Investor Meetings November 2007 1 Highlights Introduction Strategic Focus Financial Performance and Awards Recent Singapore Developments Recent Overseas Developments Fund Management Summary 2 1
Introduction 3 Introduction Premier property company Total assets of $5.8 bil @ 30 Sep 07 Market cap of $5.9 bil @ 12 Nov 07 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 Focusing on two core businesses Property development Singapore : New downtown, revitalisation of CBD, luxury waterfront and midtier housing Overseas : Residential townships and integrated lifestyle developments Property fund management Grow feebased income with greater AUM Recycle capital to take on largescale projects 6 3
Strategic Focus Recycling of capital in recent years 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 7 Strategic Focus Tap on promising residential markets in Asia and selectively Middle East Home Ownership Aspirations Economic Growth Rising Affluence Favourable Demographics Growing Middle Class Urbanisation Trends 1 2 Total landbank potentially exceeding 180m sf GFA Focus on Singapore, China, Vietnam, India and Indonesia 8 4
Strategic Focus Scaleup residential township developments Tapping on robust demand for quality housing from Asian s rising middle class Provides sustainable longterm earnings Actively pursuing more township development opportunities 2007 2005 2004 2003 Residential township Shenyang, China Residential township Dong Nai, Vietnam Central Park City Wuxi, China Jakarta Garden City Jakarta, Indonesia Saigon Sports City HCMC, Vietnam The Botanica Chengdu, China 9 Financial Performance and Awards 10 5
Shareholder Wealth Creation $m Market Cap as at End of Period 7,000 5,975.6 6,000 4,962.7 5,000 4,000 $m 250 200 150 PATMI and ROE 20 PATMI ROE 207.3 200.3 16.9% * 16 155.7 132.7 12.8% 12 % 3,000 2,000 1,000 1,121.6 1,601.9 2,617.5 100 50 100.4 6.8% 8.6% 9.5% 8 4 0 2003 2004 2005 2006 EndSep 07 Market cap CAGR of 64% (20032006) PATMI CAGR of 26% (20032006) ROE up from 6.8% in 2003 to 16.9% * in YTD Sep 2007 0 2003 2004 2005 2006 YTD Sep 07 0 * Annualised ROE 11 Financial Performance $m YTD Sep 07 FY06 FY05 FY04 FY03 Turnover Operating Profit 1,036.5 216.9 948.0 204.1 586.4 146.6 476.2 111.1 678.8 127.8 Pretax Profit 276.6 263.4 184.6 139.9 109.3 PATMI Overseas Earnings (% of PATMI) EPS ( ) NTA / Share ($) Net Debt / Equity Ratio Annualised ROE (%) DPS after Tax ( ) 207.3 35.1 28.8 2.34 1.13 16.9 200.3 63.6 * 27.9 2.21 1.04 12.8 6 155.7 59.0 * 21.8 2.35 1.14 9.5 5 132.7 43.3 18.7 2.26 0.96 8.6 4 100.4 31.6 14.2 2.09 0.95 6.8 3.1 * % of PATMI before gains from en bloc property sales and impairment provision 12 6
Recent Corporate Awards SIAS Investors Choice Awards 2007 Runnerup for Most Transparent Company Award in property category Business Times Corporate Transparency Index Ranked 4 th out of 672 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 ) 13 Recent Awards for Product Excellence FIABCI Prix d Excellence 2006 Caribbean at Keppel Bay Winner in residential category Harbourfront Office Towers 2 nd Runnerup 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 14 7
Recent Singapore Developments 15 Capitalising on Demand for Iconic Development Projects Sold over 750 units YTD Nov 07 Strong sales and good prices achieved in Reflections at Keppel Bay 1,129 units 97.7% of 620 launched units sold Good sales in Park Infinia at Wee Nam 486 units 100% of 434 launched units sold Other projects continued good sales Reflections at Keppel Bay Designed by world celebrated master architect Daniel Libeskind Info updated as of 12 Nov 07 16 8
