated profit has been recognised 5
Operations Review 11 Singapore Residential Robust Singapore Sales Sold about 600 units in 1H07 Launched Reflections at Keppel Bay 1,129 units 96% of 580 launched units sold Good Sales in Park Infinia at Wee Nam 486 units 89% sold Reflections at Keppel Bay 12 Info updated as of 31 Jul 07 6
Singapore Residential Sold Out Five Projects The Suites at Central (157 units) Urbana (126 units) Freesia Woods (129 units) The Linc (51 units) The Elysia (40 units) The Suites at Central 13 Urbana Freesia Woods The Linc The Elysia Singapore Commercial Developing Marina Bay Financial Centre (MBFC) Crown jewel of Marina Bay and an integrated live-work-play environment 14 MBFC Ph 1 : About 40% pre-committed by Standard Chartered Bank and other financial institutions 7
Singapore Commercial MBFC Ph 2 to Ride on Strong Market MBFC Total GFA : 438,000 sm Ph 2 Residential Ph 2 Office & Retail Ph 1 Office & Retail Ph 1 Residential MBFC Ph 2 MBFC Ph 1 Ph 1 : 244,000 sm Office & Retail : 189,000 sm Residential : 55,000 sm Ph 2 : 194,000 sm Office & Retail : 150,000 sm Residential : 44,000 sm Exercised option for MBFC Ph 2 Land price : $907.7m or $435 psf ppr Office & Retail : 1.6m sf GFA Residential : About 250 units 15 Singapore Commercial Proposed Sale of 1/3 ORQ Stake to K-REIT Asia Prudential Tower Bugis Junction Towers One Raffles Quay K-REIT Asia : Keppel Towers GE Tower = Net Lettable Area - Up 57 % to 1.23m sf Assets Value - More than doubles to $1.62 bn 16 Unlock value for redeployment into projects with higher returns 8
China Overseas Strong Residential Sales Sold about 1,000 units mainly in China and India The Waterfront Chengdu - 1,143 units Villa Riviera Shanghai - 168 units - 97% of 64 launched units sold The Botanica Ph 2 Chengdu - 1,476 units - 99% sold The Seasons Beijing - 1,859 units - 98% sold 17 India Elita Promenade Bangalore - 1,573 units - 81% of 1,300 launched units sold Overseas Capitalising on Rising Vietnam Market Secured four new residential sites within four months The Estella - An Phu Ward, District 2, HCMC - 1,600 prime condo units - Launch : 2008 Dong Nai township - Dong Nai Province, near HCMC - 14,000 waterfront township units - Ph 1 launch : 2009 Condos Saigon River - Binh Thanh District, HCMC - About 500 luxury condo units - Launch : 2008 Condos Ca Cam River - District 7, HCMC - 2,400 luxury condo units - Launch : 2008 18 9
Overseas Expanding in Existing Markets Pursuing township precincts in Tianjin, China Gegu Precinct (MOU) - 44.1 sq km waterfront precinct - Ph 1 : 15,000 units Xin Li Zhen township (MOU) - 6.26 sq km township precinct - Ph 1 : 8,300 units Capitalising on stronger Philippines residential market Palmdale Heights - Pasig City, Metro Manila - Ph 2 : 1,264 apartments - Launch : 2008 SM-KL Residential Devt. - Ortigas CBD, Manila - 430 apartments - Launch : 2008 19 Fund Management Growth K-REIT Asia Portfolio value up to S$1.62 bn with proposed acquisition of one-third stake in One Raffles Quay Set Up AIB Alpha Japan Fund in 1H07 Closed with equity of US$172m (S$258m) 4.0 3.5 3.0 Total Assets Under Management * US$2.3 (S$3.7) bn US$3.6 (S$5.6) bn Alpha Core Plus Real Estate Fund Equity of US$437m (S$720m) 85% invested in 21 assets in 4 countries Asia No. 1 Property Fund Equity of US$243m (S$400m) 100% invested in 10 assets in 4 countries Islamic Shariah fund Current portfolio of US$119m (S$180m) 2.5 2.0 1.5 1.0 0.5 0.0 US$0.6 (S$1.0) bn US$1.4 (S$2.3) bn 2004 2005 2006 End-Jul 07 Alpha K-REIT Asia 20 Total Assets Under Management > S$5.5 bn * * When fully leveraged and invested and when ORQ deal goes through 10