Redefining Waterfront Living in the City Marina Bay Residences Marina Bay Suites Marina Bay Suites 55storey waterfront tower 428 luxury apartments fully sold in Dec 2006 Stunning 65storey tower 223 bayview luxury apartments ranging from 1,5002,500 sf Launching in early 2008 17 Developing New Downtown with Largescale Projects Ocean Financial Centre Marina Bay Financial Centre 1 43storey Grade A office building 2 0.85m sf NLA with up to 23,000 sf columnfree floor space 3 Designed by worldrenowned architectural firm, Pelli Clarke Pelli 4 Target completion in 2011 Ph 1 Ph 2 1.6m sf NLA > 40% precommitted by major financial institutions 1.3m sf NLA Net lettable area of 3.8m sf under development 18 9
KLL s Footprints in New Downtown at Marina Bay Marina Bay Financial Centre Ocean Financial Centre Marina Bay Residences Marina Bay Suites One Raffles Quay 19 Sale of 1/3 ORQ Stake to KREIT Asia Prudential Tower Bugis Junction Towers One Raffles Quay + Keppel Towers GE Tower 1 On On Completion of of ORQ Sale Total portfolio value up up 116% to to $1.76 bn bn 2 Total NLA up up 57% to to 1.23m sf sf Unlock value and recycle capital into projects with higher returns 20 10
Recent Overseas Developments 21 Expanding Township Portfolio Residential Township Shenyang, China Residential Township Dong Nai, Vietnam 24ha site in Shenbei New District 5,400 units Launch : 2009 (Ph 1) 509ha site in Dong Nai Province, near HCMC 14,000 units Launch : 2009 (Ph 1) 22 11
New and Future Township Launches Recent Launch and Release Central Park City, Wuxi, China 4,700 units 97% of 363 launched units sold The Botanica (Ph 3) Chengdu, China 1,048 units 98% of 700 released units sold Expected Launches in 4Q07 / 2008 Jakarta Garden City Indonesia 7,000 units Launch 1,450 units Saigon Sports City HCMC, Vietnam 3,000 units Launch 172 units Info updated as of 12 Nov 07 23 Capitalising on Rising Vietnam Market 1 An Phu Ward, District 2 1,500 prime condo units Launch : 4Q07 2 The Estella Waterfront condo Binh Thanh District About 500 luxury condo units Launch : 2008 3 Waterfront condo, District 7 2,400 luxury condo units Launch : 2008 2 3 5 1 6 7 4 Dong Nai township Dong Nai Province, near HCMC 14,000 waterfront township units Launch : 2009 (Ph 1) 5 Prime condo District 2 1,500 condo units Launch : 2009 6 Villa development District 9 About 200 premier villa units Launch : 2009 (Ph 1) 7 Prime condo District 9 About 1,940 condo units Launch : 2009 (Ph 1) Secured seven residential sites within eight months 4 Dong Nai township 24 12
Entering the Middle East Market JV site in Jeddah, Saudi Arabia 3.6ha site along Corniche waterfront 1,000 highrise luxury seafront apartments Launch : 2008 25 Riding on Continued Demand in China Sold about 1,900 units YTD Nov 07 * 8 Park Avenue Shanghai The Waterfront Chengdu 78% of latest 96 released units sold Villa Riviera Shanghai 168 units All 64 launched units sold The Seasons Beijing 1,859 units >99% sold 1,143 units The Botanica (Ph 2) Chengdu 1,476 units >99% sold The Arcadia Tianjin 168 units Launch : 4Q07 * Including units sold in Central Park City and The Botanica (Ph 3) Info updated as of 12 Nov 07 26 13
Capitalising on Rising India Market Sold about 300 units in YTD Nov 07 Elita Promenade Bangalore Elita Garden Vista Kolkata Elita Horizon Bangalore 1,573 units 85% of 1,340 launched units sold 1,376 units Launch 400 units in 4Q07 1,160 units Launch 200 units in 4Q07 Info updated as of 12 Nov 07 27 Fund Management 28 14
Fund Management Growth KREIT Asia Portfolio value up to S$1.76 bn upon completion of acquisition of 1/3 stake in One Raffles Quay AIB Alpha Japan Fund Closed with equity of US$172m (S$258m) in 1H07 26% invested in 2 assets in Japan Alpha Core Plus Real Estate Fund Equity of US$437m (S$720m) 87% invested in 21 assets in 4 countries Asia No. 1 Property Fund Equity of US$243m (S$400m) 100% invested in 13 assets in 5 countries Islamic Shariah fund Current portfolio of US$119m (S$180m) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Total Assets Under Management * US$0.6 (S$1.0) bn US$1.4 (S$2.3) bn US$3.7 (S$5.8) bn 2004 2005 2006 1H07 13Nov07 Alpha US$2.3 (S$3.7) bn KREIT Asia US$2.9 (S$4.7) bn Total AUM jumps with ORQ acquisition to over S$5.5 bn * * When fully leveraged and invested, and on completion of ORQ deal 29 Summary 30 15
Summary Recycle capital into new projects with higher returns Singapore Selectively acquire commercial and residential sites Overseas Continue to pursue residential and township developments Fund Management Grow funds under management through Alpha and KREIT Asia 31 Thank You 32 16
Additional Slides 33 Financial Performance YTD Sep 07 $m YTD Sep 07 YTD Sep 06 % Chg Turnover 1,036.5 606.1 71.0 EBITDA 224.3 165.6 35.4 Operating Profit 216.9 157.5 37.7 Pretax Profit 276.6 160.8 72.0 PATMI 207.3 119.1 74.1 34 17
Net Profit By Business Segment Business Segment Trading Investment Hotels / Resorts Others YTD Sep 07 $m 193.2 25.8 (0.3) (11.4) YTD Sep 06 $m 99.4 28.9 (4.1) (5.1) % Chg 94.4 Higher due mainly to contributions from Reflections at Keppel Bay and Marina Bay Residences in Singapore, Villa Rivera and The Seasons in China, and Elita Promenade in India Lower due mainly to write back of tax (10.7) provision in 3Q06 nm nm Comments Lower losses due to improvement in business Higher revaluation loss for the Group s interest rate hedging instruments compared with 2006 PATMI 207.3 119.1 74.1 35 Net Profit By Geographical Location Geographical Location Singapore YTD Sep 07 $m % 134.6 64.9 YTD Sep 06 $m % 47.3 39.7 % Chg 184.6 Comments Higher due mainly to strong contributions from Marina Bay Residences, Park Infinia at Wee Nam and Reflections at Keppel Bay Other Countries 72.7 35.1 71.8 60.3 1.3 Modest growth due to oneoff gains from sale of Evergro Properties Tianjin subsidiary and the Group s stake in Singapore Suzhou Industry Holdings in 2006 PATMI 207.3 100.0 119.1 100.0 74.1 36 18
Singapore Residential Market Units 35,000 30,000 25,000 20,000 Private Residential Takeup and Price Index Secondary Takeup Primary Takeup Price Index Index 180 160 140 Prices up 8.3% in 3Q07 Price index of 160.0 as at 3Q07, up 22.9% from 130.2 at end06 (URA) Broad based increase across market segments and regions 15,000 10,000 120 Record new takeup 5,000 0 1996 1997 1998 1999 2000 Source : URA and REALIS 2001 2002 2003 2004 2005 2006 1Q3Q07 100 80 New takeup of 13,362 units in YTD Sep 07, exceeding record yearly takeup of 11,147 units for 2006 (URA) Market growth led by strong economy and demand for lifestyle projects 37 Singapore Office Market Office Rental and Occupancy % S$psf/mth 100 14 96 92 88 84 80 Islandwide Occupancy Grade A Occupancy Prime Rental Grade A Rental 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 Source : URA and CBRE 12 10 8 6 4 2 0 Rentals surged YTD Sep 07 Grade A rental of $14.90 psf in 3Q07, up 70.7% from $8.73 psf at end06 (CBRE) Prime rental of $12.60 psf in 3Q07, up 61.3% from $7.81 psf at end06 (CBRE) Takeup of 1.94m sf YTD Sep 07, compared to 2.4m sf for whole year 2006 (URA) Broad based demand Financial and banking sector continued to dominate large space demands Energy, IT, law firms and insurance companies taking up more space Sustained demand and limited supply over next few years 38 19
Possible Singapore Residential Launches 4Q07 / 2008 Project Reflections at Keppel Bay (30% stake) * Park Infinia at Wee Nam * The Crest @ Cairnhill The Tresor * Naga Court redevelopment Marina Bay Suites (33.3% stake) Location Keppel Bay Wee Nam Rd Cairnhill Circle Duchess Rd Bukit Timah Rd Marina Bay Units to Launch 294 52 15 34 56 223 * Planned balance units Info updated as of 12 Nov 07 39 Overseas Residential Launches Project Launch Schedule Units to Launch 2007 2008 2009 China 8 Park Avenue, Shanghai * 21 130 197 Villa Riviera, Shanghai * 53 51 Park Avenue Central, Shanghai ^ 354 The Seasons, Beijing * 6 The Botanica (Ph 2), Chengdu * 7 The Botanica (Ph 3), Chengdu * 99 260 The Botanica (future phases), Chengdu ^ 800 1,000 The Arcadia, Tianjin ^ 82 86 Central Park City (Ph 1), Wuxi * 377 720 Central Park City (Ph 2), Wuxi ^ 801 Mixed development, Jiangyin ^ 600 600 Residential township (Ph 1), Shenyang ^ 1,200 * Balance units ^ New launches Info updated as of 12 Nov 07 40 20