Recent Corporate Awards Business Times Corporate Transparency Index Ranked 4 th out of 673 companies for FY 2006 results FinanceAsia s Best Managed Companies Poll 2007 Among Top Five in Singapore for : Best Managed Company (5 th ) Most Committed to Corporate Governance (4 th ) Best Investor Relations (4 th ) 21 Recent Awards for Product Excellence - Singapore FIABCI Prix d Excellence 2006 Caribbean at Keppel Bay Winner in residential category Harbourfront Office Towers 2nd Runner-up in office / industrial category Green Mark Awards Gold Award for Marina Bay Residences (2007) Gold Award for The Tresor (2006) 2008 Graphics International Design Annual Gold Award for One Raffles Quay 22 11
Market Outlook 23 Singapore Residential Market Units 30,000 25,000 20,000 15,000 10,000 5,000 0 1996 1997 Private Residential Take-up and Price Index 1998 1999 2000 Source : URA and REALIS Secondary Take-up Primary Take-up Price Index 2001 2002 2003 2004 2005 2006 1H07 Index 180 160 140 120 100 80 Price index up 13.5% in 1H07 to 147.8 Improvement across board including public housing New take-up of 9,912 units in 1H07, compared with record take-up of 11,147 units in 2006 Estimated 14,000 units for 2007 (CBRE) Supply expected to be steady Prices and rentals expected to continue trending upwards in 2007 24 12
Singapore Office Market Positive Market Office Supply Robust office market Grade A rental of $12.40 psf in 2Q07, up from $8.73 psf at end-06 (CBRE) Grade A occupancy stood at 99.5% in 2Q07 (CBRE) Broad based demand Apart from financial firms, shipping, energy, oil-trading, legal and I.T. companies are taking up space in Core CBD area Limited short term supply of about 0.84m sf p.a. from 2007 to 2010 More medium term supply Potential 3.2m sf GFA office space in CBD area in 2H07 Government Land Sales Programme (URA) Capital values and rents continue to increase steadily 25 Overseas Residential Market Strong fundamentals continue to support home purchase in China, India, Vietnam and Indonesia Home Ownership Aspirations Economic Growth Rising Affluence Favourable Demographics Growing Middle Class Urbanisation Trends 26 13
Going Forward 27 Singapore Going Forward Selectively acquire commercial and residential sites Divest remaining investment buildings Overseas Continue to pursue residential and township developments Fund Management Grow funds under management 28 14
Singapore Capitalise on Waterfront Living Launch more luxury waterfront lifestyle homes Reflections at Keppel Bay (1,129 units) - First residential showcase in Asia of world celebrated master architect Daniel Libeskind - Launch more units in Reflections Marina Bay Residences Ph 1 (428 units) - Ph 1 (428 units) sold out - Ph 2 : About 250 units 29 Singapore Possible Residential Launches 2H07 / 2008 Reflections at Keppel Bay 30 Project Reflections at Keppel Bay (30% stake) * Park Infinia at Wee Nam * The Crest @ Cairnhill The Tresor * Naga Court Marina Bay Residences Ph 2 (33.3% stake) * Balance planned units Info updated as of 31 Jul 07 Location Keppel Bay Wee Nam Rd Cairnhill Circle Duchess Rd Bukit Timah Rd Marina Bay Units to Launch 142 52 15 34 56 250 15
Overseas Building on Reputation as Developer of Quality Home China The Arcadia Tianjin - 168 units India Elita Horizon Bangalore Elita Garden Vista Kolkata - 1,160 units - 1,376 units Launch more condo and villa projects in 2H07 31 Overseas Intensify Township Expansion China Vietnam Indonesia The Botanica, Chengdu - 5,800 units Dong Nai township - 14,000 units Jakarta Garden City - 7,000 units Central Park City, Wuxi - 4,700 units Saigon Sports City, HCMC - 3,000 units 32 16