Overseas Residential Launches Project Launch Schedule Vietnam Saigon Sports City (Ph 1), HCMC ^ 172 288 The Estella, HCMC ^ 350 350 475 Waterfront condo, Binh Thanh District, HCMC ^ 300 200 Waterfront condo, District 7, HCMC ^ 550 275 Waterfront township (Ph 1), Dong Nai Province ^ 300 Prime condo, District 2, HCMC ^ 350 Villa devt., District 9, HCMC ^ 100 Prime condo, District 9, HCMC ^ 300 Thailand Villa Arcadia at Srinakarin, Bangkok * Villa Arcadia at Watcharapol, Bangkok ^ India Elita Promenade, Bangalore * Elita Horizon, Bangalore ^ Elita Garden Vista, Kolkata ^ Indonesia Jakarta Garden City, Jakarta ^ Middle East Waterfront condo devt., Jeddah, Saudi Arabia ^ Phlippines Palmdale Heights (Ph 2), Pasig City ^ SMKL residential devt., Manila ^ * Balance units ^ New launches Info updated as of 12 Nov 07 Units to Launch 2007 2008 2009 92 78 432 200 400 450 100 95 600 600 1,000 180 316 430 67 95 342 376 1,000 360 948 41 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% 999yr 80,504 112,689 62 Reflections at Keppel Bay * Keppel Bay 30% 99yr 269,930 624,521 1,129 The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15 Naga Court redevelopment Bukit Timah Rd 100% Freehold 49,168 110,810 56 Marina Bay Suites Marina Bay 33.3% 99yr 19,015 155,720 223 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 67,813 101 Total 732,709 1,296,162 2,127 * Including units and area sold 42 21
China Residential Landbank About 2.2 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 68,368 * 417 * Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796 29,224 * 104 * The Arcadia Tianjin 100% 133,400 61,687 61,687 168 Central Park City Wuxi 49.7% 352,534 670,460 625,433 ^ 4,270 * The Botanica Chengdu 44.1% 417,139 1,035,542 ^ 659,970 ^ 5,353 * Mixed development Jiangyin 70.6% 82,987 235,786 ^ 235,786 ^ 2,161 Residential township Shenyang 100% 235,530 470,000 ^ 439,500 ^ 3,663 Total 1,437,236 2,760,372 2,219,676 16,844 * Excluding area and units sold ^ Excluding commercial space 43 Other Overseas Residential Landbank About 7.0 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 1,142 Elita Garden Vista, Kolkata 37.7% 99,998 199,996 1,376 Subtotal 275,793 551,587 4,091 Indonesia Jakarta Garden City, Jakarta 51% 2,700,000 1,050,000 7,000 Subtotal 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 Subtotal 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 1,500 Waterfront condo, Binh Thanh District, HCMC 60% 17,428 87,140 500 Waterfront condo, District 7, HCMC 75% 85,118 408,500 2,400 Waterfront township, Dong Nai Province 45% 5,090,000 2,743,000 ^ 14,000 Prime condo, District 2, HCMC 60% 51,043 244,800 1,500 Villa devt., District 9, HCMC 55% 129,739 53,510 200 Prime condo, District 9, HCMC 55% 68,442 273,760 1,940 Subtotal 6,130,152 4,874,261 25,040 Middle East Waterfront condo devt., Jeddah, Saudi Arabia 51.0% 36,236 253,652 1,000 Subtotal 36,236 253,652 1,000 Philippines Palmdale Heights (Ph 2), Pasig City 30.9% 15,976 62,751 1,264 SMKL residential devt., Manila 24.2% 7,068 56,000 430 Subtotal 23,044 118,751 1,694 Total 9,449,843 7,001,005 39,462 * Including area and units sold ^ Including commercial space 44 22
Rising Occupancy for KLL s Buildings 100% KLL's Office Occupancy Rates 90.0% 90.2% 95.7% 80% 73.5% 60% 40% 20% 0% 3Q04 3Q05 3Q06 3Q07 Including Ocean Towers, Equity Plaza and Keppel Bay Tower 45 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. 46 23