Overseas Residential Launches Project Launch Schedule China 8 Park Avenue, Shanghai * Villa Riviera, Shanghai * Park Avenue Central, Shanghai ^ The Seasons, Beijing * The Botanica (Ph 2), Chengdu * The Botanica (future phases), Chengdu ^ The Arcadia, Tianjin ^ Central Park City, Wuxi ^ Jiangyin Mixed Development, Jiangyin ^ Units to Launch 2007 2008 2009 96 260 67 55 51 - - - 354 35 - - 15 - - 524 1,166 1,244 82 86-728 720 801-600 600 * Balance units ^ New launches Info updated as of 31 Jul 07 33 Overseas Residential Launches 34 Project Launch Schedule Units to Launch 2007 2008 2009 Vietnam Saigon Sports City (Ph 1), HCMC ^ 100 288 288 The Estella, HCMC ^ - 350 350 Condominiums fronting Saigon River, HCMC ^ - 300 200 Condominiums fronting Ca Cam River, HCMC ^ - 350 350 Waterfront township (Ph 1), Dong Nai Province ^ - - 300 Thailand Villa Arcadia at Srinakarin, Bangkok * 96 100 67 Villa Arcadia at Watcharapol, Bangkok ^ 78 95 95 India Elita Promenade, Bangalore * 515 - - Elita Horizon, Bangalore ^ 420 600 140 Elita Garden Vista, Kolkata ^ 400 600 376 Indonesia Jakarta Garden City, Jakarta ^ 200 1,000 1,000 Phlippines Palmdale Heights (Ph 2), Pasig City ^ - 316 948 SM-KL residential devt., Manila ^ - 430 - * Balance units ^ New launches Info updated as of 31 Jul 07 17
Thank You 35 Additional Slides 36 18
Singapore Residential Landbank About 1.3 mil sf of attributable GFA Site Location KLL's Tenure Attributable Attributable Total Stake Land Area GFA Units (%) (sf) (sf) The Tresor * Duchess Rd 100% 999-yr 80,504 112,689 62 Reflections at Keppel Bay * Keppel Bay 30% 99-yr 269,930 624,521 1,129 The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15 Naga Court Bukit Timah Rd 100% Freehold 49,168 110,807 56 Marina Bay Residences (Ph 2) Marina Bay 33.3% 99-yr 19,015 157,870 250 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 67,813 101 Total 732,709 1,298,309 2,154 * Including units and area sold 37 China Residential Landbank About 1.9 mil sm of saleable area Site Location KLL's Total Total Remaining Remaining Stake Land Area GFA Area For Sale Units (%) (sm) (sm) (sm) For Sale 8 Park Avenue Shanghai 99% 33,432 133,393 78,256 * 490 * Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796 29,883 * 106 * The Arcadia Tianjin 100% 133,400 61,687 61,687 168 Central Park City Wuxi 49.7% 352,534 670,460 659,360 ^ 4,700 The Botanica Chengdu 44.1% 417,139 1,035,542 ^ 781,542 ^ 5,800 * Mixed development Jiangyin 70.6% 82,987 235,786 ^ 235,786 ^ 2,161 Total 1,201,706 2,290,372 1,946,222 14,133 * Excluding area and units sold ^ Excluding commercial space 38 19
Other Overseas Residential Landbank About 4.5 mil sm of total GFA overseas (excluding China) Country Site KLL's Total Land Total GFA Total Stake Area (sm) (sm) Units India Elita Promenade, Bangalore * 51% 96,618 193,237 1,573 Elita Horizon, Bangalore 51% 79,177 158,354 1,160 Elita Garden Vista, Kolkata 37.7% 99,998 199,497 1,376 Sub-total 275,793 551,088 4,109 Indonesia Jakarta Garden City, Jakarta 51% 2,700,000 1,050,000 7,000 Sub-total 2,700,000 1,050,000 7,000 Thailand Villa Arcadia at Srinakarin, Bangkok * 45.5% 159,706 84,440 367 Villa Arcadia at Watcharapol, Bangkok 66.7% 124,912 68,314 270 Sub-total 284,618 152,754 637 Vietnam Saigon Sports City, HCMC 90% 640,476 788,180 ^ 3,000 The Estella, HCMC 55% 47,906 275,371 ^ 1,600 Condominium fronting Saigon River, HCMC 60% 17,428 87,140 500 Condominium fronting Ca Cam River, HCMC 75% 85,118 408,500 ^ 2,400 Waterfront township (Ph 1), Dong Nai Province 45% 1,930,000 1,040,077 5,300 Sub-total 2,720,928 2,599,268 12,800 PhilippinesPalmdale Heights (Ph 2), Pasig City 30.9% 15,976 62,751 1,264 SM-KL residential devt., Manila 24.2% 7,068 56,000 430 Sub-total 23,044 118,751 1,694 Total 6,004,383 4,471,861 26,240 39 * Including area and units sold ^ Including commercial space Rising Occupancy for KLL s Buildings 100% KLL's Office Occupancy Rates 98% * 90% 88% 80% 71% 60% 40% 20% 0% 1H04 1H05 1H06 1H07 Including Ocean Tow ers, Equity Plaza and Keppel Bay Tow er * 1H07 figure also includes One Raffles Quay w hich received TOP in 2006 40 20
Singapore Office Market on Uptrend Office Rental and Occupancy % S$psf/mth 100 14 Islandwide Occupancy Grade A Occupancy 12 96 Prime Rental Grade A Rental 10 92 8 88 6 4 84 2 80 0 4Q04 1Q052Q05 3Q054Q05 1Q062Q063Q06 4Q061Q07 2Q07 Source : URA and CBRE 41 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 in the current views of Management on future developments and events. 42 21